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Volume XV, Fall, Issue 3(69), 2020
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This paper identifies the development of cryptocurrency’s regulations and influences of people’s intentions to use cryptocurrency in Thailand. The analysis of behavioral intentions to use cryptocurrency is conducted applying the unified theory of acceptance and use of technology (UTAUT) model. The study used the questionnaire survey, and applied the multiple regression analysis to analyze the influences of Thai people to use cryptocurrencies. This research categorizes the purposes of cryptocurrency into three groups including: the first purpose is investment, as people buy cryptocurrency for wealth increasing; second, it is a means of payment for goods and services; and the third purpose is collecting points and redeeming rewards, as people are able to simply compare cryptocurrency to credit card points and redeem them for rewards. Regarding the findings, social influence is the most important factor that persuades people to use cryptocurrency. The other determinants in the UTAUT model that encourage people intention to use cryptocurrency are facilitating conditions, effort expectancy, and performance expectancy.
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Price in relation to Earnings ratio (PE Ratio) and Book Value (PB Ratio) parameters have received considerable attention in predicting stock returns. However, there have been varying results of the predictive power of PE and PB Ratio to stock returns especially when different market conditions have been considered. This study was conducted to determine if PE and PB ratios can be used as predictors for stock market returns among financial institutions listed in Bahrain Stock Exchange. It utilized an analytical research design which made use of panel data analysis. Total samples of 19 financial institutions were included study with financial data covering the periods 2015 to 2018. The study found that both PE and PB ratio significantly predicts stock returns of financial institutions stocks in Bahrain at 0.05 level of significance. Both ratios have positive coefficients suggesting a positive association with stock returns. Finally, the study also concludes that loading PE and PB as predictor of stock returns would only generate estimate parameters that can only show cross and time fixed effects. Thus, individual time invariant variables or company and industry specific factors do not play a role in the ability of PE and PB ratios in predicting stock returns.
© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Effective tax rate in Indonesia is relatively high when compared to some other ASEAN countries. High effective tax rate can affect company’s future growth prospects. This study aims to examine the impact of effective tax rate on the growth prospects of companies with earnings performance as moderating variable. The sample used was financial services companies listed on the Indonesia Stock Exchange in the period 2009-2018, with a total of 301 firm-year observations. This study used multiple regression analysis for panel data with the fixed effect method. The results revealed that effective tax rate had a significant negative impact on company’s growth prospects. Meanwhile, earnings performance, as a moderating variable, did not have a significant impact on the weakening of the negative effect of effective tax rate on company’s future growth opportunities. The results of this study are expected to be a reference for the government in setting tax rates in the future by considering that tax rates can have an impact on company’s growth potential.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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A well-functioning Internal Control System in the Public Institutions should be followed with a particular attention in increasing the performance of managing, executing and financial reporting in the public institutions. The Internal Control System should be correlated to transparency of accountability, segregation of duties in connection with development standards of democracy. The transparency and the managing are further required to be developed in Kosovo as a process in line with the Constitution and applicable laws. To achieve the effectiveness and improve the quality of transparency of public money in Kosovo there is a continuous need for improvement of a fair and transparent reporting of public money and this is made possible in first place by an independent audit and by strengthening internal control system in the Public Institutions. The Internal Control System in the Public Institutions requires more than an effective monitoring takes. The process of compulsory implementation is essential and includes consequences and corrective procedures for inaction in line with rules and for not obeying rules, lack of proper caution, awareness, and misuse as well as interference in the processes.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The familiar condition for a balanced growth path indicates that a household’s attitude toward risk plays a significantly important role for endogenous economic growth, but the mechanism behind this importance has not been sufficiently examined. In this paper, I show that in the process of endogenous growth, the decreasing rate of marginal utility is kept constant and the household’s quickness of response to new technologies determines the growth rate. Quickness of response to new technology and degree of risk aversion are quite similar. Given a constant decreasing rate of marginal utility, if on average households in a country are more cautious and respond less quickly to new technologies, firms in that country will invest less in new technologies. As a result, the endogenous economic growth rate of the country will be lower than that of others. If people respond more quickly, the growth rate will be higher.
© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Investments in the human resources management process, together with the development and training of talented and high-performing employees lead to increased employee performance and quality of service provided, self-fulfillment and employee satisfaction, loyalty to the organization and retention of such employees. The training of talented employees in the rapidly changing global market has had to undergo changes and introduce more innovative methods to support the development, training and retention of employees. We can state that the identification and management of talents, including the training and development of talented employees, is the biggest challenge for organizations in the field of human resources management today and will remain so in the foreseeable future. Under the influence of globalization, organizations in all sectors recruit talented people who play an increasingly important role, thus confirming the fact that talent management is becoming the fastest growing global trend in human resource management. The paper provides an analytical view of the current need for education and development of talented employees and examines the relationship between the impact of globalization on the process of education and development of talented employees and the performance development in multinational organizations operating in Slovakia. For the needs of the research, a scientific research hypothesis was formulated. The hypothesis was verified by statistical correlation analysis using two correlation coefficients. The aim of the analysis was to find out the regularity, context and developmental tendencies of mass phenomena.
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The COVID-19 pandemic is influencing the management of monetary policy in its role as regulator of aggregate demand and guarantor of macroeconomic stability. We use a Bayesian VAR framework (BVAR) to provide an analysis of the COVID-19 uncertainty shock on the economy and monetary policy response. This analysis shows important conclusions. The uncertainty effect of COVID-19 hits unprecedented aggregate demand and the economy. In addition, it undermines monetary policy action to soften this fall in aggregate demand and curb inflation impacted by the exchange rate effect. We suggest a development of unconventional devices for a gradual recovery of the economy.
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This study investigated the impact of macroeconomic variables on the economic growth in the Middle East countries. The objectives of the research were to determine the relationship among GDP, inflation, oil and gas prices as well as competition on the economic growth in the Middle East. The study spanned between 2015 and 2019. The time series data for the region was obtained from the World Bank while data on ROA, together with ROE, was mined on the OPIC report. The GDP, oil price, interest rate, inflation, and completion were collected from OPIC and International monetary fund (IMF) Middle East report. The research used a panel regression method to analyses the impact of macroeconomic variables on the economic growth of Middle East countries. The results showed that the GDP, oil and gases prices, inflation as well as supply of money are the most significant macroeconomic variables of the growth of the economy. The government, together with authorities that regulate, is required to discover other resources apart from hydrocarbon to refresh its economy as well as engender cost-effective financial structure in view of the global low-carbon technology advancements and decarburization policies. The research has a useful, practical implication for the policymakers, regulators of the region. The government, together with authorities that regulate, is required to discover other resources apart from hydrocarbon to refresh its economy as well as engender cost-effective financial structure.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The purpose of this paper is to treat the impact of the Internet on growth for a sample in the case 4 economies of the North Africa over the period 1995-2017 using various techniques such as the ARDL bounds testing approach, Panel ARDL Model, OLS Fixed Effect, OLS Random Effect, FMOLS, 2 SLS, RLS, GLM, and GMM. Indeed, for the time series results, the ARDL highlights reported the presence of a negative impact of the Internet on economic growth in Algeria, Egypt, Morocco, and Tunisia. Also, the main results of the Panel data models confirm the fact that the Internet exerts a significant negative impact on growth for North Africa as a whole. These economies are invited to orient the use of the Internet towards productive ways to reap the benefits of the spread of the Internet and proactively enhance the prosperity in this region as a whole.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Economic-financial analysis as a systematic and methodical study of accounting and financial information on the company, to know its financial situation and understand its evolution, uses in the general methodology, a series of specific tools and means adapted to the purpose of the internal or external user of the diagnosis financial. The own method of the economic-financial analysis, includes a set of methodological steps and technical calculation procedures in order to establish and quantify the causal relations between the studied indicators and the determining factors. Indicators are an indispensable working tool for financial activity and implicitly for the development of the microeconomic decision-making act.
© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The study examines the impact of inflation and exchange rate on the financial performance of commercial banks in South Africa. The study covers four largest commercial banks in South Africa, namely; Standard bank, Nedbank, Capitec Bank and Firstrand Bank for the period 2003-2019. To measure the financial performance, return on equity was used as the dependent variable and inflation and exchange rate as the independent variables. To achieve the objective of the study, the ARDL, FMOLS and DOLS models are used. The findings illustrated that there is a significant inverse relationship between inflation and the return on equity and there is a weak relationship between exchange rate and the return on equity.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Nelson and Kang (1984) showed that regression of a unit root time-series on a linear time trend provides significant results even if there is no forecast able association amongst the path of the time-series and linear trend. Using Monte Carlo simulations, this paper shows that phenomenon also exists in stationary time series and regression of a stationary time series on linear trend also produces significant results without the existence of any predictable relationship between the time -series and linear trend. The spurious trend is observable in most of the moderate sample sizes and sometimes in sufficiently large samples of size over 500 observations. The implications of these findings for unit root test procedures are discussed briefly.
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This study seeks to explore the relationship between international trade and currency devaluations using quarterly time series data from Ghana from 2000Q1 to 2017Q4. The study employed the autoregressive distributed lag (ARDL) approach to establish both the long run and short run relationship. The study found that, real domestic income and real exchange rate have a positive relationship with imports in Ghana implying that, depreciation will increase exports whiles appreciation increase imports. Therefore, currency devaluations in Ghana will improve the Trade balance of Ghana. The study therefore recommends that, government and policy makers should pay more attention to stabilising the real exchange rate given that, the Ghanaian economy is import driven and continuous devaluations will deteriorate the import sector thereby deteriorating the Economy as a whole since most sectors of the economy depends on import for production therefore causing economic growth.
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This article examines the application of the four Ps marketing mix by micro and small-scale traders (MSTs) dealing in fresh (fruit and vegetable) produce in Kenya. The study was necessitated by the need to explain unimproved living standards of the traders despite thousands of Kenyans doing business in this sector. Survey research design was adopted, and stratified random sampling techniques were employed to draw 150 respondents from among the traders in the residential estates, and the main marketing the city of Nakuru, Kenya. Structured questionnaires were used in data collection. Descriptive statistics and regression modeling were applied in analyzing the data. The results indicate that MSTs in the produce industry in Kenya, pay attention to all the 4 Ps marketing mix, i.e., promotion, place, price and product, and, in that order of increasing importance. Yet among these strategies, price and product are the most important determinants of household income. Additionally, bigger MSTs are more likely to experience increase in household income than their smaller counter parts. Finally, the average MST in the produce industry perceives that their household income has increased because of the business.
Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The relevance of small and medium enterprises to growth and development of any nation’s economy cannot be over-emphasized. Small and medium enterprises development through effective means of bank financing have brought about debate and increase in interest among researches, policy makers and entrepreneurs, which have led to issues being raised in identifying the large impact of the sub-sectors to economic growth. Small and medium scale enterprises make up the basis of industrial growth and development. The issues of microfinance bank financing are an issue that has to be treated with much importance as previous evidence shows that finance contributes to about to 25% of the success of small and medium enterprises. In order to evaluate the impact of microfinance banks on the performance banks on the performance of small and medium scale enterprises in Nigeria, questionnaires were administered to SMEs operators and microfinance bank officials. This research project had certain objectives which was achieved through the two hypotheses that were tested and questions that will be asked after which conclusion were be drawn and recommendation given. This research project made use of primary data. The conclusion has drawn at the end of this research shows that there is a significant relationship between microfinance bank and SMEs. To foster economic development, microfinance should effectively and efficiently fund small and medium scale enterprises in Nigeria an economy.
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Recently, China has become the world’s second largest economy behind only the United States of America. Until 1994, China used the fixed exchange rate and dual pricing system. A sharp fall in global oil prices aggravates the global downturn. Our key data were gotten from Macrotrends expertise in economic development and exchange rates. GDP Growth rate was more fluctuating pattern (variance 0.014, standard deviation 0.122) than exchange rate (Variance 0.004, standard deviation 0.07). From 1990-2019 both variables were analyzed. That means these do not vary systematically over time. In other words, they are time invariant. Regressing two series that are non-stationary likewise, yields a spurious (or nonsense) regression. So, to check it lets check the rule of thumb. We found a Durbin Watson Statistic of 0.612 and R square of 0.117. If we look the calculated t statistic with critical values at 5% significance level only Domestic Demand shows a significant relationship (4.00 >2.756) with GDP of China. A variety of analytical studies suggest that Competitive Exchange Rate strategies are suitable for economic development. We also argued that, considering some constraints on usable policy alternatives, there are theoretical origins in a policy approach such as an ideal strategy.
© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The study aims to investigate the economic, social and demographic implications of labor mobility in the process of Romania's integration into the European Union, a particularly important aspect in the unitary and balanced development of all Member States. We wanted to achieve a well-defined profile of the Romanian migrant, and thus we conducted a survey on a representative sample that offered us a series of elements that contributed to the overall image of the Romanian workforce as well as to the medium and long-term effects with serious consequences for the performance of our country from an economic and social point of view. Below, the results of the undertaken research are presented, results that lie at the basis of making some proposals or recommendations that can be implemented and developed by all the factors involved in the specific issues of the labor market and mobility existing on it, both regionally and internationally. In order to obtain a broader perspective on the social, economic and demographic implications of labor mobility, we used a qualitative analysis, conducted through a questionnaire that was distributed online.
© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
