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Regime Heteroskedasticity in Bitcoin: A Comparison of Markov Switching Models

Author(s): Daniel R. CHAPPELL / Language(s): English Issue: 65/2019

We deploy a discrete state hidden Markov regime switching (MRS) model to investigate the volatility dynamics of Bitcoin. Firstly, to isolate the heterogeneous volatility regimes, secondly to map the regime switches and thereby identify the pertinent volatility dynamics, and thirdly to determine the optimal number of states for capturing the regime heteroskedasticity of Bitcoin. As such, we fit a sample of daily log returns for the cryptocurrency with six M-states MRS models, with M ϵ {2, …, 7}. Where was necessary, we parsed the estimations through a transition restriction matrix. Goodness–of-fit will be judged using three information criteria, namely Bayesian (BIC), Hannan-Quinn (HQ) and Akaike (AIC). We determined unanimously that the restricted 5-state model generated the optimal estimation for the sample. In addition, through examination of the resultant restricted transition probabilities, we found consistent evidence of several dynamic nonlinear characteristics in the data, namely volatility clustering, non-sequential regime switches, asymmetric regime switches and the persistence of shocks.

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Financial Performance of Healthcare Facilities in Slovak Republic

Author(s): Jozef Lukáč,Slavomíra Stašková,Marek Meheš,Lenka DANKOVÁ,Marcel NOVOTNÝ / Language(s): English Issue: 65/2019

Measuring the performance of healthcare facilities is currently an actual topic. There is a large number of studies on this issue even nowadays, despite the fact that efficiency of hospitals and health care facilities has been under investigation for more than thirty years. Citizens of individual countries and governments invest a large amount of money in healthcare, either directly or indirectly, and as a counterpart they expect high-quality health services. The performance of this part of the public sector though is different from that of traditional business entities. The common goal of all functioning health systems in the world is to improve the health of the population in the country, regardless of the form of funding, ownership or way of organization. On the other hand, each healthcare system brings with it various problems, which are constantly being addressed in order to increase the efficiency of individual healthcare providers. Achieving optimal efficiency is key to both public and private healthcare facilities in order to improve the quality of healthcare provided and also to meet the needs of stakeholders. An efficient management system for healthcare facilities ensures high-quality outputs and eliminates resource waste. The aim of the contribution is to identify the financial situation in the health sector in Slovakia based on financial analysis and the use of cluster analysis.

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Profit Versus Financial Security for Small and Medium-Sized Enterprises in Poland

Author(s): Jan Zwolak / Language(s): English Issue: 65/2019

This study aims to verify the regression dependencies between profit on sales and enterprises own financial contribution, the EU operational fund, and the EU fund for supporting markets and capital in micro-, small- and medium-sized enterprises in Poland in 2014-2020. The study further aims to determine the marginal and average profitability of these financial funds, as they provide financial security to enterprises. This paper examines the regression dependencies between profit on sales and an enterprise’s financial contribution (to EU funding), the EU operational fund, and the EU fund for supporting markets and capital in 2014-2020 (the Cobb-Douglas model). An aggregate increase of 10% in the last-mentioned independent variables will result in an increase in profit on sales of 4%. The above independent variables will ensure 40% financial security. Financial security among the examined micro-, small- and medium-sized enterprises in Poland will be relatively high in 2014-2020.

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Comparing Generation Z’s Behavior Intention in Using Digital Wallet for Online and In-store Transaction: A Unified Theory of Acceptance and Use of Technology 2 Approach

Author(s): Irfandy DALIMUNTE,Bobby Ardiansyah Miraja,Satria Fadil PERSADA,Prawira Fajarindra Belgiawan / Language(s): English Issue: 65/2019

Generation Z is the future generation of our society and has the most interaction with technology. Their behavior intentions in utilizing technology have an important role in today’s most prominence financial technology, particularly related to digital wallet companies. The present research explored different factors affecting Generation Z’s behavior intention of digital wallet and its two different usages’: online transaction and in-store transaction. Extended Unified Theory of Acceptance and Use of Technology (UTAUT2) were applied to explore factors related to digital wallet use. One hundred sixty-five respondents from Generation Z were involved in this research. Fourteen hypotheses were proposed and eight of them were accepted. For online transaction, social influence, performance expectancy, habit, and price value were found as significant factors affecting behavior intention. For in-store transaction, performance expectancy, hedonic motivation, habit, and price value were found as significant factors affecting behavior intention. Digital wallet companies need to focus on these significant factors in order to enhance their services.

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The Impact of Corporate Social Responsibility Disclosures on Profitability and Effective Tax Rate on 2013 to 2017

Author(s): Arfah Habib SARAGIH,Alifia Fara MAHARANI,Milla Sepliana Setyowati,Adang Hendrawan / Language(s): English Issue: 65/2019

This study aims to examine the impact of corporate social responsibility (CSR) on profitability and effective tax rates of banking companies listed on the IDX by means of statistical tests of panel data regression, processed using STATA 12.0 application. This study employs secondary data with documentation techniques and content analysis. The samples taken in this study consists of 10 banking companies listed on the Indonesia Stock Exchange (IDX) from 2013 to 2017. The independent variable in this study is CSR Index which will be calculated using GRI-G4 guideline, while dependent variables in this study are profitability and effective tax rate (ETR). This study also employs control variables, namely, company size, capital adequacy ratio, loans to deposits ratio, non-performing loan, leverage, and capital intensity. The results of the study show that CSR disclosure did not have significant impact both on profitability and effective tax rate.

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Investigating Customer Perception of Online Businesses’ Service Recovery: A Combination of Expectation-Confirmation Theory, Satisfaction-Loyalty Theory, and Perception of Justice

Author(s): Ribka Anintha MIYAGI,Bobby Ardiansyah Miraja,Satria Fadil PERSADA,Yogi Tri PRASETYO,A.A.N Perwira REDI,Prawira Fajarindra Belgiawan / Language(s): English Issue: 65/2019

This current study investigated the perception of Generation Z customer in the online business according to the service recovery. We combined the Perception of Justice Theory, Expectation Confirmation Theory, and Satisfaction-Loyalty Theory for the construct to investigate the Generation Z perception on service recovery. Several hypotheses were proposed and a structural equation model with confirmatory factor analysis was conducted to answer these hypotheses. A total of 158 people participated in this research. The results showed promising findings and nine out of twelve hypotheses were accepted. The correlation between Courtesy and perception of justice was revealed to have the strongest correlation. This finding indicates that Generation Z’s perception of online businesses service recovery was strongly affected by how the business shows Courtesy to them. The results also showed that even though when the service recovery was judged to be satisfying for the customer, they were not likely to be loyal. Several practical and managerial interpretations were discussed. Ensuring consumers to stay loyal will help online businesses to grow and sustain.

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International Capital Inflows and Poverty: Evidence from Developing Countries

Author(s): Le Thanh Tung / Language(s): English Issue: 65/2019

Poverty reduction is an important one of the long-term global goals. This paper analyses the impact of international capital inflows on poverty with a sample covering 26 developing countries in the Asia-Pacific region. A panel dataset is collected over the period of 1980-2015. The results conclude some new findings, which show international capital inflows have two kinds of effects on the poverty rate. The result shows that remittances and trade openness has positive effects on the poverty rate of the economies. On the other hand, external debt and official development assistance have negative effects on poverty in the region. Our findings lead to some valuable implications, in which, the policymakers need more careful when using the external debt as well as official development assistance to support economic growth because these tools can make the more serious on the poverty in countries. However, the policymakers can use the remittances as an important international capital to solve the lack of internal financial resource. Besides, the result points out that trade openness is a good tool for decreasing the poverty rate by trading with the outside.

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Relationship Between Financial Development and Inflation: Evidence from Indonesia

Author(s): Bagas Septianto PRABOWO,Telisa Aulia FALIANTY / Language(s): Danish Issue: 65/2019

This research examines the relationship between financial development and inflation in Indonesia during the period of 1980 to 2016. In order to do that, it uses autoregressive distributed lag (ARDL) bound test to investigate the existence of long-run cointegration and Wald test to examine both short- and long-run Granger causality. Three different proxies are used to measure financial development; credit to private sector as a percentage of GDP, broad money (M2) as a percentage as GDP, and Financial Development Index. It is found, from empirical results, that long-run cointegration exists between financial development and inflation. It is also found that past value of both variables causes the future value of each other, but through different channels. Lastly, while inflation affects financial development negatively, financial development affects inflation positively.

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Impact of Asymmetric Information in Islamic Financial contract: An Empirical Analysis

Author(s): Sajjad Hussain Zafar,Danish Ahmed Siddiqui / Language(s): English Issue: 65/2019

A primary source of asymmetric information arises from banks’ uncertainty about borrowers ‘Creditworthiness. This can generate two types of barriers to efficient credit allocation in the loan market: ad-verse selection in the likelihood of repayment and moral hazard in the riskiness of firms’ business decisions, also affecting repayment. This study investigated the consequences of asymmetric information on Islamic financial contracts in the Pakistani market for small and medium enterprise (SME) business lines of credit. Islamic bank’s main financial contracts were discussing the two of them which are Istisna and Murabaha. The methods of’ T test’ was conducted to ascertain the difference in means of both forms of financing, whereas Multiple Regression Analysis using panel data to assess the relationship of critical variables with Disbursed amount, profit rate, spread, tenor. Data of three years i.e. from 2016 to2018 of 35 firms, with 105 numbers of observations having Istisna and Murabaha contract, were taken. The results suggested that both the means of Murabaha and Istisna financing are significantly different in major performance indicators, implicating companies that have taken these two financing have performed differently. Secondly, in most of the ratio that mattered like efficiency and profitability, Murabaha based financing have yielded results that are more efficient and better performed as compared to Istisna.

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Contribution of Intellectual Capital Strategic Readiness and Government Innovation in Strengthening the Effect of High-Performance Work System Toward Local Government Performance

Author(s): Abdul Rahman LUBIS,Nurdasila DARSONO,Sofyan IDRIS / Language(s): English Issue: 65/2019

The purpose of this study was to determine the effect of high-performance work systems on the performance of government administration, which mediated by the strategic readiness of human capital and government innovation capabilities. This research conducted in Aceh province, which covers 23 regencies/cities. The sample size in this study was 320 government employees. The sampling technique based on the Stratified Random Sampling technique. The data obtained analyzed qualitatively by quantitative grooming with Structural Equation Modeling (SEM) and Confirmatory Factor Analysis (CFA) methods. The results showed that there was a significant effect between the high-performance work system on the performance of governance and the strategic readiness of human capital. The study also found the role of strategic human capital readiness in mediating the effect of high-performance work systems on the performance of government administration partially.

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Effects of Health Capital on Productivity and Export: In the Wake of International Economic Integration

Author(s): Nguyen Van Tran,Mohammad Alauddin / Language(s): English Issue: 65/2019

Employing Arellano-Bond Dynamic Panel GMM estimators of 106 countries, this paper investigates the importance of health capital (life expectancy at birth) on benefits from international economic integration. It finds a significant positive impact of health capital on economic performance through the improvement in labor productivity for countries with greater trade openness. Although health capital significantly accelerates the impact of trade openness on labor productivity in low-income economies, the opposite is the case for upper mid- and high-income economies. Further, health capital decelerates the impact of financial openness in low-income economies on productivity, whereas accelerates the influence of financial openness on productivity in high-income economies. However, no significant relationship is found between health capital and the rate of export performance. It also does not influence openness variables on the rate of export performance. Interestingly, improvement of life expectancy at birth strengthens the rate of export performance until income growth slows.

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The Effect of Leadership Style, Compensation and Organizational Commitment to Working Satisfaction of Aceh Social Service Employees

Author(s): Syamsul RIZAL,.. Sarboini,Muhammad WALI,.. Masitah / Language(s): English Issue: 65/2019

This study was aimed to determine the impact of leadership manner, compensation and departmental obligation to working satisfaction towards the employees of the Aceh Provincial Social Service. The population of this study was the employees of the Aceh Provincial Social Service with a total of 188 employees using the Slovin formula which amounted to 65 respondents. The method of data analysis was multiple linear devolutions. Based on the results of the study as simultaneously, the variable leadership style, compensation, and organizational commitment have a significant effect upon the employee job satisfaction, because the results of statistical tests obtained show the calculated F value of 14,379 greater than Ftable of 2,358. Partially, the variable of leadership manner has a significant effect on employee job satisfaction because the results of statistical tests obtained that t-count of 2.506 is greater than t-table of 1.997, also the variables of organizational commitment have a significant effect partially towards job satisfaction because the results of statistical tests obtained that t-count is 4.307 greater than t-table of 1.997. Therefore, the correlation coefficient (R) showed a value of 0.700 which indicates that the relation between the independent variable and the dependent variable were positive because it has a value of R>0.5. The R2 value of 0.589 showed that only 58.9% of the differences of the dependent variable (employee job satisfaction) can be explained by the differences of independent variables (leadership style, compensation, and organizational commitment). While the persisting is 41.1% explained by other variables that are not admitted in the research might affect employee job satisfaction.

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Subliminal Persuasion on a Consumer’s Cognitive Process: A Review

Author(s): Nittaya Wongtada / Language(s): English Issue: 65/2019

The ability of subliminal messaging for communicating with the consumers’ unconscious minds is questionable, especially among the marketing scholars. This article intends on providing some insight on this perplex situation by reviewing experimentation studies in the area of cognitive and behavioral neurosciences. These basic research studies employed laboratory settings for controlling the influence of extraneous factors to provide a more conclusive causal relationship between the stimulus and the neural activity. The result from reviewing the findings from these sources suggested a strong possibility of subliminal messages reaching and influencing consumers’ decision processes, but only to a certain extent. The consumers face a more complex situation in reality than in the laboratory-setting environment. This as well as other reasons limit the ability to fully transfer the knowledge from the cognitive and behavioral neurosciences to the business practices.

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The Analysis of the Economic and Financial Indicators through the Human Resources Management Point of View

Author(s): Loredana Văcărescu Hobeanu / Language(s): English Issue: 65/2019

For any organization, the human resources are a primordial resource of today and tomorrow, which ensures their survival, development and competitive success. In the context in which the modern society is presented as a network of structures that appear, evolve or are lost, the human being is an ordinary and very important resource that ensures the survival, evolution and the competitive success of these. In the absence of the people who know exactly how, when and what to do, it is impossible as an organization achieve its goals. All the resources of the organization are precious and useful, but the human resources and their management are very important and valuable in dealing with the unknown. The human resources are the only ones able to express and produce all the other resources which are the disposal of the organization. At the base of the economic and financial evolution of any economic entity there are the human resources, their degree of training and their competencies. In order to illustrate the way in which their acquired knowledge and managerial competence were used, we will present the evolution of the basic economic and financial indicators within a company which is focused on the distribution activities of the professional cleaning products.

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Performance of Supply Chain Management for Sumbawa Forest Honey in Indonesia

Author(s): Nila Wijayanti,Masyhuri Masyhuri,JAMHARI JAMHARI,Jangkung Handoyo MULYO / Language(s): English Issue: 65/2019

The performance of supply chain management is an activity in the management of production goods from the start of supply until it is ready to reach consumers. The problem in this study is the uncertainty of Sumbawa forest honey supply, because it depends on nature. The price of forest honey is also expensive, because of the far-reaching and difficult extraction in the forest. Shipping costs to consumers are expensive too. Quality is also a problem, because the quality of Sumbawa forest honey is not always the same. The purpose of this study was to analyze the performance of supply chain management of Sumbawa forest honey. The samples in this study were 110 respondents. The data used was primary data. Data were analyzed using SEM (Structural Equation Modeling) analysis, with WarpPls measurement tools. The results of the study found that not all variables directly influenced the supply chain performance. The affecting variables were the performance of procurement and distribution of production facilities. The variables that directly impacted on the performance of the Sumbawa forest honey supply chain were the performance of procurement & distribution production facilities, performance of sales, and performance of supporting institutions with path coefficient of -0.14*, 0.84*** and -0.18**, respectively.

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A Pareto Inefficient Path to Steady State in Recession

Author(s): Taiji Harashima / Language(s): English Issue: 65/2019

In this paper, the focus is on the concept of Nash equilibrium of a Pareto inefficient path (NEPIP) to examine the nature of the transition path to steady state after a shock that generates a severe recession. Risk-averse and non-cooperative households strategically and rationally choose a NEPIP if a shock that widely shifts the steady state downwards occurs. Because NEPIPs are not Pareto efficient, an infinite number of transition paths can be NEPIPs, but a unique NEPIP is eventually selected from among many possible NEPIPs by households through a tug of war between their preference to avoid a worst-case scenario and the expected utility.

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The Effect of Business Group Affiliation on Corporate Cash Holdings: Evidence from an Emerging Market Economy

Author(s): Suherman Suherman,Taufik Hidayat,Gatot Nazir Ahmad,Agung Buchdadi / Language(s): English Issue: 65/2019

This study examines the effect of business group affiliation on corporate cash holdings. Sample of this study consists of 101 companies listed not consecutively on the KOMPAS100 index between 2011 and 2015 in Indonesia. From the results, it is understood that business group affiliation has a significant and positive impact on corporate cash holdings while controlling cash flow, leverage, firm size, growth opportunity, and net working capital. This means that companies affiliated with a business group have larger cash holdings when compared to companies that are not affiliated with a business group.

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Baletas Mykolo Kazimiero Oginskio dvaro teatre

Author(s): Helmutas Šabasevičius / Language(s): Lithuanian Issue: 3/2020

The article deals with the theatrical activities of Prince Michał Kazimierz Ogiński (1730–1800) focusing on ballet performances produced in his court in Slanim. Research centres on the ballet Philosophy of Women, the hand-written libretto of which belongs to the Manuscript Department of the Wroblewski Library of the Lithuanian Academy of Sciences. The author presents new information about other productions of Felice Moryni, the choreographer of The Philosophy of Women, and compares its libretto with the libretto of the ballet of the same title produced in Venice by the Italian dancer Anna Beneti. The dramatic scheme of the performance and its possible visual forms, which are linked to the aesthetics of late Baroque and Rococo, are discussed.

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Stanisławas Moniuszko, Wiktoras Każyńskis ir lietuvių liaudies dainų perdirbimai

Author(s): Vida Bakutytė / Language(s): Lithuanian Issue: 3/2020

The article analyses carefully selected and research-focused biographical facts and documents of two prominent musicians, Stanisław Moniuszko (1819–1872) and Wiktor Każyński (1812–1867), who lived and created in Vilnius in the middle of the nineteenth century. The research enables us to identify which one of them is the author of the manuscript titled “Material for Further Adaptations of Lithuanian Folk Songs” (Pol., “Materialy dalsze do obrabiania pieśni ludu litewskiego”). The publication highlights the importance of this document the title and content of which entail the activity of collecting Lithuanian folk songs that is so significant for the studies into the music history of Lithuania. New insights into the biographies, creative work, and correspondence of the two musicians provide an opportunity to verify the possibly erroneous statement established in historiography, according to which the authorship of this manuscript is attributed to Stanisław Moniuszko. Clarification of various circumstances associated with the origin of the above-mentioned document presented in the article leads to the conclusion that its authorship should be attributed to Wiktor Każyński, a composer and contemporary of Stanisław Moniuszko.

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Teodoro Brazio Choralo mokykla XX a. I pusės pasaulinės grigalistikos kontekste

Author(s): Jonas Vilimas / Language(s): Lithuanian Issue: 3/2020

Among the books on the history and theory of music written in Lithuania in the past, there are some works that have made a significant impact on the development of the Lithuanian musical culture and which, however, are quite forgotten nowadays. One of these is the handbook of Gregorian chant Choralo mokykla (The School of Plainchant) by Teodoras Brazys (1870–1930), the renowned Lithuanian priest, composer, and musicologist of the first half of the twentieth century. The handbook was published in 1926, in the early years of the restored Republic of Lithuania. However, it could still be considered as the best written methodological aid in this field. The article deals with the circumstances and the motives of writing this handbook, along with a discussion of the European context of the movement for restoration and promulgation of Gregorian chant, especially after the pontificate of Pius X and his notable motu proprio Tra le sollecitudini. It also analyses the impact of the authors that Brazys mentions himself and the works and methods used by them. In addition, the article examines the level of originality of the handbook and attempts to trace the books and handbooks that made the biggest impact on Brazys and his work.

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