Nyore Sandra Ofogbe, Chidiebere Nnamani, Chika Anastesia Anisiuba and Charity Nkeiru Ezuwore-Obodoekwe
This study is aimed at analyzing the influence of Corporate Social Responsibility (CSR) on the Cost of the Capital (CoC) of the companies quoted on the Nigerian Stock Exchange (NSE). The annual panel data of the 32 companies quoted on the NSE pertaining to the period from 2005 to 2019, were judgmentally selected. The Thomson Reuthers Index was used as the measure for CSR, whereas the Cost of Equity (CoE) and the Cost of Debt (CoD) were used as the measure for CoC. The findings revealed the existence of a positive/negative nonsignificant relationship, on the one hand, and a positive/negative significant relationship as well, on the other, between CSR and CoC. The results obtained are supportive of the findings found in scholars’ works, especially those in the developed countries in which this aspect has extensively been explored. To conclude, the companies that spend on CSR have a better chance of accessing capital at a better and low cost. Based absolutely on the findings, the researcher advocates that investment should incessantly be made in the issues concerning CSR, given the fact that, if consistently made, such investment may ease access to funds at a reduced cost.
Anh Thu Nguyen1 and Thi Mai Thanh Tran2
The Association of Southeast Asian Nations (ASEAN) considers trade facilitation as a driving force in forming a single market and a single production base. This paper constructs an ASEAN scorecard for measuring the performance of trade facilitation strategic plans by ASEAN member states. Next, a structural gravity model is used in the paper in order to estimate the trade facilitation performance influence on ASEAN trade flows. The fact that the indicator of easing Nontariff Barriers (NTBs) and institutional coordination, on the one hand, and the ASEAN member states’ engagement indicator, on the other, had the highest enforcement scores in ASEAN in the period 2017-2019. Those two indicators also exert the biggest influence on ASEAN trade flows, especially ASEAN extra-regional trade.
Maria Rio Rita, Yeterina Widi Nugrahanti and Ari Budi Kristanto
This study aims to examine whether Peer-to-Peer (P2P) lending, financial bootstrapping and government support affect the performance of Micro, Small, and Medium-sized Enterprises (MSMEs) by adding a mediating variable in the form of innovation. Innovation mediation is expected to be able to optimize the influence of government funding and incentives towards improving business performance. This study used an SEM-PLS analysis technique. The study samples were the MSMEs located in the city of Salatiga – Central Java, Indonesia. The results showed that P2P lending and financial bootstrapping had a positive effect on business performance and innovation. While government support had a positive effect on innovation, on the one hand, it had no effect on business performance, on the other. Innovation itself is proven to have an influence on business performance. This study also finds that innovation mediates the effect of P2P lending on business performance, facilitates the effect of financial bootstrapping on business performance and reconciles the effect of government support on business performance.
Aleksandra Bošković
U eri digitalizacije, tradicionalni faktori uspeha preduzeća dovedeni su u pitanje, pa je potrebno preispitati ustaljene obrasce rada i ispitati nove načine za stvaranje održive vrednosti. Obzirom da ljudi, kao nosioci znanja, predstavljaju ključne pokretače vrednosti, neophodno je istražiti načine za unapređenje njihovog potencijala. Cilj istraživanja u radu jeste da se pokaže da autonomija doprinosi unapređenju angažovanosti zaposlenih u digitalnom okruženju, a posebno u uslovima rada na daljinu. U tom smislu, objašnjen je koncept angažovanosti zaposlenih, kao stanja visoke energije, posvećenosti i okupiranosti poslom i ukazano je na moguće načine za unapređenje angažovanosti, kroz povećanje autonomije. Empirijskim istraživanjem je potvrđeno da autonomija pozitivno utiče na energiju i posvećenost, kao dimenzije angažovanosti, kao i da je uticaj na energiju jači kod zaposlenih koji rade na daljinu.
Lich Khac Hoang1, Binh Tan Cao2, Kim My Le2 and Dung Thi Thuy Nguyen2
This paper examines the impact of taxes on the economic growth based on classifying countries by GDP per capita and a tax burden. The Partitioning Around Medoids (PAM) technique is used because it is not too sensitive to outliers. Through this multicriteria classification technique, the Generalized Method of Moments (GMM) is employed to analyze the data of the three groups consisting of 63 countries from 2003 to 2017. The results show that most taxes have a positive impact on economic growth in poor countries (Group 1). Interestingly, taxes on goods and services promote economic growth in rich countries (Group 3), rather than having a negative effect, as is concluded by some previous studies. Specially, while the property tax has a negative effect on economic growth in rich countries, its impact is significantly positive in poor countries.
Saša Ranđelović1 i Svetlana Vukanović2
U ovom radu se analizira nivo fiskalne decentralizacije i strukturne karakteristike lokalnih javnih finansija u Republici Srbiji, sa fokusom na lokalnu politiku javnih investicija. Udeo rashoda centralnog nivoa vlasti u konsolidovanim javnim rashodima u Republici Srbiji iznosi 83%, što ukazuje na relativno visok stepen fiskalne centralizacije. I pored rasta javnih prihoda u poslednjoj deceniji, lokalne javne investicije su i dalje niske – u Republici Srbiji iznose 1% BDP-a, što je znatno ispod proseka EU (1,4%) i Centralne i Istočne Evrope (1,5% BDP-a). Rezultati ukazuju na velike razlike u relativnoj visini javnih investicija po lokalnim samoupravama. Veći deo lokalnih javnih investicija usredsređen je na održavanje putne i administrativne infrastrukture, dok su ulaganja u životnu sredinu i obrazovanje niska. Da bi se smanjili lokalni dispariteti u kvalitetu lokalne infrastrukture i podstakla ekonomska konvergencija, neophodno je unapređenje kapaciteta za planiranje i sprovođenje investicija i uvođenje sistemskih podsticaja za lokalne javne investicije.
Vlastimir Leković
U Svesci 3 Volumen 23 Godište 2021 naučnog časopisa Ekonomski horizonti publikovana su četiri izvorna naučna i dva pregledna članka, Predmetni indeks članaka i Pregled autora i naslova svih priloga publikovanih u Časopisu, u 2021. Istovremeno, kao rezultat kontinuiranog nastojanja Uredništa Časopisa da se, uz unapređivanje kvaliteta publikovanih radova, poveća Indeks internacionalnosti autora, ukazujemo na to da je u Volumenu 23 Godište 2021 Ekonomskih horizonata publikovano dvanaest naučnih članaka autora iz inostranstva (Meksiko, Nigerija, Indija, Južna Koreja, Poljska, Sudan, Vijetnam i Indonezija), što je dve trećine, odnosno, 66,67% od ukupnog broja objavljenih naučnih članaka u Časopisu, u 2021.