Institute of Economics

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Start date: 2014End date: 2019

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    TRADE-OFF BETWEEN LIQUIDITY AND PROFITABILITY: AN EMPIRICAL STUDY OF PHARMACAUTICAL SECTOR IN THE REPUBLIC OF NORTH MACEDONIA
    (Timisoara Journal of Economics and Business, 2019)
    Snezhana Hristova, Dushica Stevchevska-Srbinoska, Ivona Mileva and Angela Zafirova
    The relationship between liquidity and profitability is one of the most interesting topics in the corporate finance re- search. Having in mind that the pharmaceutical industry is one of the most competitive sectors globally and that its substantial investments in research and development make this industry a key asset for a country’s economic well-being, this paper examines the liquidity-profitability trade off in pharmaceutical sector of RNM. The empirical research en- gages the secondary annual financial report data of the two pharmaceutical companies listed on Macedonian Stock Exchange (MSE) over the period from 2006-2016. Current ratio (CR), quick ratio (QR) and cash ratio (CAR) were used as measures of liquidity while return on assets (ROA) and return on equity (ROE) were used to measure profitability as a dependent variable. The statistical tests used to evaluate the effects of liquidity on profitability involved descriptive statistics, correlation and regression analysis. The findings suggest that there is no significant relationship between profitability and liquidity determinants of the listed North Macedonian pharmaceutical firms. Regarding practical implications, these findings can help managers overcome dilemmas with respect to the liquidity and profitability trade- off. Furthermore, this study contributes to the existing re- search base in this field and represents one of the pioneer attempts in the case of RNM. The results gained from the research are very important for companies themselves, but they can also serve as a starting point for future research to eliminate financial and other corporate issues related to the relationship between profitability and liquidity determinants.
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    PCA analysis of the socio-economic indicators – the case of Republic of Macedonia
    (2019)
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    Boskovska, Diana
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    Petkovska Mirchevska, Tatjana
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    The dependence of the poverty line from the institutional and economic factors – the case of RM
    (2019)
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    Kostadinoska Miloseska, Snezana
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    Dzambaska, Elizabeta
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    Government institutional support for fostering SME’s innovation in Western Balkan countries
    (Economic Development, Journal of Institute of Economics - Skopje, 2019-12)
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    Boskovska, Diana
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    Petkovska Mirchevska, Tatjana
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    Fiscal implications from the political crisis in the Republic of North Macedonia
    (Economic Development, Journal of Institute of Economics - Skopje, 2019-06)
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    Kostadinoska Miloseska, Snezana
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    Gender inequality on the Macedonian labour market
    (EMAN 2019, 2019-03-28)
    Aleksandra Lozanoska
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    Elizabeta Djambaska
    ;
    Vladimir Petkovski
    The labour market is facing different forms of inequality and discrimination against workers on the basis of gender, age and health. Gender gaps are one of the most pressing challenges. Globally, women are substantially less likely than men to participate on the labour market and to find jobs. Their access to quality employment opportunities is limited. Many researches have shown that there is a significant difference between the genders, in terms of the wage levels, occupation, working hours, economic status, duration of the unemployment etc. The research hypothesis of the paper is that Republic of Macedonia has gender inequality on its labour market, seen through different position of men and women regarding their economic activity, employment and unemployment. The aim of the paper is to identify the level of gender inequality and the differences between men and women on the Macedonian labour market. The paper consists of two segments. The first is focused on the theoretical aspects of the gender inequality, as well as on the measures and indicators which can determine the scale of gender inequality. In the second part, the situation on the Macedonian labour market regarding the position and differences between men and women is observed. For that purpose, the economic activity, employment and unemployment of men and women (by age, educational attainment, economic status, working hours, sectors of activity, occupations, wages and other) is analyzed. The results of the analysis show that the position of women was and remains worse than of the men. It is seen in their lower participation in the economic activity and employment in the country, in the higher unemployment rates, longer unemployment, lower wages, in an increase of the average time to find work, in the proportion of women in traditionally female occupations etc. The gender inequality demands more attention in order to improve existing legislation and to implement labour market policies which will ensure higher participation of women on the labour market. Therefore, the paper, also, notes some recommendations to overcome the unfavorable situation of women on the Macedonian labour market. The study of the gender inequality on the Macedonian labour market is made for the last decade, using the available data from the State Statistical office of the Republic of Macedonia. For the purpose of the research, reports, data and statistical analyses on gender inequality from different international institutions (Eurostat, World Bank, World Economic Forum and International Labour Organization) are also used. Concerning the methodology, the study is based on the qualitative methods such as: analysis of literature and documents and deductive reasoning, as well as on the quantitative method of descriptive statistics.
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    Quality of Life in the Republic of North Macedonia Seen Through the Human Development Indicators
    (IGI Global book series Advances in Finance, Accounting, and Economics (AFAE), 2019)
    Elizabeta Djambaska
    ;
    Aleksandra Lozanoska
    ;
    Vladimir Petkovski
    This chapter considers the trend of human development in the RNM, presented through the HDI. The special focus would be the links with the problem of poverty and inequality in the economy, regarding the data for the GINI, IHDI, GDI, poverty line, MPI, vulnerable employment, and youth unemployment. The research subject is the period from 2010 to 2017, using the secondary statistical data. Comparative analysis, with the countries from the CESEE countries, further improve the quality of the chapter. The RNM is a country with a high level of human development, and it is relatively equally distributed among the population. There is a difference in the distribution of the achievements of HD and an intermediate level of equality in the distribution between the genders. Income inequality expressed with the GINI index shows increase. The results confirm that there is no automatic link between the economic growth and human development. Income and gender inequality regress the quality of life in Macedonia. Growth in RNM in the past period has failed to produce the expected positive effects.
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    Provision of public goods and services in the Republic of Macedonia
    (Institute of Economics – Skopje, 2018-12)
    Aleksandra Lozanoska
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    Elizabeta Djambaska
    The paper reviews the process of providing public goods and services in the Republic of Macedonia. Considering the theoretical knowledge about this process, the article focuses on the principles for provision of public goods and services and the quantitative and qualitative indicators which measure the effectiveness and efficiency. They are all part of the Principles of Public Administration adopted in the European Union. The results of the research show that the public administration in the Republic of Macedonia is in a continuous process of reforms. These reforms tend to increase the efficiency in provision of public goods and services. Many researches conducted in the country has confirmed that there is an evident need for further improvement of this process and that it should be made in accordance with the citizens’ needs. The paper also observes some general recommendations and measures for better provision of public goods and services and for more efficient quality control of services.
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    Importance of the agricultural sector for the Economic development of the Republic of North Macedonia
    (Institute of Economics – Skopje, 2019-06)
    Elizabeta Djambaska
    ;
    Aleksandra Lozanoska
    This paper analyse the role and importance of the agricultural sector for the economic development of the Republic of North Macedonia. The focus of the research is on the indicators that present the agricultural sector as real GDP and gross added value in the agricultural sector in the Republic of North Macedonia, for the period from 2000 to 2016. General conclusion is that GDP growth in the Republic of North Macedonia in the analysed period arise from the household production and gross investment. Also, agriculture is one of the four dominant sectors beside trade, industry and construction that contribute to economic growth in the Republic of North Macedonia. The share of the agriculture, forestry and fishing sector in the real GDP in the Republic of North Macedonia is around 13%. The largest contribution from agriculture to the GDP of the Republic of North Macedonia arise from the Southeast, Pelagonia and Polog region. Therefore, measures and activities for stimulating economic growth should mostly be directed towards these regions. The relative share of the gross value added of agricultural production in the Republic of North Macedonia is around 10% of GDP and it considered to be important sector for economic development.