Journal articles on the topic 'International economics, business finance, applied economics'

Commentary on FTAs and the Doha Development Round. Rajesh Chadha is Chief Economist at the National Council of Applied Economic Research (NCAER) in New Delhi, India. His Teaching and research experience of more than 29 years includes the University of Delhi and the NCAER. Chadha’s specialization is international trade with significant experience in applied economic research and economic modeling. His international experience includes Visiting Scholar in the Department of Economics, University of Michigan, and in the Department of Economics, University of Melbourne, Australia. He has also held visiting faculty positions at IIT, Delhi; IIT, Roorkee; IEG, Delhi; IIFT, New Delhi; IIPA, New Delhi; MDI Gurgaon and AIMA, New Delhi. Chadha was consultant to the World Bank in 1989, 1990, and 1999, and Consultant to the Australian Government in 2002. He was nominated as a GTAP Research Fellow for 2004-2007 by Purdue University. His research experience includes national as well as international research projects sponsored by the Ministry of Commerce and the Ministry of Finance, Government of India; Government of Australia, Ford Foundation, European Union, World Bank, USAID, and ESCAP. He earned a B.Sc. Honours in Physics and an M.A. in Business Economics at the University of Delhi and a Ph.D. at the Indian Institute of Technology (IIT), Delhi.

This paper provides a comprehensive review of the empirical literature in transaction cost economics (TCE) across multiple social science disciplines and business fields. We show how TCE has branched out from its economic roots to examine empirical phenomena in several other areas. We find TCE is increasingly being applied not only to business-related fields such as accounting, finance, marketing, and organizational theory, but also to areas outside of business including political science, law, public policy, and agriculture and health. With few exceptions, however, the use of TCE reasoning to inform empirical research in these areas is piecemeal. We find that there is considerable support of many of the central tenets of TCE, but we also observe a number of lingering theoretical and empirical issues that need to be addressed. We conclude by discussing the implications of these issues and outlining directions for future theoretical and empirical work.

The XXXI International Congress of Applied Economics, ASEPELT 2017, took place in Lisbon, from 5 to 8 July, 2017. The organization was the responsibility of ISEG/UL (Lisboa School of Economics & Management - University of Lisbon) that went on working to offer a stimulating scientific and social program for the Congress.The theme of the Congress -Real Economy and Finance- had, as main objective, to stimulate the debate around the problematic of Crisis and Globalization, and its effects on the World/European economies (and, especially, in the Iberian countries). The impacts that these phenomena have brought to the so-called real economy and the process of “financialization” of the economy (and related risks) that has been associated with it, the possible responses to the crisis and the promotion of a new development model, were at the center of the debates.Particular attention to the issues of applied economics and of the methodologies and techniques of analysis of economic and business information was also in our objectives.At the same time it was proposed to the Organizing Committee to integrate the number of September Of ESTUDIOS DE ECONOMIA APLICADA review with a related “monográfico” that would be composed of papers both presented at the conference or coming directly to the review, following a specific call for papers. The Theme should be related with the central purpose of the ASEPELT 2017, even if different and specific.

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 4, Number 3Abbas Khandan, Hafez boulevard, IranAli Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnna Jedrzychowska, Wroclaw University, PolandArash Riasi, University of Delaware, USAAsad K. Ghalib, Liverpool Hope University, UKAyoub Taha Sidahmed, SIU, SudanDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanHe Nie, Jinan University, ChinaIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineJose Solana Ibañez, Centro Universitario de la Defensa, SpainKembo Bwana, College of Business Education, TanzaniaLuca Giordano, IOSCO (International Organization of Securities Commissions), ItalyMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMohammed Alkali Yusuf, Waziri Umaru Federal Polytechnic, NigeriaPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitSherry Jensen, Florida Institute of Technology, USASorin Gabriel Anton, Alexandru Ioan Cuza University of Iaşi, RomaniaSzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, Department of Economics, JapanY. Saidi, M’sila University, Algeria Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

The aim of this paper is to illuminate the importance of corporate strategy and organizational structure as crucial variables for successful international business. We wanted to point out that companies, in order to exploit opportunities in international environment, must develop a high level of consent between the applied strategy and the model of organizational structure. Today all organizations, no matter how big they are, are affected by the international environment and its management must consider very carefully the benefits and costs of alternative strategies and the corresponding models of organizational structure.

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 2 Ali Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAyoub Taha Sidahmed, SIU, SudanBasanta K. Pradhan, University of Delhi Enclave, IndiaDjebali Nesrine, University of Jendouba, TunisiaGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHe Nie, Jinan University, ChinaIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineKembo Bwana, College of Business Education, TanzaniaMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMarwa Biltagy, Cairo University, Faculty of Economics and Political Science, EgyptMurad Harasheh, University of Milan-Bicocca, ItalyNicolas Afflatet, University of the Federal Armed Forces, GermanyOltiana Muharremi Pelari, University of Vlora, AlbaniaOlubukunola Ranti Uwuigbe, Covenant University, NigeriaPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitRajeev Rana, APB Govt. P.G. College, IndiaRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaVictoria Cociug, Academy of Sciences of Moldova, Moldova Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 4, Number 5Asad K. Ghalib, Liverpool Hope University, UKAyoub Taha Sidahmed, SIU, SudanDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanEncarnación Alvarez-Verdejo, University of Granada, SpainErdal Gumus, Eskisehir Osmangazi University, TurkeyEyup Kadioglu, Capital Markets Board, TurkeyGeorge Theocharides, Cyprus International Institute of Management, CyprusGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaIbrahim Baghdadi, Lebanese University, LebanonIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineLuca Giordano, IOSCO (International Organization of Securities Commissions), ItalyMagdalena Radulescu, University of Pitesti, RomaniaMasonic Lodge, TurkeyNicolas Afflatet, University of the Federal Armed Forces, GermanyNuno Crespo, ISCTEIUL, PortugalPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitRomeo Victor Ionescu, Dunarea de Jos University, RomaniaRuhet GENC, Turkish-German University, TurkeySherry Jensen, Florida Institute of Technology, USASorin Gabriel Anton, Alexandru Ioan Cuza University of Iaşi, RomaniaSteven V. Cates, Kaplan University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, JapanVictoria Cociug, Academy of Sciences of Moldova, MoldovaWing-Keung Wong, Asia University, TaiwanZi-Yi Guo, Wells Fargo Bank, N.A., USA Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 4, Number 6Aaron Morey, University of Melbourne, AustraliaAli Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAsad K. Ghalib, Liverpool Hope University, UKAyoub Taha Sidahmed, SIU, SudanDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanDyah Wulan Sari, Airlangga University, IndonesiaErdal Gumus, Eskisehir Osmangazi University, TurkeyEyup Kadioglu, Capital Markets Board, TurkeyGeorge Theocharides, Cyprus International Institute of Management, CyprusGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHe Nie, Jinan University, ChinaIan McFarlane, University of Reading, UKIbrahim Baghdadi, Lebanese University, LebanonIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineJin Yong Yang, Hankook University of Foreign Studies, KoreaKembo Bwana, College of Business Education, TanzaniaLuca Giordano, IOSCO (International Organization of Securities Commissions), ItalyMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMohammed Al-Mahish, King Faisal University, Saudi ArabiaMurad Harasheh, University of Milan-Bicocca, ItalyNicolas Afflatet, University of the Federal Armed Forces, GermanyNuno Crespo, ISCTE-IUL, PortugalOlena Sokolovska, Research Institute of Fiscal Policy, State Fiscal Service of Ukraine, UkrainePatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaSzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, JapanVictoria Cociug, Academy of Sciences of Moldova, MoldovaWoodrow Clark II, Clark Strategic Partners, United States, USAZi-Yi Guo, Wells Fargo Bank, N.A., USANikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Physicists’ research in finance and economics began in the 1990s and has been applied to the challenges of this field ever since. One of the challenging issues of econophysics is to answer the questions: Can we solve the economic challenges? How does the statistical physics method contribute with the problem in the asset pricing model? How does the economics network structure and the global financial crisis co-evolve? To answer that questions, several theoretical and empirical studies have already been conducted on the anomalous phenomena of the economy and financial markets. Moreover, at the forefront of recent financial crisis research, extensive and rapid development has been achieved by combining text information and machine learning methodologies. Here, we discuss financial time series analysis and outline the future prospects for econophysics research.

Global manufacturing and international supply chains have changed the way trade and economic growth are understood today. Recent statistical advances suggest new ways of looking at growth accounting when global value chains (GVCs) — articulating supply and demand chains from an international perspective — are taken into consideration. The method is applied to the G-20 countries, a group of leading developed and developing economies that took a prominent role in fostering and managing global economic governance. The demand dynamics is first analyzed through a growth-accounting decomposition, then through the long term determinants of income elasticity of imports and the household marginal propensity to consume imported products.

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 5, Number 3Aaron Morey, University of Melbourne, AustraliaAli Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAsad K. Ghalib, Liverpool Hope University, UKDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanEncarnación Alvarez-Verdejo, University of Granada, SpainEyup Kadioglu, Capital Markets Board, TurkeyFarhat Iqbal, University of Balochistan, Quetta – Pakistan. , Pakistan.He Nie, Jinan University, ChinaIbrahim Baghdadi, Lebanese University, LebanonIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMarwa Biltagy, Cairo University, Faculty of Economics and Political Science, EgyptMohammed Al-Mahish, King Faisal University, Saudi ArabiaMojeed Idowu John Odumeso-Jimoh, Noble Integrated Resources & Management, NigeriaNuno Crespo, ISCTE-IUL, PortugalPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandProf. Aloysius Ajab AMIN, Institute for Development Solutions, Inc, USARamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaSherry Jensen, Florida Institute of Technology, USASteven V. Cates, Kaplan University, USASzabolcs Blazsek, Universidad Francisco Marroquín, Guatemala Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 4 Ali Massoud, Sohag University, EgyptGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHedieh Shadmani, Fairfield University, USAHichem Maraghni, University of Taibah, TunisiaIan McFarlane, University of Reading, UKIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyRajeev Rana, APB Govt. P.G. College, IndiaRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaShahram Fattahi, Razi University, IranSzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaVictoria Cociug, Academy of Sciences of Moldova, MoldovaZi-Yi Guo, Wells Fargo Bank, N.A., USA Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance [AEF] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 4, Number 2 Aaron Morey, Productivity Commission, AustraliaAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelArash Riasi, University of Delaware, USAAyoub Taha Sidahmed, SIU- Khartoum, SudanEyup Kadioglu, TurkeyFarhat Iqbal, University of Balochistan, PakistanGetamesay Bekele, Debre Berhan University, EthiopiaIan McFarlane, University of Reading, UKIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineJin Yong Yang, Hankook University of Foreign Studies, KoreaLuca Giordano, IOSCO (International Organization of Securities Commissions), ItalyMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Ziolo, University of Szczecin, PolandMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMarta Borda, Wroclaw University of Economics, PolandMohammed Alkali Yusuf, Waziri Umaru Federal Polytechnic, NigeriaMurad Harasheh, University of Milan-Bicocca, ItalyPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitSorin Gabriel Anton, Alexandru Ioan Cuza University of Iaşi, RomaniaStelios Markoulis, University of Cyprus, CyprusSteven V. Cates, Kaplan University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, JapanVictoria Cociug, Academy of Sciences of Moldova, MoldovaWing-Keung Wong, Asia University, TaiwanY. Saidi, M’sila University, Algeria Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 5, Number 4Ali Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelDyah Wulan Sari, Airlangga University, IndonesiaErdal Gumus, Eskisehir Osmangazi University, TurkeyEyup Kadioglu, Capital Markets Board, TurkeyGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHe Nie, Jinan University, ChinaIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineJolita Vveinhardt, Lithuanian Sports University, LithuaniaMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra Al Azhar University-Gaza PalestineMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMarta Borda, Wroclaw University of Economics, PolandMojeed Idowu John Odumeso-Jimoh, Noble Integrated Resources & Management, NigeriaNicolas Afflatet, University of the Federal Armed Forces, GermanyNuno Crespo, ISCTE-IUL, PortugalOlena Sokolovska, Research Institute of Fiscal Policy, State Fiscal Service of Ukraine, UkrainePatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaSteven V. Cates, Kaplan University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, JapanVictoria Cociug, Academy of Sciences of Moldova, MoldovaZi-Yi Guo, Wells Fargo Bank, N.A., USANikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 6, Number 2 Mahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineGeorge Theocharides, Cyprus International Institute of Management, CyprusRamona Orastean, Lucian Blaga University of Sibiu, RomaniaIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineSteven V. Cates, Purdue University-Global, USAMagdalena Zioło, University of Szczecin, PolandVictoria Cociug, Academy of Sciences of Moldova, MoldovaJolita Vveinhardt, Lithuanian Sports University, LithuaniaIan McFarlane, University of Reading, UKPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaNicolas Afflatet, University of the Federal Armed Forces, GermanyMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyY. Saidi, M’sila University, AlgeriaSorin Gabriel Anton, Alexandru Ioan Cuza University of Iaşi, RomaniaRichard Nguyen, Alliant International University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaAaron Morey, University of Melbourne, AustraliaFarhat Iqbal, University of Balochistan, Quetta – Pakistan. , PakistanHichem Maraghni, University of Taibah, TunisiaLuca Giordano, CONSOB, ItalyRomeo Victor Ionescu, Dunarea de Jos University, RomaniaSebastian Schich, Organisation for Economic Coopertaion and Development (OECD), FranceNuno Crespo, ISCTE-IUL, PortugalAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelZi-Yi Guo, Wells Fargo Bank, N.A., USAAsad K. Ghalib, Liverpool Hope University, UKPayal Chadha, University of Wales Prifysgol Cymru, KuwaitMagdalena Radulescu, University of Pitesti, RomaniaOlena Sokolovska, Research Institute of Fiscal Policy, State Fiscal Service of Ukraine, UkraineHe Nie, Jinan University, ChinaIbrahim Baghdadi, Lebanese University, LebanonMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptDimitrios Koumparoulis, University of the People, USARajeev Rana, APB Govt. P.G. College, InidaZuzana Janko, San Francisco State University, USAKaveh Dalvand, University of Delaware, United States Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Reviewer AcknowledgementsApplied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 5, Number 5Mahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineGeorge Theocharides, Cyprus International Institute of Management, CyprusOltiana Muharremi Pelari, University of Vlora, AlbaniaRamona Orastean, Lucian Blaga University of Sibiu, RomaniaIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineMurad Harasheh, University of Milan-Bicocca, ItalySteven V. Cates, Kaplan University, USAMagdalena Zioło, University of Szczecin, PolandPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaSajid Mohy Ul Din, Universiti Utara Malaysia, MalaysiaMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyY. Saidi, M’sila University, AlgeriaRichard Nguyen, Alliant International University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaFarhat Iqbal, University of Balochistan, Quetta – Pakistan. , PakistanLuca Giordano, CONSOB, ItalyRuhet Genc, Turkish-German University, TurkeyErdal Gumus, Eskisehir Osmangazi University, TurkeyRomeo Victor Ionescu, Dunarea de Jos University, RomaniaNuno Crespo, ISCTE-IUL, PortugalSherry Jensen, Florida Institute of Technology, USAMojeed Idowu John Odumeso-Jimoh, Noble Integrated Resources & Management, NigeriaAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelZi-Yi Guo, Wells Fargo Bank, N.A., USADilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanPayal Chadha, University of Wales Prifysgol Cymru, KuwaitMagdalena Radulescu, University of Pitesti, RomaniaHe Nie, Jinan University, ChinaTaro Abe, Nagoya Gakuin University, JapanIbrahim Baghdadi, Lebanese University, LebanonMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptNikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 5, Number 1Aaron Morey, University of Melbourne, AustraliaAli Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAyoub Taha Sidahmed, SIU, SudanDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanDyah Wulan Sari, Airlangga University, IndonesiaErdal Gumus, Eskisehir Osmangazi University, TurkeyHe Nie, Jinan University, ChinaHichem Maraghni, University of Taibah, TunisiaIan McFarlane, University of Reading, UKIbrahim Baghdadi, Lebanese University, LebanonIgor Matyushenko, School of Foreign Economic Relations and Touristic Business, UkraineJolita Vveinhardt, Lithuanian Sports University, LithuaniaKembo Bwana, College of Business Education, TanzaniaLuca Giordano, IOSCO (International Organization of Securities Commissions), ItalyMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMohammed Al-Mahish, King Faisal University, Saudi ArabiaMojeed Idowu John Odumeso-Jimoh, Noble Integrated Resources & Management, NigeriaNuno Crespo, ISCTE-IUL, PortugalOlena Sokolovska, Research Institute of Fiscal Policy, State Fiscal Service of Ukraine, UkrainePatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRomeo Victor Ionescu, Dunarea de Jos University, RomaniaSteven V. Cates, Kaplan University, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaTaro Abe, Nagoya Gakuin University, JapanVictoria Cociug, Academy of Sciences of Moldova, MoldovaWing-Keung Wong, Asia University, TaiwanY. Saidi, M’sila University, AlgeriaZi-Yi Guo, Wells Fargo Bank, N.A., USA

Global banks are changing. With a new set of rules come new business models. We review the international dimension of the financial crisis, centring on cross-border losses and cross-currency funding problems that prompted authorities to adopt wide-ranging rescue measures and liquidity operations. Against this background, we proceed to examine the regulatory response, focusing on the Basel III framework and the ongoing work of the Basel Committee and Financial Stability Board regarding the amount of capital banks are required to hold, restrictions on maturity transformation on banks' balance sheets and proposals to mitigate the risks posed by systemically important financial institutions. Our conclusion is that capital and liquidity regulation will have distinctly different effects on the international organisation of banks. Liquidity regulation, especially when applied locally, has the greatest potential to reshape the global banking landscape.

The majority of studies into the economic effects of high-skilled migration focus on aggregate impact on the economic output in the countries of destination. The economic impact of migration of the highly qualified on the economies of the countries of their origin has been examined less. This qualitative research aims to address that gap by identifying the economic effects of high-skilled migration on Central and Eastern Europe, the region which faces many long-term challenges to its economic development. We use the available data from the UK International Passenger Survey for the 2004-2016 period to test whether the outflow of highly qualified workers from the EU8 countries to the UK is detrimental or beneficial for the growth of sending economies in the short and long term. In order to test these hypotheses, econometric time series analysis methods of structural vector autoregression and cointegration were applied. Our results have shown a positive short-term effect of brain outflow on regions’ GDP and wage growth as well as unemployment; on the other hand, we presented empirical evidence in support of the hypothesis of the negative long-term effect of high-skilled migration on EU8 countries’ GDP and wage growth as well as unemployment. These results are fairly robust to imply that a negative view on high-skilled migration from EU8 is broadly consistent with the previous findings of “harmful brain drain” scholars.

Enterprises involved in international business face transaction exposure to foreign exchange risk. This type of exposure occurs when an enterprise trades, borrows, or l?nds in foreign currency. Transaction exposure has a direct effect on an enterprise?s financial position and profitability. It is one of the three forms of exposure to exchange rate fluctuations, the other two being translation exposure and operating exposure. The aim of this paper is to assess the transaction exposure of enterprises in Serbia operating internationally. In addition to identifying and measuring transaction exposure, this paper explores the practical importance that enterprises in Serbia attach to management of this type of foreign exchange risk. We do not find significant differences between domestic and foreign enterprises in their choice of the type of foreign exchange risk exposure to manage. Although transaction exposure is the most managed type of foreign exchange risk, research has shown that, compared to foreign businesses, Serbian enterprises do not use sufficient protective measures to minimize the negative impact of this type of exposure on their cash flows and profitability. We expected that there would be a statistically significant dependence between the volume of enterprises? foreign currency transactions and the level of applied transaction exposure management practices. However, the results of our research, based on a sample of enterprises in Serbia operating internationally, show that transaction exposure management practices can be influenced by factors other than the level of an enterprise?s foreign currency transactions, such as the enterprise?s country of origin.

Unauthorised extra-budgetary expenditures continue to pose threats to achieving and sustaining fiscal stability. It has resulted in budget overruns which have contributed to the rapid growth in government spending and borrowing pushing countries down toward an unsustainable economic path. It is against these that this paper sought to critically review unauthorised extra-budgetary expenditure, antecedents, and consequences. The paper applied fraud triangle theory (FTT) to conceptualise antecedents of unauthorised extra-budgetary expenditure. Three factors have been identified as antecedents of extra-budgetary expenditures through a critical analysis of the fraud triangle theory. These are budgetary system failure, political economy, and community of economy. The paper sought papers from Google scholar, Google, and Scopus databases. Scopus database was used to conduct bibliometric analysis using the “Biblioshiny” function in the “bibliometrix” package subsequent to the development of the theoretical framework and manual search from Google and Google scholar to determine the depth of empirical studies on the subject. The paper proposed three propositions and a theoretical framework to guide future research. It was also revealed that unauthorised extra-budgetary expenditure limits the success of fiscal consolidation. It is also deleterious to budgetary gains and savings and will adversely affect the health of economies. It also pushes an economy toward a distressing economic path through high public debts to finance such expenditures.

This paper examines the perspectives of SMEs on Brexit and skill shortages using cross-sectional data of 2,969 SMEs from a UK Government’s Small Business survey for 2016. The logistic regression with clustered standard errors is applied to analyse the association between SMEs considering Brexit as a major business obstacle and the probability of SMEs identifying skill shortages in their businesses. The results show that firms with a shortage of managerial skills/expertise have a 6.5% higher probability to report that Brexit will affect their businesses, followed by difficulties in staff recruitment (4.5%) and shortage of skills within external labour markets (3.8%). Policy recommendations are provided.

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 6, Number 5Ali Massoud, Sohag University, EgyptAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAyoub Taha Sidahmed, SIU, SudanDyah Wulan Sari, Airlangga University, IndonesiaFarhat Iqbal, University of Balochistan, PakistanGetamesay Bekele Meshesha, Debre Berhan University, EthiopiaHedieh Shadmani, Fairfield University, USAIan McFarlane, University of Reading, UKIulia Lupu, Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaKembo Bwana, College of Business Education, TanzaniaMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptMarco Mele, University of Teramo, ItalyMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyNicolas Afflatet, University of the Federal Armed Forces, GermanyOltiana Muharremi Pelari, University of Vlora, AlbaniaPatrycja Kowalczyk-Rolczynska, Wroclaw University of Economics, PolandPayal Chadha, University of Wales Prifysgol Cymru, KuwaitRajeev Rana, APB Govt. P.G. College, IndiaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaSebastian Schich, Organisation for Economic Coopertaion and Development (OECD), FranceSzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaWoodrow Clark II, Clark Strategic Partners, United States, USAY. Saidi, M’sila University, AlgeriaZi-Yi Guo, Wells Fargo Bank, N.A., USAZuzana Janko, San Francisco State University, USA Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Efficiency is a topic of great interest because its applications are diverse and rich. It is applied greatly in all scientific disciplines, especially accounting for a very large proportion in economics, finance and accounting. The main objective in this paper is to analyze the effectiveness of banks in Vietnam. In order to investigate this issue, there are several implements to examine bank effectiveness where the data envelopment analysis (DEA) method is widely used. This paper presents details of the DEA method. Using the data collected from banks in Vietnam for the period 2014–2017, the approach is executed to investigate issues of technical efficiency, resource analysis and business efficiency of banks in Vietnam.

Starting from the fact that the rapid spread of the SARS-CoV-2 virus and the implementation of social distancing strategies have dramatically affected all aspects of human lives at global, national, and micro levels, this paper focuses on examining the impact of the COVID-19 pandemic on the economic performance of selected European countries. To perceive and understand this impact, the authors applied a complex research methodology based on the combined application of suitable univariate and multivariate methods of statistical analysis. The classification of 40 European countries into different groups, in terms of the selected set of COVID-19 indicators in 2020, was performed through hierarchical agglomerative cluster analysis, while statistical evaluation of the quality of the obtained solution of a non-hierarchical procedure, based on the k-means method, was implemented. The classification consists of four clusters of countries identified as the “optimal” clustering solution. The authors conducted the analysis and comparison of profiles of the formed clusters of countries in terms of their average GDP growth rates in 2020 using the statistical methods of descriptive analysis and hypothesis testing. This study reveals that a cluster of countries with a relatively “lower” severity of the COVID-19 health consequences recorded a higher average GDP growth rate compared to groups of countries that suffered more serious consequences and vice versa. The obtained results, which indicate the connection between the magnitude of the negative health and economic consequences of the COVID-19 pandemic, can serve as additional support to policymakers in making decisions aimed at mitigating pandemic impacts and crisis management.

Inflation targeting represents monetary regime primarily applied in New Zealand in 1989. Since then, this regime has extended into over 30 countries and it is recommended by International Monetary Fund within its business arrangements in last couple of years. The last country that announced this regime was Serbia. It is regularly introduced when previous one had poor performances. Its nature is determined by targeted inflation rate, high level of transparency in monetary policies conducting, absence of secondary goals as well as responsibility for realized targeted inflation rates. Within work theoretical presumptions are analyzed regarding implementation of this regime, and the most important aspects of its functioning in chosen countries, and its application in Serbia is a subject of particular consideration.

Purpose The purpose of this paper is to evaluate the economic impact of a rising US trade protectionism on the economies of China, Japan, South Korea and the ASEAN countries and draw out some policy and strategic implications for the USA and East Asia. Design/methodology/approach The authors employ a computable general equilibrium approach supplemented with qualitative analyses based on empirical evidence. Findings An increase in US import tariffs would result in economic losses for the USA and the corresponding country or region to which the import tariff increase is applied. An increase in US import tariffs for Chinese goods alone would not have any spillover effects on other East Asian countries. But, an imposition of a border adjustment tax (BAT) for all countries and for all products would actually boost US economic growth. Advanced economies would enjoy GDP increases, but China, Korea and the ASEAN countries would face an economic loss in a longer term period, although they would enjoy some growth in the short term. However, when the BAT only applies to a specific East Asian country, USA would suffer an economic loss, with the exception of a BAT specifically targeted at the ASEAN countries. ASEAN countries would not experience any economic loss under all scenarios except in the case of import tariffs specifically targeted at ASEAN. Research limitations/implications From the US perspective, it is beneficial to adopt a BAT for all countries and across the board. Under this arrangement, there would be an economic loss for China, Korea and the ASEAN countries in the longer term. An increase in US trade protectionism would only push the East Asian countries towards deeper economic integration, with serious implications for global pattern of trade and investment. Originality/value The existing literature on the likely economic impact of US trade protectionism on East Asia is very scarce and based on surveys and subjective speculations. This study uses a quantitative method based on empirical evidence.

Research background: The literature overview shows a blank space regarding the effects of ownership on the determination of enterprises' spatial distribution. Various papers identify differences between determinants of the spatial distribution of foreign direct investments, exporters in foreign ownership, and domestically owned exporters; however, they mostly agree on the role of big cities, economic centres, and state of infrastructure as well as historical patterns. Purpose of the article: The article focuses on the spatial distribution analysis of enterprise units from their owner's perspective on the empirical evidence from all 79 districts of the Slovak Republic. Special attention is given to the category of the least developed districts. Methods: Within the presented article, the authors investigate the characteristics of the regional spatial distribution of business entities concerning standard ownership categories using the cluster analysis. The presented approach is twofold: firstly, the authors investigate the share of individual ownership types on the district level, and secondly, the number of enterprises by ownership categories is adjusted to 100,000 inhabitants. Cluster analysis and methods of spatial statistics are applied in both approaches. Findings & value added: The main results show a relation between the district's inclusion into the group of the least developed districts and enterprise ownership characteristics in these districts mainly through the relative underrepresentation of the secluded inland, foreign and international types of ownership, as well as their geographical clustering. The results of the presented research can be used in policy-making targeting business activity in underdeveloped districts. At the same time, the results provide basis for limited theoretical generalisations based on a single-country case study with regard to principles of business ownership structures development.

Within the framework of behavioral finance, this research shows that financial behavior can be assessed as a cognitive construct. Using certain variables, a multidimensional “cognitive finance” construct can thus be established. Through a technological – psychometric type design with descriptive data analysis, a factor analysis is presented to determine which latent variables tend to charge significantly in order to assess the validity of the dimensions comprising the construct of capital structure and explore its dimensions in relation to financial theory. A 44-item questionnaire is adapted and applied to a sample of chief financial officers from diverse public and nonpublic companies in Mexico. The analysis reveals the existence of four construct dimensions consistent with corporate financial theory. The model helps to explain how decision-makers react to uncertainty and environmental conditions, directly affecting the valuation of firm’s losses or earnings. As evidenced by the results, application of the Item Response Theory to the field of behavioral finance could open up new avenues to the study of cognitive biases, involved in the financial decision-making process. Thus, this implies that behavioral finance can also be treated as “cognitive finance.”

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 8, Number 1 Andrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAyoub Taha Sidahmed, SIU, SudanDilshodjon Rakhmonov, Tashkent State University of Economics, UzbekistanDimitrios Koumparoulis, University of the People, USADjebali Nesrine, University of Jendouba, TunisiaDyah Wulan Sari, Airlangga University, IndonesiaFarhat Iqbal, University of Balochistan, PakistanHedieh Shadmani, Fairfield University, USAIan McFarlane, University of Reading, UKKembo Bwana, College of Business Education, TanzaniaMahmoud Mohammed Sabra, Al Azhar University-Gaza, PalestineMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptMarco Mele, University of Teramo, ItalyMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyMojeed Idowu John Odumeso-Jimoh, Noble Integrated Resources & Management, NigeriaNuno Crespo, ISCTE-IUL, PortugalOlena Sokolovska, St. Petersburg State University, RussiaRamona Orastean, Lucian Blaga University of Sibiu, RomaniaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaShahram Fattahi, Razi University, IranSherry Jensen, Florida Institute of Technology, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaVictoria Cociug, Academy of Sciences of Moldova, MoldovaY. Saidi, M’sila University, Algeria Nikki GibbsEditorial AssistantOn behalf of,The Editorial Board of Applied Economics and FinanceRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://aef.redfame.com

Summary One of the federal government’s most important projects is its reform of business taxation, planned for 2008. The key elements of this reform, published in summer 2006, provide for a reduction in the nominal tax burden on corporations from 38.65 % to 29.8 %. In return, an aspect of German taxation, namely the Hinzurechnung method, by which the interest paid on long-term debt was added back onto profit and which up to now has applied only with respect to the trade tax collected by the municipalities, is to be extended to corporation tax and is to include all interest paid as well as the financing part of rents, hire and leasing amounts. The key elements did not mention what percentage was to be added back on. One aspect which is important in terms of the effect the 2008 reform of business taxation has on the tax burden on companies is whether, despite a reduction in the tax rate, extending the Hinzurechnung method will lead to an increase in the burden on companies from taxes not dependent on earnings, and how this burden fares in international comparison. Attempts are being made to answer this question using a microeconomic and a macroeconomic approach. It would appear that the amendments as set out in the key elements published would lead to an increase in Germany’s currently very low burden from taxes not dependent on earnings. However, it should also be noted that even if this burden were to experience a strong percentage rise, it would still be relatively low in international comparison. In contrast to the extension of the Hinzurechnung method used in trade tax, a critical view should be taken of any inclusion into corporate taxation of non-earnings-dependent elements.

The geological industry of Kazakhstan is transiting to CRIRSCO, the international system of reporting standards for mineral reserves. In view of the set tasks, the problem of adjusting the geological and economic assessment of deposits is being updated in order to adapt it to the international requirements and to increase accessibility and transparency for a potential external investor. This research has been carried out on the basis of the Kazakhmys Corporation LLС, the largest international company engaged in exploring, mining and processing of various minerals. The authors of this paper have made an attempt to expand the geological and economic assessment of the enterprise by digitizing the key business processes. On the basis of the formed factual database of the geological and economic indicators and characteristics of the stratiform pyrite-copper-lead-zinc deposit Kusmuryn, which is part of the Kazakhmys Corporation LLС, the economic indicators of extracting associated components have been calculated. Digital transformation is a key area of technological development of the mining industry in Kazakhstan for the coming years. In this regard, automation of calculating the geological and economic assessment of the investigated field will allow the company not only to reduce investment and operating costs, but also to deepen the internal analytical work to monitor the effectiveness of the applied digital solutions. Transformation of the economy of Kazakhstan presupposes state support for promising regions. The article shows that transition of the Kusmuryn deposit to underground mining in the medium term will accelerate the solution of pressing regional problems and remove social tension in the monotowns adjacent to the deposit. In order to strengthen its position in the global economy, Kazakhstan strives to achieve socio-economic goals in the field of sustainable development. It has been established that changing the method of production and automation of business processes of the Kazakhmys Corporation LLС will have a positive effect on the energy efficiency due to more rational use of available technologies. The research will improve the validity of predictive management decisions to strengthen the financial and economic situation and the international positions of the mining and smelting enterprise.

Purpose – The purpose of this paper is to explore the basis for, and ramifications of, applying relevant human rights norms – such as the United Nations Guiding Principles on Business and Human Rights – to the International Accounting Standards Board (IASB). In doing so, the paper seeks to contribute to scholarship on the political legitimisation of the IASB’s structure and activities under prevailing global governance conditions. Design/methodology/approach – The paper explores three distinct argumentative logics regarding responsibilities for justice and human rights vis-à-vis the IASB. First, the authors explore the basis for applying human rights responsibilities to the IASB through reasoning based on the analysis of “public power” (Macdonald, 2008) and public authorisation. Second, the authors develop the reasoning with reference to recent attempts by legal scholars and practitioners to apply human rights obligations to other non-state and transnational institutions. Finally, the authors develop reasoning based on Thomas Pogge’s (1992b) ideas about institutional harms and corresponding responsibilities. Findings – The three distinct argumentative logic rest on differing assumptions – the goal is not to reconcile or synthesise these approaches, but to propose that these approaches offer alternative and in some ways complementary insights, each of which contributes to answering questions about how human rights obligations of the IASB should be defined, and how such a responsibility could be “actually proceduralised”. Originality/value – The analysis provides an important starting point for beginning to think about how responsibilities for human rights might be applied to the operation of the IASB.

Using an on-going real case study of a micro-finance project modeled on financial inclusion in Zimbabwe, a country with high levels of poverty, we provide real time insights on entrepreneurship and micro-finance in this environment focusing on the nature of challenges faced by entrepreneurs and potential solutions to these challenges. While acknowledging this is a research stream that has dominated micro-finance, our study extends the scope of research beyond Asia and Latin America to include insights from an African market where micro-finance has recorded significant growth yet very few stories are told about these experiences. Our case study provides an opportunity to reflect on emerging and previously held insights in real time using a project that is still in the process of dealing with these challenges. We then go onto illustrate how our inclusive approach to serving the unbanked segment in Zimbabwe has potential for broader contribution to poverty reduction among citizens who are exposed to extreme conditions of poverty. Our paper also outlines an alternative approach of solutions to the challenges faced by micro-finance entrepreneurs, which could be applied by entrepreneurs in environments facing similar challenges.

Purpose The purpose of this paper is to review several influential empirical studies that examine the performance of state-owned enterprises (SOEs). The paper undertakes a citation analysis of journals, authors and titles in the area of privatization and firm performance in general, and assesses the impact of privatization on the performance of SOEs in particular. Design/methodology/approach The methodology is based on a systematic and structured review of over 100 papers published in economics, public management, business strategy and related social sciences. The systematic review is based on citation analysis of journals, authors and titles. The journal and author citation counts were tabulated by leveraging the databases of SCImago Journal Rankings and Google Scholar and filtered it to find out the most highly cited journals and authors. The structured review is based on the framing opinion with respect to major findings, variables selected, measurement techniques and statistical tools applied by different researchers. The impact is measured through coding a value “P” in case of positive effects, “N” in case of negative effects and “NT” in case the study found both positive and negative effects. Findings The citation analysis reveals that American Economic Review, Journal of Financial Economics, Review of Financial Studies and Journal of Finance as the top-cited journals, and Megginson and Netter (3,468), Megginson et al. (1,737), Djankov and Murrell (1,356), Boardman and Vining (1,320), Balsam et al. (1,094) and DeWenter and Malatesta (1,018) as the top-cited authors in this particular research field. While majority research studies have revealed a significant improvement in the performance of SOEs in the post-privatization period, few studies have reserved their impact as neutral or even negative in some respects. Originality/value Given that economic transitions, corporate governance, and performance of SOEs have attracted a great attention from public management and business strategy scholars in recent years, this paper aims to summarize a large number of empirical studies that examine the performance of SOEs. The paper would be useful to future researchers especially the beginners and early career researchers in terms of its current trends, selection of variables, measurement techniques and statistical tools applied.

The implementation of tools such as Genetic Algorithms has not been exploited for asset price prediction despite their power, robustness, and potential application in the stock market. This paper aims to fill the gap existing in the literature on the use of Genetic Algorithms for predicting asset pricing of investment strategies into stock markets and investigate its advantages over its peers Buy & Hold and traditional technical analysis. The Genetic Algorithms strategy applied to the MACD was carried out in two different validation periods and sought to optimize the parameters that generate the buy-sell signals. The performance between the machine learning-based approach, technical analysis with the MACD and B&H was compared. The results suggest that it is possible to find optimal values of the technical indicator parameters that result in a higher return on investment through Genetic Algorithms, beating the traditional technical analysis and B&H by around 4%. This study offers a new insight for practitioners, traders, and finance researchers to take advantage of Genetic Algorithms for trading rules application in forecasting financial asset returns under a more efficient and robust methodology based on historical data analysis.

Economic variability can affect economic agents’ risk perception and behavior, which in turn affects negatively economic activities and prosperity. The government, therefore, tries to raise their confidence by designing proper policies to stabilize the economy. To learn the effects of the policies, several models are utilized, and the Dynamic Stochastic General Equilibrium (DSGE) model is recognized as a potential choice for discovering such effects. Also, this work applies the DSGE model to extend its application and contributes to this research area in terms of model construction technique by learning the policy effects in the Thai context through the closed economy models. In this study, Thailand's quarterly detrended data from 2001:Q1 to 2019:Q2 and the Bayesian estimation method were used. The results showed that the positive effect of technological evolution on economic growth occurred in both economies, but the effect in the two-sector economy was less than what occurred in the one-sector economy. Additionally, it was demonstrated that monetary policy was more effective than fiscal policy. Hence, the recommendations were that policy designers had to design policies to improve technology in all sectors simultaneously, and the fiscal authority had to recognize the effect of the number of related agents on the effectiveness of its policies. Also, the monetary authority had to design a boundary for interest rate volatility to stabilize the economy.

Logistics is an important sector that determines a country’s economic strategy while attaining higher impetus in terms of globalization and competitiveness. Infrastructure along with trade friendly government policies are the key important parameters for a competitive logistics sector. One such method to evaluate competency is the logistics performance index (LPI) by the World Bank. This index evaluates the logistics performance of the economies of the world and rank them on the basis of six parameters (customs, infrastructure, timeliness, tracking & tracing, logistics competence and international shipments). This research study illustrates the impact of logistics costs (LC) and logistics competency parameters (LPI) on the economic development. The fuzzy set qualitative comparative analysis (fsQCA) methodology is applied to identify the causal configuration relations for higher values of economic development (GDP per capita). Eight major economies across Asia (China, India, Japan, Singapore), Europe (Germany, France), the UK and the USA have been studied for the analysis. The Czech Republic and Slovenia are also included to the list of countries to have a perspective of mid-sized economies. These mid-size economies are landlocked countries (Czech Republic) and a smaller port sector (Slovenia) for logistics. The results indicate two configurations of LPI and LC that lead to higher values of GDP per capita. The major contribution to the existing literature is in identifying the influence of LPI index parameters along with LC on the economic development. The associated results illustrate that logistics competence, infrastructure and tracking & tracing of LPI index are identified as the core parameters, resulting in the higher values of GDP per capita. The results offer various insights into future area of research for evaluating new parameters such a LC to be inducted in LPI for evaluating logistics performance.

Applied Economics and Finance (AEF) would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AEF publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 6, Number 6Andrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAyoub Taha Sidahmed, SIU, SudanIan McFarlane, University of Reading, UKIgor Matyushenko, , School of Foreign Economic Relations and Touristic Business, UkraineMagdalena Radulescu, University of Pitesti, RomaniaMagdalena Zioło, University of Szczecin, PolandMamdouh Abdelmoula M. Abdelsalam, Minufiya University, EgyptMarco Muscettola, Independent Researcher-Credit Risk Manager, ItalyNuno Crespo, ISCTE-IUL, PortugalOlena Sokolovska, Research Institute of Fiscal Policy, State Fiscal Service of Ukraine, UkrainePayal Chadha, University of Wales Prifysgol Cymru, KuwaitRajeev Rana, APB Govt. P.G. College, IndiaRichard Nguyen, Alliant International University, USARomeo Victor Ionescu, Dunarea de Jos University, RomaniaSajid Mohy Ul Din, Universiti Utara Malaysia, MalaysiaSherry Jensen, Florida Institute of Technology, USASteven V. Cates, Purdue University-Global, USASzabolcs Blazsek, Universidad Francisco Marroquín, GuatemalaVictoria Cociug, Academy of Sciences of Moldova, Moldova

This paper proposes an Investor Sentiment Index for the European market and tests its predictability power over returns and volatility. The constructed Investor Sentiment Index for Europe draws upon three well-established and two recent individual sentiment proxies through a novel dynamic factor modeling addressed to behavioral finance. The index is obtained through an extended period of analysis and validated with other sentiment index measures. The work relies on individual sentiment proxies based on a dynamic factor model and tests it using a TGARCH model for volatility and returns. It carries out an in-sample and out-of-sample analysis to examine this sentiment index’s forecasting power over returns sustained on a recursive rolling window prediction against Fama and French’s three-factor model. The findings demonstrate that the proposed index closely predicts STOXX600 variance and returns and confirms a strong spillover effect between European and US stock markets. This study also concludes that the proposed European Sentiment Index is a valid alternative method for investors to monitor and predict market behaviors. The developed sentiment measure is a vital market prediction movement tool for financial information providers, investors, bankers, and financial analysts. The research combines the sentiment index with a TGARCH approach over the extended period of analysis and validates the method with other sentiment index measures. An in-sample and out-of-sample study confirms the predictive power of this work’s sentiment over returns compared to Fama and French’s three-factor model. AcknowledgmentThis work is funded by National Funds through the FCT – Foundation for Science and Technology, I.P., within the scope of the project Refª UIDB/05583/2020. Furthermore, we would like to thank the Research Centre in Digital Services (CISeD) and the Polytechnic of Viseu for their support.

The study evaluates the government's subsidy program for micro and small businesses in Georgia. Firms that submitted business ideas that scored over a predetermined cutoff level received investment subsidies from the program. To analyze the effect of public support on firm-level financial and economic results, we use a sharp discontinuity design applied to firm-level survey data of beneficiary and non-beneficiary enterprises. The survey data is complemented by administrative data collected by the implementing agency, Enterprise Georgia. We find a significant positive impact on participating firms' investment in the program's first year. We also find weak evidence of public subsidies crowding out private investments in subsequent years. The state support program appears to have not affected sales, employment, or access to additional finance for beneficiary firms, even in the program's early stages. The results are robust to sensitivity analysis.

Research background: In the Visegrad Four (V4) countries (Poland, the Czech Republic, Hungary, and Slovakia), the inward foreign direct investment (FDI) shows high shares in the exports and gross domestic product (GDP). Furthermore, reinvested earnings play a significant role in the national balances of payments (BoP). Therefore, it is crucial to investigate the reinvestment rates and effective corporate income tax rates (ETRs) of transnational corporations (TNCs) and financial institutions settled in the V4 countries and compare them with the said rates in other European Union (EU) Member States. It is essential to unveil factors shaping investors? decisions to reinvest profits. Policymakers should reflect on them when cultivating the overall business climate to boost citizens? welfare. Purpose of the article: We aim to identify the determinants of the FDI profit reinvestment rate in the V4 countries as host economies from 2014 to 2019 and draw a comparison with the EU?27 average. We dedicate special attention to the correlation between the reinvestment and the ETRs and other selected business climate indicators as specified in the World Bank?s Ease of Doing Business (World Bank, 2020). Methods: To assess the determinants of the reinvestment rates, we employ a three-stage model of multiple linear regression, where we analyse extensive datasets published by the International Monetary Fund (IMF), Eurostat, World Bank, and public and aggregate country-by-country reports (CbCR) provided by the respective financial institutions and TNCs. Findings & value added: Our research shows that the corporate income tax (CIT) rate and ETRs significantly correlate with the reinvestment rate. The same applies to three Ease of Doing Business sub-indicators (Starting a business, Getting credit, and Contract enforcement). Contrary to the findings of Lundan (2006), Beugelsdijk et al. (2010), Nguyen and Rugman (2015), and Sutherland et al. (2020), macroeconomic factors, the profitability of corporations, and exchange rate stability turned out to be statistically insignificant. Our research has policy implications, for it can contribute to policy discussions on enhancing business environments in the V4 countries and ways to motivate foreign investors to reinvest their profits. The added value combines macroeconomic data with the unique and relatively new CbCR databases.

Taxonomy is one of the most used and abused frameworks in all of Knowledge and Information Management. The attraction of taxonomies is obvious: ostensibly they have an everyday simplicity that is familiar to all – they help organize similar things into simple and accessible structures. However, their actual application often leaves a lot to be desired. There are two main issues that crop up again and again in the application of Taxonomy frameworks. First, Taxonomy often gets confused with arrangement; that is, classification and interpretation get confused with placement and presentation. Second, there is often no practicable and principled mechanism for applying the taxonomy to the content. This article addresses both these issues and maintains that, to be successful, Taxonomy should be held in clear distinction to arrangement and that it needs to be sustainably, consistently, and coherently applied to content.

ABSTRAK Pengelolaan pembangunan desa islami adalah konsep pembangunan desa yang memiliki karakteristik tercapainya tujuan pembangunan sosial ekonomi yang berdimensi holistik, seimbang antara aspek material dan spiritual. Penelitian ini bertujuan untuk mengkaji pembahasan kajian-kajian terdahulu secara sistematis tentang konsep dan praktik pengelolaan pembangunan desa dalam perspektif islam. Dalam rangka melakukan review publikasi artikel secara sistematis, riset ini menggunakan standar protokol RAMESES. Hasil penelitian ini terbagi menjadi dua tema utama, yaitu peran dan fungsi lembaga keuangan mikro syariah dalam pembangunan desa dan Lembaga Swadaya Masyarakat dalam pengelolaan pembangunan desa. Tema pertama menghasilkan tiga subtema: praksis keuangan mikro syariah di Bangladesh, Malaysia, dan Indonesia. Tema kedua menghasilkan satu subtema yaitu peranan Pesantren dalam mendukung pengelolaan pembangunan desa. Hasilnya memberikan landasan untuk mengisi ruang-ruang yang belum dimasuki untuk membangun pengelolaan pembangunan desa yang komprehensif berdasarkan prinsip atau nilai Islam yang ideal. Kata kunci: Islami, Pengelolaan Pembangunan Desa, Systematic Literature Review. ABSTRACT Islamic village development management is a village development concept that has the characteristics of achieving socio-economic development goals with a holistic dimension, balanced between material and spiritual aspects. This study aims to systematically review the discussion of previous studies on the concepts and practices of village development management from an Islamic perspective. To conduct the article review systematically, this research was carried out using the RAMESES protocol standard. The results of this study are divided into two main themes, namely the role and function of Islamic microfinance institutions in village development and non-governmental organizations in managing village development. 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Purpose – The purpose of this paper is to explore whether there are differences in either the level of support for the mandatory adoption of International Financial Reporting Standards or the arguments made by various stakeholder groups within Japan’s Business Accounting Council (BAC) during different time periods from 2009 to 2013. Design/methodology/approach – Using a content analysis of related BAC meetings and referring to Gernon and Wallace’s (1995) accounting ecology framework, this study provides rigorous and holistic insights into the debates concerning the adoption of IFRS in Japan. Time-series analyses are specifically applied to unravel continuous or discontinuous patterns of BAC members’ statements. Findings – The results indicated significantly higher levels of disapproval of mandatory adoption of IFRS by representatives from accounting academics, manufacturing industry, and the Financial Services Agency than by those from the Japanese Institute of Certified Public Accountants. Also, a lower level of disapproval of mandatory adoption of IFRS was found in 2009 than in 2012 and 2013. The results further demonstrated that diversity of opinions and arguments existed in different stakeholder groups as well as in different time periods. Research limitations/implications – The findings of this study suggest that accounting research will be enhanced by an objective and critical examination of the sociological context of the globalization (convergence) process. Originality/value – The results of this study will provide answers related to the possible, probable, and desirable aspects of the globalization (convergence) process by unraveling the causes and consequences of certain patterns presented in BAC members’ statements.

The paper investigates the impact of financial integration and energy consumption on economic growth in Vietnam during the period 1986–2017. By applying the Autoregressive Distributed Lag ARDL) approach proposed by Pesaran et al. [Pesaran, MH, Y Shin and RJ Smith (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.] and the bounds cointegration test, the empirical results show the existence of long-term cointegration among all the variables, and that an increase in financial integration leads to an increase in economic growth in the long run. There is a positive impact of energy consumption on growth in both the short run and long run. The causality test of Toda and Yamamoto [Toda, HY and T Yamamoto (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1–2), 225–250.] confirm that there is bi-directional causality between the pairs, financial integration and economic growth, and energy consumption and growth, which support the feedback hypothesis. However, there is only uni-directional causality from energy consumption to financial integration. The empirical results should be of major empirical importance for public policy decision-makers to plan sustainable development goals for Vietnam.