Institute of Economics
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Item type:Publication, CIRCULAR ECONOMY AND SUSTAINABLE GROWTH EVIDENCE FROM NORTH MACEDONIA(Institute of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, Republic of North Macedonia, 2025-11); ; Josimovska, TeaAbstract: Sustainable economic growth has become a central priority for countries striving to balance economic development with environmental protection and social well-being. The concept of the circular economy (CE), which emphasizes resource efficiency, waste reduction and innovation is in icreasingly recognized as a pathway to achieving long-term sustainability. Estimating an extended Cobb–Douglas production function that incorporates traditional growth drivers (capital, labour) alongside sustainability-related variables (resource productivity, renewable energy,), the paper tests the hypothesis whether the higher resource productivity and renewable energy use, contributes positively to GDP growth while reducing environmental pressures (decreasing CO₂ emissions). The estimation is made with ARDL model and use annual time-series data for North Macedonia (NM) covering the period from 2000 – 2023. The research findings* reveal that economic growth in North Macedonia is driven by the traditional factors, especially labour. Also, a 1% increase in resource productivity is associated with a 0.75% increase in GDP is strong and direct validation of the circular economy concept. It shows that North Macedonia can achieve economic growth not just by extracting and using more resources, but by using them more efficiently. This finding directly supports the idea of "decoupling" economic growth from environmental degradation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE EVOLVING LANDSCAPE OF ESG RATINGS: A CRITICAL EXAMINATION OF THEIR ROLE IN PROMOTING SUSTAINABILITY(University Ss. Cyril and Methodius in Skopje, 2025-05-22); ; ; Angelova, Ivana - Some of the metrics are blocked by yourconsent settings
Item type:Publication, NORTH MACEDONIA’S DEMOGRAPHIC FUTURE: INSIGHTS FROM THE POPULATION PROJECTIONS(Ss. Cyril and Methodius University in Skopje, 2025-11-02); ; ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, DIGITAL SKILLS AND HUMAN RESOURCES: A KEY DRIVER OF DIGITAL TRANSFORMATION IN NORTH MACEDONIA, KNOWLEDGE(Institute of Knowledge and Management, 2025)Boshkoska Klisaroski M., Petroska-Angelovska N., Hadzi Naumova-Mihajlovska KIn times of global digital transformation, the development and application of digital skills is a key factor for the productivity and competitiveness of the employees. This paper analyzes the level of application of digital skills among employees in the Republic of North Macedonia, by investigating their knowledge, abilities, and readiness to use information and communication technologies (ICT) in everyday professional activities. Through a survey, insight is gained into the real situation of digital literacy and the need for training, retraining, and continuous learning. The results show that, although a large part of employees successfully use mobile devices, email, social networks, and basic office applications, there is still a deficit of advanced digital competencies, especially in areas such as software installation, multimedia editing, programming, and cybersecurity. The paper in detail elaborates the different types of digital skills according to the European DigComp framework and identifies 21 key competencies grouped into five categories. It also reviews global and European initiatives, strategies, and instruments aimed at strengthening digital literacy among people of all ages. The research also points to differences in digital skills based on age, geographical location, educational and socio-economic status. The conclusion points to the need for a systemic approach to digital transformation through educational policies, public-private partnerships, and structured training for employees. The increased involvement of institutions and companies in creating conditions for adapting to the digital society is also of crucial importance. Inclusive economic growth can be achieved, and the challenges of the fourth industrial revolution can be successfully addressed only through the full readiness of human resources. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, DIGITAL TRANSFORMATION AND HR:CHALLENGES AND OPPORTUNITIES FOR COMPANIES IN NORTH MACEDONIA,(UdEkoM Balkan, 2024-12)Boskoska Klisaroski M., Hadzi Naumova -Mihajlovska K., Josimovska T.,Digital transformation (DT) is a process of integrating digital technology into all aspects of business, fundamentally changing how businesses operate and deliver value to customers. For successful DT, the human factor is more important than the technology itself. Therefore, this research* aims to explore the perception of human resources regarding the impact of DT in companies, specifically investigating their adaptation to ICT and the role of stakeholders in the digital transformation process. The authors conducted an online survey of 1000 employees in North Macedonia. The research focuses on what role employees play in addressing the impacts of DT. The statistical data from the questionnaire shows that the new technology will enable the employees to be more productive at their work and will help jobs to become less boring, repetitive, stressful, or mentally demanding. These results are crucial for decision-makers who must take responsibility for guiding employees through the process of DT. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, 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 ZafirovaThe 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. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE RELATIONSHIP BETWEEN LIQUIDITY AND PROFITABILITY: AN EMPIRICAL STUDY FOR THE CASE OF ALKALOID(Journal of International Balkan University-Faculty of Economics and Administrative Sciences, 2020-12)Angela ZafirovaThe relationship between liquidity and profitability is one of the most popular topics of research in the financial management field but still not exhaustively examined and documented for the industries in the Republic of North Macedonia. Taking into account the importance of the pharmaceutical industry for every country’s well-being, the purpose of this paper is to examine the relationship between liquidity and profitability in the pharmaceutical sector in the Republic of North Macedonia. This paper analyzes the biggest and the most influential pharmaceutical producer and seller in the RNM, listed on the Macedonian Stock Exchange. For its purpose, this empirical research has used secondary annual financial data over the period 2010 – 2019. Current ratio (CR), quick ratio (QR) and cash ratio (CAR) were used to measure the liquidity position while return on assets (ROA) and return on equity (ROE) were used to measure the company’s profitability. The statistical tests performed, primarily involved were descriptive statistics, correlation and regression analysis. The findings suggest that there is negative relationship between profitability and liquidity determinants of the biggest North Macedonian pharmaceutical firm. This study contributes to the existing literature in this field and represents one of the pioneer attempts in the case of RNM. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE USE OF ACTIVITY-BASED MENAGEMENT: A STUDY OF MANUFACTURING COMPANIES IN THE REPUBLIC OF NORTH MACEDONIA(Journal of International Balkan University-Faculty of Economics and Administrative Sciences, 2021-07)Angela Zafirova, Snezana Hristova and Dushica Stevchevska-SrbinoskaCost management, i.e planning, calculation and cost control is the most important area of management accounting where cost calculation methods play the crucial role. Traditional methods date back to the time when direct labor costs were significantly involved in the cost structure but with the rise of support costs or indirect costs the cost accounting approaches have changed. This paper presents the cost management models with a special focus on the method of calculating activity-based costs (ABC). The research part of the paper is carried out for chosen companies in the Republic of North Macedonian. By conducting a field survey in 24 companies from the manufacturing sector, the main research aim of this paper is to investigates the adoption of activity-based costing as a cost management technique among the employees. More specifically, the survey examines the adoption and the implementation of specific cost management techniques, or more precisely, the use of the ABC method and the benefits of its implementation. Based on the information obtained from 216 responses, the findings indicate that the major part of the companies in the manufacturing sector in the Republic of North Macedonia practice the system of activities. The surveyed employees are familiar with the activity-based management and are highly aware of the benefits and the advantages of the implementation of the ABC system. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, GREEN FINANCING: OPPORTUNITIES AND CHALLENGES FOR THE BANKING SECTOR IN THE REPUBLIC OF NORTH MACEDONIA(University Ss. Cyril and Methodius in Skopje, 2022-12) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, IMPACT OF COVID-19 ON THE PERFORMANCE OF BANKING SECTOR AND THE SET OF MEASURES UNDERTAKEN IN THE REPUBLIC OF NORTH MACEDONIA(University Ss. Cyril and Methodius in Skopje, 2023-04)