6th International Scientific Conference EMAN 2022– Economics & Management: How to Cope with Disrupted Times, SELECTED PAPERS, Online/virtual, March 24, 2022
6th International Scientific Conference EMAN 2022– Economics & Management: How to Cope with Disrupted Times, SELECTED PAPERS, Online/virtual, March 24, 2022
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; Digitalization; Economic growth; Non-parametric approach; Smart city; Smart technology;
Summary/Abstract: EMAN conference aims to bring together the international academic community (experts, scientists, engineers, researchers, students, and others) and enable interactive discussions and other forms of interpersonal exchange of experiences and popularization of science and personal and collective affirmation.The annual EMAN conference is committed to the highest standards of publishing integrity and academic honesty ensuring ethics in all its publications. Conformance to standards of ethical behavior is therefore expected of all parties involved: authors, editors, reviewers, and the publisher. The conference organizer follows the Committee on Publication Ethics (COPE) guidelines on how to deal with potential acts of misconduct. All received full papers prior peer review process are subject to plagiarism check with iThenticate by Turnitin software. Any identified plagiarism automatically disqualifies a paper. Afterward, all full papers are double-blind peer-reviewed by the reviewers drawn from the editorial committee or external reviewers depending on the topic, title, and the subject matter of the paper. Peer reviewers provide a critical assessment of the paper and may recommend improvements. Although the author may choose not to take this advice, editors highly recommend that the author address any issues, explaining why their research process or conclusions are correct.
Association of Economists and Managers of the Balkans headquartered in Belgrade – Serbia along with the partner institutions, namely Faculty of Management Koper – Koper, Slovenia; DOBA Business School - Maribor, Slovenia; Integrated Business Faculty - Skopje, North Macedonia and Faculty of Management - Zajecar, Serbia organized Sixth International Scientific Conference on Economics and Management: How to Cope with Disrupted Times - EMAN2022. Conference was held in Ljubljana, Slovenia (online/virtually).
Participation in the conference took nearly 140 researchers representing 23 different countries from different universities, eminent faculties, scientific institutes, colleges, various ministries, local governments, public and private enterprises, multinational companies, associations, etc.
Series: International Scientific Conference EMAN Economics and Management: How to Cope with Disrupted Times
- Print-ISBN-13: 978-86-80194-58-5
- Page Count: 151
- Publication Year: 2022
- Language: English
The Impact of Macroeconomic Indicators and FDI Inflows on the Economic Growth
The Impact of Macroeconomic Indicators and FDI Inflows on the Economic Growth
(The Impact of Macroeconomic Indicators and FDI Inflows on the Economic Growth)
- Author(s):Dejana Ercegovac, Mirela Momčilović, Željko Račić
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:1-12
- No. of Pages:12
- Keywords:FDI Inflows; Economic growth; Panel Data Analysis
- Summary/Abstract:The focus of this paper is to test the relevance of chosen macroeconomic indicators and FDI net inflows on the economic growth stimulation in the sample of Emerging European Economies and sub-sample of Visegrad States in the period 1997-2017. This empirical research comprises from analysis of robust panel data modes on the total sample level and in the two analyzed sub-periods (before and after the Global Financial Crisis - GFC) with the use of a dummy variable for the Visegrad States. The results of robust estimations indicate that greater FDI net inflows are a relevant factor of economic growth on the total sample level and in the Visegrad States after the GFC. Based on the empirical findings, the authors suggest that policymakers in the Western Balkans should introduce the necessary promotion measures in order to attract greater FDI inflows and boost the economic development level.
Capital Flows Volatility and the Macroeconomic Performance – Evidence from Emerging and Developing Economies
Capital Flows Volatility and the Macroeconomic Performance – Evidence from Emerging and Developing Economies
(Capital Flows Volatility and the Macroeconomic Performance – Evidence from Emerging and Developing Economies)
- Author(s):Jasna Tonovska, Predrag Trpeski
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:13-24
- No. of Pages:13
- Keywords:Capital flows volatility; Macroprudential policy measures; Economic growth
- Summary/Abstract:Volatile capital flows pose serious risks to economic growth and financial stability. This paper investigates the link between economic performance and gross capital flows volatility in emerging market and developing economies (EMDE), and specifically, the extent to which macroprudential policy measures can diminish the detrimental effects of capital flows volatility on growth. For that purpose, we start by constructing volatility estimates for gross capital flows and their subcomponents on a sample of 37 EMDEs, following the methodology by Wang (2019). Then we perform panel regression over the period 2000-2018 incorporating the main variables of interest: economic growth, gross capital inflows volatility and macroprudential policy. The results show that the negative effect of gross capital inflows volatility on growth is significantly mitigated by the implementation of macroprudential policy measures. The results are robust against reverse causality and omitted variables bias.
Support and Importance of Integration in Disruptive Times – Comparative Analysis of Serbia and Neighboring Countries during COVID-19 Pandemic
Support and Importance of Integration in Disruptive Times – Comparative Analysis of Serbia and Neighboring Countries during COVID-19 Pandemic
(Support and Importance of Integration in Disruptive Times – Comparative Analysis of Serbia and Neighboring Countries during COVID-19 Pandemic)
- Author(s):Milica Đokić, Ivana Janjić
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:25-35
- No. of Pages:11
- Keywords:Integration; COVID-19 crisis; GDP growth rate; Foreign trade
- Summary/Abstract:Nowadays, in a highly globalized world, the level of economic integration has reached enormous proportions and there is almost no country that is not a part of some economic agreement. The purpose of this paper is to determine if countries that are members of the European Union have been less affected by the COVID-19 crisis and if EU membership helped their economies recover faster compared to those which are not in the EU. In order to conduct such an analysis six countries of the region have been chosen, three of them as EU members and the remaining three as EU membership candidates. Economic activity and foreign trade of Serbia and selected surrounding countries will be analyzed through indicators such as gross domestic product, and import and export trends during the four years, from 2018 to 2022. Furthermore, the research will encompass implemented support programs and measures for overcoming the consequences of the coronavirus pandemic.
Dynamic Efficiency Assessment of the European Banking Industry: A Literature Review.
Dynamic Efficiency Assessment of the European Banking Industry: A Literature Review.
(Dynamic Efficiency Assessment of the European Banking Industry: A Literature Review.)
- Author(s):Katarina Fotova Čiković
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:37-48
- No. of Pages:12
- Keywords:Data Envelopment Analysis (DEA); Banking; Europe; Efficiency measurement; Non-parametric approach; Window analysis (WA)
- Summary/Abstract:This paper aims to survey, identify and present the relevant studies and their findings regarding the efficiency of banking systems in Europe with the application of the Data Envelopment Analysis (DEA) window technique approach. Notwithstanding, another goal is to provide a background on the DEA methodology and present the window technique approach and highlight its strengths and limitations. This article implements an extensive literature review of studies that employ the WDEA (window DEA) methodology in the efficiency evaluation of European banking. The conducted literature review has surveyed the Scopus, Web of Science (SSCI and SCI papers) and CROSBI (Croatian Scientific Bibliography) databases with „Data Envelopment Analysis“, „Window“ and „Bank“ as keywords for the search, which resulted in a total of 89 hits (41 in Scopus, 47 on WoS and 1 on CROSBI). Thereafter, a manual survey of these studies has been conducted, which eventually resulted in 12 papers regarding the efficiency of European banking. This study identifies all the relevant previous work regarding the efficiency of European banking with the application of WDEA (DEA-window technique) as well as a presentation of their used models, the selected variables and their findings. This literature review indicates that the surveyed studies have been published in the period between 2007 and 2020 and have included the time frame from 1995 to 2017. The longest study includes 13 years, whereas the shortest includes 3 analysed years. The findings primarily show the applicability of WDEA in the literature.
Capital Market Efficiency in Asia: An Empirical Analysis
Capital Market Efficiency in Asia: An Empirical Analysis
(Capital Market Efficiency in Asia: An Empirical Analysis)
- Author(s):Catarina Revez, Rui Dias, Nicole Horta, Paula Heliodoro, Paulo Alexandre
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:49-57
- No. of Pages:9
- Keywords:Asian Markets; Variance ratio; Random walk; Arbitrage
- Summary/Abstract:This paper aims to test efficiency, in its weak form, in the capital markets of the Philippines (PSEi), South Korea (KOSPI), Indonesia (JKSE), Thailand (SET), Malaysia (KLCI), China (SSEC) and Hong Kong (HSI) over the period from January 2, 2017, to February 17, 2022. The return series shows signs of deviation from the normality hypothesis, given the skewness and kurtosis coefficients. The results, therefore, support the conclusion that the random walk hypothesis is not supported by the indices, the values of the variance ratios are in all cases less than unity, implying that the returns are autocorrelated over time and there is mean reversion in all indices. The results obtained allow for the rejection of the random walk hypothesis and the informational efficiency hypothesis of financial markets. These findings also open room for market regulators to pursue measures to ensure better information in these regional markets.
The COVID-19 Pandemic, Government Response, and Serbian Stock Market: Evidence from ARDL Cointegration Model
The COVID-19 Pandemic, Government Response, and Serbian Stock Market: Evidence from ARDL Cointegration Model
(The COVID-19 Pandemic, Government Response, and Serbian Stock Market: Evidence from ARDL Cointegration Model)
- Author(s):Bojan Đorđević, Sunčica Stanković
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:59-69
- No. of Pages:12
- Keywords:COVID-19; BELEX15 stock index; Autoregressive Distributed Lag Cointegration Method; Error Correction Mode
- Summary/Abstract:The existence of a real possibility that the current health crisis could lead to an economic crisis has prompted governments worldwide to make great efforts to sustain their markets. This paper explores the impact of COVID-19 and Serbian government anti-Covid activities on the domestic stock market using the Autoregressive Distributed Lag (ARDL) Cointegration model. In its research, the paper considers the impact of the number of newly infected and the number of deaths from coronavirus daily, as well as measures taken by governments to combat viruses on the representative Belgrade stock exchange index BELEX15. The results showed a significant long-term negative impact on the number of deaths per day and international travel control on the BELEX15 index. In terms of reducing the negative consequences of the crisis caused by the global pandemic, these results could be a good guideline for effective management of government measures.
Measuring Company Performance Using the Integrated Indicator
Measuring Company Performance Using the Integrated Indicator
(Measuring Company Performance Using the Integrated Indicator)
- Author(s):Ljilja Antić, Bojana Noviićević Čečević,, Jovana Milenović
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:71-81
- No. of Pages:11
- Keywords:Performance measurement; Financial indicators; Integrated indicator
- Summary/Abstract:When assessing the company’s financial position and performance, we most often use financial indicators such as net income, rate of return on assets, rate of return on equity, cash flow and the like. However, dynamic business conditions have brought the need to use an integrated (composite) indicator, especially for a comparative long-term analysis of several companies. The composite indicator consists of individual indicators (variables) and allows for a comprehensive assessment of performance in order to get a full picture of the company’s business that all stakeholders can understand. The application of this indicator is possible at the national and international levels. Therefore, this paper aims to point out how performance measurement using a composite indicator facilitates the assessment of business operations, but also investors’ decision-making.
Corporate Well-Being Programme as a Tool to Cope with Reduced Engagement and Resilience in COVID-19 Times
Corporate Well-Being Programme as a Tool to Cope with Reduced Engagement and Resilience in COVID-19 Times
(Corporate Well-Being Programme as a Tool to Cope with Reduced Engagement and Resilience in COVID-19 Times)
- Author(s):Jose M. Nunez Sanchez
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:83-89
- No. of Pages:7
- Keywords:COVID-19; Engagement; Resilience; Corporate Well-being
- Summary/Abstract:The coronavirus pandemic is having a dramatic impact on employees around the world, damaging their physical and psychosocial well-being, and triggering disengagement and affecting their resilience. This research aims to test, through a case study, the effects of a corporate wellness programme on engagement and resilience in COVID-19 times. A quantitative methodology has been used through self-administered questionnaires and two instruments; the reduced International Physical Activity Questionnaire (IPAQ), to measure the level of physical activity, and the Healthy and Resilient Organization (HERO) questionnaire to measure engagement and resilience. The results reveal that a corporate well-being programme, adapted to COVID-19 times, offers a better relationship between physical activity levels and engagement and resilience, compared with other pre-pandemic programmes, proving its efficiency. In a conclusion, this case study may be helpful to convince organizations of the importance of adapting their corporate well-being programmes in pandemic times, to maintain and even improve the engagement and resilience of their workforce.
Employee Development in Retail Organization
Employee Development in Retail Organization
(Employee Development in Retail Organization)
- Author(s):Petra Kováčová, Ondřej Drahotský
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:91-99
- No. of Pages:10
- Keywords:Skills; Trainer; Training Feedback
- Summary/Abstract:Employee development became one of the key topics in the field of human resources management in current organizations. Taking a proper approach to employee and business development in this area can be a source of competitive advantage for organizations. However, few empirical studies have been conducted on the subject matter; there is still a need for further research to be conducted. The research deal with the analysis of the perception of development activities in the retail organization based on a survey conducted through a structured questionnaire survey and analysis of internal company materials. The goal is to point out the perception of development activities by employees based on the survey, as well as to find out the main barriers that prevent employees from their development. The results of the survey show that employees perceive the development on an individual level, the greatest benefit is seen in their professional and personal growth. The employees are interested in development, but only in their working hours, they are interested in training such as foreign language and computers skills. The primary motive for development is financial. The main barrier that prevents employees from their development is time or perceived lack of time. Another negative factor is that manager does not check, or control acquired knowledge and skills after training. On the other hand, as a positive result is seen the internal trainer at the training and receiving feedback from the manager on employees’ performance. This paper is created for the retail organization to improve the area of employee development, as well as for scholars researching this topic and others interested in the development of employees in an international company.
International Student Mobility – Poland in Comparison with Selected European Union Countries
International Student Mobility – Poland in Comparison with Selected European Union Countries
(International Student Mobility – Poland in Comparison with Selected European Union Countries)
- Author(s):Dorota Teneta Skwiercz, Malgorzata Sobinska
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:101-107
- No. of Pages:8
- Keywords:Internationalization of the university; Mobility abroad; Student; Poland
- Summary/Abstract:The paper aimed to diagnose Poland’s position in terms of students’ mobility abroad compared with selected European Union countries and to identify the opinions of students from Polish public universities of economics on the benefits and barriers of international exchange. The research used a multimethod approach (desk research method and survey method), with data triangulation (secondary data - UNESCO statistical data and primary data, obtained in surveys). The research shows that Poland has the lowest outbound mobility rate and the most significant imbalance between incoming and outgoing exchange students of all the countries surveyed. The top three benefits of international exchange include improved language skills, getting to know another culture and the opportunity to find out if a student wants to live and work abroad. The authors found the main barrier to be the cost of studying abroad.
Addressing Challenges of Smart Cities to Manage Assets and Resources in Emerging Markets
Addressing Challenges of Smart Cities to Manage Assets and Resources in Emerging Markets
(Addressing Challenges of Smart Cities to Manage Assets and Resources in Emerging Markets)
- Author(s):Bernhard Moik, Vito Bobek, Tatjana Horvat
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:109-133
- No. of Pages:26
- Keywords:Smart city; Smart technology; Emerging markets; Urbanization; Digitalization; Urban development
- Summary/Abstract:Smart cities received increasing attention in recent years and more and more cities focus on becoming smart. The focus of this research is on cities from emerging markets beginning with the challenges these cities are facing now and in the future. The challenges defined are demographic and social change, urbanization, environment, digitalization, mobility, environment, and energy infrastructure. After elaborating on these challenges, their developments, and the possible consequences, potential solutions through smart technologies for cities in emerging markets to cope with these challenges are investigated. Furthermore, this research explores necessary steps and important factors for emerging market cities to become smart as well as the implementation and integration of smart solutions that work efficiently and do not cause wrong developments. Additionally, interviews with five experts working or researching the subject under study were organized. The results show that there are several challenges for cities in emerging markets led by urbanization, population growth, and issues related to infrastructure. The experts agreed that most challenges can be addressed by smart technologies, but it was pointed out that the technologies will only work if there is also social and cultural change on the part of people and structural faults are addressed. All in all, smart cities can be an appropriate solution to address and solve challenges in emerging markets if implemented in the right way.
Preconditions of Wine Tourism Development in Slovenia and the Czech Republic – Selected Aspects
Preconditions of Wine Tourism Development in Slovenia and the Czech Republic – Selected Aspects
(Preconditions of Wine Tourism Development in Slovenia and the Czech Republic – Selected Aspects)
- Author(s):Patrik Kubát, Simon Kerma
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:135-143
- No. of Pages:10
- Keywords:Wine tourism development; Old World wine regions; Wine destination; Heritage; Traditions
- Summary/Abstract:Wine tourism is considered to be niche tourism. The synergy of tourism and viticulture, which has become a significant phenomenon, is the focus of interest not only in European countries but also in other parts of the world. Old World wine regions have been inspired by the recognized and remarkable practices of New World wine producers. Two small wine producing countries, Slovenia and the Czech Republic were chosen for a study of tourism concerning grape growing and wine production. The countries appear to be very similar and share many similarities, for instance, in wine tourism development, and wine production tradition but also with the size of the vineyard area. However, these two countries are not renowned as leading wine producers. This, therefore, is a problem when endeavoring to attract potential visitors, customers, and the public in general. This paper focuses on introducing the above countries as wine destinations and illustrating their common characteristics. Methods such as description and comparison are presented to show the trends and strategies used to sustain wine tourism in small wine countries. Slovenia and the Czech Republic are countries with a long winemaking tradition. Drinking wine or wine tasting is seen by wine visitors as a social activity, often accompanied by authentic local food amid rural surroundings and natural landscapes. Above all, this paper draws attention to two small wine-producing countries.
Segmenting Wine Festival Visitors Based on Their Visit Experience
Segmenting Wine Festival Visitors Based on Their Visit Experience
(Segmenting Wine Festival Visitors Based on Their Visit Experience)
- Author(s):Srđan Mitrović, Suzana Marković, Josipa Mijoč
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:145-151
- No. of Pages:7
- Keywords:Experience economy; Visitor experience; Festival tourism; Wine festival; Visitor segmentation
- Summary/Abstract:Wine tourism experiences can be offered in many ways, such as visiting wine festivals. They can provide a wide range of experiences that differ from day-to-day living and could be viewed as lifestyle tourism experiences. The goal of the research was to segment wine festival visitors and describe them within the experience economy context. Data was collected using a structured questionnaire at wine festivals in Croatia. Research hypotheses were tested using cluster analysis and ANOVA. Segmentation results show four significantly different groups of wine festival visitors (business visitors, explorers, devotees and companions). The identified segments significantly differ in their motivation and experience at the wine festival. Based on the results of this research, recommendations for specific marketing strategies can be given to festival organizers, wineries and destination management organizations. Research expands previous knowledge about customer segments in wine tourism. To the authors’ knowledge, this is the first empirical study that has developed a wine festival visitor profile based on the experience economy framework.