Development of a model for measuring the effects of completed investment projects on firms’ performance

Osnovni cilj istraživanja je predstavljao razvoj modela za merenje efekata realizovanih investicionih projekata na performanse preduzeća. Procena uticaja realizovanih investicionih projekata namenjenih ulaganju u fiksnu, neto obrtnu i nematerijalnu imovinu na profitabilnost proizvodnih preduzeća je izvršena primenom analize panel podataka. Rezultati istraživanja su potvrdili empirijska očekivanja i postavljene hipoteze istraživanja da realizovani investicioni projekti utiču pozitivno na performanse preduzeća, odnosno da postoji optimalan nivo ulaganja u imovinu koji maksimizira performanse preduzeća, uz kontrolisanje određenih internih i eksternih faktora.The main goal of the research was to develop a model for measuring the effects of completed investment projects on firms’ performance. The evaluation of the impact of completed investment projects intended for investments in fixed assets, net working capital and intangible assets on profitability of manufacturing firms was performed by applying the panel data analysis. The research results confirmed the empirical expectations and research hypotheses that completed investment projects have a positive effect on firms’ performance, and that there is an optimal level of investments in assets that maximizes firms’ performance, while controlling certain internal and external factors

Development of a model for measuring the effects of completed investment projects on firms’ performance

Osnovni cilj istraživanja je predstavljao razvoj modela za merenje efekata realizovanih investicionih projekata na performanse preduzeća. Procena uticaja realizovanih investicionih projekata namenjenih ulaganju u fiksnu, neto obrtnu i nematerijalnu imovinu na profitabilnost proizvodnih preduzeća je izvršena primenom analize panel podataka. Rezultati istraživanja su potvrdili empirijska očekivanja i postavljene hipoteze istraživanja da realizovani investicioni projekti utiču pozitivno na performanse preduzeća, odnosno da postoji optimalan nivo ulaganja u imovinu koji maksimizira performanse preduzeća, uz kontrolisanje određenih internih i eksternih faktora.The main goal of the research was to develop a model for measuring the effects of completed investment projects on firms’ performance. The evaluation of the impact of completed investment projects intended for investments in fixed assets, net working capital and intangible assets on profitability of manufacturing firms was performed by applying the panel data analysis. The research results confirmed the empirical expectations and research hypotheses that completed investment projects have a positive effect on firms’ performance, and that there is an optimal level of investments in assets that maximizes firms’ performance, while controlling certain internal and external factors

TESTIRANJE EFIKASNOSTI TRŽIŠTA: PUT KA ODREĐIVANJU SUŠTINSKE VREDNOSTI

The paradigm of market equilibrium and the “efficient-market hypothesis” tied to it, dealing specifically with the behavior of capital markets, has no explanation for financial bubbles and their bursting that is leading to stock market crashes. Accordingly, the main goal of this paper is to discuss the inefficiency of markets, with examples of corporate decisions that directly abuse such inefficiency to psychologically motivate desired behavior of potential customers. To test the efficiency market hypothesis, we have used Stoxx Europe 600 index historical closing daily prices, for the period from 2012–2022. Using both non-parametric and parametric tests, such as the Kolmogorov–Smirnov test, run–test for random order, and ARIMA regression, we reject the hypothesis that the market is efficient in a weak form because it doesn’t follow a random walk. Also, basic-level problems of economic theory were analyzed, emphasizing the view that perhaps the time has come to align the fundamentals of economic theory with basic concepts that have been used in practice for years.Paradigma tržišne ravnoteže i za nju vezana „hipoteza efikasnog tržišta“, koja se posebno bavi ponašanjem tržišta kapitala, nema objašnjenja za finansijske mehure i njihovo pucanje koje dovodi do kraha berze. Shodno tome, osnovni cilj ovog rada je da se diskutuje o neefikasnosti tržišta, uz primere korporativnih odluka koje direktno zloupotrebljavaju takvu neefikasnost da bi psihološki motivisale željeno ponašanje potencijalnih kupaca. Za testiranje hipoteze efikasnosti tržišta koristili smo Stoxx Europe 600 indeks istorijskih dnevnih cena akcija u periodu od 2012–2022. Koristeći neparametarske i parametarske testove, kao što su Kolmogorov–Smirnov test, run–test i ARIMA regresija, odbacujemo hipotezu da je tržište efikasno u slabom obliku jer ne prati slučajni hod. Takođe, u radu su analizirani i osnovni problemi ekonomske teorije, naglašavajući stav da je možda došlo vreme da se fundamenti ekonomske teorije usklade sa osnovnim konceptima koji se godinama koriste u praksi