Fang Ying1 and Zhao Wen-ping2
In recent years, the worsening of the quality of the air has urged more people to att ach great importance to circular economy. Shaanxi, abundant in natural resources, maintained the GDP growth rate of 14.9% during the period of the twelfth fi ve-year plan. However, the fast economic growth under the extensive traditional economic growth mode renders Shaanxi inadequate in resources supply and noticeably worse in ecological environment issues. With the method of the IPAT equation, this paper quantitatively analyzes the developmental stage and the developmental level of the circular economy of Shaanxi to cover the shortage of the previous studies having only been focused on the policy study and the practice mode. The result shows that Shaanxi is in the intermediate stage of circular economy and the advanced stage has an apparent advantage over the intermediate one by comparing their energy consumption and solid pollutant discharge. The development experience of Shaanxi, a typical province of China, has guidance and reference signifi cance to China and other developing countries.
Vladimir Mićić
This paper examines industrialization and structural change induced thereof, which are the main drivers and bearers of economic development. The author observes that the industry of the Republic of Serbia is devastated due to sudden and premature tertiarization as well as inadequate reforms. The current structures of both the economy and the industry do not have a sufficient capacity to ensure sustainable economic development; hence, the aim of the research presented in this paper is to emphasize the importance of reindustrialization and the implementation of structural changes in the Republic of Serbia. The paper starts from the premise that industry is the main driver and the bearer of economic growth and development. Therefore, it is necessary for the Republic of Serbia to turn to reindustrialization and implement structural changes in this sector given the fact that the levels of the development and competitiveness of the industry are correlated to the intensity of industrialization. The research findings indicate that developed industrial countries are characterized by more effective structural changes and more propulsive production that creates higher value-added products. This reflects not only at the level of the industrial development but also at the level of the competitiveness, volume and quality of exports.
Fan Xiufeng, Liu Bolong and Liu Qiong
This article is based on the years from 1991 to 2012 of the nine categories of the provincial pollutant discharge indexes of China, uses the „vertical and horizontal method“ to calculate the comprehensive indexes that can fully measure the provincial pollutant discharge situation of China, establishes a dynamic inter-provincial panel data regression model and makes an empirical test on the relationship among foreign direct investments, foreign trade and pollutant discharge these three factors. The results show that foreign direct investment and foreign trade in diff erent regions have a diff erent impact on pollutant discharge. Therefore, local governments should at all levels be based on local conditions to att ract foreign investment and develop foreign trade for the targeted optimization of the structure of introducing foreign investment and improving the quality of foreign trade growth, thus improving the overall situation of China’s pollutant discharge.
Slavica P. Petrović
At the beginning of this Editorial, we would like to inform the domestic and international academic community that, since March this year, and along with EconLit, EBSCO, Cabell’s Directories, ProQuest ABI/INFORM, Index Copernicus and Ulrich Web, the Economic Horizons has been included in the Directory of Open Access Journals (DOAJ) – an online directory that indexes and provides access to quality open access, peer-reviewed journals.
Katarina Radaković
Mirjana Todorović
In addition to the capacity cost rate, the key parameter of Time-Driven Activity Based Costing – the TDABC is the time required for the realization of each business activity. In accordance with the TDABC methodology, the above-mentioned time is calculated by using time equations. Therefore, the total time required for the realization of a certain business activity is obtained by adding a normal (standard) time to the additional time required for performing modified forms of one and the same activity. The aim of this paper is to analyze the role and importance as well as various aspects of the building of time equations from the perspective of the organizational and methodological preparation for the realization and functioning of the TDABC. The research results show that the application of time equations leads to the increased accuracy of the calculation of costs and a product cost, reduces the complexity of the organizational and methodological preparation for the implementation and functioning of the TDABC system, i.e. enables the realization of a more effective and efficient costs calculation.
Vladimir Obradović
The transformation of the International Financial Reporting Standards (IFRS) into a single global language of financial reporting is well under way and followed by a problem of their inconsistent application from country to country, with negative consequences for the global comparability of financial statements. Starting from this, the main purpose of this paper is to give an overview of the main causes of the diversity of financial reporting practices between those countries declaring themselves to be the followers of the IFRS, as well as to identify the ways of overcoming this diversity. Applying the qualitative research methodology, it has been found that the flexibility of the IFRS provisions, which is inevitable in many cases, modifications in their incorporation into national regulatory frameworks and the diversity and unequal effectiveness of national mechanisms for their enforcement and the supervision of their implementation stand for the main causes of inconsistent accounting practices. In order to reduce the inconsistency, national financial reporting regulators should increase their engagement and coordination among themselves, and the International Accounting Standards Board should make additional efforts, which should primarily be focused on the global promotion of the fundamental basis of the IFRS.
Fatih Burak Gümüş1 and Feyyaz Zeren2
The efficient market hypothesis is one of most important theories in finance and one of the most important research areas for both developed and developing stock markets. In this study, the random-walk hypothesis is tested for the main stock markets of the G-20 countries. The linearity of the series is determined in the first stage. In this context, 16 of 17 markets have a linear structure; therefore, the Fourier ADF unit root test that uses trigonometric functions in order to capture deviations greater than the average of the dependent variable and takes into account multiple structural breaks, is applied to these series. Furthermore, the Fourier KSS unit root test that has the same functions as the Fourier ADF unit root test is used for the Japanese stock market, being the only one market with a non-linear structure. As the result of these analyses, while the markets of the nine countries are observed as effective in the weak form, this hypothesis is not valid for the remaining eight countries. While the prediction of the future price of all of these nine markets will be impossible through a technical analysis, investors in the remaining eight markets can provide returns by carrying out the same analysis.