Emilija Beker Pucar i Olgica Glavaški
U radu se razmatraju monetarne faze i okviri emergentnih zemalja Evropske unije (EU) na putu ka evro zoni (EZ). U prvoj fazi pre pristupanja EU, identifikovana su tri monetarna okvira, dok su u drugoj fazi pre pristupanja EZ, emergentne EU zemlje kombinovale targetiranje kursa sa rigidnim/fiksnim režimima deviznog kursa, s jedne strane, i inflaciono targetiranje (IT) sa Evropskim mehanizmom deviznog kursa (Exchange Rate Mechanism – ERM II), s druge strane. Poslednja faza monetarne konvergencije podrazumeva monetarnu ne-autonomiju unutar monetarne unije kao rigidnog režima kursa, pri čemu se devizni kurs i monetarne politike žrtvuju kao anticiklični instrumenti. Zemlje sa rigidnim režimima su podložnije makroekonomskom pregrejavanju, beležeći lošije makroekonomske performanse u poređenju sa zemljama fluktuirajućeg kursa. Teškoće pri održavanju stabilnosti unutar rigidnog monetarnog okruženja, kao što je monetarna unija, kao i inherentne slabosti EZ, krucijalni su motivi odlaganja pojedinih zemalja EU pristupanju ERM II target zoni.
Temitope Olamide Fagbemi1, Taiwo Azeez Olaniyi1 and Ayobolawole Adewale Ogundipe2
Due to the multiplicity and overburdening of Nigeria’s tax system, the economic units in which systemically important banks (SIBs) are included implement the corporate strategies that identify the loophole which minimizes, postpones, or entirely avoids tax payments so as to reduce its negative effect on financial performance. Therefore, this study examined the corporate tax planning and financial performance of systemically important banks in Nigeria. Ex-post facto was adopted as the research design in this study, while Pooled OLS was used to analyze the data. This study has shown that the effective tax rate has a negative and significant impact on financial performance. Thin capitalization has a positive significant impact on the financial performance of SIBs in Nigeria, whereas capital intensity and the lease option have demonstrated an insignificant impact on the financial performance of SIBs in the country. The study concluded that corporate tax planning affects financial performance depending on the adopted tax planning strategies. Likewise, the study recommended, among other things, that the tax authorities should engage in the tax reforms whereby the corporate tax rate is to be adjusted, and that banks should engage in the activities that can reduce the effective tax rate.
Mathew Olasehinde Fashagba1 and Emmanuel Olaniyi Dunmade2
This study is aimed at examining the difference between the retirement benefit of the old, pay-as-you-go pension scheme, and the new, contributory pension scheme (CPS). The data used in the study were obtained indirectly from secondary sources. In the study, the Analysis of Variance (ANOVA) and the Pearson Correlation methods are employed, aided by the SPSS for the purpose of data analysis. The study finds that the financial value of the retirement benefit of the old pension scheme is significantly higher than that of the new pension scheme. The study also finds that the benefits of the two pension schemes significantly follow the same trend. The study concludes that the new pension scheme pays out a lesser amount of the retirement benefit than the old. The study provides the recommendations for the efficient management of the investments in the pension fund so as to achieve a sufficient return in order to bridge the gap with respect to the retirement benefit between the two pension plans.
Şakir Sakarya1, Feyyaz Zeren2 and Hilmi Tunahan Akkuş1
Affecting a significant portion of the world economy, the commodity market is the world’s largest “nonfinancial” market. In addition to the other macroeconomic variables, commodity prices have a special importance for Islamic stock indices, which have improved in recent years because Islamic finance is a financial system based on the profit/loss sharing principle and supports the real sector’s activities. In this study, cointegration and the causality relationship between commodity markets (the Gold ounce and Brent oil) and the Participation-30 Index established by taking Islamic criteria into account were investigated in Turkey. As a result of the analysis, no cointegration relation was found between the Participation-30 Index and the commodity markets. According to these results, an investor investing in gold or oil will, in addition to the Participation-30 Index, diversify its portfolio with this commodity investment and minimize its risk. The fact that there is no relation between the variables according to the causality results indicates that the Participation-30 Islamic Indices’ structure is independent of commodity markets and conventional stock markets.
Vladimir Obradović
Rad je posvećen sagledavanju položaja Međunarodnog standarda finansijskog izveštavanja (MSFI) za male i srednje entitete (MSE) u regulativi i praksi finansijskog izveštavanja u Republici Srbiji. Nakon razmatranja globalnog značaja ovog standarda, analizira se njegov položaj u regulatornom okviru finansijskog izveštavanja Republike Srbije, u koji je uključen od 2013, dok se dublji uvid u položaj standarda u praksi ostvaruje empirijskim istraživanjem na uzorku od 175 preduzeća. Pošto ima potencijal da olakša finansijsko izveštavanje mnogim preduzećima koja su ranije morala da primenjuju pune MSFI, njegovo usvajanje u Republici Srbiji je korisno, ali potencijalni problem proističe iz činjenice da on nije usvojen na nivou Evropske unije (EU). Istraživanjem u radu je utvrđeno da preduzeća u Republici Srbiji, koja mogu da biraju između MSFI za MSE i punih MSFI, ipak, češće biraju pune MSFI. Ovaj nalaz treba posmatrati u kontekstu dugogodišnje primene punih MSFI pre implementacije MSFI za MSE. Zavisna preduzeća ređe biraju MSFI za MSE nego preduzeća koja nemaju to svojstvo.
Olubunmi Florence Osemene1, Joshua Solomon Adeyele2 and Pauline Adinnu3
In many countries, there are a certain number of organizations going through severe crises due to a failure in corporate governance. In this study, the main aim is to determine how the ownership structure and the characteristics of the boards of Nigeria’s listed deposit money banks (DMBs) affect aggressive earnings management for a period of 5 years (2011-2016). The panel least-square method was used to analyze the data collected. The findings revealed that private, foreign and government shareholdings have a negative and significant impact on aggressive earnings management. Also, directors’ tenures status has a significant effect on aggressive earning management, while the board size, the gender and the size of the firm have no such significant effect in the period observed. Based on these findings, the study concludes that the ownership structure has a significant impact on aggressive earnings management, whereas the characteristics of the board, excluding directors’ tenures status, do not have any significant effect. Hence, the study recommends that the 10% threshold imposed by the CBN on the government shareholding should be maintained, while regulatory and supervisory agencies are advised to pay adequate attention and conduct the monitoring of the activities performed by the CEOs of the banks, especially upon expiry of the directors’ tenure, so as to protect shareholders.
Alphonse Kumaza
Corporate innovation and technology application for the purpose of improving business profits are a permanent fixation in management. The study explores corporate innovation and its capability to ensure social accountability and environmental responsibility. Innovation is necessary for growth, the maintenance of the market share and for the continual expansion and exploration of business opportunities, yet difficult to secure sustainable communities. The results of an SPSS statistical analysis show that business innovative technology and new thinking capabilities are not so designed to promote environmental accountability and social welfare, but rather to enhance corporations’ growth. The insufficient poor understanding of business management of the enterprise’s externality contributes to corporations’ poor environmental performance. This contribution, which might be the subject matter of possible future research, exposes corporations’ inability to promote sustainable stakeholder communities and environmental responsibility, contrary to the perceptions that business innovation works for environmental sustainability.
Marko Slavković1, Goran Pavlović2 i Marijana Simić2
Transformacija kapitalno intenzivne u znanjem vođenu privredu označila je početak nove epohe u poslovanju preduzeća. Realizacija poslovnih aktivnosti u izuzetno dinamičnom okruženju, u mnogome, umanjila je značaj tradicionalnih koncepata i tehnika, zbog čega je fokus na ljudskim resursima i njihovom upravljanju. Shodno tome, preduzeće treba da privuče, zadrži i motiviše zaposlene, kako bi generisanjem visokog nivoa njihovog zadovoljstva osiguralo put ka realizaciji strategijskih ciljeva. Mogući pravac postizanja željene pozicije zasniva se na razvoju brenda poslodavca. Stoga, cilj ovog rada jeste da utvrdi kakav je uticaj prakse u realizaciji aktivnosti regrutovanja zaposlenih na njihovo zadovoljstvo, kao i uticaj brenda poslodavca, kao medijatora, na identifikovanu vezu između regrutovanja i zadovoljstva zaposlenih u Srbiji. Rezultati sprovedenog empirijskog istraživanja dokazuju postojanje statistički značajnog pozitivnog uticaja regrutovanja zaposlenih, kao i medijatorskog uticaja brenda poslodavca, na njihovo zadovoljstvo.
Joshua Solomon Adeyele
The inability of small and medium enterprises (SMEs) to access funds from financial institutions has been identified as one of the major problems limiting their expansion horizons. This study assesses the criteria and mechanisms used by financial institutions when granting loans to SMEs. The data were sourced from the relevant financial institutions and analyzed by using different statistical tools. One of the findings revealed that the financial ratio and the internal control system accounted for 28.7% of the part of the conditions for granting loans to SMEs. Similarly, good working capital and the ease of asset conversion accounted for 94.5% of the criteria used by financial institutions to extend credits/loans to SMEs. Also, the educational background of SMEs’ operators significantly influenced the financial institutions’ choice of SMEs to finance. Based on these findings, the study recommends that there is a need for SMEs’ operators to align their business activities with financial institutions’ lending criteria.
Edvard Jakopin
Da li se tranzicione države Jugoistočne Evrope (JIE) nalaze zarobljene u institucionalnoj tranziciji? Institucionalna tranzicija koja traje skoro tri, a u Republici Srbiji skoro dve decenije, započela je brzim uništavanjem institucija iz prethodnog političkog i ekonomskog sistema, ali, izgradnja novih tržišnih institucija se odvija sporo, neefikasno i parcijalno. Republika Srbija je izgubila tri decenije privrednog rasta i razvoja, što potvrđuje ekonomsku zakonitost da je potrebno dvostruko više vremena vratiti sistem u prethodni ekvilibrijum od dužine vremena u kome se sistem nalazio van ravnoteže. Prosečan rast za sedamnaest tranzicionih godina od 3% je nedovoljan da se nadoknadi ogroman zaostatak iz devedesetih godina XX-og veka. Istraživački doprinos u radu fokusiran je na analizu međuzavisnosti privrednog rasta i izgradnje institucija. Posebna pažnja usmerena je na faktor korupcije, koja razara institucije u svim tranzicionim državama, smanjuje privredni rast, produktivnost i negativno utiče na privlačenje stranih direktnih investicija (SDI).