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Volumen 17 (2022): Heft 1 (April 2022)

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Volumen 15 (2020): Heft 3 (December 2020)

Volumen 15 (2020): Heft 2 (August 2020)

Volumen 15 (2020): Heft 1 (April 2020)

Volumen 14 (2019): Heft 3 (December 2019)

Volumen 14 (2019): Heft 2 (August 2019)

Volumen 14 (2019): Heft 1 (April 2019)

Volumen 13 (2018): Heft 3 (December 2018)

Volumen 13 (2018): Heft 2 (August 2018)

Volumen 13 (2018): Heft 1 (April 2018)

Volumen 12 (2017): Heft 3 (December 2017)

Volumen 12 (2017): Heft 2 (August 2017)

Volumen 12 (2017): Heft 1 (April 2017)

Volumen 11 (2016): Heft 3 (December 2016)

Volumen 11 (2016): Heft 2 (August 2016)

Volumen 11 (2016): Heft 1 (April 2016)

Volumen 10 (2015): Heft 3 (December 2015)

Volumen 10 (2015): Heft 2 (August 2015)

Volumen 10 (2015): Heft 1 (April 2015)

Zeitschriftendaten
Format
Zeitschrift
eISSN
2344-5416
Erstveröffentlichung
06 Mar 2015
Erscheinungsweise
3 Hefte pro Jahr
Sprachen
Englisch

Suche

Volumen 10 (2015): Heft 1 (April 2015)

Zeitschriftendaten
Format
Zeitschrift
eISSN
2344-5416
Erstveröffentlichung
06 Mar 2015
Erscheinungsweise
3 Hefte pro Jahr
Sprachen
Englisch

Suche

15 Artikel
Uneingeschränkter Zugang

An Empirical Analysis of Foreign Direct Investment in Pakistan

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 5 - 15

Zusammenfassung

Abstract

The aim of this paper is to explore the trends in Foreign Direct Investment (FDI) inflows in Pakistan and to identify the key determinants of FDI for the period of 2000-2013. The country experienced a continuous surge in FDI inflows from 2000-2008. On the contrary, the phase of 2009-2013 has been characterized by a persistent decline in FDI in Pakistan. This slump is mainly attributed to political and economic instability as wells as poor law and order situation in the country. Keeping these periods with differing results in perspective, multiple regression analysis is employed to empirically analyze the key determinants that are expected to explain variation in FDI in Pakistan. The selected variables were found significant determinants of FDI in Pakistan. Gross Domestic Product (GDP), degree of trade openness and regime of dictatorship have a significant positive effect on FDI. While, terrorism attacks foreign debt, exchange rate, political instability, and domestic capital formation are negatively significant determinants of FDI inflows in Pakistan. Considering the dynamic changes in the broad macro factors in economy, this study provides a fresh perspective on the factors that determine FDI in Pakistan. Moreover, the study findings provide important insights to policy makers to design policy measures that enhance FDI inflows in Pakistan.

Keywords

  • foreign direct investment
  • gross domestic product
  • political instability
  • foreign debt
Uneingeschränkter Zugang

Determinants of Capital Structure: A Quantile Regression Analysis

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 16 - 34

Zusammenfassung

Abstract

In this study, we attempted to analyze the determinants of capital structure for Indian firms using a panel framework and to investigate whether the capital structure models derived from Western settings provide convincing explanations for capital structure decisions of the Indian firms. The investigation is performed using balanced panel data procedures for a sample 298 firms (from the BSE 500 firms based on the availability of data) during 2001-2010. We found that for lowest quantile LnSales and TANGIT are significant with positive sign and NDTS and PROFIT are significant with negative sign. However, in case of 0.25th quantile LnSales and LnTA are significant with positive sign and PROFIT is significant with negative sign. For median quantile PROFIT is found to be significant with negative sign and TANGIT is significant with positive sign. For 0.75th quantile, in model one, LnSales and PROFIT are significant with negative sign and TANGIT and GROWTHTA are significant with positive sign whereas, in model two, results of 0.75th quantile are similar to the median quantile of model two. For the highest quantile, in case of model one, results are similar to the case of 0.75th quantile with exception that now GROWTHTA in model one (and GROWTHSA in model two).

Keywords

  • determinants of capital structure
  • quantile regression
  • fixed and random effect models
Uneingeschränkter Zugang

Promoting Entrepreneurship in Romania: An Impact Study Within Recent Graduates of Economic Sciences

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 35 - 46

Zusammenfassung

Abstract

There are plenty of reasons into choosing entrepreneurship as opposed to employee`s status: the most frequent being the independence and the financial gain of the entrepreneur. Furthermore, it could even be assimilated as an alternative livelihood to lack of employment or risk of becoming unemployed. Promoting entrepreneurship through an entrepreneurial curricular plays a major role in acquiring the key individual skillset needed. The enterprising spirit of the new generation is impacted by entrepreneurial education, developing the can do attitude and enforces it`s role within economy and the society. The required skillset that allows entrepreneurs to transform ideas into action are: creativity, innovation and risk appetite as well as goal and project management. The hereby paper is a quantitative research of entrepreneurial intent within economic studies graduates and the impact of the Romanian entrepreneurial promotion initiatives on the aforementioned.

Keywords

  • entrepreneurship
  • quantitative research
  • Romanian graduates of economic studies
Uneingeschränkter Zugang

Tax Performance Assessment in Scandinavian Countries

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 47 - 65

Zusammenfassung

Abstract

The aim of this paper is to evaluate fiscal policy performance level in Nordic countries of Europe by quantifying the gap between their performance and an optimum benchmark value. In this study it was selected Denmark, Finland, Sweden and Norway. These countries occupy the first places in the ranking of countries with the highest rate of tax burden in Europe. The first part of paper contains general aspects of fiscal performance in international research and an overview of the Nordic tax systems model. The second part of paper focuses on evaluation of tax policy performance in these countries by using OptimTax scoring analysis. The research is based on a multivariate analysis instrument that uses quantitative data on various aspects of tax policy. OptimTax achieves a score for assessing the degree of optimization of fiscal policy. The results reveal high levels of tax performance in Scandinavian countries and a trend that seems to be more constant than ascending, except Norway.

Keywords

  • tax burden rate
  • tax policy
  • tax performance
  • tax optimum
Uneingeschränkter Zugang

Consumer Behaviour in the Tourist Segmentation Process – a Marketing Research

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 66 - 76

Zusammenfassung

Abstract

The study of consumer behaviour has become in recent decades increasingly important. Therefore, it is particularly important to understand what processes are acting in the black box of consumers of tourism services before taking any marketing decision. This paper presents a marketing research that aims to identify key dimensions of consumers of tourism services. The marketing research is based on online questionnaire sent by a representative sample shows a number of answers about consumers' purchasing intentions, the main influences on consumer attitudes, motives in choosing the holiday package, the main sources of information accessed in the process of choosing the tourism services, etc.

Keywords

  • consumer behaviour
  • marketing
  • segmentation
  • tourism market
  • research
Uneingeschränkter Zugang

Environmental Management Systems (Ems) - Control Instrument of the Impact of the Organization Activities on the Environment

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 77 - 82

Zusammenfassung

Abstract

Due to the ability to create and use technology, the human being has found various ways to transform the resources of the Earth in all sorts of new materials, equipment and energy sources. At least since the last industrial revolution until now, each generation has added more technology to the received legacy, but at the same time, left the planet in a far more degraded state than the inherited condition.

Within these changes, small and medium enterprises (SME) in their capacity as pillars of the economic development of a nation, have been compelled to change their previous strategies. Implementing an Environmental Management Systems (EMS) can be seen as the only way to connect the activities of the organization to the environmental requirements, in a context in which the orientation of the demand towards environmental markets is becoming increasingly apparent.

Keywords

  • small and medium sized enterprises (SMEs)
  • environmental management systems(EMS)
  • resource efficiency
Uneingeschränkter Zugang

A Review of Finance–Growth Nexus Theories: How Does Development Finance Fits in?

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 83 - 91

Zusammenfassung

Abstract

The finance growth-nexus debates have been contentious over the past three decades both empirically and theoretically. To contribute to this debate, the current paper presents a concise review of finance-growths nexus theoretical development and the current debate around growth-finance nexus theories. Then, it extends the current theoretical debate to include development finance within the broader scheme of finance-growth discourse. The key emerging trend is that, most of the contemporary theories trying to explain finance growth nexus have been exclusively focusing on the standard finance in general. Little attention has been devoted to understand the role of development finance on finance-growth nexus. It concludes that, for a more comprehensive understanding of the finance growth nexus, the role of development finance should be integrated in theory of finance-growth nexus. The paper demonstrates that conventional model of finance-growth nexus is more likely to underestimate the magnitude of the impact of finance on economic growth especially for less developed countries. The paper suggests that, a model which breakdown the finance into standard finance subgroup and development finance subgroup may provide more accurate and insightful findings.

Keywords

  • finance-growth nexus
  • development finance
  • growth
  • theories
Uneingeschränkter Zugang

Arguments for Csr-Based Sustainable Competitiveness of Multinationals in Emerging Markets (Part II)

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 92 - 102

Zusammenfassung

Abstract

The (two parts of the) paper aims to bring into discussion the case of CSR-based sustainable competitiveness of multinationals in emerging market economies, through an interdisciplinary approach (international business and strategic management) applied to a multilevel analysis (country and company). The main conclusion of the paper is that, despite the circumstances that nowadays characterize international business in general and the emerging market economies in particular, such a transformation in business models is not only desirable, but mandatory. Key arguments in favor of this assumption are found (both theoretically and empirically) at global/general level and, as well, at the emerging market economies’ level.

Keywords

  • sustainable competitiveness
  • corporate social responsibility
  • multinationals
  • emerging market economies
Uneingeschränkter Zugang

Tobin Tax: Arguments and Current Derivative Studies

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 103 - 112

Zusammenfassung

Abstract

Tobin Tax and its derivative applications have started to be discussed again in many platforms as the issue regarding taxation of short-term capital movements has become an agenda among international communities such as European Union (EU) and G20 since the beginning of 2000s. In this study, Tobin Tax, which is the first significant step towards taxation of foreign currency transactions, has been discussed theoretically and considering its possible effects on application. Also, in this context, the initiatives of countries such as USA, Belgium, France and Austria regarding international implementation of Tobin Tax and its derivatives are being evaluated. The intended use of the taxes, determination of transactions exempt from tax and international cooperation in the implementation of taxation are possible problems that can be faced regarding Tobin Tax. In this study the conclusion, which the effects of Tobin Tax in developing and developed countries will be different but imposing such tax regarding cyclic balance of the world economy will be a positive improvement, has been reached.

Keywords

  • Tobin tax
  • short-term capital movements
  • exchange rate
  • taxation
Uneingeschränkter Zugang

Accounting for Investement Property Under Romanian Accounting System

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 113 - 121

Zusammenfassung

Abstract

Investment property, an important component of the current assets, need special attention both in terms of their impact on accounting and well as in reporting the annual financial statements. Internationally their accounting treatment is presented by the IAS 40 Investment property issued in 2000 and being operative for annual periods beginning on or after 1 January 2001 with a number of subsequent amendments.First step in aligning the Romanian accounting system (RAS) to the international accounting and financial reporting standards has manifested in terms of properties starting with 2012 but only for the listed companies - OMFP 1286 which has brought significant changes in the execution way of the individual financial statements of these companies and in terms of the accounting presentation of the investment properties and fixed assets held for sale. In accordance with this order and the Romanian accounting rules recognize investment properties as being a separate component of the fixed assets, applying the provisions of IAS 40.This paper deals with the next step by presenting the occurred legislative changes related to the accounting treatment of the investment property, changes that are applicable to all the Romanian companies, not just those listed on the stock exchange, starting from the financial year 2015.

Keywords

  • Investment property
  • accounting
  • financial reporting
Uneingeschränkter Zugang

Long-Term Capital Goods Importation and Minimum Wage Relationship in Turkey: Bounds Testing Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 122 - 129

Zusammenfassung

Abstract

In order to examine the long-term relationship between capital goods importation and minimum wage, autoregressive distributed lag (ARDL) bounds testing approach to the cointegration is used in the study. According to bounds test results, a cointegration relation exists between the capital goods importation and the minimum wage. Therefore an ARDL(4,0) model is estimated in order to determine the long and short term relations between variables. According to the empirical analysis, there is a positive and significant relationship between the capital goods importation and the minimum wage in Turkey in the long term. A 1% increase in the minimum wage leads to a 0.8% increase in the capital goods importation in the long term. The result is similar for short term coefficients. The relationship observed in the long term is preserved in short term, though in a lower level. In terms of error correction model, it can be concluded that error correction mechanism works as the error correction term is negative and significant. Short term deviations might be resolved with the error correction mechanism in the long term. Accordingly, approximately 75% of any deviation from equilibrium which might arise in the previous six month period will be resolved in the current six month period. This means that returning to long term equilibrium progresses rapidly.

Keywords

  • capital goods importation
  • minimum wage
  • autoregressive distributed lag
  • ARDL
  • bounds testing
Uneingeschränkter Zugang

Dynamics of Electricity Demand in Lesotho: A Kalman Filter Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 130 - 139

Zusammenfassung

Abstract

This study provides an empirical analysis of the time-varying price and income elasticities of electricity demand in Lesotho for the period 1995-2012 using the Kalman filter approach. The results reveal that economic growth has been one of the main drivers of electricity consumption in Lesotho while electricity prices are found to play a less significant role since they are monopoly-driven and relatively low when compared to international standards. These findings imply that increases in electricity prices in Lesotho might not have a significant impact on consumption in the short-run. However, if the real electricity prices become too high over time, consumers might change their behavior and sensitivity to price and hence, energy policymakers will need to reconsider their impact in the long-run. Furthermore, several exogenous shocks seem to have affected the sensitivity of electricity demand during the period prior to regulation, which made individuals, businesses and agencies to be more sensitive to electricity costs. On the other hand, the period after regulation has been characterized by more stable and declining sensitivity of electricity demand. Therefore, factors such as regulation and changes in the country’s economic activities appear to have affected both price and income elasticities of electricity demand in Lesotho.

Keywords

  • electricity demand
  • price elasticity
  • income elasticity
  • Kalman filter
  • Lesotho
Uneingeschränkter Zugang

The Influence of Marketing Communication on the Consumer’s Buyer Behavior – A Relationship Marketing Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 140 - 145

Zusammenfassung

Abstract

The purpose of the paper is to identify the nature of the influence of a company’s marketing communication of the actual consumer behaviour. To achieve this purpose, the paper is structures in two parts; firstly, the recent literature regarding relationship marketing paradigm is reviewed and the value chain concept is presented. The second part contains a survey-based research which uses book-store customers as target unit. Sales promotion and advertising are used as input variables in identifying the variation in the client’s buying behaviour. Client behaviour was measured through three variables: monetary value spent by the clients within their last purchasing experience, buying frequency of the clients, and their buying intention.

Keywords

  • relationship marketing
  • value chain
  • marketing communication
  • consumer behavior
  • sales promotion
Uneingeschränkter Zugang

Economical – Financial Crisis and the Tourism Trends in the Crisis Period

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 146 - 155

Zusammenfassung

Abstract

Challenges generated by the global economic crisis, terrorism, epidemics, wich therefore directly affected global tourism industry, raised the global question to approach the tourism in a new vision, more complex. Thus, WTO and the World Travel & Tourism Council considered that this will be important condition for the reception destinations and local communities development. The new tourism ventures to include a new dimension of travel and tourism, as a mature response to a world more complicated. Global awareness of the importance of tourism has triggered a new vision on the opportunities offered by global tourism. T

This article provides information on the latest statistics on tourism in the European Union (EU). The tourism is an important sector due to its economic potential, employment of labor and its social and environmental implications. Tourism statistics are used to monitor not only EU policies in tourism but also regional policy and sustainable development policy. The role of tourism, for both business and citizens, has grown considerably in recent decades. According to the estimates of DG Enterprise and Industry of the European Commission, tourism accounts for over 5% of the EU-27 GDP. Tourist accommodation sector provides 2.3 million jobs in the EU-27 and the total number of jobs in the entire tourism sector in the EU-27 is estimated to be between 12 and 14 million people (according to preliminary estimates of tourism satellite accounts).

Keywords

  • tourism
  • economic and financial crisis
  • globalization
  • finance
  • tax system
Uneingeschränkter Zugang

Values of Land and Renewable Resources in a Three-Sector Economic Growth Model

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 156 - 186

Zusammenfassung

Abstract

This paper studies dynamic interdependence of capital, land and resource values in a three sector growth model with endogenous wealth and renewable resources. The model is based on the neoclassical growth theory, Ricardian theory and growth theory with renewable resources. The household’s decision is modeled with an alternative approach proposed by Zhang two decades ago. The economic system consists of the households, industrial, agricultural, and resource sectors. The model describes a dynamic interdependence between wealth accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate the existence of a unique stable equilibrium point and plot the motion of the dynamic system. The study conducts comparative dynamic analysis with regard to changes in the propensity to consume resources, the propensity to consume housing, the propensity to consume agricultural goods, the propensity to consume industrial goods, the propensity to save, the population, and the output elasticity of capital of the resource sector.

Keywords

  • land value and rent
  • economic growth
  • economic structure
  • stock of renewable resources
  • price of renewable resources
15 Artikel
Uneingeschränkter Zugang

An Empirical Analysis of Foreign Direct Investment in Pakistan

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 5 - 15

Zusammenfassung

Abstract

The aim of this paper is to explore the trends in Foreign Direct Investment (FDI) inflows in Pakistan and to identify the key determinants of FDI for the period of 2000-2013. The country experienced a continuous surge in FDI inflows from 2000-2008. On the contrary, the phase of 2009-2013 has been characterized by a persistent decline in FDI in Pakistan. This slump is mainly attributed to political and economic instability as wells as poor law and order situation in the country. Keeping these periods with differing results in perspective, multiple regression analysis is employed to empirically analyze the key determinants that are expected to explain variation in FDI in Pakistan. The selected variables were found significant determinants of FDI in Pakistan. Gross Domestic Product (GDP), degree of trade openness and regime of dictatorship have a significant positive effect on FDI. While, terrorism attacks foreign debt, exchange rate, political instability, and domestic capital formation are negatively significant determinants of FDI inflows in Pakistan. Considering the dynamic changes in the broad macro factors in economy, this study provides a fresh perspective on the factors that determine FDI in Pakistan. Moreover, the study findings provide important insights to policy makers to design policy measures that enhance FDI inflows in Pakistan.

Keywords

  • foreign direct investment
  • gross domestic product
  • political instability
  • foreign debt
Uneingeschränkter Zugang

Determinants of Capital Structure: A Quantile Regression Analysis

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 16 - 34

Zusammenfassung

Abstract

In this study, we attempted to analyze the determinants of capital structure for Indian firms using a panel framework and to investigate whether the capital structure models derived from Western settings provide convincing explanations for capital structure decisions of the Indian firms. The investigation is performed using balanced panel data procedures for a sample 298 firms (from the BSE 500 firms based on the availability of data) during 2001-2010. We found that for lowest quantile LnSales and TANGIT are significant with positive sign and NDTS and PROFIT are significant with negative sign. However, in case of 0.25th quantile LnSales and LnTA are significant with positive sign and PROFIT is significant with negative sign. For median quantile PROFIT is found to be significant with negative sign and TANGIT is significant with positive sign. For 0.75th quantile, in model one, LnSales and PROFIT are significant with negative sign and TANGIT and GROWTHTA are significant with positive sign whereas, in model two, results of 0.75th quantile are similar to the median quantile of model two. For the highest quantile, in case of model one, results are similar to the case of 0.75th quantile with exception that now GROWTHTA in model one (and GROWTHSA in model two).

Keywords

  • determinants of capital structure
  • quantile regression
  • fixed and random effect models
Uneingeschränkter Zugang

Promoting Entrepreneurship in Romania: An Impact Study Within Recent Graduates of Economic Sciences

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 35 - 46

Zusammenfassung

Abstract

There are plenty of reasons into choosing entrepreneurship as opposed to employee`s status: the most frequent being the independence and the financial gain of the entrepreneur. Furthermore, it could even be assimilated as an alternative livelihood to lack of employment or risk of becoming unemployed. Promoting entrepreneurship through an entrepreneurial curricular plays a major role in acquiring the key individual skillset needed. The enterprising spirit of the new generation is impacted by entrepreneurial education, developing the can do attitude and enforces it`s role within economy and the society. The required skillset that allows entrepreneurs to transform ideas into action are: creativity, innovation and risk appetite as well as goal and project management. The hereby paper is a quantitative research of entrepreneurial intent within economic studies graduates and the impact of the Romanian entrepreneurial promotion initiatives on the aforementioned.

Keywords

  • entrepreneurship
  • quantitative research
  • Romanian graduates of economic studies
Uneingeschränkter Zugang

Tax Performance Assessment in Scandinavian Countries

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 47 - 65

Zusammenfassung

Abstract

The aim of this paper is to evaluate fiscal policy performance level in Nordic countries of Europe by quantifying the gap between their performance and an optimum benchmark value. In this study it was selected Denmark, Finland, Sweden and Norway. These countries occupy the first places in the ranking of countries with the highest rate of tax burden in Europe. The first part of paper contains general aspects of fiscal performance in international research and an overview of the Nordic tax systems model. The second part of paper focuses on evaluation of tax policy performance in these countries by using OptimTax scoring analysis. The research is based on a multivariate analysis instrument that uses quantitative data on various aspects of tax policy. OptimTax achieves a score for assessing the degree of optimization of fiscal policy. The results reveal high levels of tax performance in Scandinavian countries and a trend that seems to be more constant than ascending, except Norway.

Keywords

  • tax burden rate
  • tax policy
  • tax performance
  • tax optimum
Uneingeschränkter Zugang

Consumer Behaviour in the Tourist Segmentation Process – a Marketing Research

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 66 - 76

Zusammenfassung

Abstract

The study of consumer behaviour has become in recent decades increasingly important. Therefore, it is particularly important to understand what processes are acting in the black box of consumers of tourism services before taking any marketing decision. This paper presents a marketing research that aims to identify key dimensions of consumers of tourism services. The marketing research is based on online questionnaire sent by a representative sample shows a number of answers about consumers' purchasing intentions, the main influences on consumer attitudes, motives in choosing the holiday package, the main sources of information accessed in the process of choosing the tourism services, etc.

Keywords

  • consumer behaviour
  • marketing
  • segmentation
  • tourism market
  • research
Uneingeschränkter Zugang

Environmental Management Systems (Ems) - Control Instrument of the Impact of the Organization Activities on the Environment

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 77 - 82

Zusammenfassung

Abstract

Due to the ability to create and use technology, the human being has found various ways to transform the resources of the Earth in all sorts of new materials, equipment and energy sources. At least since the last industrial revolution until now, each generation has added more technology to the received legacy, but at the same time, left the planet in a far more degraded state than the inherited condition.

Within these changes, small and medium enterprises (SME) in their capacity as pillars of the economic development of a nation, have been compelled to change their previous strategies. Implementing an Environmental Management Systems (EMS) can be seen as the only way to connect the activities of the organization to the environmental requirements, in a context in which the orientation of the demand towards environmental markets is becoming increasingly apparent.

Keywords

  • small and medium sized enterprises (SMEs)
  • environmental management systems(EMS)
  • resource efficiency
Uneingeschränkter Zugang

A Review of Finance–Growth Nexus Theories: How Does Development Finance Fits in?

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 83 - 91

Zusammenfassung

Abstract

The finance growth-nexus debates have been contentious over the past three decades both empirically and theoretically. To contribute to this debate, the current paper presents a concise review of finance-growths nexus theoretical development and the current debate around growth-finance nexus theories. Then, it extends the current theoretical debate to include development finance within the broader scheme of finance-growth discourse. The key emerging trend is that, most of the contemporary theories trying to explain finance growth nexus have been exclusively focusing on the standard finance in general. Little attention has been devoted to understand the role of development finance on finance-growth nexus. It concludes that, for a more comprehensive understanding of the finance growth nexus, the role of development finance should be integrated in theory of finance-growth nexus. The paper demonstrates that conventional model of finance-growth nexus is more likely to underestimate the magnitude of the impact of finance on economic growth especially for less developed countries. The paper suggests that, a model which breakdown the finance into standard finance subgroup and development finance subgroup may provide more accurate and insightful findings.

Keywords

  • finance-growth nexus
  • development finance
  • growth
  • theories
Uneingeschränkter Zugang

Arguments for Csr-Based Sustainable Competitiveness of Multinationals in Emerging Markets (Part II)

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 92 - 102

Zusammenfassung

Abstract

The (two parts of the) paper aims to bring into discussion the case of CSR-based sustainable competitiveness of multinationals in emerging market economies, through an interdisciplinary approach (international business and strategic management) applied to a multilevel analysis (country and company). The main conclusion of the paper is that, despite the circumstances that nowadays characterize international business in general and the emerging market economies in particular, such a transformation in business models is not only desirable, but mandatory. Key arguments in favor of this assumption are found (both theoretically and empirically) at global/general level and, as well, at the emerging market economies’ level.

Keywords

  • sustainable competitiveness
  • corporate social responsibility
  • multinationals
  • emerging market economies
Uneingeschränkter Zugang

Tobin Tax: Arguments and Current Derivative Studies

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 103 - 112

Zusammenfassung

Abstract

Tobin Tax and its derivative applications have started to be discussed again in many platforms as the issue regarding taxation of short-term capital movements has become an agenda among international communities such as European Union (EU) and G20 since the beginning of 2000s. In this study, Tobin Tax, which is the first significant step towards taxation of foreign currency transactions, has been discussed theoretically and considering its possible effects on application. Also, in this context, the initiatives of countries such as USA, Belgium, France and Austria regarding international implementation of Tobin Tax and its derivatives are being evaluated. The intended use of the taxes, determination of transactions exempt from tax and international cooperation in the implementation of taxation are possible problems that can be faced regarding Tobin Tax. In this study the conclusion, which the effects of Tobin Tax in developing and developed countries will be different but imposing such tax regarding cyclic balance of the world economy will be a positive improvement, has been reached.

Keywords

  • Tobin tax
  • short-term capital movements
  • exchange rate
  • taxation
Uneingeschränkter Zugang

Accounting for Investement Property Under Romanian Accounting System

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 113 - 121

Zusammenfassung

Abstract

Investment property, an important component of the current assets, need special attention both in terms of their impact on accounting and well as in reporting the annual financial statements. Internationally their accounting treatment is presented by the IAS 40 Investment property issued in 2000 and being operative for annual periods beginning on or after 1 January 2001 with a number of subsequent amendments.First step in aligning the Romanian accounting system (RAS) to the international accounting and financial reporting standards has manifested in terms of properties starting with 2012 but only for the listed companies - OMFP 1286 which has brought significant changes in the execution way of the individual financial statements of these companies and in terms of the accounting presentation of the investment properties and fixed assets held for sale. In accordance with this order and the Romanian accounting rules recognize investment properties as being a separate component of the fixed assets, applying the provisions of IAS 40.This paper deals with the next step by presenting the occurred legislative changes related to the accounting treatment of the investment property, changes that are applicable to all the Romanian companies, not just those listed on the stock exchange, starting from the financial year 2015.

Keywords

  • Investment property
  • accounting
  • financial reporting
Uneingeschränkter Zugang

Long-Term Capital Goods Importation and Minimum Wage Relationship in Turkey: Bounds Testing Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 122 - 129

Zusammenfassung

Abstract

In order to examine the long-term relationship between capital goods importation and minimum wage, autoregressive distributed lag (ARDL) bounds testing approach to the cointegration is used in the study. According to bounds test results, a cointegration relation exists between the capital goods importation and the minimum wage. Therefore an ARDL(4,0) model is estimated in order to determine the long and short term relations between variables. According to the empirical analysis, there is a positive and significant relationship between the capital goods importation and the minimum wage in Turkey in the long term. A 1% increase in the minimum wage leads to a 0.8% increase in the capital goods importation in the long term. The result is similar for short term coefficients. The relationship observed in the long term is preserved in short term, though in a lower level. In terms of error correction model, it can be concluded that error correction mechanism works as the error correction term is negative and significant. Short term deviations might be resolved with the error correction mechanism in the long term. Accordingly, approximately 75% of any deviation from equilibrium which might arise in the previous six month period will be resolved in the current six month period. This means that returning to long term equilibrium progresses rapidly.

Keywords

  • capital goods importation
  • minimum wage
  • autoregressive distributed lag
  • ARDL
  • bounds testing
Uneingeschränkter Zugang

Dynamics of Electricity Demand in Lesotho: A Kalman Filter Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 130 - 139

Zusammenfassung

Abstract

This study provides an empirical analysis of the time-varying price and income elasticities of electricity demand in Lesotho for the period 1995-2012 using the Kalman filter approach. The results reveal that economic growth has been one of the main drivers of electricity consumption in Lesotho while electricity prices are found to play a less significant role since they are monopoly-driven and relatively low when compared to international standards. These findings imply that increases in electricity prices in Lesotho might not have a significant impact on consumption in the short-run. However, if the real electricity prices become too high over time, consumers might change their behavior and sensitivity to price and hence, energy policymakers will need to reconsider their impact in the long-run. Furthermore, several exogenous shocks seem to have affected the sensitivity of electricity demand during the period prior to regulation, which made individuals, businesses and agencies to be more sensitive to electricity costs. On the other hand, the period after regulation has been characterized by more stable and declining sensitivity of electricity demand. Therefore, factors such as regulation and changes in the country’s economic activities appear to have affected both price and income elasticities of electricity demand in Lesotho.

Keywords

  • electricity demand
  • price elasticity
  • income elasticity
  • Kalman filter
  • Lesotho
Uneingeschränkter Zugang

The Influence of Marketing Communication on the Consumer’s Buyer Behavior – A Relationship Marketing Approach

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 140 - 145

Zusammenfassung

Abstract

The purpose of the paper is to identify the nature of the influence of a company’s marketing communication of the actual consumer behaviour. To achieve this purpose, the paper is structures in two parts; firstly, the recent literature regarding relationship marketing paradigm is reviewed and the value chain concept is presented. The second part contains a survey-based research which uses book-store customers as target unit. Sales promotion and advertising are used as input variables in identifying the variation in the client’s buying behaviour. Client behaviour was measured through three variables: monetary value spent by the clients within their last purchasing experience, buying frequency of the clients, and their buying intention.

Keywords

  • relationship marketing
  • value chain
  • marketing communication
  • consumer behavior
  • sales promotion
Uneingeschränkter Zugang

Economical – Financial Crisis and the Tourism Trends in the Crisis Period

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 146 - 155

Zusammenfassung

Abstract

Challenges generated by the global economic crisis, terrorism, epidemics, wich therefore directly affected global tourism industry, raised the global question to approach the tourism in a new vision, more complex. Thus, WTO and the World Travel & Tourism Council considered that this will be important condition for the reception destinations and local communities development. The new tourism ventures to include a new dimension of travel and tourism, as a mature response to a world more complicated. Global awareness of the importance of tourism has triggered a new vision on the opportunities offered by global tourism. T

This article provides information on the latest statistics on tourism in the European Union (EU). The tourism is an important sector due to its economic potential, employment of labor and its social and environmental implications. Tourism statistics are used to monitor not only EU policies in tourism but also regional policy and sustainable development policy. The role of tourism, for both business and citizens, has grown considerably in recent decades. According to the estimates of DG Enterprise and Industry of the European Commission, tourism accounts for over 5% of the EU-27 GDP. Tourist accommodation sector provides 2.3 million jobs in the EU-27 and the total number of jobs in the entire tourism sector in the EU-27 is estimated to be between 12 and 14 million people (according to preliminary estimates of tourism satellite accounts).

Keywords

  • tourism
  • economic and financial crisis
  • globalization
  • finance
  • tax system
Uneingeschränkter Zugang

Values of Land and Renewable Resources in a Three-Sector Economic Growth Model

Online veröffentlicht: 25 Aug 2015
Seitenbereich: 156 - 186

Zusammenfassung

Abstract

This paper studies dynamic interdependence of capital, land and resource values in a three sector growth model with endogenous wealth and renewable resources. The model is based on the neoclassical growth theory, Ricardian theory and growth theory with renewable resources. The household’s decision is modeled with an alternative approach proposed by Zhang two decades ago. The economic system consists of the households, industrial, agricultural, and resource sectors. The model describes a dynamic interdependence between wealth accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate the existence of a unique stable equilibrium point and plot the motion of the dynamic system. The study conducts comparative dynamic analysis with regard to changes in the propensity to consume resources, the propensity to consume housing, the propensity to consume agricultural goods, the propensity to consume industrial goods, the propensity to save, the population, and the output elasticity of capital of the resource sector.

Keywords

  • land value and rent
  • economic growth
  • economic structure
  • stock of renewable resources
  • price of renewable resources

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