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IS SOCIAL RESILIENCE AN ECONOMIC STRUCTURE ISSUE OR JUST THE ABILITY OF COMMUNITIES TO COPE WITH EXTERNAL STRESS?

Author(s): Paul-Răzvan Șerban,Cristian Tălângă / Language(s): English Issue: 1/2015

The paper analyzes social resilience at county level in Romania, in the context of the recent global financial and economic crisis. Generally, social resilience is seen as the ability of communities to cope with external stress such as changes in the economic environment. This study emphasizes the vulnerabilities of economies where communities live in, namely the particularities of economic environment where human communities evolve and co-evolve by resilience emergence. Thus, the link between the social and the economic component requires a special attention, initially external shock being experienced by the economic structure, which, to respond to sudden changes, dissipates shock to the other components of the social-economic system, namely the social component. The close relationship between the economic and the social components causes economies deepening into crisis by triggering a circular causality process. The population’s decision to change residence interrupts this process, leading to social resilience.

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Classes in Maximizing Shareholders’ Wealth: Irving Fisher’s Theory of the Economic Organization in Corporate Financial Economics Textbooks

Author(s): Tiago Cardao-Pito / Language(s): English Issue: 4/2017

Corporate financial economic programs are almost universally featured in economics and management degrees and, therefore, are an essential component of the culture-building process for current and future economists and managers. Nevertheless, these programs are not restricted to financial affairs. A survey of contemporary academic textbooks in corporate financial economics shows that these books are based on promoting Irving Fisher’s (1906) specific theory of the organization, which advocates that organizations exist to create wealth for their owners/shareholders. This theory has three key premises. 1) The “correct” equity/stock prices are equal to future cash flows that are payable to the organizations’ owners/shareholders. 2) The purpose of the firm and its managers is to maximize the value of the equity/share prices. c) Hence, their purpose is to maximize the cash flows (wealth) payable to owners/shareholders. None of these premises has been clearly demonstrated empirically. Yet, economic and business schools deliver lectures based on this rhetoric every year to thousands of students who will later hold influential roles in society.

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Offshoring in the European Union: a Study of the Evolution of the Tax Burden

Author(s): Elisabeth Bustos Contell,Salvador Climent-Serrano,Gregorio Labatut-Serer / Language(s): English Issue: 2/2017

One of the most serious effects of offshoring is tax avoidance, which harms the economies of the affected regions. In an attempt to eradicate tax avoidance, the EU seeks to establish tax harmonization across its Member States. Based on data for 2006–2014, this study analyzes the historical evolution and current trends of a convergence or divergence of the tax burden for 15 EU Member States. The effective tax rate was used to assess the tax burden. This study used a novel approach to analyze the tax burden and conducted a cluster analysis to examine changes in the effective tax rates between 2006 and 2014. The results imply that when the economy prospers, effective tax rates tend to converge. In contrast, during periods of economic downturns, effective tax rates diverge. This divergence occurs because of differences in Member States’ tax policies that reflect the various strategies that are adopted by different Member States to combat economic crises. Therefore, the tax harmonization criteria that were established by the EU are relegated to the background and offshoring is encouraged.

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Reshoring in Italy: a recent analysis

Author(s): Giuseppina Talamo,Michele Sabatino / Language(s): English Issue: 4/2018

This paper contributes to the emerging literature on reshoring by analyzing this return strategy in Italy with a focus on economic resilience. The joint analysis of reshoring and economic resilience is a missing link which could shed some light on the evolution of regional and international strategies and could help to understand whether there is a relationship between reshoring and the resilience of Italian industrial districts. In this regard, we intend to understand the behavior of companies which have carried out reshoring strategies and their links with the territorial and regional area, and hence the economic resilience of the Italian regions in the face of most recent economic and financial shocks, which has contributed to these types of business and production choices. The aim is to demonstrate whether there is a relationship at regional level between companies which have made reshoring choices and the degree of economic resilience of an area. Using recent data, findings suggest that the renewal of supply chain strategy through reshoring can enhance the value of Italian production by a changing business model.

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Financial Performance Measurement of Hungarian Retail Food Companies

Author(s): Veronika Fenyves,Zoltán Bács,Laura Karna,Adrián Szilárd Nagy,Tibor Tarnóczi / Language(s): English Issue: 4/2018

The comparison of company performances, i.e., bench-marking, is becoming more and more critical. Presently, companies mostly use traditional financial ratios to evaluate their financial performance. We also use financial ratios to measure and compare company performances, from which we create complex efficiency coefficients using Data Envelopment Analysis. Using Data Envelopment Analysis, we analyzed the efficiency of retail food companies in Hungary’s Northern Great Plain region from 2009 to 2014 using their financial reports. To improve the result of the performance measurement, we used the bootstrap method, the Hamiltonian Monte Carlo simulation, and Bayesian statistics. We transformed the primarily deterministic DEA method into a stochastic DEA model. The primary target of this extension is to enhance statistical inference in DEA and to integrate it with a stochastic mechanism of Bayesian techniques. To develop the stochastic DEA model, we use Stan Stochastic Modelling Language within the framework of the R Statistics. Analyzing the results, we can state that the DEA method can be used for analyzing efficiency, and the additions shown can make the evaluation much more accurate. We can conclude that the best results were produced by the combined method, during a simultaneous application of the input orientation.

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Tolerable Level of Corruption for Foreign Direct Investment in Europe and Asia

Author(s): Anselm Komla Abotsi / Language(s): English Issue: 3/2018

In 2009, Foreign Direct Investment (FDI) flows to developed countries experienced the largest decline among all regions and sub-regions. However, South, East and Southeast Asia showed the smallest decline among developing economies and remained the largest recipient of FDI inflows. Meanwhile, approximately 68% of the countries in Asia scored less than the tolerable level of corruption for investment (TLCI) in Africa (-0.27) over recent years. Moreover, corruption has been observed to be significant in virtually all Asian countries, but, despite this, the region remains the number one global investment destination. This study, therefore, estimates the TLCI in Asia and Europe to enable comparison across these regions. Secondary data from the World Development Indicators were used in this study. The frequency of the data is annual, and it is available from 1996 to 2013. The dynamic panel data estimation technique was deployed while controlling for other variables. The estimated TLCIs for Europe and Asia are 0.534 and -0.735, respectively, on the control of corruption scale, which ranges from approximately -2.5 (weak) to 2.5 (strong). Despite the lower TLCI in Asia, the region is still able to attract relatively more FDI inflow than Africa. This scenario may be attributed to the presence of sound policy factors that drive FDI inflows. Another reason may be due to the nature, scope, social role and the perception of corruption across these regions.

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Economic News and Household Decisions

Author(s): S. S. Vinokurov,A.A. Medved,L. A Mierin / Language(s): English Issue: 1/2018

This paper is devoted to the role of information context in the dynamics of consumption/savings decisions. The deviations from the traditional model of rational expectations are investigated, and the hypotheses of the «rational inattention» are tested. The basis for the study was a selection of news from the major Russian TV channels for 2006-2016. This news available to ordinary households in Russia was analyzed. News was defined as negative or positive with special program tools of sentiment analysis. It was found that increased uncertainty (the spread of positive and negative news) leads to the choice of consumption to the detriment of savings, which then reduces the investment base of the economy. The authors analyze the connection of the tonality of news and its changes with the real business cycle. The authors found that the information cycle with some lag correlated with the cycle in consumption/savings decisions in the Russian Federation. The authors conclude that the concept of rational inattention is more acceptable for this case. Based on the study, recommendations are offered for adjusting public policy.

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„Jelenia strzałem zwalam z nóg…”. O znaczeniu polowań w „Scenach myśliwskich z Dolnej Bawarii” Martina Sperra

Author(s): Zbigniew Feliszewski / Language(s): Polish Issue: 4/2018

The article is an attempt to read the early play of a German play wright Martin Sperr, from the perspective of hunting theory. In the play „Hunting scenes from Bavaria” of 1966, Martin Sperr shows the mechanisms of exclusion of a human being from the society. The play is set in a Bavarian village – a community on the threshold of economic, political and cultural changes, transforming from a production society into a consumer society. The economic crisis exaggerates the processes of exclusion, which culminates in the literal hunting for homosexual Abram. The article is an attempt to analyse the hunting artefact as a way to show the individual processes of exclusion from the community.

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Трансформации в социалните функции, роля и статус на науката в съвременното общество на знанието

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Трансформации в социалните функции, роля и статус на науката в съвременното общество на знанието

Author(s): Ludmila Ivancheva / Language(s): Bulgarian Issue: 5/2016

The article examines the transformations that have occurred in social functions, role and status of science in the modern knowledge society. It was found that modern science is problem-oriented, with extended ethos, deeply penetrating into the public system. There is a change in the target context of social functions – a transition from aspiration to obtain a scientific result that is possible and true to scientific result that is potentially useful and / or appropriate. It is revealed that the growing participation of the public in various stages of generating scientific knowledge, as well as its strengthened commitment to the issues of science policy, is a serious sign of the increased role of science in the modern knowledge society. The conclusion was made that the transformed social functions of science provoke further changes in the production, validation and dissemination of knowledge in the knowledge-based society. It is identified also a restored trust in the potential and role of basic research. The changes in the status of science are outlined, presenting the potentially negative effects of the loss of academic autonomy. Recommendations toward science policy are made in order to strengthen the social role of Bulgarian science.

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Istota i znaczenie szarej strefy w krajach członkowskich Unii Europejskiej

Author(s): Piotr Misztal / Language(s): Polish Issue: 2/2018

The shadow economy is a diverse concept and encompasses a series of phenomena whose common feature is the fact that it is beyond the control of the state. The complexity of the definition of the shadow economy also has its consequences, among others in its proper measurement and creating precise mechanisms aimed at combating it. The underground economy is constantly changing and adapting to current market conditions. In particular, the latest changes in the ways of working and business models, the development of the digital economy, wider social changes and globalization make new activities appear in the shadow economy and some existing ones expand their intensity and scope. They can create new social problems and may potentially undermine tax compliance in a wider scope. Therefore, the aim of this publication is to diagnose the main areas of activity in the shadow economy, with simultaneous indication of the causes and economic effects of its functioning and to determine the importance of the shadow economy in the EU member states.

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Income smoothing and market performance: empirical study on manufacturing companies listed in Indonesia stock exchange

Author(s): Kencana Dewi,Mukhtaruddin Mukhtaruddin,Iqbal Agung Prayudha / Language(s): English Issue: 1/2018

In the age of modern accounting, the era where income information is viewed to be no longer the main information that investor seeks, income smoothing is proven to be still existing. This study aims to find why income smoothing (IS) still exists in Indonesia Stock Exchange (IDX) by analyzing its effect on the market performance (MP). The study divides MP into three perspectives: market response is representing current investor; market risk (MR) is representing potential investor; and market value (MV) is representing the management. Purposive sampling method is applied in this study and 65 companies are examined throughout 2011–2013. Using three models to analyze each of the relation, the results shows that IS only significantly affects the MP of companies in the aspect of market response, while the other aspects, MR and MV, yield insignificant results.

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Financial sustainability of the state pension system of Ukraine

Author(s): Olena Horbunova,Viktoriia Kartseva,Nataliya Pedchenko,Myroslav Ostapenko / Language(s): English Issue: 2/2018

The financial situation of the Ukrainian pension system and the problems of its reforming play an important role in determining the general standard of living in the country. The institutional weaknesses in the financial management of the state pension system have led to an unbalanced budget of the Pension Fund of Ukraine and a low standard of living for pensioners. In order to identify the potential for building an effective system of pension insurance, it is necessary to study the modern aspects of financial provision of the Ukrainian pension system. The article defines the economic interrelations between the processes of forming the financial resources of the Pension Fund of Ukraine and the volume and structure of the gross domestic product. In view of this, the financial sustainability of the state pension system of Ukraine has been researched and the determinants of its stable functioning in the years 1999–2017 have been identified, which enables to influence the process of effective formation and use of pension resources and to identify the strategic directions of reforming the pension system.

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Testing efficient market hypothesis in developing Eastern European countries

Author(s): Saša Tokić,Berislav Bolfek,Anita Radman Peša / Language(s): English Issue: 2/2018

This paper analyzes financial markets in four developing countries (Croatia, Serbia, Slovenia, Slovakia) using daily returns of their respective stock market indices from January 1, 2006 till December 31, 2016, time frame which was rarely analyzed. Analysis was conducted by various statistical tests, more precisely serial correlation test, runs test, Augmented Dickey-Fuller test, unit root test, variance ratio test and test of January effect. Results suggest that all analyzed indices, except BelexLine (Serbia), confirm weak form of efficient market hypothesis, while the results on the index BelexLine are mixed and it can be concluded that it does not follow weak form of efficient market hypothesis. Given these results, it can be said that not only passive approach to portfolio management is more appropriate on all indices, except BelexLine, but also additional test and more complex models are necessary in order to confirm this conclusion.

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Measuring the inclusiveness of international financing to tourism in Latin America and the Caribbean

Author(s): Isabel Carrillo-Hidalgo,Juan Ignacio Pulido-Fernández / Language(s): English Issue: 3/2018

Globally, tourism has been identified as a means of poverty reduction and development, and as a means of encouragement of females, minorities and small businesses to better engage in the mainstream of economic life. This paper examines whether the international and governmental financial support, grated by international financial institutions, is effectively achieving these aims in Latin America and the Caribbean. A series of indices are established in the paper that assess the extent to which such funding includes non-corporate enterprise while also considering the volume and nature of such funding. It is concluded that the goals of inclusiveness are not being met.

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Oil price movements, exchange rate and Nigerian manufacturing sector growth: a short-run analysis

Author(s): Adeleke Omolade,Harold Ngalawa / Language(s): English Issue: 3/2018

The paper conducts a short-run analysis of the implications of oil price movements and exchange rate relationship for the Nigerian manufacturing sector growth between January 2008 and September 2017. Monthly data are extracted on variables such as oil price, exchange rate, inflation rate, interest (lending) rate, money supply and the manufacturing sector growth rate. Oil price movements are viewed in terms of both volatility and change. While EGARCH is used to estimate oil price volatility, oil price change is measured using Hamilton index for both oil price sharp drop and jump. The SVAR results indicate that exchange rate and inflation rate are more responsive to sharp drop in oil price. The two variables also have the highest impact on the manufacturing sector growth. Findings further indicate that Nigerian manufacturing sector is more affected at the cost side than the output side. This underscores the importance of tackling the inflation pressure in Nigeria from the structural perspective as against the monetary perspective.

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The association between foreign directors and opportunistic financial reporting

Author(s): JungHwa Suh,Ho-Young Lee,Hansol Lee / Language(s): English Issue: 4/2018

This study examines the effect of foreign directors in the board of directors on the monitoring function by analyzing the association between foreign directors and opportunistic financial reporting. The authors address this question by examining the effect of the foreign directors in the board on firms’ discretionary accruals and book-tax difference. The researchers analyze by using Korean firm data for the years 2001–2014 as Korea is one of the few countries that nepotism is strong within the board, providing the ideal setting to analyze the effect of foreign directors on the monitoring function of the board. The authors find that foreign directors have a positive effect on the monitoring function of the board, as discretionary accruals and book-tax differences of firms with foreign directors are lower than those without foreign directors. Further, the researchers find that the positive effect of foreign directors on the monitoring function is more pronounced if foreign directors are independent directors or expertise in accounting or finance. Overall, the findings support the view that foreign directors in the board increase the board diversity, which increases the independence of the board and so the monitoring function.

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Fiscal stimuli and consolidation in emerging market economies

Author(s): Igor Chugunov,Mykola Pasichnyi / Language(s): English Issue: 4/2018

The Great Recession has imposed vital limitations on the policy maker’s ability to react to further economic challenges. In this article, the authors set a purpose to assess the expediency and the size of fiscal consolidation or expansionary measures for countries with emerging markets depending on economic dynamics. The data on the episodes of large changes in fiscal policy, representing both fiscal stimuli and consolidation in Ukraine and in the EU countries with emerging market economies from 2001 to 2017, were evaluated. The authors examined the main reasons of fiscal policy’s volatility and its impact on economic growth. The countries with low and medium level of institutional framework for fiscal policy formulation could face permanent deficit and public debt problem. Episodes of expansionary fiscal adjustments based on government revenues cuts and spending increases were more effective compared with those that were entirely based on spending increases. Empirical investigation showed that successful fiscal consolidation measures obligatory included the government primary spending reduction. In those cases, the budget deficit-to-GDP and public debt-to-GDP ratios were declined. Medium-term priorities to develop the methodical bases of fiscal policy design were justified.

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Technical analysis testing in forecasting Socially Responsible Investment Index in Indonesia Stock Exchange

Author(s): Dolly Parlagutan Pulungan,Sugeng Wahyudi,Suharnomo Suharnomo,Harjum Muharam / Language(s): English Issue: 4/2018

This study aims to examine whether the Autoregressive Integrated Moving Average (ARIMA) model is appropriate to be applied in the Indonesia Stock Exchange, especially for the socially resposible investment stocks. For the ARIMA model combines the autoregressive and moving average method, so it is viewed as a useful tool to predict the stock prices. Those methods are frequently used methods to forecast the stock prices. The data used in this study were daily SRI-KEHATI Index during the period of June 8, 2009 to July 17, 2017. The results showed that the daily SRI-KEHATI Index data were not stationary data, thus this data needed to be transformed. The transformation was done by using the first seasonal differencing transformation process. After being transformed, those data became stationary. Furthermore, this study found that ARIMA (3,1,1) was a model, which might be appropriate and fit with the data condition. This method was also relevant to be applied in the Indonesia Stock Exchange in order to forecast the stock prices.

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The interaction between governance, social responsibility, and territorial attractiveness: an application of “the structural equation modeling approach

Author(s): Hosn el Woujoud Bousselmi,Lorena Caridad,Nuria Ceular Villamandos / Language(s): English Issue: 4/2018

The purpose of this article is to present and test a conceptual framework that describes how the government’s commitment in improving corporate social responsibility (CSR) practices promotes the attraction of foreign direct investment (FDI) in Tunisia. As such, this conceptual framework inspires the existence of an interaction between the improvement of CSR practices by public policies (PP), and the attraction of FDI. In this regard, this study applied structural equation modeling (SEM) to empirically test this proposed model. It finds that the Tunisian government is valuing CSR and considering it as an investment. It presents examples of instruments, PP and tools that encourage to adopt CSR practices, thus, enhancing the attraction of FDI, which will have a positive impact on the growth of the country in terms of wealth creation, jobs and poverty reduction.

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Assessment of financial and economic security of the region (based on the relevant statistics of the Donetsk region)

Author(s): Bogdan Derevyanko,Liudmyla Nikolenko,Irina Syrmamiik,Yevgen Mykytenko,Iosif Gasparevich / Language(s): English Issue: 4/2018

In the article, the indicators of financial and economic security of Donetsk region are analyzed. The task of setting statistical estimation of financial and economic security of the region in modern conditions is based on the official materials of the State Statistics Service. For the possibility of further econometric modeling and forecasting, only quantitative indicators are used. This approach limits the number of evaluated indicators, but is considered the most objective. The analysis of financial and economic security is carried out in the context of two spheres of regional development: economic and social. The conducted analysis of the dynamics of the main socio-economic indicators of development of the Donetsk region for the period 2012–2016 allowed to identify the main trends characterizing the development of the region’s economy; provide an assessment of the financial and economic security of the region and identify some “problematic” places of financial and economic security in Donetsk region. Some of the most acute problems were identified in the assessment of financial and economic security and the features of state-legal provision of financial and economic security in the present conditions, as well as the proposed algorithm for monitoring the financial and economic security of the region. The analysis allowed to identify some “bottlenecks” of financial and economic security in the Donetsk region and to demonstrate that close attention and monitoring are required by the level of capital investments, the level of unemployment and the share of households with incomes per month below the legal living wage. The study enables to minimize the risks to form effective directions in assessing the financial and economic security of the region and proposes to optimize on a legal basis the whole mechanism for ensuring the financial and economic security of the region. As a result, the research revealed the most acute problems in assessing the financial and economic security of the region and proposed an appropriate algorithm for monitoring its level.

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