Malchev, Bojan

Preferred name
Malchev, Bojan
Official Name
Malchev, Bojan
Main Affiliation
Email
bojan.malcev@eccf.ukim.edu.mk
Researcher ID
https://orcid.org/0000-0002-7657-3564

Settings

Now showing 1 - 10 of 30
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
    EXPLORING THE ROLE OF INTERNAL AUDITORS IN ESG ASSURANCE AND IMPACT ASSESSMENT: THE CASE OF THE REPUBLIC OF NORTH MACEDONIA
    (Ekonomski fakultet Univerziteta u Kragujevcu, 2023-06-17)
    ;
    Tocev, Todor
    ;
    ;
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent 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)
    ;
    ;
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent 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)
    Tocev, Todor
    ;
    ;
    <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>
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
    Shaping Market Perceptions: An Investigation into Macedonian Bank Stock Prices and their Drivers
    (Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, 2023-11-30)
    ;
    <jats:p>This research paper examines the effects of return on assets (ROA), earnings per share (EPS), and audit opinion as a control variable, on the stock prices of banks in North Macedonia. The primary aim of this research endeavor is to scrutinize the influence exerted by these financial metrics on the stock prices pertaining to banking institutions within the region of North Macedonia, while also endeavoring to ascertain the extent of said influence. To analyze this relationship, a linear multiple regression model is employed. Data were collected from the audited financial statements and annual reports of all 12 banks in North Macedonia over a ten-year period from 2012 to 2021. The research findings illustrate a notable statistical influence of audit opinions and earnings per share (EPS) on the stock valuations of banks within the North Macedonian context. To elucidate, the positive coefficient associated with the audit opinion variable signifies its discernible sway on stock prices. Likewise, the positive coefficient linked with the EPS variable highlights that augmented earnings per share correlate with an upswing in stock prices. However, it is important to note that when audit opinion is excluded from the model, the results change, and ROA shows a statistically significant impact on stock prices. This suggests that the inclusion of audit opinion as a control variable affects the relationship between ROA and stock prices. These findings imply that investors in the banking sector in North Macedonia consider audit opinion and EPS as crucial indicators of a bank's financial health, influencing their investment decisions. Maintaining a positive audit opinion and increasing EPS are important factors for boosting stock prices, which is valuable information for bank managers and investors. The recent changes in the audit report format, including the reporting of Key Audit Matters (KAM), have not yet been implemented in the domestic audit practice. As a result, auditors do not report on KAM, which may have influenced the research results differently. Also, the small sample size can be perceived as a limitation of the research. With only 12 banks in the Macedonian banking sector, the generalizability of the findings may be restricted. Future research could consider expanding the sample to enhance the representativeness of the study.</jats:p>
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent 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>
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent 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>
  • Loading...
    Thumbnail Image
    Some of the metrics are blocked by your 
    consent settings
    Item type:Publication,
    New challenges of the IFAC International Code of Ethics. The case of the Republic of North Macedonia
    (Research Council of the Accountants Association in Poland, 2021-07-02)
    ;
    <jats:p>Purpose: The main purpose of the paper is to provide empirical evidence on certified auditors’ perceptions in the Republic of North Macedonia (RNM) about the new IFAC International Code of Ethics for Professional Accountants. Methodology/approach: A survey was conducted by distributing a questionnaire to the certified auditors in RNM, and the answers were then analyzed. Findings: The results indicate that the observance of the Code of Ethics affects the quality of audit engagements in domestic practice. The majority of practitioners believe that the fundamental principles are sufficiently clearly elaborated and can provide an appropriate basis for ethical conduct. The principle of objectivity is most exposed to threats, while the most common threat is familiarity. Safeguards created by the profession, the law, and regulations are more effective in addressing threats. Finally, practitioners agree that the innovations brought by the new Code of Ethics represent a significant benefit to the auditors’ mission to preserve and strengthen their independence. Research implications/limitations: The research provides empirical evidence of ethical behavior in domestic audit practice, but no similar research has been done before to make a comparative analysis. Originality/value: This research is the first of this type in RNM and fills the research gap in the field of ethical behavior in the domestic audit practice. </jats:p>