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Bibliometric Analysis of Financial Risk Assessment in Baltic Countries

Abstract

The article represents the bibliometric analysis of risk assessment in Baltic countries relying on scientific database. The purpose of this analysis is to study trends and development of scientific research when evaluating financial risks as well as reveal resources with high impact to apply content analysis that could be used for future research on the topic. The applied investigation methods were chosen based on the analysis of existing scientometric data: the number and dynamics of published documents; their subject area and type; territory/country; source title; affiliation; authors; h-index; citation overview followed by search results as well as adopting search references to reveal the used and cited documents. The authors also present the applied deduction of trends between enterprise death rate in Latvia, Lithuania, and Estonia and the number of documents in the referenced period. This study demonstrates that the amount of research increased significantly when countries face rises in enterprise death rates.

Open access
Assessment of Impact of Corporate Income Tax Suspension on Financial Performance of Businesses

Abstract

Though there are a number of data and studies about the impact of tax incentives on investment, research and development, no detailed and systematic analysis has been elaborated on the effectiveness of taxation of profit to the financial performance of businesses in general. Businesses avoid corporate income tax to get more net profit. Evasion leads to economic stagnation. It is time to call for changes of the corporate income tax system and introduce tax suspension - tax only shared profit. The aim of the research is to assess the impact of corporate income tax suspension on retained corporate income. The research extends applicable theoretical foundation and comprehension of elements and factors affecting firms’ behaviour. The results show that the corporate income tax reform would change capital structure of businesses and improve company’s sustainability. The findings also give grounds for the development of an applicable model that would help government authorities choose the most effective way of taxation of corporate income.

Open access
Are African Stock Markets Inefficient? New Evidence on Seasonal Anomalies

Abstract

It is widely acknowledged that having efficient financial markets is paramount in the allocation of social resources to their most productive uses. This paper explores the informational efficiency of six of the most important African stock markets for indication of seasonal predictability in stock returns. The results reveal that all markets exhibited some kind of seasonal patterns. The prevalence of the phenomenon was higher in the Egyptian and Tunisian markets, suggesting the presence of inefficient prices. Surprisingly, the only advanced emerging market of the sample (South Africa) showed a relatively large number of anomalies. This paper also reports the existence of strong pre-holiday effects and turn-of-the-month effects in most of the markets under scrutiny. Moreover, this study is the first to document the presence of quarterly effects in African markets. Collectively, the evidence obtained highlights the opportunity for arbitrageurs to reap profits as well as the need of decision-makers to implement legal and regulatory reforms in the markets of the continent.

Open access
Calculation Method of the Proposed Unemployment Gender Inequality Indicator

Abstract

The paper describes a new calculation method of the unemployment gender inequality indicator, that was based on the enhancement of the ratio of the unemployment rate of men and women, and on the restriction with the levels of the average unemployment rates. The proposed method of the calculation of the gender inequality indicator eliminates weak spots of the known two methods. Our proposed method was explained and compared with the known two methods, with practical examples using data of Spain, over the sample period 1972-2016. The result of the proposed method is the indicator of the unemployment gender inequality and severity intervals of gender inequality. With severity intervals of the gender inequality, we determine the importance of the gender inequality issue based on the calculated unemployment gender inequality rate.

Open access
Corporate Governance Influence on Banking Performance. An Analysis on Romania and Bulgaria

Abstract

The aim of the paper is to find if the corporative governance characteristics have an impact on bank performance. We conducted an OLS regression on panel data (fixed, random effects and first-difference). We used data from Romanian and Bulgarian commercial banks as reported by Bureau van Dijk database and categorical variables manually collected by analyzing the annual reports of the banks from our sample. These latest dummy variables reflect the corporative governance component for our model. The data used in our paper is from 2003 to 2015 period. Our results showed that there are some statistically significant effects of our categorical variables on bank profitability in both countries, so, the good practice of corporate should be applied for obtaining higher bank’s performance.

Open access
Factors that Determine the Capital Structure: An Empirical Study on Low-cost Airlines

Abstract

The purpose of this study is to identify the factors that determine the capital structure of low-cost airlines. Accordingly, it is aimed to test the factors that determine the capital structure in low-cost airlines in the context of capital structure theories. In the study, 15 airline companies, which had continuous financial data during the 2004-2015 period, were examined empirically. Panel data analysis was used as a method in the study. Findings of the study show that low-cost airlines generally operate based on the trade-off theory while borrowing in the short-term and based on the pecking order theory while borrowing in the long-term.

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Finance-Growth Nexus Revisited: Empirical Evidence from Six Countries

Abstract

This paper investigates the dynamic causal relationship between bank-based financial development and economic growth, and between market-based financial development and economic growth in six countries during the period from 1980 to 2012. The causal relationship was found to vary largely across countries and over time. In general, bank-based financial development seems to Granger-cause economic growth in the UK and only in the long run in Australia. However, there is a feedback loop in Brazil and Australia, but only in the short run for the latter. In Kenya, South Africa and USA, the results support the neutrality hypothesis. The study results further indicate short-run unidirectional causality from market-based financial development to economic growth in the USA. Evidence of the feedback loop was found in Kenya, while the demand-following hypothesis found support only in South Africa and Brazil. However, the neutrality view was supported in Australia and the UK.

Open access
High-Dividend Portfolios with Filters on the Financial Performance and an Optimization of Assets Weights in a Portfolio

Abstract

This paper is dedicated to the investigation of the strategies related to the high-dividend portfolio investment. The aim of this research is to increase the high-dividend portfolio efficiency by adding some filters and optimization weights of the assets in the portfolio. In order to achieve this goal, the authors complement the classical version of the «Dogs of the Dow» strategy with financial indicators ROA and P/E with equal and optimized weights of the assets in each portfolio. Two additional parameters are also used in the process of testing: the number of stocks and the month of the annual portfolio rebalancing. Thus, the obtained models have high-quality advantages in comparison with the traditional concept of high-dividend investing, eliminating its inherent disadvantages and providing higher rates of return.

Open access
The Importance of Intangible Assets in the Hotel Industry: The Case of Croatia and Slovenia

Abstract

Studies show an increasing importance of intangible assets (hereinafter IA) and a positive relationship between IA and company performance. The purpose of this paper is to analyse the importance of IA for Croatian and Slovene hotel companies and to find out whether companies with a higher share of intangibles are also more profitable. The analysis is based on publicly available financial statements for the five-year period, from 2011 to 2015. The results show that the average share of IA presented in the balance sheets of the analysed hotel companies is low in both countries. Moreover, we could not find a statistically significant relationship between the share of IA and the selected financial performance indicators. The results of our study show that despite the emphasised importance of IA in literature, the publicly available financial data of the selected hotel companies provides very limited information on IA for external stakeholders.

Open access
Strengthening the Team Performance through Personality and Emotional Intelligence: Smart PLS Approach

Abstract

The aim of the current study is to analyze the relationships of Emotional Intelligence (EI) dimension and Personality (P) traits of individual towards Team Performance (TP). The current study analyses the effect of Emotional Intelligence (Goleman, 1995) and personality (Big Five personality; Gosling et al., 2003) traits for Air India employees’ Team Performance. This study has used a simple random sampling method with a sample size of one hundred and twenty five employees from Air India. The Current study uses Smart PLS based Structural Equation Modeling approach and the results shows that Personality and Emotional Intelligence affects the team performance by 72.080% which is a considerable effect and this concludes that EI is a vital factor and it is considered as work place glue of individual personality and team performance of the contemporary organization..

Open access