Authors:Rodica Pripoaie Abstract: This paper aims to make a comparative analysis of the evolution FDI rate influence in Romania vs growth rate of labour productivity per employed person and growth rate of GDP per capita. The starting point of this analysis is the position of FDI occupies in Romania, because the competition between firms and countries is getting is getting bigger due to globalisation. The comparative analysis of the evolution FDI comparative with growth rate of labour productivity per employed person and growth rate of GDP per capita in period 2003 - 2015 with adjusted data based seasonally used the average and the function AVEDEV, DEVSQ as well as the coefficient of variation and graphics. PubDate: 2017-12-20 Issue No:Vol. 13 (2017)
Authors:Ikechukwu Onyekwere Ezeuduji, Joyce M. Mdiniso, Antonia Thandi Nzama Abstract: Tourism development around protected areas is perceived a major development opportunity for rural sub-Saharan Africa. Objective: This study was conducted in South Africa to investigate how local communities living around a nature reserve, uKhahlamba-Drakensburg Park (a World Heritage Site) in KwaZulu-Natal Province of South Africa, evaluate the effectiveness of nature conservation and tourism development towards their local economy. Approach: Quantitative data were collected using a structured respondent-completed questionnaire from simple randomly selected respondents. Descriptive and bivariate data analyses yielded information used to address research objective. Result: Local community members who were surveyed declare that the 'development strategy' seems to be the main issue adversely affecting community participation in conservation practices and tourism development around uKhahlamba-Drakensberg Park. Implication: It is therefore recommended that nature conservation and tourism development strategies in rural South Africa align with the sustainable rural development critical success factors outlined in this paper. Value: This will support optimising local economic development successes, especially in rural sub-Saharan Africa. PubDate: 2017-12-15 Issue No:Vol. 13 (2017)
Authors:Ionica Oncioiu Abstract: Currently, Medicinal & Aromatic Plants (MAPs) sector are growing fast. This article is a trial of designing the challenges and future directions of medicinal herbal market in Romania, taking into consideration the medicinal plants market and individual exploitations. Data was collected from Romanian Medicinal and Aromatic Plants Growers, Manufacturers and Users Association using pretested questionnaire. Data were entered, cleaned and analysed by SPSS version 17. T-test, ANOVA and Regression analysis were carried out and the association was considered significant at p-value less than 0.05. A total of 220 respondents participated in the study, making a response rate of 88%. Our results indicate that the negotiation power of the legal person buyers is significantly bigger than that of the medicinal herbs individual producers and that this type of buyer benefits by significantly diminished prices. The study showed that a more positive attitude of consumers towards medicinal plants products will further strengthen the purchasing intentions, while the status of a bio consumers’ consumption will not affect any change on their willingness to purchase medicinal herbs products. PubDate: 2017-11-16 Issue No:Vol. 13 (2017)
Authors:Matthew Adeolu Abata, Stephen Oseko Migiro, Joseph Olorunfemi Akande, Raredzo Layton Abstract: Issues surrounding capital structure and performance have been widely debated in literature, yetthere has been no conclusion as to how composition of firm’s capital impact on it performance.Using data on 136 quoted companies on the JSE from January 2000 to December 2014, and with aGMM analysis we explore the impact of capital structure on firm performance metrics in SouthAfrican. The study suggests that total debt to total equity and total debt to total assets are inverselyrelated to both Tobin q and return on assets, while long-term debt to total assets was relatedpositively to both Tobin q and return on assets. On the other hand, total debt to total equity andlong-term debt to total assets were inversely related to return on equity, while total debt to totalassets were positively related to return on equity. It is therefore recommended that firms need todefine their financial objective – either to maximise ROA or ROE. However, an optimal debt/equitymix must be sought, if both financial objectives must be pursued. PubDate: 2017-11-02 Issue No:Vol. 13 (2017)
Authors:Sorina Botis Abstract: The purpose of the article is to highlight the increasing importance of financial education or its absence, on the behavior and decisions of consumers in a more sophisticated banking market, being offered a variety of complex financial instruments for borrowing and saving. The article presents a comparative study, based on statistical data, between countries within the European Union, including Romania, from the point of view of financial inclusion index, the acces of the population to financial services, the proportion of the adult population using banking products and services, the proportion of borrowers by type of credit, the role of financial institutions in proving financial education, the level of education and the acces to it. PubDate: 2017-10-30 Issue No:Vol. 13 (2017)
Authors:Emil Dinga Abstract: The bivalent logic usually performed in the economic discipline and thinking seems be unsatisfactorily because in the social field almost all the actions are based on teleology, i.e. on the goals. Consequently, the paper discusses a proposal to introduce tetravalent logics in the social field (so, in the economic one), that exhibits four truth values. In this context, the paper develops some considerations regarding the conceptual and methodological issues associated with the tetravalent logics proposal. PubDate: 2017-10-24 Issue No:Vol. 13 (2017)
Authors:Diana-Maria Drigă Abstract: The paper intends to introduce and clarify a new concept, the fiscal resilientor, defined as automatic fiscal stabilizer that presents the resilience property. In the first place, the paper clarifies the resilience and automatic fiscal stabilizer concepts. The two concepts are defined in a logical perspective, through the identification of sufficiency predicates. In addition, the following concepts are proposed that make up the conceptual family of resilience: stability, robustness, autopoiesis, inertia, homeostasis and antifragility. Next, the fiscal resilientor concept is clarified at syntactic and pragmatic level, and the criteria for designing fiscal resilientors are outlined. The last part of the paper presents the fiscal resilientor operation mechanism, as well as the aspects highlighting the relevance of the fiscal resilientor concept to the economy. PubDate: 2017-10-24 Issue No:Vol. 13 (2017)
Authors:Camelia Milea Abstract: The balance of the current account provides the possibility of assessing the level of economic development of a country, its degree of foreign dependence and the international specialization of each economy. This article[1] aims to analyze the evolution of the Romanian current account balance and of some of its components during the period 2013-2016, showing the determinants and some of the factors influencing Romania's current account. Also, there are analysed the ways of financing the Romanian current account deficit, highlighting the advantages and disadvantages of this financing structure. The research methods used consist in comparative analysis in time, qualitative and quantitative evaluations, interpretations and correlations. The analysis shows that the services sector has developed, which increased the surplus of the services subaccount. Another result highlights that currently, the evolution of the current account deficit is sustainable in Romania. Also, the author concludes that the current account deficit of Romania has been and is still financed mainly from inflows of foreign direct investments. [1] The article is based on the chapter "The assessment of the external equilibrium", from the research project "The financial stance of Romania, edition 2016" elaborated in CFMR "Victor Slăvescu" in 2016, under the coordination of C. Marin, Ph.D. PubDate: 2017-10-12 Issue No:Vol. 13 (2017)
Authors:Fitore Gezim Morina, Bedri Peci Abstract: This paper provides a framework of the tax systems of CIT - Corporate Income Tax in the EU . This paper treat the concept of CIT according to the OECD , EU directives and Kosovo legislation . It aims to identify gaps in the current Kosovo legislaton and the tendency to increase the harmonization of the tax systems in EU, especially, in view of the direct taxes . The theory of international tax law counts some methods used in the case of the relocation of the source of income from countries with high tax rate in countries with the lower tax rate . Kosovo's undefined political stand by 2008 certainly influenced on the design of the Kosovo Tax System. However, determining the level of taxation in this area is the exclusive issue of Member States in harmony with the principle of subsidiarity . With the aim at securing sustainable economic development and growth in the EU, within the framework of their strategy some changes were proposed regarding the elimination of all legal and fiscal barriers that hinder the full integration of the national systems of member states into the common market. The CCCTB initiative is considered a major step towards aligning the EU tax systems.So , the purpose of this article is to demonstrate the level of harmonization of the tax systems in EU , using the comparativ , empirical , normativ and logical methods , to conclude the role of CIT in the tax systems . PubDate: 2017-10-12 Issue No:Vol. 13 (2017)
Authors:Kabiru Ishola Genty, Rafiu Akanji Bankole, Rahmon Olawale Saka Abstract: This study attempts to establish the link between work-life balance and adaptive performance among technopreneurs in Lagos State, Nigeria. A survey research design was used for the study with the application of research instruments. Sample size of one hundred respondents was determined with the combination of purposive and stratified random sampling techniques across the three (3) major technologies market in Lagos State, Nigeria. Collected data were analysed descriptively and inferentially. Three research hypotheses were formulated and tested using Pearson moment product of correlation and regression analysis. Hypothesis one revealed that there is a significant strong positive relationship between work-roles balance and capacity to handle uncertainty among the technopreneurs in Lagos State Nigeria (r = .496, p < 0.01).Similarly, hypothesis two depicted that there is a significant relationship between family-roles balance and technopreneurs ability to handle work-stress (P < 0.05 level of significance). The value of 0.284 in the model summary represents the correlation coefficient between family roles balance and ability to handle work-stress. Hypothesis three showed that the coefficient of determination (R2) is 0.442. This indicates that cultural and interpersonal adaptability accounts for 44.2% of the variation in the work-life balance among the technopreneurs in Lagos State, Nigeria. The study concluded that cultural and interpersonal adaptability influence work-life balance among the technopreneurs in Lagos State, Nigeria. Thus, this study recommended that technopreneurs should develop high adaptive performance skills in the area of handling work stress, capacity of coping with unpredictable situations in technology business, and ability to deal with uncertain work situations to create a balance work-life. Conclusively, the study can be replicated in other part of the country with larger sample size using second generation statistical analysis tools such as Structural Equation modelling (SEM) in order to have a generalised conclusion. PubDate: 2017-09-25 Issue No:Vol. 13 (2017)
Authors:Kunofiwa Tsaurai Abstract: The aim of the current study is to explore the impact of foreign direct investment (FDI) on economic growth and to examine if human capital development is a channel through which economic growth triggered by FDI happens. Theory and majority of empirical studies shows that the impact of FDI on economic growth is no longer a disputed matter. What is still not yet resolved is an agreeable list of channels through which FDI affects economic growth. It is for this reason that the current study focused on finding out if human capital development is a channel through which FDI influence economic growth in emerging markets using a dynamic panel generalised methods of moments (GMM) estimation technique. Most of the previous studies on FDI-growth nexus overlooked the endogeneity issues and the dynamic nature of economic growth data. According to the author’s best knowledge, this is the first study which investigated if human capital development is a channel through which economic growth triggered by FDI inflows takes place in emerging markets. FDI was found to have had a positive but non-significant influence on economic growth in emerging markets. When FDI was interacted with human capital development, the size of the positive impact on economic growth was found to have improved but still non-significant. The implications of the study are that emerging markets should implement policies aimed at improving human capital development in order to directly boost economic growth or to enhance FDI’s ability to influence economic growth. PubDate: 2017-09-25 Issue No:Vol. 13 (2017)
Authors:Madalina Ecaterina Popescu, Eva Militaru Abstract: The main purpose of this paper consists in quantifying the impact of a minimum wage adjustment upon wage inequality in Romania. In general, rigorous minimum wage impact assessment upon wage distribution is quite difficult to be conducted mainly because of data access limitations to longitudinal information available at individuals’ level. In this paper an innovative approach is proposed for building a counterfactual scenario through the use of quarterly survey micro-data provided by the National Institute of Statistics. The period analysed in this paper regards the time-interval Q2 2014-Q3 2014. There are several reasons for this choice. First, there were data availability restrictions and second, it was necessary to identify two consecutive periods corresponding to a window-frame right before a minimum wage adjustment and immediately after it took place. In order to check the impact on gender wage inequalities, a 1:1 matching procedure was applied in order to build two distinct gender groups of individuals that are similar in observable characteristics. Both socio-demographic and economic factors are considered. When comparing the changes registered right after the minimum wage adjustment, we noticed a reduction in gender wage inequalities, as males’ chances to earn more in comparison to females drop. PubDate: 2017-09-25 Issue No:Vol. 13 (2017)
Authors:Ayinde Taofeek Olusola, Ahmed Tobi Adekunle Abstract: This study investigates the efficiency of monetary policy in Nigeria through the use of the Data Envelopment Analysis (DEA) approach for the periods 1980 – 2015. Through this method, we obtain efficiency scores for the input-output relationship of monetary policy instruments for each of the year and for the whole years. Using scenario analyses through sensitivity analysis, we determine the allowable reductions and additions to this instruments that would make monetary policy to reach optimum and impact meaningfully on the economy. It is important to note that the input variables are the treasury bills and treasury certificates while interest rate and monetary base constitute the output variables. Also, the study proceeded to examine what impact that monetary policy has on inclusive growth in the country using a Structural Vector Auto-Regression (SVAR) model. More so, the actual inflation rate was fitted to its targeted rate for the period under investigation for robustness sake. The striking finding for this study is that even though it has not been efficient, monetary policy in Nigeria requires some allowable adjustments before efficiency can be attained and, thus, impact on inclusive growth. More so, the results obtained through the SVAR framework indicate that the shocks from money supply and financial openness substantially impact on inclusive growth. It sums up to mean that, even though non-neutral, monetary policy has not been efficient in driving inclusive growth in Nigeria. PubDate: 2017-09-25 Issue No:Vol. 13 (2017)
Authors:Vlora Berisha, Rrustem Asllanaj Abstract: Accounting as a practice has existed since the earliest times of humanity. The first simple accounting records are found in the designation of Babylonian Chaldeans, Assyrians and Sumerians in Mesopotamia. The time of theoretical accounting recognition is considered to be the year 1494, when Venetian mathematician Luca Pacioli published a book. In addition to mathematical knowledge, Pacioli also wrote about the dual registration method and the accounting process. Despite Pacioli’s writing, there is still much discussion regarding the issue of dual accounting origin. In reviewing the literature, it is noteworthy that accountancy history is scarcely addressed; there are only a small number of books and works that cover the topic. Therefore, the purpose of this paper is to take a historical look at accounting development from ancient periods to the present. This study, based on historians' records and archaeologists like Denise Schmandt-Besserat, has successfully described the origins and development of accounting from 3350 BC until today. PubDate: 2017-09-14 Issue No:Vol. 13 (2017)
Authors:Oladapo Fapetu, Olufemi Adewale Aluko Abstract: This study is a holistic attempt to examine the linkage between emerging and developed markets between January 2012 and June 2016 using iShares MSCI Emerging Markets ETF and iShares MSCI World ETF to measure emerging and developed markets respectively. Employing three cointegration testing approach, this study reveals that there is no cointegration between emerging and developed markets, thus indicating that international portfolio diversification is feasible for investors holding financial assets in both markets. This finding suggests that investors can reduce risk by constructing a portfolio consisting of assets in both emerging and developed markets. PubDate: 2017-09-14 Issue No:Vol. 13 (2017)
Authors:Segun Idowu Adeniyi, Patrick Amaechi Egbunike Abstract: Nigeria banks faced financial crisis due to financial meltdown and government treasury single account policy. This has forced banks to employed strategic cost management techniques like downsizing of employee and reduction of staff salary to survive and sustain their competitiveness in banking industry. This study examines the influence of downsizing of staff and reduction of staff salary on bank profitability. The specific objective is to ascertain the influence of downsizing of employee and reduction of staff salary on return on asset. Purposive sampling technique was used to select the sample frame from first generation of banks that are licensed with international authorization in Nigeria This study obtained secondary data from the Nigerian Stock Exchange Fact-book and Annual Report and Accounts of the sample population for the period 2006 to 2016. A linear regression analysis was used in estimating the parameter of the model. The study finds out that there is negative relationship between downsizing of employee, reduction of staff salary and profitability. It was discovered that the period after banks downsize their employee, bank performance was at its low ebb. We strongly recommend that banks can reduce their employee salary instead of laying them off. Then, salary increment can be done when the financial performance is improving. PubDate: 2017-09-12 Issue No:Vol. 13 (2017)
Authors:David Mautin Oke Abstract: Exchange rate has remained devastated in Nigeria while the problem of high inflation lingers. Therefore, this paper re-examines the effect of exchange rate regimes on inflation in the country. We used the Autoregressive Distributed Lag (ARDL) approach for our analysis. Contrary to most studies on Nigeria, we tested the stability of our inflation model. The past one year value of exchange rate has a negative and significant impact on the current inflation rate. Inflation rate increased more during the fixed exchange regime compared to the floating exchange rate regime. During the floating exchange rate regime, as the exchange rate increases, the inflation rate decreases and vice versa. This suggest that the floating exchange rate regime policy is preferable for combating increases in inflation rate compared to the fixed exchange rate. The lags of money supply have a direct relationship with inflation rate. The past two years value of interest rate also has a direct relationship with inflation rate. It is imperative that future studies on Nigeria consider wider spectrums of exchange rate regimes than ours. PubDate: 2017-09-12 Issue No:Vol. 13 (2017)
Authors:Sokol Berisha, Fatos Haziri Abstract: Kosovo’s sluggish economic growth and financial market developments are two main reasons for conducting the analysis of banking system interest rates in Kosovo. It has been always considered that increase in the number of banks will in turn result in higher competitiveness; however this did not happened and the interest rates have only seen increase. As a result of this situation, poor access to loans continues to severely hamper the household and business economic activities in Kosovo. Despite rapid development of banking sector in Kosovo that was built since 2000 and which is considered as one of the most successful ones in Kosovo’s economy, the impact of micro policies and governmental policies, including the high interest rates, have reflected in sluggishness of entrepreneurial initiatives. Irrespective of a considerable number of banks operating today in Kosovo (10 banks), this sector remains quite concentrated, since around 90% of total assets, more than 88% of deposits and around 80% of loans are concentrated in three largest banks with foreign capital. PubDate: 2017-09-12 Issue No:Vol. 13 (2017)
Authors:Catalin Angelo Ioan Abstract: Article shall carry out the analysis of natural movement of Romanian population During 2007-2014. They are thus treated indicators: Live births, Deceased, Natural increase, Marriages, Divorces and Deaths under 1 year. In addition to the regression analysis, are determined the median, quartiles, the arithmetic mean and standard deviation for each indicator. Also the analysis examines dependence aforementioned indicators of regional GDP variation. PubDate: 2017-07-28 Issue No:Vol. 13 (2017)
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