Naumovski, Aleksandar

Preferred name

Official Name

Naumovski, Aleksandar

Main Affiliation

aleksandar@eccf.ukim.edu.mk

Now showing 1 - 10 of 42

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Internal company determinants of sustainable growth rate: empirical investigation on an emerging market
(2022-05-23)
The growth of companies is always an important topic both among corporate managers and among researchers. Company’s growth requires undertaking investment projects that will increase the production capacity of the company and the possibility of generating revenue. But, the way of financing the growth, ie. of capital investment, is crucial for the survival of the company. The growth of the company can be understood by the saying "it takes money to generate more money". The most important source of financing for new capital investments are the company's own sources that provide financial stability in the long run. But if the company is not able or does not want to issue new shares, then its own sources are reduced only to retained earnings. In conditions of targeted capital structure, as a ratio between debt and equity, retained earnings is a limiting factor for the growth of the company. If the company does not want to change the capital structure, then the additional borrowing is proportional to the growth of retained earnings. Hence, the retained earnings rate is the only rate at which a company can grow. That is the rate of sustainable growth. It is the only rate of growth of sales revenue, which will not put pressure on the company's financial resources. This paper aims to investigate the inter-company determinants of the sustainable growth rate in the case of companies in the Republic of Northern Macedonia. Using accounting data on a sample of companies listed on the Macedonian Stock Exchange for the period 2010 - 2020, we conducted a regression analysis panel. We found that the company's sustainable growth rate is positively related to profit margin, retention ratio, asset turnover, financial leverage, and ROE. The sustainable growth rate of Macedonian companies has a negative relationship with operating cash flow, company size, growth opportunities, and non-debt tax shield.
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Влијанието на менаџментот на работниот капитал врз профитабилност на компаниите: осврт врз компаниите во Република Македонија
(Економски факултет - Скопје, 2016)
Работниот капитал на компанијата има големо учество во вкупните средства и затоа ефикасниот менаџментот со работниот капитал има значајно влијание врз профитабилноста на компанијата. Во овој труд во фокусот на истражувањето е влијанието на одделните компоненти од работниот капитал врз профитабилноста на компаниите. Истражувањето е направено на примерок од триесет и две компании, котирани на Македонската берза на хартии од вредност. Истражувањето опфаќа период од десет години (2006 - 2015 година) со примена на панел регресиона анализа. Основните заклучоци до кои се дојде во истражувањето се дека: (1) постои статистички значајна негативна врска помеѓу периодот на наплата на побарувањата од купувачите и бруто оперативната добивка. Тоа значи дека попрофитабилните компании во пократок период ги наплатуваат своите побарувања од купувачите; (2) постои статистички значајна негативна врска помеѓу периодот на конверзија на залихите и бруто оперативната добивка. Ова значи дека компаниите кои држат помал обем на залихи имаат помал обем на трошоци и поголема профитабилност; (3) постои статистички значајна позитивна врска помеѓу периодот на исплата на обврските кон добавувачите и профитабилноста. Добиениот резултат е конзистентен со основното правило во менаџментот на работниот капитал дека фирмите треба да настојуваат да ги одложуваат нивните плаќања кон кредиторите колку што е можно повеќе, водејќи сметка да не ги доведат во прашање добрите деловни односи со нив.
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Мотиви на интеграциските активности на компаниите: поглед на Европскиот пазар на превземања
(Економски факултет - Скопје, 2006)
Pazarot na prezemawa im ovozmo`uva na kompaniite eksteren raste`, alokacija na sredstvata na komapniite kon podobra upotrteba i ostvaruvawe na sinergetski efekti. No, ne sekoga{ ekonomski opravdanite motivi imaat presudno zna~ewe, nekoga{ preovladuva egoto na menaxerite. Pa duri i toga{ koga se o~igledni sinergiite, transakcijata mo`e da bide oceneta kako op{testveno {tetna i spre~ena so antitrustovskoto zakonodavstvo. I u{te golem broj na drugi determinanti mo`e da bidat pottiknuva~i ili da gi spre~uvaat vakvite aktivnosti pome|u kompaniite. Taka, razvojot na edinstveniot evropski pazar, voveduvaweto na Evroto i razvojot na likviden evropski pazar na kapital dramati~no gi intenzivira integraciskite aktivnosti na evropskite kompanii kako na doma{niot taka i na prekugrani~niot pazar (1999 i 2000 bea rekordni godini) i vo pogled na brojot i vo pogled na nivnata vrednost.
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Квантификација на ризикот на земја во Република Македонија
(Економски факултет - Скопје, 2011)
Utvrduvaweto na tro{okot na kapitalot e te{ko vo razvienite pazari, a u{te poproblemati~no e negovoto utvrduvawe na pazarite vo podem. Investiraweto vo zemjite vo podem e porizi~no, no nosi i pogolem prinos. Klu~no pra{awe e dali prinosot od investiraweto na multinacionalnite korporacii vo zemjite vo podem treba da bide nagraden so dopolnitelna kompenzacija za ekvivalentna investicija vo razviena zemja. Literaturata nudi razli~ni alternativi za presmetka na tro{okot na kapitalot za investiraweto vo zemjite vo podem. Mo`e da se zaklu~i deka op{to-prifateno e deka rizikot na zemja e relevanten za investirawe vo zemjite vo podem i e klu~na komponenta vo procenata na tro{okot na kapitalot kaj ovie investicii. Rizikot na zemja e nediverzificirliv, {to }e se obideme da doka`eme i vo ovoj trud, a potoa i da ponudime alternativni pristapi za toa kako rizikot na zemja da se konvertira vo premija za rizik na zemja, koja ponataka }e bide sostavna komponenta vo modelite za utvrduvawe na cenata na kapitalot.
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Corporate Cash Holdings: an Empirical Investigation of Southeast European Companies
(Varazdin Development and Entrepreneurship Agency, 2018)
The purpose of this paper is to build a synthesis of the three theoretical models of corporate cash holding motives: trade-off theory, pecking order theory and free cash flow theory, and to examine their relative contribution in explaining actual corporate cash holdings in South-East European countries. We are specifically interested in the issue of whether firms actively pursue implicit cash targets or whether cash holdings are deemed unimportant and therefore passively adjust to (more important) financial decisions taken elsewhere in the firm. This paper investigates the empirical determinants of corporate cash holdings for a sample of 877 firms from ten South-East European countries (Bosnia and Herzegovina, Bulgaria, Montenegro, Croatia, Greece, Romania, Macedonia, Slovenia, Serbia and Turkey). Using their financial data for the period 2005-2015, we apply a panel regression model, involving cash ratio as a dependent variable and several firm characteristics as independent variables that closely determines the corporate cash holdings. The results of the analysis found supportive evidence of a pecking order theory of cash holdings according to which the firms do not have a target optimal cash level, and cash is used as a buffer between retained earnings and investments of the firm. In particular, we found that corporate cash holdings in the SEE countries decrease significantly with the net working capital as a cash substitute, leverage of the firm, cash flow uncertainty, and capital expenditures. Cash holdings in SEE countries increase significantly with the firm size, cash flow and debt maturity. This study will contribute in understanding the factors affecting corporate liquidity by financial managers in the South-East European countries.
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Empirical Distribution of Stock Returns of Southeast European Emerging Markets
(University of Tourism and Management in Skopje, 2017)
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Gaber, Stevan
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Gaber Naumoska, Vasilka
The assumption of the normal distribution of equity returns, which is the most common in the financial economics theory and applications, is clearly rejected by much empirical evidence. As it is found in many other studies, here we also confirm that the stock returns have leptokurtic distribution and skewness, which in most of the Southeast European (SEE) markets is negative. This paper investigates if there is any distribution that is an optimal fit for the stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years of ten Southeast European emerging countries, we applied Anderson-Darling test of Goodness-of-fit. We clearly reject the normal distribution for all data samples and in all cases. We found that the daily stock returns are best fitted by the Johnson SU distribution. For the weekly and monthly stock returns there is not one predominant, but many distributions can be considered a best fit.
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Аверзија на ризик и алокација на капитал во ризични средства: случајот на Република Македонија
(Економски факултет - Скопје, 2012)
Целта на трудот е да го истражи нивото на ризик кај инвеститорите во Република Македонија преку определување на коефициентот на аверзија на ризик со примена на функцијата на корисноста базирана на критериумот просек - варијанса. Македонските инвеститори најголемиот дел од својата финансиска актива ја чуваат во нискоризични средства, а само околу 22,75% во ризични средства. Но, коефициентот на аверзија кон ризик кај македонските инвеститори не се разликува од генералните просеци.
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The great economic depression and the fiscal policy
(Goce Delchev University of Stip, Faculty of Economics, 2016)
Gaber Naumoska, Vasilka
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Gaber, Stevan
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The Great Depression is known as one of the biggest crises in economic history which caused serious economic consequences expressed through increased unemployment, high rates of deflation, bank panic, banking crisis and bankruptcies of many companies and households. The fascination of many economists from this crisis was the main cause of the preparation of this work that aims to capture the overall crisis and to see different views of numerous economists about the reasons that led to the appearance of the same, but also the solutions to overcome it. The paper reviews the different posts of economists, beginning with those who felt that the crisis was caused by monetary factors (tight monetary policy, the gold standard, vulnerable banking system), other authors who considered that the reasons lie in the real sector, and third in the insufficient aggregate demand. Furthermore, the paper examines the Keynesian theory and her attempt to explain and overcome the crises and their views on the increased activity of the state in periods of low economic growth and high unemployment. Keynes succeeded by his revolutionary work to refute all previous views that the market alone manages to declare balance in the economy and that the role of the state should be minimized. Keynes's focus was on capital investments, i.e. the execution of public works which will generate new jobs that can influence to boost consumption. That kind of capital investment in terms of depression should be the main substitute for private investment. The last section elaborates the fiscal measures incorporated in the so-called New Deal of President Roosevelt which were represented through substantial increase in public spending, but such an inevitable march was preceded by the abolition of numerous tax exemptions.
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Climate risks and vulnerability of the local economy of the City of Skopje
(2023-06-01)
Climate change is a global problem that challenges humanity. Global warming, which is expected to bring extreme weather events, exposes human health, ecological systems, and ultimately the economy to great risks. Although the economy affects climate change, climate change also affects the economy. The effects of climate change on the economy in the short term can be positive or negative, but in the long term there is a consensus that global GDP will on average experience a significant reduction depending on the intensity of global warming. In addition to the small direct impact through disruption of economic inputs, the indirect impact through the transmission mechanism of productivity and investments on GDP is complex. However, climate impacts are not expected to have an equal negative impact on all economies in the world, and the Republic of North Macedonia is in the group of counties less vulnerable to climate change. In this paper, we will apply the SECAP methodology for assessment of climate risks and vulnerability of the local economy of the City of Skopje. For this purpose, we will do an in-depth analysis of the local economy through the sectoral approach. The City of Skopje is an administrative city, and the sectors that are most vulnerable to climate change, such as agriculture, forestry, fishing and construction, are marginal. An increase in the intensity of the extreme weather is expected, especially the increase in temperatures in all seasons with increased precipitation and flash floods. Therefore, an increase in climatic risks is expected in the local economy in the City of Skopje in relation to the current vulnerability. Аlthough some sectors would be negatively affected by climatic change, the general assessment is that the economy of the City of Skopje will remain moderately vulnerable to future climate risks. It is because of the expectations for strong adaptability of local businesses and change of business models according to the new economic conditions.
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Economic Evaluation of Investment Project for Maintenance of Urban Forestry
(2016)
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Gaber, Stevan
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Gaber Naumoska, Vasilka
The aim of this study is to provide economic evaluation of project for maintenance of the urban forestry undertaken by the Municipality of the City of Skopje in the Republic of Macedonia. The economic evaluation involves comparison of the present values of the estimated future benefits and costs of transplanting large trees. Therefore, here we employ economic benefit-cost analysis to compare the utilized tangible and intangible benefits and the cost of transplanting large trees and to assess whether the benefits to the society are higher rather than the costs and hence to evaluate whether this investment project is acceptable and justified for the society as a whole. Finally, the calculated ENPV and EIRR are presented to provide comprehensive measure for the justification of the project for the society.

Naumovski, Aleksandar

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