Now showing 1 - 10 of 50
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    Item type:Publication,
    “Twostep cluster analysis: Segmentation of the largest companies in Macedonia”
    (Faculty of Economics and Business Administration, University of Szeged, 2009)
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    One of the important procedures for segmentation and classification of the largest Macedonian companies is twostep cluster analysis. This clustering method is very efficient in classification of large data sets, has the ability to create groups using categorical and continuous variables and it is provided with automatic selection of number of clusters. These are all advantages of twostep analysis compared to the traditional clustering methods. The goal of this paper is to present valuable application of the twostep cluster analysis in segmentation of the Macedonian companies. Every year, the Central Register of Republic of Macedonia and Euro Business Centre - Macedonia present a publication that reveals the 200 largest and most successful companies in Macedonia. In order to reveal the structure of the Macedonian companies, twostep cluster analysis is performed using the following continuous variables: total revenue in 2007, total revenue in 2006, earnings before taxes in 2007, revenue growth rate 2007/2006 and number of employees. Also, one categorical variable is included, type of industry. The analysis successfully manages to create solution of four clusters or four different types of companies on the Macedonian market. The first type represents the most successful companies with significantly high revenues, earnings and stabile growth. These companies come from industries such as communications, electricity and manufacturing, and provide significant employment of the work force. The second type represents companies with relatively smaller revenues and earnings compared to the first type, but yet higher than the country’s average. These are all manufacturing companies with steady growth. The third group has slightly smaller revenues and earnings than the second group, but the difference is that this group represents companies with high revenue growth rate, representing developing companies with significant potential. These are companies that mostly provide services, companies that provide telecommunication and transport, and also few companies from other industries. The last group represents the smallest companies from the analyzed 200 largest companies, having the smallest revenues, earnings and number of employees. These companies will develop further, but with much smaller rate than the companies in the third group. These are all companies that deal with retail and wholesale trade. These findings are useful because mainly they provide the general structure of the largest Macedonian companies. For the potential foreign investors this analysis is an insight to the most lucrative industries in the country. For the government, the presented results give information about which industries dominate in the most successful companies, in order to invest in their development through infrastructure, university education, tax relief and deduction of other expenditures.
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    Item type:Publication,
    “Applied discriminant analysis in estimation of potential EU members”
    (University of Craiova, Faculty of Economics and Business Administration, 2010)
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    The purpose of this research paper is to reveal which European countries are most suitable for EU membership using the multivariate method discriminant analysis. Discriminant analysis is useful for building a model for separation of group membership based on observed characteristics of each country. This analysis is used to model the value of a dependent categorical variable EU membership based on its relationship to seven predictors as important variables for EU integration. Final results confirm that all EU countries are correctly classified as members of the EU. On the other side, Croatia, Norway, Serbia, Switzerland, Turkey and Ukraine are non EU members, and according to the results, they should be part of the EU. Since Norway and Switzerland are not part of the EU due to non-economic reasons, the analysis points out Croatia, Serbia, Turkey and Ukraine as most suitable candidates for integration in the EU.
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    Item type:Publication,
    Дали се уште постојат календарските аномалии на приносите на МБИ10 индексот?
    (Економски факултет - Скопје, 2015)
    Целта на овој труд е да утврди дали постои прекршување на хипотезата за случаен од и да го испита постоењето на три календарски аномалии на дневните приноси на МБИ10 индексот: ефектот на денот на неделата, ефектот на половина месец и ефектот на преодот во месецот. Посебно се испитува постоењето на секој од овие ефекти во средината и волатилноста на приносите на индексот. Стандардни регресиони модели со вештачки променливи се користат при утврдување на ефектите во средината, додека GARCH(1,1) модели со вештачки променливи се користат при утврдување на ефектите во волатилноста. Резултатите покажуваат дека дневните приноси на МБИ10 индексот се карактеризираат со силно присуство на ефектот на денот во неделата, додека кај волатилноста на индексот ефектот на денот во неделата е само умерено присутен. Ефектот на половина месец и ефектот на преодот во месецот не е присутен кај дненвните приноси на МБИ10. Спротивно на ова, волатилноста на индексот се карактеризира со силно присуство на ефектот на поливина месец, а умерено присуство на ефектот на преодот во месецот.
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    Evidence of innovation performance in the period of economic recovery in Europe
    (Taylor and Francis Group, 2018)
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    Stojkoski, Viktor
    This paper provides empirical evidence on the innovation performance in the European countries in the years of recovery from the global economic and financial crisis by using the CDM model of simultaneous equations. The model directly links R&D engagement and intensity to innovation outcomes measured either as process or as product innovation, and then estimates the effectiveness of the innovative efforts leading to productivity gains. The difference between the drivers of innovation systems and its influence over the productivity growth is analyzed between two different institutional settings in Europe. For that purpose a company-level dataset is used from the 2012 round of the Comunity Innovation Survey. Тhe results indicated that the recent financial crisis had negative influence on the companies’ willingness to innovate. The effect of the crisis led to further divergence in the innovation systems of these two institutional settings. Identifying the characteristics of the innovation systems and drivers of innovation during the turmoil shows that policy instruments on EU level should be oriented towards creation of competitive business environment, encouragement to adopt the best management techniques and organizational structures and improvement of well-functioning capital, product and labor markets.
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    Item type:Publication,
    Decent Work Diagnostics for a Western Balkan Country Stuck in the Neo-liberal Doctrine: The Case of the Republic of Macedonia
    (Global Labour University, the International Center for Development and Decent Work (ICDD), the Penn State Center for Global Workers’ Rights, and the Society, Work and Development Institute, 2015)
    The paper proposes a strategy of ‘decent work diagnostics’ for finding out the policy priorities for a country with poor decent work conditions. It is aimed at identifying the most binding constraints on decent work, and setting policies that will target these constraints. The strategy provides a focus on the policies necessary for a country to progressively achieve decent work while at the same time stopping policy makers from using a ‘laundry-list’ approach, which typifies neo-liberal policies. This methodology is applied to a country from the Western Balkans – the Republic of Macedonia – and it is shown that the country’s economic governance strongly resists the implementation of the decent work agenda. The key policy priorities should be oriented towards addressing income inequality and political patronage.
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    Item type:Publication,
    “The organizational learning culture and organizational performance in Macedonian companies”
    (Inderscience Publishers, 2011)
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    Cerne, Matej
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    Dimovski, Vlado
    The purpose of the paper is to construct, present and test a model that describes the effect of organisational learning culture on organisational performance improvement. To this end, we use data of 202 Macedonian companies and empirically test the model via structural equation modelling. We found that organisational learning culture has a direct and relatively strong impact on non-financial performance from the employee, customer and supplier perspective. A direct but relatively smaller effect can be noticed on the financial performance. Managers need to be aware that such norms and values that ascribe high importance to information acquisition, distribution and interpretation need to be developed in order to achieve higher levels of organisational performance. The paper contributes to the generalisation of a research model previously tested in more-developed economies based on the data gathered in Macedonia, a developing country in transition.
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    Income Inequality in Macedonia: Mechanisms and Solutions
    (Center for Economic Analysis, 2015-12)
    The rising income inequalities are one of the most important structural reasons of the global economic crisis. We focus on the income inequality in the country with highest Gini coefficient in Europe – Republic of Macedonia. We argue that there are two main drivers of income inequality in the country: installed neo-liberalism and political patronage system. Neo-liberalism is used as a tool to remove the legislative protection of the workers, to maintain the wages on the miserable low level and to block the redistribution of income from the elites towards the others in the society. The completely opposite system of political patronage and populism is used as a tool of governance. It is based on state related benefits targeted to different groups of citizens and designed to be distributed in small portions and in turns in order to gradually increase the serfdom of the majority of the population from the elites. As a result, the country currently has the highest income inequality in Europe, accompanied by increase of poverty. The article concludes with suggestion of five directions for policy reforms.
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    Улогата на производствената структура во економскиот раст на државите од Југоисточна и Централна Европа
    (Економски факултет - Скопје, 2018)
    Стојкоски, Виктор
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    Индексот на економска комплексност е создаден преку анализа на врските помеѓу државите и производите кои ги извезуваат. Претставен на овој начин, тој ја дефинира основата за теоријата на економска комплексност која го рефлектира знаењето содржано во производствената структура на една економија. Токму знаењето е во сржта на ендогената теорија за економски раст. Досега, сите трудови кои економетриски ја анализираат врската помеѓу економската комплексност и растот користат техники во кои сите држави се вреднуваат еднакво. Меѓутоа, државите се хетерогени – имаат свои карактеристики кои директно ја охрабруваат комплексноста и се во тесна врска со растот. Поради тоа, во овој труд анализата е свртена кон еден регион – Југоисточна и Централна Европа, и, во духот на ендогената теорија, создаден е модел кој адекватно ја опфаќа врската помеѓу растот и економската комплексност. Резултатите покажуваат дека економската комплексност е статистички значаен објаснувач на економскиот раст и создава огромни економски импликации. Сето ова покажува дека економската комплексност открива структура која се залага за развивање на долгорочни стратегии во државите. Овие стратегии служат за развој на производи како начин за акумулирање на способности кои ќе помогнат за воспоставување на долгорочен просперитет и општ развој на нивните економии.