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Volume 68 (2022): Edition 2 (June 2022)

Volume 68 (2022): Edition 1 (March 2022)

Volume 67 (2021): Edition 4 (December 2021)

Volume 67 (2021): Edition 3 (September 2021)

Volume 67 (2021): Edition 2 (June 2021)

Volume 67 (2021): Edition 1 (March 2021)

Volume 66 (2020): Edition 4 (December 2020)

Volume 66 (2020): Edition 3 (September 2020)

Volume 66 (2020): Edition 2 (June 2020)

Volume 66 (2020): Edition 1 (March 2020)

Volume 65 (2019): Edition 4 (December 2019)

Volume 65 (2019): Edition 3 (September 2019)

Volume 65 (2019): Edition 2 (June 2019)

Volume 65 (2019): Edition 1 (March 2019)

Volume 64 (2018): Edition 4 (December 2018)

Volume 64 (2018): Edition 3 (September 2018)

Volume 64 (2018): Edition 2 (June 2018)

Volume 64 (2018): Edition 1 (March 2018)

Volume 63 (2017): Edition 4 (December 2017)

Volume 63 (2017): Edition 3 (September 2017)

Volume 63 (2017): Edition 2 (June 2017)

Volume 63 (2017): Edition 1 (March 2017)

Volume 62 (2016): Edition 4 (December 2016)

Volume 62 (2016): Edition 3 (September 2016)

Volume 62 (2016): Edition 2 (June 2016)

Volume 62 (2016): Edition 1 (March 2016)

Volume 61 (2015): Edition 6 (December 2015)

Volume 61 (2015): Edition 5 (October 2015)

Volume 61 (2015): Edition 4 (August 2015)

Volume 61 (2015): Edition 3 (June 2015)

Volume 61 (2015): Edition 2 (April 2015)

Volume 61 (2015): Edition 1 (February 2015)

Détails du magazine
Format
Magazine
eISSN
2385-8052
Première publication
22 Feb 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 68 (2022): Edition 2 (June 2022)

Détails du magazine
Format
Magazine
eISSN
2385-8052
Première publication
22 Feb 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

6 Articles
Accès libre

Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries

Publié en ligne: 11 Jul 2022
Pages: 1 - 18

Résumé

Abstract

Debt has become an important factor in economic activity and its extent has incentivized many researchers to incorporate it into contemporary growth models. On the positive side, debt has the ability to smoothen private consumption, firms’ investment and government expenditure in relation to their corresponding income, subsequently leading to better capital allocation. However, the history of debt defaults and lessons from European sovereign debt crises, which were accompanied by strict austerity measures, have warned us about the danger of debt overhang and unsustainable debt burdens. This paper tackles the question of the existence of a turning point, at which the negative effects of debt start to prevail in the economic process. In the sample of European Union countries in the period from 1995 to 2019, the author of this paper investigated the presence of threshold effects of government, non-financial corporate and household debt on medium-term growth following the paper by Mika and Žumer (2017). The author first confirmed the concave-shaped relationship between public debt and growth with a threshold of 111.6% of GDP, based on Eurostat debt-to-GDP data. In contrast, private debt was found to have first lag effects with an accompanied convex-shaped relationship between private debt and growth and with a corresponding threshold of 149.8% of GDP. Next, the author divided private debt into non-financial corporate and household debt to investigate a more detailed relationship between debt and growth. Corresponding to the Global Debt Database, the concave-shaped relationship between public debt and growth was confirmed with a threshold of 104.8% of GDP. Both of the investigated types of private debt confirmed the previously explored lagged impact on medium-term growth and a convex-shaped relationship between non-financial corporate and household debt and growth. The threshold of non-financial corporate debt stands at 138.3% of GDP, while that for household debt is 145.1% of GDP. Considering the presence of thresholds may offer an important message to economic policymakers, as timely and suitable governance can lead to either higher economic growth or prevent adverse effects of excessive indebtedness.

Mots clés

  • Indebtedness
  • Medium-term growth
  • Threshold effects

JEL Classification

  • E62
  • O40
  • R11
Accès libre

Government Expenditure and Economic Growth in Euro Area Countries

Publié en ligne: 11 Jul 2022
Pages: 19 - 27

Résumé

Abstract

In this article, the author examines the impact of government expenditure on economic growth. A review of empirical studies shows that researchers have found a negative link between government spending and economic growth in most cases. This paper is based on yearly data between 1995 and 2020 in euro area countries, with the application of linear regression on panel data. The main purpose is to determine whether government spending affects economic growth and, if so, how. Based on the econometrics model applied, the author established that in panel data, government expenditure has a negative impact on economic growth, more precisely, if government spending as a share of GDP increases by 1%, economic growth decreases by 0.509%. In addition, there is a significant negative relationship between government expenditure and economic growth for each country as well as the entire panel.

Mots clés

  • Government expenditure
  • Economic growth
  • Euro area
  • Panel data

JEL Classification

  • C23
  • E62
  • H41
  • H50
Accès libre

Board Structure and Bank Performance: The Mediating Role of Intellectual Capital

Publié en ligne: 11 Jul 2022
Pages: 28 - 42

Résumé

Abstract

Intellectual capital in the knowledge era is a strategic advantage of board structure, which leads to the improvement of a company’s work and the achievement of its goals. The aim of this study is to develop a structural model that connects the corporate governance, intellectual capital and financial performance of the banking sector. Corporate governance is conceptualised by the board of directors as the main internal mechanism of corporate governance, which is measured by the size of the board of directors, the number of independent board members and the female board members. Intellectual capital represents a mediator in this model and its efficiency is calculated through the Value Added Intellectual Coefficient (VAIC) model, while the financial performance of banks is measured through return on assets (ROA) and return on equity (ROE). The results of the study conducted in 22 Serbian banks between 2015 to 2019 show that the size of the board of directors and the number of independent board members have a statistically significant impact on intelectual capital (IC), but there is no impact on total assets (ROA). The number of women in the board of directors does not have a statistically significant effect on either ROA or ROE. The findings also indicate that intellectual capital (HCE, SCE, CEE) has a significant mediating role in the relationship between board structure and bank performance. The results of this study will provide a significant contribution to further investment in intellectual capital as the strongest link in achieving positive effects on bank performance.

Mots clés

  • Corporate governance
  • Board of directors
  • Board structure
  • Intellectual capital
  • Financial performance
  • Banking sector

JEL Classification

  • M10
  • M14
  • G34
Accès libre

Document Management System – A Way to Digital Transformation

Publié en ligne: 11 Jul 2022
Pages: 43 - 54

Résumé

Abstract

One of the key activities of any company is the management of documents, which are created on a daily basis. Classic document management cannot follow the needs of the market for companies with a desire to be agile and modern. Therefore, companies need to offer employees a solution that allows them to carefully store and archive documentation, while at the same time giving them enough time to perform their main daily tasks. Electronic management of documents not only influences companies’ workflows, savings and adaptions to market needs but also influences their digital transformation. It is also necessary to consider the influences on the environment. The influence of the production and use of paper in daily business has burdened the environment a lot in the past and it is about time that this matter is addressed. Implementation of a document management system (DMS) is now almost a must-have for companies wanting to be competitive in the market and with a desire to digitalise its processes, and is also surely a good step in the right direction for the environment. The aim of this paper is to define the advantages of disadvantages of a DMS as part of companies’ digital transformation as well as to provide an overview of the process of implementation and to analyse future trends and predictions in this field. For better understanding, the authors also included some examples of the implementation of a DMS in Slovenian companies.

Mots clés

  • Document Management System (DMS)
  • Critical success factors (CSF)
  • Document management system
  • implementation
  • Digital transformation
  • digitalisation

JEL Classification

  • M10
  • M15
  • L86
Accès libre

Analysis of the Attitude of Hungarian HR Professionals to Artificial Intelligence

Publié en ligne: 11 Jul 2022
Pages: 55 - 64

Résumé

Abstract

Human resource (HR) management is one of an organisation’s most important core activities. As new technologies and software applications spread, it is important to recognise that human resource management must also mature and, to this end, must apply new technological guidelines. Artificial intelligence (AI) is one such promising technology trend that is likely to change the existing methods of HR management. This paper examines the attitudes that AI evokes among practicing HR professionals and assesses the potential for the practical application of these technologies. A survey, in the form of a questionnaire, was conducted among Hungarian HR managers, which allowed the collection of first-hand data. The survey was conducted in winter 2021 using the snowball method sampling procedure. The questionnaire mainly contained Likert-scale questions. The results of the research show that survey participants have mixed emotions about AI. The respondents largely agreed that the tools provided by AI are effective and their use helps HR management. The main limitation of the research is that it is limited to just one country, since the COVID-19 pandemic made it difficult to find and involve respondents in the research.

Mots clés

  • Attitude
  • Artificial intelligence
  • Human resource management
  • Machine learning
  • Hungarian enterprises

JEL Classification

  • J24
  • M15
  • M54
  • O15
Accès libre

Does Entrepreneurial Risk-Taking Affect the Business Performance of Micro-Enterprises? Evidence from Skikda in Algeria

Publié en ligne: 11 Jul 2022
Pages: 65 - 77

Résumé

Abstract

According to several previous studies, entrepreneurial risk-taking is an important aspect that can lead to prospective business opportunities, hence improving entrepreneurial outcomes such as enterprise performance. The main purpose of this paper is to examine the extent and degree of impact of entrepreneurial risk-taking (ERT) as one of the dimensions of entrepreneurial mindset on the performance of micro enterprises in Skikda, Algeria. Based on a self-administered survey questionnaire, data were collected from a random sample of 142 micro-enterprises in Skikda. The study adopted descriptive, correlation, and regression analyses to estimate the impact of entrepreneurial risk-taking. collected data were analyzed using the Statistical Package for Social Sciences (SPSS 22) programme. The findings demonstrate that entrepreneurial risk-taking significantly affects the performance of micro enterprises in Skikda. Of the total variance of the performance of micro enterprise’s, 9.2% can be explained by the variability of entrepreneurial risk-taking. A small percentage is expected and can partly be explained by the presence of other factors that affect the performance of these enterprises as well as the negative effects of the COVID-19 pandemic on the process of economic activity and available business opportunities worldwide, especially these very small enterprises. However, the presence of this positive impact calls for a focus on raising the risk-taking spirit of existing and potential Algerian entrepreneurs, by holding conferences, forums and entrepreneurial programmes that enhance and support this characteristic of the entrepreneurial mindset.

Mots clés

  • Risk taking
  • Entrepreneurship
  • Business performance
  • Micro enterprises
  • Skikda
  • Algeria

JEL Classification

  • D81
  • L25
  • M13
6 Articles
Accès libre

Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries

Publié en ligne: 11 Jul 2022
Pages: 1 - 18

Résumé

Abstract

Debt has become an important factor in economic activity and its extent has incentivized many researchers to incorporate it into contemporary growth models. On the positive side, debt has the ability to smoothen private consumption, firms’ investment and government expenditure in relation to their corresponding income, subsequently leading to better capital allocation. However, the history of debt defaults and lessons from European sovereign debt crises, which were accompanied by strict austerity measures, have warned us about the danger of debt overhang and unsustainable debt burdens. This paper tackles the question of the existence of a turning point, at which the negative effects of debt start to prevail in the economic process. In the sample of European Union countries in the period from 1995 to 2019, the author of this paper investigated the presence of threshold effects of government, non-financial corporate and household debt on medium-term growth following the paper by Mika and Žumer (2017). The author first confirmed the concave-shaped relationship between public debt and growth with a threshold of 111.6% of GDP, based on Eurostat debt-to-GDP data. In contrast, private debt was found to have first lag effects with an accompanied convex-shaped relationship between private debt and growth and with a corresponding threshold of 149.8% of GDP. Next, the author divided private debt into non-financial corporate and household debt to investigate a more detailed relationship between debt and growth. Corresponding to the Global Debt Database, the concave-shaped relationship between public debt and growth was confirmed with a threshold of 104.8% of GDP. Both of the investigated types of private debt confirmed the previously explored lagged impact on medium-term growth and a convex-shaped relationship between non-financial corporate and household debt and growth. The threshold of non-financial corporate debt stands at 138.3% of GDP, while that for household debt is 145.1% of GDP. Considering the presence of thresholds may offer an important message to economic policymakers, as timely and suitable governance can lead to either higher economic growth or prevent adverse effects of excessive indebtedness.

Mots clés

  • Indebtedness
  • Medium-term growth
  • Threshold effects

JEL Classification

  • E62
  • O40
  • R11
Accès libre

Government Expenditure and Economic Growth in Euro Area Countries

Publié en ligne: 11 Jul 2022
Pages: 19 - 27

Résumé

Abstract

In this article, the author examines the impact of government expenditure on economic growth. A review of empirical studies shows that researchers have found a negative link between government spending and economic growth in most cases. This paper is based on yearly data between 1995 and 2020 in euro area countries, with the application of linear regression on panel data. The main purpose is to determine whether government spending affects economic growth and, if so, how. Based on the econometrics model applied, the author established that in panel data, government expenditure has a negative impact on economic growth, more precisely, if government spending as a share of GDP increases by 1%, economic growth decreases by 0.509%. In addition, there is a significant negative relationship between government expenditure and economic growth for each country as well as the entire panel.

Mots clés

  • Government expenditure
  • Economic growth
  • Euro area
  • Panel data

JEL Classification

  • C23
  • E62
  • H41
  • H50
Accès libre

Board Structure and Bank Performance: The Mediating Role of Intellectual Capital

Publié en ligne: 11 Jul 2022
Pages: 28 - 42

Résumé

Abstract

Intellectual capital in the knowledge era is a strategic advantage of board structure, which leads to the improvement of a company’s work and the achievement of its goals. The aim of this study is to develop a structural model that connects the corporate governance, intellectual capital and financial performance of the banking sector. Corporate governance is conceptualised by the board of directors as the main internal mechanism of corporate governance, which is measured by the size of the board of directors, the number of independent board members and the female board members. Intellectual capital represents a mediator in this model and its efficiency is calculated through the Value Added Intellectual Coefficient (VAIC) model, while the financial performance of banks is measured through return on assets (ROA) and return on equity (ROE). The results of the study conducted in 22 Serbian banks between 2015 to 2019 show that the size of the board of directors and the number of independent board members have a statistically significant impact on intelectual capital (IC), but there is no impact on total assets (ROA). The number of women in the board of directors does not have a statistically significant effect on either ROA or ROE. The findings also indicate that intellectual capital (HCE, SCE, CEE) has a significant mediating role in the relationship between board structure and bank performance. The results of this study will provide a significant contribution to further investment in intellectual capital as the strongest link in achieving positive effects on bank performance.

Mots clés

  • Corporate governance
  • Board of directors
  • Board structure
  • Intellectual capital
  • Financial performance
  • Banking sector

JEL Classification

  • M10
  • M14
  • G34
Accès libre

Document Management System – A Way to Digital Transformation

Publié en ligne: 11 Jul 2022
Pages: 43 - 54

Résumé

Abstract

One of the key activities of any company is the management of documents, which are created on a daily basis. Classic document management cannot follow the needs of the market for companies with a desire to be agile and modern. Therefore, companies need to offer employees a solution that allows them to carefully store and archive documentation, while at the same time giving them enough time to perform their main daily tasks. Electronic management of documents not only influences companies’ workflows, savings and adaptions to market needs but also influences their digital transformation. It is also necessary to consider the influences on the environment. The influence of the production and use of paper in daily business has burdened the environment a lot in the past and it is about time that this matter is addressed. Implementation of a document management system (DMS) is now almost a must-have for companies wanting to be competitive in the market and with a desire to digitalise its processes, and is also surely a good step in the right direction for the environment. The aim of this paper is to define the advantages of disadvantages of a DMS as part of companies’ digital transformation as well as to provide an overview of the process of implementation and to analyse future trends and predictions in this field. For better understanding, the authors also included some examples of the implementation of a DMS in Slovenian companies.

Mots clés

  • Document Management System (DMS)
  • Critical success factors (CSF)
  • Document management system
  • implementation
  • Digital transformation
  • digitalisation

JEL Classification

  • M10
  • M15
  • L86
Accès libre

Analysis of the Attitude of Hungarian HR Professionals to Artificial Intelligence

Publié en ligne: 11 Jul 2022
Pages: 55 - 64

Résumé

Abstract

Human resource (HR) management is one of an organisation’s most important core activities. As new technologies and software applications spread, it is important to recognise that human resource management must also mature and, to this end, must apply new technological guidelines. Artificial intelligence (AI) is one such promising technology trend that is likely to change the existing methods of HR management. This paper examines the attitudes that AI evokes among practicing HR professionals and assesses the potential for the practical application of these technologies. A survey, in the form of a questionnaire, was conducted among Hungarian HR managers, which allowed the collection of first-hand data. The survey was conducted in winter 2021 using the snowball method sampling procedure. The questionnaire mainly contained Likert-scale questions. The results of the research show that survey participants have mixed emotions about AI. The respondents largely agreed that the tools provided by AI are effective and their use helps HR management. The main limitation of the research is that it is limited to just one country, since the COVID-19 pandemic made it difficult to find and involve respondents in the research.

Mots clés

  • Attitude
  • Artificial intelligence
  • Human resource management
  • Machine learning
  • Hungarian enterprises

JEL Classification

  • J24
  • M15
  • M54
  • O15
Accès libre

Does Entrepreneurial Risk-Taking Affect the Business Performance of Micro-Enterprises? Evidence from Skikda in Algeria

Publié en ligne: 11 Jul 2022
Pages: 65 - 77

Résumé

Abstract

According to several previous studies, entrepreneurial risk-taking is an important aspect that can lead to prospective business opportunities, hence improving entrepreneurial outcomes such as enterprise performance. The main purpose of this paper is to examine the extent and degree of impact of entrepreneurial risk-taking (ERT) as one of the dimensions of entrepreneurial mindset on the performance of micro enterprises in Skikda, Algeria. Based on a self-administered survey questionnaire, data were collected from a random sample of 142 micro-enterprises in Skikda. The study adopted descriptive, correlation, and regression analyses to estimate the impact of entrepreneurial risk-taking. collected data were analyzed using the Statistical Package for Social Sciences (SPSS 22) programme. The findings demonstrate that entrepreneurial risk-taking significantly affects the performance of micro enterprises in Skikda. Of the total variance of the performance of micro enterprise’s, 9.2% can be explained by the variability of entrepreneurial risk-taking. A small percentage is expected and can partly be explained by the presence of other factors that affect the performance of these enterprises as well as the negative effects of the COVID-19 pandemic on the process of economic activity and available business opportunities worldwide, especially these very small enterprises. However, the presence of this positive impact calls for a focus on raising the risk-taking spirit of existing and potential Algerian entrepreneurs, by holding conferences, forums and entrepreneurial programmes that enhance and support this characteristic of the entrepreneurial mindset.

Mots clés

  • Risk taking
  • Entrepreneurship
  • Business performance
  • Micro enterprises
  • Skikda
  • Algeria

JEL Classification

  • D81
  • L25
  • M13

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