Abstract Company valuation stands as the most controversial topic in the field of financial management. The study investigates the extent to which stock prices of the companies listed on Czech, Polish, Hungarian, and Slovak equity markets deviate from their estimated intrinsic value. DCF model was employed using Monte Carlo simulations with 500, 1000, and 10000 trials to generate estimated intrinsic value and compare them to market prices. The results of the study show that the Bratislava Stock Exchange (SAX) on average holds the lowest gap between intrinsic value per share and market prices with only 82% deviation, followed by PSE with 116% deviation, WIG20 with 207% deviation, and BUX with 246%. SAX appears with the best performance from 2009 to 2019, where the shares on average were traded with only 82% deviation from their estimated equilibrium price (intrinsic value). Findings regarding the differences between book value per share and stock prices are different, where SAX leads with 71% deviation, WIG20 with 181%, PSE with 188%, and BUX with 545%. Outcomes of the work are of interest to financial investors that seek to diversify their portfolios on the equity stocks. The study offers a new conceptual framework for testing the market efficiency of equity exchanges through company valuations techniques. From the policy perspective, institutions in charge get inform on the measures to be taken that would improve efficiency and strengthen the importance of the Visegrad equity markets.
{"title":"Measuring Market Efficiency Through Valuation Techniques: The Case of Visegrad Countries Stock Markets","authors":"Artor Nuhiu, Florin Aliu, Fisnik Aliu, Arber Hoti","doi":"10.2478/sbe-2023-0011","DOIUrl":"https://doi.org/10.2478/sbe-2023-0011","url":null,"abstract":"Abstract Company valuation stands as the most controversial topic in the field of financial management. The study investigates the extent to which stock prices of the companies listed on Czech, Polish, Hungarian, and Slovak equity markets deviate from their estimated intrinsic value. DCF model was employed using Monte Carlo simulations with 500, 1000, and 10000 trials to generate estimated intrinsic value and compare them to market prices. The results of the study show that the Bratislava Stock Exchange (SAX) on average holds the lowest gap between intrinsic value per share and market prices with only 82% deviation, followed by PSE with 116% deviation, WIG20 with 207% deviation, and BUX with 246%. SAX appears with the best performance from 2009 to 2019, where the shares on average were traded with only 82% deviation from their estimated equilibrium price (intrinsic value). Findings regarding the differences between book value per share and stock prices are different, where SAX leads with 71% deviation, WIG20 with 181%, PSE with 188%, and BUX with 545%. Outcomes of the work are of interest to financial investors that seek to diversify their portfolios on the equity stocks. The study offers a new conceptual framework for testing the market efficiency of equity exchanges through company valuations techniques. From the policy perspective, institutions in charge get inform on the measures to be taken that would improve efficiency and strengthen the importance of the Visegrad equity markets.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83460480","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}
Abstract Performance management, as a systematic and continuous process of planning, measuring and improving performance, is an important endeavor for any organization, regardless of being private or public. To understand the current state of research on performance management, a comprehensive bibliometric study was conducted. This paper aims to provide a co-occurrence analysis to identify and explore clusters, prevailing and emerging themes, and future research directions. For this purpose data was collected from the WoS database and processed with VOSviewer and Microsoft Excel. The paper contains visual representations of clusters, keywords and their relationships, as well as an analysis of the novelty of the concepts. Based on the average published year (APY), the hottest keywords identified are Covid-19 (APY: 2021), followed by Industry 4.0 (APY: 2020.17), together with other 4IR tools (big data analytics, big data, machine learning, artificial intelligence, cloud, Iot, etc.). Resulting from the analysis of concepts with APY after 2017, in terms of their representativeness (occurrence), links, and total link strengths (TLS) with other items from the map, three concepts significantly emerged: framework (Cluster 1); public sector (Cluster 3); sustainability (Cluster 4). Based on the overall findings, new research directions were proposed.
{"title":"Exploring the Dynamic Landscape of Performance Management: A Bibliometric Analysis of Emerging Trends","authors":"A. Gorski, D. Dumitrașcu","doi":"10.2478/sbe-2023-0019","DOIUrl":"https://doi.org/10.2478/sbe-2023-0019","url":null,"abstract":"Abstract Performance management, as a systematic and continuous process of planning, measuring and improving performance, is an important endeavor for any organization, regardless of being private or public. To understand the current state of research on performance management, a comprehensive bibliometric study was conducted. This paper aims to provide a co-occurrence analysis to identify and explore clusters, prevailing and emerging themes, and future research directions. For this purpose data was collected from the WoS database and processed with VOSviewer and Microsoft Excel. The paper contains visual representations of clusters, keywords and their relationships, as well as an analysis of the novelty of the concepts. Based on the average published year (APY), the hottest keywords identified are Covid-19 (APY: 2021), followed by Industry 4.0 (APY: 2020.17), together with other 4IR tools (big data analytics, big data, machine learning, artificial intelligence, cloud, Iot, etc.). Resulting from the analysis of concepts with APY after 2017, in terms of their representativeness (occurrence), links, and total link strengths (TLS) with other items from the map, three concepts significantly emerged: framework (Cluster 1); public sector (Cluster 3); sustainability (Cluster 4). Based on the overall findings, new research directions were proposed.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79952671","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}
Abstract The main objective of this paper is to analyze if there is a link between financial performance and sustainability in the case of listed companies on stock markets, worldwide, and across all sectors of activity because sustainability has become an important part of the company’s strategy. The financial performance of the companies was calculated using public financial data from the annual financial statements, while the environmental, social, and governance (ESG), and controversies scores were used as performance metrics for sustainability at company level. To evaluate financial performance a variety of indicators were used, such as assets management, debt management or market value performance, as a benchmark tool to compare the standing of companies in each sector of activity analyzed. Our findings showed that there are different relations (strong or weak) between financial performance and sustainability if a sectoral-based approach is considered. As a result, the link between financial performance and sustainability was tested on a sample of more than 5,000 companies divided into 10 sectors of activities, according to the Global Industry Classification Standard (GICS), for the period 2017-2021. The main conclusion of this study is that they are interrelated, capitalizing on each other.
{"title":"A Sectoral-Based Approach to the Link Between Financial Performance and Sustainability","authors":"R. Serban, D. Mihaiu, M. Herciu, Claudia Ogrean","doi":"10.2478/sbe-2023-0020","DOIUrl":"https://doi.org/10.2478/sbe-2023-0020","url":null,"abstract":"Abstract The main objective of this paper is to analyze if there is a link between financial performance and sustainability in the case of listed companies on stock markets, worldwide, and across all sectors of activity because sustainability has become an important part of the company’s strategy. The financial performance of the companies was calculated using public financial data from the annual financial statements, while the environmental, social, and governance (ESG), and controversies scores were used as performance metrics for sustainability at company level. To evaluate financial performance a variety of indicators were used, such as assets management, debt management or market value performance, as a benchmark tool to compare the standing of companies in each sector of activity analyzed. Our findings showed that there are different relations (strong or weak) between financial performance and sustainability if a sectoral-based approach is considered. As a result, the link between financial performance and sustainability was tested on a sample of more than 5,000 companies divided into 10 sectors of activities, according to the Global Industry Classification Standard (GICS), for the period 2017-2021. The main conclusion of this study is that they are interrelated, capitalizing on each other.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87024664","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}
Abstract Digital transformation has become a critical topic for organizations that want to stay competitive in today’s digital age. The widespread use of digital technologies has brought significant changes to the way organizations exist, operate and interact with customers. They are going through a process of reshaping and reorganizing processes and operations, as well as rethinking and redefining the human role in the value creation process. However, digital technologies and their diffusion are not the only driver of digital transformation, as the success of such change initiatives depends on many other factors, the definition of which is crucial to the success of digital transformation. The objective of this paper is to explore the drivers of digital transformation and their impact on management. The work presents a comprehensive review of the literature on digital transformation, identifying the main drivers that influence the success of digital transformation initiatives. It also defines the impact of these drivers on the management of organizations, identifying how the role of the executive is being redefined in today’s digital age.
{"title":"Drivers of Digital Transformation and their Impact on Organizational Management","authors":"Cantemir Mihu, A. Pitic, Dorin Bayraktar","doi":"10.2478/sbe-2023-0009","DOIUrl":"https://doi.org/10.2478/sbe-2023-0009","url":null,"abstract":"Abstract Digital transformation has become a critical topic for organizations that want to stay competitive in today’s digital age. The widespread use of digital technologies has brought significant changes to the way organizations exist, operate and interact with customers. They are going through a process of reshaping and reorganizing processes and operations, as well as rethinking and redefining the human role in the value creation process. However, digital technologies and their diffusion are not the only driver of digital transformation, as the success of such change initiatives depends on many other factors, the definition of which is crucial to the success of digital transformation. The objective of this paper is to explore the drivers of digital transformation and their impact on management. The work presents a comprehensive review of the literature on digital transformation, identifying the main drivers that influence the success of digital transformation initiatives. It also defines the impact of these drivers on the management of organizations, identifying how the role of the executive is being redefined in today’s digital age.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90692845","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}
Abstract This study focused on the influence of cash turnover, receivables turnover, and inventory turnover against the Net Profit Margin (NPM), showing the inequality of the results of previous studies. Therefore, this research investigates whether that inequality is associated with cash turnover, receivables turnover, and supply turnover against NPM, which becomes the focus of this study. The research used the data obtained from food and beverage manufacturing subsectors in the Southeast Asian Stock Exchange between 2012 and 2018. This study applied purposive sampling of 11 companies that provided a complete financial report, acquiring 77 samples. The statistical analyses used were multiple linear regression, partial testing, and simultaneous testing. The results of this study indicated that cash turnover and receivables turnover had no significant influence on the NPM, while the supply turnover had a significant influence on NPM. The results of the simulta-neous study of cash turnover, the turnover of receivables, and inventory turnover have a signif-icant rate of 0.010 < 0.05. It can be concluded that cash turnover, turnover receivables, and inventory rotation significantly influence the NPM.
{"title":"Effect of Cash, Receivables, and Inventory Turnover on Net Profit Margin (NPM) in Food & Beverage Subsector Manufacturing Companies","authors":"D. Sunaryo, E. Lestari","doi":"10.2478/sbe-2023-0016","DOIUrl":"https://doi.org/10.2478/sbe-2023-0016","url":null,"abstract":"Abstract This study focused on the influence of cash turnover, receivables turnover, and inventory turnover against the Net Profit Margin (NPM), showing the inequality of the results of previous studies. Therefore, this research investigates whether that inequality is associated with cash turnover, receivables turnover, and supply turnover against NPM, which becomes the focus of this study. The research used the data obtained from food and beverage manufacturing subsectors in the Southeast Asian Stock Exchange between 2012 and 2018. This study applied purposive sampling of 11 companies that provided a complete financial report, acquiring 77 samples. The statistical analyses used were multiple linear regression, partial testing, and simultaneous testing. The results of this study indicated that cash turnover and receivables turnover had no significant influence on the NPM, while the supply turnover had a significant influence on NPM. The results of the simulta-neous study of cash turnover, the turnover of receivables, and inventory turnover have a signif-icant rate of 0.010 < 0.05. It can be concluded that cash turnover, turnover receivables, and inventory rotation significantly influence the NPM.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82965096","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}
Abstract The global cosmetics market is dynamic and significant in size. Cosmetic products’ market is constantly expanding its influence to different target audiences and covers all classes of consumers. Marketing strategy of cosmetics corporations exists on different levels: main (global) and adapted (for the region or definite country). Generally, it connects with different influencing factors. Based on this, the main aim of this study is to identify and evaluate the key factors globally and evaluate the same for the Ukrainian market. To collect data about global tendencies authors accumulated existing statistical data, annual reports and scientific papers on this topic. For receiving results and collecting data about Ukrainian consumers, close-ended questionnaires were used as a method of collecting preliminary information. Results were classified, most important key success factors were highlighted and then machine learning techniques were used to provide an analysis of correlation. Our results demonstrated that despite the general difference of financial well-being of consumers in USA, Canada and European countries, Ukraine does not differ in consumer preferences by price, as a main factor. For sure it should be noticed, that price is the most influential in third world countries, but Ukrainian market has its own more influential specific factors.
{"title":"Identification of the Factors Influencing the Cosmetic Products Market (Ukraine Case)","authors":"S. Sviderska, O. Zhylinska, P. Kukhta","doi":"10.2478/sbe-2023-0018","DOIUrl":"https://doi.org/10.2478/sbe-2023-0018","url":null,"abstract":"Abstract The global cosmetics market is dynamic and significant in size. Cosmetic products’ market is constantly expanding its influence to different target audiences and covers all classes of consumers. Marketing strategy of cosmetics corporations exists on different levels: main (global) and adapted (for the region or definite country). Generally, it connects with different influencing factors. Based on this, the main aim of this study is to identify and evaluate the key factors globally and evaluate the same for the Ukrainian market. To collect data about global tendencies authors accumulated existing statistical data, annual reports and scientific papers on this topic. For receiving results and collecting data about Ukrainian consumers, close-ended questionnaires were used as a method of collecting preliminary information. Results were classified, most important key success factors were highlighted and then machine learning techniques were used to provide an analysis of correlation. Our results demonstrated that despite the general difference of financial well-being of consumers in USA, Canada and European countries, Ukraine does not differ in consumer preferences by price, as a main factor. For sure it should be noticed, that price is the most influential in third world countries, but Ukrainian market has its own more influential specific factors.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79264794","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}
L. Dorokhova, Kristian Pentus, A. Kuusik, O. Dorokhov
Abstract The development of e-commerce requires the strengthening of this component of the pharmaceutical business while providing the population with medicines. Improving the operation of pharmacy websites is an important task with a significant marketing effect. The purpose of the study is to identify errors on pharmacy websites that worsen their usability and communicative qualities when interacting with visitors, to offer an approach based on a joint assessment of consumer perception and technical parameters, and to carry out calculations for a comparative analysis of such sites functional and technical components using a multi-criteria approach. The objectives of the study were to analyze the Internet trade in medicines, to determine the criteria for comparison of pharmacy sites, to develop a model for website evaluation, and to analyze the results of site quality estimation. Multicriteria comparison with different importance of criteria was used as the methodology to evaluate the usability of sites for online buyers of pharmaceutical products. As result two main components of the quality of pharmacy sites are identified: user interface and technical characteristics. The parameters of site evaluation for these components are described, and evaluation is performed. A computer model in Excel has been developed. The proposed approach and the program allow for assessing pharmacy sites’ quality, comparing their marketing opportunities, directions to improve functionality, pharmaceutical services, and business position of pharmacies. The described steps for website estimations can be used not only in pharmaceutical services but for wide kinds of sites for e-commerce.
{"title":"Comparison of Pharmacy Websites: An Integrated Approach Based on Consumer Perception and Technical Parameters","authors":"L. Dorokhova, Kristian Pentus, A. Kuusik, O. Dorokhov","doi":"10.2478/sbe-2023-0006","DOIUrl":"https://doi.org/10.2478/sbe-2023-0006","url":null,"abstract":"Abstract The development of e-commerce requires the strengthening of this component of the pharmaceutical business while providing the population with medicines. Improving the operation of pharmacy websites is an important task with a significant marketing effect. The purpose of the study is to identify errors on pharmacy websites that worsen their usability and communicative qualities when interacting with visitors, to offer an approach based on a joint assessment of consumer perception and technical parameters, and to carry out calculations for a comparative analysis of such sites functional and technical components using a multi-criteria approach. The objectives of the study were to analyze the Internet trade in medicines, to determine the criteria for comparison of pharmacy sites, to develop a model for website evaluation, and to analyze the results of site quality estimation. Multicriteria comparison with different importance of criteria was used as the methodology to evaluate the usability of sites for online buyers of pharmaceutical products. As result two main components of the quality of pharmacy sites are identified: user interface and technical characteristics. The parameters of site evaluation for these components are described, and evaluation is performed. A computer model in Excel has been developed. The proposed approach and the program allow for assessing pharmacy sites’ quality, comparing their marketing opportunities, directions to improve functionality, pharmaceutical services, and business position of pharmacies. The described steps for website estimations can be used not only in pharmaceutical services but for wide kinds of sites for e-commerce.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91166900","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}
Abstract The crisis caused by the Covid pandemic is certainly the major disruptive event of this first quarter century, the Russian-Ukrainian military crisis also having the potential (in terms of the global dysfunctions generated) to fit into this typology. Beyond the clear negative effects (social, human, economic, etc.) of the Covid pandemic, however, we must also consider the possible challenges it may pose. The research question of the present article is situated in this thematic register, on a niche topic, urban resilience, re-evaluated, following the materialization of this pandemic context, both in academic research and in terms of contemporary management practice. It is intended, in conjunction with a bibliometric analysis, to highlight possible directions of action within the triple and quadruple helix models for strengthening urban resilience based on the lessons learned from this crisis, directions that are considered useful to a wide range of stakeholders in academia, industry and government. While there is sufficient concern directed towards determining resilience indices, the main thesis considered for this article is that there is a need for synergistic stakeholder action, integrating such elaborations into the proactive framework of a robust yet scalable urban resilience profile in relation to a wide range of events across the urban community security threat spectrum, as was the case with Covid 19.
{"title":"Challenges of Post-Pandemic Urban Resilience Management","authors":"D. Badea, D. Ranf","doi":"10.2478/sbe-2023-0002","DOIUrl":"https://doi.org/10.2478/sbe-2023-0002","url":null,"abstract":"Abstract The crisis caused by the Covid pandemic is certainly the major disruptive event of this first quarter century, the Russian-Ukrainian military crisis also having the potential (in terms of the global dysfunctions generated) to fit into this typology. Beyond the clear negative effects (social, human, economic, etc.) of the Covid pandemic, however, we must also consider the possible challenges it may pose. The research question of the present article is situated in this thematic register, on a niche topic, urban resilience, re-evaluated, following the materialization of this pandemic context, both in academic research and in terms of contemporary management practice. It is intended, in conjunction with a bibliometric analysis, to highlight possible directions of action within the triple and quadruple helix models for strengthening urban resilience based on the lessons learned from this crisis, directions that are considered useful to a wide range of stakeholders in academia, industry and government. While there is sufficient concern directed towards determining resilience indices, the main thesis considered for this article is that there is a need for synergistic stakeholder action, integrating such elaborations into the proactive framework of a robust yet scalable urban resilience profile in relation to a wide range of events across the urban community security threat spectrum, as was the case with Covid 19.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82983187","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}
Abstract The study assesses the determinants of the financial stability of the Czech commercial insurance companies within the period 2004-2019. The eight macroeconomic determinants of the financial stability of insurance are analysed for both insurers, i.e., with predominated life and non-life insurance. The generalized method of moments is used for empirical analysis. The results show four macroeconomic variables were statistically significant determinants of financial stability in the case of non-life insurers and three determinants influenced the financial stability of life insurers. The study concludes that the determinants of the financial stability of non-life insurers were different that in the case of life insurers. Moreover, the impact of several determinants is also different in case life and non-life insurers in the Czech Republic.
{"title":"Macroeconomic Determinants of Insurance Companies’ Financial Stability: The Case of the Czech Republic","authors":"Iveta Palečková, Lenka Přečková","doi":"10.2478/sbe-2023-0012","DOIUrl":"https://doi.org/10.2478/sbe-2023-0012","url":null,"abstract":"Abstract The study assesses the determinants of the financial stability of the Czech commercial insurance companies within the period 2004-2019. The eight macroeconomic determinants of the financial stability of insurance are analysed for both insurers, i.e., with predominated life and non-life insurance. The generalized method of moments is used for empirical analysis. The results show four macroeconomic variables were statistically significant determinants of financial stability in the case of non-life insurers and three determinants influenced the financial stability of life insurers. The study concludes that the determinants of the financial stability of non-life insurers were different that in the case of life insurers. Moreover, the impact of several determinants is also different in case life and non-life insurers in the Czech Republic.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80424930","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}
Wicaksono Ahmad Tibrizi Soni, Mufraini Arief, Miranti Titis, Muttaqien Muhammad Khaerul
Abstract The study explores the most powerful between Bitcoin and Gold in boosting the Shariah Equity Index in Malaysia, the United Arab Emirates, China, Indonesia, The United States of America (USA), Japan, Oman, and Saudi Arabia in the short and long term. The study uses analysis of the first and second stages of the Granger Causality Test and Vector Error Correction Model (VECM), then Impulse Response Function (IRF) and Variance Decomposition (VDC) over the period 2013 to 2021. The finding proves that only Gold can affect the Islamic Equity Index in the short term, then Bitcoin and Gold proved to contribute equally to the Islamic Equity Index in the long term. However, Bitcoin has the potential to provide positively correlated shocks and dominate the value of Islamic equity indices in the long term. The results demonstrate that government intervention is decisive in maintaining the stability of the Shariah Equity Index from future Bitcoin threats. The study’s finding has practical implications for Islamic capital market Investors, Managers, and Authorities.
{"title":"Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence","authors":"Wicaksono Ahmad Tibrizi Soni, Mufraini Arief, Miranti Titis, Muttaqien Muhammad Khaerul","doi":"10.2478/sbe-2023-0001","DOIUrl":"https://doi.org/10.2478/sbe-2023-0001","url":null,"abstract":"Abstract The study explores the most powerful between Bitcoin and Gold in boosting the Shariah Equity Index in Malaysia, the United Arab Emirates, China, Indonesia, The United States of America (USA), Japan, Oman, and Saudi Arabia in the short and long term. The study uses analysis of the first and second stages of the Granger Causality Test and Vector Error Correction Model (VECM), then Impulse Response Function (IRF) and Variance Decomposition (VDC) over the period 2013 to 2021. The finding proves that only Gold can affect the Islamic Equity Index in the short term, then Bitcoin and Gold proved to contribute equally to the Islamic Equity Index in the long term. However, Bitcoin has the potential to provide positively correlated shocks and dominate the value of Islamic equity indices in the long term. The results demonstrate that government intervention is decisive in maintaining the stability of the Shariah Equity Index from future Bitcoin threats. The study’s finding has practical implications for Islamic capital market Investors, Managers, and Authorities.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77835146","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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