Faculty of Economics
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Item type:Publication, How Do Firms Respond to Minimum Wage Increases in Macedonia?(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Empirical Determinants of Innovation in European Countries: Firm-level Analysis Based on CIS 2018(Cambridge University Press (CUP), 2024-06); Stojkoski, ViktorThis study examines the role of perceptions about environmental regulations and their influence on the innovative performance and productivity of firms in Germany, Southern Europe, and Central and Eastern Europe. Utilizing the CDM model for innovative performance and data stemming from the Community Innovation Survey (CIS), we explore the alignment with the Porter hypothesis, which posits that well-designed environmental regulations can stimulate technological innovation and enhance market competitiveness. Our findings present a mixed view: in Germany, positive perceptions about environmental regulations correlate with the initiation of innovation activities, contributing to an increase in labour productivity. This supports the Porter hypothesis, evidencing that regulations can lead to beneficial ‘innovation offsets’ such as reduced resource use and pollution. Conversely, in Southern Europe and Central and Eastern Europe, the perceptions about these regulations on innovation activities are insignificant, with no considerable correlation observed between perceptions about environmental regulations and innovation output. Our findings are crucial for policymakers, environmental regulators, and business leaders aiming to leverage environmental regulations to boost innovation and competitiveness within their regions. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Trade Intensity in Digitally Delivered Services and Economic Complexity(2024-12); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Multidimensional Economic Complexity and Fiscal Crises(2024-07-12); In the last two decades, numerous fiscal crises have profoundly affected the trajectories of many nations. Yet, the susceptibility to such crises has not been uniform across countries: with many reaching different levels of severity and frequency of fiscal disruptions (Medas et al., 2018; Petrova et al., 2011). Understanding the varied factors that contribute to fiscal resilience is crucial for guiding policy interventions. In this context, a growing body of research suggests that the economic complexity of a country plays an important role in its stability and resilience. Economic complexity, assessed through methods that analyze the geographic distribution of economic activities, serves as an indicator of a nation's productive structure (Balland et al., 2022; Hausmann et al., 2014; Hidalgo, 2021; Hidalgo and Hausmann, 2009). This structure captures multiple economic, social, and environmental factors that should be critical for an economy's stability and its ability to withstand fiscal shocks. Indeed, countries with higher complexities have been found to be less fragile to fiscal crises (Gomez-Gonzalez et al., 2023b), have lower volatility in economic growth (Güneri and Yalta, 2021; Maggioni et al., 2016), have lower inflation (Al Marhubi, 2021), and lower sovereign yield spread (Gomez-Gonzalez et al., 2023a; Özmen, 2019). But all the research on the ability of economic complexity to explain fiscal outcomes comes from using international trade data (Hausmann et al., 2014). While trade data has been the standard in international comparisons of productive structure, a more recent approach suggests a multidimensional method to economic complexity (Stojkoski et al., 2023). The idea behind this approach is that relying solely on trade data can obscure vital aspects of an economy’s structure, particularly in innovative activities such as technological production and research output. By integrating data on these activities, the multidimensional approach captures a fuller spectrum of activities, thereby providing a more accurate assessment of the complexity of a country and its impact on economic outcomes. Here, we explore the role of multidimensional economic complexity, captured through two dimension: trade and research1, on the likelihood of a country to mitigate a fiscal crisis. By utilizing hazard duration analysis and a comprehensive dataset covering 131 countries and over 230 fiscal crisis episodes from 1995 to 2021, we find evidence that multidimensional economic complexity significantly reduces the probability of experiencing a financial crisis. Namely, our analysis suggests that the individual dimensions of trade and research alone are not robustly related with the likelihood of a country to experience a fiscal crisis (see Table 1, columns 1-3, 6-8). In contrast, it is their interaction that has the largest explanatory power: countries that score highly in both the trade and research dimension have the lowest chance to have a fiscal crisis (Table 1, columns 4-5). Interestingly, we also find that having a developed economy in one dimension actually has a positive impact on the chance for a fiscal crisis. This could be potentially a result of neglecting other dimensions – a robust economy should be complex in multiple dimensions. These results are statistically robust when including additional controls that may affect the chance of a fiscal crisis: the regulatory quality of the country, the interest expenses as a % of GDP, the real GDP growth, and the rule of law. Our findings underscore the importance of the multidimensional approach to economic complexity in structural resilience and safeguarding against fiscal instability. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, A Pooled Overview of the European National Innovation Systems Through the Lenses of the Community Innovation Survey(Springer, 2023-03-23); ; ; ; Jolakoski PetarIn this paper, we perform a detailed pooled cross-sectional analysis on the innovation performance in nine European countries by using data stemming from the Community Innovation Survey. The temporal dimension of our dataset includes three waves of CIS surveys from 2008 until 2014. As such, it allows us to evaluate the changes in the innovation processes within the countries in a more profound way. Our findings suggest that there are no significant differences among the countries regarding the firms’ determinants to enter the innovation process. However, the effect of innovation output over labor productivity varies among economies: there is a positive relationship in the more developed economies compared to a negative or neutral relationship in the less developed. We use these results to speculate that the national innovation system in developing economies becomes more vulnerable in periods of the financial crisis. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, EMPIRICAL DETERMINANTS OF INNOVATION IN EUROPEAN COUNTRIES: TESTING THE PORTER`S HYPOTHESIS(Faculty of Economics & Business Zagreb University of Zagreb, 2023); ; ; ; This paper is continuous research on the relationship between innovation and productivity (Tevdovski et al. 2017, Toshevska-Trpchevska et al. 2019; Disoska et al. 2020; Toshevska- Trpchevska et al. 2020, Disoska, 2023). However, this paper tries to go further and capture the impact of environmental regulation (among other determinants), on the innovation firms’ behaviour in Europe. The main goal of this paper is to test the Porter hypothesis, which suggests that well-designed environmental regulation can trigger firms` technological innovation that helps gain commercial competitiveness (Porter and van der Linde, 1995). Many papers (Jaffe and Palmer, 1997 and Jaffe and al.,1995) support the hypothesis explaining that innovation in pollution-saving technology induces savings in energy, and therefore cost that can offset the cost of complying with them. Nonetheless, the effect varies depending on the sector affected and can be negative in some cases (Kozluk and Zipperer, 2013). In this paper, we try to compare the impact of environmental regulation on innovation and productivity, in different group settings. We use the analytical framework of the CDM model (the acronym of the three authors’ names, Crépon, Duguet and Mairesse, 1998). The model consists of two general stages, and each of them can be divided into two sub-stages. In the first general stage, we estimate the factors that drive firms’ decisions to innovate, as well as innovation investment, using a Heckman correction model. In the second stage, we perform the three-stage least squares (3SLS) methodology to simultaneously estimate the innovation output and the productivity of the firm. This four stages model has led us to gradually observe the determinants of the 14 innovation process and their influence over increasing labor productivity in different institutional settings. The data for the econometric model on firm-level data was taken from the Community Innovation Survey (CIS). The CISs represent harmonized surveys aimed at collecting microdata on innovation activities conducted in 2 years from firms belonging to countries that are part of the Eurostat network. In this analysis, we utilize one wave of the CIS survey, namely CIS18 (conducted between 2016 and 2018). We are exploring the impact of innovation on productivity in the observed EU member countries. Furthermore, we would like to see whether there is a positive influence of environmental regulation on the decision to innovate, innovation output, and productivity. The countries are divided into two groups of EU countries – South Europe and Central Eastern Europe and we compare their performances with Germany. The countries representing South Europe are: Greece, Spain and Portugal and countries from Central Eastern Europe included in the analysis are Bulgaria, Czech Republic, Estonia, Croatia, Hungary, Lithuania, Latvia, Romania and Slovakia. The research questions are: 1. How environmental regulation affects the decision to innovate, innovation output, and productivity in different group settings? Is there a significant difference between South and Central Eastern European counties compared to Germany? 2. Does a lower level of innovation in South Europe and Central and Eastern Europe associated with lower environmental awareness among the population or a higher energy intensity in the economy (compared to Germany)? 3. Is Porter’s hypothesis valid in Central and Eastern Europe countries and in South Europe? From the theoretical point of view, we link theory regarding the validity of Porter’s hypothesis and firms’ environmental awareness in two institutional settings. From the practical perspective, we provide practical policy implications. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Determinants of budget deficits: The effects of the COVID-19 crisis(National Library of Serbia, 2022); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Firm Profits and Government Activity: An Empirical Investigation(The Institute of Economics, Zagreb, 2022-06-15); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Identifying complementary relationship between different types of innovation in certain European countries after the crisis: Evidence from CIS 2012”(Faculty of Economics and Business Administration, West University of Temisoara, West University Press, Temisoara, 2021); ; ; The main focus of this paper is to explore the relationship between four types of innovation: new to market innovation (product innovation), new to firm innovation (product innovation), process and organizational innovation. This paper is among the first to investigate simultaneously the complementarities between technological (product and process innovation) and organizational (process or product and organization) innovations on cross-sectional samples for two group of countries: Central and Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Romania, Slovakia and Slovenia) and Western European countries (Germany, Spain, Norway and Portugal) The paper employs the methodology developed in Athey and Stern (1998) and utilized in Mohnen and Roller (2005) and Doran (2012) in order to estimate the relationship between different types of innovation in the productivity of a firm. The data is derived from the Community Innovation Survey - CIS2012. The results for the CEE group of countries have shown that for the companies operating on that market we cannot confirm any kind of complementarity among the different types of innovation analyzed. As for the situation of the companies operating on the Western European market we found complementary relationship among organizational and process innovation, but not for organizational and product innovation (new to market and new to firm innovation) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Differences in the Impact of Innovation Relationships on Firms’ Productivity: Evidence from CIS 2014”(Taylor & Francis online, 2022); ; ; In this paper we explore the complementarity and substitutability relationships between different innovation activities (firm, market, organizational and process innovations) by utilizing cross-sectional data taken from the Community Innovation Survey - CIS2014 for two groups of countries: Central and Eastern Europe and Western European countries. Our findings suggest that the relations between different innovation pairs have a substitute nature. We rationalize our results by conducting a robustness analysis for each country separately and we discovered a wide range of different complementary relationships. These relationships are dependent on the underlying country that is subject of the analysis.