<abstract xmlns="http://www.w3.org/1999/xhtml">This study primarily aims to analyze the relationship between selected board characteristics and the extent of environmental disclosure in annual reports of Turkish companies, using a sample of 62 non-financial firms listed on the BIST-100 index at the end of 2011. The content analysis is used to measure the extent of environmental disclosure. Four board characteristics, namely board size, board independence, board gender diversity and audit committee independence, are considered as the independent variables that may have an impact on the extent of the environmental disclosures of Turkish companies. According to the results of the regression analysis, only board size has a statistically significant and positive relationship with the extent of environmental disclosure. This result implies that firms with larger boards disclose more environmental information than firms with smaller boards. On the other hand, the rest of the independent variables are found to be unrelated to the extent of environmental disclosure. The low degree of independence and gender diversity on the boards of the sample companies for the time period analyzed in the study could be one possible explanation for this result.</abstract>

The Relationship Between Board Characteristics and Environmental Disclosure: Evidence from Turkish Listed Companies

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper focuses on the relationship between exporting and the labour markets of the Western Balkan economies within a macroeconomic and microeconomic framework. Within the macroeconomic framework we investigate the Western Balkan countries’ evolution of the bilateral intra-industry trade share with European Monetary Union members and compare this with the differences in bilateral unit labour cost dynamics. The microeconomic analysis rests on enterprise-level cross section data collected during the crisis period and investigates whether exporters help to create additional jobs in the region in comparison to entrepreneurs oriented towards national market. The results show that trade patterns between Western Balkan economies and EMU trading partners did not exhibit any significant changes in trend. On the other hand, it seems that during the recession period most Western Balkan economies adjusted their unit labour costs, probably in order to boost competitiveness. Microeconomic analysis revealed that, although there are some positive differences between exporters and non-exporters, exporters do not create additional employment.</abstract>

Senior Research Associate, The Institute of Economics, Zagreb,

Research Associate, The Institute of Economics, Zagreb,

Competitiveness, Trade with the EU and Labour Markets: Challenges for the Western Balkans

<abstract xmlns="http://www.w3.org/1999/xhtml">The paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.</abstract>

Doctoral Candidate, Department of Economics, University of South Africa, Pretoria,

Professor of Economics, Department of Economics, University of South Africa, Pretoria,

Macroeconomic Determinants of Economic Growth: A Review of International Literature

<abstract xmlns="http://www.w3.org/1999/xhtml">The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL) model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.</abstract>

Trade Liberalisation and Economic Growth in Macedonia

<abstract xmlns="http://www.w3.org/1999/xhtml">The goal of this paper is to examine the stability of money demand (M1) in five Western Balkan countries using quarterly data from 2005Q1 to 2014Q4. The dynamic ordinary least squares – DOLS method was used to find the long-run relationships in a money demand model. The empirical results identify the long-run money demand relationship among real M1 nominal interest rate, exchange rate, inflation and a dummy variable for the effect of the European debt crisis. The estimated long-run coefficients are, respectively −0.086, 0.519, 0.002 and 0.030. Our findings imply that real money demand in Western Balkan countries was stable in the analyzed period.</abstract>

Faculty of Economics, Ss Cyril and Methodius, University in Skopje

The Stability of Long-Run Money Demand in Western Balkan Countries: An Empirical Panel Investigation

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE) region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects) and a dynamic panel model (Generalized Method of Moments – GMM), while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime.</abstract>

Assistant Professor at Faculty of Economics, Goce Delcev University – Stip,

Associate Professor at Faculty of Economics, Goce Delcev University – Stip,

An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia

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South East European Journal of Economics and Business

 The South East European Journal of Economics and Businessis a research oriented journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe, and their importance for global economic growth. Our goal is to establish an academic journal in the field of economics and business based on both regional and an international focuses, original articles, rigorous selection, continuous publication and talented authors. The journal does not have article processing charges (APCs) nor article submission charges. Why subscribe and read   High-quality research oriented Journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe;  Excellent articles authored by talented authors from all over the world with perspective on regional economies and business activities, reviewed by prominent reviewers.   Why submit   Fast, fair and constructive double-blind peer review;  Promotion of each published article.   Topics   Accounting and Finance  Banking and Insurance  Business Information Systems  CSR and Sustainability  Economics of Transition  Entrepreneurship  Financial Management  Growth and Development  Human Resources Management  Institutional Economics  International Economics and Business  Marketing Management  Organizational Behavior, Innovations and Competitiveness  Regional Economics and Integration  Strategic Management  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 