<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper presents how the environment - considered as a production factor - and other related assumptions can be introduced step by step in a theoretical Overlapping Generations General Equilibrium Model (OLG - GE). The first part shows the behaviors of agents with pollution in the absence of an environmental policy. The second part emphasizes a Greenhouse Gas abatement policy through the allocation of Pollution Permit ownership, which allows property rights on the environment; here we assume a three-factor model: Capital - Labor - Environment. The last part of of the paper highlights one theoretical property about the allocation of pollution permits within a OLG-GE steady state with the environment. To our knowledge, it is the first time that the aforementioned property has been characterized.</abstract>

Air Pollution, Allocation of Property Rights, Environmental Issues and Theoretical Overlapping Generations General Equilibrium Modelling

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Ethical standards are needed for all professional organizations and associations. One of the most important ethical standard applications that belong to the accountants can be given as example for these applications. At the same time, it is also the case that the application of these standards will be affected according to the sociocultural values of the society concerned. Therefore we should examine the effect of social-cultural values on accountants' behavior in each society separately.If we know the influence of these variables on the behavior of the individuals concerned, we can establish special additional rules and regulations for that specific society. In this way, the negative effects of the application of ethical standards on ethical behavior in each specific society can be eliminated.For this reason, this paper will provide information on ethical standards for accountants and explore the possible influence of socio-cultural values on accountants in connection with Hofstede's research. We will then try to determine these relationships from the viewpoint of Turkish accountants through our research. Our paper will conclude with suggestions on how to enhance the code of professional conduct in Turkey.</abstract>

Faculty of Economics and Administrative Sciences, Anadolu University

Open Education Faculty, Anadolu University

The Effects of Socio-Cultural Variables on the Application of Ethical Standards for Turkish Accountants

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper provides an analysis of the returns for education in Kosovo using data from a Household and Labour Force Survey. We argue that given the high unemployment rate in Kosovo, employed individuals may not be randomly selected from the labour force. Therefore, the estimates of the rates of returns for education based on the standard Mincerian earnings function may be biased downwards. Hence, the Heckman sample selection model is implemented, which adjusts the estimates of the wage equation for the self-selection of individuals into employment. We estimate the rate of returns for level of education and for years of education. We find relatively low rates of returns for education in terms of wage premia and argue that in countries with chronic labour market disequilibria (such as in Kosovo), the returns for education may be in terms of employment premia. To our knowledge, this is the first systematic study of these issues in this post-socialist and post-conflict economy.</abstract>

Returns for Education in Kosovo: Estimates of Wage and Employment Premia

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">The reality of international business is often a confrontation with failures and difficulties that are a result of a lack of understanding of cultural background, and not market conditions. The decision-making process depends on cultural background and choice of "the right way" - decision-making styles are dependent on the values and beliefs of the people involved in the decision-making process. Considering the fact that Western managers often neglect cultural differences present in the CEE context, the objective of this research was to point out the cultural similarities and differences in decision-making styles between Croatia, Slovenia and Hungary. A narrow-sample strategy was used in empirical research that confirmed that cultural values do influence decisions and decision-making styles and the hypothesis was accepted through X2 test analysis between Hofstede's dimensions of national culture and decision-making style.</abstract>

Influence of National Culture on Decision-Making Style

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper examines the risk and return performance of mutual funds in Slovenia from 2005 until August 2009. The research is limited to the regional investment policies in Europe and the energy sector. Using monthly returns, we analyzed different risk-adjusted measures such as: the Treynor ratio, the Sortino ratio and the Information ratio. We also studied selections and timing ability using the Treynor-Mazuy model. The risk and return performance of mutual funds in the Slovenian market does not deviate from those in developed markets. We also found out that the selection ability of fund managers is better than market timing and that the findings of this paper are in accordance with other international studies.</abstract>

Faculty of Business and Economics, University of Maribor

KBM Infond d.o.o., Asset Managment Company - Group Nova KBM

Mutual Fund Performance in Slovenia: An Analysis of Mutual Funds with Investment Policies in Europe and the Energy Sector

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">The Human Development Index (HDI) has played an influential role in the debate on human development (HD) for many years. However, no index is perfect and neither is the HDI of the United Nations Development Program (UNDP). This paper aims to construct a new composite index for the development performance of a sample of 30 Organization for Economic Co-operation and Development (OECD) countries by adding a fourth indicator, namely the unemployment index, to the calculation of HDI. The addition of the unemployment factor to the HDI as a new indicator has the potential to make the index more comprehensive and present a suitable approach for assessing the development performance of countries.</abstract>

Faculty of Business Administration, Gebze Institute of Technology, Çayırova 41400, Kocaeli, Turkey

Department of Economics, Hacettepe University, Beytepe 06800, Ankara, Turkey

An Alternative Human Development Index Considering Unemployment

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">The paper offers an overview of labor market characteristics in Slovenia with an emphasis on gender disparities. A survival analysis is conducted based on an extensive database obtained from the Employment Office of the Republic of Slovenia of more than 450,000 unemployment incidences between January 2004 and July 2008. Kaplan-Meier estimates of survival functions show specific disparities among unemployed women and men in Slovenia. Unemployed men are better off when re-entering the labor market as they are re-employed more quickly than women.</abstract>

Faculty of Economics and Business, Department of Political Economy, University of Maribor

Faculty of Economics and Business, Department of Quantitative Economic Analysis, University of Maribor

Faculty of Economics and Business Department of Economic Policy, University of Maribor

Gender Disparities in the Duration of Unemployment Spells in Slovenia

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This study evaluates optimal hedge ratios and the hedging effectiveness of stock index futures. The optimal hedge ratios are estimated from the ordinary least square (OLS) regression model, the vector autoregression model (VAR), the vector error correction model (VECM) and multivariate generalized autoregressive conditional heteroskedasticity (M-GARCH) models such as VAR-GARCH and VEC-GARCH using the S&amp;P CNX Nifty index and its futures index. Hedging effectiveness is measured in terms of within sample and out of sample risk-return trade-off at various forecasting horizons. The analysis found that the VEC-GARCH time varying hedge ratio provides the greatest portfolio risk reduction and generates the highest portfolio returns.</abstract>

The Hedging Effectiveness of Stock Index Futures: Evidence for the S&amp;P CNX Nifty Index Traded in India

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">The paper presents the results of a study that sheds light on the pension system and its dilemmas in Slovenia in light of current international macroeconomic changes and trends. We found that Slovenia has a pension system similar to that of other comparable economies (with the exception of the second pillar) and that it currently faces similar dilemmas as other economies that are resulting in inevitable reforms of the pension system. On the basis of international comparison and current demographic trends in Slovenia we proposed some policy recommendations for future reforms of the pension system in Slovenia.</abstract>

The Pension System in Slovenia in Light of Current International Macroeconomic Changes and Trends

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This manuscript focuses on development assistance players' efforts to cooperate, coordinate and collaborate on projects of mutual interest. I target the case of the cross-sectoral and international Media Issues Group designed to reform and develop the media sector in Bosnia and Herzegovina. I identify and categorize variables that influenced interorganizational relationships to summarize lessons learned and potentially inform similar interventions. This work suggests that cooperation, coordination and collaboration are constrained by contextual, strategic and procedural variables. Through participant narrative based on observation and interviews, this work clarifies the nuances within these three sets of variables for potential extrapolation to other settings. Perhaps more importantly, it provides lessons learned that can inform future international community interventions in market development activities.</abstract>

Media Reform and Development in Bosnia: An Interorganizational Account of the Media Issues Group

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Volume 18 (2023): Issue 2 (December 2023)

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South East European Journal of Economics and Business

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