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Nino Vesković

Abstract

This study presents a financial analysis of companies undergoing the process of privatization in the Republic of Serbia (RS). A total of 182 of such companies were examined and compared to an equal number of randomly chosen companies of comparable size. The results revealed a significant gap between the financial performances of the two samples. For that reason, the companies undergoing privatization need to undergo radical changes for the purpose of achieving a higher level of profitability and preventing further losses. Given that these companies pose a significant challenge for the Serbian economy, the author believes that this study will serve as a reference for further research. In addition, this manuscript shall present the comparative analysis of the total net loss of the observed companies and the gross domestic product of the RS, as well as between the corresponding number of employees for the year 2013.

Open access

Qunfeng Liao and Seyed Mehdian

Abstract

In this paper, we follow Anderson et al. (2009) and suggest a simple approach to employ a set of financial ratios as inputs to estimate an aggregate bankruptcy index (ABI). This index is a within sample measure, ranges between 0 and 1, and ranks the firms on the basis of their relative financial distress. ABI can be used to predict the propensity of financial failure and corporate bankruptcy. For the purpose of comparison and assessment of the robustness of this index, we estimate Z-score by multivariate discriminant analysis, using the same set of financial ratios to compare the predictive accuracy of two approaches.

We find that, to some extent, ABI can predict the bankruptcy of the firms more accurately than Z-score. The empirical results of the paper suggest that ABI has relatively robust predictive power and, therefore, can be applied together with other, based on parametric and non-parametric models to predict corporate bankruptcy.

Open access

Raimund Wildner, Christine Kittinger-Rosanelli and Tim Bosenik

Abstract

Form and function are important dimensions of consumer choice, but there is more in our increasingly digital world. It is not only products per se that need to be designed but the whole interaction between consumers and brands. The whole UX or user experience is more important than ever before. Digitalism nowadays is everywhere, and even mundane products are becoming more digital (e.g. ovens), while others evolve that are purely digital (e.g. PayPal).

The question is: How can we effectively measure and design interactions in this highly digital and complex environment? For quite a long time “usability” was the one and only measure on the agenda. But consumer experience goes far beyond ease of use or high functional quality. UX is a complex construct with several dimensions that are covered in GfK´s UX score.

Open access

Olabanji Benjamin Awodumi and Adebowale Musefiu Adeleke

Abstract

This study adopted two-stage DEA to estimate the technical efficiency scores and assess the impact of the two most important components of fossil fuel associated with oil production on macroeconomic efficiency of Seven oil producing African countries during 2005-2012. Our results showed that increasing the consumption of natural gas would improve technical efficiency. Furthermore, increasing the share of fossil fuel in total energy consumption has negative effect on the efficiency of the economies of the top African oil producers. Also, we found that increasing the consumption of primary energy improves efficiency in these economies. We therefore, recommend that governments and other stakeholders in the energy industry should adopt inclusive strategies that will promote the use of natural gas in the short term. However, in the long-run, efforts should be geared towards increasing the use of primary energy, thereby reducing the percentage share of fossil fuel in total energy consumption.

Open access

Ana Tripković Marković, Miško Rađenović and Anisa Murić

Summary

There are various definitions of tourist destination. All of them define tourist destination as an area with specific tourist facilities and attractions, (primary and secondary elements) which tourists choose as their journey goal. Budva individually represents the largest tourist destination due to number of arrivals and overnight stays. During its life cycle Budva has gone through different phases as a tourist destination. This thesis implies that it is not enough to use only common quantitative indicator of visitor number to define proper the position of tourist destination and predict further development. This text is based on a comparative analysis of the attitudes of tourists and local stakeholders in the three field researches, conducted in the period between 2015 and 2016. The thesis comes to the conclusion that the actual growth is based on meeting the needs of existing markets and tourists. On the other side, aspect of desired market position disagrees with scores of tourist offer elements- which should be input for improvement and preparation for the next stage in the destination development.

Open access

Jarosław Olejniczak

Abstract

The basic objective of the work was to verify the hypothesis regarding the existence of the correlation between the income potential of the municipalities and the efficiency (relative) of their activity. The basis for such a hypothesis were some concerns as to the validity of the assumed system of funding territorial local governments in Poland- in particular in the area of fiscal transfers. A nonparametric method for the evaluation of relative efficiency - the DEA CCR-O was used in the research. Then the correlation between efficiency scores and local government revenues per capita was measured. The study includes 573 urban-rural municipalities in Poland in the years 2009, 2013, and 2016. As variable “input” expenditures per-capita were adopted. As “outputs”, 13 variables describing the basic areas of municipal activity were adopted. The results of the conducted analyses point to the existence of a correlation between the commune’s revenue level and the effectiveness of its functioning. In the whole of the analysed period, the correlation fluctuated around -0.34 to -0.42 for total pc revenues and -0.26 to -0.32 for pc own revenues.

Open access

Alin Marius Andries, Vasile Cocriş and Ioana Pleşcău

Abstract

This paper examines the impact of monetary policy on bank risk-taking and the influence of the recent financial crisis on this relation. We use a dataset of 571 commercial banks from Eurozone and analyze the relation on the period from 1999 to 2011, with emphasize on the period 2008 to 2011. We use non-performing loans, loan loss provisions and Z-score as measures for bank risk-taking, while for monetary policy the proxies are short-term interest rates (computed using a Taylor rule) and long-term interest rates. We determine the relation between the two by taking into account some specific control variables and analyze it using an entity fixed-effects model and Generalized Method of Moments, alternatively. Empirical results point to a negative relation between interest rates and bank risk-taking. In addition to this, results show that the crisis has led to an additional negative impact on the relation between interest rates and bank risk-taking for the turmoil period 2008-2011.

Open access

Natalia Nehrebecka

, Warszawa, p. 239. Anderson R., 2007, The Credit Scoring Toolkit. Theory and Practice for Retail Credit Risk Management and Decision Automation , Oxford. Antonowicz P., 2007, Metody oceny i prognoza kondycji ekonomiczno-finansowej przedsiębiorstw , Gdańsk. Appenzeller D., Szarzec K., 2004, Prognozowanie zagrożenia upadłością polskich spółek publicznych , Rynek Terminowy, nr 1, pp. 120-128. Bank for International Settlements. Studies on the Validation of Internal Rating Systems, May 2005, http://www.bis.org/publ/bcbs_wp14.pdf

Open access

Laura-Augustina Avram

secular authority reduce believers’ distrust of atheists, Psychological Science, 23(5), 483–91 Halpern, D. (2004) A cognitive-process taxonomy for sex differences in cognitive abilities, Current Directions in Psychological Science, 13(4), 135–139 Hedges, L., Nowell, A. (1995) Sex differences in mental test scores, variability, and numbers of high-scoring individuals, Science, 269(5220), 41–45 Herrnstein, R. J., Murray, C. (1994) The bell curve: intelligence and class structure an American life, Free Press. Hyde, J. S., Fennema, E., Lamon, S. J

Open access

Monika Bolek and Agata Gniadkowska-Szymańska

R eferences Altman, E.I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23 (4), 589-609. Altman, E.I., (2000). Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta® Models. New York University: School of Business, 9-12. Altman, E.I., Marco, G., Varetto, F. (1994). Corporate Distress Diagnosis: Comparisons Using Linear Discriminant Analysis and Neural Networks (The Italian Experience). Journal of Banking and Finance, Vol. 18, Issue 3, 505