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Detalles de la revista
Formato
Revista
eISSN
2385-8052
Publicado por primera vez
22 Feb 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

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Volumen 63 (2017): Edición 3 (September 2017)

Detalles de la revista
Formato
Revista
eISSN
2385-8052
Publicado por primera vez
22 Feb 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

6 Artículos

Original Scientific Papers

Acceso abierto

From Subprime and Eurozone Crisis with Full Speed into the Next Financial Crisis

Publicado en línea: 23 Sep 2017
Páginas: 3 - 11

Resumen

Abstract

This paper offers an analysis of the road from subprime and eurozone crisis to the elements of a new systemic crisis. Our aim is to research common issues that accompany each of these crises and to explore elements that hint that the financial systems are moving toward a new crisis. By holding short-term interest rates near zero, the central banks have encouraged malinvestment and speculation. Fuelling the bubble is the fear of missing out on trade. We find that actual events and movements on security markets follow a typical pattern, which indicates a serious threat for the next financial crisis. We also find enough signs that old crises lessons haven’t been learned.

Palabras clave

  • financial crisis
  • bubble
  • P/E ratio

JEL Classification

  • W32
  • G01
  • G12
Acceso abierto

Analysis of Personal Income Taxation Determinants in Croatia in Long Run: Evidence from Cointegration Analysis

Publicado en línea: 23 Sep 2017
Páginas: 12 - 18

Resumen

Abstract

Personal income taxation remains an ongoing issue in Croatia. It is used as an important instrument of income redistribution. Moreover, it directly affects purchasing power of the working population. Numerous changes have been made in this type of taxation since the establishment of Croatian tax system. The aim of this paper is to analyse possible determinants of personal income taxation in Croatia. After offering brief insight into public finance theory regarding personal income taxation, the structure of personal income taxation in Croatia is explained. The empirical analysis of the determinants of personal income taxation in Croatia is conducted using cointegration analysis. Economic conditions, average monthly wage, and number of taxpayers are used as determinants of personal income tax used in this research. The cointegration analysis is conducted using monthly data from January 2008 to February 2016. The results of the research show a statistically significant negative impact of economic conditions and statistically significant positive impact of average monthly wage and number of taxpayers on personal income taxation in long run, what is in line with economic and public finance theory.

Palabras clave

  • personal income taxation determinants
  • economic conditions
  • wages
  • number of taxpayers
  • johansen cointegration approach
  • Croatia

JEL Classification

  • C22
  • H24
  • H71
Acceso abierto

Greenfield and Brownfield Investments and Economic Growth: Evidence from Central and Eastern European Union Countries

Publicado en línea: 23 Sep 2017
Páginas: 19 - 26

Resumen

Abstract

Global foreign direct investment flows in terms of greenfield and brownfield investments have increased during the recent three decades resulting from the accelerating globalization. The considerable increases in the flows of foreign direct investment have many eventualities for the national economies. This study investigates the mutual effects among greenfield and brownfield (mergers and acquisitions) investments and economic growth in Central and Eastern European Union countries during the 2003–2015 period employing panel data analysis. The findings revealed that both greenfield and brownfield investments had positive influence on the economic growth, but the influence of greenfield investments was found to be relatively higher. Furthermore, one-way causality was discovered from both greenfield and brownfield investments to the economic growth.

Palabras clave

  • Greenfield investments
  • brownfield investments
  • economic growth
  • panel data analysis
  • Central and Eastern European Union countries

JEL Classification

  • F21
  • F23
  • F43
  • O40
  • C33
Acceso abierto

Effect of Depreciation of the Exchange Rate on the Trade Balance of Albania

Publicado en línea: 23 Sep 2017
Páginas: 27 - 36

Resumen

Abstract

The paper investigates the effect of the real effective exchange rate depreciation of the lek on the trade balance of Albania using quarterly data from 1994 to 2015. Bounds testing cointegration approach, vector error correction model (VECM), and impulse response were used for the empirical analysis. The results of the study show a long-term cointegration between the real effective exchange rate (REER) and the trade balance (TB). Specifically, the REER depreciation positively affects the trade balance of Albania in both the long and short run, indicating the weak presence of the J-curve effect. Important recommendations were derived from the results.

Palabras clave

  • J-curve
  • cointegration
  • elasticity
  • short-term effect
  • long-term effect

JEL Classification

  • F14
  • F31
  • F32
Acceso abierto

CSR EMAT Is an Opportunity for Responsible Decision-Making

Publicado en línea: 23 Sep 2017
Páginas: 37 - 46

Resumen

Abstract

Corporate social responsibility is an expected behaviour in Western countries, but the approach still does not have a clear interpretation in Hungary. As a result of the increasing prestige of the CSR approach, socially responsible thinking and action also are expected from the companies operating in Hungary. Company executives carry out CSR activities in many cases – but not consciously. The objective of this research therefore was the development of a guidance and evaluation criteria that can support managers in responsible decision-making and applying the CSR approach to a strategic level. On the other hand, this management tool allows the measurement of CSR excellence in companies; therefore, they become comparable in their CSR performance, which offers opportunities for further research. The study presents the development of CSR EMAT and the results achieved through the measurements.

Palabras clave

  • corporate social responsibility
  • EFQM excellence model
  • CSR EMAT
  • CSR excellence management
  • assessment tool

JEL Classification

  • M14

Review Paper

Acceso abierto

Intergenerational Cooperation at the Workplace from the Management Perspective

Publicado en línea: 23 Sep 2017
Páginas: 47 - 59

Resumen

Abstract

The labor market is currently experiencing employees of four generations. Each generation has different behavior patterns, attitudes, expectations, habits, and motivational mechanisms. As generational gaps play an important role in the business process, organizations have to find ways to balance the needs and views of different age groups. To overcome the negative outcomes arising from generational differences and to use the strengths of each generation, the implementation of comprehensive and proactive model of intergenerational cooperation, presented in the paper, is becoming the necessity for each organization because of the benefits.

Palabras clave

  • employees
  • generation
  • intergenerational cooperation
  • intergenerational learning

JEL Classification

  • I24
  • M12
  • M53
6 Artículos

Original Scientific Papers

Acceso abierto

From Subprime and Eurozone Crisis with Full Speed into the Next Financial Crisis

Publicado en línea: 23 Sep 2017
Páginas: 3 - 11

Resumen

Abstract

This paper offers an analysis of the road from subprime and eurozone crisis to the elements of a new systemic crisis. Our aim is to research common issues that accompany each of these crises and to explore elements that hint that the financial systems are moving toward a new crisis. By holding short-term interest rates near zero, the central banks have encouraged malinvestment and speculation. Fuelling the bubble is the fear of missing out on trade. We find that actual events and movements on security markets follow a typical pattern, which indicates a serious threat for the next financial crisis. We also find enough signs that old crises lessons haven’t been learned.

Palabras clave

  • financial crisis
  • bubble
  • P/E ratio

JEL Classification

  • W32
  • G01
  • G12
Acceso abierto

Analysis of Personal Income Taxation Determinants in Croatia in Long Run: Evidence from Cointegration Analysis

Publicado en línea: 23 Sep 2017
Páginas: 12 - 18

Resumen

Abstract

Personal income taxation remains an ongoing issue in Croatia. It is used as an important instrument of income redistribution. Moreover, it directly affects purchasing power of the working population. Numerous changes have been made in this type of taxation since the establishment of Croatian tax system. The aim of this paper is to analyse possible determinants of personal income taxation in Croatia. After offering brief insight into public finance theory regarding personal income taxation, the structure of personal income taxation in Croatia is explained. The empirical analysis of the determinants of personal income taxation in Croatia is conducted using cointegration analysis. Economic conditions, average monthly wage, and number of taxpayers are used as determinants of personal income tax used in this research. The cointegration analysis is conducted using monthly data from January 2008 to February 2016. The results of the research show a statistically significant negative impact of economic conditions and statistically significant positive impact of average monthly wage and number of taxpayers on personal income taxation in long run, what is in line with economic and public finance theory.

Palabras clave

  • personal income taxation determinants
  • economic conditions
  • wages
  • number of taxpayers
  • johansen cointegration approach
  • Croatia

JEL Classification

  • C22
  • H24
  • H71
Acceso abierto

Greenfield and Brownfield Investments and Economic Growth: Evidence from Central and Eastern European Union Countries

Publicado en línea: 23 Sep 2017
Páginas: 19 - 26

Resumen

Abstract

Global foreign direct investment flows in terms of greenfield and brownfield investments have increased during the recent three decades resulting from the accelerating globalization. The considerable increases in the flows of foreign direct investment have many eventualities for the national economies. This study investigates the mutual effects among greenfield and brownfield (mergers and acquisitions) investments and economic growth in Central and Eastern European Union countries during the 2003–2015 period employing panel data analysis. The findings revealed that both greenfield and brownfield investments had positive influence on the economic growth, but the influence of greenfield investments was found to be relatively higher. Furthermore, one-way causality was discovered from both greenfield and brownfield investments to the economic growth.

Palabras clave

  • Greenfield investments
  • brownfield investments
  • economic growth
  • panel data analysis
  • Central and Eastern European Union countries

JEL Classification

  • F21
  • F23
  • F43
  • O40
  • C33
Acceso abierto

Effect of Depreciation of the Exchange Rate on the Trade Balance of Albania

Publicado en línea: 23 Sep 2017
Páginas: 27 - 36

Resumen

Abstract

The paper investigates the effect of the real effective exchange rate depreciation of the lek on the trade balance of Albania using quarterly data from 1994 to 2015. Bounds testing cointegration approach, vector error correction model (VECM), and impulse response were used for the empirical analysis. The results of the study show a long-term cointegration between the real effective exchange rate (REER) and the trade balance (TB). Specifically, the REER depreciation positively affects the trade balance of Albania in both the long and short run, indicating the weak presence of the J-curve effect. Important recommendations were derived from the results.

Palabras clave

  • J-curve
  • cointegration
  • elasticity
  • short-term effect
  • long-term effect

JEL Classification

  • F14
  • F31
  • F32
Acceso abierto

CSR EMAT Is an Opportunity for Responsible Decision-Making

Publicado en línea: 23 Sep 2017
Páginas: 37 - 46

Resumen

Abstract

Corporate social responsibility is an expected behaviour in Western countries, but the approach still does not have a clear interpretation in Hungary. As a result of the increasing prestige of the CSR approach, socially responsible thinking and action also are expected from the companies operating in Hungary. Company executives carry out CSR activities in many cases – but not consciously. The objective of this research therefore was the development of a guidance and evaluation criteria that can support managers in responsible decision-making and applying the CSR approach to a strategic level. On the other hand, this management tool allows the measurement of CSR excellence in companies; therefore, they become comparable in their CSR performance, which offers opportunities for further research. The study presents the development of CSR EMAT and the results achieved through the measurements.

Palabras clave

  • corporate social responsibility
  • EFQM excellence model
  • CSR EMAT
  • CSR excellence management
  • assessment tool

JEL Classification

  • M14

Review Paper

Acceso abierto

Intergenerational Cooperation at the Workplace from the Management Perspective

Publicado en línea: 23 Sep 2017
Páginas: 47 - 59

Resumen

Abstract

The labor market is currently experiencing employees of four generations. Each generation has different behavior patterns, attitudes, expectations, habits, and motivational mechanisms. As generational gaps play an important role in the business process, organizations have to find ways to balance the needs and views of different age groups. To overcome the negative outcomes arising from generational differences and to use the strengths of each generation, the implementation of comprehensive and proactive model of intergenerational cooperation, presented in the paper, is becoming the necessity for each organization because of the benefits.

Palabras clave

  • employees
  • generation
  • intergenerational cooperation
  • intergenerational learning

JEL Classification

  • I24
  • M12
  • M53

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