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Volume XVI, Spring, Issue 1(71), 2021
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We use the Nash Equilibrium to solve the complex Lebanese political game of forming a government. We solve for a probable and logical outcome given each player’s priority issues relative to each other player’s priority issues. The results indicate that there is a global best response equilibrium between Hizballah/Amal (“H/A”), Other National Parties (“ONP”), and France.
The equilibrium requires a cooperative approach between H/A and ONP to find a solution that satisfies both, particularly in respect of control over the Ministry of Finance (“MOF”), which represents an important executive position in the country’s domestic political system. For example, H/A (given its relatively higher utility for this variable) maintains nominal control over MOF while ONP shares in some manner in the nomination. This would ensure stability of the political regime, which could then facilitate at least some economic reforms. Under this scenario, France is the biggest winner in respect of its regional interests as the success or failure of its initiative in Lebanon may have significant consequences on its credibility in the East Mediterranean region. However, this equilibrium is sensitive to national and regional variables.
Further analysis of the statistics indicates that France, in this game, is not the primary player, as the USA has the capability to sway the game in its favor. The results further indicate a clear conflict between the regional interests of France and the USA. The USA’s payoff function was not clear related to the other players and their preferential interests. This may be due to the USA’s main interests residing in other national and regional considerations not considered in this game.
© 2021 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 aim of this paper is to investigate dynamic interrelationship between four major crude oil prices, Western Texas Intermediate, Brent, Dubai, and Oman, by multiple sub-periods analysis as well as time-varying coefficient from January 1, 2007 to December 31, 2019.The multiple sub-periods are quantitatively constructed by the structural breakpoints identification method and then qualitatively justified by matching those with key economic and political events. GARCH family models, such as an extended GARCH (1,1) and Diagonal BEKK-GARCH model find that (1) volatility spillover and correlations between the selected four crude prices, in general, varied over time, (2) Dubai prices tended to be followed by all other prices over the years, (3) Prediction of oil prices became harder for the Asian crude oil markets, such as, Dubai and Oman, than for the Western markets during the sub-period in which the Arab springs events were involved. These findings shed light on the features of the major crudes oil prices interrelationship for the recent 15 years.
© 2021 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 is to investigate the consumer buying dynamics in small towns and settlements in United Arab Emirates for the benefit of marketers, manufacturers, policy decision makers, government of UAE and the academic world. This piece of research is to contribute to a deeper understanding of applying the various dynamics of customers in rural market of the entire GCC countries. Particularly, the literature review conducted for this study revealed that very little attention has been paid for consumer buying dynamics in the UAE rural consumers with specific reference to small towns and settlements.
The authors used a structured questionnaire consisting of five point Likert scale to collect data from thirteen small towns and settlements: Khor Fakhan, Kalba, Jabal Ali, Dibba - Al Fujairah, Madinat Zayed, Ruwais, Liwa Oasis, Dhaid, Ghayathi, Ar-Rams, Dibba - Al Hisn, Hatta and Al Madam. The population of them range from 11,120 to 39,151. The sample was composed of 2,083 persons from all the chosen thirteen small towns and settlements in United Arab Emirates. The rural customer profile of the United Arab Emirates is diverse, consisting of groups ranging from high-income Emarati nationals to high income expatriates to less affluent foreign workers from various countries. Consequently, customer behaviours, attitudes and preferences vary widely in the country and are often hard to pinpoint (Euromonitor). Burson-Marsteller Arab Youth Survey, which was conducted in 16 Arab countries, showed that nearly half of Arab youth are keen to embrace modernity.
Moreover, the study’s findings supported that the numbers were also reflective of the views in Emirati society. The current study results revealed that the rural customers along with the product they consider affordability in terms of price, also think about quality, performance, reliability, brand and other critical aspects Therefore, it is recommended that the products be in line of rationality rather than just making low price appeals. Moreover, the study’s findings emphasised that the rural customers maintain dignity and look for the deals focusing on value for money. Therefore, it is recommended that the lifestyle and value is one of the dominant factors of rural population in UAE.
© 2021 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 paper explores value creation through company merger in the financial sector. The merger took place at a time when, due to the past financial crisis, the demands of regulators and central banks were aimed at abolishing leasing companies and integrating them with banks.
The aim of the paper is to identify the basic areas necessary to assess the feasibility of the merger and to ensure the safe and profitable operation of leasing companies. The present study provides evidence on the integration of business resources and human resources. Moreover, the impacts scenarios on provisioning and profit of a company with credit ratings and the IFRS 9 standard are introduced. Simulations of the possible scenarios calculations are based on different parameters such as probability of default, loss given default, credit rating. Based on empirical research we find that the establishment of credit ratings is essential for the provisioning process. The latter are also a key factor in making impairments, which directly affect the balance sheet results. The projection of the merged company’s business operations brings acceptable returns and corresponding growth, which guarantees a long-term existence and a competitive position of the merged company.
© 2021 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 strong development of stock markets is reflected in acceleration in the number of IPOs and a very sharp increase in transaction volumes (amounts of securities traded). To understand the effects of stock market development on Jordan’s economy, this research adopted the use of secondary time series info. Based on the descriptive statistics approach adopted, there are specific findings that define the overall objectives of the study. The findings show that the stock growth and private sector credit expansion optimistically contributes to the economic prosperity and development of the Jordanian economy.
Moreover, the research findings also indicate that a foreign direct investment, which also influences the country’s stock, has an outcome on the country’s economic development in the long run. Further, the research findings also show that the economic development of Jordan is not affected by the domestic credit awarded to the private sector. However, the findings also show that trade involving stock has a minimal effect on the development and growth of the Jordanian economy. Overall, the research reveals that the FDI, the total stock value of trade, and the nationwide credit to the private sector have an influence on the economic growth of a country.
Copyright© 2021 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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This paper explores disparities in the effect of pollution on confirmed cases of Covid-19 based on counties’ socioeconomic and demographic characteristics. Using data on all US counties on a daily basis over the year 2020 and applying a rich panel data fixed effect model, we document that: (1) there are discernible social and demographic disparities in the spread of Covid-19. Blacks, low educated, and poorer people are at higher risks of being infected by the new disease; (2) The criteria pollutants including Ozone, CO, PM10, and PM2.5 have the potential to accelerate the outbreak of the novel coronavirus; (3) The disadvantaged population is more vulnerable to the effects of pollution on the spread of coronavirus. Specifically, the effects of pollution on confirmed cases become larger for blacks, low educated, and counties with lower average wages in 2019.
The results suggest that welfare programs during a global pandemic should be differentially distributed among families with different socioeconomic status since the effects of these programs in reducing the spread of the pandemic is different among subpopulations. This paper is the first study to evaluate the differential effects of pollution on the spread of novel coronavirus across different subpopulations based on their socioeconomic status.
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The paper addresses a computational method implementing a standard Dynamic Panel Data model with Generalized Method of Moment estimators to deal with endogeneity issues, because of omitted factors and unobserved heterogeneity, and causal relationships in large and long panel databases. The methodology takes the name of Two-step System Dynamic Panel Data that combines a first-step Bayesian procedure for selecting potential candidate predictors in a static linear regression model with a frequentist second-step procedure for estimating the parameters of a dynamic linear panel data model. An empirical example to the effects of obesity and socioeconomic factors on labor market outcomes among Italian regions is performed. Potential prevention policies and strategies to address key behavioral and diseases risk factors affecting labor market outcomes and social environment are also discussed.
© 2021 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 aim of the research was to examine and analyze the relationship between social and demographic variables and respondents’ opinions on the relationship of managers to the organization and other employees. Also, the aim was exploring the relationship employees have with their superiors, as well as respondents’ opinions on the possible impact of the “power distance” and “risk and uncertainty avoidance” dimensions on the processes of creating and developing mutual relations.
The research was conducted on the territory of the Republic of Serbia in the last quarter of 2020 on a sample of a total of 140 respondents. The methods used for the statistical data processing were descriptive statistics methods and single and multi-factor analysis using the ANOVA. The results of the research indicate that managers in the organizations in which the respondents are employed are more task-oriented than people-oriented and that they do not have a daily exchange with employees. Also, of the total number of respondents in this survey, more than half of respondents believe that it is difficult to develop independent entrepreneurship in the Republic of Serbia, two thirds of respondents worry about safety and duration of employment, and the same percentage believe that most employees in Serbia do not resign from work for the fear of not finding the same or similar job in their profession. Furthermore, the results of this research indicate that the labor market in the Republic of Serbia has qualified human resources that are able to respond to the demands of the modern digital environment.
Copyright© 2021 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 aim of the study was to examine the relationship between financing strategies and financial constraints in Polish conditions. Ultimately, the entire sample was divided into industrial and service companies. This division allows us to check what relationships exist in a specific industry.
The research panel sample consists of 150 companies listed on the Warsaw Stock Exchange in Poland. The study covered the years 2008 - 2018. We use a number of indicators that originate from the literature on financial strategies and financial constraints. Our results show that there is a link between financing strategies and financial constraints for Polish companies. We prove that there are statistically significant differences between sectors in terms of financial constraints. We find a relationship between the level of the NWC and the financing strategy and financial constraints, but only for manufacturing companies. Our results show that the directions of correlation indicate that processing companies with financial constraints use an aggressive financing strategy. This study contributes to the existing literature dealing with the impact of funding strategies on financial constraints. We would like to point out that there is little research on this subject. Our study gives significant results, because we do not find any study on this subject for Polish conditions.
© 2021 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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Over the last 30 years, the pollution of the environment has increased progressively with the growth of the economy worldwide. Polluting substances such as Co2, So2, Freon, etc., on one hand, and on the other hand, the clearing of forests increased the greenhouse effect and this led to a gradual increase of the temperature in the world. This has led to extreme phenomena around the globe: fires, floods, extremely strong tornadoes, even the displacement of seasons. There are, however, events that cause pollution to decrease. Such a phenomenon is COVID 19.
