Scientific Annals of Economics and Business
Not a member yet
    317 research outputs found

    Assessment of Cryptocurrencies Integration into the Financial Market by Applying a Dynamic Equicorrelation Model

    Full text link
    This work aims to contribute to a deeper understanding of cryptocurrencies, which have emerged as a unique form within the financial market. While there are numerous cryptocurrencies available, most individuals are only familiar with Bitcoin. This knowledge gap and the lack of literature on the subject motivated the present study to shed light on the key characteristics of cryptocurrencies, along with their advantages and disadvantages. Additionally, we seek to investigate the integration of cryptocurrencies within the financial market by applying a dynamic equicorrelation model. The analysis covers ten cryptocurrencies from June 2nd, 2016 to May 25th, 2021. Through the implementation of the dynamic equicorrelation model, we have reached the conclusion that the degree of integration among cryptocurrencies primarily depends on factors such as trading volume, global stock index performance, energy price fluctuations, gold price movements, financial stress index levels, and the index of US implied volatility

    Evaluating Cognitive Factors of Attitude Formation: The Impact of the Consumer’s Level of Education on the Formation of Attitudes Towards Health Behaviour

    Full text link
    The article reviews the impact of cognitive factors on the formation of consumer attitudes towards health behaviour. Following a short overview of the cognitive component (level) of attitude formation and its factors, as well as a theoretical model of the formation of attitudes towards health behaviour, the results of the empirical study are presented to measure the impact of the consumer’s level of education on the formation of consumer attitudes towards health behaviour. The evaluation of the results provides some insights, conclusions and directions for future research

    Exploring Economic Development Strategies for Canadian Indigenous Communities Post-Pandemic

    Full text link
    The COVID-19 pandemic has strongly impacted the Indigenous Canadian economy. Indigenous enterprises exist in every industry, from small proprietorships to major organizations employing thousands of people. The research concerning the effects of such peculiarities on Indigenous corporations is sparse. This research aimed to examine how the pandemic affected development companies by comparing pre-epidemic forecasts to the trajectory of Indigenous-owned firms after two years of the pandemic and analyzing its singularities. The study was conducted by the Canadian Council for Aboriginal Business (CCAB) and supported by mixed methods techniques such as surveys, interviews, and non-participatory observations obtained from ten distinct Canadian Indigenous Economic Development Corporations, revealing a reality in which Indigenous businesses confront significant challenges in terms of access to public finance, human resources, community well-being, company diversification, and innovation. The result compared pre-pandemic forecasts and analyses that found Indigenous enterprises failing to recover and move ahead on company diversification and innovations, public finance, human resources, and sustainable development

    The Nexus between Illicit Financial Flows and Tax Revenue: New Evidence from Resource-Rich African Countries

    Full text link
    Resource-rich economies, especially those in Africa, are plagued with the resource curse and Dutch Disease syndromes, which undermine the quest for effectively mobilizing domestic resources toward sustainable and inclusive development. Empirical evidence on the role illicit financial flow (IFF) plays in this regard is relatively scarce. Thus, this study evaluates the volume of IFF and its effect on tax revenue in seven resource-rich African countries. Panel data, sourced for the 2009-2021 period, were analysed using the fixed effect and random effect models while the Instrumental Variable Generalised Method of Moment (IV-GMM), a dynamic estimator, was used for robustness check. Findings revealed that IFF has been on the rise and has detrimental effects on the tax revenue of the sampled countries’ national governments. This is inimical to sustainable development. Thus, the governments and policymakers in these countries must develop pragmatic policy and institutional approaches toward tackling the IFF menace

    Heterogeneous Dependence Between Green Finance and Cryptocurrency Markets: New Insights from Time-Frequency Analysis

    Full text link
    Green finance is becoming more and more important as a way to fund environmentally friendly initiatives and lower carbon emissions. Green bonds have emerged as a significant financing tool in this context, and it is critical to understand how they interact with other components of the finance ecosystem, such as cryptocurrency and carbon markets, particularly during recent crises such as the COVID-19 outbreak and the Ukraine invasion. This study aims to empirically investigate the lead-lag associations between major cryptocurrency markets and green finance measured in terms of green bonds. For empirical estimation, the wavelet analysis and spectral Granger-causality test are employed to analyze the daily data, covering the period from 2018 to 2023. The results show that the correlation between the returns of the green bond market and cryptocurrencies is not stable over time, which rises from the short- to long-run horizon. However, the co-movements between these assets tend to be different and, in some cases, strong, especially during recent crises. Furthermore, the Granger causality test demonstrates the existence of a bi-directional causality between the prices of the cryptocurrencies and green bonds. These findings have significance for portfolio managers, investors, and researchers interested in investing strategies and portfolio allocation, suggesting that green markets may be used as a hedge and diversification tool for cryptocurrencies in the future

    Exchange Rate Changes and Trade Flows in East Asia

    Full text link
    This study investigates the impact of exchange rate changes on trade flows among East Asian countries spanning 1990–2021, using pooled mean group estimator, within the framework of panel data analysis. Findings indicate that world income, trade openness, and the real effective exchange rate strongly affect trade balance, and that the real depreciation of exchange rate exerts strong positive benefits on trade flows in the long run. The study also infers that trade openness and real effective exchange rate had strong influence on exports and imports for Hong Kong, Japan, and South Korea in the short run. However, the depreciation of their currencies discouraged imports in the long run. More so, world income strongly affects the exports and imports of Hong Kong and Japan, while trade openness is advantageous for all the countries. The study recommends the continuation of the prevailing trade-growth pattern, and the existing bilateral pegged exchange rate policy with their trading partners

    Flexicurity in the EU28 Countries: A Multiyear Composite Indicator Proposal

    Full text link
    This study computes a flexicurity index for the EU28 countries for 2001-2019 following the European Commission’s four components of flexicurity model. The index allows the ex-post assessment of flexicurity efforts and efficiency. Following the computation of the index, we compare its values against the theoretical flexicurity typologies and against other empirical flexicurity groupings to assess their (dis)similarities. Even though Northern and Western countries generally have higher flexicurity scores than Southern and Eastern states, the study shows some countries deviate from their theoretical performance. Thus, some of the Continental and Mediterranean countries have flexicurity values like those of the Nordic group. Moreover, the flexicurity regimes are not static as the theoretical typology suggests: while Denmark and France are always in the top performers’ group, other countries change their performance throughout the 2001-2019 period. The flexicurity index correlates highly with empirical country groupings in the literature. The highest correlation is with country groupings using the European Commission’s four components of flexicurity model, followed by the Golden Danish Triangle, and lastly, the Wilthagen and Tros’ flexicurity matrix. In the end, we compare EU countries’ performance in the flexicurity index scores with their performance in selected employment and unemployment rates, labor productivity, and poverty rates. Results suggest that higher flexicurity performance correlates generally with better labor market and social outcomes, the highest correlations being in the case of labor productivity rates

    Impact of Cost of Capital on European Economic Growth: The Role of IFRS Mandatory Adoption

    Full text link
    Since 2005, the International Financial Reporting Standards (IFRS) mandatory adoption in the European Union has played a pivotal role to reduce financing costs which has influenced positively economic growth across member states. Thus, this study examines the effect of Cost of Capital on Economic Growth under IFRS mandatory adoption in 17 European countries between 1994 and 2021 using Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) and System Generalized Method of Moments (GMM-system) methods. The findings reveal a positive correlation between the Cost of Capital and Economic Growth under IFRS adoption. Specifically, the model estimates indicate that the Cost of Capital contributes to a 0.58% increase in Economic Growth in the PMG-ARDL framework. Moreover, the GMM-system model underscores the significance of IFRS adoption in reducing the Cost of Capital, leading to a 0.52% increase in Economic Growth. These results provide insights into the benefits of adopting international accounting standards and highlight the importance of institutional and financial factors in shaping the economic impact of adopting accounting standards

    Shelter in Uncertainty: Evaluating Gold and Bitcoin as Safe Havens Against G7 Stock Market Indices During Global Crises

    Full text link
    This paper investigates the hedging and safe haven capacity of gold and Bitcoin against the G7 stock market indices during the COVID-19 pandemic, the Russia-Ukraine military conflict, and the Silicon Valley Bank collapse. Using a novel Quantile-VAR connectedness approach, the results show that, at the median quantile, both gold and Bitcoin act as effective hedges during normal market conditions and strong safe-haven assets during the three crises. Gold emerges as the most prominent safe haven asset, outperforming Bitcoin, especially during the war and the SVB collapse. Among the G7 stock market indices, the Japanese and the American stocks may be used as risk diversifiers during crises. As for the rest of the G7 stocks, they are regarded as “risk-on” investments.  Next, we assessed the robustness of our results at various quantiles. We found them to be generally consistent with the outcomes obtained at the median quantile, with one exception related to the S&P500.The results show that the repercussions of the COVID-19 pandemic and the war are much stronger than the American banking crisis

    Positions and Delimitations Regarding the Financial Performance - Sustainability Relationship in the Context of Organizational Resilience

    Full text link
    Sustainability can guide the decision-making process of managers in obtaining competitive advantages. Incorporating sustainability criteria into the main managerial strategies of organizations generates long-term profitability. Using Structured Literature Review (SLR) as a research methodology we synthesize the characteristics and differences between financial performance and sustainability in the context of organizational resilience. Therefore, this paper offers a comprehensive structured literature review based on the relationship between the concepts of financial performance, sustainability, and organizational resilience, using research studies from four main databases: Web of Science, Scopus, ScienceDirect, and Springer. In carrying out this study, we identified the current trends in the specialized literature regarding the relationship between financial performance and sustainability in the context of organizational resilience as they were debated in the analysed literature, until the end of September 2023, in 116 papers

    313

    full texts

    317

    metadata records
    Updated in last 30 days.
    Scientific Annals of Economics and Business
    Access Repository Dashboard
    Do you manage Open Research Online? Become a CORE Member to access insider analytics, issue reports and manage access to outputs from your repository in the CORE Repository Dashboard! 👇