rss_2.0Business and Economics FeedSciendo RSS Feed for Business and Economics and Economics Feed of reviewers in 2021 over the reasons for Sweden's economic success: Nima Sanandaji and his critics<abstract> <title style='display:none'>Abstract</title> <p>I analyze selected views of the well-known Swedish analyst of Nordic economies, Nima Sanandaji, on the reasons for the economic (and social) successes of Sweden and other Nordic countries in the 20th and 21st centuries. My aim is not to provide a detailed and full appraisal of these views but to confront them with the arguments of Sanandaji's critics. Only occasionally do I supplement the arguments of Sanandaji's commentators with additional comments of my own.</p> <p>In particular, my interests include the following theses of Sanandaji: the thesis that Sweden's prosperity arose before the development of the welfare state, which contributed little to its creation; the thesis that other Swedish successes (health, small inequalities, equal opportunities) are wrongly attributed to the Swedish welfare state or are far from complete; the thesis that there is very limited scope for other countries to copy the Swedish (Nordic) experience.</p> <p>In the Conclusion, I comment on the reception of Sanandaji's views in Poland.</p> </abstract>ARTICLE2021-12-31T00:00:00.000+00:00School Leadership: A Narrative Review of Literature<abstract> <title style='display:none'>Abstract</title> <p><bold>Objective:</bold> The purpose of this paper is to present an overview of empirical studies on school leadership across the globe and then specifically for public high schools in Vietnam. There are very few studies done on the leadership of school leaders in Vietnamese public schools and how leadership can affect the school’s overall performance. Hence this review aims to address this gap and provide a review of leadership practices, the effect of school leadership which might enhance the leadership at public high schools in Vietnam</p> <p><bold>Methodology:</bold> Narrative systematic review was conducted by identifying the papers published in educational journals were analyzed using different databases and based on the main findings of those papers, the review of the literature was written.</p> <p><bold>Findings:</bold> The review suggested that there are differences in the leadership styles practiced in Vietnam as compared to the rest of the world. The leaders in Vietnamese schools do not have full autonomy to make the decisions and MOET (Ministry of Education and Training) plays a significant role in making decisions.</p> <p><bold>Value added:</bold> This review of literature has aimed to fill the gap regarding the educational leadership system in the Vietnamese high school context whereas very limited studies have focused on this and how leadership can impact school performance in general.</p> <p><bold>Recommendations:</bold> This review can prove to be an effective document for government authorities in Vietnam and other worldwide schools where the leaders might not be given the full autonomy to make the decisions and hence might have an effect on teachers and students’ satisfaction levels in the schools. Hence, it is important to provide some autonomy to leaders at least at micro-level.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Entrepreneurial Desire for Outmigration: A Validated Measure<abstract> <title style='display:none'>Abstract</title> <p><bold>Objective:</bold> The objective of this study was to understand the personal and inter- personal pressures entrepreneurial individuals feel to pursue opportunities out- side their home country.</p> <p><bold>Methodology:</bold> Entrepreneurs in Mexico were given a survey regarding personal and interpersonal pressures to out migrate.</p> <p><bold>Findings:</bold> Exploratory factor analysis showed three valid factors for outmigration: personal preference, social pressure, and perception of opportunities.</p> <p><bold>Value Added:</bold> The instrument developed offers an overall Outmigration Tendency (OT) score which can provide valuable insight into why entrepreneurs choose to emigrate. This appears to be the first instrument to measure outmigration pressure and to be validated internationally.</p> <p><bold>Recommendations:</bold> The tendency score resulting from the survey can help researchers and policy makers understand the likelihood of a worker leaving his/her country to seek work opportunities elsewhere.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Trends and Future of Corporate Entrepreneurship in Indonesia in the Post-Pandemic Era by Using Descriptive Quantitative and Cross-sectional Study<abstract> <title style='display:none'>Abstract</title> <p><bold>Objectives:</bold> The main driving objective of this research is focused on revealing entrepreneurship trends that businesses can utilize to remain competitive in the market and grow toward achieving their goals in Indonesia. Also, this research explains the entrepreneurship future, what to do, and how to offset the prevalent challenges.</p> <p><bold>Methodology:</bold> The best method of research used in this study is the descriptive quantitative and cross-sectional study based on the available trends which are believed to occur in the future. The methodologies used in this research give it more accuracy on how to achieve all the set targets. Secondary sources of data enable the researcher to acquire the skills through which they will be used as the bridge recognizing the trends available in the realm of entrepreneurship. The data was collected from the BPS-Indonesian Central Statistics Agency.</p> <p><bold>Findings:</bold> This study reveals the significant factors that can be used to sustain corporate entrepreneurship in the post-pandemic era. Utilizing the descriptive quantitative and cross-sectional study in the research, the study collected the relevant information on entrepreneurship and how the future trends will affect the need for the advancement in technology, therefore creating more job opportunities.</p> <p><bold>Limitation:</bold> The main limitation to this research was finding substantive information that suits the identified time frame with relevant data. The research requires the incorporation of various studies and surveys. Moreover, some of the entrepreneurship publications relevant to be used in this study were not written in English. Also, this study used mapping of reviews, which have some weaknesses since some of them are limited to time.</p> <p><bold>Value Added and Recommendations:</bold> This research significantly contributes to essential areas in business in Indonesia since there are scarce studies like this regarding entrepreneurship in the post-pandemic era. The research has indicated that it is necessary to treat entrepreneurship education as a priority by policymakers, governments, and educators.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Performance Evaluation in the Inter-Institutional Collaboration Context of Hybrid Smart Cities<abstract> <title style='display:none'>Abstract</title> <p><bold>Objective:</bold> The smart city is defined as a mix of urban strategies aimed at optimizing and innovating public services. Current cities are hybrid and affected by complex systems with inter-institutional collaboration. This study aims to understand which variables are most present and important according to the literature review and comparative analysis of two case studies.</p> <p><bold>Methodology:</bold> The authors have chosen the emerging smart city of Turin and Lugano to conduct a cross-analysis based on the matrix proposed by Yin (2017). This research is characterized as a holistic study of multiple cases.</p> <p><bold>Findings:</bold> The research was carried out thanks to results produced by literature and emerging from the analysis of realities exposed, to assess the performance of projects and urban sustainability. A set of 71 indicators has been designed to assess the impacts of a smart city. 5 Indicators are related to management performance, 18 to governance and 48 to reporting.</p> <p><bold>Value Added:</bold> This research aims to implement the theory of information reporting by providing guidelines for indicators in inter-institutional, cross-sectoral and multi-level contexts maximising smart factors in cities and meeting stakeholder needs in a hybrid organization.</p> <p><bold>Recommendations:</bold> Future research is recommended to confirm the relevant indicators for stakeholders associated with communication methods.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Expectations Towards International Study Visits – Preliminary Research Findings<abstract> <title style='display:none'>Abstract</title> <p><bold>Objective:</bold> The objective of this paper is to present the preliminary research findings concerning the expectations towards international study visits undertaken by university students hailing from different higher education institutions around Europe on the canvas of internationalization as a concept.</p> <p><bold>Methodology:</bold> The research was carried out on a group of 440 students from 5 European countries. The study covered the population of students of faculties whose graduates are preparing to work in business. The basic research tool was a questionnaire with dominating closed questions and the possibility for respondents to indicate more than one answer. The answers of the respondents were measured using a five-point Likert scale with a variable description of the minimum and maximum point value. When analyzing the data, descriptive statistics were used. The Kruskal Wallis test was used to determine whether there was a significant difference in mean ranks across attribute ratings.</p> <p><bold>Findings:</bold> The results highlight significant common features of students’ expectations towards international mobility programs: personal development orientation, interest in contact with employers and professional environment, willingness to try themselves in new challenges by developing creative and communication skills in an international environment.</p> <p>Value Added: This article is an important voice on the impact of mobility programs on the competencies development of future graduates. The final results of the research can be used to improve the mobility and educational programs offered by universities which equip their students with major skills, knowledge and attitudes in the future workplace.</p> <p><bold>Recommendations:</bold> The highest-valued components of international study visits do not fully reflect the expectations of employers, and the study of the reasons for these discrepancies, as well as reflection on how to minimize them in the process of academic teaching, remain a significant challenge for the practice of building competencies sought in the labour market.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Tourism, Hospitality and COVID-19: Business Challenges and Transformations; the Case of Destination and Resort Planning, Development, and Policy Framework<abstract> <title style='display:none'>Abstract</title> <p><bold>Objective:</bold> This paper aims at restoring tourism and hospitality economic sectors following the negative impacts of the COVID-19. It addresses how behaviour changes can impact the global economy and the relationship between the COVID-19 and the economic development of a country as well as the policy measures to restore the global economy. The findings from this research will be useful to the tourism and hospitality sectors of the global economies. The recommendations from the study are helpful in decision-making when restoring the global economy.</p> <p><bold>Methodology:</bold> To pursue its aim, the study uses Strength Weakness Opportunities Threats (SWOT Analysis). This method helps determine the strategic factors that will ensure the global economy's restoration during the COVID-19 period. Additionally, an Analytic Hierarchy Process (AHP) method helps prioritize the strategic factors to provide the most effective is used.</p> <p><bold>Findings:</bold> The research findings indicate that the knowledge that people adapt is constant. Since abrupt changes in behaviour among individuals in the global context is a challenge, the report observes the need to adjust to the new action, especially when adapting to new geographical locations. The tourism sector, for instance, suffers majorly. Notably, most countries are on an economic standstill; this is attributable to the increasing financial crisis because of bans on international travel. Further, the research reflects the pandemic's emergency, especially in the economic, political, and socio-cultural sectors. Concerning the relationship between the pandemic and the global economy, the research observes a backpedalling characterized by low growth in the global gross domestic product (GDP), a significant determinant of economic development in many countries. Economic research indicates poorly productive economies, reduced consumption of locally manufactured goods, and employment losses.</p> <p><bold>Recommendations:</bold> The report recommends developing new mechanisms and policy measures besides behavioural changes to restore the global economy. However, variations, complications, and modifications characterize these measures. Additionally, the research's proposed strategies acknowledge that the economy's tourism and hospitality sectors require reinstation from income employment, social inclusion, and socio-economic solidarity. Reinstation is also mandatory in cultural exchange and peaceful coexistence.</p> <p><bold>Value-added:</bold> The results indicate that COVID-19 will break down the tourism sector's economic development structure; hence, strategic initiatives will be vital in achieving the economy's sustainable tourism and hospitality sectors. The inclusion of production and consumption is related to the current global economy due to the COVID-19 pandemic.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Forensic accounting: state and development perspectives in the Republic of Croatia<abstract> <title style='display:none'>Abstract</title> <p>Forensic accounting as a profession plays a major role in preventing and detecting frauds and almost in all areas of business there is a need for the services of forensic accountants. In modern conditions, when the whole world is struggling with the COVID-19 pandemic and the consequences it brings, an increase in the number of frauds is expected, which will result in an increase of demand for specially trained experts in the area of fraud prevention and detection. In this context, this paper emphasizes the role of forensic accountant in the fight against fraud and presents the occupational standard and qualification standard developed for this profession in the Republic of Croatia. The occupational standard identifies key jobs within the profession as well as the competences that a person needs to possess to successfully perform jobs within the profession.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Forensic Accounting vs Fraud examination: Roles, Importance and Differences<abstract> <title style='display:none'>Abstract</title> <p>Fraud has existed throughout history. Yet, it is estimated that today's occurrence has a huge impact on global revenues, highlighting the importance of fraud examination and forensic accounting. Although the roles of the two disciplines appear to be similar (e.g. litigation support), they differ significantly in their objectives, with the goal of fraud auditing being to determine whether fraud has occurred and, if so, who is responsible. Forensic accounting has the additional objective of assessing the financial consequences and determining whether the allegations have a factual basis by analyzing the financial evidence.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Identification of Information System Audit Quality Factors<abstract> <title style='display:none'>Abstract</title> <p>The primary purpose of this work is to provide an overview and comparative analysis of various Information System Audit Quality measures, as well as to test the validity of the chosen measurement scale empirically. In this regard, a thorough literature study was undertaken, followed by primary empirical research, and the reliability and validity of the measurement scale were tested. Based on the identified papers, a questionnaire was created and evaluated by a panel of experts. Following that, data was collected from respondents who were either managers inside the organizational unit responsible for information technology or those designated as adequate by the heads of IT departments.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Forensic Review of Financial Statements of Legal Entity Tuš-Trade<abstract> <title style='display:none'>Abstract</title> <p>Large corporate scandals in the US and Europe, from the early 21<sup>st</sup> century, such as Enron, Parmalat, WorldCom and many others, have seriously shaken public confidence in the auditors’ work. Consequently, many countries have recognized the need for introduce the forensic accounting as a more advanced and reliable form of protection against manipulative financial reporting by companies, and have completed the accounting profession with the forensic accountant title, as an active fighter against various types of frauds in companies.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00The most common examples of financial fraud in Bosnia and Herzegovina: A practical insight<abstract> <title style='display:none'>Abstract</title> <p>The aim of this paper is to shed light on the two most common examples of financial fraud, which occur in most businesses in Bosnia and Herzegovina. The causes and consequences of the mentioned financial frauds will be analyzed, as well as the reasons why they were not procedurally discovered in time. The first example is related to the inflow of money from abroad, which creates doubts about merits, while the second example is related to the presentation of operating losses and reduced tax liabilities of related legal entities. Each of the examples will be analyzed in detail in terms of the causes of financial fraud, the manner of their implementation, the relevant accounting records, and finally the manner of their detection.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Macroprudential Transparency and Price Stability in Emerging and Developing Countries<abstract> <title style='display:none'>Abstract</title> <p>One of the focuses of recent literature has been the macroeconomic effects of macroprudential policy instruments. The innovation of this paper is that it studies the effects of transparent macro-prudential policies on price stability. The results presented herein provide the first empirical evidence that macroprudential transparency can aid to achieve stable inflation in emerging and developing countries. The effect is necessarily transmitted through reduced occurrence of banking crises. We also record a particular advantage of macroprudential transparency for non-inflation targeting countries. Overall, the results are robust to the use of two proxies of price stability.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Central Bank Intervention in the Inflation Targeting<abstract> <title style='display:none'>Abstract</title> <p>This paper analyses the impact of central bank interventions in the inflation targeting regime. The results of empirical studies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on the foreign exchange market with foreign exchange interventions, thereby preventing the sudden exchange rate depreciation, which would then require a smaller reaction by the interest rate. Namely, through foreign exchange interventions, the central bank greatly absorbs the depreciation shock and, consequently, inflation is lower. As a result of lower price growth, the need for a monetary policy response to an interest rate is also lower. Based on this example, we can see that central bank intervention in some cases can be very useful in order to correct disturbances in the foreign exchange market. Therefore, some central banks accumulate foreign exchange reserves at a very high level so as to have enough space for foreign exchange intervention, without the risk of falling foreign exchange reserves below the optimum level.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Liquidity Dynamics of Banks in Emerging Market Economies<abstract> <title style='display:none'>Abstract</title> <p>This study examines the liquidity dynamics of banks in emerging market economies. Using annual data of 91 commercial banks from 11 countries, the study established that banks in emerging markets have target liquidity ratios they pursue and partially adjust due to market frictions. Overall, risk aversion and prudence play a significant role in explaining the liquidity dynamics by banks in emerging market economies.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Market Power and Bank Profitability: Evidence from Montenegro and Serbia<abstract> <title style='display:none'>Abstract</title> <p>This study investigates the relationship between profitability and market power in the banking sector using data from the financial reports of the banks that operated in Serbia and Montenegro, covering the period from the first quarter of 2010 to the last quarter of 2019. In order to investigate this relationship, determinants of bank profitability are split between internal and external. As the external determinants, selected ratios of concentration were calculated and used in order to measure market power. The total of sixteen panel regression models were applied, eight for each country. The results indicate that variations of return on assets and return on equity in Serbia can be explained by the variations of the ratios of concentration. On the other hand, results of the panel regression model applied for the banking sector of Montenegro does not give enough argument to support such explanation, and bank profitability can be explained by bank efficiency to some extent.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00The Credit Cycle and Measurement of the Natural Rate of Interest<abstract> <title style='display:none'>Abstract</title> <p>We conduct a Monte Carlo experiment using an ad-hoc New Keynesian model and a tractable agent-based model to generate artificial credit cycle episodes. We show that fluctuations in the implicit measures of the natural rate of interest obtained using a conventional trivariate Kalman filter on these artificial datasets occur in the vicinity of credit cycle peaks without any underlying changes in fundamentals (that is the agents’ type or their behaviour). The empirical analysis confirms that the measures of the natural interest rate tend to increase prior to a credit cycle peak and decrease afterwards. We conclude that a decline in the estimated natural rates of interest does not necessarily indicate changes in macroeconomic fundamentals. Instead, it may simply reflect the innate properties of the measurement technique in the vicinity of credit cycle peaks.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00Analysis of the Assets, Credits and Deposits Concentration within the Croatian Banking System based on Selected Concentration Indices<abstract> <title style='display:none'>Abstract</title> <p>This paper analyses the concentration of the banking system in Croatia and the impact of concentration on stability of the economic system as a whole over the period since 2002 to 2017. The level of concentration is usually related to the competitiveness of a particular sector, in this case the banking system, which affects the development and health of the country's entire economic system. The banking system, as the basis for the development of all other sectors of the economy, has been analysed here in the context of the concentration trend and efficiency in the selected time period using selected concentration indices: Concentration Ratio, Herfindahl-Hirschman Index, the Gini coefficient and the entropy measure using the variables of total assets of banks, loans granted, and received deposits. This research concludes that in the considered period of nearly 20 years, Croatia was among the EU countries with increased concentration level of the banking system.</p> </abstract>ARTICLE2022-01-18T00:00:00.000+00:00en-us-1