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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.

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.

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.

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..

Abstract

The gross capital formation (GCF), which helps to gradually increase GDP itself, is financed by domestic savings (DS) in both developed and developing countries. Therefore, forecasting GCF is the key subject to the economists’ decisions making. In this study, I use simple forecasting methods, namely dynamic relation model called “Autoregressive Distributed Lag Model (ARDL)”, and complex methods such as Adaptive Neuro Fuzzy Inference System (ANFIS) method and ARIMA-ANFIS method to determine which method provides better out-of-sample forecasting performance. In addition, the contribution of this study is to show how important to use domestic savings in forecasting GCF. On the other hand, ANFIS and hybrid ARIMA-ANFIS methods are comparatively new, and no GCF modeling using ANFIS and ARIMA-ANFIS was attempted until recently to the best of my knowledge. In addition, Autoregressive Integrated Moving Average (ARIMA) method and Vector Autoregressive (VAR) model serve as benchmarks, allowing for fair competing for the study.

Abstract

The study examines the effect of the socio-economic factors on the health status of elderly in East Java using the Indonesian Socio-Economic Survey (SUSENAS) of 2016. The socio-economic factors consist of sex, education, working activity, relationship status with the head of household, living arrangement, economic status, and location of residence. This study uses the ordered probit analysis accommodating three ordered potential health status of elderly, including (1) elderly without health problems, (2) elderly with health problems but not severe, and (3) elderly with severe health problems. The result of the study suggests that the health of the elderly is influenced significantly by some socioeconomic factors including education, working activity, relationship status with head of household, living arrangement, and economic factors.

Abstract

The definition and scope of sustainability have evolved over the years, stimulated by debates which have won the attention of investors, thereby creating concepts such as responsible investment, socially responsible investment, responsible finance, etc. The purpose of the paper is to demonstrate whether screening has an effect on the financial performance of mutual funds and whether these effects are positive or negative. The study mainly focuses on the U.S. market as it is well developed and therefore provides greater insight and value. The research method uses the Markowitz and Sharpe market models to determine the market value of SRI and non SRI mutual funds. The study also depicts the investors’ attitude towards embedding sustainability driven variables in the decision making process as well as the market response to socially responsible investments.

Abstract

This study examines the relationship between financial deepening, foreign direct investment and output performance in Nigeria from 1980-2015 using the Autoregressive Distributed Lag (ARDL) Bound Test approach. A long-run relationship was established between financial deepening indicators, foreign direct investment and output performance in Nigeria. Foreign direct investment and market capitalization as a percentage of the GDP exerted significantly on output performance both in the short-run and in the long-run periods. It is recommended that financial depth should be enhanced through improved and highly efficient provision of credit by banks to the real sector of the Nigerian economy.

Abstract

This paper investigates the information transmission between the most important cryptocurrencies - Bitcoin, Litecoin, Ripple, Ethereum and Bitcoin Cash. We use a VAR modelling approach, upon which the Geweke’s feedback measures and generalized impulse response functions are computed. This methodology allows us to fully characterize the direction, intensity and persistence of information flows between cryptocurrencies. At this data granularity, most of information transmission is contemporaneous. However, it seems that there are some lagged feedback effects, mainly from other cryptocurrencies to Bitcoin. The generalized impulse-response functions confirm that there is a strong contemporaneous correlation and that there is not much evidence of lagged effects. The exception appears to be related to the overreaction of Bitcoin returns to contemporaneous shocks.

Abstract

Work objective includes the development of risk level estimation method for the implementation of the business processes reengineering projects at the instrument-making enterprises based on fussy set theory. The article analyzes and highlights the risks in the system of project management and reengineering programs for business processes at enterprises. The risk groups and their types that can arise during the reengineering of business processes at instrument-making enterprises are systematized and allocated, in particular: investment, financial, organizational, technical, technological, operational and informational. To assess the impact of these risks on the effectiveness of reengineering projects, a method based on the theory of fuzzy sets is proposed.