Faculty of Economics
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Item type:Publication, FISCAL MULTIPLIERS – NEW KEYNESIAN VS NEOCLASSICAL PERSPECTIVE AND A POSSIBLE SYNTHESIS(Faculty of Economics, University of Nis, 2025-10); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Dynamics of Knowledge Growth in Business Intelligence and Analytics: A Bibliometric Investigation(2025-08); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, MANAGING PROGRESSIVE BUSINESS MODELS IN FUNCTION OF INCREASED ROLE-BASED ENGAGEMENT AND ACCOUNTABILITY, EMPIRICAL ANALYSIS OF JAPAN AND NORTH MACEDONIA(2024-06-21); Spasovska MonikaTheoretical Background The process of creating the concept of ‘human-centered management’ undoubtedly implies to the tendency for progressive and paradoxical modelling of 5 prevalent pillars to achieving the organizational quality, among which disruption resilience and agility constitute the key features of the contemporary paradoxical leaders. Latest tendencies of the WEF, which principally reflect the fundamental reset from the ‘Great Reset Initiative’ (WEF, January, 2021), towards ‘Navigating Global Challenges’, (WEF, January, 2024) is a prior indicator of paradoxical understanding of critical transformative challenges, aimed at increased commitment and accountability, reflecting on one hand the behavioral changes, alongside with empowerment and employee engagement, connected to the competitiveness changes, on the other hand. Purpose of study Fundamental purpose of this methodological-empirical study is placed at building up and validating, through designed Questionnaire, the mutual causality among pillars of organizational stability within the ‘human-centered management’, specifically disruption resilience and agility, with the critical behavioral employee orientations, particularly with the accountability and effective employee engagement, both of them tested within the process of managing ‘progressive business models’. In this context, corrective variables in the modelling phase would be paradoxical implications of disruptive innovations, focused on establishing the social concept of ‘responsible enterprise’. Research method Principal research hypothesis in this scientific-research paper is determined as: Identifying and measuring the degree of causality between human-centered management pillars in relation to behavioral and competitive changes, through socially responsible behavior. Designed Questionnaire would be applied to representative sample of 50 SME’s, 25 from Japan and North Macedonia, which would be subject to holistic qualitative analyzes.Findings Expected findings from this scientific-research paper are identified as: • Progressive identifying, analyzing, validating and modelling of contemporary, critical- to-quality organizational pillars, with the research focus on representative sample of 50 Macedonian and Japanese businesses, at paradoxical harmonization of behavioral and competitive changes, i.e.: 1) commitment and accountability, as well as, 2) empowerment and employee engagement. • Developing a pathway for a holistic, transformative and integrated application of progressive business models, for dynamic understanding of the milestone of advanced excellence, i.e. the focus of the managers as leaders of changes. Theoretical Contribution The prevalent impornatce and applicability of the Cabality Management Development Process (Beaulieu & LeBlanc, 2012), would be analyzed within the fundamental determinants of advanced managing of progressive business models (O’Higgins Eleanor & Laszlo Zsolnai Ed., 2018), particularly from the view-point of socially responsible actions and sustainable development models. It would encounter our immense scientific-research focus, the process of identifying the comparability of empirical research findings out of advanced Japanese businesses with the tendencies arising within the EU, in order to detail the intended managerial steps for a proper and vivid managing in times of dynamic paradoxes in North Macedonia. Practical Implications Applicative importance of the entire empirical reseach analyses within this paper would lead to the following expected practical implications: • Statistically developed and sustained research findings, from methodological and empirical point of view, which leads to an accomodated, inter-related and integrated modalities of behavioaral and competitive changes, • Clearing-up the mutual dependence among capability-based management model in comparison with the socially-responsible model for managing sustainable and pro- active businesses. References 1. Cronin J. Mary, Dearing C. Tiziana Editors (2017), Managing for Social Impact: Innovations in Responsible Enterprises, Springer International Publ. AG, Switzerland 2. Lepeley Maria-Teresa (2017), Human Centered Management: 5 Pillars of Organizational Quality and Global Sustainability, Greenleaf Publishing Limited, UK, 3. O’Higgins Eleanor & Laszlo Zsolnai Ed. (2018), Progressive Business Models: Creating Sustainable and Pro-social Enterprise, Palgrave Studies in Sustainable Business in Association with Future Earth, 4. Young F. Stephen, Lisa A. Steelman, Matthew D. Pita & James Gallo (2020), Role- based engagement: scale development and validation, Journal of Management & Organization, pp. 1 – 21 etc. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Employee Engagement and Competitiveness: Some Preliminary Analysis and Insights(Slovenian Academy of Management [Društvo slovenska akademija za management], 2024-06-20)Theoretical background and purpose of the study: Employee engagement is a construct that has been widely investigated from the organizational sciences perspective in the past few decades. Employee engagement is a contrast that incorporates the employees’ dedication and involvement in their job and in the fulfilment of the job-related roles. Numerous authors have attempted to define employee engagement and to elaborate all the concepts of the concept (Khan, 1990; Maslach and Later, 1997; Beker and Demerouti, 2007; Bailey, 2016). Additionally, significant number of studies focus on the investigation of the antecedents and the consequences of employee engagement mostly from the management perspective (such as: Saks, 2006; Saks, 2019; Robinson, 2007; Zeng et al., 2020, Govender and Busin, 2020; Aisa et al., 2023). However, dome of the research efforts in the past decade are highlighting the importance of employee engagement for introducing new concepts of human resource management and for enhancing the overall organizational performance (Saks, 2022; Gruman and Saks, 2011). Namely, Gruman and Saks (2011) elaborate the importance of employee engagement for overall organizational effectiveness and introduce the model of the form of performance management called the engagement management model. Although the relation between human resource management or to be more precise the strategic human resource management and competitiveness has been thoroughly investigated, there seems to exist a gap in the research regarding the relation of employee engagement with the overall national competitiveness and growth. However, recently some authors have analyzed the relation between human resource practices and competitiveness, relying on the endogenous growth theory assumptions (Sheran et al., 2013). Nonetheless, most of the studies on antecedents and consequences of employee engagement focus only on the organizational preconditions for increasing employee engagement and the organizational consequences. Considering the identified gap in the literature and the existing research on the association between human resource practices, on the one side, and employee engagement and innovation (Sheran et al., 2013) and competitiveness (Albrecht et al., 2015), on the other side, conducting research on the relationship between employee engagement on a country level and the variables related to the level of labor utilization and countries competitiveness should be considered. Methods: To investigate the relationship between employee engagement on national level and countries labor utilization and countries competitiveness, a correlation analysis was conducted. The data on employee engagement was gathered from the Gallup research on employee engagement by country in the period 2019-2022. Regarding the variables labor utilization, average hours worked per person employed and gross national income per hour worked (presented in USD, current prices) data from the OECD dataset were used. Regarding the countries competitiveness the rankings by the IMD World competitiveness center were used. In total data for 63 countries for the period between 2019 and 2022 were gathered. The total number of observations varied between 136 and 247. Findings: The results from the analysis indicate that the percentage of engaged employees is statistically significantly corelated with labor utilization, average hours worked per person employed, gross national product per hour worked and countries competitiveness ranking. The Pearson correlation between the percentage of engaged employees and labor utilization (hours worked per head of population) is statistically weaker (it is significant at the 0.05 level), while the other three correlations are statistically significant at level 0.01. Furthermore, Kendall's tau_b and Spearman's rho coefficients between the percentage of engaged employees, on the one hand, and labor utilization, average hours worked per person employed, GNP per hours worked and countries competitiveness ranking, on the other hand, are statistically significant at level 0.01. Limitations and further research: Although the correlations indicate the existence of certain associations between the analyzed variables, we must take into consideration the limitations of these methods. These findings only suggest the existence of certain associations that should be further investigated. In future research the analysis of the nature of the association between employee’s engagement and countries’ competitiveness (measured by countries’ ranking or by countries’ competitiveness index) should be deepened. Namely, future research should focus on investigating whether countries’ competitiveness can be analyzed as a predictor or as a consequence of employee engagement levels. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Nonlinear Inferences on European Banking Resilience in Operating Efficiency and Riskiness Around the Financial Crisis(EURO, 2024-07) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Croatian Universities Under the Microscope: Who Leads, Who Lags, and Why?(EURO, 2024-07) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Analyzing the Snowball Effect on Public Debt Dynamics and Its Determinants - the case of North Macedonia(2024-06-06); ; Hristovski, GoranMaintaining healthy public finances is crucial for ensuring financial stability and fostering economic growth. Recent economic research has increasingly focused on debt sustainability, particularly in the aftermath of the global financial crisis of 2008, the COVID-19 pandemic, and the war in Ukraine. This study investigates the dynamics of public debt in North Macedonia over the past two decades and the underlying factors influencing the significant shifts in debt dynamics. In 2008, Macedonia's public debt reached a historical low of 23% of GDP. However, over the next eight years, the debt doubled, reaching 46% of GDP by 2016. The COVID-19 pandemic further exacerbated the situation and combined with the energy crisis intensified by the war in Ukraine, Macedonia's public debt soared to a historical high of 62.1% of GDP in 2023. In particular, the study aims to identify and analyze the primary drivers of Macedonian public debt dynamics from 2002 to 2023 with main focus on three key factors: the primary budget balance, the interest-growth differential, and stock-flow adjustments. Special attention is given to the interest-growth differential, commonly known as the snowball effect, which plays a critical role in public debt sustainability. The snowball effect suggests that a debt ratio tends to decline (or rise) when the GDP growth rate is higher (or lower) than the interest rate on government debt, even with a zero primary budget balance. In the recent period, sluggish economic growth, due to declining external demand and rising food and energy prices, coupled with rising interest rates, triggered a detrimental snowball effect that posed significant challenges for public debt sustainability. Therefore, in addition to better understand the snowball effect, the Ordinary Least Squares (OLS) method is utilized. This analysis examines how different macroeconomic variables (as foreign direct investment, trade openness, unemployment, etc.,) and institutional factors (government effectiveness and corruption) influence debt dynamic. The findings point out the critical role of the interest-growth differential in public debt sustainability over the analyzed period. Given the current economic conditions characterized by low GDP growth and high-interest rates, North Macedonia faces significant challenges in managing its public debt. The study also provides policy recommendations to enhance fiscal discipline, stimulate economic growth, and improve institutional frameworks to mitigate the adverse effects of the snowball effect on public debt. - 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, Mapping the research landscape of DEA in higher education: a bibliometric analysis(University of Surrey, 2023-09); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Квантитативна анализа за бизнис и економија (Моделски пристап со табеларни пресметки и софтвери)(Stobi Trejd DOOEL, 2022)