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Impact of Remittances on Economic Growth: Empirical Evidence from South-East European Countries 汇款对经济增长的影响:来自东南欧国家的经验证据
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2022-06-01 DOI: 10.2478/jeb-2022-0006
V. Bucevska
Abstract South-East European (SEE) countries are experiencing high emigration, resulting in a significant increase in remittance inflows, exceeding FDI flows. Today the most important challenge facing SEE countries is how to grow at a higher speed to achieve faster economic convergence with the EU. The objective of the paper is to empirically examine the relevance of remittances as a factor of economic growth, using quarterly balanced panel data set of six SEE countries: Albania, Bosnia and Herzegovina, Croatia, Montenegro, the Republic of North Macedonia, and Serbia (SEE6) over 2008q1-2020q2. Panel regression with the fixed-effects model is employed to account for potential cross-section heterogeneity. This study provides original econometric evidence that remittances have a significant positive impact on economic growth in our panel of SEE6. Those results will be useful both to scholars and policymakers in the process of the creation of policies that will direct remittances into investments in the economy.
摘要东南欧国家正在经历大量移民,导致汇款流入大幅增加,超过了外国直接投资流量。如今,东南欧国家面临的最重要挑战是如何以更高的速度增长,以实现与欧盟更快的经济融合。本文的目的是利用2008年第一季度至2020年第二季度六个东南欧国家(阿尔巴尼亚、波斯尼亚和黑塞哥维那、克罗地亚、黑山、北马其顿共和国和塞尔维亚)的季度平衡面板数据集,实证检验汇款作为经济增长因素的相关性。采用具有固定效应模型的面板回归来解释潜在的横截面异质性。这项研究提供了原始的计量经济学证据,证明汇款对SEE6小组的经济增长有重大的积极影响。在制定将汇款直接用于经济投资的政策的过程中,这些结果将对学者和政策制定者都有用。
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引用次数: 9
The Infinite Wardrobe: Female Consumers’ Value Perceptions Regarding Collaborative Consumption of Apparel 无限衣橱:女性消费者对服装协同消费的价值认知
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0020
Kübra Sirkeci, E. Arıkan
Abstract Understanding the potential factors and underlying mechanisms to engage in collaborative consumption practices has become a significant concern for academics and practitioners. However, collaborative consumption research is still considered in its early stage; thus, further research is needed. Based on this need, this study extends existing research by providing empirical support for the importance of value perceptions and empathy on female consumers’ attitudes and behavioral intentions to engage in collaborative consumption in the apparel industry. This study also shows a significant moderating effect for materialism and the need for uniqueness in the collaborative consumption of apparel. These findings are believed to be particularly valuable in contributing to the broader literature on collaborative consumption and guiding, especially practitioners, to develop strategic tactics for motivating consumers to engage in collaborative consumption practices.
理解协作消费行为的潜在因素和潜在机制已成为学术界和实践者关注的重要问题。然而,协同消费研究仍处于起步阶段;因此,需要进一步的研究。基于这一需求,本研究对已有研究进行了扩展,为价值感知和共情对服装行业女性消费者协同消费态度和行为意向的重要性提供了实证支持。本研究还发现,在服装协同消费中,物质主义和独特性需求具有显著的调节作用。这些发现被认为是特别有价值的,有助于更广泛的文献协作消费和指导,特别是从业者,制定战略策略,以激励消费者参与协作消费实践。
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引用次数: 0
Analysis of Intra-Industry Trade in Agri-Food Products Between Bosnia and Herzegovina and the European Union 波黑与欧盟农产品产业内贸易分析
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0014
Snježana Brkić,Radovan Kastratović,Mirela Abidović Salkica
Abstract Although research of intra-industry trade (IIT) has been intensive in the last several decades, the empirical literature focusing on this phenomenon in the Western Balkans countries remains limited, especially in agricultural sector. Aiming to contribute to the existing literature, the paper analyses patterns and country-specific determinants of IIT in agri-food products between Bosnia and Herzegovina (BiH) and the European Union (EU) during the period of their mutual trade liberalisation (2008-2018). The analysis employs Grubel-Lloyd indices and Greenaway-Hine-Milner methodology for measurement of IIT, and applies an econometric panel data model using a Poisson Pseudo-maximum likelihood approach in order to estimate effects of IIT determinants. The findings suggest that intra-industry agri-food trade of BiH with the EU is of low intensity and mainly of vertical nature, viewed totally and bilaterally. We found significant positive effects of trading countries’ sizes, common border and history on IIT, and negative effects of the geographic distance and differences in agricultural productivity.
虽然产业内贸易(IIT)的研究已经密集在过去的几十年里,实证文献集中在这一现象在西巴尔干国家仍然有限,特别是在农业部门。为了对现有文献做出贡献,本文分析了波斯尼亚和黑塞哥维那(BiH)与欧盟(EU)在相互贸易自由化期间(2008-2018年)农产品中IIT的模式和国家特定决定因素。该分析采用Grubel-Lloyd指数和greenway - hine - milner方法来测量IIT,并使用泊松伪极大似然方法应用计量经济学面板数据模型来估计IIT决定因素的影响。研究结果表明,波黑与欧盟的产业内农业食品贸易强度低,主要是纵向的,从整体和双边角度来看。我们发现贸易国的大小、共同边界和历史对工业增加值有显著的正向影响,而地理距离和农业生产力差异对工业增加值有显著的负向影响。
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引用次数: 1
Economic Performance in Post-Soviet and Post-Communist Countries – Evidence from Panel Data and Multivariate Statistical Analysis 后苏联和后共产主义国家的经济表现——来自面板数据和多元统计分析的证据
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0011
Agata Szymańska
Abstract The study examines the effect of sets of determinants of economic growth, which are widely emphasised in the literature, in a group of 27 selected post-Soviet, post-communist and transition countries from Central and Eastern Europe, the former Soviet Union, and Mongolia during 1997–2017. The set of baseline variables includes, among others, trade openness, investment rate, public consumption spending, and selected demographic factors. The methodology uses panel data and it is supported by multivariate statistical methods of grouping objects. The panel data provides results that are mainly consistent with the literature review. However, the effects of demographic factors are rather not significant, but the role of investment has been emphasised. In turn, the multivariate statistical approaches indicate the shifts in regional (dis)similarity between the analysed countries with respect to the performance of the selected variables over the last 20 years.
摘要:本研究考察了文献中广泛强调的一系列经济增长决定因素的影响,研究对象是1997-2017年间从中欧和东欧、前苏联和蒙古选出的27个后苏联、后共产主义和转型国家。这组基准变量包括贸易开放度、投资率、公共消费支出和选定的人口因素。该方法采用面板数据,并以分组对象的多元统计方法为支撑。面板数据提供的结果与文献综述基本一致。然而,人口因素的影响相当不显著,但投资的作用已得到强调。反过来,多元统计方法表明,所分析的国家在过去20年所选变量的执行情况方面的区域(非)相似性发生了变化。
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引用次数: 2
Entrepreneurship Factors Among Developed Countries and Emerging Regions 发达国家和新兴地区的创业因素
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0016
Mark D Potts, J. Affholter, Sydney Harless
Abstract The paper contributes to the understanding of entrepreneurial activity by assessing the relative importance of eight entrepreneurial readiness factors across countries in different regions and stages of economic development. Drawing on the literature, this paper identifies eight principle national entrepreneurial readiness factors (NERFs) as (1) business freedom; (2) investment freedom; (3) investor protection; (4) property rights protection; (5) technological readiness; (6) innovation; (7) freedom from corruption; and (8) access to risk capital. NERF country data is subjected to a linear regression analysis for each factor’s influence on the sum of all eight factors which is called a country’s National Entrepreneurial Readiness Value (NERV). Six South East European countries, eight South American countries, ten South East Asian countries, and six West African countries are compared against one another and the benchmark of the four largest G7 economies. Results of this analysis are presented and show that investor protection, property rights protection, and freedom from corruption are the most impactful entrepreneurial readiness factors. These findings present future research implications of how these results link to endowments and relate to improving entrepreneurial readiness.
摘要本文通过评估不同地区和经济发展阶段的国家的八个创业准备因素的相对重要性,有助于理解创业活动。在文献的基础上,本文确定了八个主要的国家创业准备因素:(1)商业自由;(2) 投资自由;(3) 投资者保护;(4) 产权保护;(5) 技术准备;(6) 创新;(7) 免于腐败;以及(8)获得风险资本。NERF国家数据对每个因素对所有八个因素之和的影响进行线性回归分析,这被称为一个国家的国家创业准备值(NERV)。将六个东南欧国家、八个南美国家、十个东南亚国家和六个西非国家作为七国集团四大经济体的基准进行比较。分析结果表明,投资者保护、产权保护和免于腐败是最具影响力的创业准备因素。这些发现为未来的研究提供了启示,说明这些结果如何与捐赠挂钩,并与提高创业准备度有关。
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引用次数: 0
Evaluation of Mixed Frequency Approaches for Tracking Near-Term Economic Developments in North Macedonia 评价跟踪北马其顿近期经济发展的混合频率方法
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0013
Gani Ramadani, M. Petrovska, V. Bucevska
Abstract Aggregate demand forecasting, also known as nowcasting when it applies to current quarter assessment, is of notable interest to policy makers. This paper concentrates on the empirical methods dealing with mixed-frequency data. In particular, it focuses on the MIDAS approach and its later extension, the Bayesian MFVAR. The two strategies are evaluated in terms of their accuracy to nowcast Macedonian GDP growth, using same monthly frequency data set. The results of this study indicate that the MIDAS regressions demonstrate comparable forecasting performance to that of MF-VAR model. Moreover, it is interesting to note that the two approaches are reciprocal, since in general, their combined forecast demonstrates clear superiority in predicting business cycle turning points. Additionally, the MF-VAR model showed higher precision in times of increased uncertainty.
总需求预测,在应用于当前季度评估时也被称为临近预测,是政策制定者非常感兴趣的问题。本文主要讨论处理混合频率数据的经验方法。它特别关注MIDAS方法及其后来的扩展,贝叶斯MFVAR。使用相同的月度频率数据集,根据其临近预测马其顿GDP增长的准确性来评估这两种策略。本研究结果表明,MIDAS回归与MF-VAR模型的预测效果相当。此外,值得注意的是,这两种方法是相互作用的,因为一般来说,它们的综合预测在预测商业周期转折点方面表现出明显的优势。此外,MF-VAR模型在不确定性增加时显示出更高的精度。
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引用次数: 1
Risk Management Maturity, its Determinants and Impact on Firm Value: Empirical Evidence from Joint-Stock Companies in Bosnia and Herzegovina 风险管理成熟度、决定因素及其对企业价值的影响——来自波斯尼亚和黑塞哥维那股份公司的经验证据
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0019
Minela Nuhic Meskovic, A. Zaimovic
Abstract The current extremely volatile business environment requires companies to manage a wide range of risks. Poor management of the company’s main risks can lead to significant value losses for key stakeholders. Companies strive to preserve and protect their value by developing risk management models based on organisational culture, processes and structure. The main objective of this paper is to assess the maturity of risk management, explore its determinants and examine its impact on firm value. In order to quantify the maturity of the risk management model, we have created an index based on 31 reference components whose weighting values have been determined by a group of experts using the Delphi technique. In addition, this paper aims to identify the determinants of the risk management model maturity in companies in Bosnia and Herzegovina (B&H). Based on the estimated ordinary least squares (OLS) model, the results confirm that companies from the financial sector have more mature risk management models compared to the real sector. Moreover, the size of the firm and the type of auditor were identified as additional determinants of risk management maturity. The OLS model confirms the positive and statistically significant impact of risk management model maturity on Tobin’s Q value.
当前极不稳定的商业环境要求企业管理各种各样的风险。对公司主要风险的管理不善可能导致关键利益相关者的重大价值损失。公司通过开发基于组织文化、流程和结构的风险管理模型,努力保持和保护自己的价值。本文的主要目的是评估风险管理的成熟度,探讨其决定因素,并检查其对公司价值的影响。为了量化风险管理模型的成熟度,我们基于31个参考成分创建了一个指数,这些参考成分的权重值是由一组专家使用德尔菲技术确定的。此外,本文旨在确定波斯尼亚和黑塞哥维那(B&H)公司风险管理模型成熟度的决定因素。基于估计的普通最小二乘(OLS)模型,结果证实,与实体行业相比,金融行业的公司具有更成熟的风险管理模型。此外,公司的规模和审计师的类型被确定为风险管理成熟度的额外决定因素。OLS模型证实了风险管理模型成熟度对Tobin’s Q值的正向和统计学显著影响。
{"title":"Risk Management Maturity, its Determinants and Impact on Firm Value: Empirical Evidence from Joint-Stock Companies in Bosnia and Herzegovina","authors":"Minela Nuhic Meskovic, A. Zaimovic","doi":"10.2478/jeb-2021-0019","DOIUrl":"https://doi.org/10.2478/jeb-2021-0019","url":null,"abstract":"Abstract The current extremely volatile business environment requires companies to manage a wide range of risks. Poor management of the company’s main risks can lead to significant value losses for key stakeholders. Companies strive to preserve and protect their value by developing risk management models based on organisational culture, processes and structure. The main objective of this paper is to assess the maturity of risk management, explore its determinants and examine its impact on firm value. In order to quantify the maturity of the risk management model, we have created an index based on 31 reference components whose weighting values have been determined by a group of experts using the Delphi technique. In addition, this paper aims to identify the determinants of the risk management model maturity in companies in Bosnia and Herzegovina (B&H). Based on the estimated ordinary least squares (OLS) model, the results confirm that companies from the financial sector have more mature risk management models compared to the real sector. Moreover, the size of the firm and the type of auditor were identified as additional determinants of risk management maturity. The OLS model confirms the positive and statistically significant impact of risk management model maturity on Tobin’s Q value.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46585364","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
Economic Growth in the Western Balkans: A Panel Analysis 西巴尔干地区的经济增长:一个小组分析
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0015
Besime Ziberi, Merita Zulfiu Alili
Abstract This paper investigates how typical macroeconomic indicators affect the economic growth of Western Balkans countries. A static panel empirical investigation for the period 2010 to 2019 has been conducted using GDP growth rate as the dependent variable, while independent variables in focus include foreign direct investments, remittances, unemployment rate, population growth rate, and control of corruption. The most interesting finding is that a rising share of remittances positively affects economic growth. This might indicate that even when remittances are used for non-investment purposes, they might increase domestic production of consumption and intermediate goods. There is also evidence of a non-linear relationship between FDI and economic growth, which may be a consequence of undeveloped capacities to use the positive side of FDI. To foster economic growth policy-makers should focus on reforms that target sectors that show sharp declines in FDI and remittances inflows, including also a need for better control of corruption in the region.
摘要本文研究了典型的宏观经济指标如何影响西巴尔干国家的经济增长。2010年至2019年期间,以GDP增长率为因变量进行了静态小组实证调查,而关注的自变量包括外国直接投资、汇款、失业率、人口增长率和腐败控制。最有趣的发现是,汇款比例的上升对经济增长产生了积极影响。这可能表明,即使汇款用于非投资目的,也可能增加国内消费品和中间产品的生产。还有证据表明,外国直接投资与经济增长之间存在非线性关系,这可能是利用外国直接投资积极方面的能力不发达的结果。为了促进经济增长,决策者应专注于针对外国直接投资和汇款流入急剧下降的部门的改革,包括需要更好地控制该地区的腐败。
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引用次数: 6
The Causal Link Between Savings and Economic Growth in Bosnia and Herzegovina 波斯尼亚和黑塞哥维那储蓄与经济增长之间的因果关系
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0018
Irma Đidelija
Abstract The causal link between savings and economic growth has been extensively discussed in the economic growth and development literature, but the question of the direction of this link has not yet been clearly defined. The aim of this paper is to determine the direction and intensity of savings causality (components of private savings) and economic growth in Bosnia and Herzegovina. Granger’s causality test, the Toda-Yamamoto procedure, was applied to test for causality between savings and economic growth. The results of Granger’s causality test indicated that there is no causal link between components of private savings with economic growth in Bosnia and Herzegovina. It was found that among the variables there is cointegration, but not causality, which means that the variables have a common stochastic trend. This fully corresponds to the characteristics of the Bosnia and Herzegovina’s economy.
摘要储蓄与经济增长之间的因果关系在经济增长和发展文献中得到了广泛讨论,但这种联系的方向问题尚未明确界定。本文的目的是确定储蓄因果关系(私人储蓄的组成部分)与波斯尼亚和黑塞哥维那经济增长的方向和强度。Granger因果关系检验,Toda-Yamamoto程序,用于检验储蓄和经济增长之间的因果关系。Granger因果检验结果表明,波斯尼亚和黑塞哥维那私人储蓄的组成部分与经济增长之间没有因果关系。研究发现,变量之间存在协整关系,但不存在因果关系,这意味着变量具有共同的随机趋势。这完全符合波斯尼亚和黑塞哥维那经济的特点。
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引用次数: 1
Information and Communication Technology Development and Foreign Trade in the Region of South-East Europe 东南欧区域的信息和通信技术发展与对外贸易
IF 1 Q2 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.2478/jeb-2021-0017
Ines Kersan-Škabić
Abstract This paper provides an analysis of the influence of Information and Communication Technology (ICT) infrastructure, usage and skills on the export and import of goods and services in the region of South-East Europe (SEE) by applying gravity models to bilateral trade flows through the panel data analysis. The results show that GDP per capita and Internet usage have a significant positive impact on import, and in addition, the digital infrastructure and digital skills have a positive, but small impact on export. Distance has a negative impact on trade. These countries faced relatively poor development and usage of the ICT sector, which indicates unexplored potential which could be used to improve international trade if exploited by businesses, government and households.
摘要本文通过面板数据分析,将重力模型应用于双边贸易流动,分析了信息和通信技术(ICT)基础设施、使用和技能对东南欧地区(SEE)货物和服务进出口的影响。结果表明,人均GDP和互联网使用对进口有显著的正向影响,此外,数字基础设施和数字技能对出口有正向影响,但影响较小。距离对贸易有负面影响。这些国家的信息通信技术部门的发展和使用相对较差,这表明如果企业、政府和家庭加以利用,可以用来改善国际贸易的潜力尚未得到开发。
{"title":"Information and Communication Technology Development and Foreign Trade in the Region of South-East Europe","authors":"Ines Kersan-Škabić","doi":"10.2478/jeb-2021-0017","DOIUrl":"https://doi.org/10.2478/jeb-2021-0017","url":null,"abstract":"Abstract This paper provides an analysis of the influence of Information and Communication Technology (ICT) infrastructure, usage and skills on the export and import of goods and services in the region of South-East Europe (SEE) by applying gravity models to bilateral trade flows through the panel data analysis. The results show that GDP per capita and Internet usage have a significant positive impact on import, and in addition, the digital infrastructure and digital skills have a positive, but small impact on export. Distance has a negative impact on trade. These countries faced relatively poor development and usage of the ICT sector, which indicates unexplored potential which could be used to improve international trade if exploited by businesses, government and households.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539044","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
South East European Journal of Economics and Business
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