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Accounting Systems in Poland and Croatia - comparative study

Abstract

Central and Eastern European countries undergo many political, structural, social and economic changes. In the past decades such countries, like Croatia and Poland, witnessed a fundamental transformation of their societies and economies, which impacted accounting systems as well. The mail goal of the paper is to research the main differences in accounting systems in the Republic of Croatia and Poland. The research methodology is based on a critical analysis of scholarly literature done by the bibliometric analysis, analysis Polish and Croatian accouting standards and legal acts. Based on inductive and deductive reasoning, the paper reveals key determinants and differences of accounting frameworks in Croatia and Poland. The paper proves that it is crucial to consider economic and cultural differences in comparative international accounting research. Research results of the paper will contribute the international accounting literature but also have an impact on the European Union accounting harmonisation references.

Open access
Open access
Characteristics of Undeclared Work in Service Sector in Countries of South East Europe

Abstract

The undeclared work is a complex and multifaceted phenomenon that has been present in all countries, regardless of its social and political establishment. Notwithstanding, the empirical evidence suggests that informal economy is more prevalent in countries with lower levels of GDP. Furthermore, the informal economy is present in sectors with lower level of capital and higher level of labour intensity. Therefore, the theory and everyday experience imply that the informal economy is more widespread among the services than the goods sectors. This paper provides an overview on the informal work and unofficial economy in the services sector in the former socialist countries in South East Europe. For the reduction of undeclared activities, it is necessary to simplify the procedures for establishing small businesses, to stabilize the tax system, to ensure high tax morale and trust in society and towards institutions, and to decrease the state regulatory burden.

Open access
E-Commerce in a Physical Store: Which Retailing Technologies Add Real Value?
Open access
Open access
Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

Abstract

This paper observes short term effects of football match results by focusing on the Croatian national team and stock returns on the Zagreb Stock Exchange. Existing literature identifies psychological factors affecting investor’s sentiment around sporting events on different stock markets. There does not exist any study focusing on the Croatian stock market. Thus, this paper extensively observes such effects for the first time in the literature. Event study methodology, a usual approach of investigating such effects, is used on a sample of 60 stocks on the Zagreb Stock Exchange for the period from 2014 until the end of 2018. The results indicate no significant effects of winning or losing a football match, even when controlling for game being friendly, competitive tournament or qualification one; as well as after controlling for investor’s expectations based upon betting odds. This means that no profitable trading strategies could be obtained around the football match day on the Zagreb Stock Exchange in the observed period for the stocks investigated in this paper.

Open access
Firm Financial Status and Investment Behaviour: Evidence from Manufacturing Firms in Nigeria

Abstract

The study examines firm’s investment behaviour sensitivity to cash flow before, during and after the recent global financial crisis using the data of 28 firms listed on the Nigerian Stock Market during the period from 2001 to 2012. The contribution of the study to the existing literature rests on using financial crisis as basis for classifying firms as either financially constrained or unconstrained. Employing the panel data and instrumental variable estimation techniques, the study finds that firms’ investment behaviour sensitivity to cash flow was higher during the financial crisis than before or after the financial crisis. In other words, Nigerian firms were highly financially constrained during the last financial crisis.

Open access