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The Effects of Labour Strikes on the Share Returns of JSE Top 40 Companies

Author(s): Moatlhodi Ramogwera Maungwa,Sune J. Ferreira / Language(s): English Issue: 4/2021

Labour strikes are a platform that enables workers to demonstrate their disagreement and/or their dissatisfaction towards their employer, concerning labour relation issues such as remuneration, working conditions and employee benefits. Labour strikes in South Africa date back to 1922, post the Anglo-Boer war of 1899-1902, within the mining sector and have since become the fabric of our society in correcting historic socio-economic ails of unemployment, minimum wages and inequality. The occurrence of global financial crises of 2008/2009 exposed South Africa's well-hidden vulnerabilities of poverty, unemployment and inequality and resulted in a significant rise in the number of labour strikes. Therefore, the article analyses the effect that labour strikes between 2010-2017 have on the share return of companies that were list on the Johannesburg securities exchange (JSE) index during this timeframe. The results indicate that resolve of protected and unprotected labour strikes affects the share return of JSE Top 40 companies. From an investment perspective, it can be concluded that labour strikes can have severe effects on the share returns of companies listed on a stock exchange. Thus, influencing investor confidence in those companies experiencing the labour strike.

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The Economic Cost of ill Health due to Air Pollution: Evidence from Greece

Author(s): Maria Panteli,Sofia Delipalla / Language(s): English Issue: 3/2021

Purpose: Air pollution and its adverse health effects result in an economic cost to society. Given that the burden of disease from air pollution is to a large extent preventable, estimation of the magnitude of its economic cost is important. We estimate the economic cost of the health impact from exposure to ground-level ozone, and ambient and household PM2.5 air pollution, as well as their joint effects, in Greece. Design/methodology/approach: We analyze the economic cost of the health impact from air pollution using the Cost-of-Illness (COI) as well as the Willingness to Pay (WTP) approach. Finding: Based on the COI approach, air pollution attributable diseases resulted in a total economic cost of €1.27 billion in 2019, or 0.68 percent of GDP. Under the WTP approach, mortality cost is significantly higher. Research limitations/implications: In spite of some standard methodological limitations, giving a monetary value to the burden of disease from air pollution highlights the significance of curbing air pollution, providing at the same time guidance in prioritizing among various competing policy objectives. Air pollution abatement interventions can yield significant benefits for global health and the economy. Originality/value: To the best of our knowledge, this is the first study estimating direct and indirect costs of air pollution-attributable health consequences in Greece, using the most recent data for all specific-cause mortality and morbidity outcomes. Employing two alternative methodologies, COI and WTP, we provide a lower and an upper bound of the economic cost of air pollution, respectively. The COI estimates provide a financial measure of the potential gains (by age and gender) if air pollution were to be extensively mitigated. The WTP estimates are a starting point in a cost-benefit analysis evaluating certain environmental regulation policies. Our results and their policy implications could be a guide to other economies with similar characteristics and comparable air pollution levels with those in Greece.

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Management of Online Shopping Determined by COVID-19 in Romania

Author(s): George Bucata,Florin Popescu / Language(s): English Issue: 6/2021

Online commerce was defined by most as the winner of this period, which was marked by the Covid-19 pandemic, when offline businesses closed in many areas, as did restaurants, cafes and bars, as well as schools. So the pandemic forced the world to go digital and adapting to the new reality meant the persistence of online shopping behavior. This can also be seen in the numbers. To be more specific, data from the National Institute of Statistics shows that retail sales through contract stores or over the Internet increased by nearly 40% in the first half of 2020 vs 2020 compared to 2019. The pace slowed (7-13%) in January and February 2020 (compared to the same months in 2019) and increased to 27% in March 2020 when the state of emergency was declared in the middle of the year. Progress then galloped, peaking at 75% in April 2020, after which the pace slowed in May and June 2020 without falling below 50%.

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Generation Z Attitude towards Domestic Tourism in KwaZulu-Natal, South Africa

Author(s): Anita O. Aina,Ikechukwu Onyekwere Ezeuduji / Language(s): English Issue: 6/2021

The purpose of this study is to explore KwaZulu-Natal Generation Z members’ attitude towards domestic tourism in South Africa. The study was conducted in four major towns in KwaZulu-Natal Province of South Africa, namely: Durban, Pietermaritzburg, Richards Bay, and St. Lucia. A structured questionnaire survey of 385 respondents was used to generate data for analysis. Results show that KwaZulu-Natal Generation Z members portray positive attitude towards domestic tourism in South Africa. They are loyal to their destination brand. However, limited funds mostly deter KwaZulu-Natal Generation Z members from getting involved in domestic tourism activities. Results also show that they mostly rely on social media and other forms of technology, to source information pertaining to domestic tourism activity planning and reviewing. This study recommends that competitive pricing of domestic tourism activities (through reduced operational costs and bundle pricing) should be encouragede specially during peak seasons, as majority of Generation Z domestic tourists have difficulties to afford travel costs. Furthermore, the study recommends the creation of intensive and incessant awareness of KwaZulu-Natal domestic tourism sites through numerous platforms such as social media, movies, music videos and also personal referrals, enabling a wider reach to the Generation Z members.

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The Economic Performance of Central Europe Metropolises. A Comparative Approach

Author(s): Arkadiusz Mroczek / Language(s): English Issue: 4/2021

Since the fall of communism, the big cities of Central Europe have been included in the international metropolitan network, and their economic performance has improved significantly. Based on that, it can be asserted that the whole region is undergoing a process of metropolisation, which may be manifested by a focus of development in the limited areas of metropolises. Therefore this paper aims to present the results of a closer examination of this process in Central Europe. It is based on a comparative analysis of the metropolises in relation to their countries in terms of economic performance. A taxonomic approach based on Hellwig’s development pattern is adopted. The available Eurostat data (NUTS 3 level) on a range of socio‑economic characteristics is used. The study results show that the economic performance of Central European metropolises is relatively closer to Western Europe’s cities than the countries’ non‑metropolitan parts. Highlighting development issues in Central Europe from the spatial‑metropolitan point of view is the paper’s added value.

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ЗА ТРУДА И СОЦИАЛНАТА СОЛИДАРНОСТ

Author(s): Desislava Yaneva / Language(s): Bulgarian Issue: 1/2022

This article considers the fundamental category of “labor” as an object of various scientific disciplines. Follows the development of labor issues in the context of various economic and sociological theories. Rethinking the correlation between division of labor and social solidarity in the field of industrial relations in Bulgaria and raises the need to define an indicator measuring the regulations of labor and directly related relations, imposed by law as an obligation of the state through the mechanism “tripartite cooperation

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НЕОБХОДИМОСТТА ОТ ПРОМЯНА В ОСЪЗНАВАНЕТО НА ПЕРСОНАЛНИЯТ БРАНДИНГ В СОЦИАЛНИТЕ МРЕЖИ

Author(s): Zornitsa Zlatkova / Language(s): Bulgarian Issue: 1/2022

This report’s aim is to distinguish the conscious and unconscious branding, and how much exactly, a person applies his understanding for distinguishing between work and social life, on to his profile in the social networks. The highlights are the understanding of personal branding as a profession and why it is in such close relation with the social networks. Also, in this report, the author aims to emphasize on the reasons why, the thick boundary between the two halves of people’s personality and life, has to be erased. The two halves of the working person, and the one of the free, after work, social life, while this boundary is erased only in the understanding of the social networks, and not harm the work life balance, that we have as individuals.

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The Effects of the Covid-19 Crisis on Romania’s Main Trading Relationships in 2020

Author(s): Adrian Tudor Tudorache,Luminita Nicolescu / Language(s): English Issue: 1/2022

This paper is motivated by the influences that the COVID-19 health crisis had on the economies of the world. The economic crisis that has evolved from the health crisis affected economic life at all levels (global, national, industry, and company levels), including the trading relationships between countries. The purpose of the paper is to analyze the influence of the COVID-19 health crisis on the bilateral trading relationships between Romania and its main trading partners in terms of both exports and imports, for the year 2020. The research method used is multiple regression with exports and imports as dependent variables and the COVID-19 burden (solely the number of COVID-19 cases, solely the number of COVID-19 deaths and both taken together) and GDP in both Romania and the trading partners, as independent variables. The data has been collected from international organizations' statistical databases. The findings of the paper illustrate that both the GDP of Romania and the COVID-19 burden in both Romania and the partner countries influenced the bilateral trading relationships of Romania with its main trading partners in 2020. Romanian imports were more affected than exports by the COVID-19 burden both from Romania and from the trading partners. The number of deaths due to COVID-19 had a higher influence on trade than the number of COVID-19 cases. Based on this country case study, we can assert that global sanitary crises do have an influence on the international trade relationships of countries. Consequently, specific measures need to be taken by policymakers in order to first ensure economic recovery and second to support and maintain international trade flows during times of strong health crises.

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ANALYZING ECONOMICAL MORAL TENDENCIES IN A VIRTUAL ENVIRONMENT

Author(s): Ioan-Alexandru Bratosin,Ionel-Bujorel Păvăloiu,Nicolae Goga,Andrei Vasilăţeanu,Denisa Caculidis-Tudor,Andreea Iuliana Luca,Ioana Podina / Language(s): English Issue: 01/2021

An individual’s moral behavior is shaped by his social identity, social distance, feedback received, the consequences of his actions, and the material gain after a dishonest action. In definition, dishonesty is a phenomenon that refers to „a pervasive behavior manifested as the disposition to lie, cheat, fraud or deceive''. This type of behavior can have a negative impact on the society that the individual belongs to by sacrificing the community's overall well-being for own personal gain. The current paper describes our approach and the game that we have developed to have a gamified application that can offer a way to identify dishonest behavior. To accomplish the after-mentioned task we have developed an online multiplayer environment where users can interact and influence each other's moral decisions. The application scene is set in an urban environment where players can affect the final state of the game. They can build structures using private or stolen public funds while increasing their income. The decision of stealing will influence the outcome of the game by delaying the construction of important public buildings that benefit every player. The game interface and design were adjusted after a careful analysis of User eXperience principles by collecting the players' feedback. The game framework is based on Unity 3D and online services were integrated using Photon Engine API. The final scope of this serious game is to analyze the moral behavior of the players that are using the application and calculate their "moral" score using the in-game data generated by their playthrough.

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Geographic Concentration of Economic Activities in Aburrá Sur in Antioquia (Colombia) — A Reinterpretation of the Industrialisation Coefficients of the Stochastic Independence Approach

Author(s): Robert Ng Henao,Isabel Cristina Betancur Hinestroza,Abraham Allec Londoño Pineda / Language(s): English Issue: 1/2022

In terms of economic geography, spatial and industrial concentration represents an increasingly important input for the design of public policies that foster local economic development and productive transformation of a territory. This analysis aims to identify the geographic concentration indices of different sectors in which the economic activity is distributed in each of the five municipalities that are part of the territorial agglomeration of Aburrá Sur in the department of Antioquia (Colombia). The methodology is based on a reinterpretation of the industrialisation coefficients used in the stochastic independence approach, which explains the divergences between specialisation levels of production and geographical concentration by using entropy indices that consider the reference distribution as uniform distribution, as is the case with maximum dispersion. We start from the hypothesis that in the municipalities belonging to the Aburrá Sur predominates the high concentration in the manufacturing industry, although some of them could have medium and even low concentration because they have different sector indicators. Results show that the manufacturing industry is the most concentrated sector in the territorial agglomeration. The research findings can be used by political and economic actors in the territory for designing strategies and decision-making on sectoral strategic development commitments.

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Прогнозирование миграционных процессов методами цифровой демографии

Author(s): Andrey Vladimirovich Smirnov / Language(s): Russian Issue: 1/2022

The nature and intensity of migration processes are constantly changing. Demographic statistics are not suitable for obtaining up-to-date information and making timely decisions in the field of demographic and social policy. Thus, digital demography is becoming increasingly important, as this area of population research uses new methods and data sources resulting from the Internet expansion and the digitalisation of society. Using digital demography methods and emerging data sources, the study aims to identify current migration trends in Russia at the municipal level. The duality of the object (real and virtual population) and methods (demographic and data science methods) of digital demography is demonstrated. Digital data sources for studying migration and relevant processing methods were considered. Further, it was proposed to assess migration flows by examining social network information and graphs of migration routes. The analysis of data obtained from the “Virtual population of Russia” project for 2356 urban and municipal regions revealed the features of intermunicipal migration and the centres of migration attraction in the country. An indicator for assessing the potential of future migrations based on the graphs of migration routes was presented. The analysis results show that balanced spatial development of Russia requires the stimulation of human capital development in local centres characterised by high migration potential. These include regional capitals, “second” cities in terms of population, and some research and industrial centres. The study findings can be used to consider demographic processes at the municipal level and elaborate strategic documents in the field of regional spatial development. Further digitalisation and the implementation of digital economy projects will lead to the accumulation of population data at the national level. Therefore, future research should focus on improving digital demography methods for studying and forecasting demographic processes.

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BLOCKCHAIN TECHNOLOGIES: A NEW APPROACH TO OLD CHALLENGES

Author(s): Răzvan Mihăilescu / Language(s): English Issue: 31/2018

This paper presents the main concepts of blockchain technology and analyses some of the related facts that have the ability to influence the global socioeconomic landscape. The present study concentrates upon real-world blockchain use-cases meant to illustrate a range of hypotheses about the fashion in which its dynamics can be utilized. The objective is to disseminate and determine the main characteristics and features of two major blockchain based technologies and analyze what might enable or impede their mass adoption. The research will focus on the utility aspects of cryptocurrencies.

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Marketing digital și comportamentul consumatorului on-line din România în timpul pandemiei COVID-19: studiu de caz

Author(s): Mihai Timus,Elena POLEARUS / Language(s): English,Romanian Issue: 1/2021

Digital marketing is a constantly changing field in which new trends, new values and new promotional tools appear periodically in the online environment. Trends are given both by technological progress and by the profile and behavior of the consumer. Following the application of a structured questionnaire, this paper aims to analyze the online consumer behavior in Romania during the pandemic period. The results of our study can be used by entities from various sectors of activity that want to promote products / services in the online environment.

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Оценка адаптации населения регионов России к цифровым технологиям

Author(s): Svetlana Victorovna Doroshenko,Mariya Nikitichna Makarova / Language(s): Russian Issue: 1/2022

Currently, digitalisation of public life is one of the most important external challenges that requires active adaptation of the population to new realities. Russia has been quite successfully implementing digital technologies, ranking in the middle of various world ratings. However, Russian regions significantly differ in terms of the population adaptation to digital technologies. We hypothesise that adaptation speed depends on demographic characteristics of the regional population. In this regard, the paper aims to develop a methodology and tools for assessing the adaptation of the population of Russian regions to digital technologies. The study employs data of a sample observation on the state of the information society in 2014–2020 obtained from the Federal State Statistics Service. Methods of statistical, cartographic, factor and regression analysis, as well as the econometric estimates conducted in the R software environment were used. Constructed econometric models show that gender and place of residence (urban or rural settlement) are the most important adaptation factors in Russian regions. In particular, urban women more actively use the Internet for shopping, while urban women and rural men use it to receive public services. Active acquisition of digital competencies by the population reduces the importance of some barrier factors (restrictions), such as the cost of connection (Internet connection becomes a basic need) and the lack of skills. While the identified effects differ in magnitude, they are significant for almost all Russian regions. The developed research methodology can be applied in future studies to analyse other aspects of social and economic adaptation of the regional population to current challenges. The findings can be used for justifying and implementing the public policy measures, in particular, the national project “Digital Economy”.

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Macroeconomic Determinants of Agricultural Sector Growth in Upper Middle-Income Countries: Is Financial Development Relevant?

Author(s): Kunofiwa Tsaurai / Language(s): English Issue: 1/2022

The study investigated the determinants of agricultural sector growth in upper middle-income countries using panel data analysis (panel annual data ranging from 2005 to 2020). The impact of the complementarity between financial and human capital development on agricultural sector growth was also explored in the case of upper middle-income countries. Agricultural sector growth was positively and significantly influenced by its own lag under the dynamic generalized methods of moments (GMM) approach. Fixed effects show that financial development had a significant deleterious impact on agricultural sector growth whilst a significant positive relationship running from financial development towards agricultural sector growth was observed under the pooled ordinary least squares (OLS). The dynamic GMM and the pooled OLS indicates that economic growth’s influence on agricultural sector growth was significantly negative. Fixed effects, random effects and pooled effects show that trade openness’s influence on agriculture sector growth was found to be significantly positive. Fixed and random effects noted that population growth had a significant positive impact on agricultural sector growth whilst population growth’s influence on agricultural sector growth was observed to be significantly deleterious. Consistent with majority of available literature, the study observed that the impact of urbanization on agricultural sector growth was significantly positive. Although the results are mixed, the study urges responsible authorities in upper middle-income countries to enact and implement financial development, trade openness, population increase and urbanization enhancement policies to boost agricultural sector production. Further studies can investigate the other different channels through which financial development can enhance agricultural sector growth in upper middle-income countries.

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КОСВЕНИТЕ ЕФЕКТИ НА ПАНДЕМИЯТА ОТ COVID-19 – ОТЛАГАНЕ НА ЗДРАВНИ УСЛУГИ И ПОСЛЕДСТВИЯТА ЗА ЗДРАВНАТА СИСТЕМА

Author(s): Maria Rohova / Language(s): Bulgarian Issue: 2/2022

Objectives: The indirect effects of the COVID-19 pandemic could be far more significant than the directly associated with the prevalence of coronavirus disease. These effects are related to the consequences for chronic non-communicable diseases, higher burden of diseases on individuals and the society, and the capacity of health systems to meet the growing health needs. The aim of the study is to analyse the causes and determinants of delaying health care in Bulgaria. In particular, the share of the citizens who postponed or avoided care, the reasons for these decisions, and the patients’ characteristics have been studied. Methods: A national online survey was conducted in November 2021. A total of 800 adult citizens had completed the questionnaire and were included in the analysis. Results: A total of 36.0% reported postponing care in the last 12 months; 35.5% forwent treatment or diagnostics in outpatient care, and 6.8% of the respondents avoided hospital admission. Fear and concerns about coronavirus infection are among the reasons for postponed outpatient care and a leading cause for deferred hospitalization. The likelihood of delaying care is associated with health status, chronic non-communicable diseases and the educational level. Women are more likely to forgone care. Conclusion: Denial and postponement of health services have severe consequences for the health status and patients with chronic diseases in particular. More efforts are needed to overcome these adverse effects in the future.

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The external auditors' policy after the COVID-19 pandemic and the accounting outlook in Tunisia

Author(s): Assawer Elaoud,Anis Jarboui / Language(s): English Issue: 1/2022

Research Question: The objective of this article is to help external auditors resume their activities and enhance their foresight strategy. Specifically, it aims to identify variables that contribute to improved auditors activities primarily post-COVID. Motivation: In light of the challenges presented by the coronavirus pandemic to the global economy, a number of specific lessons can be drawn from this situation. Idea: This research examines the audit mission strategy in which the focus is placed on the spirit and prospective reflection of external auditors. Data: This study uses a qualitative method for collecting information based on non-structured interviews. Tools: The method used in this research is based on cognitive mapping, which makes it possible to analyze the prospective strategies after the COVID-19 pandemic. Indeed, the cognitive map helps to clarify the mental orientation of a person and to visualize some ideas and beliefs on the achievement of their objectives. Findings: The obtained results showed that "digitization and Technology" are the most influential variables in the thinking of the external auditors as they represent the evolution during the COVID-19 period while "communication, the quality of audit social mission and the number of clients", which are the most dependent, represent the objectives to be achieved while the variables "teleworking, teleconference and E-learning" are the means to achieve these objectives. Contribution: This research could raise awareness of the positive outcomes of the COVID-19 era and develop a future work strategy.

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La eneseñanza y el dominio del español en la relación con la empleabilidad

Author(s): Mária Spišiaková,Zuzana Kittová / Language(s): Spanish Issue: 11/2020

The article deals with teaching Spanish as foreign language at the University of Economics in Bratislava with regard to the possibility of using Spanish in work. The aim is to identify the labour market requirements in Slovakia and to find out whether Spanish teaching and students’ knowledge correspond to market requirements. On the basis of a questionnaire survey of enterprises we identified the language competencies required by companies in Slovakia. We also carried out a similar study with the university students to identify students’ needs regarding teaching Spanish as foreign language and to identify the importance of speaking Spanish as well as the topics covered. Our ambition is to improve the relationship between teaching content and labour market demand in order to contribute to increasing employability with Spanish language knowledge.

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Broadband Speed and Firm Entry in Digitally Intensive Sectors: The Case of Croatia

Author(s): Boris Drilo,Nebojša Stojčić,Maruška Vizek / Language(s): English Issue: 1/2022

We explore how improvements in digital infrastructure contribute to digital transformation of the Croatian economy. More specifically, we investigate under what conditions improvements in broadband speed are conductive for firm entry in digitally intensive sectors at the local level (cities and municipalities; LGUs) during the period 2014–2017. The results of the benchmark random effects panel data model suggest that a 10 percent increase in broadband speed increases the number of new digitally intensive firms by 0.68. Two-way interactions between explanatory variables indicate that improvements in broadband infrastructure yield the greatest number of new firm entries in densely populated LGUs, and in LGUs with a higher quality of human capital and greater public investment in physical infrastructure. Using the spatial Durbin panel method, we find improvements in broadband infrastructure exhibit positive firm entry effects both within and between cities and municipalities.

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Implementation of Industry 4.0 technologies in Croatia: Proactive Motives and a Long-Term Perspective

Author(s): Daria Maravić,Tjaša Redek,Tomaž Čater / Language(s): English Issue: 1/2022

The aim of this study was to develop a model that links the motives, obstacles and expected outcomes of Industry 4.0 implementation. First, it aimed to determine the extent of use of Industry 4.0 technologies and then to investigate the motives, expected outcomes (short and long-term), and the relationship between them. Obstacles to the implementation of new technologies in Croatian companies were identified. The sample comprised 91 companies that had implemented new technologies by 2020. Data were collected using on-line surveying tools. The results show that the surveyed companies are considering new technologies for several proactive reasons, and primarily stress the expected long-term strategic benefits over short-term efficiency. The lack of human resources is the most critical obstacle in the implementation of new technologies. The paper provides several managerial implications.

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