Abstract For the last two-three years, the disruptions of the GVC caused by the COVID-19 pandemic have forced the business sector to restructure and adjust, sometimes very costly and painful. Moreover, with the recent war in Ukraine foreseeable negative implications, it is very certain that large-scale disruptions in the global economic trade and investment flows, and ultimately in the GVC, will dictate the survival and sustainability of business in many economic sectors in the years to come. The main goal of this paper is twofold. First, to review the existing research on the effects of the COVID-19 pandemic on global trends affecting the current reconfiguring and reshaping of the GVC. Second, to analyse the characteristics of Croatian firms that recorded a decrease in their (indirect and direct) exports in the COVID-19 period by performing a logit model and utilising the World Bank’s Enterprise Survey 2019, backed up by the Enterprise Surveys Follow-Up on COVID-19 (3 rounds up to now).
{"title":"COVID-19 and Global Value Chains Participation: Export Performance of Croatian Firms","authors":"Nevenka Čučković, V. Vučković","doi":"10.2478/jeb-2023-0005","DOIUrl":"https://doi.org/10.2478/jeb-2023-0005","url":null,"abstract":"Abstract For the last two-three years, the disruptions of the GVC caused by the COVID-19 pandemic have forced the business sector to restructure and adjust, sometimes very costly and painful. Moreover, with the recent war in Ukraine foreseeable negative implications, it is very certain that large-scale disruptions in the global economic trade and investment flows, and ultimately in the GVC, will dictate the survival and sustainability of business in many economic sectors in the years to come. The main goal of this paper is twofold. First, to review the existing research on the effects of the COVID-19 pandemic on global trends affecting the current reconfiguring and reshaping of the GVC. Second, to analyse the characteristics of Croatian firms that recorded a decrease in their (indirect and direct) exports in the COVID-19 period by performing a logit model and utilising the World Bank’s Enterprise Survey 2019, backed up by the Enterprise Surveys Follow-Up on COVID-19 (3 rounds up to now).","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44877120","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 In this paper, we analyze the scientific productivity and impact of selected public business schools in South East Europe (SEE) in the 2017-2021 period by using the scientific output indexed in the Elsevier Scopus reference database. The region’s most productive and influential authors, institutions, and publication outlets are identified in the field of business research. Empirical results are discussed from the viewpoints of two research questions related to regional business school research patterns and the research cooperation outcomes. Selected public business schools in the SEE region have been found to have a mixed record regarding research productivity and impact. International collaboration is valuable in increasing the research impact, while institutional collaboration seems more effective in raising impact than national one. Recommendations for business school administrators are identified and discussed.
{"title":"A Bibliometric Analysis of Public Business School Scientific Productivity and Impact in South-East Europe (2017-2021)","authors":"N. Alfirević, J. Pavičić, Darko Rendulić","doi":"10.2478/jeb-2023-0003","DOIUrl":"https://doi.org/10.2478/jeb-2023-0003","url":null,"abstract":"Abstract In this paper, we analyze the scientific productivity and impact of selected public business schools in South East Europe (SEE) in the 2017-2021 period by using the scientific output indexed in the Elsevier Scopus reference database. The region’s most productive and influential authors, institutions, and publication outlets are identified in the field of business research. Empirical results are discussed from the viewpoints of two research questions related to regional business school research patterns and the research cooperation outcomes. Selected public business schools in the SEE region have been found to have a mixed record regarding research productivity and impact. International collaboration is valuable in increasing the research impact, while institutional collaboration seems more effective in raising impact than national one. Recommendations for business school administrators are identified and discussed.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42935539","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 aim of this study is to explore the mediating effect of innovation in the relationship between human resource management (HRM) practices and organizational performance. HRM practices are observed through selective hiring, training, participative decision-making, and rewarding. Innovation is conceptualized over behavioral, product, process, and market innovation. The study relies upon the principles of social exchange theory and resource-based theory. Data were collected from 408 managers in an emerging economy context. The proposed conceptual model is evaluated with structural equation modeling using Lisrel 8.8 and SPSS 22. Study findings suggest that innovation influences the relationship between selective hiring, training, and participative decision-making and organizational performance. However, no mediating effect of innovation was found in a relationship between rewarding and organizational business performances. Since human resources and innovation are among the leading sources for building competitive advantage for companies, the study findings contribute to HRM and innovation.
{"title":"HRM Practices and Organizational Performance: Mediation Effect of Innovation","authors":"L. Turulja, Amra Kožo, Emir Kurtić, M. P. Bach","doi":"10.2478/jeb-2023-0007","DOIUrl":"https://doi.org/10.2478/jeb-2023-0007","url":null,"abstract":"Abstract The main aim of this study is to explore the mediating effect of innovation in the relationship between human resource management (HRM) practices and organizational performance. HRM practices are observed through selective hiring, training, participative decision-making, and rewarding. Innovation is conceptualized over behavioral, product, process, and market innovation. The study relies upon the principles of social exchange theory and resource-based theory. Data were collected from 408 managers in an emerging economy context. The proposed conceptual model is evaluated with structural equation modeling using Lisrel 8.8 and SPSS 22. Study findings suggest that innovation influences the relationship between selective hiring, training, and participative decision-making and organizational performance. However, no mediating effect of innovation was found in a relationship between rewarding and organizational business performances. Since human resources and innovation are among the leading sources for building competitive advantage for companies, the study findings contribute to HRM and innovation.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42925535","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 classifies local self-government units (local communities) in the Federation of Bosnia and Herzegovina (FBIH) according to socio-economic characteristics by applying the following multivariate methods: principal component analysis (PCA), regression and cluster analysis. The selection of variables was based on literature and adjusted by FBIH specifics, covering the four hypothetical dimensions of regional differentiation: macroeconomic, demographic, infrastructural and socio-cultural indicators. PCA has identified five components: the productivity component, demographic component, component of economic activity potential, spatial component and employment component. Further analysis showed that all identified factors are significant predictors of local communities’ development, measured by the development index. The cluster analysis resulted with four clusters in the FBIH with significant differences in development level. Considering that FBIH municipalities are administrative units of local government and that the classification is based on socio-economic dimensions, identified clusters correspond to the NUTS principles.
{"title":"Regionalization Based on Socio-Economic Development Indicators in Bosnia and Herzegovina – Example of Federation of Bosnia and Herzegovina","authors":"Adela Delalić, M. Šikalo, Selma Numanović","doi":"10.2478/jeb-2023-0002","DOIUrl":"https://doi.org/10.2478/jeb-2023-0002","url":null,"abstract":"Abstract This study classifies local self-government units (local communities) in the Federation of Bosnia and Herzegovina (FBIH) according to socio-economic characteristics by applying the following multivariate methods: principal component analysis (PCA), regression and cluster analysis. The selection of variables was based on literature and adjusted by FBIH specifics, covering the four hypothetical dimensions of regional differentiation: macroeconomic, demographic, infrastructural and socio-cultural indicators. PCA has identified five components: the productivity component, demographic component, component of economic activity potential, spatial component and employment component. Further analysis showed that all identified factors are significant predictors of local communities’ development, measured by the development index. The cluster analysis resulted with four clusters in the FBIH with significant differences in development level. Considering that FBIH municipalities are administrative units of local government and that the classification is based on socio-economic dimensions, identified clusters correspond to the NUTS principles.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44650403","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 paper examines the empirical relationship between institutions, particularly financial institutions, and wealth inequality using a global panel data set for the period 2010–2016. We conduct a dynamic econometric analysis of these relationships based on the Credit Suisse and World Bank data. Our results reveal that control of corruption and government effectiveness do not have statistically significant effects on wealth inequality. However, the findings indicate an unfavourable effect of domestic credit on wealth inequality as measured by the Gini coefficient for wealth. The long-run effect of domestic credit is persistent and cumulates over time. We also find evidence of relationships between wealth inequality on one hand, and inflation rate, employment in agriculture and government expenditure on the other. The findings imply that policy makers need to re-examine the role and rules in the financial intermediation sector to address the issue of wealth inequality and equal opportunities.
{"title":"Wealth Inequality and Institutional Development: Macroeconometric Evidence from a Global Sample","authors":"Rijad Kovač, M. Verbič","doi":"10.2478/jeb-2023-0008","DOIUrl":"https://doi.org/10.2478/jeb-2023-0008","url":null,"abstract":"Abstract This paper examines the empirical relationship between institutions, particularly financial institutions, and wealth inequality using a global panel data set for the period 2010–2016. We conduct a dynamic econometric analysis of these relationships based on the Credit Suisse and World Bank data. Our results reveal that control of corruption and government effectiveness do not have statistically significant effects on wealth inequality. However, the findings indicate an unfavourable effect of domestic credit on wealth inequality as measured by the Gini coefficient for wealth. The long-run effect of domestic credit is persistent and cumulates over time. We also find evidence of relationships between wealth inequality on one hand, and inflation rate, employment in agriculture and government expenditure on the other. The findings imply that policy makers need to re-examine the role and rules in the financial intermediation sector to address the issue of wealth inequality and equal opportunities.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43455628","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 National income calculations may not include knowledge that directly concerns the socioeconomic stance in an economy. Knowledge plays a significant role in promoting the economic growth of a country; however, its socio-economic role has received little attention in the literature. Total factor productivity, which is the main source of long-term economic prosperity, expresses the increase in productivity in all production factors. This paper attempts to quantify the effects of total factor productivity growth on economic prosperity. The analysis is conducted for the 2007-2020 period and 18 Central Eastern Europe countries. The “Legatum Prosperity Index” is utilized in the econometric analysis, in line with the purpose of the study. Results of the study with panel ordinary least squares, panel fixed-effects, panel random effects, panel-corrected standard errors (robustness check), and system-generalized method of moments (robustness check) confirm that total factor productivity growth positively correlated with economic prosperity.
{"title":"Does Total Factor Productivity Growth Ameliorate Socio-Economic Stance? New Findings from Central and Eastern Europe","authors":"Emin Efecan Aktaş","doi":"10.2478/jeb-2023-0010","DOIUrl":"https://doi.org/10.2478/jeb-2023-0010","url":null,"abstract":"Abstract National income calculations may not include knowledge that directly concerns the socioeconomic stance in an economy. Knowledge plays a significant role in promoting the economic growth of a country; however, its socio-economic role has received little attention in the literature. Total factor productivity, which is the main source of long-term economic prosperity, expresses the increase in productivity in all production factors. This paper attempts to quantify the effects of total factor productivity growth on economic prosperity. The analysis is conducted for the 2007-2020 period and 18 Central Eastern Europe countries. The “Legatum Prosperity Index” is utilized in the econometric analysis, in line with the purpose of the study. Results of the study with panel ordinary least squares, panel fixed-effects, panel random effects, panel-corrected standard errors (robustness check), and system-generalized method of moments (robustness check) confirm that total factor productivity growth positively correlated with economic prosperity.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43511356","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}
{"title":"Editorial","authors":"A. Efendic","doi":"10.2478/jeb-2023-0014","DOIUrl":"https://doi.org/10.2478/jeb-2023-0014","url":null,"abstract":"","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47140117","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 Given the need of transition economies to fund the investments necessary for development partly through borrowing, this paper investigates empirically the economic consequences of the government cost of borrowing for European transition economies during the period 2003-2016. The investigation analyses the impact of sovereign borrowing costs, in turn, on interest rates on loans to businesses and households, on the growth rates of investment and consumption, and, ultimately, on general economic activity. By utilizing a panel VAR technique our results indicate that consequent upon a positive shock to the cost of sovereign borrowing, the cost of borrowing for loans to both Non-Financial Corporations (NFCs) and households increases. We find that the price transmission from government borrowing costs to the private sector is at play with respect not only to borrowing rates but also to macroeconomic activity at large. Following an increase in sovereign borrowing costs, we observe substantial negative responses in the growth rates of investment, household consumption, and GDP growth. Also, while a price of borrowing increase for NFCs is found to negatively affect investment, household consumption is unaffected by an increase in household borrowing rates. These findings have valuable policy implications for policymakers and stakeholders in transition economies. Specifically, the results suggest that efforts to reduce the cost of sovereign borrowing could have a positive impact on the economy by lowering borrowing costs for households and businesses, promoting investment and consumption, and ultimately boosting economic growth.
{"title":"Economic Consequences of the Cost of Government Borrowing in European Transition Economies","authors":"Berat Havolli","doi":"10.2478/jeb-2023-0013","DOIUrl":"https://doi.org/10.2478/jeb-2023-0013","url":null,"abstract":"Abstract Given the need of transition economies to fund the investments necessary for development partly through borrowing, this paper investigates empirically the economic consequences of the government cost of borrowing for European transition economies during the period 2003-2016. The investigation analyses the impact of sovereign borrowing costs, in turn, on interest rates on loans to businesses and households, on the growth rates of investment and consumption, and, ultimately, on general economic activity. By utilizing a panel VAR technique our results indicate that consequent upon a positive shock to the cost of sovereign borrowing, the cost of borrowing for loans to both Non-Financial Corporations (NFCs) and households increases. We find that the price transmission from government borrowing costs to the private sector is at play with respect not only to borrowing rates but also to macroeconomic activity at large. Following an increase in sovereign borrowing costs, we observe substantial negative responses in the growth rates of investment, household consumption, and GDP growth. Also, while a price of borrowing increase for NFCs is found to negatively affect investment, household consumption is unaffected by an increase in household borrowing rates. These findings have valuable policy implications for policymakers and stakeholders in transition economies. Specifically, the results suggest that efforts to reduce the cost of sovereign borrowing could have a positive impact on the economy by lowering borrowing costs for households and businesses, promoting investment and consumption, and ultimately boosting economic growth.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45739230","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}
{"title":"Editorial","authors":"A. Efendic","doi":"10.2478/jeb-2022-0023","DOIUrl":"https://doi.org/10.2478/jeb-2022-0023","url":null,"abstract":"","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42969244","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}
M. Petrovska, Jasna Tonovska, M. Nikolov, Artan Sulejmani
Abstract This paper has adopted a Bayesian FAVAR approach to examine the monetary transmission mechanism in North Macedonia. The model is based on a broad data set that encompasses 140 monthly time series spanning between January 2010 and January 2019. In particular, the impact of policy on bank portfolio variables, and the impact of policy on economic activity variables have been evaluated. Our findings show that monetary tightening, causes a fall in output, inflation rate, employment, bank lending, the stock of government securities held by banks, and equity prices. On the other hand, it increases short-term money market rates, lending rates, deposits, and only in the immediate aftermath of the key policy rate rise, the share of non-performing loans in the loan portfolio. The study is expected to provide useful input to monetary policy implementation in North Macedonia. The study as well enriches the literature in this domain by discussing the challenges facing monetary authorities of small open economies with fixed exchange rate regimes in understanding how their policy instrument work through the economy.
{"title":"Evaluating Monetary Policy Effectiveness in North Macedonia: Evidence from a Bayesian Favar Framework","authors":"M. Petrovska, Jasna Tonovska, M. Nikolov, Artan Sulejmani","doi":"10.2478/jeb-2022-0015","DOIUrl":"https://doi.org/10.2478/jeb-2022-0015","url":null,"abstract":"Abstract This paper has adopted a Bayesian FAVAR approach to examine the monetary transmission mechanism in North Macedonia. The model is based on a broad data set that encompasses 140 monthly time series spanning between January 2010 and January 2019. In particular, the impact of policy on bank portfolio variables, and the impact of policy on economic activity variables have been evaluated. Our findings show that monetary tightening, causes a fall in output, inflation rate, employment, bank lending, the stock of government securities held by banks, and equity prices. On the other hand, it increases short-term money market rates, lending rates, deposits, and only in the immediate aftermath of the key policy rate rise, the share of non-performing loans in the loan portfolio. The study is expected to provide useful input to monetary policy implementation in North Macedonia. The study as well enriches the literature in this domain by discussing the challenges facing monetary authorities of small open economies with fixed exchange rate regimes in understanding how their policy instrument work through the economy.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46123474","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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