Issue 5, 2023

The purpose of the present paper is to investigate the prospects of expanding domestic manufacturing production in Greece, through the review of merchandise imports from China. This strategy does not presuppose a targeted implementation of import substitution policies, but rather a strategy for the recovery of dormant productive sectors in Greece, in light of the restructuring of the country’s productive model. National economies often gain a comparative advantage in exports through imports of products belonging to the same product group, which are further processed and re-exported to other countries, thus a comparative advantage in exports can eventually be accompanied by a comparative “disadvantage” in imports. We introduce here the Revealed Comparative Disadvantage (RCD) index as an additional control of the countries’ export performance by industry, in complementarity with the use of the Revealed Comparative Advantage (RCA) estimations. The results suggest that a preferable strategy to import-substitution would rather be to deploy imports, in order to effectively promote targeted domestic production and boost export performance. There is strong evidence for the favourable prospects of expanding domestic production, and consequently exports, into various sub-sectors related to the clothing and footwear industry.
Keywords: China; Greece; Revealed comparative advantage; Revealed comparative disadvantage
JEL: F13; L16; M20

This study assessed the quality and safety, physical and economic availability of Kazakhstani food products in the regional market. The aim of the research is to assess the satisfaction of the local population with the availability, affordability, quality and safety of food products produced in Kazakhstan. The empirical data of 297 people who participated in the survey were analyzed using Partial Least Squares Structural Equation Modelling. The results of the study confirm the positive relationship between the presence of Kazakhstan-made food products on the market and the degree of public satisfaction with their diet, a positive relationship between the affordability of Kazakhstan-made food and the degree of public satisfaction with their diet, as well as proved the existence of a direct relationship between the quality and safety of food products made in Kazakhstan and the degree of public satisfaction with their diet. In addition, an analysis of official statistical data on the volume of production and imports of food products was carried out, which made it possible to make a more detailed analysis of the degree of provision of the country's population with basic foodstuffs.
Keywords: food security; food quality; food safety; availability; affordability; Kazakhstan
JEL: F00; Q10; Q18

Our study aims to investigate the effect of bank credit on sectoral output growth in Indonesia. The sectoral output comprises the agricultural, manufacturing, construction, wholesale & retail trades, and transport & storage sectors. We position the Covid-19 pandemic as a moderating variable between sectoral economic growth and bank credit. Using monthly time series data from 2015.M1 to 2020.M12, we employ hierarchical linear regression to estimate the functional relationship between variables. The study points out that bank credit positively affects sectoral output. In contrast, the covid-19 pandemic has had a negative effect. Nevertheless, the pandemic moderates the influence of bank credit on the manufacturing, construction, transport & storage sectors but not on the agriculture, wholesales & retail trades sectors.
Keywords: Bank credit; Sectoral output; Covid-19 pandemic; Hierarchical linear regression
JEL: G01; G21; E51; O41

This research investigates the impact of intellectual capital (IC) on the financial performance of Indonesian bank enterprises. Data were collected from 42 Indonesian banks between 2017 and 2021. IC was measured using descriptive statistics, correlation coefficients, and panel data regression techniques, as well as the Value Added Intellectual Coefficient (VAIC) component through Human Capital Efficiency (HCE), Capital Employed Efficiency (CEE), and Structural Capital Efficiency (SCE), and their impact on financial performance through Return on Assets (ROA), Return on equity (ROE), and Asset Turnover (ATO). The analysis was conducted with secondary data extracted from the firms’ annual reports. The results show the impact of the VAIC model and the VAIC component onfinancial performance. The VAIC model significantly affects financial performance, namely ROA, ROE, and ATO. The VAIC component does not significantly affectfinancial performance results, although SCE significantly affectsfinancial performance as measured by ATO. This research expands the knowledge and evaluates financial performance and the creation of corporate bank value. It can be used across industries, and the findings have implications for the banking industry in the context of competitive advantage and for company managers. This study presents empirical evidence and broadens our understanding of the use of IC to enhance the financial performance of Indonesian banking firms.
Keywords: IC; Banking Industry; Financial Performance; Resource Based Theory; Value Added Intellectual Coefficient
JEL: G21; G32; J24; O34

The development of Kazakhstan's foreign trade is a central factor in Kazakhstan's economic growth, and therefore it is important to understand which trade procedures have a negative and positive aspect on the development of trade relations between countries. Customs procedures are an integral part of the passage of international borders. It is significant that such procedures do not have a negative impact on trade. The article on the basis of the gravitational model of foreign trade assesses the influence of the factor of customs regulation, namely the implementation of customs procedures at the border for the development of exports and imports of Kazakhstan. The models are based on bilateral trade data from Kazakhstan with 53 countries for the period 1995-2021, with partner countries divided into three groups depending on the income level of the countries to obtain better results. Independent variables reflecting customs regulation were countries' participation in the Revised Kyoto Convention (RKC), time and cost of customs formalities at the border according to the World Bank Report «Doing Business» (Trading across borders). The study concluded on the impact of customs regulation on the foreign trade of Kazakhstan, with the time factor playing a more significant role than transaction costs on customs clearance. At the same time, the participation of countries in the RKC has a positive impact on the development of bilateral trade. The assessment of the impact of customs procedures on the development of foreign trade confirms the need for customs regulatory reforms.
Keywords: customs regulation; customs procedures; foreign trade; gravity model; trade and customs policy
JEL: F13; F14; F17

As an indicator of technological changes in the economy, patents also express the inventive potential of a specific country to use knowledge and transform it into potential economic benefits. In this regard, the main goal of the study is: to determine the state and dynamics of patent activity through an analysis of Bulgarian and foreign patent activity in Bulgaria and Bulgarian patent activity abroad for the period 2010-2021. The trends of technological development are revealed – by certain technological areas and fields and by patent-holder countries. Some of the existing trends in patent research and their role as an indicator of the rate and technological change in the economy are also considered. The significance of the study is to consider the role of patents in revealing trends of technological development and to lay the foundations for future in-depth research on the issue.
Keywords: patent activity; patent applications; patent grants; technology areas; technology fields
JEL: O32; O34; O55

The methodical toolbox of lending to entities in the agricultural sector provides three levels of hierarchy management interaction – macro, meso and micro levels (state – region – agricultural enterprises) on the bases of the complex usage of economic and mathematical models and which contains six interrelated and sequential blocks was proposed. The method of agricultural enterprises crediting improvement is implemented in accordance with the strategic position of lending to agricultural enterprises through targeted support and the creditworthiness level, which can solve the following problems: observation and evaluation of the financial and economic indicators; classification of enterprises, recognition, and identification of enterprises in terms of creditworthiness; assessment of the differences between classes given dimension enterprises.
Keywords: agricultural sector; business entities; credit; creditworthiness level; food security; interaction; lending; loans; risks.
JEL: C1; G2; O13; O23; P32; Q12; Q14; Q17

The locus of control measures how much a person thinks they, rather than outside influences, are in charge of how things turn out in their lives. Financial self-efficacy is influenced by locus of control. Individuals are more likely to believe they can handle their finances when they feel more capable of doing so. In particular, this study focused on married working women in India. They are more likely to effectively manage their finances if they think they can get out of financial difficulties. A questionnaire that was distributed to a convenience sample of 278 yielded responses from married working women across PAN India. The study made use of exploratory factor analysis (EFA), which reveals the scale's factor structure. The study offers statistical evidence to support the scales' reliability and validity. The statistical findings of the investigation show that locus of control and financial literacy has a favourable impact on financial behaviour. The authors also demonstrate how the relationship between internal locus of control and financial behaviour is altered by financial literacy. As a moderator variable that affects the locus of control, financial literacy is an important factor. The research's conclusions are crucial in providing empirical support for the theoretical relationships. This study has confirmed the beneficial effects of internal locus of control and financial literacy on the financial behaviour of married working women, supporting the current literature. Additionally, it has been found that a person's financial conduct and internal locus of control have different relationships depending on their financial literacy.
Keywords: Locus of control; psychological factors; risk-taking; perception
JEL: G10; G11; G40; G41

The present waste fee tariff in Bulgaria is calculated per mill on property value, which is the grounding reason why the business pays much more than the population for the generated waste amounts, thus cross-subsidizing the population costs. Legislative amendments enforced in 2017 require the waste fee to be determined based on waste amounts and a number of waste service users. Since then, the actual enforcement date for the introduction of the new waste tariff has been postponed several times due to a number of serious challenges that may undermine the future operation of the waste management systems in the municipalities. These challenges cover the need for an entire transformation of the current waste collection and transportation system, require significant additional costs in terms of capital investments, necessary massive awareness-raising campaigns, insufficient data, affordability and willingness to pay issues.
Keywords: municipal waste fee; waste tariffs; local budgets; municipal waste management; polluter pays principle
JEL: H71; H72; Q57

This research aims to trace the evolution of published articles, quotations, and themes on earnings management from 1988 to 2022. Therefore, the Web of Science (WOS) database is employed in the current study to identify the most-cited earnings management articles and the most-involved authors, institutions, and countries in earnings management. This research employs bibliometric exponents and tools like Microsoft Excel for frequency analysis, the VOS viewer for the visualisation of data, and Harzing's Publish or Perish for metrics of citation and earnings management analysis. According to the findings, after 2015, research in this field significantly increased. The United States has been ranked the most active nation in earnings management research. State University System of Florida from the US was the most prolific publisher of significant earnings management research publications. Accounting Review, Contemporary Accounting Research, and the Journal of Accounting and Public Policy are the leading publications in earnings management. The results of the current study are collected based on data from the Web of Science (WOS) database, and any limitations of the database impact the results. Through the integration of bibliometric information and graphical networks, this research has the potential to add to the growing body of knowledge by providing a broad overview of the trends shown in studies on earnings management that appeared in the WOS database between 1988 and the start of 2022.
Keywords: Earnings Management; Web of Science; Harzing's Publish or Perish; VOSviewer; Bibliometric analysis
JEL: M41; M42