ERAZ 2021 / 7 - Knowledge-Based Sustainable Development – SELECTED PAPERS
ERAZ 2021 / 7 - Knowledge-Based Sustainable Development – SELECTED PAPERS
Contributor(s): Vuk Bevanda (Editor)
Subject(s): Economy
ISSN: 2683-5568
Published by: Udruženje ekonomista i menadžera Balkana
Series: ERAZ - International Scientific Conference
- Print-ISBN-13: 978-86-80194-47-9
- Page Count: 172
- Publication Year: 2021
- Language: English
The Response of the Multilateral Development Banks to the COVID-19 Pandemic
The Response of the Multilateral Development Banks to the COVID-19 Pandemic
(The Response of the Multilateral Development Banks to the COVID-19 Pandemic)
- Author(s):Maria Babosik
- Language:English
- Subject(s):Economy, Health and medicine and law, Financial Markets
- Page Range:1-11
- No. of Pages:12
- Keywords:Development assistance; Health and economic crisis; Pandemic recovery packages; International development finance institutions; Sustainable development
- Summary/Abstract:The purpose of this paper is to present the response of the Multilateral Development Banks (MDBs) to the COVID-19 pandemic from its outbreak in January 2020 to May 2021. It focuses on the assistance they provided to their member countries during the health and economic crisis, the changes in their internal operations in the emergency situation and their vision of the post-pandemic future and future plans. The paper uses an analytical approach based on secondary research. Data is from open access sources through the Web. Findings show that MDBs reacted quickly, adapted and intensified their funding activity, adjusted their internal operation due to the pandemic and they are seeking to “build back better” in the future. It can be concluded, that the pandemic response of the MDBs has strengthened their role in the global development arena.
The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI
The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI
(The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI)
- Author(s):Rui Dias, Paulo Alexandre, Paula Heliodoro, Hortense Santos, Ana Rita Farinha, C. Marcia Santos
- Language:English
- Subject(s):Supranational / Global Economy, Financial Markets
- Page Range:13-25
- No. of Pages:13
- Keywords:Crude Oil WTI Spot; G7 markets; Integration; Diversification of portfolios
- Summary/Abstract:This paper aims to examine whether the oil price war between Saudi Arabia and Russia has increased integration between the Crude Oil WTI Spot oil index and the G7 stock markets, namely France (CAC 40), Germany (DAX 30), USA (DOW JONES), UK (FTSE 100), Italy (FTSE MID), Japan (Nikkei 225), Canada (S&P TSX), from January 2018 to January 2021. The results show that in the period before the oil price war, the G7 stock markets and the WTI index had 29 integrations (out of 56 possible). The WTI index is integrated with the UK stock markets (FTSE 100), and Japan (NIKKEI 225), and is integrated into the Japanese market. In the period of the oil price war, the G7’s stock markets and the Crude Oil WTI Spot index had 43 integrations (out of 56 possible), namely the WTI, Dow Jones, and Nikkei 225 indexes, with all their peers (7 out of 7 possible). When comparing the period before and during the 2020 oil crash, we found that integrations increased significantly from 29 to 43 (out of 56 possible); we also found that the Crude Oil WTI Spot index is no longer a safe haven for portfolio diversification in G7 stock markets. These findings validate our research issue, i.e., the oil price war between Saudi Arabia and Russia had increased integrations, and this evidence could question portfolio diversification.
Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis
Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis
(Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis)
- Author(s):Rui Dias, Paula Heliodoro, Hortense Santos, Ana Rita Farinha, Marcia R.C. Santos, Paulo Alexandre
- Language:English
- Subject(s):Social Sciences, Financial Markets
- Page Range:27-37
- No. of Pages:12
- Keywords:Euronext stock markets; Long memories; Arbitrage; Portfolio diversification
- Summary/Abstract:This paper aims to test efficiency, in its weak form, in the capital markets of the Netherlands (AEX), Belgium (BEL 20), France (CAC 40), Ireland (ISEQ 20), Norway (OSEBX), Portugal (PSI 20), in the period from April 4, 2019 to April 1, 2021. The sample was partitioned into two subperiods, the first and second wave of the global pandemic: April 4, 2019 to April 30, 2020; May 4, 2020 to April 1, 2021. To carry out this analysis, different approaches were undertaken to analyze whether: (i) Euronext’s stock markets have more significant long memories in the first or second wave of the global pandemic? The results show the presence of sharp long memories during the first wave of the global pandemic, particularly in the stock indices OSEBX (0.67), PSI 20 (0.67), AEX (0.66), BEL 20 (0.64), CAC 40 (0.62), ISEQ 20 (0.61), which implies that the yields are autocorrelated in time and, there is a reversal of the average, in all indexes. Regarding the second wave of the global pandemic, we found that most Euronext stock markets don’t reject the random walk hypothesis, with the exception of the Norwegian (0.56) and Portugal (0.55) stock markets. These findings show that the impact of the Covid-19 pandemic was accentuated during the first wave, but from May 2020 the markets adjusted and showed balance. The authors believe that the results achieved will be a benefit to international investors seeking efficient diversification into their portfolios.
Analysis of the Number of European Union Citizens Working in the Regions of Slovakia in the Period 2013-2019
Analysis of the Number of European Union Citizens Working in the Regions of Slovakia in the Period 2013-2019
(Analysis of the Number of European Union Citizens Working in the Regions of Slovakia in the Period 2013-2019)
- Author(s):Ľubica Hurbánková
- Language:English
- Subject(s):Human Resources in Economy, Socio-Economic Research
- Page Range:39-45
- No. of Pages:8
- Keywords:Number of working EU citizens; Contribution method; Suslov´s coefficient
- Summary/Abstract:The paper aims to analyse the regions of Slovakia based on the number of working citizens of the European Union. The contribution method is used to find out in which region the number of working foreigners increased the most, and in which the least. Suslov´s coefficient of similarity of structures is used to analyse changes in the structure of the analysed indicator. From the results of the realized analysis we found out that the number of working foreigners in Slovakia increased the most in the year 2014 compared to 2013, by 63.40%. Bratislava Region (16.92%), Žilina Region (11.37%) and Prešov Region (9.63%) contributed the most to this increase, while Košice Region (0.91%) and Trenčín Region (1.07%) contributed the least. In the year 2019 compared to 2018 was recorded an increase of only 6.10%. Suslov’s coefficient of similarity of structures acquires the value 0.0230, which means a high degree of similarity of structures of the number of working foreigners in the years 2013 and 2019.
Foreign Direct Investment (FDI) or Remittances? Which Contributes the Most to the Albanian Economy?
Foreign Direct Investment (FDI) or Remittances? Which Contributes the Most to the Albanian Economy?
(Foreign Direct Investment (FDI) or Remittances? Which Contributes the Most to the Albanian Economy?)
- Author(s):Alban Korbi, Blisard Zani
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:47-55
- No. of Pages:10
- Keywords:Foreign direct investments; Gross domestic product; Multifactorial econometric model; Economy; Albania
- Summary/Abstract:Foreign direct investment (FDI) and remittances entering an economy often play a very important role in the development and growth of economies year after year. Especially for economies with similar typologies and characteristics like that of Albania, both of these elements promote economic development and serve as financial incentives. This paper aims to assess the contribution of remittances and foreign direct investment in the Albanian economy in the last three decades, through a multifactorial econometric model. The model uses three endogenous variables, the value of remittances, the value of a foreign direct investment and the value of gross domestic product for the time series 1992 - 2019. As it results from the analysis of the econometric model, both remittances and foreign direct investment payments have a positive impact on economic growth and the value of gross domestic product. It is also evident that remittances are the ones that affect the gross domestic product more compared to foreign direct investment.
Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey
Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey
(Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey)
- Author(s):Argjente Qerimi, Muhamet Aliu, Besnik Krasniqi
- Language:English
- Subject(s):National Economy, Business Economy / Management
- Page Range:57-70
- No. of Pages:14
- Keywords:Financial growth cycle; Small business finance; SMEs; Kosovo
- Summary/Abstract:This article empirically examined how Kosovan SMEs finance their working capital and their investments through their growth life cycle. Using the financial growth cycle paradigm to test the financial growth cycle based on a sample of 100 Kosovan SMEs’ reporting data since their inception of business. Findings show that Kosovan SMEs use various sources to finance their working capital and investments throughout their life cycle. To finance their working capital needs, during the first two years of operation, Kosovan SMEs rely more on insider capital sources such as personal savings, financing offered from 3F connection - friends, family, fools, retained earnings, and also trade credit takes a significant place. Over time, as businesses evolve through age, the proportion of retained earnings and business debt financing in total capital injection volume increases significantly. As firms grow older, financing from trade credit marks a decline, so the SMEs replace it with using more overdraft. During the first years of operation, to finance their investments, Kosovan SMEs rely primarily on owner’s personal savings, financing from 3F connection - friends, family, and fools, retained earnings, but as the company grows older and becomes more extensive, they rely mainly on two sources: retained earnings and bank loans. In general, concerning debt, Kosovan SMEs use more trade credit and overdraft to finance their working capital and bank loans to finance their investments. Funding from 3F is mainly used during the initial phase of operation. However, the most used resource by Kosovan SMEs in all stages of operation remains retained earnings, while external equity raised from angels and venture capitalists and other alternative financing are almost inexistent.
Do Negativities also Influence Entrepreneurship?
Do Negativities also Influence Entrepreneurship?
(Do Negativities also Influence Entrepreneurship?)
- Author(s):Berat Cicek, Inan Kuynak
- Language:English
- Subject(s):Supranational / Global Economy, Business Economy / Management
- Page Range:71-85
- No. of Pages:16
- Keywords:Hopelessness; Helplessness; Haplessness; Nepotism; Entrepreneurial Intention
- Summary/Abstract:Entrepreneurship is seen as the main factor of development and growth in all countries. Therefore, numerous studies related to entrepreneurship are performed. The studies aimed at the factors that affect entrepreneurship usually pursued the way that the occurrence of entrepreneurial intention is explained by positive premises. This study was carried out by starting from the idea that there can be negative factors influencing the entrepreneurial intention such as hopelessness, helplessness, haplessness, and nepotism. In this context, a survey was conducted with the students from universities located in the provinces in eastern Turkey. According to the results of the study, the feeling of hopelessness and haplessness has no influence over entrepreneurial intention. It is concluded that the feeling of helplessness affects the entrepreneurial intention adversely while nepotism influences it positively. In light of the findings, some recommendations were made to decision makers.
Human Resource Management with the Support of Management Information Systems
Human Resource Management with the Support of Management Information Systems
(Human Resource Management with the Support of Management Information Systems)
- Author(s):Anna Latečkova, Michaela Trnkova
- Language:English
- Subject(s):Social Sciences, Human Resources in Economy, ICT Information and Communications Technologies
- Page Range:87-95
- No. of Pages:10
- Keywords:Accounting profit/loss; Employee training; Enterprise competitiveness; Labour productivity; Software
- Summary/Abstract:At present, new technologies are crucial in maintaining the competitiveness of businesses. In recent years, the application of management information systems has also increased in the field of human resource management, where they support many decisions concerning human resources. Emphasis is placed on employee training and the use of information systems in terms of achieving a competitive advantage. The practical part is focused on finding the dependence between employee training, the use of information systems and the competitiveness of the selected enterprise, where regression and correlation analysis is applied. Regarding the performed analysis, we confirm the significant impact between the costs spent on employee training, the costs spent on information systems and the accounting profit/ loss, labour productivity in the selected enterprise. Based on the results of the research, generalized findings and suggestions are presented.
Do Employers have Control over the Collection and Distribution of Tips? Case Study: Slovenia and Montenegro.
Do Employers have Control over the Collection and Distribution of Tips? Case Study: Slovenia and Montenegro.
(Do Employers have Control over the Collection and Distribution of Tips? Case Study: Slovenia and Montenegro.)
- Author(s):Stevo Nikić, Andrej Raspor, Nikola Vukčević
- Language:English
- Subject(s):Human Resources in Economy, Socio-Economic Research
- Page Range:97-107
- No. of Pages:12
- Keywords:Tipping; Employers; Tip sharing; Slovenia; Montenegro
- Summary/Abstract:Objective: The purpose of this paper was to determine whether tipping could reduce labor costs in the service sector. This research aims to better understand whether employees are more motivated to work because of the tip they receive. Methodology: We will achieve these goals based on the findings of the research from Slovenian and Montenegrin companies in 2019 and 2020. A quantitative survey was implemented on a convenience sample of 107 Slovenian, and 59 Montenegrin companies, using the non-probability sampling technique. Statistical data analysis was carried out with the help of IBM Statistic Package for Social Science (SPSS) software version 20. We investigated the area of tips from the point of view of the orderliness of the distribution of tips, what are the relations in Slovenia and Montenegro and whether the tip as a motivational activity is sufficiently used in these two countries. Originality: Tipping has received little attention in rewarding and motivating employees. Furthermore, there is no good, national source of guidance to help managers make decisions about tipping policies. This paper addresses these voids in Slovenia and Montenegro. Only a comprehensive discussion will be able to bridge this gap. Results: According to employees, the overall satisfaction with tips is better in Montenegro. Most employees allow the collection of tips, which is more present in Montenegro. In Slovenia, there is a regulated system of distribution of tips, while in Montenegro this system is not clearly defined. Moreover, in Slovenia, there is also an orderly system for the collection and sharing of tips. Due to this fact, in Slovenia, the distribution of tips includes both, the employees who are directly involved in providing services as well as their colleagues. By contract, in Montenegro, only employees directly involved in providing services are entitled to a tip. Practical implications: In order to decrease labor costs, we propose that the management takes control of tipping and integrates tips into the reward system. Also, the employees should be made aware of how tipping improves service and increases their income. Limitations: The sample was formed by the questionnaire that was distributed to various companies in the service sector as a non-probability method based on referrals from initial subjects to get another subject. The questionnaire was sent by e-mail directly. The data were obtained by the Chamber of Commerce of Slovenia and the Chamber of Commerce of Montenegro. The main problem with small samples is the interpretation of results. Therefore, the results cannot be fully generalized. This issue should be addressed in future tipping studies.
Business Model of Consumer Behavior with Included Nutritional Determinant
Business Model of Consumer Behavior with Included Nutritional Determinant
(Business Model of Consumer Behavior with Included Nutritional Determinant)
- Author(s):Sasko Martinovski, Fani Gulevska
- Language:English
- Subject(s):Socio-Economic Research
- Page Range:109-119
- No. of Pages:12
- Keywords:Business model of consumer behavior; Nutrition; Nutrition determinant; Self-explanatory
- Summary/Abstract:The success of the operations of the companies that work with food products depends a lot on having information about the consumer purchasing decisions, and based on that, inclusion of marketing strategies that will ensure their success. Business models of consumer behavior can answer these important questions. The inclusion of nutritional determinants in these models is significant, and the model will provide answers to the extent of its impact on consumer behavior. Scope of the study within this paper is an applied original modeling concept for creating business models of consumer behavior when buying food products, where special emphasis is given to the nutritional properties of food products, i.e. in addition to other known determinants, the model includes a new determinant called nutritional. The model is built on several principles using modern information technologies, and one of the important principles is to provide greater clarity for a full understanding of the process involved in the model with integrated self-explanatory functionality. The model was partially implemented with data obtained from several surveys conducted in our research, and as outputs of the model, a set of customer responses were obtained.
Evaluation of Distance Education in Mathematics at the Slovak University of Agriculture in Nitra
Evaluation of Distance Education in Mathematics at the Slovak University of Agriculture in Nitra
(Evaluation of Distance Education in Mathematics at the Slovak University of Agriculture in Nitra)
- Author(s):Tomaš Pechočiak, Dana Országhová, Norbert Kecskes, Janka Drabekova
- Language:English
- Subject(s):Higher Education , Human Resources in Economy
- Page Range:121-127
- No. of Pages:8
- Keywords:Distance mathematics education; Coronavirus pandemic; Mathematical-statistical analysis; Correlation coefficient; Mann-Whitney U test
- Summary/Abstract:The COVID-19 pandemic has caused disruption of education systems, from elementary and secondary schools to colleges and universities. This situation also affects the education conditions at the Slovak University of Agriculture in Nitra. Teaching process has been transferred from full-time to distance learning in virtual space. The main goal of the paper was to analyze how students of economics study programs mastered mathematical topics in conditions of distance learning. Correlation coefficient and Mann-Whitney U test were used to identify relations and significance of differences between points obtained in preliminary written assignments as well as the overall study results. In both research groups, taught in Slovak and English, results showed strong correlations between the number of points in exam test and the total number of points. In the English taught group the second strong correlation was confirmed between the total number of points and the points sum for all preliminary assignments.
Digital Methods of Education and the Level of Students’ Knowledge in Mathematics
Digital Methods of Education and the Level of Students’ Knowledge in Mathematics
(Digital Methods of Education and the Level of Students’ Knowledge in Mathematics)
- Author(s):Vladimir Matušek, Dana Országhová, Maria Farkašova, Radomíra Hornyák-Gregáňová
- Language:English
- Subject(s):Higher Education
- Page Range:129-135
- No. of Pages:8
- Keywords:Digital methods of education; Distance learning; Mathematics teaching; Knowledge evaluation; Z-test
- Summary/Abstract:The global pandemic caused by the COVID-19 disease significantly affected higher education in 2020 and resulted in the transition from full-time to distance learning. The question here is the effectiveness of the implementation of new methods of online teaching and learning in relation to the quality of students’ knowledge. The main goal is to analyze the mathematical knowledge and skills of students and compare the study results in Mathematics in the academic years 2018-2020 in the context of full-time teaching versus online teaching. The paper also points at the possibilities of teaching and studying mathematics using various tools and methods of digital education, e.g. LMS MOODLE, MS TEAMS and MS FORMS. The research sample consisted of students of the Faculty of Engineering and research data were retrieved from prelim tests, exam tests and final grades in mathematics exams and then were analyzed by selected methods of quantitative and qualitative research.
Level of Knowledge in Personal Finance by University Freshmen Management Students
Level of Knowledge in Personal Finance by University Freshmen Management Students
(Level of Knowledge in Personal Finance by University Freshmen Management Students)
- Author(s):Zuzana Kozubíková, Aleš Kozubík
- Language:English
- Subject(s):Higher Education , Socio-Economic Research
- Page Range:137-146
- No. of Pages:10
- Keywords:Financial literacy; Financial education; Questionnaire survey
- Summary/Abstract:Financial literacy becomes one of the key competencies for life in modern society, and its importance grew significantly in the last decade. The study aims to determine how well newly coming university management students understand basic consumer financial concepts. The research is based on primary data by questionnaires and a sample of 342 students from the target population within Slovakia and the Czech Republic. The questionnaire contained in its first part some questions covering the individual personal socio-economic characteristics. In the second part, the respondents solved thirteen problems submitted as multiple-choice questions that tested their knowledge about personal finance. Authors examine the relationships among the personality characteristics of the students and their financial literacy. This leads to several remarkable findings. Due to the specialization of the study, the difference between the genders is blurred. As a significant source of the differences in financial literacy, the authors detect the previous education of the respondents and the forms of education in financial literacy.
The Importance of Aesthetic Experience in Fine Dining Restaurants
The Importance of Aesthetic Experience in Fine Dining Restaurants
(The Importance of Aesthetic Experience in Fine Dining Restaurants)
- Author(s):Suzana Marković, Jelena Dorčić, Dora Rašan, Bruna Bucić, Marko Blažić
- Language:English
- Subject(s):Social Sciences, Tourism, Socio-Economic Research
- Page Range:147-154
- No. of Pages:8
- Keywords:Experience economy; Aesthetic experience; Fine dining; Restaurant; Importance
- Summary/Abstract:The importance of aesthetic in fine dining restaurants has been recognized as an important factor in creating a perfect service and a memorable experience. The purpose of this study is to investigate guests’ importance of certain aspects of aesthetic experience in fine dining restaurants in Croatia. Data were collected using an online self-administered questionnaire. Descriptive statistics were used to analyse the data and determine the importance of different aesthetic components in fine dining restaurants. An independent sample t-test was performed to assess the perceived differences between those who have been in fine dining restaurants and those who have not been yet but have the intention to visit them in the future. The results of the study could serve as a guide for restaurant managers to improve the components of the aesthetic experience and enhance the overall guest experience and business performance in fine dining restaurants.
