This study aims to explore the use of the social-ecological system (SES) in tourism of a mountain area. Authors examined residents’ perceptions of tourism impacts on four SES aspects: ecosystems, ...local knowledge, people and technology and property rights institutions. The aim is to find area that will be a “common ground” for community and area that can be a source of conflict and will require additional work to solve the differences. Second objective was to examine residents’ perception towards future local development tourism policies (winter tourism, seasonality and environment and culture) and how those policies can affect natural, socio-economic and cultural aspects of mountain area. Residents’ perceptions of sustainable tourism development potential, perceived tourism impacts, analysis of community attachment and employment sector of stakeholder were involved in this study. The authors applied the Q-methodology, as one SES-allied approach, in a small mountain community of Kopaonik, the Republic of Serbia. The results revealed that residents’ agreement/disagreement is connected with two aspects: ecosystem and property rights and that ecosystem can be significantly influenced by all three development policies. Findings suggest that development of future natural conservation plans and new cultural attractions can have positive effects on all parts of social-ecological system. Some practical implications of those findings for tourism planning and development are also discussed.
In this study Non‐Linear forecasting models have been implemented to forecast the seven major cryptocurrencies. To the best of the authors knowledge, this is the first study to forecast the ...cryptocurrencies chaotic co‐movement forecasting using non‐linear models like Neural networks. The study finds that LSTM yields better result for lags 0 and 0‐3 and for large lags 0‐7, the ANN is the best. Further study confirms that predictions using variables like volume is not suitable for forecasting in any case. The findings of the study will impact Policy makers and investors.
This paper models the relationship between economic development and
environmental progress. It investigates the relationship between investment
in innovation and uncontained emissions in the selected ...Russian regions from
2013 to 2018. The database contains information for 72 locations and is
comprised of 432 observations (panel data, 72 regions multiplied by 6
years). Random-effects regression models have been applied to analyze panel
data. In a study of 72 Russian regions over the period of 2013-2018, this
research demonstrates that the growing research and development (R&D)
intensity of regional firms leads to a larger ecological footprint and
growing emission intensity. These effects are negatively moderated by the
per capita income of the region?s residents and regional enrollment in
higher education. The effects are positively moderated by the export
intensity of regional firms. The results suggest that economic and
ecological aspects of sustainable development are at odds with each other
and indicate that regional policymakers should account for the negative
ecological externalities of economic development when devising policies
aiming to facilitate regional growth.
Vujko et al discuss women's empowerment through self-employment in tourism, particularly in Serbia. One popular approach to women's empowerment has been the establishment of associations, sometimes ...called self-help groups, or SHGs. Members of these groups choose to pool their resources in order to radically change their lives and the lives of their families, and in order to have an impact on their communities; in this way, SHGs seek to empower women both economically and socially. When it comes to the Serbian business environment, it contains a series of unfavorable conditions for fie development of women's entrepreneurship, and would-be women entrepreneurs often perceive it as an unsupportive environment.
This study applies a Markov switching error correction model to describe the single most important real exchange rate (Deutsche mark versus US dollar) over the flexible exchange rates period from ...1973 to 2004. We show an alternative way of modelling non-linear adjustment to the purchasing power parity (PPP) besides standard threshold models. The model merges the two possible sources of non-linearity by additionally allowing the probability of a mean-reverting regime to increase with the distance from PPP. The interest rate differential as an additional determinant of real exchange rate behaviour in a Markov switching framework is introduced in the model. The study finds that the real dollar exchange rate during the post-Bretton Woods era is well described by a Markov switching error correction model with (PPP) as long-run equilibrium. There is one mean reversion regime where PPP and the interest parity condition are valid. Contrary, the second regime is characterised by persistent mean aversion, where a regime switch does not become more likely with increasing distance from PPP. The unconditional half-life of shocks is about 1.5 years.
PurposeThe starting premise of this study is that women's empowerment is the goal for self-realization and that the support that comes from local tourism stakeholders represents an adequate base. In ...many rural areas, women have established self-help groups (SHGs), which facilitate the interaction with a wide range of stakeholders. The objective of this paper is to investigate the effects of SHGs on female entrepreneurship and self-employment in tourism.Design/methodology/approachTo examine the research question, this study adopted a quantitative research that included a sample of 513 women in a less-advanced rural area in Serbia. For the data analysis, the generalized linear regression model (GLM) was used.FindingsAccording to the results, self-employment is the leading goal of women's empowerment.Research limitations/implicationsThe main limitation in the research and the authors’ suggestion for future research is to increase the sample size of female respondents, so examination of their attitudes and role in the travel business in their local settings might reach higher significance. The second issue that the authors would like to point out is a highly local character of our study, so the future research should involve other rural areas in the country and from abroad (e.g. similar undeveloped countryside with noticeable, active women's role in local entrepreneurship).Practical implicationsThe most important practical implications of this paper are twofold: (1) the results of the research have shown that the tourist potential of rural areas can be enhanced through local tourism stakeholders' support; (2) women without professional interest or jobs in rural areas, especially in the areas where the population is traditionally dominated by men (husband/brother/father), have a chance to earn and to be economically more independent. This research can affect future studies to investigate other aspects of empowerment depending on the difference of regions, from one side, and also alternative opportunities for tourism and local development in less-advanced rural areas, from another side.Originality/valueThe study analyzes the tourism potential of the rural areas (which are less advanced and mostly very poor in developing countries, such as Serbia). In this case, there are opportunities to increase employment, social inclusion of women, development of new tourism strategies, implementation of destination marketing, etc. Moreover, it contributes to future research in the field of stakeholders in tourism strategies.
Research background: Institutional investors such as: commercial banks, pension funds, and insurance companies are constantly looking for low-risk stable investment opportunities, whereas one of the ...solutions can be a simulated portfolio. This research takes a look at the incentive to invest in government debt portfolios, as it can outperform the returns of deposit accounts. Purpose of the article: This study considers several classic methods of portfolio constriction and includes the basis of debt instruments that have not been a research topic for a long period of time. At the same time, this paper analyzes the classic methods of modern portfolio theory with a Sharpe ratio as an indicator of efficiency. Methods: The constructed portfolio consists of four elements from different countries: two government obligations and two bond indexes, aiming to employ international diversification. All the data was collected for the period of 12 years in order to represent the consequences of accrued recessions. Findings & Value added: The past two severe financial crises created a higher demand for stable investments, and more investors are ready to compromise a higher return for it. Therefore, the results of this paper represent a simulation of low-risk hedge fund portfolio construction with the use of highly rated debt instruments.
In this editorial text, we point to the importance and development of disciplines that closely link economic sciences with ecology. Drawing on the most important literature in these fields, we have ...highlighted the trends that are popular today in both fields (double eco features).
Purpose
The purpose of this paper is to investigate the joint influence of two factors (companies’ performance and growth) on the company’s capital structure and to determine the conditions for ...financially sustainable competitive strategies in the coordinates profitability and growth.
Design/methodology/approach
The study sample includes 1,996 companies from 6 high-tech industries in Russia (panel data: 7,984 observations). The authors use regression models with random effects and carry out a three-dimensional visualization of the resulting dependencies.
Findings
The study found that profitability improves the capital structure (reduces the share of borrowed capital) and, on the contrary, the growth of companies (assets growth or sales growth) increases the leverage ratio. In the case of assets growth, the combined influence of two factors reduces the negative effect of assets growth. The results have shown that the outstripping growth of most high-tech companies requires an increase in debt capital and deterioration in the capital structure and financial stability.
Practical implications
In general, based on the results of this study, the authors have identified groups of fast-growing companies that need financial support, and have defined the main areas of impact (reducing the loan burden and increasing profitability) that will allow these companies to maintain high growth rates and demonstrate advanced development.
Originality/value
The relationships (which the authors identified between the control variables, the studied variables and leverage) were obtained for the first time for a sample of companies in high-tech industries and services in bigger transition country (Russia).
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