Mirela Mitrasevic1 and Snezana Bardarova2
The subject matter of this paper is measuring the risk of lending to Small and Medium-sized Enterprises (SMEs) from the point of view of the existing banking regulations. The paper starts from the hypothesis that an increase in the transparency of the credit risk measurement process would enable the timely detection of problems and leave room for the actions necessary for the management of small and medium-sized enterprises, as well as all creditors, and generate an opportunity for SMEs to provide more favorable sources of financing. In the research study, the well-known Altman Z-Score model was used to assess the probability of default and rank a company. The results of the application of the Z-Score model indicate that, to a certain extent, they can detect the companies in which bankruptcy may occur in the two years following the assessment, on the one hand, but they cannot be considered as reliable for the assessment of the probability of the bankruptcy of SMEs in the Republic of Serbia, on the other.
Luan Thanh Nguyen1, Tuyen Quang Tran2 and Hang Minh Tran3
Ethnic minorities in Vietnam account for only 15% of the population, but their poverty levels total more than 70% of the national poverty rate. Foreign aid has been an important financial resource supporting the socioeconomic development of ethnic minorities in Vietnam. Based on the empirical research in ethnic households conducted in nine provinces throughout the country, the effect of foreign aid on household income was estimated using the OLS regression model. The results show varying effects in the magnitude and significance among different ethnic groups. Specifically, aid has significantly improved the livelihood of the Cham and Xtieng populations, whereas the results for the Hmong population are detrimental. Consequently, it is suggested that aid and the ethnic policy should be reconsidered in order to reduce inequality among ethnic groups.
Stevan Luković
Članovi penzijskih fondova sredstva akumuliraju regularnim uplatama doprinosa u unapred definisanim intervalima i investiranjem akumuliranih sredstava izborom jedne od investicionih strategija koje su na raspolaganju u penzijskim fondovima. Nakon Svetske ekonomske krize iz 2009, aspekt očuvanja vrednosti akumuliranih sredstava postao je naročito važan u penzijskim fondovima, što je uticalo na proces izbora investicione strategije njegovih članova. Statičke investicione strategije, u uslovima rastućih fluktuacija na finansijskom tržištu, ne predstavljaju zadovoljavajuće rešenje za osiguranike u penzijskim fondovima, imajući u vidu odsustvo reakcije na učestale fluktuacije na finansijskom tržištu. U radu je izvršena komparativna analiza performansi dinamičkih i statičkih oblika strategije životnog ciklusa, korišćenjem bootstrap reuzorkovanja za simuliranje investicionih prinosa i VaR pokazatelja za procenu rizika realizacije nepovoljnog finansijskog rezultata u trenutku penzionisanja. Rezultati analize pokazuju da dinamičke strategije životnog ciklusa generišu povoljnije finansijske rezultate u odnosu na statičke strategije životnog ciklusa, uz neznatno veću verovatnoću realizacije ekstremno nepovoljnih ishoda.
Edesiri Godsday Okoro1 and Confidence Joel Ihenyen2
Regardless of the viewpoints of prior studies on earnings management, no study has been carried out on whether earnings management exerts pressure on firms’ return on assets and equity, particularly in Sub-Saharan Africa in a single study. Drawing inferences from the existing earnings management models, a dissimilar model of earnings management, unlike those used in prior studies, which may match the peculiarity of Sub-Saharan Africa is developed in this paper. The data used were obtained from the Stock Exchange database of Sub-Saharan African countries by employing the fixed and random effects statistical technique. Using the proposed earnings management model, the study finds the intriguing results that may contribute to knowledge and magnify the literature that, notwithstanding the fact that earnings management exerts significant pressure on firms’ performances, it is even more so deemed as high in South Africa, only to be followed by West Africa, and low in East Africa. Interestingly, the study finds that the size of a firm plays a vital role in moderating the nexus between the earnings management and performances of Sub-Saharan African firms.
Cheng-Wen Lee1 and Andrian Dolfriandra Huruta2,3
In this paper, the effects of Foreign Direct Investments (FDIs) and exports on economic growth in the Association of Southeast Asian Nations Plus Three countries are explored. The panel data of a total of 13 countries pertaining to the period from 2008 to 2018 were analyzed. Based on the result of the Lagrange Multiplier (LM) test, the data fit to the random effect model. In a similar fashion, the Wald test suggests that there is no endogeneity problem in the given model. Furthermore, the results of the Hausman and Chow test also indicate that the random effect model is the most effective model to describe the effects of FDIs and exports on economic growth. The results prove that FDIs positively impact economic growth. In addition, exports also have a positive and meaningful effect on economic growth. Overall, the paper empirically confirms FDI-led growth and export-led growth. To conclude, the findings indicate the fact that FDIs and exports are crucial for boosting the economic growth of the ASEAN+3 countries. The ASEAN+3 region remains quite an attractive destination for international companies around the world when FDIs and trade are concerned.
Edvard Jakopin
Strukturne promene u privredi direktno utiču na makroekonomsku i finansijsku stabilnost, rast dohotka, produktivnost i ekonomsku efikasnost, poboljšanje kvaliteta života i socijalnu inkluziju. Globalna kontrakcija 2020, izazvana COVID-19, najdublja od Drugog svetskog rata, uzrokovaće veliko globalno ekonomsko resetovanje, povećaće se ekstremno siromaštvo, a najveći trajni gubitak biće u ljudskom kapitalu. Najveće posledice po privredu Republike Srbije biće usporavanje strukturnih reformi. Ključne performanse poslovanja privrede u periodu konjukture bile su pozitivne i uticale su na rast otpornosti privrednog sistema, ali je istraživanje pokazalo da su sprovedene strukturne reforme bile nedovoljne i spore, da su stari problemi i dalje uzročnici niske konkurentnosti. U kontekstu novih reformskih izazova, fokus aktivnosti neophodno je preusmeriti ka kreiranju podsticajnog ambijenta za razvoj domaćeg preduzetništva i rast privatnih investicija, kako bi se povećalo poverenje na relaciji preduzetništvo-institucije.
Vlastimir Leković
Obaveštavamo domaću i inostranu akademsku zajednicu da se, nakon višegodišnje preevaluacije i krajnje evaluacije od strane Scopus by the Content Selection & Advisory Board-a, naučni časopis Ekonomski horizonti, čiji je izdavač Ekonomski fakultet Univerziteta u Kragujevcu, od okrobra 2020, referiše u Scopus bazi. Referisanjem u Scopus-u, jednoj od najreferentnijih baza naučnih časopisa, omogućena je znatno veća vidljivost radova koji se u Ekonomskim horizontima publikuju, što je od izuzetne važnosti kako za Časopis, tako i za autore publikovanih radova.