rss_2.0Timisoara Journal of Economics and Business FeedSciendo RSS Feed for Timisoara Journal of Economics and Business Journal of Economics and Business Feed Market Challenges: Will There Be “Dystopian” Risks?<abstract> <title style='display:none'>Abstract</title> <p>The current labour market is at a crossroads: on one hand, there are challenges triggered by technological pressures and perks, aiming at a greener, more sustainable and resilient economic growth, and on the other hand, there are the changes and tensions generated by the current institutional frameworks, that show delays in mitigating the apparent “de-socialising” of this market. The pandemic paradox of 2019-2021 has emphasized several vulnerabilities particularly of economic-institutional nature. Traditional theories seem unsatisfactory while unorthodox approaches are faced with hesitancy. The present paper intends to present a brief analysis of labour market’s challenges in the immediate future by proposing a mixed approach combining traditional statistical-data with a less employed institutional framework. The approach is substantiated and constructed by the structural and cognitive features that the new labour market would require. It suggests a possible way for considering the aims of the Green Deal, the vulnerabilities highlighted by the pandemic and by the recent conflict in the immediate proximity of the EU-27. All these developments bring about changes for several socio-economic categories, rendering most of them vulnerable. The split between “essential” and “non-essential” economic activities, platform work and the gig economy hint to increased relevance of the three types of intangible capital: human, social and intellectual. This will require an integrating perspective, if severe economic and social effects are to be avoided in the immediate future. The model we propose aims to show how, by taking account of the human, social and intellectual capital, better policies can be developed as regards labour market efficiency and efficacy.</p> </abstract>ARTICLEtrue Role of Social Media in Enhancing the Activities of SMEs: Case Study in Gwanda Town<abstract> <title style='display:none'>Abstract</title> <p>Social media has positioned itself as one of the most effective and efficient engines of disseminating both social and business information throughout the world. The purpose of this study was to establish the role of social media in enhancing business activities of SMEs in Gwanda town. The study used a qualitative research methodology where 23 participants who were drawn from 7 organizations were interviewed using face to face interviews. A combination of purposive and convenience sampling techniques was used to select the 7 organizations and 23 participants who participated in the study. Thematic data analysis was utilized to analyze the data that was solicited using a 14 item interview guide. The study established that to a larger extent social media is a business enabler. Social media improves the effectiveness and efficiency of organizations by promoting an easy flow of information within departments and with external stakeholders. Social media increases the profitability and the general performance of SMEs and directly and indirectly reduces operational costs. Social media helps managers to keep workers updated about the developments taking place in the organization. It was also found that to a lesser extent social media hinders the performance and growth of organizations since it can easily be abused by employees who spend most of the business time chatting and conversing with friends and relatives on issues that are not related to work.</p> </abstract>ARTICLEtrue intelligence algorithms applied in business and accounting<abstract> <title style='display:none'>Abstract</title> <p>The paper provides an explanation of some terms used in the field of business and accounting when it comes to the implementation of artificial intelligence in these areas. The development of artificial intelligence began in the 1950s, of course at first with small steps, but in the last two years it is developing at the speed of light. In order to understand the algorithms with which artificial intelligence works, I chose to outline the work machine learning, big data, neural networks. The benefits of business and accounting can be observed in easing and reducing the time in data processing. From the applications used in accounting we chose the presentation of AlphaSense, TensorFlow, Kensho, Clarifai. If we think about accounting, that until now it involved archiving on paper, blockchain and cloud accounting intervene towards our help which, thanks to distributed accounting technology, eliminate the need to enter accounting information in several databases.</p> </abstract>ARTICLEtrue Central and Eastern European Countries: A Cluster Analysis from a Bioeconomy Perspective<abstract> <title style='display:none'>Abstract</title> <p>The bioeconomy is an area that encompasses more economic activities and is environmentally friendly and sustainable. Bioeconomy contributes to the economic development of a state by creating new jobs, expanding the business environment and making activities more efficient. In this context, the bioeconomy is an element of economic development that helps the Central and Eastern European countries (CEECs) to bridge the gap with the other countries in the west of the continent. The article aims to analyze the grouping of CEECs based on indicators specific to the bioeconomy, to highlight similarities or discrepancies between them. Moreover, we conduct this study in order to identify Romania’s position among CEECs in terms of specific bioeconomy indicators. The study is based on the European Commission’s Joint Research Center database for the bioeconomy indexes for these particular regions. We employed a hierarchical cluster method using SPSS software. The sample consisted of the 11 CEEC Member States (MS) of the European Union (EU), and the period under review was between 2008 and 2019. The research indicators included turnover, number of workers, apparent labour productivity, and added value. The results show that Slovakia, Croatia and Romania form individual groups at an iteration level between 0 and 15, indicating significant discrepancies between countries in the region. The novelty of the research derives from the fact that there are no previous analyses that compare Romania’s status with other CEECs from the perspective of bioeconomy. Therefore, the paper can contribute to the implementation by the Romanian authorities of a set of measures necessary to develop the strategy dedicated to the bioeconomy based on good practices from the other CEECs.</p> </abstract>ARTICLEtrue Effective are Monetary Policy Tools in Controlling Inflation in Nigeria? An Empirical Investigation<abstract> <title style='display:none'>Abstract</title> <p>In applying the monetary policy in controlling inflation, the monetary authorities employ a mix of tools, which when varied, transfer their effects to the target outcome of inflation control. Despite monetary authorities having employed series of strategies including recently, inflation targeting, the Nigerian inflation rates have remained uncontrollable, thereby, suggesting that the question could, however, be of the effectiveness of tools being employed. This study thus, examines the effectiveness of monetary policy rates, treasury bills rates and liquidity ratio in controlling inflation in Nigeria using annual data covering the period between 1981 and 2019. Unlike most existing studies that employed a combination of policy tools and intermediate outcomes, this study employed only monetary policy tools in its analysis. Results obtained from the estimated ARDL (2, 2, 1, 2) model suggest that both in the long-run and short-run, monetary policy rates have insignificant impact on inflation rates, thus, implying that they have been ineffective in inflation control. More so, treasury bills rates were found to be effective only in the short-run as lagged treasury bills rates showed a significant negative impact on inflation in the short-run while liquidity ratio proved effective only in the long-run with an unfavourable effect on inflation control in the short-run. It is recommended, therefore, that the monetary authorities reduce the size of the informal financial system by strengthening the official financial system in a bid to make the monetary tools of choice more effective for inflation control.</p> </abstract>ARTICLEtrue contribution of statistical models in the field of real estate valuation<abstract> <title style='display:none'>Abstract</title> <p>Testing a model in property evaluation can be a difficult task due to the large variety of these models. The most popular models used in valuation are regression and neural networks. This paper applied a systematic review study and presents 11 types of regression models and 9 types of neural network models applied in real estate valuation. Our aim is to provide a tool for model selection applied in real estate valuation. The selection criteria were based on their applicability, user preferences and price estimation performance. The findings were slightly different from our expectations. Multi-Layer Perceptron (MLP) and Multiple Linear Regression (GLM) are the most applied and popular models in valuation.</p> </abstract>ARTICLEtrue Shock and Coping Strategies of Government Workers in Southwest Nigeria: Evidence from the Survey Data<abstract> <title style='display:none'>Abstract</title> <p>Consumers’ response to income shock have been a source of concern over the years. Unexpected negative income shock, such as nonpayment of salaries, or salary reduction may cause an individual to react differently. Coping may be easy if an individual is well-prepared and has fully insured coping strategies prior to the income shock, hence, a negative income loss would have less impact. Otherwise, an income shock could be deleterious and leave an individual vulnerable. Therefore, ability to cope during negative income shock is determined by consumers’ preparedness as well as the effectiveness and appropriateness of available coping strategies. This study, therefore, examines the coping mechanisms of government employees in southwest Nigeria during the unexpected nonpayment of salary between 2015 and 2018. Both quantitative and qualitative methods using a structured questionnaire and FDGs are employed. The data is analyzed using descriptive statistics and OLS methods. The findings suggest that durable and service goods are substituted for food consumption, while the impact of coping strategies varies across the states. Empirical results from the OLS show that workers use personal savings and credit-purchases to smooth-out consumption, borrow and reallocate resources from durables and service for food consumption. Education, spouse occupation and age also have a positive impact on consumption. Evaluation of the coping strategies indicates that they are insufficient to satisfy the needs of the workers during the shock. The study, therefore, recommends that governments should provide a flexible working environment, formulate a policy that will allow workers to diversify into businesses, provide business loans and encourage mandatory saving for uncertainty.</p> </abstract>ARTICLEtrue