Faculty of Economics
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Item type:Publication, “Twostep cluster analysis: Segmentation of the largest companies in Macedonia”(Faculty of Economics and Business Administration, University of Szeged, 2009); One of the important procedures for segmentation and classification of the largest Macedonian companies is twostep cluster analysis. This clustering method is very efficient in classification of large data sets, has the ability to create groups using categorical and continuous variables and it is provided with automatic selection of number of clusters. These are all advantages of twostep analysis compared to the traditional clustering methods. The goal of this paper is to present valuable application of the twostep cluster analysis in segmentation of the Macedonian companies. Every year, the Central Register of Republic of Macedonia and Euro Business Centre - Macedonia present a publication that reveals the 200 largest and most successful companies in Macedonia. In order to reveal the structure of the Macedonian companies, twostep cluster analysis is performed using the following continuous variables: total revenue in 2007, total revenue in 2006, earnings before taxes in 2007, revenue growth rate 2007/2006 and number of employees. Also, one categorical variable is included, type of industry. The analysis successfully manages to create solution of four clusters or four different types of companies on the Macedonian market. The first type represents the most successful companies with significantly high revenues, earnings and stabile growth. These companies come from industries such as communications, electricity and manufacturing, and provide significant employment of the work force. The second type represents companies with relatively smaller revenues and earnings compared to the first type, but yet higher than the country’s average. These are all manufacturing companies with steady growth. The third group has slightly smaller revenues and earnings than the second group, but the difference is that this group represents companies with high revenue growth rate, representing developing companies with significant potential. These are companies that mostly provide services, companies that provide telecommunication and transport, and also few companies from other industries. The last group represents the smallest companies from the analyzed 200 largest companies, having the smallest revenues, earnings and number of employees. These companies will develop further, but with much smaller rate than the companies in the third group. These are all companies that deal with retail and wholesale trade. These findings are useful because mainly they provide the general structure of the largest Macedonian companies. For the potential foreign investors this analysis is an insight to the most lucrative industries in the country. For the government, the presented results give information about which industries dominate in the most successful companies, in order to invest in their development through infrastructure, university education, tax relief and deduction of other expenditures. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Determinants of foreign direct investment in southeast European countries”(Faculty of Economics-Skopje, 2009); The ability to attract international capital can offer large potential benefits for developing countries. The objective of this paper is to reveal the main determinants of foreign direct investments in southeast European countries (SEEC). We perform an econometric model based on a panel data analysis for 8 countries with similar economic, political and cultural surroundings: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Montenegro, Romania and Serbia. The observation period is 1995 – 2008. Unit root tests have been applied for all 32 variables included in the model. Some of the variables have been differenced in order to become stationary, which improves the econometric model. Empirical results indicate that business freedom, fiscal freedom, GDP growth rate, population, exchange rate, current account as a percentage of GDP and property rights are factors on which Southeastern European countries’ policy makers should focus when seeking to attract foreign direct investment. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Modeling the informal economy in EU: Structural equations approach”(Faculty of Economics-Skopje, 2009)Целта на овој труд е моделирање и оцена на неформалната економија во земјите од Европската унија со користење на моделот на повеќекратни индикатори и повеќекратни детерминанти (MIMIC – Multiple Indicators and Multiple causes). Моделот ги вклучува индексите на потрошувачките цени, девизниот курс, државната потрошувачка, краткорочните каматни стапки, долгорочните каматни стапки, стапката на невработености, даночните приходи и наемнините како детерминанти на сивата економија. Бруто домашниот производ, монетарниот агрегат М1 и монетарниот агрегат М3 претставуваат индикатори на неформалната економија. Резултатите покажуваат дека главните детерминанти на сивата економија во ЕУ се државната потрошувачка, инфлацијата, девизниот курс и наемнината. Исто така резултатите покажаа дека постои директна зависност помеѓу неформалната економија и монетарниот агрегат М1. За креирање на моделот и оцената на параметрите се користи софтверот за структрни равенки ЛИСРЕЛ (Linear Structural Equations). При анализата на нестационарност на променливите се користи економетрискиот софтвер EViews. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Hierarchical cluster analysis: potential of the tourism up growths in the poorly developed Macedonian municipalities”(Mathematical Institute SANU, Belgrade, 2009); Vasic, VladimirHierarchical cluster analysis is important procedure for segmentation and classification of the municipalities. On the basis on the given analysis, a partition of the municipalities in several homogeneous clusters will be performed, by which the problem of creating strategies for the poorly developed municipalities is significantly simplified. The problem of poorly developed municipalities is the high unemployment of the economically active population, so that by the development of the labor intensive economies (tourism) this problem is mainly solved. Hierarchical cluster analysis will provide an insight on which municipalities belong to created homogeneous cluster, as well as the advantages of the municipalities for the development of the suggested economy. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Application of the cluster analysis in Macedonian stock exchange shares trade”(Faculty of Economics-Skopje, 2008)Со овој труд сакаме да извршиме кластер анализа на акциите со кои се тргува на Македонската берза според нивниот принос, ризик и ликвидност. Вршиме тестирање на нормалноста на приносот на секоја од акциите и квантификација на наведените променливи, како најважни карактеристики на акциите. Ја користиме познатата мултиваријациона техника – анализа на групирање, изведена со статистичкиот софтвер МИНИТАБ со цел да дојдеме до хомогени групи на акции според наведените променливи. Откако ги добиваме групите, вршиме нивно опишување и класификација на акциите зависно од припадноста во одредена група. Конечните резултати ни даваат рангирање на акциите според нивниот квалитет, или таканаречени ”добри” акции и ”лоши” акции. За секоја акција имаме вредност која ни ја покажува ликвидноста, ризичноста и приносот на таа акција, со што секој успешно информиран инвеститор може да изврши селекција на хартиите од вредност и да оствари профит на берзата.