A Dynamic Approach to Manage the Production Capacity

Author(s): Ion Năftănăilă,Ilinca Hotăran,Georgiana Cioană / Language(s): English Issue: S1/2009

The purpose of the article “A Dynamic Approach to Manage the Production Capacity” is to identify the main elements that are “overlooked” by the classic literature in this field. After a short inclusion into the definition and methods of capacity planning, we complete this article with our own research. We accentuate the importance of defining bottlenecks, in order to define the relationship between possible production and actual production capacity. The entire article underlines the importance of the governing link, suggesting the necessity for the dynamic approach of the production capacity. In order to face our time challenges we must compare the links within the capacity planning with what is requested of them and not just between themselves. This article provides a classic solution but also opens new ways for future developments.

A Dynamic Correlation Analysis of Financial Contagion: Evidence from the Eurozone Stock Markets

Author(s): Mohamed Ali Trabelsi,Salma Hmida / Language(s): English Issue: 3/2018

Objective: In this article, we try to determine whether there are contagion effects across the Greek stock market and the Belgian, French, Portuguese, Irish, Italian and Spanish stock markets during both crises periods. Research Design & Methods: To reach our aim, we used a bivariate Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH) model to measure the extent of dynamic correlations between stock returns of our sample. Findings: Our results point to the presence of a contagion effect between all market pairs during the subprime crisis and between the Greek and Portuguese stock markets during the European sovereign debt crisis. Implications & Recommendations: The obtained results are useful for investors, in particular for their portfolio diversification strategies. They are also useful for the monetary and financial authorities in their efforts to absorb shocks resulting from crises. Contribution & Value Added: The originality of this work lies in studying contagion effect across the Eurozone stock markets through the bivariate DCC-GARCH model which is an original dynamic estimation of conditional correlations in Multivariate GARCH models. The measures of contagion effects following the valuation of countries induced by the massive negative sovereign rating signals during the crisis period would also be interesting to study. The methods might also be applicable to this kind of contagion type and for contagions effects across European stock market returns.

A financial performance comparison of group and non-group firms in textile sector of Pakistan

Author(s): Ishtiaq Ahmad,Syed Zaheer Abbas Kazmi / Language(s): English Issue: 08/2016

Pakistan is a developing economy and business groups are key players of the Pakistan’s economy. Previous research evidence shows that in the emerging economies group affiliation creates value for the firms. This study is intended to empirically investigate to know that whether group affiliated (GA) firms perform financially better than non-group affiliated firms or not? GA firms in emerging economies can have better financial performance by sharing tangible and intangible resources at group level. The financial ratio is used to compare performance of affiliated and non-group affiliated firms by using the data of 70 textile firms listed at Karachi Stock Exchange(now Pakistan Stock Exchange) covering a period from 2008 to 2012. Based on mean values of return on assets (ROA), results of the study show that GA firms have higher financial performance than non-group affiliated firms in each year and over all five years.

A forecasting model for assessing the influence of the components of technological growth on economic security

Author(s): Olha Ilyash,Ruslan Lupak,Maryna Kravchenko,Olena Trofymenko,Natalia Duliaba,Iryna Dzhadan / Language(s): English Issue: 1/2022

The system of indicators for assessing the impact of the components of technological growth on economic security is generalised. This task is carried out by selecting a system of indicators (40 indicators), which, on the one hand, are consistent with one another and with key indicators used in analysing the state of economic security, and which are identified by the components of technological development, on the other hand. The standardisation of the values of initial data i.e. indicators, the determination of the degree of their deviations from the reference parameters and further integral assessment helped to find a generalised indicator of the state of development and the influence of technological growth on the parameters of the system of economic security. The purpose of the study is to test tools for forecasting modelling of the results of assessing the impact of technological growth on economic security. In accordance with the purpose, the level of relationships between the indicators of technological growth and the level of economic security is assessed. High, average and low levels of their relationship is revealed. The obtained results made it possible to forecast the rates of technological growth, perform exponential smoothing of the forecast estimates of the impact of the components of technological growth on economic security and employ damping measurement of the forecast level of the dependence of technological growth and economic security. Taking into account trends in technological growth, the system of indicators of the forecasting model for assessing economic security is expanded. The accuracy of the forecast is determined by the limits of the analysed period of the dynamics of the indicators – from 2013 to 2019, considering the impact of changes in the methodology for calculating individual input data according to statistical sources for the period under study. The use of forecasting models to assess the impact of technological development on Ukraine’s economic security will help identify political, economic, social and technological factors that will stimulate investment, strengthen economic openness, increase the volume and share of domestic high-tech exports, and thus, strengthen economic security.

A Framework for Assessing Sustainability of Farming Enterprises

Author(s): Hrabrin Bachev / Language(s): English Issue: 39/2016

This paper gives an answer to two important questions: „what is sustainability of farming enterprises?“ and „how to assess sustainability of farming enterprises?“. First, major shortcomings of dominating approaches for assessment of sustainability of farming enterprises like individual and family farms, agro- companies, agro- cooperatives etc. are summarized, and the needs for improvement underlined. Second, evolution of the “concept” and the major approaches for assessing sustainability of farming enterprises is discussed. More adequate definition of the farming enterprise’s sustainability is suggested as ability of a particular form to maintain its governance, economic, social and ecological functions in a long term. Finally, a specific for the conditions of Bulgarian agriculture framework for assessing sustainability of farming enterprises is proposed. The later includes a system of appropriate principles, criteria, indicators, and reference values for evaluating governance, economic, ecological and social aspects of farming enterprise’s sustainability as well as an approach for their integration and interpretation. The ultimate objective of this study is to work out an effective framework for assessing sustainability of farming enterprises of different type in the specific economic, institutional and natural environment, assist farm and agro- business management and strategies, and agricultural policies and forms of public intervention in agrarian sector.

A fuzzy knowledge-based framework for risk assessment of residential real estate investments

Author(s): Mónica I. F. Ribeiro,Fernando A. F. Ferreira,Marjan S. Jalali,Ieva Meidutė-Kavaliauskienė / Language(s): English Issue: 1/2017

Risk analysis of residential real estate investments requires careful analysis of certain variables (or determinants). Because real estate is a key sector for economic and social development, this risk analysis is seen as critical in supporting decision processes relating to buying or selling residential properties, partly due to the pressures caused by the current economic environment. This study aims to develop a conceptual reference model for risk assessment of residential real estate using fuzzy cognitive mapping. This fuzzy model allows cause-and-effect relationships between determinants to be identified and better understood, which in turn allows for better informed investment decisions. The results show that the use of cognitive maps reduces the number of omitted criteria and favors learning with regard to how the criteria relate to each other, holding great potential and versatility in structuring complex decision problems. Practical implications, strengths and weaknesses of our proposal are discussed.

A gazdasági fejlődés új útjainak keresése

A szervezeti innovációk és a szervezeti tanulás szerepének felértékelődése

Author(s): Miklós ILLÉSSY / Language(s): Hungarian Issue: 4/2016

PhD theses of Miklós Illéssy about searching for new directions in economic development, and about the role of organizational innovation and organizational learning

A GLIMPSE INTO THE R&D PERFORMANCE AT EUROPEAN UNION LEVEL

Author(s): Alina Georgeta Ailincă / Language(s): English Issue: 1/2017

The persistent uncertainty after the global economic crisis together with EU diffuse perspective challenges the possibilities of boosting regional and global economic growth. The confidence in EU as an innovation-driven regional economy has to be renewed: the base points of economic life must be restored, fresh educational approaches are needed and the competences, that are a precondition for success, must be brought back or reconstruct. Thus, research and development (R&D) public and private policies must play a key role in efforts to create wellbeing and sustainable growth at EU member countries. A large number of studies have been conducted in order to evaluate (directly or/and indirectly) the performance of R&D on society but there is still a lack of broadly acceptable and rigorous applicable methodologies for R&D performance assessments. In this sense, on the grounds of some Eurostat and OECD indicators, the expected results of this article are intended to contribute to a better understanding of the R&D performance on overall EU economy and on some EU member countries.

A képzettség szerepe a gazdasági növekedésben ágazati megközelítésben

Author(s): Domicián Máté / Language(s): Hungarian Issue: 3/2013

A koopetitív kkv-hálózatok területi dimenziói és hatásai

Author(s): György Jóna / Language(s): Hungarian Issue: 01/2016

Overall purpose of this article is to scrutinize theoretically and empirically the relationship between local economic development and coopetitive networks of SMEs. This new aspect facilitates to understand more the driving force, core and automatisms of regional economic growth. By combining quantitative and qualitative methods the paper can provide insight into the process of regional economic growth. Of course, the dataset is analyzed and elaborated by the graph theory and its models. Despite this fact, I found, for the first time ever, three coopetitive networks of SMEs at nodal regional level. The results shows that there is significant close correlation between the SMEs networking and local/urban economic development, it can be proved by not only conceptually but also by empirically as well. The players of coopetitive networks have been able to cooperate each other within the framework of transportation and information distribution so as to they could reduce expenditures. Finally, the urbanization economies of scale and the localization economies of scale have been determined by the three coopetitive networks of SMEs.

A kraków to… Miasto innowacji. Gospodarka kreatywna jako czynnik rozwoju miast na przykładzie Krakowa – adaptacja koncepcji 3T Richarda Floridy

Author(s): Patrycja Kumięga / Language(s): Polish Issue: 1/2017

The subject of the paper is to analyze the concept of the creative class in relation to the conditions of Cracow and their impact on the local and regional development. The aim of the article is the justification that Cracow meets the requirements of a creative city and for its development are responsible the interaction of three factors (talent, technology and tolerance).

A LEADER-program Európában és Magyarországon

Author(s): Csaba Patkós / Language(s): Hungarian Issue: 3/2014

With the era of globalization, regions that lag behind are becoming ever more problematic worldwide – and intervention-like central development initiatives usually fail to deal with the problems. So-called immanent programmes building on bottom-up initiatives and aiming to involve local communities have been successful alternatives for decades now. In Europe, the LEADER initiative has been operating since the early 1990s. The relevance of local knowledge in such cases is introduced via a case study coming from a successful European LEADER local action group. In our article, anomalies existing within the Hungarian experience will be highlighted as well.

A logit analysis of development and democracy. The Romania's case

Author(s): Mihai Mutascu ,Anne-Marie Fleischer / Language(s): English Issue: Spec/2011

The paper analyzes empirically, in Romania’s case, the relationship between economic development (dependent variable) and its political factors (independent variables). The analysis is based on the construction of a linear “Logit Model” and the data set is covering the period 1926- 2007. The main results show that, in Romania’s case, which the economy has an expansive and competitive market, the economic development, can be accompanied, by high levels of democratization, with high political stability, on a republican base, but this is not a rule.

A Long Term Analysis of Two Undeniable Realities of the XXI Century - Global Economic Crisis and Demographic Aging

Author(s): Alina Ștefania Chenic Crețu,Alin Ioan Crețu,Laurențiu Teșcan / Language(s): English Issue: 2/2018

The article highlights idea which said that, in actual socio-economics conditions, will appear inherently lethal mixture between two undeniable realities of the century, namely, on the one hand, economic and financial crisis, with immediate effects of restricting economic activities and thus drastically reducing job remuneration for work and, on the other hand, the trend of demographic aging in most civilized geopolitical zones, strong or medium economic developed. Mankind has lived a long time with the phobia of population explosion, as well as the phobia of premature death due to incurable medical conditions characteristic of the twentieth century but human medicine and the pharmaceutical industry have made remarkable progress. Life expectancy has increased continuously and spectacularly, especially in economically developed areas in Europe, North America, Asia and Australia. Along with this joyful reality, the civilized world has adopted an unexpected demographic trend, namely a massive reduction in the birth rate. Therefore, along with the trend at the beginning of this millennium - in which the civilized people marry and procreate a maximum of 1-2 children up to the age of 35 - after 2008, the global economic crisis appeared. What will happen in the XXI century? Will the world's median age increase, dramatically reducing the ratio of people of working age and the total population? But the worst thing, in this context, seems to be the strangely inadequate reaction of human society regarding the use of available workforce. Many people of working age - often quite competent people- remain outside the labor market! Thus, this scientific approach constitutes a warning on the urgent and effective implementation necessity of new employment policies. On the contrary, we must accept that human civilization has finally found the brilliant and absolutely ridiculous model of self-destruction precisely because of the scientific and technical progress of medicine regarding the increase in life expectancy? Evolution involves regression?!

A LOW-COST INTERVENTION FOR REDUCING COSTS FROM HIGHER EDUCATION DROPOUT: THE DROPOUT REDUCTION MODEL

Author(s): Ran Bar-Am / Language(s): English Issue: 4/2017

National investment in education improves national economic prosperity and contributing to development. In countries where there is significant investment in higher education at the national level, student dropout from higher education represents a major source of financial loss. There are also losses at the institutional level. Although the high cost of dropout is understood, institutions have failed to take responsibility for dropout reduction, owing in part to the additional cost associated with dropout prevention. To address this issue, we present, on the basis of theoretical and empirical literature, the Dropout Reduction Model. The Dropout Reduction Model focuses on institutional responsibility for (a) student commitment, (b) social support, and (c) institutional support and provides strategies for the improvement of each of these three values. Additionally, we propose a concrete intervention based on the Dropout Reduction Model, by which institutions can effect reductions in dropout rate without incurring significant costs. The intervention focuses on policy and pedagogy changes with minimal required inputs, thereby enabling institutions to reduce sunk costs from dropout without significant budgetary strain.

A method of increasing the number of tourists in Romania: Sibiu – European capital of culture

Author(s): Gabriela Cecilia Stănciulescu,Aurora Costina Lincă,Adrian Cătălin Voinilă / Language(s): Romanian Issue: 35/2016

The title of European Capital of Culture could help immensely a city and its surrounding region from cultural, social and economic point of view. Cultural activity in the city is gaining momentum and new categories of tourists are attracted here. To determine if being a cultural capital influenced or not the growth and/or decrease trend as regards the number of tourists that came to Sibiu in a consecutive period of 23 years, the starting point was that this event had a major impact on tourists. The present paper is a quantitative research based on the number of Romanian and foreign tourists accommodated in structures of tourist receptions with functions of tourist accommodation. The conclusions of this article respond to these questions: Being a European Capital of Culture attracts or not more tourists than usual? The increase in the number of tourists was proportional with the effort of the authorities involved in the project?

A MODEL APPROACH TO UNDERSTANDING MONETARY AGGREGATES GROWTH IN SIERRA LEONE AND IMPLICATIONS FOR POLICY FORMULATION

Author(s): Emerson Abraham Jackson,Patricia Sarah Vandy / Language(s): English Issue: 25/2022

This study has adopted a model approach to developing an understanding of monetary aggregates (MA) growth in Sierra Leone, which certainly has implications for effective policy formulation by the central bank authority. In pursuance of this, we utilized the Autoregressive Moving Average (ARIMA) model with data spanning 2002M1 to 2021M12 to investigate the out-of-sample projection performance of the disaggregated components that makes up the MA for Sierra Leone – typically in this case Reserve Money (RMA), Currency-in-Circulation (CiC) and Reserve Money (RM). In our evidence from the empirical projection (covering the period 2022M1-2022M12), we observed that RM is projected to grow more than CiC over the observed period. Given RM being the operational target of the Bank of Sierra Leone, we believe that such an outcome is a promising indication particularly in ensuring the bank addresses its core mandates of monitoring price and financial stability. The increased scope of RM in the BSL system is a laudable outcome when it comes to meeting reserve requirements and also managing risks about price and financial stability. The study recommends that the BSL adopt innovation strategies concerned with FinTech and the emergence of the National Switch to effectively manage the MA portfolio in the entire banking system, which will also support the overall growth ambition of the central government.

A Model for Eliciting Expert Knowledge into Sports-Specific Knowledge Management Systems

Author(s): Vlad ROŞCA / Language(s): English Issue: 1/2014

Grounded on literature reviews from knowledge management, information system, marketing, organization science and sports management strategy, the paper proposes a way to build sports-specific knowledge management systems based on expert knowledge to improve strategic decision-making. Previous research showed sports teams had complex management systems, decisions needing to be made not only on sports-related knowledge. The hallmark of the study is that it emphasizes laying out the premises of knowledge acquisition, knowledge transfer, and knowledge sharing in sports, in order to discuss a model for helping teams to use wider expert knowledge in their management. Results show that team competitivity is strongly related to employing specialized knowledge.

A Model for the Operationalization and Implementation of the Precautionary Principle: Cyanide-Leach Technology and Gold Mining Development

Author(s): Nahide Konak / Language(s): English Issue: 1/2009

Mining development provides tremendous amount of long-term environmental and community degradation all over the world. Often, local communities bear the burden. This article demonstrates how the Bergama environmental network has utilized international environmental treaties with a focus on precautionary principle in order to halt the cyanide-leach Ovacik gold mine project in Turkey. The network has not only operated under the principle of precaution, but it has also defined and illustrated how the precautionary principle could be operationalized and implemented in practice in mining industry. By doing so, the Bergama environmental network developed a model for the operationalization and implementation of the precautionary principle in mining sector. In contrast to risk assessment that focus on the question of what level of contamination is safe, the precautionary approach focus on the question of how to reduce or eliminate the hazards and considers all the possible means of achieving that goal---including forgoing the proposed activity. This network has been promoting precautionary principle instead of risk assessment in mining nationwide. This model can be utilized by other communities dealing with mining developments in order to make the companies and their states to adopt and implement the precautionary principle. This article is based on a larger research project that has been taking place since 2002 on Ovacik gold mine development in Bergama. It relies on data that comes from interviews, focus group discussions with local community residents and field notes as well as books and documents prepared by the network and local newspapers that covered the case extensively.

A multilevel analysis of the returns to education in Ecuador. The multifaceted impact of human capital

Author(s): Mercy Raquel Orellana Bravo,Monica Raileanu Szeles,Dalia Maritza Argudo Barrera / Language(s): English Issue: Spec/2016

This paper analyses the returns to education in Ecuador based on cross-sectional data collected by a National Survey at the individual- and canton-levels in 2005 and 2015. The multilevel analysis provides the methodological framework that allows capturing the regional peculiarities of data as well as addressing the high regional economic heterogeneity. The two level- random intercept and random slope models are used to examine the impact of individual-level and canton-level characteristics on the labour income. In subsidiary, the paper explains the proportion of variance in individual- level income that is explained by canton- level characteristics.