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The Dynamic Effect of Trade Openness, Debt, and Foreign Investment in Ghana’s Economy: An ARDL Bound Testing Approach
94-112Views:407The impact of macroeconomic factors offers insight into the performance of an economy. This study investigates the dynamic short- and long-term effect of trade openness, external debt, and foreign direct investment (FDI) within Ghana's economy. Utilizing Autoregressive Distributed Lag (ARDL) bound testing and Granger causality analysis, the study examines data spanning from 1991 to 2022. The results of the ARDL cointegration test reveal a long-term relationship among the variables. However, in the short term, the findings present a mixed effect of FDI and trade openness, with both positive and negative impacts. In the long run, FDI and external debt exhibit a positive influence, whereas trade openness appears to impede economic growth. Furthermore, the Granger causality test identifies a unidirectional causality relationship between the variables and economic growth. The study suggests that the government implement investment-oriented and trade policies to stimulate economic growth.
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Present and Future of Industrial Robotisation
13-24Views:388The following paper analyzing the installation of industrial robotisation in sectors and regions, in addition carry out forcastings on historical data. In recent years, automation and the use of industrial robotics have increased exponentially in the manufacturing sector. Given that companies prioritize enhanced production efficiency, quality assurance, and safety, it is evident that substantial investment and implementation of automation continue to occur in manufacturing facilities worldwide. The number of industrial robots globally has been growing steadily since 2010. However, the rate of growth has slowed from 2020 onwards. The impact of the Covid-19 epidemic was still felt in 2020, but the deployment of industrial robots increased significantly in 2021. Global industrial robot deployment is projected to continue to grow in the coming years, although the rate of increase may vary between regions and countries. The analysis showed a number of differences between regions in the number and growth rate of industrial robot deployments. Asia and Australia are the largest markets for robots and the number of robots deployed is expected to continue to grow in the future. Europe is the second largest market and, although growing at a slower rate, industrial robot deployment is also increasing steadily. In the Americas, growth is slower than in other regions, but still increasing. Global growth trends suggest that there will be further growth in the coming years and that the deployment of industrial robots will become more widespread in different parts of the world.
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The Impact of a Coronavirus Epidemic on China’s Public Debt Ratio Growth
151-159Views:383Public opinion in the economic profession is strongly preoccupied with the expected negative economic effects of the coronavirus epidemic. Among the consequences, special attention is paid to the increase in the gross debt of the states. Indeed, based on conventional economic knowledge, it is clear to everyone that the economic downturn and the increase in government sector expenditure will directly lead to a sharp rise in government debt. The study aims to predict an increase in China’s government debt ratio using a macroeconomic model. The study will quantify the rate of increase in China’s public debt based on four theoretically possible scenarios for the course of the coronavirus epidemic. I am aware that it is difficult to apply conventional economic knowledge to China’s state-capitalist system. This is explained by the fact that the theories of the socialist economic model do not apply to China either. At the same time, the functioning of China's economy is closer to that of market-based economies, but the country's structure as a whole cannot be integrated into this framework either. But models describing the economic development of developing national economies cannot be applied to the country either. Nonetheless, I attempt to use conventional economic economics to attempt to quantify the impact of the coronavirus epidemic on China’s sovereign debt ratio. China’s public debt growth rates calculated under different outbreak scenarios are different, but none show an increase that would call into question the financing of China’s public debt.
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Food Security and Economic Growth: An Income Level Comparison
16-29Views:303Food security is a fundamental but often neglected aspect of economic growth and sustainable development. This paper examines the effect of food security on productivity (GDP/capita) over time, while taking the income level of various countries into account. Dynamic panel regression analyses suggest that food security is positively related to productivity, but this effect is stronger in more developed countries. The study highlights the complexity of the economic problems faced by the least developed countries, where increasing the consumption and supply of food is insufficient for significantly increasing economic performance.
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Evaluating the Entrepreneurial Performance in South America. Case of Chile
13-28Views:360The research objective is to explore Chile's entrepreneurial landscape by assessing individual characteristics and institutional factors through a 'pillars' framework and compare it against Colombia, and Brazil; to identify socio-economic, individual, and institutional differences using the Global Entrepreneurship Index (GEI); to apply bottleneck approach to highlight areas requiring policy intervention. GEI features individual and institutional stage variables in a method where every variable collaboratively interacts, incorporating 14 foundational elements and three sub-indexes: attitudes, abilities, and aspirations. Ranking 18th on the GEI globally and the best in Latin America, Chile excels in key entrepreneurial pillars, showcasing strengths in innovation and a robust entrepreneurial culture. Brazil closely rivals Chile in competition and networking, emphasizing political and economic influence. Colombia surpasses Chile in internationalization and growth-stimulating policies but faces challenges like historical conflicts and wealth distribution. This study identified areas where immediate policy intervention may be necessary by examining Chiles's entrepreneurial ecosystem. The Penalty for Bottleneck (PFB) technique identified the weakest pillars highlighting process innovation, competition, and internationalization. The primary component identified as a bottleneck for resource allocation is Process Innovation, accounting for 73% of the allocation, followed by Competition at 23%. The findings show that allocating more resources to process innovation may improve greatly the overall GEI score.
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Entrepreneurial Climate – Management of Women's Entrepreneurship
69-74Views:211Entrepreneurship, which people can have without formal economic education, is a tendency acquired through upbringing in the family, competition in school, implies risk and constant self-affirmation through the acquisition of profits and losses, so that it represents the sum of successes and failures, victory and defeat. In the last thirty years, female entrepreneurship has been developing more and more, especially in less developed countries, the reason for such growth is primarily reflected in the promotion of equality between men and women, the right to education, and the development of democracy. Female entrepreneurship is a significant factor in economic development, so the national economy becomes richer. The subject of this research are the entrepreneurial climate in the Balkans compared to the world in terms of female entrepreneurship, what is the role of the family in starting a small business, as well as its survival and growth. In the study the results of previous research in this area. The research method is based on a comparative analysis of studies dealing with this problem from the territory of Balkans. It can be concluded that in the Balkans, female entrepreneurship is still in its infancy, it is about a very small percentage of female entrepreneurs, although according to research, it is evident that there has been no major progress in the last 15 years. Recommendation In the countries of the Balkans, there is a good entrepreneurial climate for the development of female entrepreneurship, especially because women can work from home, and in the future it is necessary to go in this direction.
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Material Stock and Flow Analysis within the Agricultural Building Sector Based on Local Database
297-320Views:249The purpose of the paper is to analyze on micro level the stream of building materials needed for raising cattle. The scope of the produced material flow chart will cover the inflow and storage of the materials. The overall objective of material flow analysis is to contribute to the data inventory development process which is needed to use these construction materials as secondary raw materials in the future. The assessment is based on a concrete new development in a Hungarian region being carried out nowadays as a development and modernization of an existing cattle raising farm. Driven by the concern of resource depletion, further research on higher level, based on larger database will be needed to verify the estimated national level results for the magnitude of growth of anthropogenic stocks.
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Submerged aquatic plant (Vallisneria spiralis and Egeria densa) utilisation as a biogas cleaner and feedstock of co-digestion
172-180Views:313Biogas was produced from sheep manure and two types of submerged aquatic plant (Vallisneria spiralis and Egeria densa). The gas cleaning was carried out by a water scrubber, where a significant part of CO2 and H2S can be separated from the gas. A part of water from the scrubber was circulated through an aquatic plant growth tank and the growth of used plants was examined. Addition of E. densa to sheep manure increased gas yield by 8% and the mixing of sheep manure and V. spiralis resulted in 21% increase in gas yield. With the used scrubber, 70-80 vol% methane content can be reached in the cleaned biogas, and the water from the scrubber (which contained dissolved CO2 and H2S) resulted in 56-87% increase in size as opposed to 12-44% increase in the control group.
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What Drives Capital Financing in Europe? Evidence from Listed Firms in Germany
14-31Views:431This article analyzed the factors that affect the capital financing of German non-financial corporations listed on the German Stock Exchange from 2017 to 2021. By applying a panel data regression model and the Generalized Least Squares (GLS) approach, the results show that the debt-to-assets ratio, equity multiplier, and long-term debt ratio are significantly impacted negatively by profitability as determined by the assets return. Firm size is positively correlated with both the equity multiplier and the long-term debt ratio, suggesting that larger companies use more long-term debt. Growth has a significant positive impact on the equity multiplier and long-term debt ratio but has little influence on the debt-to-assets ratio. Long-term debt is unaffected by liquidity, although the debt-to-assets ratio and equity multiplier are adversely impacted. The GMM method is used during the robustness check, and the findings are consistent with the major GLS findings. These results highlight how important firm-specific factors are in influencing choices about financial structure. The results of this research may be used as a guide for companies operating in Europe and offer valuable information about how to optimize capital structures in various financial contexts. Policymakers could also use the results of this investigation as a reference for creating financial laws and regulations that facilitate non-financial enterprises' access to financing and effective capital allocation.
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Assessment of Fibre Characteristics and Suitability of Sida acuta Burm F. for Pulp and Paper Production
1-11Views:321The ever-increasing demand for paper and paper products and alarming rate of global population growth necessitates research into non-wood fibre to augment the popular wood fibres in short supply. Sida acuta obtained at two locations, samples collected from 3 areas per location. Samples of dimension 10 x 10 x 20 mm macerated in equal volumes of glacial acetic acid and 30% hydrogen peroxide at 80oC in an oven. Twenty-five whole fibres in swollen condition were measured. Derivatives of fibre dimensions viz: Runkel ratio, flexibility and slenderness were also evaluated. Pooled mean fibre length was 1.04mm, pooled fibre diameter was 25.02μm, pooled fibre lumen width was 14.69μm and fibre cell wall thickness was 5.17μm. Runkel ratio was 0.73, coefficient of suppleness (flexibility) was 60.05 while felting power (slenderness) was 42. Values obtained connote that S. acuta’s fibre morphology is good for pulping much more that its Runkel ratio (0.73) is less than 1, coefficient of suppleness (60.05) is greater than 50 and its felting power (42) is greater than 33. Specific Gravity ranged from 0.416–0.468. With reference to the above, S. acuta is fairly suitable for pulp and paper making.
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Strategies and Effects of LEDS (Low Emission Development Strategy) in Fortaleza, Brazil
110-121Views:289When it comes to climate change, the built environment, together with transport, and waste and water management play a significant role as Greenhouse Gases (GHG) emitting sectors, reflecting the strong need to address such issues by local governments. A notable action that has been taken in this regard is the Urban Low Emission Development Strategies (Urban LEDS), which consists of a project implemented by the UN-Habitat and the International Council for Local Environmental Initiatives (ICLEI) that selected eight model cities and twenty-one satellite cities around the world and aims to support integrated and ambitious climate action, encouraging low-carbon efforts in emerging economies through the collaboration among them. In addition, eight European cities also participated in the project in its first phase, contributing with their expertise and experience with climate change mitigation. Since 2012, the city of Fortaleza in Brazil is a model city of the Urban LEDS project and it has sustainably integrated and developed many projects, making it a more resilient city, stimulating its economic growth and improving its quality of life. This paper aims to present the milestones that Fortaleza has already met within Urban LEDS and its main priorities in the next years, identifying best practices in three European cities (Copenhagen, Zagreb and Hannover) that could also be implemented in its geographical, social and cultural context, as well as indicate lessons that other cities can learn from Fortaleza.
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Operating a Webshop in Rural Areas
242-251Views:328The importance of e-commerce in Hungary is unquestionable. 66% of the population is regular internet users (I3), every fourth person uses it on a daily basis. Online sales have increased from 137 billion HUF in 2010 to 427 billion HUF in 2016, while offline sales were not able to reach this growth (I1). Undoubtedly, online sale has become a very valuable market. The age group really valuable as consumers spends about 6 hours a day online, out of which 3 hours are active usage (I2). The Internet is also the most important source of information and keeping in contact, as 41% of the population uses it method. The availability of the Internet in Hungary is literally independent of the geographic location, thanks to the Digital Renewal Action Plan in Hungary's current strategy, as one of its main chapters is "Enhanced and Secure Infrastructure for All." (Botos 2013) plan. There are many unfavorable processes in Hungary's rural areas. Of these, emigration and the abandonment of the local economy are outstanding. To stop these processes, the "National Rural Strategy" (2012-2020) was created. Its most important areas are employment growth, balanced and diverse land and forest management, production structure, restoration of local food production and food markets, local energy production, strengthening the local communities, improvement of population patterns and conservation of natural systems and the biodiversity. The integration of rural economies into the on-line marketplace and their linkage to different DBEs not only vertically but horizontally can be one of the keys to their survival and development. The situation of businesses on the on-line marketplace in the countryside is very special. On the one hand, they are more favourable in many aspects of their operation, but in some cases they have disadvantages that fundamentally threaten their survival. The purpose of this article is to get to know this environment, map its benefits and drawbacks. For this, we use the results of in-depth interviews conducted with businesses operating on an on-line market in rural settlements.
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Relationship between Population Growth and Urbanization
527-541Views:649The main purpose of this article is to examine how to respond to and change the field of urbanization. Creating dwindling new opportunities and challenges for globalization, new sector introductions and agricultural dominance. In relation to changing trends in urban and rural environments, people's preferences are very diverse and their lives are changing. The difference between a big city and a small city can test different lifestyles. It is a fundamentally important infrastructure personality insurance system (both cities), important from the point of view of larger cities and very different from small towns in terms of quality. The benefits of small towns can be a unique lifestyle and a healthy lifestyle, which can certainly be felt. Among the different characteristics of urbanization in developing and developed countries, we can mention the different time course and magnitude [1]. Namely, in developed countries the urban explosion has taken place for a long time and with fewer people than in developing countries [2]. The rate of urban population growth in the latter group will be 4.04% between 1950 and 1975, 3.6% between 1975 and 2000, and 2.4% between 2000 and 2030. The Earth and all of humanity are facing many challenges these days, and this trend will continue in the future. The planet's overpopulation and changing eating habits put great pressure on agriculture and the countryside. Research focused on the countryside focuses on analyzing the various functions of rural areas.
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The Possibilities of Additive Manufacturing in Medical Use
246-253Views:205Additive Manufacturing has been invented in 1981 at the University of Texas, and to this day it has grown to be the most versatile and promising manufacturing technology in the market, both the industry and health care system has noticed this. Additive Bio-Manufacturing (ABM) techniques, which can be used in health care, are highly in demand, and researches have been going on to make these technologies safer and even more versatile. For more utilization and versatility, special attention is required to develop new materials which can help in increasing the service life, bioactivity, cell growth along with the desired mechanical properties, and to find the right manufacturing parameters for creating optimal products. The aim of this review is to present the available main Additive Manufacturing technologies, and particularly the biomedical usability of Additive Manufacturing.
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A vállalati vagyon és a finanszírozás összefüggései a vagyonértékelés szempontrendszere szerint
69-79Views:322The availability for financial sources can be the key factor of competitiveness of enterprises. Under favourable conditions it can result in not only economic growth and conjunctural effects but indirectly it also has a positive influence on social level as well. In the first part of the article we make an overview on enterprise financing in both social and economic context and try to give an overall concept. In the second part we analyse the framework of financing, discuss the national and international specifications of financing, and finally, in the third part we analyse the background of enterprise financing based on the principles of asset appraisal.
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Investigation of Information and Communication Technologies (ICT) Usage in the Business Relations of the Agri-Food Econ
21-29Views:225Small and medium-sized enterprises are the engines of Europe's economy. This is demonstrated by the European Small Enterprises Charta, adopted in 2000, and by the fact that this sector employs more than 90 million people. Appropriate information and communication technology is essential to maintain their ability to function effectively and competitively. They need to know how to use these technologies for their smoot growth in productivity. The purpose of our study is to assess the regional ICT penetration of the Hungarian SME sector and compare this to that of the EU Member States.
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A Possible Way to Encourage Sustainable Consumption
21-40Views:456With the growth and spread of the concept of sustainable consumption and with the re-emergence of issues related to needs, the basic concepts of consumption need to be analyzed from aspects not inspected by mainstream economics. Consumer behaviour is largely determined by the prevailing values of society and nowadays consumption symbolizes social status. The purpose of this study is to critically examine the concept of utility, to review traditional and alternative concepts and aspirations related to the promotion of sustainable consumption. The authors argue, that utility can not only be examined by narrow economic considerations; the values of present and future generations also must be taken into account when determining what is considered to be useful. The study concludes by presenting alternative financial solutions that encourage sustainable consumption. The presented examples demonstrate, that complementary currency models are suitable means to encourage sustainable consumer behaviour. These are external motivational tools eliciting the desired behaviour through reward schemes.
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The Effect of the Excess Titanium Content on the Microstructure of Al – Si Foundry Alloys
12-20Views:228Grain refining is an important technological step for the nucleus growth of the melt, in order to increase the number of nuclei, to improve mechanical properties (tensile strength, yield strength, hardness, elongation), feeding conditions and to decrease the tendency of hot tearing and the degree of sintering. [1][2] The aim of the experiments was the determination of the grain refining effects of titanium (Ti) addition in the form of AlTi5B1 master alloy to the examined alloys (AlSi7MgCu0.5 – AC 42 000, AlSi9Cu3Fe0.5 – 46 500; AlSi9Cu1 – AC 46 400). The results prove that the addition of small amount of master alloy has a favourable effect on the foundry practice.
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Transaction Costs: A Conceptual Framework
131-139Views:1171Transaction Costs (TC) is a very important topic, especially in a changing work environment which has a large number of operational firms, and increasing business growth. The aim of this paper is to shed light on the transaction costs concept, and provide a conceptual framework to understand the meaning of transaction costs. Publications including articles and research papers have explained the notion of transaction costs and the theoretical issues related to them. The literature review reveals that, transaction costs are costs which arise because of the of a company‘s activities in the market , including (fees, commission, taxes) which are paid by the firm to provide a service or produce a good either to external parties or as internal costs. Therefore, according to the literature review. It emerges that firms must make a comparison between internal and external transaction costs and choose the lowest cost which enables them to increase profits. This means companies have to reduce transaction costs to the minimum level to achieve more profits and competitive advantage.
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The Past, Present and Future of a Hungarian Company
303-313Views:490The new strategy for small and medium-sized enterprises focuses on growth, the three pillars of which are the development of a knowledge-based and innovation-based economy, a resource efficient, greener and more competitive economy, and high employment and social and territorial cohesion. Based on the plans and forecasts, in the 2021-2028 cycle, however, it is not as much as today, but it is possible to calculate development resources closely linked to economic development in the form of non-refundable subsidies in many forms. In my present study, I wish to outline the life span of a Debrecen company, NEXT Broker Consulting Ltd. and its potential development prospects in the post-2020 cycle, which may be important because it deals with tender writing, so it can show a serious impression on the previous or current the direction and situation of the use of development resources, thus indirectly the realization of the goals of Hungarian economic policy.
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Financial Performance Measurement with the Use of Financial Ratios: Case of Mongolian Companies
20-32Views:415The aim of this paper is to examine the efficiency of Mongolian 100 public companies listed on Mongolian Stock Exchange (MSE) which are divided into 6 major sectors. This study conducts the performance of companies in terms of profitability by using three different output variables i.e., revenue, pretax profit and ROA (Return on Assets). In the beginning of this research, nine variables which are connected with profitability are chosen as output variables, while 24 variables expressing growth, financial structure, solvency, and turnover together with some fundamental financial data are chosen as input variables. 10 variables out of 24 input variables, which determine the financial structure, solvency, and profitability, are chosen as input variables based on the calculation of stepwise regression analysis. Stepwise regression, multi co-linearity analysis are made by SPSS and DEA (Data envelopment analysis) is evaluated by benchmarking package in R excel statistical program covering the period of 2012-2015. This paper uses the input-oriented version of DEA based on financial ratios and some crucial components of a financial statement. The results of DEA show that food and grocery sector was the most efficient, and mining sector was at the second place by its efficiency, while agriculture and service sector were the worse than other sectors.
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Successful International and Hungarian Family Businesses
280-287Views:702The purpose of family businesses are maintaining market competitiveness, develop sustainably and achieve their results in the dynamic market environment. The family run businesses are contributing significantly to the economic growth. They are interested in long-term preservation of values. The study presents the charachteristics of the world’s TOP family owned companies. In order to proving the economic value and importance of the Hungarian family businesses the study contains some findings of a representative national.
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The Governance of Sports Organizations in Morocco: the Case of the Royal Moroccan Federation of Judo and Related Martial Arts
38-50Views:368Governance is crucial for effective sports organization management, particularly as sports organizations increasingly adopt business models. Research inquiries into suitable governance practices in sports have grown, reflecting the evolving landscape of sports management. This qualitative research examined the governance of the Moroccan Judo Federation through semi-structured interviews and analysis using Voyant Tools. Stakeholders, including the vice president, board members, coaches, athletes, referees, technical committee members, and financial manager, provided insights on key aspects of governance. The findings emphasized the importance of strong leadership, effective decision-making processes, transparent governance structures, stakeholder engagement, and ethical conduct. However, challenges were identified in decision-making, stakeholder engagement, conflict resolution, and financial management. Stakeholders highlighted the need for inclusive decision-making processes and transparent and accountable governance practices. By addressing these challenges, the federation can strengthen its governance, support judo's growth, and foster fairness and inclusivity.
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3X3 Basketball Tournaments in Debrecen
231-250Views:383Faster attacks, spin speed, increased adrenaline levels, vehement play. This is all about the 3X3 basketball. In Debrecen, the first 3X3 basketball matches were held in 2015, most of them did not even think that the sport would be popular in Hungary as well. Practically, from the start of the first minute, the games were played with great success. Following the successful settlement, the International Basketball Association immediately offered a 3-year contract to Debrecen. The purpose of our research was to examine the 3X3 basketball tournaments in Debrecen, which was analyzed using a questionnaire and an in-depth interview. 69% of the respondents participated in the 2016 and 2017 events, but only 37% attended the 3X3 basketball tournaments that were held for the first time in 2015. It can be stated that this trend is growing and the event is gaining popularity nationwide. Sponsors and sponsors covered every issue of the event so the event was free of charge over the years. 72% of fillers, however, are willing to spend money on a possible entry fee. In terms of revenue growth, the introduction of admission fees is unlikely to reduce interest. Up to 1200 seats have been filled up for the event every year. Therefore, it is not surprising that a lot of people would like to enjoy a higher auditorium with more space. The introduction of 4-point boundaries (3 points) for 3X3 matches would be a great opportunity to try the "little brother" of basketball in the 4-point so that it can be introduced in traditional basketball. Hungary became the pioneer of the sport due to the results of the Hungarian national team and the successful organization of sporting events.
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Security Analysis of a „Location-stamping” Protocol for GPS Coordinates
1-12Views:243Due to the rapid growth of GNSS based techniques in everyday life a service which can provide certified location information given by GPS coordinates became a worth considering idea. We designed two protocols that can achieve this goal, these can provide authenticate location and time information for any device which has a GPS receiver. In this article, I would like to prove -with the help of ProVerif software tool-, the latter statement. I investigated the authenticity and data integrity properties of the protocol.
