5th International Scientific Conference EMAN 2021– Economics & Management: How to Cope with Disrupted Times, SELECTED PAPERS, Online/virtual, March 18, 2021
5th International Scientific Conference EMAN 2021– Economics & Management: How to Cope with Disrupted Times, SELECTED PAPERS, Online/virtual, March 18, 2021
Contributor(s): Vuk Bevanda (Editor)
Subject(s): Social Sciences, Economy
ISSN: 2683-4510
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Economics; Management; COVID-19; Tourism
Summary/Abstract: Association of Economists and Managers of the Balkans headquartered in Belgrade – Serbia; Faculty of Management Koper – Koper, Slovenia; DOBA Business School - Maribor, Slovenia; Integrated Business Faculty - Skopje, North Macedonia and Faculty of Management - Zajecar, Serbia organized Fifth International Scientific Conference on Economics and Management: How to Cope with Disrupted Times - EMAN 2021. Due to the COVID-19 pandemic, the conference was held online/virtually. Fifth International Scientific Conference on Economics and Management - EMAN 2021 – aimed to establish and expand international contacts and co-operation across regions and countries. The main purpose of the conference was to provide scientists an encouraging and stimulating environment in which they may present results of their research to the scientific community and public. The conference theme was discussed in following sections: 1. Economics, 2. Management, 3. Law, 4. Tourism, 5. Environment, 6. Technology. The aim of this year’s conference has been achieved - bring together the academic community of the Balkans region and other countries and publication of their papers with the purpose of popularization of science and their personal and collective affirmation. The unique program combined presentation of the latest scientific developments in these areas, interactive discus¬sions and other forms of interpersonal exchange of experiences. Within publications from EMAN 2021 conference: 12 double peer reviewed papers have been published in the EMAN 2021 – Economics & Management: How to Cope with Disrupted Times - Selected Papers, 58 double peer reviewed papers have been published in the EMAN 2020 – Economics & Management: How to Cope with Disrupted Times - Conference Proceedings and 93 abstracts have been published in the EMAN 2020 Book of Abstracts. EMAN 2021 publications have nearly 800 pages. Acceptance rate of full papers for partner journals is 77% (for papers whose authors opted for this publication preference). Participation in the conference took 182 researchers with the paper representing 23 different countries (Albania, Algeria, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Germany, Greece, Hungary, Italy, Macau, Mexico, North Macedonia, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Turkey, Ukraine), different universities, eminent faculties, scientific institutes, colleges, etc.
Series: International Scientific Conference EMAN Economics and Management: How to Cope with Disrupted Times
- Print-ISBN-13: 978-86-80194-44-8
- Page Count: 148
- Publication Year: 2021
- Language: English
HAS THE GLOBAL PANDEMIC OF 2020 LED TO PERSISTENCE IN THE SHARE PRICES OF LARGE GLOBAL COMPANIES?
HAS THE GLOBAL PANDEMIC OF 2020 LED TO PERSISTENCE IN THE SHARE PRICES OF LARGE GLOBAL COMPANIES?
(HAS THE GLOBAL PANDEMIC OF 2020 LED TO PERSISTENCE IN THE SHARE PRICES OF LARGE GLOBAL COMPANIES?)
- Author(s):Santos Hortense, Rui Dias, Cristina Vasco, Paulo Alexandre, Paula Heliodoro
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:1-15
- No. of Pages:15
- Summary/Abstract:This paper aims to analyze the predictability of the stocks of Apple, Microsoft Amazon.com, Tesla, Facebook, Samsung, Electronics, Johnson & Johnson, Walmart, in the period from October 1, 2019 to January 11, 2021. To carry out such an analysis, it is intended to answer two research questions, namely: (i) is there predictability in the stock prices of the companies under analysis? (ii) Can investors diversify risk by incorporating these companies’ shares into their portfolios? The results of the Exponents Detrended Fluctuation Analysis (DFA) show that Apple (0.51) Microsoft (0.49), Amazon.com (0.53), Samsung Electronics (0.53), Johnson & Johnson (0.53) do not have long memories in their time series, that is, investors cannot obtain abnormal profitability without incurring additional risk. Walmart (0.41) has anti-persistence, while Tesla (0.60), Facebook (0.55) indicate some predictability, meaning investors adjusting their trading strategies to the necessary missteps may have some above-average profitability, which partly rejects the first question of the research. To answer the second research question, we estimated the Detrended cross-correlation coefficient (pDCCA) model, which indicates 17 mean correlation coefficients (≈ 0.333 → ≈ 0.666), 7 strong cross-trend correlation coefficients (0.666 → ≈ 1,000), 4 weak correlation coefficients (≈ 0.000 → ≈ 0.333). These results show that investors should be careful to incorporate the shares of these companies into a single portfolio; the suggestion would be to group only the shares of companies that do not present predictability and have low rhoDCCA. The authors consider that this evidence will be important for institutional investors when carrying out trading strategies based on maximizing profitability, but also mitigating risk when diversifying.
RANDOM WALKS AND MARKET EFFICIENCY TESTS: EVIDENCE FOR US AND AFRICAN CAPITAL MARKETS
RANDOM WALKS AND MARKET EFFICIENCY TESTS: EVIDENCE FOR US AND AFRICAN CAPITAL MARKETS
(RANDOM WALKS AND MARKET EFFICIENCY TESTS: EVIDENCE FOR US AND AFRICAN CAPITAL MARKETS)
- Author(s):Rui Dias, Hortense Santos, Paulo Alexandre, Paula Heliodore, Cristina Vasco
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:17-29
- No. of Pages:13
- Summary/Abstract:The 2020 Russia-Saudi Oil Price War was an economic war triggered in March 2020 by Saudi Arabia in response to Russia’s refusal to reduce oil production to keep oil prices at a moderate level. This economic conflict resulted in a sharp drop in the price of oil in 2020, as well as crashes in international markets. In the light of these events, our aim was to test the efficient market hypothesis, in its weak form, in the stock markets of Botswana (BSE), Egypt (EGX 100), Kenya (NSE 20), Moroccan All Shares (MASI), Tunisia (Tunindex), and the MARKET of the USA (DOWJONES INDUSTRIALS), in the period of September 2, 2019 to January 11, 2021. The results therefore support the evidence that the random walk hypothesis is not supported by the financial markets analyzed in this period of global pandemic. The values of variance ratios are lower than the unit, which implies that the yields are autocorrelated in time and, there is reversal to the mean. In order to validate the results, we estimate the model αDFA that shows that the stock markets NSE 20 (0.75), TUNINDEX (0.69), MASI (0.63), EGX 100 (0.64), BSE (0.61), DOW JONES (0.58) show autocorrelation in their profitability, that is, these markets show signs of (in) efficiency, in its weak form, persistence in profitability, validating the results of the variance test by Rankings and Wright Signs. In conclusion we can show that the U.S. stock market has more market efficiency when compared to the African stock markets analyzed. The authors consider that the results achieved are of interest to investors looking for opportunities for portfolio diversification in these regional stock markets.
INTEREST RATE ADJUSTMENT AND STOCK MARKET – THE CASE STUDY OF CHINA
INTEREST RATE ADJUSTMENT AND STOCK MARKET – THE CASE STUDY OF CHINA
(INTEREST RATE ADJUSTMENT AND STOCK MARKET – THE CASE STUDY OF CHINA)
- Author(s):Ning Zeng, Xixi Li
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:31-38
- No. of Pages:8
- Summary/Abstract:This paper examines the impact of interest rate adjustment on the stock market in China. We collect the interest rate adjustment periods from April 21, 1991 to October 24, 2015 since the establishment of the stock market. Through an Error Correction model together with Granger causality, we investigate responses of the stock index to interest rate adjustment. Our findings suggest that there is existing a long-term reverse relationship between interest rate adjustment and stock index. The impact of interest rate adjustment on stock index returns could not be long-term disequilibria, which will be corrected in short-time. Also, the interest rate is the granger cause of the stock price index, while the stock price index is not the granger cause of interest rate.
IMPACT OF REGULATORY REQUIREMENTS ON ENTITIES NON-FINANCIAL REPORTING: THE CASE OF UKRAINE
IMPACT OF REGULATORY REQUIREMENTS ON ENTITIES NON-FINANCIAL REPORTING: THE CASE OF UKRAINE
(IMPACT OF REGULATORY REQUIREMENTS ON ENTITIES NON-FINANCIAL REPORTING: THE CASE OF UKRAINE)
- Author(s):Yana Oliinyuk, Maria Kucheriava, Alla Zinchenko
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:39-54
- No. of Pages:16
- Summary/Abstract:In today’s environment of uncertainty and rapid change in the business environment (VUCA), there is a need to find effective solutions to global problems. The solution to urgent global problems facing Ukraine and the world depends on the orientation of business entities on the path to sustainable development. Ukraine has recently joined the countries with legislation requiring companies to compile and publish a management report. Therefore, determining the impact of institutional factors in ensuring the level of transparency and accountability of business organizations in countries with economies in transition in the context of SDGs’ attainment is now important. The core task of the study is to assess the dynamics of disclosure by certain enterprises of non-financial data, including the impact on the economy, environment and society, before and after the adoption of relevant regulations; to substantiate conclusions and suggest solutions to identified problems.
THE FUTURE OF DIGITAL PLATFORM ECONOMY FROM A PERSPECTIVE OF GDP, TAX POLICIES, FDI AND REGULATORY FRAMEWORK IN EU COUNTRIES
THE FUTURE OF DIGITAL PLATFORM ECONOMY FROM A PERSPECTIVE OF GDP, TAX POLICIES, FDI AND REGULATORY FRAMEWORK IN EU COUNTRIES
(THE FUTURE OF DIGITAL PLATFORM ECONOMY FROM A PERSPECTIVE OF GDP, TAX POLICIES, FDI AND REGULATORY FRAMEWORK IN EU COUNTRIES)
- Author(s):Vito Bobek, Shuporna Ghosh, Tatjana Horvat
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:55-63
- No. of Pages:9
- Summary/Abstract:Digital data are core to all fast-emerging digital technologies, such as data analytics, artificial intelligence (AI), blockchain, the internet of things (IoT), cloud computing, and all internet-based services. The dominance of global digital platforms, their control of data, and their capacity to create and capture the ensuing value further accentuate concentration and consolidation rather than reduce inequalities between and within countries. This paper will analyze the digital platform economy in the European Union (EU) in the backdrop of the US and Asia Pacific digital platform economy and throw some light on critical factors for developing the conducive and globally competitive digital industry in the EU. This will be studied through some of the influences such as share of GDP, tax policies, FDI, and regulatory framework in the EU countries, contributing to creating a framework for a competitive global landscape of the EU.
COMPARISON OF SLOVAKIA REGIONS BASED ON SCORING METHOD
COMPARISON OF SLOVAKIA REGIONS BASED ON SCORING METHOD
(COMPARISON OF SLOVAKIA REGIONS BASED ON SCORING METHOD)
- Author(s):Ľubica Hurbánková
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:65-73
- No. of Pages:9
- Summary/Abstract:The aim of the paper is to analyse the regions of Slovakia using selected indicators related to housing. Indicators entering the analysis are: the proportion of households that consider paying of total housing cost to be very encumbering, the proportion of people below the poverty line (60% of median), the unemployment rate, the proportion of households who own a flat/house, average real estate prices, average nominal monthly wage of employee, regional gross domestic product per capita. We will use one of the multi-criteria comparison methods for the analysis, namely the scoring method. Based on this method, we rank the regions according to the value of the integral indicator from the best to the worst. From the results of the analysis, we found out that from the point of view of the analysed indicators the best were placed Trenčín, Nitra and Žilina regions, and the worst Košice and Prešov regions. The application of the statistical method was carried out through the program Microsoft Office Excel.
COVID-19 CRISIS MANAGEMENT SYSTEM’S RESPONSE IN SOUTHEAST EUROPEAN ECONOMIES: A CAS FRAMEWORK
COVID-19 CRISIS MANAGEMENT SYSTEM’S RESPONSE IN SOUTHEAST EUROPEAN ECONOMIES: A CAS FRAMEWORK
(COVID-19 CRISIS MANAGEMENT SYSTEM’S RESPONSE IN SOUTHEAST EUROPEAN ECONOMIES: A CAS FRAMEWORK)
- Author(s):Katarina Fotova Čiković
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:75-92
- No. of Pages:18
- Summary/Abstract:The global COVID-19 pandemic has transformed the world in 2020 and it has been recognized as the biggest stress test in the history of the European Union. The pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy had been projected to contract sharply by –3 percent in 2020, which is much worse than during the 2008 09 Global financial crisis. In these difficult and challenging times, countries and societies need to adapt to the new situation while minimizing the negative social and economic implications. This paper discusses how different governments in the South East Europe region (Albania, Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia and Serbia) have managed and dealt with the COVID-19 pandemic. A review of the current literature on COVID-19 is conducted. This paper should enable a better understanding of how different governments have faced the pandemic and how and to which extent they facilitated a proactive and timely approach towards crisis management. The objective of this study is to theorize a CAS (Complex Adaptive System) framework to evaluate the prevention, preparedness, response and crisis management and strategies used during the pandemic and assess the steps taken so far by the selected Southeast European transitional countries for tackling the COVID-19 crisis up to September 2020.
IMPACT OF INTRODUCING THE MIDDLE ALTERNATIVE: META-ANALYTIC APPROACH
IMPACT OF INTRODUCING THE MIDDLE ALTERNATIVE: META-ANALYTIC APPROACH
(IMPACT OF INTRODUCING THE MIDDLE ALTERNATIVE: META-ANALYTIC APPROACH)
- Author(s):Radka Kubalová
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:93-99
- No. of Pages:7
- Summary/Abstract:This paper explores the impact of adding a compromise alternative into the choice set taking into account the previous findings in the literature. The paper takes a meta-analytical approach when examining the results of previously published peer-reviewed studies which included specific product categories in their study design. The literature selection process generated 69 choice set comparisons across 8 scientific studies including over 14 000 individual observations which allow examining the compromise effect in a broader view.
MANAGEMENT EDUCATION IN THE DISRUPTIVE TIMES OF COVID-19 PANDEMIC: THE CASE OF PARTICIPATIVE APPROACH IN DISTANCE LEARNING
MANAGEMENT EDUCATION IN THE DISRUPTIVE TIMES OF COVID-19 PANDEMIC: THE CASE OF PARTICIPATIVE APPROACH IN DISTANCE LEARNING
(MANAGEMENT EDUCATION IN THE DISRUPTIVE TIMES OF COVID-19 PANDEMIC: THE CASE OF PARTICIPATIVE APPROACH IN DISTANCE LEARNING)
- Author(s):Eliška Čičmancova, Marian Šotek
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:101-109
- No. of Pages:9
- Summary/Abstract:This paper is focused on various possibilities of effective management education at universities during the world pandemic of Covid-19. In more detail, there is examined one specific case of distance learning at the Faculty of Management Science and Informatics, University of Žilina, Slovakia. This paper highlights the importance of active interaction between educators and students, and building relationships among students by teamwork. The substantial outcome of this research paper is endorsing the importance of participative attitude at the seminars of Management. One of the key factors in students’ motivation is the attitude of teachers, who, in this process, act as colleagues. Thus, the lecturers form a direct part of the educational process, rather than just the controlling part. In this research, the students’ satisfaction with the way of teaching this subject was measured. It was proven that the participative attitude of teachers is linked to increased motivation of students. Some of them would even welcome this type of leading and learning in other lectures, too. This approach was confirmed as effective mostly during distance learning since students might feel more stressed and overwhelmed and their motivation tends to decrease. It is crucial to include such elements into the education process which strengthen the students’ motivation. Teaching based on practical examples from a business environment in which the students work with real data and information may be the right way.
DIFFERENCE BETWEEN SHARE, AVERAGE GROWTH AND NUMBER OF TOOLS USED IN ONLINE SALES OF INDIVIDUAL AND GROUP HOTELS
DIFFERENCE BETWEEN SHARE, AVERAGE GROWTH AND NUMBER OF TOOLS USED IN ONLINE SALES OF INDIVIDUAL AND GROUP HOTELS
(DIFFERENCE BETWEEN SHARE, AVERAGE GROWTH AND NUMBER OF TOOLS USED IN ONLINE SALES OF INDIVIDUAL AND GROUP HOTELS)
- Author(s):Tina Vukasović, Vlaho Mihač
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:111-121
- No. of Pages:11
- Summary/Abstract:The purpose of the following research was to explore the possible difference between individual and group hotels, to determine which is and is there any difference in the share of online sales, average growth and tools used for online sales of hotel accommodation in the Republic of Croatia. To reach the desired results, the authors have used the quantitative research method and research of secondary data from the PHOBS CRS system, which is the most used CRS in the Republic of Croatia. The main discoveries of the research are the share of online sales in total hotel sales, the average growth of online sales, the number of tools used in hotel sales and the impact of COVID-19 on online sales in 2020. Employees in hotel sales can use these findings to gain insight into mentioned topics and to compare their results with the results in the paper.
THE ROLE OF ENTREPRENEURS IN TOURISM DESTINATION MANAGEMENT SYSTEM: A CONCEPTUAL MODEL
THE ROLE OF ENTREPRENEURS IN TOURISM DESTINATION MANAGEMENT SYSTEM: A CONCEPTUAL MODEL
(THE ROLE OF ENTREPRENEURS IN TOURISM DESTINATION MANAGEMENT SYSTEM: A CONCEPTUAL MODEL)
- Author(s):Petr Štumpf, Jitka Mattvašovska, Adriana Štastna
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:123-133
- No. of Pages:11
- Summary/Abstract:A tourism destination is defined as an open, complex and adaptive system in which numerous relations in the economic, social and environmental spheres are generated. This paper aims to define a conceptual model of tourism destination management as a complex system and to identify the role of entrepreneurs as key stakeholder in a tourism destination. The main methodological approaches were systems thinking and system dynamics. A Causal Loops Diagram (CLD) enabled to cover the complexity of the tourism system and to identify relations among a number of stakeholders and elements in a tourism destination. The authors identified crucial elements of the entrepreneur sub-system involved in a high number of causal loops to establish the importance of entrepreneurs in the destination management system. Profits of individual entrepreneurs and the occupancy of hospitality and tourism services represent the model’s most frequent variables from the entrepreneurs’ perspective.
AESTHETIC GUEST EXPERIENCE IN RESTAURANT: A STATE-OF-THE-ART REVIEW
AESTHETIC GUEST EXPERIENCE IN RESTAURANT: A STATE-OF-THE-ART REVIEW
(AESTHETIC GUEST EXPERIENCE IN RESTAURANT: A STATE-OF-THE-ART REVIEW)
- Author(s):Suzana Marković, Jelena Dorčić, Dora Rašan, Bruna Bucić, Marko Blažić
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:135-148
- No. of Pages:14
- Summary/Abstract:The concept of customer experience has received considerable attention in various disciplines, particularly in tourism and hospitality research. However, the aesthetic guest experience has hardly been investigated in previous studies. Aesthetics involves what makes an object beautiful and what people feel when they encounter a beautiful object. Dining experience encompasses almost all senses together, which makes it difficult to measure this concept properly. Considering the important role of aesthetics in the dining experience, this study provides a review and synthesis of the literature to establish a foundation for the conceptual framework for measuring the aesthetic guest experience in restaurants. The main objectives of this study are to categorise and summarise the research on aesthetic guest experience, present a new conceptualization and conceptual model of the aesthetic guest experience in restaurants, and highlight the emerging trends and gaps in the literature. The findings of this study contribute to aesthetic theory and offer practical implications for restaurant managers regarding all aesthetic components that should be considered when designing a memorable aesthetic restaurant experience.
