This paper deals with energy efficiency examined through an integrated model that links energy with environment, technology, and urbanisation as related areas. Our main goal is to discover how ...efficiently developed countries use primary energy and electricity (secondary energy). We additionally want to find out how the inclusion of environmental care and renewable energy capacity affects efficiency. For that purpose, we set up an output-oriented BCC data envelopment analysis that employs a set of input variables with non-negative values to calculate the efficiency scores on minimising energy use and losses as well as environmental emissions for a sample of 30 OECD member states during the period from 2001 to 2018. We develop a couple of baseline models in which we find that countries have mean inefficiency margins of 16.1% for primary energy and from 10.8 to 13.5% for electricity. The results from the extended models show that taking care about environment does not affect efficiency in general, while the reliance on energy produced from renewable sources does slightly reduce it.
We live in a complex world and managers of organizations are constantly facing numerous challenges. Good decisions, i.e., better outcomes for organizations, require use of the powerful discipline ...Operational Research (OR)/Management Science (MS). Organizations applying this discipline have achieved significant benefits such as cost reduction, increased revenues, increased market share, higher quality, improved productivity, improved performance, better customer service, etc. The aim of this paper is to examine whether managers of micro, small and medium-sized enterprises in Macedonia use OR models for supporting decision-making processes, where OR models, methods and techniques are commonly used, and what benefits achieved in using quantitative OR models, methods and techniques. The survey was conducted using a questionnaire distributed electronically to 100 managers of micro, 100 managers of small and 100 managers of medium-sized enterprises. The questionnaires were answered completely by 93 managers of the micro, 73 managers of the small and 71 managers of the medium-sized enterprises, and the questionnaire responses were subsequently analyzed. The answers showed that decisions on running enterprises are made intuitively by 90% of managers of the micro, 78% of managers of the small, and 55% of managers of the medium-sized enterprises, while quantitative OR models for supporting the decision-making process are used by 10% of managers of the micro, 22% of managers of the small, and 45% of managers of the medium-sized enterprises. Applied in the micro, small and medium-sized enterprises are inventory models, time series analysis and forecasting, whereas micro and medium-sized enterprises rely on decision analysis. Small and medium-sized enterprises use break-even analysis, assignation, linear programming, and project management. The OR models and methods used in running the respective enterprises led to the following results: optimal inventory level, cost reductions, revenue growth, forecasted sales, increased sales, production optimization, improved quality, better planning of activities, more efficient allocation of staff, absence of complaints and increased customers satisfaction.
Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, ...performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the relative efficiency of insurance companies within the North Macedonian market spanning the years 2018 to 2022. Employing the input-oriented BCC DEA model, the study integrates capital and labour as inputs, while assessing risk-pooling/bearing services and intermediate function as outputs. Our findings underscore the fluctuating efficiency levels within North Macedonia’s insurance sector. Notably, the sector exhibited its peak efficiency in 2018 at 83.62%, dipping to its lowest point of 73.81% in 2020. Moreover, discerning between life and non-life insurers, we observe an average relative efficiency of 0.8067 for non-life insurers, contrasted with a higher average efficiency score of 0.9011 for life insurance companies over the examined period. This study contributes significantly on multiple fronts. Firstly, it pioneers empirical investigation of the efficiency on the North Macedonian insurance market, encompassing pre- and post-COVID efficiency metrics. This fills a notable gap in the literature, particularly within the context of emerging European markets. Secondly, our comprehensive approach facilitates a holistic evaluation of the insurance sector’s performance across a five-year span, offering insights into its overarching dynamics and efficacy. Thirdly, the implications of our findings extend to policymakers, regulators, and insurance company management, aiding in informed decision-making and strategic planning.
Based on our search in the Scopus data base with the phrases: "bibliometric analysis" and "performance measurement" and "business, management and accounting" in title - abstract - keywords we have ...not found any study considering this topic. Taking into account the importance of performance measurement in business, management and accounting we have conducted a bibliometric analysis in this area in the Scopus database. Our analysis covers the first 1,000 journal published articles with most citations and the period is 42 years (1978-2019). We provide analysis and visualization on distribution of articles per year, top journals, most cited articles, top authors, country-co-authorship as well as in depth keywords co-occurrence analysis by mining the abstracts. This study will serve as a starting point for researchers and practitioners interested in measurement of performance in business, management and accounting.
The vital players on the financial market in developing countries, banks, need strong corporate governance to ensure better performance and stability. This is the first study that investigates the ...impact of women in corporate governance in the banking industry and identifies research hotspots. The focus is on journal-published papers indexed in the Web of Science (WoS) database. Descriptive analytics is used to show how papers are distributed in the observed period as well as by publisher, category in the WoS, and the most cited authors and papers. Content analysis is used to examine how women impact corporate governance in the banking industry. By mining the abstracts, research hotspots are identified for the entire examined period and for the last five years. In the last five years, 70.4% of papers have been published, indicating that researchers' interest in this area is growing. Emerald Publishing Group LTD is the top publisher, while the most cited authors are Berger, A.N., Kick, T., and Schaeck, K. The keywords "approach, responsibility, difference, institution, commitment, financial performance, and risk" were the most frequently used in the whole analyzed period, while in the last five years, the most commonly used keyword is "value". The positive impact of women in corporate governance prevails, especially on CRS disclosure data, bank performance, stability, and value. Our findings may serve as a starting point for further research for academics, researchers, and banking professionals, as well as for shareholders and regulatory bodies when composing the bank boards.
In this paper, we investigated the impact of financial leverage on investment decisions on a sample of 811 firms from ten emerging South-Eastern European countries (Bosnia and Herzegovina, Bulgaria, ...Montenegro, Croatia, Greece, Romania, North Macedonia, Slovenia, Serbia and Turkey). We apply a panel regression model involving investment ratio as a dependent variable, leverage as independent variable, and control for several firm characteristics that closely determines the corporate investments. The results of the analysis show that leverage is negatively related to investment in the companies in SEE. But only long term debt has a stronger negative impact on investment for firms with low growth opportunities than for firms with high growth opportunities. These findings show supportive evidence of agency theories of corporate leverage, especially with the debt overhang theory, but did not give strong validation that leverage has a disciplining role for firms with low growth opportunities in SEE emerging markets. In addition to leverage, we found that corporate investments in the SEE countries decrease significantly with tangibility and the company size. Corporate investments in the SEE countries increase significantly with cash flow, sales, non-debt tax shield and profitability. Overall, the results slightly defer with those from the research on the case of developed markets.
This paper aims to assess and compare the relative efficiency of commercial banks in six Western Balkan developing countries (North Macedonia, Serbia, Montenegro, Bosnia and Herzegovina (B&H), ...Kosovo1, and Albania), using the leading nonparametric methodology Data Envelopment Analysis (DEA) for the period 2016-2020, and investigating the impact of the COVID-19 pandemics on the performance of banking systems in these countries. The output-oriented DEA model has been implemented with interest expenses and non-interest expenses as inputs and interest revenue and non-interest revenue as outputs. Our findings show that the average efficiency of the six Western Balkan banking systems differs, and Kosovo's banking system has noted the highest average efficiency in the whole observed period (2016-2020). In contrast, the banking system in Bosnia and Herzegovina noted the lowest average efficiency. The COVID-19 pandemic decreased the relative efficiency of the banking sectors in all six of the Western Balkan countries observed, except Kosovo. However, additional research that includes all pandemic years is recommended to assess the impact of the COVID-19 pandemic on the banking systems in the Western Balkans. This study provides invaluable insights for academic members, banking management and regulatory bodies, governments, and the interested public. It is the first empirical study that includes a glimpse of the first impact of the COVID-19 pandemic on banking systems in the developing countries of the Western Balkans.
How efficient are banks in Croatia? Fotova Cikovic, Katerina; Cvetkoska, Violeta
Ekonomski vjesnik,
01/2022, Letnik:
35, Številka:
1
Journal Article, Web Resource
Recenzirano
Odprti dostop
Purpose: This paper measures the relative efficiency of commercial banks in the Republic of Croatia in a period of eleven years (2009-2019) by using the leading non-parametric Data Envelopment ...Analysis (DEA) methodology.Methodology: In the selection of variables (inputs and outputs) and the DEA model, we have followed Banker et al. (2010).Results: Based on the results obtained, we have found that the average efficiency of the Croatian banking sector in the observed period is 92%. The highest (96%) and the lowest (90%) mean efficiency score were achieved in 2009 and in 2017, respectively. In addition, we have analyzed several banks that show significant changes in the efficiency scores, and provided targets for improvement of their efficiency.Conclusion: Croatia is a developing country characterized by a bank-based financial system and this study shows that its banking system is highly efficient, but certain relatively inefficient banks should improve their efficiency. Therefore, our findings provide valuable information for regulators, policymakers and bank management in order to take proper actions to maintain the stability of the key players in the financial system in Croatia.
Financial analysis plays a major role in investing the disposable income of various economic agents. Stock markets are predominantly made up of small investors with limited information and low ...capabilities for a suitable analysis. Researchers, as well as practitioners, are divided over the findings on the adequacy of technical analysis in investing. This paper examines the Markov chain process in the stock market to discover the essential links and probabilities for the stocks’ transition through three states of stagnation, growth, and decline (i.e., stagnant, bull, and bear markets). The subject of analysis is a randomly selected portfolio of 20 shares traded on the New York Stock Exchange. The data suggest that the portfolio relatively quickly, in four trading days, achieves equilibrium probabilities that allow a certain amount of predictability of future movements. At the same time, when analyzing the expected time intervals for the first transition, we found that the portfolio returns to a state of growth much faster than a decline. In addition, the results negate the basic habits of frequent trading, herding, and taking a short position in events of negative price fluctuations. Our research contributes towards observing regularities and stock market efficiency with a clear goal of improving expectations and technical analysis for small individual investors.
Unveiling the roots of cyberloafing Malik, Pooja; Patel, Gokulananda; Cvetkoska, Violeta ...
Croatian Operational Research Review,
2024, Letnik:
15, Številka:
1
Journal Article, Paper
Recenzirano
Odprti dostop
In an era where work and workplaces are increasingly digitized, the pervasive phenomenon of cyberloafing—diverting work hours to non-job-related online activities—poses a growing challenge. This ...study delves into the intricacies of cyberloafing among Indian IT professionals, identifying and prioritizing its antecedents using a Fuzzy Analytic Hierarchy Process (FAHP). Surveying 250 employees from CMMI Level 5 IT companies in Delhi-NCR, our findings reveal that interpersonal factors hold the most significant weight (58.7%) in contributing to cyberloafing, followed by individual (29.7%) and situational antecedents (11.6%). Notably, factors such as status at work (44.3%), personality (15.6%), and managerial support (14.4%) emerged as crucial sub criteria. This research not only adds precision to understanding cyberloafing but also proposes tailored measures to mitigate its impact. Our results underscore the imperative for organizations to address cyberloafing, especially in the context of the dynamic Indian IT landscape.
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