A PROFESSIONAL ARMY AS A SUBJECT OF
ECONOMIC RESEARCH
Lubos Stancl,
Miroslav Krc
University
of Defence, Department of Economics, 612 00 Brno, Czech Republic
E-mail:
lubos.stancl@unob.cz;
krc.miroslav@unob.cz
Received: 12.09.06; Cited: 10.03.07
Abstract: This paper deals
with topical issues of research referring to a professional army
position as an economic subject. Using new knowledge of economic
theory, some aspects of a professional army position on the
competitive labour and human capital market are observed. The
text emphasizes the necessity of further development of
military-economic research that should draw attention of a wider
professional public.
Key words:
military science, the state defence economy, economy of armies,
national security, defence, professional army, human capital,
recruitment potential
Pages 1-17
Rethinking economic growth in
globalization
Constantin Tumbăr, Ilie Budică,
Cătălin M. Barbu
University of Craiova, Faculty of
Economics and Business Administration
Str. A.I. Cuza, no. 13, Craiova,
Romania
Received:
12.09.06; Cited: 10.03.07
Abstract:
This paper
discusses the challenges that globalization brings on the
concept and practical developments of economic growth. The
methodology used implied the intersections of economic growth
theories with the framework of globalization.
We consider globalization to
be a process in evolution that generate interdependences among
various economic, social, national and symbolic issues, mediated
by the commercial, technological and financial flows, norms and
imitation. The aspects of globalization that are relevant for
the problems of economic growth are the following: increasing
international flows of goods and services, of international
capital, generating a high volatility; economic and
technological interdependence through the multiplication of
networks; the normative actions of the main international actors:
financial institutions, rating agencies. The question that
arises is if the changes in the international environment can
influence the concept of economic growth. We appreciate that if
a change in the real conditions and practices of development is
generated, then it is necessary a critical evaluation of the
concept and representation of economic growth. The durable
economic growth must poses some characteristics: improving the
living conditions, human development, reducing inequalities on
the lung run, establishing a political and institutional
framework that guarantees the preservation of individual,
economic and social liberties.
Key words:
globalization, economic growth, nation-states, economic
development
Pages 18-32
The Use of Traditional and Modern
Value-Based Performance Measures to evaluate Companies’
Implemented and Future Strategies in the Greek Capital Market:
The Case
of EPS and EVA
Dimitrios
I. Maditinos*, TEI of Kavala, Business School, Greece,
Željko Šević,
Greenwich University, Business School, UK,
Nikolaos
G. Theriou, TEI of Kavala, Business School, Greece,
Efstathios
D. Dimitriadis, TEI of Kavala, Business School, Greece
Received: 12.09.06; Cited: 10.03.07
Abstract:
Traditional accounting
performance measures, such as EPS, ROI, ROE, have been long used
by investors to evaluate companies’ implemented and future
strategies. However, in recent years the appearance of
shareholder value approach and its modern value-based
performance measures, such as EVA
and SVA, gave an incentive to investors to consider those
measures as important ones to evaluate companies’ strategies.
This is the first study in Greece on the practice of investment
management in terms of stock market forecasting and stock
selection. Our respondents come from six different groups of
investors: official members of the Athens Stock Exchange (ASE),
mutual funds management companies (MF), portfolio investment
companies (PIC), listed companies (LC), brokers (BR), and
individual investors (ININ). ASE has become one of the developed
stock market centres thus, it is important for international
investors to acquire a better knowledge and understanding of how
investors in Greece practice their trades. Results of this study
confirm the importance of traditional accounting performance
measures but at the same time reveal the significant attention
investors should pay on the modern value-based performance
measures. For limitation reasons this study focuses only on EPS
and EVA.
Key words: Traditional Performance
measures, Value-based Performance Measures, Implemented and
Future Strategies.
Pages 33-52
INFLUENCES OF FINANCIAL AND BANKING
SYSTEMS ON THE ECONOMIC GROWTH. CASE OF ROMANIA
Radu
Buziernescu, Mirela Cristea, Anca Băndoi
University
of Craiova, Faculty of Economy and Business Administration, A.
I. Cuza Street, No. 13, Craiova, Finance Department, Romania
Received: 12.09.06; Cited: 10.03.07
Abstract:
In this article we examine the
link between financial - especially banking systems - and
economic and we underline that all the current strategies
regarding the financial system aims at increasing its
competitiveness. The results show that the interest rate margin
is significantly and negatively related to economic growth and
the amount of bank credit does not accelerate economic growth.
Its value is even negatively related to economic growth and the
causality between the growth of credit and real GDP growth is
unclear. The main reasons behind this result could be the
numerous banking crises the transition countries have
experienced and the soft budget constraints that are still
prevalent in many transition countries. The banking system is of
particular importance to the Romanian economy being a key factor
in our future development. Romania’s admittance into the EU
structures, depends on a large extent on its capacity to produce
a sustainable economic growth which must be backed up by a
reliable banking system which is capable of answering back both
to the internal and external influences.
Key words:
macro-economic system, financial and banking systems, economic
growth, New Europe
Pages
53-70
GENERAL ANALYSIS OF ENTERPRISE SOLVENSY ON
THE BASIS
OF FINANCIAL ENGINEERING TOOLS
Evgenij I.
Murugov
Department
of Economy and Account, Rostov State University of Economics
B.
Sadovaya St. 69, 344002, Rostov-on-Don, Russia
Received: 12.09.06; Cited: 10.03.07
Abstract: The article is
devoted to the problem of solvency analysis investigation for
creating an efficient system of solvency management. It says
about solvency analysis procedure on the basis of such financial
engineering tools as immunizative hedging derivative balance
sheets. General analysis of the enterprise solvency on the basis
of financial engineering tools allows to evaluate and to
forecast: the assets and liabilities level of immunization,
property condition in the form of net assets and net sources,
reserve defense level in the form of hedging net assets, risk
assets level and sufficiency of reserve defense level. The
article considers a new advance in creditworthiness and solvency
analysis connecting with definition of the enterprise payment
system condition according to four factors: dimensions of
payments, dates of payments, blended rates and risks of payments.
Structural analysis of net sources on the basis of immunizative
hedging derivative balance sheet allows to define the influence
of immunizative, hedging and cost components. The article gives
a detailed description of the general solvency analysis
procedure on the basis of immunizative hedging derivative
balance sheet. Attention is also given to the practical
advantage of this analysis procedure directing to the bankruptcy
and insolvency prevention by the way of constantly cash flow
monitoring.
Key words: financial engineering,
cash flow monitoring, net assets relative, net sources relative,
active immunization, passive immunization, neutral immunization,
immunizative component, hedging component, cost component,
immunizative hedging derivative balance sheet, structural
analysis, hypothetical entries.
Pages 71-85
PERFORMANCE-SATISFACTION
EQUILIBRIA IN THE PUBLIC HEALTH-CARE SECTOR IN TURKEY: A MODEL
AND A CASE STUDY
Ahmet Kara
Selim Zaim
Fatih
University, Department of Management, Hadımköy , Büyükçekmece,
Istanbul, Turkey
Received: 12.09.06; Cited: 10.03.07
Abstract:
This paper
develops a dynamic model of service performance, service
expectation and service satisfaction and empirically shows that
the nonprofit health-care sector in Turkey, which performs a
useful function of providing affordable health-care services to
low-income people, is trapped into a stable intertemporal
equilibrium characterized by low levels of service performance,
service expectation and service satisfaction. The model enables
us to present two empirically-demonstrated solutions to the
problem of this low performance-low expectation-low satisfaction
trap. Our suggested solutions, which consist of demand-side and
supply-side policies, help the sector to move from the low
performance-low expectation-low satisfaction equilibrium to a
high performance-high expectation-high satisfaction equilibrium.
Key words: Public sector,
performance, satisfaction, equilibria.
Pages 86-105
EXCHANGE RATE PASS-THROUGH IN NIGERIA
Olajide S.
Oladipo
Department
of Economics, University of Birmingham
Edgbaston
Park Road, Birmingham, B15 2TT, United Kingdom
Received: 12.09.06; Cited: 10.03.07
Abstract:
The
exchange rate pass-through for Nigeria imports is estimated by
applying an econometric procedure which avoids the pit-falls in
previous studies to aggregate and sectoral data. We provide
estimates of pass-through based on Johansen technique. We found
incomplete pass-through at both the aggregate and sectoral
levels for Nigeria
Pages 106-125
The Ranking Iran’s Banks By Taxonomy
Numerical Analysis
Ali Reza Eghbali
Faculty Member of Payam Noor
University (Abadan Unit), Iran
E- mail: areghbali@Yahoo.com
Abdol Amir Zamarri
Faculty Member of Azad Islamic
University (Abadan Unit), Iran
Reihaneh Gaskari
Faculty
Member of Azad Islamic University (Abadan Unit), Iran
Received: 12.09.06; Cited: 10.03.07
Abstract:
Although
ranking and its sub methods can be used for all sciences, it has
been primarily studied and developed in the field of urban and
regional studies .In principle, ranking is performed through the
introduction of an index or some indices. It is natural that in
case we have only one index when ranking, there is no need for a
particular knowledge or technical. However, when ranking is
performed utilizing a considerable number of indices one should
elaborate on the method introduced in ranking any index
component. Ranking involved various methods any of which has
weaknesses and strengths. Taxonomy is one of the available
ranking methods.
More over,
it can suggest a scale for recognizing the rate of economic,
social and cultural development to be used in planning.
Pages 126-138
RETAIL BANKING IN ROMANIA: TRENDS AND
DEVELOPMENTS
Diane P. C. Vancea
Ovidius University of Constanza, Faculty of
Economic Sciences, Romania
Received: 05.06.07;
Cited: 03.07.07
Abstract:
This article tries to present a panoramic view of the Romanian
retail banking, marking the key factors of the development of
this financial sector in the last few years in Romania. The
analysis of the Romanian retail banking sector is made based on
the data regarding different types of loans (consumer loans and
mortgage loans) and deposits offered by the Romanian commercial
banks. In the end we try to underline some future trends in this
sector
Key words:
retail banking sector, Romania, trends, E.U. financial market
Pages 139-148
