rss_2.0Studia Universitatis „Vasile Goldis” Arad – Economics Series FeedSciendo RSS Feed for Studia Universitatis „Vasile Goldis” Arad – Economics Series Universitatis „Vasile Goldis” Arad – Economics Series Feed Review of Existing Trends, Expansion, and Future Directions of Green Bond Research: A Bibliometric Approach<abstract> <title style='display:none'>Abstract</title> <p>Green bonds serve as an imperative financial tool for mitigating climate change risk and environmental sustainability. It has received significant attention in the current literature, with increased worldwide efforts to fight against global climate change. Yet, the direction of green bonds' literature is currently unclear. Therefore, this paper aims to deliver a comprehensive vision of the literary landscape of green bond research, in consideration of policymakers, major market players, and investors. To achieve this, bibliometric analysis is performed on 342 filtered articles found in the Scopus database, through VOSviewer and Biblioshiny package. A detailed and descriptive evaluation of scholarly data demonstrates the significance of green bonds in accomplishing the objective of sustainable finance and mitigation of climate change. This study broadens our understanding of the literature and conceptual growth of scholarly discussion of green bonds, which gives insight into developing a strong conceptual foundation and future directions for research.</p> </abstract>ARTICLEtrue the Symmetric Effects of Working Capital on Profitability in Turkish Banking: An ARDL Empirical Analysis<abstract> <title style='display:none'>Abstract</title> <p>This paper carried out an empirical study on Return on Assets (ROA), total assets turnover, financial leverage, working capital, and debt-to-equity ratio. This study investigated commercial banks operating in Turkey. A secondary data collection method is used for the data collected from fifteen commercial banks. These banks' financial reports were examined from 2011 to 2022. A line graph is presented for each balance that tells us the volatility ratio in the variables, the unit root test applied to resolve the unit root problem, and the cointegration test used for long-term relationships among variables. The Autoregressive Distributed Lag (ARDL) bound test was performed to measure the short-run and long-run effects. Financial leverage, debt-to-equity ratio, and working capital have short- and long-run effects on ROA. Total asset turnover has only long-run effects on ROA in the Turkish banking industry. This study will be beneficial for investment managers, financial specialists, treasurers, and controllers of the banking industry.</p> </abstract>ARTICLEtrue Local Political Elections Affect Daily Stock Returns? Evidence from the Republic of North Macedonia's MBI10 Index<abstract> <title style='display:none'>Abstract</title> <p>Even though “all politics” are supposedly “local”, as reportedly said Tip O’Neil, the majority of studies on the link between politics and finance focused on presidential elections. This argues that overlooking local elections could result in a gap in the literature, thus it focused on the effect of the 2021 local elections on the stock market in the Republic of North Macedonia. The results could not reject the null hypothesis that local elections did not have any statistically significant effect on the stock prices as only 10% of the stocks traded experienced significant abnormal returns during the election period.</p> </abstract>ARTICLEtrue of Accounting Conservatism on Income Smoothing: Empirical Evidence from Algeria<abstract> <title style='display:none'>Abstract</title> <p>This paper investigates the impact of accounting conservatism on income smoothing as a proxy for accounting manipulation. The study used 993 observations for 133 Algerian companies from 2012 to 2020, where income smoothing was measured by the variations in cash flows relative to earnings. However, conservatism was measured through non-operating accounting accruals, accruals-to-earnings ratio before extraordinary items, and allowances. The results showed that total accruals do not impact income smoothing versus positive impacts from non-operating accruals and allowances to income smoothing. Therefore, the study concluded that accounting conservatism facilitates income smoothing in Algerian companies by extending the discretionary room available for managers to manipulate earnings. These results require accounting regulators to consider the role of conservatism in manipulation when setting or amending accounting standards. They also imply that auditors should give more attention to conservative accounting practices to limit the opportunistic behavior of managers and increase the reliability of financial information.</p> </abstract>ARTICLEtrue of Mortgage Loan Approval in Banks in a Developing Country: Evidence From Nigeria<abstract> <title style='display:none'>Abstract</title> <p>Green This article is aimed at investigating the determinants of mortgage loan approval in developing countries, employing the binary probit model. Loan approval was made the response variable while deposit, amount to borrow, lending rate, gratuity, capacity to pay the loan and character of the borrowers stood as the explanatory variables. Cross-sectional data were collected from the four top banks in Nigeria. The result showed that all the variables had the correct signs but only the capacity to pay the loan has a significant impact in determining the success of mortgage loan approval. Collectively, all the variables have significant power to determine mortgage loan approval. It is therefore suggested that prospective borrowers should ensure that they have all it takes to refund the loan they wish to obtain from commercial banks.</p> </abstract>ARTICLEtrue Investment and Economic Growth Nexus: Does Absorptive Capacity Matter in The African Countries?<abstract> <title style='display:none'>Abstract</title> <p>This study empirically examined the role of the country’s absorptive capacity on the impact of domestic investment on economic growth in the selected five African countries over the study period of 1970 to 2019. In specific, the study examined the impact of domestic investment on economic growth from two models, without the country’s absorptive capacity and with the country’s absorptive capacity. Further, a robust linear ordinary least squares (OLS) methodology including static panel OLS and panel cointegration estimators was employed. The study found that only changes in financial development and infrastructures positively cause changes in the domestic investment-economic growth nexus in the short run while in the long run, trade openness enhances the positive impact of domestic investment on economic growth in African countries. In addition, the study found that domestic investment retards economic growth without the country’s absorptive capacity in the short run and long run respectively in African countries. Therefore, the study recommended that policymakers should invest heavily in infrastructure and financial development systems as well as encourages trade openness for a stable domestic investment-economic growth nexus in African countries.</p> </abstract>ARTICLEtrue of Labor Market Transformation in the Context of Industry 4.0<abstract> <title style='display:none'>Abstract</title> <p>The digitalization of the economy and society in the context of Industry 4.0 affects the labor market. New jobs are being created with new personnel requirements. At the same time, digitalization processes affect countries and sectors of the economy in different ways. The number of employed is declining in some sectors and increasing in others. The ratio of people employed in different industries also differs from country to country. As the digitalization of production relations intensifies, transformation processes in the labor market will increase. In the context of the actualization of digital changes in modern society, the aim of the article is to analyze the labor market under the digitalization of economic relations. The World Development Indicators (WDI) and Digital Intelligence Index (DII) were used to realize the purpose of the study. The study covers 89 countries for 2019. Correlation analysis, standardization, cluster analysis and analysis of variance were used as methods in the research. As a result of the study, the following conclusions were obtained. A strong relationship was found between Gross Domestic Product (GDP) and DII for the whole sample. The cluster analysis process found that the variables form three clusters with values of most indicators by group: at the high, the average and the low levels. Plots of mean and confidence intervals for the variables in each cluster were also plotted. Correlation coefficients were calculated for each cluster. It was found that each group has its own internal patterns.</p> </abstract>ARTICLEtrue Convexities and Some Relevant Properties of Consumer Preference Relations<abstract> <title style='display:none'>Abstract</title> <p>The concept of convexity plays an important role in the study of economics and consumer theory. For the most part, such studies have been conducted on the assumption that consumer preferences are a binary relation that is complete, reflexive and transitive on the set <italic>X</italic> of consumption choices. However, each consumer is a biological being with multidimensional physiological needs so that possible consumptions from different dimensions cannot be compared by using preferences. By removing that unrealistic assumption, this paper examines how the various concepts of convex preferences and relevant properties can be re-established. We derive a series of 10 formal propositions and construct 6 examples to show that (a) a weighted combination of two possible consumptions is not necessarily comparable with any of the consumptions; (b) not every convergent sequence of a consumer’s preferred consumptions asymptotically preserves that consumer’s preference preordering; (c) not all preferences satisfy either positive multiplicativity or additive conservation; (d) three types of preference convexities – weak convexity, convexity and strong convexity – can all be introduced into general convex spaces. This paper concludes with some research topics of expected significance for future works.</p> </abstract>ARTICLEtrue Examination of the Relationship Between Foreign Direct Investment and Trade in Turkey: ARDL Approach<abstract> <title style='display:none'>Abstract</title> <p>This paper is aimed to examine the effect of Foreign Direct Investment inflow on Trade (Export, Import) in Turkey. The study copes the time span from 2006 Q2 to 2019 Q4. The time series datasets, those are retrieved from CBT and FRED database are used in applied econometrical methods such as ADF, PP, Zivot Andrews Unit Root Tests, ARDL bounds testing approach, and the Granger Causality tests, to accomplish the statistical part of the research. Based on the findings, it was supported that there was a positive relationship between FDI and Trade. Additionally, the outputs of Granger causality test indicated that there is a unidirectional causality running from FDI to Trade (Export and Import).</p> </abstract>ARTICLEtrue and Islamic Equity Market Reaction Towards Terrorism: Evidence Based on Target Types, Location and Islamic Calendar Months<abstract> <title style='display:none'>Abstract</title> <p>This study investigates the conventional and Islamic equity market reaction towards terrorism events in Pakistan from 2009 to 2016 using OLS regression and GARCH (1, 1) models. The prospect theory and efficient market hypothesis are the relevant theories. Findings indicate that conventional and Islamic equity market reaction towards terrorism events is very short lived and markets recovers quickly. This study also documents the market reaction to terrorism events based on the target type, location and during the Islamic calendar months. The impact of different target types and different event locations on the conventional and Islamic equity markets varies. The equity markets in Pakistan responds negatively to the attacks on educational institutes and businesses whereas positively to attacks on armed forces’ facilities. Furthermore, conventional equity market responds negatively to terrorist attacks in Karachi and positively to attacks in financial cities and FATA. Interestingly, Islamic equity market responds positively towards the attacks in financial cities and FATA, however, with very minute reaction magnitude. The findings of this study are useful for the investors to manage their portfolios by considering magnitude and direction of market reaction towards terrorism based on the target type, location and Islamic months. Overall, this study concludes that conventional and Islamic equity markets reaction towards terrorism is very minute; however, the conventional and Islamic equity markets reaction varies based on target type, event location and different Islamic calendar months. Furthermore, the findings also suggest that equity markets recover very soon, therefore, markets are efficient in observing these shocks.</p> </abstract>ARTICLEtrue Government Schemes Based Analysis on Women Empowerment In Financial Inclusion<abstract> <title style='display:none'>Abstract</title> <p>In general Women belonging to villages tend to spend the maximum of their time in household activities without any hesitation. In return, they don’t receive any merits or credits from the family and society. This paper aims in conducting detailed research work based on, the understanding found among women folk belonging to lower-middle-class women and poor income about the need for financial inclusion. The study was carried out in Ludhiana, Punjab among women from low-income and lower-middle-class households. Out of 1000 approaches, 757 respondents replied (75%). Later the data were organized and analyzed for the results. To make the work stronger a conceptual framework was framed. The tests like one-way ANOVA and Post-Hoc tests were also carried out. The outcomes showed that there are major differences seen when women are empowered and occupied they are reflecting positively on financial inclusion.</p> </abstract>ARTICLEtrue Adaptability to Work: Scale Validation on the Romanian Population<abstract> <title style='display:none'>Abstract</title> <p>This study aimed to validate the I-ADAPT scale to assess the individual adaptability to work within the Romanian population. Both a pilot study and a main study were conducted on a total sample of 966 Romanians. Following the application of standard scale validation procedures, the results of our study indicated that the I-ADAPT measure of work adaptability has good psychometric properties on the Romanian population. Our findings provide evidence that I-ADAPT continues to explain the unique variance in adaptability to work even if work patterns in the Covid-19 pandemic context moved more and more from a traditional to a virtual work environment. ROa I-ADAPT measure has excellent properties concerning convergent, discriminant, and criterion-related validity. One main finding was that the “Physical” dimension of adaptability to work had no empirical support in the Romanian population. Moreover, our results indicate that the “interpersonal adaptability” and the “cultural adaptability” dimensions cannot be empirically separated in the Romanian population. To our knowledge, this is the first validated instrument that can be used to assess the individual adaptability of Romanians in the context of work. Our study is relevant for decision-makers in Romania and such actors in other EU-member countries where Romanians represent the largest group of working-age EU citizens.</p> </abstract>ARTICLEtrue Turn-of-the-Month Effect: Evidence from Macedonian Stock Exchange<abstract> <title style='display:none'>Abstract</title> <p>We examine turn of the month effect for the Macedonian Stock Exchange using daily return data utilizing OLS and pooled regression analysis for the 10 components of the MBI10 index. We find that for most of the individual stock returns the coefficients of the turn-of-the-month effect are all positive indicating the presence of the turn-of-the-month effect. When the data is pooled, we obtain even stronger results. The study confirms that the turn-of-the-month effect holds for Macedonian Stock Exchange which has not been examined before. Therefore, on average, the daily return over the turn-of-the-month effect period is significantly higher than the daily return over the rest-of-the-month period and hence providing room for more investment opportunities.</p> </abstract>ARTICLEtrue Urbanization Matter For Poverty Reduction in Nigeria: An Empirical Evidence From Autoregressive Distributed Lag (ARDL) Estimation<abstract> <title style='display:none'>Abstract</title> <p>Urbanization has been argued to be having an impact on several other development challenges. To this end, this paper aims to contribute to the empirical literature by exploring the effect of urbanization and its' magnitude on poverty, both in the short run and long run in Nigeria. The macroeconomic analysis was conducted using data from 1982 to 2017 which was obtained from the World Bank. Bound Test and autoregressive distributed-lag (ARDL) estimation techniques were used to test the existence of a cointegration relationship and to estimate the short and long-run effect of urbanization and other variables on poverty reduction. Results from the study and an economic standpoint, provide strong evidence that urbanization remains an important factor in poverty reduction in Nigeria. The analysis further shows that while international remittances have a positive and significant effect, foreign aid and government expenditure have significant negative effects on poverty reduction in the long-term period. While findings from this study suggest that urbanization remains a valid tool in the fight against poverty, the need for sustainable urbanization policies and efforts by the Nigerian government is highly imperative.</p> </abstract>ARTICLEtrue Impact of Foreign Direct Investment and Oil Revenue on Economic Growth in Nigeria<abstract> <title style='display:none'>Abstract</title> <p>Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key drivers of growth, and consequently resulting in a decline in investment and employment. In the midst of this, the current study sought to examine the extent to which foreign direct investment and oil revenue impact Nigerian economic growth. The estimation was done using ordinary least squares (OLS) techniques, and the Granger causality test was used to determine the direction of causality between FDI, oil revenue, and economic growth using annual time series data from 1991 to 2019. Hence, recognising that annual time series are high-frequency data, all the variables were subjected to OLS assumptions. The empirical findings revealed that FDI and oil revenue significantly impacted growth. Accounting for the impact of economic activities reflected in the role of financial inflow and outflow on economic growth, a significant and positive relationship was found. This implies that international monetary transactions between entities captured in the current account balance are key determinants of growth in Nigeria. Further evidence revealed that variables such as real exchange rate, inflation and interest rates significantly determine economic growth in Nigeria. As such, this finding was further supported by their interactive effects, revealing an inverse and significant influence on economic growth. The Granger causality results show bidirectional causality between oil revenue and growth, as well as between oil revenue and foreign direct investment in Nigeria. The robustness test, which employs GDP per capita and GDP growth as proxies for economic growth, is consistent with empirical evidence. As a result, FDI and oil revenues are important drivers of Nigeria's growth, ceteris paribus.</p> </abstract>ARTICLEtrue Financial Inclusion Moderate CO Emissions in Sub-Saharan Africa? Evidence From Panel Data Analysis<abstract> <title style='display:none'>Abstract</title> <p>The threat posed by climate change has become a reality in the public sphere. This research looks at how financial inclusion affects carbon dioxide emissions in Sub-Saharan Africa (SSA) countries from 2004 to 2017. The panel autoregressive distributed lag and panel granger causality approaches are used to determine if financial inclusion reduces CO<sub>2</sub> emissions in Sub-Saharan African countries. The PARDL results demonstrated that, over time, financial inclusion, GDP per capita, industrialization, and trade openness have a substantial beneficial influence on carbon emissions in SSA countries. The result suggests that these considered variables contribute significantly to CO<sub>2</sub> emissions while urbanization and energy intensity reduce CO<sub>2</sub> emissions in SSA. Financial inclusion and other control variables have no significant impacts on carbon emission in SSA in the short run. The findings of the granger causality test further confirm the direction of causality, revealing that financial inclusion, GDP per capita, industrialization, energy intensity, and trade openness, granger cause carbon emission in SSA countries. Meanwhile, carbon emission does not granger cause any of the considered factors. The study concludes that financial inclusion increases carbon emission in SSA countries, given the poor state of financial inclusion. Our findings advocate for a policy framework that would focus efforts on connecting financial inclusion measures with environmental legislation across SSA nations.</p> </abstract>ARTICLEtrue of the Nature and Determinants of Energy Price Dynamics in Sub-Saharan Africa (SSA)<abstract> <title style='display:none'>Abstract</title> <p>Energy is one of the most important resources needed for growth, and consumption is an indicator to measure the development of a country. Sub-Saharan Africa (SSA) is among the sub-regions in the world with the lowest energy use per capita and one of the reasons for this is the energy price dynamics that have affected energy policy that can engender sustainable economic growth. The main objective of the study is to assess the nature and determinants of energy price dynamics in SSA using 21 countries with a complete dataset between 1980 and 2017 on variables such as energy consumption, exchange rate, and inflation rate, while energy price index and federal fund rate are also included as exogenous variables. EGARCH is used to derive the nature of energy dynamics, while panel-ARDL is used to investigate the determinants of energy price dynamics. The results show that energy price dynamics are asymmetric in nature, while the federal fund rate and exchange rate remain the most important factors influencing energy price dynamics in the sub-region. The finding is contrary to the symmetric energy price obtained by some previous authors who used oil price to proxy energy price. This study used aggregated values of energy prices, which include renewable and non-renewable energy. The implication of the findings is that currency devaluation and rise in federal fund rate aggravate the dynamics in energy piece and this causes much more macroeconomic instabilities in SSA. It is recommended that SSA countries should be cautious to embrace currency devaluation policy, and should reduce dependency on the importation of renewable energy products.</p> </abstract>ARTICLEtrue Bank Independence and its Impact on Fiscal Deficit: Evidence from India<abstract> <title style='display:none'>Abstract</title> <p>The paper explores the relationship between Central bank independence (CBI) and fiscal deficit in India. Moreover, the study tries to assess the impact of CBI on the levels of fiscal deficit. The study incorporates other variables like Gross Domestic Product, financial development, and trade openness to analyze their impact on the fiscal deficit. The study employed Auto-regressive distributed lag model (ARDL) Bounds test developed by Pesaran, Shin, and Smith (2001) to examine the long-run relationship between CBI and fiscal deficit. The study also employs a legal index for measuring CBI developed by Jasmine et al (2019) as well as an actual measure of independence developed by Cukierman (1992) to measure CBI in India. The study confirms the long-run relationship between the CBI and fiscal deficit as well as among other variables. An increase in the levels of CBI leads to falling in the levels of fiscal deficit. The other explanatory variables used in the study also confirm the long-run relationship and impact fiscal deficit negatively except for trade openness, which positively impacts the fiscal deficit.</p> </abstract>ARTICLEtrue of Financial Liberalization on Export: Evidence from Kosovo<abstract> <title style='display:none'>Abstract</title> <p>The current study observes the link between export levels, GDP growth, gross savings, lending interest rates, and real interest rates. This study's evaluation approach combines an Ordinary Least Squares (OLS), and Arrellano-Bover/Blundell-Bond estimation to observe the connection among export level, GDP growth, gross savings, lending interest rates, and real interest rate as a component of financial liberalization in the case of Kosovo over 12 years from 2009 to 2020. The findings reveal that GDP growth and lending interest rates have a positive impact on the level of export growth. However, as a component of financial liberalization, real interest rates have a negative impact on the level of exports. Whereas econometric analyses revealed that gross savings were insignificant. The negative relationship between the real interest rate and the level of exports represents that real interest rates restricted the financial possibility for businesses to maximize the level of exports throughout the research period. Due to the limited number of observations, this study is limited to analyzing the long-term correlations between the factors that characterize financial liberalization and export progress in the context of Kosovo. To meet the objective of growing exports, policymakers must design policies to enhance the financial system and invest in infrastructure development to encourage the business sector that exports its products or services.</p> </abstract>ARTICLEtrue of Financial Reporting in the Context of Digitalization of the Economy: Domestic and International Analysis Scientific Research<abstract> <title style='display:none'>Abstract</title> <p>A clear manifestation of the technological revolution 4.0 in the context of digitalization of the economy is the use of digital, electronic, or IT-oriented versions of financial reporting. Today, the harmonization of national accounting systems and the formation of financial statements around the world is carried out through the implementation of International Financial Reporting Standards by moving to the preparation of financial statements in a single electronic format – eXtensible Business Reporting Language (XBRL). The introduction of a new financial reporting system in XBRL format requires appropriate understanding and some practical adaptation. At the same time, the study of the use of the concept of “taxonomy financial reporting” in scientific works remains insufficiently developed. The article aims to study the quantitative and qualitative structure of the documentary flow of scientific periodicals on the keywords “taxonomy financial reporting”. The method of bibliometric analysis was used to conduct the study. The source of the bibliometric analysis of the documentary flow of scientific periodicals are publications from the scientometric database Scopus in the period between 2001-2021. As a result of the selection, data were obtained on scientific articles that were exported for processing into the computer program R (bibliometrics package). According to the results of quantitative analysis, 156 publications were received, the vast majority of which were scientific articles. It was found that the main areas of research on the taxonomy of financial reporting are: taxonomies, XBRL, financial reporting, and administrative data processing. The largest clusters appear around these keywords. It has been established that scientific cooperation on this topic is becoming closer, which contributes to the formation of geographical clusters, the three largest of which are united around the United States, Italy and the United Kingdom.</p> </abstract>ARTICLEtrue