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“Unheimlich Fantastisch – E.T.A. Hoffmann 2022”: The Hoffmann's Year at Staatsbibliothek zu Berlin
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“Unheimlich Fantastisch – E.T.A. Hoffmann 2022”: The Hoffmann's Year at Staatsbibliothek zu Berlin

“Unheimlich Fantastisch – E.T.A. Hoffmann 2022”: The Hoffmann's Year at Staatsbibliothek zu Berlin

Author(s): Benjamin Schlodder / Language(s): English / Issue: 6/2022

Keywords: online portal; E.T.A. Hoffmann; exhibition; E.T.A. Hoffmann Archive; Berlin State Library

This article introduces the E.T.A. Hoffmann Archive at the Berlin State Library as well as the E.T.A. Hoffmann Online Portal, which could be established as the main platform to start all E.T.A. Hoffmann research. It describes the functions of the Online Portal and gives an overview of the exhibition project ‚ Fantastically Uncanny‘ which links young people to Hoffmann’s thoughts and motifs.

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Freud and Jentsch read Hoffmann’s Uncanny Automata
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Freud and Jentsch read Hoffmann’s Uncanny Automata

Freud and Jentsch read Hoffmann’s Uncanny Automata

Author(s): Kamelia Spassova / Language(s): English / Issue: 6/2022

Keywords: uncanny; automaton; Doppelgänger; negative anagnorisis; Jentsch; Freud; E.T.A. Hoffmann

The following paper examines the elaboration of the concept of uncanny between literature and psychoanalysis. In shaping the concept, both ErnstJentsch in “On the Psychology of the Uncanny” (1906) and Sigmund Freud in “The Uncanny” (1919) carefully read Hoffmann's fantastic stories of automata. While Freud develops his theory of the uncanny (concerning the automatism of unconscious repetition) by reading “The Sandman”, Jentsch dwells on “Automata” in his approach on intellectual uncertainty. In this paper I also discuss anthropomorphic machines and the idea of uncanny valley in robotics, concluding that the notion of uncanny always involves negative anagnorisis, or misrecognition between inside/outside; human/automaton; animate/inanimate.

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A Study of the Public Inscriptions in Veliko Tarnovo as Products of Different Types of Literacies (“Exploring Local Linguistic Scenery amongst Superdiversity: A Small Place in the Global Landscape” by Svetlana Atanassova-Divitakova)
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A Study of the Public Inscriptions in Veliko Tarnovo as Products of Different Types of Literacies (“Exploring Local Linguistic Scenery amongst Superdiversity: A Small Place in the Global Landscape” by Svetlana Atanassova-Divitakova)

A Study of the Public Inscriptions in Veliko Tarnovo as Products of Different Types of Literacies (“Exploring Local Linguistic Scenery amongst Superdiversity: A Small Place in the Global Landscape” by Svetlana Atanassova-Divitakova)

Author(s): Yarmila Daskalova / Language(s): English / Issue: 6/2022

Keywords: linguistic landscape; public signs; translanguaging; literacy

The book explores the linguistic cityscape of Veliko Turnovo focusing on the multimodal aspects of the signs that make the landscape. Special attention is paid to double writing (using two languages – Bulgarian and English), which is manifested in the landscape in its two basic modes – “mirror imaging”, where the two languages are clearly visible and translanguaged (mixed) writing, where features of the two languages are blurred. These two modes of writing are related to the two main functions that signs in the landscape perform – informative and symbolic.

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THE ROLE OF THE ALBANIANS IN THE REPUBLIC OF MACEDONIA (1991–2001)

THE ROLE OF THE ALBANIANS IN THE REPUBLIC OF MACEDONIA (1991–2001)

THE ROLE OF THE ALBANIANS IN THE REPUBLIC OF MACEDONIA (1991–2001)

Author(s): Mariyana STAMOVA / Language(s): English / Issue: 5-6/2022

Keywords: Republic of Macedonia; Republic of North Macedonia; Macedonians; Albanians; Ohrid Agreement; Przino Agreement; NATO; EU.

For more than two centuries the Albanian factor in Republic of Macedonia has been an objective and dynamically changing reality. It has manifested itself in different dimensions, forms and conditions: as an ethnic, demographic, socio-economic factor during the Ottoman rule and in unitarian Yugoslavia; as an ethnic minority, political and constitutional-structural crisis – at the time of federal Yugoslavia, in which the People’s (from 1963 - Socialist) Republic of Macedonia was included as a constituent part; ten years after the establishment of independent and sovereign Republic of Macedonia, since the beginning of 2001, along with its traditional dimensions the Albanian factor received a number of new ones: it has turned into a major problem for the existence, constitutional order, sovereignty and territorial integrity of the Republic of Macedonia; it has emerged as an important criterion for the adherence to the European norms and standards, for inter-ethnic relations and resolving the problems of minority communities, as well as for the successful and accelerated implementation of the European integration priorities in the foreign policy of the Republic of Macedonia; in 2001 it received also a military dimension - with the organization, arming and activation of Albanian paramilitary formations in Macedonia ready to establish control over certain areas in the Republic of Macedonia; it has developed into a regional and international problem - after the active interference of the leading international players and forums, which have an impressive presence in the Republic of Macedonia and are able to influence the strengthening the stabilizing trends and processes in the republic. The last decade of the 20th century is associated predominantly with the international consolidation of the Republic of Macedonia, whereas during the first decade of the 21st century the country faced grave international problems and confrontations between the Macedonian and the Albanian communities, as well as the dilemma of its further steps towards membership in the European and North Atlantic structures.

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FREEDOM OF BELIEF AND THE RELATION BETWEEN CONSTITUTION AND THE ISLAMIC RELIGIOUS COMMUNITY IN THE REPUBLIC OF NORTH MACEDONIA

FREEDOM OF BELIEF AND THE RELATION BETWEEN CONSTITUTION AND THE ISLAMIC RELIGIOUS COMMUNITY IN THE REPUBLIC OF NORTH MACEDONIA

FREEDOM OF BELIEF AND THE RELATION BETWEEN CONSTITUTION AND THE ISLAMIC RELIGIOUS COMMUNITY IN THE REPUBLIC OF NORTH MACEDONIA

Author(s): Muhammed Izeti / Language(s): English / Issue: 5-6/2022

Keywords: Freedom; Faith; Constitution; Islamic Religious Community; Law

Being part of the public sphere, religion and faith inevitably have meeting points with the state and its legal order, where it should be noted that the history of a large number of legal institutions is permeated by the influence of religion since the issues of sovereignty, in the contemporary issues of human rights, discrimination and coexistence and preservation of diversity in international integrations, or multicultural societies, religion and the legal order are intertwined and mutually determined and this is so at different levels and in different aspects - both in terms of achieving the individual dimension of religious freedom, and in terms of the legal status of religious communities and other religious associations as an expression of the collective dimension of religious freedom, from the general pattern of relations to the details of that relation in "the various points of relationship" between religion and public order, such as public holidays, the autonomous legal order of the religious traditions, its application and protection, the education system, public broadcasting, the use and protection of religious symbols, worship in public places, the construction of cult objects, the oaths of public servants, the promotion and protection of religious heritage where many of these issues regulate or the autonomous legal order of religious communities, or the law of state religion, or the law of religious communities understood as a legal branch of the state legal order that includes norms that regulate relations between the state and religious communities.In this statement freedom of belief and the mutual relationship between the constitutional legal framework and the Islamic Religious Community in the Republic of North Macedonia will be analyzed.

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THE DOMESTIC IMPACT OF FOREIGN POLICY: THE CASE OF NORTH MACEDONIA

THE DOMESTIC IMPACT OF FOREIGN POLICY: THE CASE OF NORTH MACEDONIA

THE DOMESTIC IMPACT OF FOREIGN POLICY: THE CASE OF NORTH MACEDONIA

Author(s): Njomza OSMANI,Gjeraqina LEKA / Language(s): English / Issue: 5-6/2022

Keywords: foreign policy; EU and NATO membership; inter-ethnic relations; North Macedonia; external threats

This article brings to attention the domestic impact that possibly is produced by a state’s foreign policy orientation. Dwelling on the case of North Macedonia, the article explores the challenges the state faces in fulfilling its foreign policy strategic objectives. It further tries to correlate these challenges to internal relations. In other words, the paper analyzes the impact that a NATO and EU oriented foreign policy has over inter-ethnic relations domestically, focusing on the external blockades to these foreign policy objectives and their relation to domestic developments. This relationship derives from the authors’ assumption that foreign policy orientation serves as a unifying factor of the two biggest ethnic groups in the country, hence every threat (external in this case) to foreign policy objectives may possibly result in domestic cleavages between the ethnically different groups. In efforts to accumulate evidence for the laid hypothesis, the article uses empirical data gathered through interviews with political actors, researchers, and academics, in the period 2017-2020. The aim is to evaluate whether foreign policy influences domestic relations between different social groups, illustrating this relationship through the case of North Macedonia.

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THE IMPACT OF GEOPOLITICS ON UNITED NATIONS

THE IMPACT OF GEOPOLITICS ON UNITED NATIONS

THE IMPACT OF GEOPOLITICS ON UNITED NATIONS

Author(s): Stojanche Masevski / Language(s): English / Issue: 5-6/2022

Keywords: security; relations; countries; organization

Geopolitical risks and challenges pose a huge challenge to all international actors, from countries, NGOs, to transnational corporations and international organizations. Geopolitics itself has a huge impact and significance on the formation of the world order, and thus inevitably with the hierarchy of the world and its constituent parts. The functioning of international organizations regardless of their character is conditioned by the great geopolitical leaders such as USA, Russia, France, UK and China. This is especially obvious in the UN. These countries are trying to achieve their geopolitical goals with the assistance and help of the right and power of veto and therefore paralyzing the work of UN and UN led operations. It should be emphasized in particular that the role of the United Nations is not to uphold or reject a particular order and hierarchy in the world, but to guarantee peace and security for all. The UN should not be an extended arm to achieve the goals of certain states, nor tool to gain geopolitical power. This is because some countries think that by being the biggest contributors to the financing of international organizations, they should have the greatest rights, benefits and advantages in the fields of security, economics, international relations over other countries.

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ADDITIONAL TREATMENTS IN DAYCARE CENTER FOR CHILDREN WITH DOWN SYNDROME IN NORTH MACEDONIA

ADDITIONAL TREATMENTS IN DAYCARE CENTER FOR CHILDREN WITH DOWN SYNDROME IN NORTH MACEDONIA

ADDITIONAL TREATMENTS IN DAYCARE CENTER FOR CHILDREN WITH DOWN SYNDROME IN NORTH MACEDONIA

Author(s): Teuta RAMADANI RASIMI,Arita AGAI,Pranvera ISENI / Language(s): English / Issue: 5-6/2022

Keywords: daycare centers; gross motor skills; Down syndrome

It is well established that additional treatments of children and youngsters with Down syndrome improves their motoric skills, however they are often neglected from thesel treatments in Republic of North Macedonia, and the only support that they receive are in the main institutions. A comparative study of gross motoric skills, fine motoric skills and general praxis was carried out on a sample (N = 16) children with Down Syndrome, both sexes, school age (4-14 years old) from special school in Tetovo, eight of them who visit also a daycare center. The main criterion variable are the motor skills of the children evaluated with a screening motoric test, whilst the predictor variables are visiting the daycare center, gender and age. Analysis of the Mann Whitney test for independent samples have shown a difference in favor of subjects that do not visit the daycare center only for the general praxis, especially for melocintetic skills, which indicates that the occupational treatment that they receive from the daycare do not make any difference in their alternative and mimic skills, however there is no statistical difference in gross motoric and fine motoric skills. The second variable, age have shown a difference in some segment of gross motor skills, motor coordination at rest in favor of younger group, aged 4-10, which can be as a consequence of early intervention. The gender performed a significant difference in the field of gross motor skills in favor of females, especially for tasks regarding stability where females outperformed males. Even though results showed that an additional treatment for these children with Down syndrome didn’t made a difference in their motoric skills performance, the significant difference in motoric skill performance among younger and elder group in favor of younger, clarifies the need of additional treatments as early as possible, with a specific attention to developing motoric skills in males.

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The Euro and Bulgaria – Fears and Hopes

The Euro and Bulgaria – Fears and Hopes

The Euro and Bulgaria – Fears and Hopes

Author(s): Victor Yotzov / Language(s): English / Issue: 3/2023

Keywords: Euro; Optimum Currency Areas; Integration

The political passions of the last three years have prevented the general public from appreciating the long-awaited event – the accession to ERM II, which is undoubtedly an important achievement and the last step towards full membership of the Eurozone. In a broader sense, the monetary union can be considered as a preparatory stage for the transition of the European Union to the next form – Political Union. In practice, however, this does not happen, and the eurozone expansion process is currently slowing down. The main goal of the proposed article is to dispel some of the fears that have been instilled in recent months, related to the upcoming accession of Bulgaria to the Eurozone. The main theoretical concepts regarding the benefits and disadvantages of joining a monetary union are examined. The initial prerequisites, the structure and functioning of the modern monetary regime, as well as some of the peculiarities in the development of the Bulgarian economy, are analysed.

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Fiscal Policy and Economic Growth: Evidence from European Union Countries

Fiscal Policy and Economic Growth: Evidence from European Union Countries

Fiscal Policy and Economic Growth: Evidence from European Union Countries

Author(s): Stoyan Tanchev,Naftaly Mose / Language(s): English / Issue: 3/2023

Keywords: fiscal policy; budget deficit; economic growth; Keynesian theory

This article empirically examines the fiscal policy elements affecting economic growth in 27 European countries and Switzerland (Without the United Kingdom). The research objective is to estimate the impact of macroeconomic variables such as tax revenue, government expenditure and public debt on the economic development of 28 European countries. The study employs a panel ordinary least squares (POLS) technique with a fixed effect estimation method. The Hausman test was applied to support the validity of the fixed effect over the random effect estimation model. Annual secondary data for the period 1995-2020 were used, including 728 observations. Based on the results, it may be inferred that the increase in government expenditure and tax revenue leads to an increase in economic growth in 28 EU countries. However, the higher rates of public debt lead to a decrease in economic growth. From the standpoint of fiscal policy, we conclude that Keynesian theory in the 28 EU countries was present. The study has empirically established the importance of fiscal policy tools in European countries. The study calls for the establishment of moderate fiscal policy strategies that would help ensure solvency and stimulate economic growth.

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Convergence Determinants and Club Formation in the EU over 1999-2021

Convergence Determinants and Club Formation in the EU over 1999-2021

Convergence Determinants and Club Formation in the EU over 1999-2021

Author(s): Ignat Ignatov / Language(s): English / Issue: 3/2023

Keywords: convergence; clubs; COVID-19; institutions; debt; clustering

Within the EU, the applied decomposition of the GDP per capita over 1999-2021 reveals that labour productivity is a dominant contributor to economic growth, followed by employment, though the impact of each factor is largely non-uniform among countries. Although the fast-converging economies benefit from productivity gains, the core EA countries have lost some of their long-term growth capacity. Despite the implemented measures, almost all EU countries experience an aggravating age structure. In 2020, digitalization was evidenced to have mitigated the negative effects of COVID-19 on productivity and employment. The estimated panel model accounts for these developments by including other relevant convergence factors such as human capital, regulatory quality and debt. The investments are empirically inferred to be a transmission channel of the positive impact of higher institutional quality and the adverse influence of higher debt stock on economic growth. While in times of high indebtedness, the expenditures on education are found to be crowded out by interests, the low debt is not necessarily associated with greater spending on education. Eventually, these inferences are graphically supported by the three-club formation derived through the K-means clustering algorithm. Although such distribution is generally in line with the neoclassical growth theory, it also reveals disturbing EU heterogeneity due to worsening demographic dynamics, rising indebtedness and insufficient regulatory quality. The derived club formation is not tightly related to EMU membership. Overall, to enhance the speed and quality of the convergence, the EU countries have to strengthen their institutional and fiscal framework.

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Is Tax Morale Homogeneous in Bulgaria?

Is Tax Morale Homogeneous in Bulgaria?

Is Tax Morale Homogeneous in Bulgaria?

Author(s): Stefan Petranov,Milena Angelova,Lillyana Georgieva,Radostina Ivcheva,Nino Avreyski / Language(s): English / Issue: 3/2023

Keywords: tax morale; tax collection; shadow economy; economic policy; ordinal regression model; Bulgaria

The article argues that tax morale is an essential component of social capital with a significant impact on tax compliance and tax collection. Against this backdrop, the results of the study are based on a questionnaire survey in Bulgaria, conducted among 1280 employed individuals. They work in enterprises that are representative of the country’s economy in terms of economic activity, size, and geographical location. We design an index to assess the tax morale of the respondents and use it to address a series of questions. What is the tax morale of the Bulgarian population currently? What factors possibly influence it? Are there any differences between various population groups, based on socio-demographic or socio-economic characteristics? The results show that tax morale in Bulgaria is heterogeneous. Such findings lead to certain conclusions about economic policy reforms. By influencing the tax morale of the population, policymakers can improve tax collection. Our estimations show that a relatively large share of the population in Bulgaria has average or low tax morale. We point out that one of the most effective ways to increase tax revenues is through targeted measures to improve the tax morale of specific groups of people with a high inclination to participate in the shadow economy and evade taxes. Using statistical tests and ordinal regression models, this article provides empirical evidence that the profile of these individuals includes low income, living in regional cities, younger age and poor education.

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Formation and Use of the System of Financial Incentives for the Development of Partnership between the State and Business

Formation and Use of the System of Financial Incentives for the Development of Partnership between the State and Business

Formation and Use of the System of Financial Incentives for the Development of Partnership between the State and Business

Author(s): Vasyl Demianyshyn,Bohdana Shuliuk / Language(s): English / Issue: 3/2023

Keywords: financial incentives; public-private partnership; soft loans; guarantees and insurance; subsidies; tax benefits

The article reveals the domestic and foreign practices of using the main types of financial incentives for public-private partnership: direct financial support, subsidies, guarantees and insurance and government benefits. It was found that concessional lending, provided mainly by international development banks, plays an important role in direct financial support. Such support is especially relevant in the initial stages of project implementation due to the lack of skills and financial resources to achieve effective results. Emphasis is placed on the active participation of public authorities in the lending process, which involves the signing of international agreements and the provision of state or local credit guarantees. Given the low level of development of the financial market in Ukraine, the expediency of using interest rate subsidies is justified, which compensates for the difference between market and preferential rates. It is proved that in the process of state incentives in the form of tax benefits, preferential tariffs for private partners, lease or leasing benefits, public authorities must take into account the annual losses of the state budget from the provision of such benefits. In this regard, to minimize the negative consequences, it is necessary to apply financial incentives, taking into account the impact on the budget and financial and economic activities of economic entities, to introduce an effective system of control over their use. Carrying out a comprehensive analysis of the use of financial incentives in domestic and international practice made it possible to identify problems that hindered their successful implementation in Ukraine.

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Estimation of the Value, Distribution and Concentration of Wealth in Bulgaria, 1995-2020

Estimation of the Value, Distribution and Concentration of Wealth in Bulgaria, 1995-2020

Estimation of the Value, Distribution and Concentration of Wealth in Bulgaria, 1995-2020

Author(s): Petar Peshev / Language(s): English / Issue: 3/2023

Keywords: wealth; inequality; wealth distribution; wealth concentration; income capitalisation; GINI

This paper estimates private wealth in Bulgaria using different official sources of macroeconomic and survey data. Due data availability reasons, the 1995-2020 period is analysed. Net wealth is calculated by capitalising incorporated and non-incorporated entrepreneurs’ income, combining it with administrative and survey sources of data on real and financial wealth and liabilities. The net wealth of Bulgarian households is rising in nominal EUR and PPP terms, so is inequality. From the end of 1995 until the end of 2020 net wealth of Bulgarian households (individuals) has grown eightfold, from EUR 41.7 bln to EUR 381.8 bln, while per adult and per capita measures have grown tenfold, from 8.5 thousand euro to 92.2 thousand euro and from 4.9 to 55.2 thousand euro respectively. The geometric average rate of growth (CAGR) amounts to 9.3% yearly for the net wealth, 10% for the net wealth per adult and 10.1% for the net wealth per capita. For the period under review, the bottom half of individuals own less than 5.1% of net wealth on average, while the top decile and percentile own 65.3% and 10.6% of total net wealth on average, respectively, while the Gini coefficient grows to 0.75 at the end of the period but accepting values between 0.63 and 0.81 over the analysed period.

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Shadow Economy vs Economic Security: Trends, Challenges, Prospects

Shadow Economy vs Economic Security: Trends, Challenges, Prospects

Shadow Economy vs Economic Security: Trends, Challenges, Prospects

Author(s): Maria Blikhar,Valerii Syrovatskyi,Ulyana Bek,Maria Vinichuk,Lesia Kucher,Maryana Kashchuk / Language(s): English / Issue: 3/2023

Keywords: shadow economy; economic security; legal relations; agricultural sector; economic security of agriculture; Ukraine

The purpose of the article is to highlight the results of the study of counteracting the shadow economy in the system of ensuring the economic security of the agricultural sector and its impact on the poverty level of the population. The relationship between the shadowing of the economy and the growth of the poverty level in Ukraine is substantiated, which is confirmed by the results of cluster and regression analysis. A study of the dynamics of the integral indicator of the level of the shadow economy and changes in the volume of real GDP in Ukraine is conducted and the volume of official GDP created by shadow wages is estimated. Predictive assessments of the level of the shadow economy and poverty in the coming years have been made, and growth trends have been established. It has been found that the growth of the level of the shadow economy has a significant impact on the population poverty indicator. The regional features of the spread of the shadow economy and population poverty are analyzed, as a result of which it has been proved that a higher standard of living of the population and a lower level of poverty are observed in the border and industrially developed regions.

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Circular Use of Materials: Drivers of the Circularity Rate in the European Union

Circular Use of Materials: Drivers of the Circularity Rate in the European Union

Circular Use of Materials: Drivers of the Circularity Rate in the European Union

Author(s): Reni Pantcheva / Language(s): English / Issue: 3/2023

Keywords: Circularity rate; Circular economy; Resource efficiency; Recyclable materials; Environmental taxation

In the transition to a greener economy, countries need suitable indicators to follow progress on sustainability. One such metric, the ‘circularity rate’, indicates the share of recovered resources used in the economy which substitute for primary raw materials. The current paper analyses 27 European Union member countries to study the effects of selected waste management and resource efficiency indicators as well as several socio-economic determinants on the circularity rate. Results indicate that four factors emerge as equally important – GDP per capita, research and development expenditure, resource productivity and environmental tax revenues, where past values of R&D expenditure and resource productivity are especially useful in predicting the circularity rate. The research findings also emphasise the importance of adequate environmental taxation policy and its role in driving circularity. Finally, suggestions for future research on the topic are made to expand the model and allow for comparisons with other countries on their path to a circular economy.

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The Socially Responsible Human Resources Management and Its Impacts on the Organizational Legitimacy: The Case of Indonesian Employees

The Socially Responsible Human Resources Management and Its Impacts on the Organizational Legitimacy: The Case of Indonesian Employees

The Socially Responsible Human Resources Management and Its Impacts on the Organizational Legitimacy: The Case of Indonesian Employees

Author(s): Muazza Muazza,Akhmad Habibi,Amirul Mukminin / Language(s): English / Issue: 3/2023

Keywords: Human resources; management; organizational legitimacy

Socially responsible human resource management (SRHRM) is a basic action of human resource management (HRM) divisions used by businesses, companies, or organizations in accomplishing external corporate social responsibility (CSR) agendas. The purpose of this study is to examine the relationship between the CSR in human resources and organizational legitimacy in Indonesia. . Also, in our study, PLS-SEM was used to assess the relevance and effectiveness of various CSR strategies. The evaluations of 46 employees in Jambi, Sumatra, Indonesia, were used for this purpose. The data were analyzed by using PLS-SEM, which revealed a robust and positive link between employee-focused CSR actions and organizational legitimacy. The findings provide useful information for companies looking to improve their resource optimization and internal stakeholder management by implementing CSR policies correctly and efficiently.

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A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations

A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations

A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations

Author(s): Saransh Royal,Namarta Kaushik,Ramesh Chander,Nirmala Chaudhary / Language(s): English / Issue: 3/2023

Keywords: Environmental Sustainability; Urban Growth; Foreign Investment; ARDL and Sustainable Ecosystems

The paper explores the relationship between economic openness, development and urbanisation in sustainable ecosystems. The investigation is based on the balanced panel data for QUAD countries from 1991 to 2019. By using PMG-ARDL, this paper follows affiliation amid sustainability and openness. The results reported indicate the existence of an encouraging association between sustainability and urbanisation both in the case of Australia and India. The ECT value for all the panels is negative and noteworthy, confirming the existence of short-term affiliation too. The granger causality analysis also reveals that in the case of the US and India, there existed bi-directional causation amid sustainability and urbanisation. Knowing well that the countries are party to the “Kyoto Protocol and Paris agreement”, but there is still a necessity to preserve and promote the impetus concerning sustainability in arousing inclusive awareness concerning the realisation of sustainable ecosystems. More so, subsidising schemes and promoting awareness programmes are recommended, such as incentivising sustainable urban planning and green power purchase agreement and adoption of green bonds for energy infrastructure needs.

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ATTENTION TO THE ELECTION-ECONOMICS-POLITICS (EEP) NEXUS IN THE INDIAN STOCK MARKETS

ATTENTION TO THE ELECTION-ECONOMICS-POLITICS (EEP) NEXUS IN THE INDIAN STOCK MARKETS

ATTENTION TO THE ELECTION-ECONOMICS-POLITICS (EEP) NEXUS IN THE INDIAN STOCK MARKETS

Author(s): Paritosh Chandra Sinha / Language(s): English / Issue: 1/2021

Keywords: Attention cointegration; election-economics-politics nexus; Google search value index; behavioral finance;

Do investors pay attention to the election-economics-politics (EEP) nexus in the stock markets? In examining this research problem during the 17th Lok Sabha Election in India, this study explores the cointegrating relationships of its’ stock markets’ returns and realised trade volumes with investors’ selective attention to keywords in Google searches. The article uses the autoregressive distributed lag (ARDL) model. It reveals ingenious findings that investors’ attention dynamics at EEP nexus cointegrate either with the stock-markets’ returns or realised trade-volumes. It also identifies investors’ attention myopia, where the cointegration twists once the nexus pulls of its election or economic factor/s.

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BANK BASED VERSUS STOCK MARKET-BASED DEVELOPMENT IN NIGERIA

BANK BASED VERSUS STOCK MARKET-BASED DEVELOPMENT IN NIGERIA

BANK BASED VERSUS STOCK MARKET-BASED DEVELOPMENT IN NIGERIA

Author(s): Samuel Orekoya,Joseph Olarewaju Afolabi,Oluwatoyin Akintunde / Language(s): English / Issue: 1/2021

Keywords: stock market; financial development; financial market; bank-based development; market-based development; ARDL;

This study examines the relative effectiveness of bank-based and market-based financial development on the economic growth of Nigeria with data from 1989 to 2018 using the Auto-Regressive Distributive Lag (ARDL) estimation technique. The study found that bank-based financial development exerts positive and significant influence on Nigeria’s economic performance while stock market-based, rather than contributing positively to the economic prosperity, was found to have an insignificant negative effect. Using GDP per capita growth for sensitivity analysis also showed a somewhat similar result. From this finding, the study concludes that bank-based financial development drives growth in Nigeria more than market-based. The study therefore recommends intensive financial literacy and inclusion campaign to create awareness and bolster public confidence in the stock market and the financial sector.

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