Faculty of Economics
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Item type:Publication, FINANCIAL SECTOR STOCKS REACTION TO COVID-19 EVENTS(Faculty of Economics - Skopje, Ss. Cyril and Methodius University in Skopje, 2021-11-13); ; Ahmedi, SulejmanPrice fluctuations in the financial sector are often of major interest when projecting the general performance and state of the economy. The implications of the COVID-19 pandemic in the sector are analyzed through the event study method. A random sample portfolio of 20 financial sector stocks listed on the NYSE is used and its reaction on 15 different events throughout 2020 is observed. Results indicate that events in the earlier stage of the pandemic exhibit both higher abnormal returns and significance, compared to the ones at the latter stages, with a larger proportion of them being bad news. The financial sector is perceived to react significantly in such cases, usually anticipating them beforehand. As adjustment windows are rarely significant, the market’s reaction is deemed as efficient. The general conclusion is that the financial sector stocks react to important COVID-19 news, generating abnormal rather than expected returns. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, COVID-19 BLACK SWAN'S IMPACT ON THE INTERNAL AUDIT PROFESSION: THE CASE OF THE REPUBLIC OF NORTH MACEDONIA(Faculty of Economics & Business, University of Zagreb, 2022-06); ; ; In the past two years, the COVID-19 pandemic has been identified with the "black swan”, an unpredictable event beyond what is normally expected of a situation and has potentially severe consequences. After the initial health shock later complemented by the economic crisis we lived in, we needed to learn some lessons. In search of an answer to the question of what we learned from the pandemic and what it was like to work and 'survive' in the shadow of many uncertainties, this research focuses on the internal audit profession in the Republic of North Macedonia. The research was conducted with a detailed structured questionnaire submitted to the internal auditors from the public and private sector in the Republic of North Macedonia who are members of the Institute of Internal Auditors - North Macedonia. The obtained answers were analyzed through descriptive statistics and ANOVA. From the results, it can be seen that there is a small significant difference between the answers of the groups of respondents, but, in general, it can be concluded that the internal auditors have already adapted to the situation with COVID-19, also that the unpredictable situation did not lead to a violation of the Code of Ethics' principles and rules of conduct for internal auditors in the Republic of North Macedonia. In the post-covid period, internal auditors expect to live in the 'New Normal' by using more technology for work. The internal auditors' current mental health is exceptionally good. To the best of our knowledge, this paper is the only one that explores the COVID-19 impact on the internal audit profession in the Republic of North Macedonia. Furthermore, it provides a good basis for further detailed research on areas relevant to the issue. We believe that this research will enrich the existing body of literature on internal audit by offering empirical evidence for the internal audit functioning in terms of crisis and the internal auditors’ mental health. The limitations concern the measurement of the variables from the survey being based only on the perception of the internal auditors. Such a measurement method might be considered less accurate in describing the actual situation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, EVENTS’ STUDY ON THE IMPACT OF THE COVID-19 PANDEMIC ON THE MACEDONIAN STOCK MARKET(JAHORINA BUSINESS FORUM 2021, 2021-03-16); ; The general impact of the COVID-19 pandemic certainly left a mark on stock prices through significant fluctuations in its beginning. To determine the general effects and significance of specific news, we use event study analysis based on the risk-adjusted return model or the single-factor CAPM market model in the case of North Macedonia. For this research, daily stock returns of four Macedonian companies are used in the interval between January 2019 and May 2020. For each event date, we determine [-10, 10] anticipation/adjustment windows. General results show that events such as implementing national “lockdown” and curfew announcements impact stock returns negatively and significantly. On contrary to the expectations, the first registered COVID-19 case and curfew ceasing events are estimated to be insignificant in market movements. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE IMPACT OF COVID-19 ON LABOUR MARKET IN NORTH MACEDONIA(Faculty of Economics-Skopje, SS. Cyril and Methodius University in Skopje, 2020-11-14)Zulfiu Alili, MeritaAn initial assessment of the impact of COVID-19 on the North Macedonian labour market is widely anticipated that will be severe, pushing thousands of people into unemployment, underemployment and working poverty. This paper aims to assess the impact of the COVID-19 outbreak on labour market by analysing the most affected sectors and government measured aimed to prevent job losses. Many small and medium businesses have already closed their operations or decreased the number of employees. The most affected industries due to the outbreak of the COVID-19 are the tourism industry and export-oriented industries, including the textile sector. To mitigate the consequences of COVID-19 the Government of North Macedonia has adopted measures for support of the firms which aim to keep jobs, maintain social stability, and help the citizens affected by the crisis. Specific local labour market characteristics should be considered when specifying eligibility criteria and undertaking crisis response measures. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, HIGHER EDUCATION AND ECONOMIC GROWTH IN NORTH MACEDONIA: EVIDENCE FROM CAUSALITY TESTING AND COVID-19 CHALLENGES(Faculty of Economics-Skopje, SS. Cyril and Methodius University in Skopje, 2020-11-14); The link between education and economic growth has been the subject of public debate, and it has been widespread interest among economists in solving key economic problems. As a determinant of human capital, which is one of the factors of production, education has its own contribution in the process of globalization where economies are transformed and based on knowledge. Particularly higher education has a high economic value because it causes the formation of human capital and it is often seen as vital for a continued growth performance, prosperity, and competitiveness in national and global economies. Higher education contributes to the economic growth by producing higher-level skills and competencies needed for a shift towards knowledge-based economy. For these reasons, countries all over the world especially the developing countries such as North Macedonia, are giving higher education special attention to facilitate the economic growth. In this study, the co-integration between higher education and economic growth in North Macedonia is analyzed using dynamic methods. Toda Yamamoto's approach for Granger's causality (TY) developed by Toda and Yamamoto (1995) is used to analyze the causality between economic growth and higher education. For this aim, a bivariate VAR model is constructed. This study provides an evidence for the causality between higher education and economic growth in North Macedonia. Moreover, a key role of higher education institutions is to drive innovation, with the aim of finding solutions to global challenges. Today, in response to the COVID-19 pandemic, there is a danger that COVID-19 will destabilize this educational level, with serious consequences. Therefore, the challenges that higher education is faced are emphasized in order to help education institutions and policy-makers to reflect on them and be prepared to address them, while re-emphasizing the role of higher education in supporting to conform the post-COVID-19 pandemic. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE ROLE OF SOCIAL CONNECTEDNESS IN THE CORONAVIRUS DISEASE (COVID-19) PANDEMIC OUTCOME(Faculty of Economics - Skopje, Ss Cyril and Methodius University, 2020-11-14); The magnitude of the coronavirus disease (COVID-19) pandemic has an enormous impact on the social life and the economic activities in almost every country in the world. Besides the biological and epidemiological factors, a multitude of social and economic criteria also govern the extent of the coronavirus disease spread in the population. Consequently, there is an active debate regarding the critical socio-economic factors that contribute to the resulting pandemic. In this paper, we contribute towards the resolution of the debate by examining the role of an individual’s social connectedness in the extent to which the coronavirus spread. To measure social connectedness we create a network in which nodes represent countries and the interactions between pairs of countries are given by the number of shared Facebook contacts, whereas the coronavirus outcome is simply quantified as the number of registered cases per million population in the country. We find that there exists a robust and stable relationship between the level social importance of a country as well as the degree to which its people mix, and the outcome of the coronavirus health crisis. Countries which take a more central role in the network of social connections are also more susceptible to the coronavirus, whereas countries where there is less social mixing are less affected by the induced disease. Our results are an empirical verification for standard theories, which suggest that social network structures play a critical role in disease spreading processes. More importantly, they serve as a validation that social distancing measures introduced by governments are essential policies for preventing a fatal coronavirus outcome, and can be implemented for developing appropriate social distancing measures. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, EXAMINATION OF CRISIS RESPONSE PREPAREDNESS IN LISTED JOINT-STOCK COMPANIES IN THE REGION(Faculty of Economics - Skopje, Ss Cyril and Methodius University, 2020-11-14) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, AUDIT PROFESSION IN THE SHADOW OF THE COVID -19 - A PERCEPTION OF AUDITORS IN REPUBLIC OF NORTH MACEDONIA(Faculty of Economics - Skopje, Ss Cyril and Methodius University, 2020-11-14); ; ; The virtual practice has posed serious challenges and opened many dilemmas for the auditors. How to obtain sufficient and appropriate audit evidence in the absence of communication with the client, to assess the risks of material misstatement, to recognize the symptoms of fraud, to check subsequent events, to assess the ability for ‘going concern’, to exercise the required level of professional skepticism, and how to write an audit report in which the auditor will offer a reasonable assurance to users of the opinion expressed. Health experts warn that even in the post-COVID-19 period, the social distance will be an integral part of our lives. In that regard, IFAC also points out the need to prepare auditors for work in the so-called "the new normal". The paper researches how the COVID-19 pandemic affects the audit profession in the Republic of North Macedonia. For that purpose, our research is based on a survey distributed to the certified auditors, members of IORRM (Institute of Certified Auditors of the Republic of North Macedonia). From the questions asked, we have concluded whether and how much the pandemic has changed the approach of auditors in conducting audit engagements, how auditors have managed to amortize the initial shock, whether they have prepared a strategy for virtual practice in the environment of the so-called "new normal" and what are the biggest challenges they expect to face in the post-COVID world. In addition to analyzing data obtained from the survey, documents related to the impact of COVID-19 pandemic worldwide are used, as well as other literature and scientific papers on how the audit profession responds to the COVID crisis.