Arsov, Sasho

Preferred name

Arsov, Sasho

Official Name

Arsov, Sasho

Main Affiliation

sarsov@eccf.ukim.edu.mk

Now showing 1 - 10 of 21

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МЕНАЏЕРИТЕ НА МАКЕДОНСКИТЕ КОМПАНИИ И МАКСИМИЗАЦИЈАТА НА ВРЕДНОСТА КАКО НИВНА ЦЕЛ
(Eкономски факултет, УКИМ, Скопје, 2017-11)
Максимизацијата на вредноста на компанијата, што води кон зголемување на богатството на нејзините сопственици, денес е глобално прифатена како конечна цел на работењето на компаниите. Тоа важи како за акционерските друштва, така и за приватните компании, иако нивната вредност не е директно мерлива преку пазарот на капитал. Врз вака поставената цел се поставени најзначајните принципи на финансискиот и портфолио менаџментот. Во овој труд се испитува степенот на прифатеност на оваа цел и воопшто, односот кон благосостојбата на акционерите од страна на менаџерите на македонските котирани компании. Анализирани се интернет страниците на речиси сите котирани компании на Македонската берза, вкупно 101, и заклучоците упатуваат на тоа дека горенаведената цел речиси и не се споменува, а дека компаниите сѐ уште најмногу се фокусирани на традиционалните мерила на успешноста. Менаџерите многу ретко покажуваат интерес за цените на акциите на компаниите што ги водат и сѐ уште немаат развиено чувство за нивната директна одговорност кон акционерите. Таквата состојба отвора неколку прашања: применливост на принципите на финансискиот менаџмент, потенцијалот за развој на пазарот на капитал, како и рационалноста на инвестирањето во акции во такви услови.
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OBSERVATION OF STOCK PRICE SYNCHRONICITY IN CERTAIN EMERGING MARKETS
(2007-06)
The development of the capital markets in the former socialist countries has often been emphasized as one of the basic prerequisites for an intensified economic development. Although the level of activity in these markets has shown a dramatic increase during the last few years, the role these markets will play in the economic development of the respective economies will vastly depend on their efficiency, i.e. their ability to contribute to the optimal allocation of capital. This paper attempts to assess one aspect of the capital market efficiency, i.e. the extent to which the stock prices in these markets move independently of each other. The independent movements are considered to reflect the company-specific information, while the opposite situation, synchronous movements, are considered a sign of inefficiency as they do not convey information needed by the prospective investors to make optimal allocation decisions. This paper is based on some of the synchronicity measures developed in a paper published seven years ago and it attempts to extend the analysis over three other stock markets – those in Slovenia, Croatia and Macedonia, countries that emerged from the former Yugoslav federation. The calculation of the aforementioned measures for these markets and the results obtained place them somewhere between the markets in the developed countries and those of the emerging economies in the middle of the 1990s. Therefore, although one could reasonably expect that the study would give a significantly different picture, the relative ranking of the observed markets provides some basis for making conclusions, but also raises some questions regarding the applicability of the basic model.
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CAPITAL STRUCTURE IN EMERGING MARKETS: THE CASE OF SERBIAN JOINT-STOCK COMPANIES
(Institut ekonomskih nauka, Beograd, 2016-03)
This paper is an attempt to extend the empirical research on the capital structure theory to a post-transition economy and to determine if there are any factors that could be linked to the behaviour of the companies with respect to their selection of the sources of financing. The study is based on a sample of joint-stock companies, most frequently traded on the Belgrade Stock Exchange, and using their financial data for a period of 6 years, it applies a panel regression model. The regression results show that the leverage of the analysed companies is positively related to their size and inversly related to the tangibility of their assets, profitability and the effective corporate tax rate. Surprisingly, no relation has been found between the level of fixed-asset investments and the use of debt. These results do not give sufficient support for any of the capital structure theories, but the closest match is some form of a modified pecking order.
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Determinants of transparency and disclosure –evidence from post-transition economies
(Taylor and Francis, 2017-05)
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In this paper, we examine the patterns of behaviour of companies from former socialist countries related to the application of good corporate governance practices. We try to assess the level of transparency and to determine if there are any factors that systematically influence corporate behaviour in this regard. Using a sample of 145 companies from Croatia, Macedonia, Slovenia and Serbia, we apply Standard & Poor’s (S&P) methodology for assessment of transparency and disclosure levels and find that the companies in these countries generally lag in terms of transparency behind their peers worldwide as measured one decade ago. Additionally, using the same sample, we apply a regression analysis and conclude that the level of transparency is positively related to the size of the company and the need for external financing, but negatively to the concentration of ownership and we also observe important country effects. We do not find a statistically significant relationship between transparency and profitability and relate this finding with the prevailing attitude of the companies towards the stock market. Having in mind the different scores by country and by area of disclosure, we believe that there is still scope for improvement using proper advising and public policy measures.
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THE IMPACT OF THE CRISIS ON THE BALANCE OF PAYMENTS - THE CASE OF MACEDONIA (WHEN VULNERABILITIES COME TO THE FORE)
(2009-10)
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Mitrevska, Ana
The BoP position of the Republic of Macedonia is a textbook example of the reflection of the stages of a business cycle on the external sector of a small and open economy. The upswing and peak stages of the cycle were reflected in the increased amounts of FDIs and private transfers flowing into the country, the import induced by these investments and the higher personal and government consumption, as well as in the peak of the portfolio investments. The early signs of the recession were first felt by the reduction in exports and FDIs and the withdrawal of the foreign portfolio investors. After the initial shock in the current account, the deficit is beginning to take moderate levels as the import demand is slowing down. The major risk caused by these movements is the one related to the maintenance of the exchange rate at the fixed level. Although one may assume that the exchange rate adjustment is a proper tool to solve part of the large trade gap and alleviate BoP pressures, yet this is not straightforward. The cost-benefit analysis strongly suggests that any change in the exchange rate will pose much of a harm, than a benefit. This is particularly being supported by the previous research, which revealed the price elasticity of the Macedonian exports to be very low. Also, no study has found the exchange rate to be misaligned with the fundamentals, up to now, thus pinpointing the problem of structural, rather than price competiveness as an issue. The expectations are that the recovery in the BoP positions will not be fast and easy. Having in mind the structure of the Macedonian exports, one could reasonably expect that the impact of the higher world demand for metals will impact their prices and the value of the Macedonian exports of metals with a significant time lag. This creates an obligation for the Government to consider this issue with higher urgency and propose measures for restructuring the trade balance of the country which would help diminish this kind of vulnerabilities for the future.
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Determinants of capital structure: An empirical study of companies from selected post-transition economies
(Faculty of economics in Rijeka, Croatia, 2016-02)
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The goal of this paper is to examine if there are any determinants that systematically influence the capital structure of the companies in the Balkan countries and to determine if any of the existing capital structure theories are relevant in their case. We apply a panel regression on a sample consisting of the largest and most frequently traded joint-stock companies from four countries. The results show that the larger companies and those with higher fixed asset investments exhibit higher leverage, while the more profitable companies and those with more tangible assets use less debt financing. Other variables, such as the concentration of company ownership, the riskiness of its operating profits and the effective tax rates have not been found statistically significant. These results, supported by the robustness tests, have confirmed our expectation that the managers in these countries do not set specific target leverage ratios, but instead follow a particular order in the selection of the sources of financing. In other words, the companies behave in accordance with the pecking order theory, which is a confirmation of our initial hypothesis. The governments of these countries should put more effort on stimulating the use of other sources of financing to relieve the possible excessive company dependence on the banking sector.
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Интегрираноста на финансискиот систем на Република Македонија со меѓународниот финансиски систем
(МАНУ, 2008)
Vo delot na bankarskiot sistem, u~estvoto na stranskiot kapital dostigna 70% od vkupniot akcionerski kapital i toj kontrolira duri 85% od aktivata na makedonskite banki. Sepak, bankite prete`no se zanimavaat so tradicionalni bankarski operacii, taka {to duri 72% od nivnite izvori poteknuvaat od depoziti, a 51% od nivnite plasmani se vo forma na krediti. Plasmanite kaj stranski banki ne nadminuvaat 16% od aktivata na bankite, pri {to, golem del od niv se odnesuva na sredstva na tekovni smetki, t.e. sredstva za vr{ewe redovni transakcii vo me|unarodniot platen promet. Na stranata na izvorite, bankite se potpiraat na stranskite izvori vo procent koj ne nadminuva 8% od nivnata pasiva. Na pazarot na kapital, korelaciite me|u berzanskite indeksi potvrduvaat deka integracijata na makedonskiot pazar vo globalnite dvi`ewa se odviva i pobrzo otkolku {to o~ekuvavme. Istovremeno, slu~uvawata vo me|unarodnata ekonomija imaat neosporno vlijanie vrz prometot na makedonskiot pazar na kapital. Oscilaciite na ovoj pazar imaat seriozno vlijanie vrz cenata na kapitalot, investiciskite planovi na kompaniite, ponudata na kapital vo zemjata, a so toa i na nivoto na kamatnite stapki i dr. Makroekonomski gledano, pomalata atraktivnost na pazarot na kapital predizvikuva odliv na sredstva od portfolio vlo`uvawata, a so toa i vlo{uvawe na platnobilansnata pozicija i stabilnosta na devizniot kurs. Ottuka, makroekonomskata politika na zemjata vo dene{ni uslovi ne smee da gi zanemari ovie relacii i vrz taa osnova da gi gradi svoite idni odluki.
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ENVIRONMENTAL AND SOCIAL IMPACTS OF THE PROGRAMME “INTEGRAL DEVELOPMENT OF THE VARDAR VALLEY”
(2000-11)
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The programme for “Integral development of the Vardar Valley” is a complex and long prepared investment activity, aimed at a more intensive economic utilization of the area alongside the river Vardar and its tributaries. The programme consists of a number of projects which are located in the Vardar Valley and its basin, covering an area of about 80% of the country’s territory. The basic component of the programme is a construction of 16 hydroelectric power plants, whereas it involves many other activities, such as environmental protection of the water resources in the country, provision of drinking and sewerage water, flood protection, development of the tourism and the recreational amenities, river traffic development, land traffic improvement, etc. The paper deals with the most important environmental and social impacts expected to be brought about by the implementation of the programme. Namely, considering the significant interaction with the ecosystems, the implementation of the programme and its further operation will inevitably cause certain negative consequences upon the near environment. In the case of the social impacts, it is necessary to determine the consequences of the people’s resettlement, the destruction of some cultural amenities, etc. caused by the inundation of the land. Disregard for these impacts, and especially the activities necessary to reduce their consequences, might create a serious obstacle to the completion of the individual projects and the programme as a whole within the scheduled time and the planned resources.
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DIMINISHING INTER-LINKAGES OF THE SOUTH EAST EUROPEAN STOCK MARKETS
(Academy of Economic Studies in Bucharest, Romania, 2017)
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Gaber, Stevan
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Gaber naumoska, Vasilka
This paper investigates the level of relationship of the SEE stock markets in three analyzed periods: the pre-crisis, mid-crisis, and post-crisis period. We found that the relationships of the SEE markets with the benchmark developed markets, and among them, are not stable in the long-run. Using the VAR model, Granger cause causality, impulse response and variance decomposition, we came to the conclusion that while in the crisis period the SEE stock markets shows high interrelations among them and with the developed markets, the inter-linkages diminished after the crisis period. In the pre- and post-crisis period SEE markets have on average zero correlations, modest lead-lag interactions, small responses to other market shocks, and most of the variance is explained by their own shock. The opposite is true for the crisis period, when SEE markets have a significant adjusted effect, and each market responds to the impulses coming from most of the other markets. This suggests that in the period of instability and uncertainty SEE markets follow a common path, and in the calm periods with optimism and positive expectations the lead-lag relations of the SEE markets with the developed stock markets diminish.
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Финансиски менаџмент, 2-ро издание
(Економски факултет, УКИМ, Скопје, 2016)

Arsov, Sasho

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