Ibrahim Abidemi Odusanya
In this paper, the way in which economic growth influences income distribution is examined with a focus on Sub-Saharan Africa (SSA). Despite considerable growth in a number of the SSA countries, the region has been slow in reversing the rising trend of income inequality. A large proportion of countries in the region globally rank among economies with extreme income inequality. The study covers a period from 1995 to 2015, due to the limited data on the measure of income inequality, the Gini index, for the largest number of the countries of the region. The Generalized Method of Moments (GMM) system was employed in examining this paradox. The findings of this research study do not only suggest the presence of an inverted-U relationship between economic growth and income inequality, but the supposition of the S-shaped curve hypothesis in the interplay of growth and inequality was also tested and confirmed. It can be concluded that in no way do spurts in economic growth bring about diminution in income disproportion in Sub-Saharan Africa.
Maja Putica
Cilj ovog rada je proučavanje uticaja izabranih poslovnih i institucionalnih determinanti na godišnje efektivne poreske stope u bankama u Republici Srbiji (RS). Regresioni modeli panel podataka primenjeni su na 113 opservacija, koje pokrivaju period 2017-2021, gde se računovodstvena i tekuća efektivna poreska stopa koriste kao mera stvarnog poreskog opterećenja. Rezultati pokazuju da je efektivna poreska stopa u bankama u RS znatno ispod zakonskog nivoa. Dalje, za svaki skup podataka, izračunati su koeficijenti promena efektivne poreske stope, a najadekvatniji model biran je koristeći Hausman-ov i Breusch i Pagan-ov test. U prvom modelu, najveća promena efektivnih poreskih stopa je uzrokovana promenom leveridža, procesom merdžera i akvizicija i veličinom banke. Prisustvo rezervisanja za kreditne gubitke u modelu u potpunosti naglašava uticaj profitabilnosti i leveridža. Konačno, u poslednjem modelu, banke sa dobitkom pre oporezivanja mogu da upravljaju efektivnim poreskim stopama i poreskim opterećenjima putem regulisanja nivoa kapitalizacije. Rezultati ove studije su od interesa za ekonomiste i menadžere u bankama, pomažući im u efikasnom poreskom planiranju i upravljanju rezultatima.
Haryo Kuncoro1 and Fafurida Fafurida2
Whether macroeconomic fundamentals affect the exchange rate volatility in emerging markets with an inflation-targeting regime or not is highly challenging. In this paper, the impact of the current account deficits and foreign reserves on the volatility of real exchange rates. Applying threshold quantile regression models related to Indonesia over the period from 2005(7) to 2021(12), it is concluded that both variables play an important role in controlling the exchange rate instability. Both coefficients are also found to have an upward linear pattern. The asymmetric impact of current account balance holds. Claiming that a two-percent current account deficit in the GDP is the safe amount of the deficit that will not significantly affect the foreign-exchange rate is justified as such. The asymmetric behavior of the current account balance has the potential to trigger real exchange rate volatility, thereby undermining the monetary policy within the framework of the inflation targeting regime. Accordingly, the optimal stock of foreign reserves might avoid imposing dual goals of inflation targeting and exchange rate stability.
Joshua Adeyemi Afolabi
Technological advancement continues to revolutionize the labor market and has particularly intensified the debate on its employment effect across developing and developed economies. Employing the Autoregressive Distributed Lag (ARDL) framework, this study provides insights into the employment-innovation nexus across the Nigerian economic sectors using the quarterly data from 2011Q1 to 2021Q4. The findings reveal that the employment-innovation nexus is a short-run phenomenon in Nigeria and that technological innovation enhances employment generation in the service sector and the agricultural sector, but it takes a quarter before the positive employment effect occurs. Overall, the results suggest that technological innovation improves employment and reallocates labor across the sectors, which suggests the need to fully operationalize technological innovation across the Nigerian economic sectors in order to tackle the prevailing unemployment conundrum in the country.
Jadranka Đurović Todorović1, Marina Đorđević1 i Milica Ristić Cakić2
Iako kompleksan sistem oporezivanja dobiti može da utiče na poslovanje preduzeća, njegovi negativni efekti mogu biti znatno veći na makroekonomskom nivou. S obzirom da može otežati privlačenje investicija i naplatu prihoda, sistem poreza na dobit preduzeća je dugi niz godina predmet razmatranja brojnih istraživanja. Savremeni uslovi poslovanja inicirali su njegove česte reforme, ali i brojne dileme u vezi sa njima. Rad se bavi poreskim obveznikom kao elementom poreza na dobit preduzeća. Premda se u brojnim radovima istražuje (ne)jedinstvo poreskih sistema pri definisanju obveznika poreza na dobit preduzeća, mali broj autora ispituje ekonomske efekte ovih diskrepanci. Takođe, najveći broj istraživanja fokusiran je na ispitivanje drugih elemenata ovog poreskog oblika, kao što su poreska stopa ili poreski podsticaji. U ovom radu autori su pokušali da pronađu vezu između oblika organizovanja privrednog subjekta i poreskog tereta u domenu poreza na dobit preduzeća. Cilj istraživanja je da se ukaže na značaj ekonomskih efekata ovog poreskog elementa i pruži predlog za njegovu reformu. Istraživanje je potvrdilo polaznu pretpostavku, odnosno, pokazalo da različiti oblici organizovanja privrednih subjekata podnose različite terete plaćanja poreza na dobit preduzeća, što utiče i na visinu poreskih prihoda koji bi mogli biti naplaćeni. Rezultati istraživanja su pokazali da su uzorkovana preduzeća platila manji porez zbog korekcija i prilagođavanja u poreskim bilansima i poreskim prijavama.
Joshua Adeyemi Afolabi1, Blessing Ufuoma Olanrewaju1 and Wasiu Adekunle2
The Nigerian economy has been repeatedly hit by macroeconomic shocks, primarily owing to its over-reliance on crude oil and poor resource management. Given the limited resilience capacity of Nigeria’s economic sectors, this study examined the sensitivity of these sectors to macroeconomic shocks using the Vector Autoregression (VAR) and the Vector Error Correction (VEC) models in whose frameworks the study was carried out for the period between 2010Q1 and 2021Q4. The findings revealed the high responsiveness of the services and agricultural sectors to fiscal shocks, as well as the high sensitivity of the industrial sector to interest rate shocks. Also, the services sector was found to be more resilient to oil price shocks than the other sectors. Therefore, this study advocates for developing strategies to boost sectoral productivity and skillfully blend the fiscal and monetary policies so as to cushion the effects of macroeconomic shocks. Overall, this study provides the evidence of the sectoral effects of macroeconomic shocks in Nigeria.
Radovan Kovačević
U ovom radu se analizira uticaj relevantnih faktora na kretanje realnog izvoza robe i usluga nekoliko perifernih članica evrozone. U uzorku se nalazi pet zemalja (Italija, Španija, Portugalija, Irska i Grčka). Posmatra se vremenski period 2000-2019. Cilj istraživanja je da pruži robustne ocene dugoročne veze između realnog izvoza ovih zemalja i izabranih objašnjavajućih varijabli, koristeći panel analizu. Ocenjeni su koeficijenati kointegracione izvozne jednačine pomoću FMOLS i DOLS estimatora. Primenom FMOLS estimatora, ocenjena vrednost koeficijenta uz varijablu realni efektivni devizni kurs je negativna (-0,80), a uz varijablu inostrane tražnje je pozitivna (2,25). Koeficijent uz realni efektivni devizni kurs potvrđuje da precenjena realna vrednost evra, iz ugla perifernih članica evrozone, deluje destimulativno na njihov realni izvoz. Ocenjeni koeficijent, uz varijablu inostrane tražnje, sugeriše da se realan izvoz robe i usluga (volumeni) perifernih članica evrozone povaćava za 2,25% kad realan bruto društveni proizvod (BDP) EU poraste za 1%. Elastičnost realnog izvoza perifernih članica je veća prema stranoj tražnji (dohodna elastičnost) nego prema promeni relativnih cena (cenovna elastičnost). Smanjivanje nadnica i cena u perifernim članicama dovelo je do redistributivnih efekata u korist jezgra Evrozone.
Vlatka Bilas and Sanja Franc
This paper is aimed at examining the fact whether foreign direct investment (FDI) and exports do contribute to economic growth in the thirteen European Union (EU) new member states (namely Bulgaria, Croatia, Cyprus, Czech, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia, Slovenia) during the period from 2005 to 2020 or not. Various statistical tests were performed in order to examine the relationship and causality among the three observed series, including unit-root tests, the Kao and Pedroni cointegration tests, and finally the modified causality test. The obtained results are mixed. Although cointegration was established between FDI, exports and growth, the estimation of the long-term coefficients varied to such an extent that only ambiguous conclusions about the effect of FDI and exports on the growth of the real gross domestic product (GDP) could be reached. The research results imply the fact that positive effects of FDI and exports are neither automatic nor equal in all the countries, but the same rather depend on the many factors and conditions that the governments of the selected states should consider when designing policy measures for attracting FDI and promoting exports.
Mirjana Todorović i Dragana Parč
Osnovni cilj postavljen ovim radom jeste identifikovanje pozicije kontrolinga i kontrolera, u praksi preduzeća u Republici Srbiji, u uslovima intenzivne digitalizacije. Fokus istraživanja će biti na shvatanju i kritičnim faktorima uspeha kontrolinga, alatima i zadacima kontrolera. Istraživanje je sprovedeno na uzorku od 35 preduzeća, a anketirana su lica zaposlena na različitim pozicijama u kontrolingu. U metodološkom smislu, analiza podataka je obuhvatila deskriptivnu statistiku, merenje pouzdanosti i interne konzistentnosti varijabli (Cronbach’s Alpha koeficijent) i sprovođenje neparametarskog testa (Mann-Whitney’s U test). Rezultati istraživanja pokazuju da se kontroling shvata višedimenzionalno, a najčešće kao stručna podrška menadžmentu; da je ključni faktor uspeha kontrolinga stručnost i kompetentnost kontrolera; da su najznačajniji alati u kontrolingu budžet, analiza odstupanja i kratkoročni obračun rezultata i da je jedan od osnovnih zadataka kontrolera izveštavanje menadžmenta. Sprovođenje neparametarskog testiranja omogućilo je identifikovanje statistički značajnih razlika u stavovima ispitanika.
Khadijat Adenola Yahaya, Ramat Titilayo Salman, Abubakar Kolapo Abdulsalam and Adesanmi Timothy Adegbayibi
This study is aimed at evaluating the impact of human resource accounting for the profitability of Nigerian listed conglomerate companies. The secondary data used in the study were collected from the audited annual reports of the six conglomerate companies quoted on the Nigerian Stock Exchange in the period from the year 2010 to 2019. The panel regression technique was adapted for the purpose of the analysis of the collected data. The results show that the cost of staff training and staff development, changes in employees’ salaries and post-employment benefits have a positive significant impact on the profitability of the Nigerian conglomerate companies. The study then concludes that human resource accounting positively contributes to the profitability of Nigerian conglomerate companies and provides the recommendations reading that Nigerian companies should invest more in their employee training and development.