Recenzija: Polom. Tržaška kreditna banka – Zgodba o uspehu z žalostnim koncem
The review of: Vojmir Tavčar: Polom. Tržaška kreditna banka – Zgodba o uspehu z žalostnim koncem, Narodna in študijska knjižnica, Trst 2011, 437 strani.
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The review of: Vojmir Tavčar: Polom. Tržaška kreditna banka – Zgodba o uspehu z žalostnim koncem, Narodna in študijska knjižnica, Trst 2011, 437 strani.
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Organizational commitment is to adopt the objectives and values of organization by employees, spending extra effort for the benefit of organizations and desire to remain in the organization. In this study, organizational commitment handled in three dimensions which is included affective commitment, continuance commitment, normative commitment. The purpose of this study is to firstly include the mean and standard deviation values of organizational commitment dimensions of private bank employees. In addition, it is determined whether the perceptions of employees' organizational commitment dimensions change according to gender, age, marital status, education status, title and duration of work. In this context, the study was tested by t-test and ANOVA to showing whether the significant difference in the perception of organizational commitment dimension according to demographic factors. According to the research result, employees’ perceptions about organizational commitment dimensions differs from according to marital status, age, education level, title and duration on work.
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Each organization especially commercial organizations are to always make decisions with regard the problems they encounter under the competitive conditions. These decisions are decisions with regard to future and made based on past experience. When making these decisions, prediction of future is important. These predictions can include various issues like income forecast and demand forecast. Forecast models can be qualitative or quantitative. In this study, initially forecast models were presented. Then, by using moving averages model, which is one of the quantitative forecasting models, total sale income forecast model for a SME (Small and Medium Sized Enterprise) in Sivas for 48 months between the years 2011 and 2014 was studied. According to TOBB (Turkish Union of Chambers and Commodity Exchanges) data, 5386 new companies opened in 2014 and 2561 companies closed down and in 2013 4351 new companies were opened and 2610 companies were closed down. While 110% increase in the number of companies opened can be seen as a significant success, 66,7% increase in the number of the companies closed down is striking. In this study, financial failure, which is one of the most important reasons for closing down companies and total sale income forecast, which is one of the most influential variables that affect financial forecasting, one of the reasons underlying this failure, were studied.
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In this study, cointegration and causality analyzes were conducted to determine the effect of silver prices and Dow Jones Index on the prices of gold. On a daily basis of the 10071 data utilized in this study between the periods January 1 1973 - June 16 2013, it was investigated whether there has been long-term relationship between the series, and the presence of a long-term relationship was revealed. Also the relationships between the prices of gold and the prices of silver and Dow Jones Index were examined whether they had a one-way or two-way relationship and between the prices of gold and the prices a two-way relationship of causality has been found but between the prices of gold and Dow Jones Index a relationship of causality hasn ’t been found.
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Today, during which global crises have frequently been experienced, international fınance centers that are the focus of liquidity indicate the city where the supply and demandfor international fund intersect. A city which is an international finance centre has a great importance for not only in economical terms but also as a centre of information. High ranking executives, experts, lawyers, etc. From different countries come to the financial centre and they enhance cultural variation in their region. Professionals, with a high level education and specialized in their fields of study, help the transfer of technology to the country and thus accelariting the development. With its young and dynamic population, qualified workforce, geopolitical advantages, rapidly growing and developing economy, cultural and historical background, developed markets, financial product, service and application varieties and with a strong regulatory framework in finance sector, Turkey will get its place within the most important and outstanding financial centres in the world in a short term.
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Small and Medium Sized Enterprises (SMEs) which comprise %99,5 of functioning institutions are basic elements in Turkey as in the world in constituting economical progress, competitivenness and employment. However, becuse of the scarcity of financing sources and promotions enabled to them for use and the lack of facilities of bank credit, they face many financing problems. Therefore, in this paper SME Stock Exchange is being studied as a suggestion for the financing problems to which SMEs face, furthermore; a great attention is paid to the adaptation of the world’s condition of SME Exchange to Turkey, the necessity of SME Stock Exchange in Turkey’s conditions and their advantages to our SMEs.
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Usage of barter fınance system in our country have showed increase, but have not become widespread yet. However, it can be told that impending expansionary period of barter system whose offered/promised benefits theoretically more than any other finance system in the world of commerce. It is stated that barter system provide more benefit than any other finance systems in economies where cash cycle, liquidity and profitability are insufficient; activities and investments are leveraged and crisis are experienced. In this reseach, level of correspondence of barter finance system’s theoretical benefits are aimed to be determined. Hence, changes in liquidity, operation and profitability ratios both in prebarter and post-parter period on the financial tables of two companies operand in BIST and determined as analyzable were bilaterally examined. In consequence of analysis, benefits of barter finance model such as “it contributes to increase of profits”, “it reinforces liquidity” and “it accelerates transformation of receivables and stocks to cash ” have not detected in the analysed textile company; and the only benefit of “it reinforces liquidity” has detected in the analysed construction company.
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The financial industry is growing up rapidly, enabling large volumes of transactions to be carried out. This growth has significantly increased the demand for insurance and insurance products. Though prior studies have examined the factors that drive the performance of the insurance industry from life and non-life perspective, not much attention had been given to the contribution of insurance brokers who perform key roles in the insurance sector. This study examined the factors that determine the profitability of insurance brokers in a developing economy, Ghana. Panel data from 64 insurance brokerage firms were sampled over a period of 5 years (2011 to 2015). The study adopted a fixed effects and random effects estimation model using robust standard errors to check for biases. We found that monetary assets and firm size positively affects returns (ROA and ROE) whilst debt and fixed assets had a negative effect on returns. Comparing monetary assets and size, size contributed more to profitability. The study recommends that government, policymakers, and other stakeholders adopt competent growth and development strategies to ensure the sector is more resourced.
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The aim of this paper is to identify whether Small and Medium Enterprises, i.e. SMEs’ access to finance can increase given the context of Capital Markets Union (CMU) project. For this purpose, identifying the main drivers of SMEs’ access to different types of financing having the SMAF index as proxy is a matter of great importance. Based on a panel of sixteen European countries we have performed a threshold analysis via PSTR methodology that reveals some very interesting facts. First of all, we have found strong empirical evidence of a threshold effect with stock market capitalization as threshold variable when studying the dynamics of the SMAF index. When the capitalization is lower than 35.34%, a large series of macroeconomic variables like interest rate spreads, GDP per capita, inflation rate, unemployment or cost/revenues ratio generate a powerfull influence when it comes to finance a SME. When stock market capitalization exceeds the threshold, a different story is narrated and the existence of other directions of influence is visible. Hence, our results suggest that the CMU project with all its initiatives and impact measures will not facilitate SMEs’ access to finance in developed capital markets with stock market capitalization below the threshold level of 35.34%.
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The severe material deprivation rate indicates the proportion of the population that cannot fulfil at least four of the nine needs identified as basic ones in the European conditions. Due to being an absolute measure, it is very useful for cross-country comparison. This study attempts to identify country-level factors affecting severe material deprivation rate by the use of the GEE methodology which enables to analyse correlated fractional outcome data. It is found that severe material deprivation rate is affected by such factors as: median equivalised disposable income, relative median at-risk-of-poverty gap, long-term unemployment rate, GDP per capita and share of social protection expenditure in GDP. Results reveal that GEE models with cloglog link function exhibit the best goodness of fit. Due to these models imposing non-constant marginal effects, therefore, changes of the severe material deprivation rates depend on levels of country- level factors.
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The total quality management is essential to the survival of any organization, beyond representing a mere competitive or comparative advantage. It means that all the resources of the organization have to work together for achieving top quality organizational outputs. This process can’t happen out of a sudden, but it is the result of the endeavor of the whole organization. Sometimes, it takes a complete re-invention of the organization, that couldn’t be possible without adequate management strategies for change and innovation. Thus, the diagnosis of the organizational culture is an essential milestone within the effort to understand and further to save the organization from self destruction which is due to the lack of adaptation. Describing the context of the organization of the future, with all its key elements, is also important in order to be able to respond to the new challenges. This article proposes some models for diagnosis of the culture of the organization, it creates the image of the organization of the future that frames the strategies for the right management and leadership, it strings some strategies against resistance to change and innovation, all in order to create the premises for the total quality management.
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A single currency could bring both benefits and challenges, hence, this paper examines one of the various dimensions of euro adoption. Moreover, although previous studies have illuminated the euro effect on inflation and trade, the research on manufacturing remains limited. The paper aims to make an assessment of whether euro area accession has an impact on industrial output in the context of the manufacturing sector, as this sector is considered to have a crucial role for sustainable economic growth. The research fits a panel regression model for seven-euro area member states from Central and Eastern Europe and covers a 16-year period from 2003 to 2018. The findings suggest that the participation in the monetary union might increase manufacturing turnover for its members.
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The purpose of this study is to demonstrate the relationship between the consumer confidence index and the business confidence index with the stock exchange. Panel data analysis was used as a method in the study conducted by means of the monthly data of the period of January 2004 - June 2017 of the 18 developed countries. One model was prepared for each indices and through these models; the cointegration relationship between confidence indices and the stock exchange was determined. First, the Durbin-Hausman panel cointegration test used in many studies was used and it was determined confirmed that neither index was cointegrated with the stock exchange. It was re-estimated through the Westerlund-Edgerton panel break-through cointegration test, which takes into account the structural breaks in the models, as the 2008 global crisis took place during the period of the study. However, as in the previous test, it was found out that there is no cointegration relationship between confidence indices and the stock market. Besides, it was determined that September 2008 generally became the break period for these countries.
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The aim of this study is to examine the articles that are published in academic research journals in the field of accounting or finance in Turkey, on accounting or finance students. Regarding the subject, journals that accept publications within the scope of accounting or finance have been identified. In this context, the articles of the journals published between 2009-2018 were examined by bibliometric analysis that is one of the qualitative research methods. In the bibliometric analysis framework, it is determined that 54 out of 2,564 publications were conducted for accounting or finance students. 54 articles are analyzed and classified in terms of published journals, publication years, research methods, target area in the research and sample.
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This study evaluates the weaknesses and strengths of the Turkish banking sector by using the techniques of DuPont analysis and CAMELS rating from 2001 to 2017. The effects and results of the banking sector reconstruction program implemented after the 2001 financial crisis and Turkey’s attempt to become European Union member are also investigated and evaluated under the same time span. In general, due to financial recovery policies implemented after the 2001 economic crisis, the banking industry has had improvements and has become stronger as the performance gap between the analyzed units have converged over time. Traditional ratio analyses are found to be consistent with advanced models. Foreign banks performance is the worst of all. State owned deposit banks in the Turkish banking sector are performing better than their competitors. In order to maintain a solid and sustainable system, successful policies must continue. Also, supervisory transparency should be increased.
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The purpose of this study is to demonstrate the success of the negative interest rate policy implemented in the Europe Union (EU), Denmark, Sweden, Switzerland and Japan. Negative interest rate policy has been put into effect since the desired results can not be obtained from the traditional monetary policies applied to combat deflation. In the analysis, in the specific countries the Gross National Product (GDP), Consumer Price Inflation (CPI), industrial production and unemployment rates were examined in 2000 Q1 – 2017 Q4 quarterly period. The interactions between these variables and the central bank deposit rates were analyzed. The obtained results, especially in recent years show the policy of creating positive change in some indicators. However, it has also been determined that it would take time to obtain the desired results. For this reason, it has been determined that global developments should be taken into consideration besides the policy implementation.
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Today, the regulatory role of the state is also very important for financial markets. The financial markets, which show a rapid development, play an important role in terms of economic stability, financial stability and economic growth, which are among the basic public goals. An efficient working financial system plays an important role in economic growth thanks to the function of supplying the funds needed by the real sector for its investments. In addition, stable financial markets have become a prerequisite for economic stability. Financial stability and economic growth are two goals that support each other. However, financial stability and economic growth cannot occur at the same time in general. The aim of this study is to discuss how a successful regulatory framework can be implemented. Within this perspective, the study concludes that the success of the regulations is related to an effective and well-functioning legal framework and the ability to intervene accurately and in a timely manner.
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The intermediation role of banks in harnessing idle funds is crucial to the sustenance of any economy and this is largely dependent on interest rates. This study examined the relationship between interest rate deregulation and fund mobilisation of Deposit Money Banks (DMBs) in Nigeria between 1986 – 2016. Autoregressive Distributed Lag (ARDL) Bound Test technique was used to determine short and long run impacts of interest rate deregulation on fund mobilsation of DMBs. The result showed that interest rate had insignificant impact, in the short run but significant impact in the long run. Also, money supply and inflation rate were the key drivers of fund mobilisation of DMBs in both short and long run situation. The non-significance of government expenditure affirmed that fund mobilisation of DMBs is of monetary and not fiscal policy phenomenon in Nigeria. It is, therefore, concluded that interest rate impacted on fund mobilisation in the long run and recommended that monetary authorities should concentrate towards reducing domestic inflation and increase money supply in order to improve fund mobilisation of DMBs in Nigeria.
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The study investigates the influence of currency depreciation on the financial performance of Nigerian deposit money banks. Ex-post facto research design was adopted and ten (10) banks were selected using convenience sampling technique. Secondary data were collected from the annual financial reports of the selected deposit money banks and the Central Bank of Nigeria (CBN)publications over a period of ten years(2008-2017).The analysis was done using a panel Estimated Generalized Least Square method (EGLS) in the form of multiple regressions. The indices of determination for currency depreciation are Inflation Rate (INFR); Interest Rate (INTR); and Exchange Rate (EXCHR).The Return on Asset (ROA) serves as a surrogate for performance. The results of the study show a negative and significant effect of INFR on ROA (p < 0.05);and a negative and significant effect of INTR on ROA (p < 0.05). However, there is a positive and insignificant effect of EXCHR on ROA (p > 0.05).It is recommended that effective fiscal and monetary policies are required by the Federal Government of Nigeria through the Central Bank of Nigeria and the Ministry of Finance to address the adverse effects of inflation and interest rates in Nigeria as these have potential of influencing the performance of deposit money banks.
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Preconditions of the economic growth of the small, open economy are stable and strong currency, favourable business environment and financial stability. Financial and monetary stability is one of the key presumptions of economic growth. Bosnia and Herzegovina in financial system record significant level of eurozation. There are many reasons for eurozation in national economy. Bank deposits and loans are denominated in euro, national currency is fixed to euro through monetary regime currency board. The objective of the paper is to provide conceptual framework of eurozation and to analyse level of eurozation in Bosnia and Herzegovina. Authors in paper will analyses economic development and changes in banking sector in condition of eurozation in period before and after financial crisis.
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