17 research outputs found
The Montenegrin capital market: Calendar anomalies
Many researchers have shown that capital markets in CEE countries are weakly efficient in terms of calendar anomalies. The goal of this paper is to investigate whether the capital market in Montenegro is efficient regarding some of these anomalies. The main characteristics of the Montenegrin capital market are briefly explained. The empirical analysis is done on the daily values data of stock market index NEX20. An investigation of the January effect is implemented with the graphical representation of the rate of return for all the months of the seven-year period and by estimation of a regression model of return on index NEX20. The intercept represents the value of the return in January and it is insignificant. The holiday effect, tested by graphical representation for the Statehood Day data, was not present in the whole period. To investigate the turn-of-the-month effect we employed the graphical representation and regression model of the return rate on index NEX20 for the last week of every month and for the rest of the month. The value of the intercept, representing return for the last week of the month, is significant. The absence of some tested calendar anomalies suggests that the Montenegrin capital market is becoming more efficient
Tourism price normalities in two Adriatic east coast ’euro’ countries
This debut work offers a stunning look at real vs nominal prices
that consider more than just inflation. The inadequate examination of hospitality price comparison is investigated between two
non-neighbouring Adriatic east coast countries – Slovenia and
Montenegro – using the euro. Hospitality prices are an essential
indicator in hospitality markets, destination marketing and management planning. Using 73 monthly time-series data for the economic crisis period from December 2008 to December 2014, this
period covers one shock in a series. One of the key managerial
features of cointegrated spatial hospitality price spread was that
Montenegro followed Slovenian hospitality prices. Hospitality prices in Montenegro and Slovenia tend to be weakly integrated
into the long term and seasonally driven in the short term. In
addition, the econometric experimentation has given a theoretical
novelty for underpinned and undermined tourism economy modelling in normalities. This state-of-the-art econometric feature is
included in a customary vector error correction model (VECM).
Robust applied results recognise that hospitality prices in
Montenegro are domestic driven and in Slovenia Eurozone driven.
This finding is relevant for applied economics on obtaining a normally distributed price model. Its theoretical and managerial
implications are vital for hospitality economics, marketing and
tourism management
Tourism-led economic growth in Montenegro and Slovenia
This article expounds one of the first attempts to explore the relationship between tourist arrivals and gross domestic product
(GDP) in Montenegro and Slovenia. Both countries are newcomers
on the tourist destinations map, derived from what was previously Yugoslav republics existing as a singular emerging tourist
destination. Data vector for empirical analysis covers quarterly
change of GDP at constant prices and monthly data for tourist
arrivals during January 2010 – December 2019 as an endogenous
variable. The cointegration is used in the modelling structure. The
empirical results confirm research hypothesis of uni-causal relationship of economic growth-led domestic tourism growth in
Montenegro and one cointegrated vector. No cointegration vector
was confirmed for Slovenia. These results are important for
research, policymakers and tourism practice. Considering that,
tourism and economic growth have a different distribution of
causalities during the expansion period with a boost of tourist
arrivals and vice versa during the economic downtur
Challenges of consumerism: In search for a new way of growth and development
The world is facing two challenges, at this moment. One comes from the past and refers to the crisis model of growth based on consumerism. Another challenge comes from the future and refers to a development that should meet the needs of the present generation without compromising those of future generations to meet their own needs. In order to respond to current challenges, economics and politics have started changing. Thinking logically, when the facts change, a theory changes, new solutions for current challenges are found in the new integral (holistic) paradigm of development. The development has been seen as a sustainable community effort of all stakeholders (individuals, companies and states) in order to create preconditions for a better quality of life and human happiness of present and future generations. The aim of this paper is to high-light the key determinants that new paradigm of growth and development affirms, as well as on major initiatives that contribute to this
Proactive Career Planning in the Maritime Industry: Enhancing Millennials’ Workplace Enthusiasm in Montenegro and Turkey
This paper seeks to examine the attitudes of millennial maritime students when it comes to career planning and proactive behavior, in order to efficiently, effectively develop each students’ potential, and direct the activities of decision-makers (maritime companies and educational institutions). This research was based on a purposefully developed conceptual model and empirical research conducted on a sample of 308 students from Montenegro and Turkey. The research relied on a referential career engagement scale. The relevance of the hypotheses was tested by means of SEM model, logistic regression, Kruskal-Wallis test and eta coefficient. The results obtained show that proactive behavior of maritime students is a consequence of their attitudes established concerning career development. However, the attitudes of students vary depending on their country of origin and the year of their studies. Thus, through the influence on attitudes these two factors indirectly affect the proactive behavior of students. This emphasizes the posibility to foster students’ proactive behavior regarding maritime career planing through effectively management of public policies of the country, especially those related to the educational system. These findings explain the relationships between the students and their career planning and proactive behavior, strengthening the students’ competitivity on the market. Therefore, the paper provides a significant contribution in offering insights to decision-makers and the creators of educational policies
Children’s Internet use and physical and psychosocial development
IntroductionInternet use (IU) commonly refers to sedentary lifestyle and may be addictive, especially among children. The aim of this study was to investigate the relationship between IU and some aspects of child physical and psychosocial development.MethodologyWe conducted a cross-sectional survey by using a screen-time based sedentary behavior questionnaire and Strengths and Difficulties Questionnaire (SDQ)—among 836 primary school children in the Braničevo District. The children’s medical records were analysed for vision problems and spinal deformities. Their body weight (BW) and height (BH) were measured and body mass index (BMI) was calculated as BW in kilograms divided by BH in meters squared (kg/m2).ResultsThe average age of respondents was 13.4 (SD 1.2) years. The mean duration of daily Internet use and sedentary behavior was 236 (SD 156) and 422 (SD 184) minutes, respectively. There was no significant correlation between daily IU and vision problems (near sightedness, farsightedness, astigmatism, strabismus), and spinal deformities. However, daily Internet use is significantly associated with obesity (p < 0.001) and sedentary behavior (p = 0.01). There was significant correlation between emotional symptoms with total Internet usage time, and total sedentary score (p < 0.001 for both, r = 0.141 and r = 0.132, respectively). There was a positive correlation between the total sedentary score of children and hyperactivity/inattention (r = 0.167, p < 0.001), emotional symptoms (r = 0.132, p < 0.001), and conduct problems (r = 0.084, p < 0.01).ConclusionIn our study, children’s Internet use was associated with obesity, psychological disturbances and social maladjustment
Is Digital Economy a Good Samaritan to Developing Countries?
It is no surprise that the digital economy (DE) has raised expectations and it is still raising them. The aim of this study is to implement testing which will indicate how much the digital economy can help the less developed countries to overcome the economic lag. In order to come up with an answer, the study is based on provocative hypotheses which will elaborate on the development paradox by which the digital economy cannot help the less developed countries. The argument that supports the main hypothesis of this study declares that GDP growth is not equivalent to the growth of investment in DE infrastructure and, therefore, DE is contributing to the increase in inequality instead of reducing it. The paradox is confirmed with the implementation of the SEM modelling on high-income countries (HIC) and middle-income countries (MIC). Moreover, the study measured, i.e., determined, the relative importance and impact of each DE component on the economic growth in HIC and MIC countries. According to the results of this research, in MIC the most significant DE factor which has an impact on GDP growth is the investment in education, whereas in HIC countries infrastructure has the leading part when it comes to economic growth. The final part of this study includes a proposition of a set of guidelines relating to the direction of public policy development in order to make the most of DE’s impact on the creation of a fairer and better system and society. Due to the comprehensive range of questions that come from this study, several topics for future research have been recommended
Managing external imbalances in Montenegro - will faciliate integration to EU
Montenegro as a new state has had similar approach to the development models as other European transition economies. High openness to foreign investments andeuroisation have influenced high liquidity, fiscal and financial expansion. With the current crisis, Montenegro is experiencing significant slowdown of economic activity, external imbalances, shortage of foreign capital, low credit activity, fiscal tightening and increase of public debt. This article aims to investigate the main effects to balance of payment imbalances in Montenegro. It compares economic indicators with the Eurozone countries, especially with the countries of the Eurozone periphery, trying to find similiraties and differences and possible policy recommendations, based on the experience in the Eurozone
Managing external imbalances in Montenegro - will faciliate integration to EU
Montenegro as a new state has had similar approach to the development models as other European transition economies. High openness to foreign investments andeuroisation have influenced high liquidity, fiscal and financial expansion. With the current crisis, Montenegro is experiencing significant slowdown of economic activity, external imbalances, shortage of foreign capital, low credit activity, fiscal tightening and increase of public debt. This article aims to investigate the main effects to balance of payment imbalances in Montenegro. It compares economic indicators with the Eurozone countries, especially with the countries of the Eurozone periphery, trying to find similiraties and differences and possible policy recommendations, based on the experience in the Eurozone