Faculty of Economics
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Item type:Publication, Mapping the Evolution of Financial Statement Analysis: A Comprehensive Bibliometric Review(The Institute of Economics, Zagreb, 2026-01-30); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, TRACING THE EVOLUTION OF FORENSIC ACCOUNTING AND FRAUD RESEARCH: A QUANTITATIVE LITERATURE REVIEW(Univerzitet u Beogradu, Ekonomski fakultet, 2025-10); ; This study offers a thorough bibliometric review of the academic literature on forensic accounting and fraud examination. Its goal is to trace the field's development, identify its key contributions, and highlight emerging trends. A dataset of 979 peer-reviewed publications related to forensic accounting and fraud was collected from Scopus (as of May 31, 2025). Using a transparent selection process, including a PRISMA flow protocol, along with bibliometric techniques, we examined publication patterns, citation impact, co-authorship networks, and keyword co-occurrence to understand the intellectual structure of the field. The analysis shows significant growth in forensic accounting research over the last twenty years, coinciding with rising global awareness of financial fraud. The results highlight a core set of highly cited works and influential authors that have shaped the development of the field, especially in fraud theory, risk assessment, and detection methods. Network visualizations of keyword co-occurrence identify established central themes—such as fraud detection, financial statement fraud, and auditing—and emerging topics like digital forensic analytics and the role of forensic accounting in governance and sustainability. The findings demonstrate that forensic accounting has matured into a distinct academic discipline within accounting, with an expanding scope and international influence. This bibliometric review provides an objective, data-driven synthesis of the literature, offering insights into how the field has evolved and where it is heading. It lays the groundwork for researchers and practitioners to understand current research directions and to identify future paths in the ongoing effort to combat fraud. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Quantifying FDI’s Effects on GDP and Unemployment: Evidence from North Macedonia(Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, 2025-12-20); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Quantifying FDI’s Effects on GDP and Unemployment: Evidence from North Macedonia(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12); ; This paper examines the impact of foreign direct investment (FDI) on economic growth and unemployment in North Macedonia over the period 2014–2023. North Macedonia, a small post-transition economy with historically high unemployment, has actively pursued FDI as a development strategy. Using annual data and econometric analysis (stationarity tests, Pearson correlations, and OLS regressions in SPSS), we test four hypotheses about FDI’s relationship with GDP growth and unemployment. The results indicate a strong positive association between FDI inflows and real GDP growth and a significant negative association between FDI and the unemployment rate. In particular, higher FDI is correlated with faster GDP growth and lower unemployment, supporting the view that FDI can be a catalyst for economic development. Regression analysis further suggests that FDI has a statistically significant positive effect on GDP growth and a negative effect on unemployment, even when accounting for the growth-employment link. These findings confirm the optimistic hypothesis that FDI inflows drive macroeconomic improvements in North Macedonia. However, complementary factors (institutional quality, human capital) are crucial for maximizing FDI benefits. The paper concludes with policy implications, emphasizing the need to attract quality FDI and strengthen domestic absorptive capacities to ensure sustainable growth and job creation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, STATE AUDITORS’ PERCEPTIONS AND PRACTICES: AN INSIGHT INTO FRAUD DETECTION IN THE REPUBLIC OF NORTH MACEDONIA(Univerzitet u Beogradu, Ekonomski fakultet, 2024-06); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, LIQUIDITY AS A HARBINGER OF PROFITABILITY: A CROSS REGIONAL STUDY BETWEEN EU AND SEEC COMPANIES(University of Sarajevo, School of Economics and Business, 2024-10-18); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Informing Policy and Strategy: The Nexus of Macroeconomic Indicators and Financial Metrics in North Macedonia(Publishing India Group, 2024); ; <jats:p>This study employs machine learning and exponential smoothing techniques in Power BI to analyse the relationship between financial indicators and macroeconomic variables in North Macedonia. By rigorously examining correlations and forecasting tools for exponential smoothing, it uncovers a significant relationship between unemployment rates and the financial performance of banks. Positive correlations indicate that higher unemployment rates strengthen banks’ financial resilience, while negative correlations highlight challenges during periods of elevated unemployment. Furthermore, it identifies key influencers affecting the unemployment rate, enhancing forecasting insights. The paper forecasts North Macedonia’s average annual unemployment rate for 2022-2026, complete with a 95% confidence interval. These forecasts empower policymakers, researchers, and stakeholders with precise economic navigation tools. This research is vital for informed decision-making and strategic planning, benefiting policymakers, investors, and financial institutions. It also calls for deeper exploration of macroeconomic and financial metric relationships, promising improved forecasting and decision-making capabilities.</jats:p> - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Holistic Performance Assessment: Research on the Relationship between Sustainability Reporting and Financial Performance of MBI10 Companies in R. N. Macedonia(National and University Library of the Republic of Srpska, 2024-07-26); <jats:p>The complex interaction between sustainability indicators and financial performance shapes a company's resilience and long-term value creation, guiding the path toward a sustainable future in the global business world. This paper attempts to explore the relationship between sustainability reporting, measured through the ESG index (ESGIn), and the financial performance (FP) of high-ranked companies listed on the Macedonian Stock Exchange and part of the MBI10 Index. Through the analysis of ten high-ranked companies, including five banks and five companies from the real business sector, over a period of 11 years (2013-2023), the research reveals intriguing insights into the complex relationship between sustainability efforts and financial success. When analyzing the entire sample, no significant correlation between ESGIn and FP was generally observed, except for a moderately positive correlation between ESGIn and the ROE indicator. Additional sector-specific analyses reveal different patterns in the sectors. In the case of companies from the real business sector, there is a moderate positive correlation between ESGIn and the ROA and ROE indicators, while in the financial sector (banks) there is a weak positive correlation between ESGIn and the ROA and ROE indicators and a weak negative correlation between ESGIn and YPS. The analysis did not reveal a correlation between ESGIn and EPS. These results have implications for strategic decision-making in the Macedonian market and beyond, highlighting the need for tailored approaches to effectively integrate sustainability practices. The study contributes to the ongoing dialogue on the relationship between sustainability indicators and FP, providing a basis for further research and practical applications.</jats:p> - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Intellectual capital: A key driver of financial performance in the Macedonian banking industry(Bucharest University of Economic Studies, 2024-03-30); ; <jats:p>Research Question: How does intellectual capital, measured by the Value Added Intellectual Coefficient (VAIC) and its components, influence the financial performance of banks in North Macedonia? Motivation: In the evolving landscape of the banking sector, understanding the impact of intellectual capital on financial performance is crucial. This study builds upon existing research (Appuhami, 2007; Ozkan et al., 2017; Joshi et al., 2013) to explore this relationship in the specific context of North Macedonia. It addresses the research gap by using the VAIC model to quantify intellectual capital and examines its effect on Return on Assets (ROA) and Return on Equity (ROE). Idea: The research employs linear regression models to analyze the effect of intellectual capital, as measured by VAIC and its components, on the financial performance indicators ROA and ROE in Macedonian banks. Data: The study analyzes a decade of data (2012-2021) from ten Macedonian banks, using the VAIC model to measure intellectual capital. Tools: The study utilizes linear regression analyses with the Statistical Package for the Social Sciences (SPSS) to examine the relationship between intellectual capital and financial performance. Findings: The study finds a significant and positive impact of VAIC and its components on both ROA and ROE. These results underscore the importance of intellectual capital in enhancing financial performance in the banking sector. Notably, the study reveals a high average VAIC value among Macedonian banks, indicating their substantial intellectual capability. Contribution: This research adds to the literature by elucidating the relationship between intellectual capital, measured through VAIC, and financial performance in the banking sector of North Macedonia.</jats:p> - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Preparing for the Future: Interdisciplinary Approaches in Internal Auditing Education(2024-12); ; ;