Economic Policy Uncertainty and Firm Performance in the Czech Republic

The business environment undergoes a number of changes due to the decisions made by the government and politicians of a particular country and this impacts the performance of the firms that operate in that business environment. In other words, the uncertainty in decisions of the government and politicians and the policies made by them impact the financial decisions of the firms. In this regard, the current study has been conducted to discover and examine the affect casted by EPU on the performance of the company within Czech Republic. Financial data has been collected from the public non-financial companies of Czech Republic. The data has been collected for the time of 29 years. The data gathered against the most reliable databases such as World Bank Development Indicators and Global Economy about the required variables. The GMM estimation technique was applied on the collected data and the results were obtained. The results obtained indicate that unreliability has significant as well as bad effect on the performance of the company and in opposite way; the interest rate has significant along with positive impact on firm’s performance. But the inflation rate’s impact is notable and rare only in case of net profit margin proxy of the performance of the company. Practical implication of the knowledge is for non-financial firms of Czech Republic and it might assist them in designing policies and regulations regarding the precautionary measures which can be taken in case of EPU so that the financial performance of the firms is not disturbed

Charm of Tradition: The Role of 19th- Century Urban Houses in Tourism Promotion in Macedonia

Traditional house design frequently acts as a trigger in tourism promotion. The uniqueness of the external architectural appearance, along with the cultural identity of a certain time serves as a captivating motif for sightseeing and improves the visual tourism experience. Simultaneously, souvenirs enable maintaining links with the past and creating individual and cultural meanings. This paper examines the 19th-century traditional house in Macedonia that plays a prominent role in tourism promotion. Given its frequent usage as an iconic symbol in tourism, the house of Krapche (Kanevche) in Ohrid (North Macedonia) is used as a case study for in-depth research. The objective of the paper is to uncover the architectural features of an urban house model and its influence on creating souvenirs as items for tourist consumption

House Design in the 19th Century: Urban and Rural Vernacular Architecture of North Macedonia

This study delves into the captivating world of 19th-century house design in North Macedonia, shedding light on the enchanting interplay between the rural and urban vernacular architecture. Its aim is to uncover the local characteristics and influences that have shaped residential architecture in both landscapes, including the indelible mark of Ottoman residential buildings and the allure of Mediterranean concepts. The research employs a multi-stage methodology, collecting data during 2018-2020 through on-site field trips to three villages and three cities in North Macedonia known for their traditional houses. This involved observing external and internal features, measuring their architectural appearance, and photographing them. The collected data were processed based on criteria to determine differences in the design of rural and urban houses resulting in original drawings. The investigation examines diverse facets of building structures, durability, decoration, interior furnishings, applied materials, and construction methods. The objective of the study is to reveal the unique features and qualities that distinguish rural and urban house designs. It emphasizes the importance of preserving cultural identity by safeguarding architectural traditions. It argues that by valuing the indigenous and local characteristics, one can acquire a better understanding of the historical and cultural significance of these structures. This comprehension can, in turn, inform modern architecture and inspire new design ideas that could incorporate traditional elements. Its findings and insights will be of interest to scholars and practitioners in the fields of architecture, cultural studies, history, and beyond, beckoning those seeking to gain a deeper understanding of the significance of vernacular architecture in North Macedonia

Reviving the Past and Inspiring the Future: Exploring Rural Architecture and Tourism in North Macedonia

Traditional architecture in rural areas plays a significant role in preserving cultural identity of nations. It represents a unique approach to manifesting traditional ways of living within specific natural environments. In this context, this study provides an insightful overview of Zovik, a mountain village in North Macedonia located in a splendid natural environment. Despite being vastly neglected and experiencing a significant decrease in the population over the years, the village has recently gained interest as a location for various forms of adventure tourism. This research utilizes an exploratory sequential design conducted in two phases. The first phase involved collecting qualitative data through a thorough literature review, while the second phase encompassed qualitative data analysis, incorporating critical analysis and evaluative judgement. The strength of this research lies in its analysis of the possibilities for adapting traditional architecture to promote rural prosperity and stimulate economic development through tourism. However, its weakness is that it focuses solely on a specific case study, which may limit its general applicability. The findings of this research propose innovative approaches to revitalize the village by leveraging its traditional architecture. These approaches emphasize the importance of preserving cultural identity, attracting tourists, and promoting sustainable practices

Tourism-Induced Transformations of Cities: Insights from the Old Bazaar in Skopje, North Macedonia

The Old Bazaar in Skopje, North Macedonia, stands as a prominent city landmark, attracting numerous tourists and visitors. Beyond its role as a tourist attraction, it is recognized as a cultural heritage site of significant importance for the country and warrants permanent protection. Given its substantial daily tourism flow, the Old Bazaar serves as a compelling case for in-depth analysis. This paper delves into the transformation of the Old Bazaar resulting from tourism development by interpreting the perceptions of local supply enablers. Through a series of interviews, data were collected and evaluated using a scale that facilitated the quantification of respondents' perceptions. Additionally, qualitative data was assessed, contributing to the empirical generalization of the findings. The findings underscore a dramatic transformation of the Old Bazaar over the years, primarily attributed to the rapid growth of tourism and extensive commercialization. A singular focus on the economic aspect of the Bazaar's functioning jeopardizes its cultural values. Consequently, the study advocates for the formulation of strategies to sustain tourism while preserving the authentic essence of the Old Bazaar

Tourism-Induced Transformations of Cities: Insights from the Old Bazaar in Skopje, North Macedonia

The Old Bazaar in Skopje, North Macedonia, stands as a prominent city landmark, attracting numerous tourists and visitors. Beyond its role as a tourist attraction, it is recognized as a cultural heritage site of significant importance for the country and warrants permanent protection. Given its substantial daily tourism flow, the Old Bazaar serves as a compelling case for in-depth analysis. This paper delves into the transformation of the Old Bazaar resulting from tourism development by interpreting the perceptions of local supply enablers. Through a series of interviews, data were collected and evaluated using a scale that facilitated the quantification of respondents' perceptions. Additionally, qualitative data was assessed, contributing to the empirical generalization of the findings. The findings underscore a dramatic transformation of the Old Bazaar over the years, primarily attributed to the rapid growth of tourism and extensive commercialization. A singular focus on the economic aspect of the Bazaar's functioning jeopardizes its cultural values. Consequently, the study advocates for the formulation of strategies to sustain tourism while preserving the authentic essence of the Old Bazaar

Economics of Tourism: Recent Developments in Macedonia

Tourism is the world’s largest industry and is a major area of interest, not just because of its size in terms of enormous number of travelers, passengers, visitors and tourists, or the size of their consumption, but also because of the enormous impact on the national economies and people’s lives. Tourism has proven to be a surprisingly strong and resilient economic activity and a fundamental contributor to the economic recovery by generating billions of dollars in exports and creating millions of jobs. The international tourist arrivals reached 1,138 million in 2014 (a 4.7% increase over 2013), while the number of overnight visitors reached 1,138 million in 2014 (51 million more than in 2013). With an increase of 4.7%, this is the fifth consecutive year of above average growth since the 2009 economic crisis. This has been true for destinations all around the world, but particularly for Europe, as the region struggles to consolidate its way out of one of the worst economic periods in its history. For the upcoming period, it is forecasted an increase of 3% to 4%, further contributing to the global economic recovery. This book seeks to outline the economic aspects of tourism. Moreover, it outlines the broad approach of the economic effects of tourism on national economy. It attempts to encourage the reader to conceptualize the most recent tourism developments in Macedonia. It poses two main parts, whereas the first is written by Prof. Ivanka Nestoroska and gives an overview of tourism in Macedonia, while the second is written by Prof. Biljana Petrevska and discusses tourism contribution to economic development. The first part of the book notes the main development characteristics of the most complex arena within which tourism operates. It describes the organizational and human resources aspects, as well as the scopes and dynamics of tourism flows. Furthermore, the first part highlights tourism potentials and future prospects by elaborating the case of Macedonia. The second part approaches with more standard debates associated with tourism development and its impacts from economic manner. It encourages the reader to use facts and figures for further discussions, by noting the significance of relational approaches in economics of tourism. The authors hope that this book although being imperfect, can assist and encourage students and practitioners to think about and practice tourism in the manner that will be considerably improved

Prevailing Motives for Creating Ottoman Heritage Packaged Tours in Macedonia

This paper investigates the travel agencies’ decision-making process in creating specific packaged tours. The main focus is the analysis of prevailing motives and the subsequent creation of tourist flows. Arranged packaged tours based on cultural heritage in Macedonia dating from the Ottoman period served as a testing ground for a flow analysis. We employed the demand-based Saint Gallen Destination Management (SGDM) model to reconstruct the visitor flows. The data was collected through interviews conducted with local tour guides who offer specifically tailored Ottoman heritage in Macedonia prearranged tours. The main study findings suggest that limited time for travel and sightseeing was the prevailing motive for the development of the current route flow, followed by price as an additional factor. By focusing on the fundamental factors, the main contribution of this paper is to obtain a better understanding of the current structure of the Ottoman heritage routes at both local and national level. From a practical perspective, based on the identified potential of the Ottoman heritage sites, the study recommends designing new routes, as well as urging more proactive attitude among tourism policy makers

Ottoman heritage tourism flows in Macedonia

The five centuries of Ottoman oppression in Macedonia have left deep traces as a real mixture of cultures and religions. The remnants of that turbulent time are noticeable today in more than 150 different cultural relicts dispersed over the whole territory, out of which more than half may be valorized in tourism manner. Yet, currently only some 20 original sites are on the list for tour visits. The aim of the research is to investigate the presence of current and potential tourism heritage flows based upon cultural heritage in Macedonia dating from the Ottoman period. This is done by employing the Saint Gallen Destination Management model which enables reconstruction of strategic visitors’ flow. The qualitative data analysis is derived by conducting interviews with local tourist guides. Based on findings, the study produced maps on the current Ottoman heritage tourism routes thus enabling better understanding of their shape. Furthermore, several new routes are identified as strategic visitors’ flows, which may enhance further tourism development of the country. Finally, the study recommends design and development of an Ottoman heritage tourism product within the frames of cultural tourism development on regional, or even national level