Scientific Annals of Economics and Business <p><a data-target="crossmark"><strong>Call for papers</strong></a></p> <p><strong><a href="" target="_self"><span style="float: right; font-size: 20px; color: #600; border-bottom: 1px dotted #660000; animation: blinker 1s linear infinite;">Online Submission</span></a></strong></p> <p>On behalf of the editorial board of the<span class="apple-converted-space"> </span><em><strong>Scientific Annals of Economics and Business</strong></em>, we are pleased to inform you that <strong>we are continuously accepting manuscripts for the next issues</strong>.</p> <p>The Journal, founded in 1954, is <strong>published four times a year (</strong>in <strong>March, June, September</strong><strong>, and December)</strong><em>,</em> under the sponsorship of the Alexandru Ioan Cuza University of Iasi, the oldest higher education institution in Romania, a place of excellence and innovation in education and research established in 1860. Until 2015 the journal was published under the name <em>Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice</em>.</p> <p class="Default"><strong>The journal is indexed by Clarivate Analytics (formerly Thomson Reuters) </strong><strong>Web of Science Core Collection – <a href=";Full=*SCIENTIFIC%20ANNALS%20OF%20ECONOMICS%20AND%20BUSINESS">Emerging Sources Citation Index</a>, </strong><strong><a href="">Scopus</a>, <a href="">EBSCO</a> and <a href="">EconLit</a> </strong>(The American Economic Association’s electronic bibliography), is fully available at the Research Papers in Economics (RePEc), Directory of Open Access Journals (<a href="">DOAJ</a>), <a href="">ERIH PLUS</a>, Central and Eastern European Online Library (<a href="">CEEOL</a>), and Scirus. In addition, the Journal is included in <a href="">Cabell's Directories</a>, Index Copernicus, Online Catalogue of the ZBW - German National Library of Economics (ECONIS), International Consortium for Advancement of Academic Publication (ICAAP), Electronic Journals Library, The Knowledge Base Social Sciences in Eastern Europe, Scientific Commons, The ZDB, Intute: Social Science (SOSIG - Social Science Information Gateway), New Jour, GESIS SocioGuide, Genamics Journalseek, Catalogo Italiano dei Periodici (ACNP), Google Scholar, and ResearchGate.</p> <p>Authors are invited to submit manuscripts to be reviewed for possible publication in the Journal. It publishes articles in all areas of economics, business and related disciplines. The paper must be an original unpublished work written in English (British or American) that is not currently under review by other journals.</p> <p><strong>There are no submission or publication costs for authors.</strong></p> <p>Manuscripts should follow the format <a href="">style</a> of the journal. The papers should not exceed 30 pages including figures and references, and an author is only allowed to publish one paper per issue. Detailed background information on the submission of papers and review process can be found in the <a href=""><em>Submission section</em></a>.</p> <p class="Default">The manuscripts are to be submitted electronically, via Journal’s <a href="">website</a>, which offers a fully <strong>online manuscript submission and tracking system</strong>. Following submission, the author(s) track and check the latest status of the article quite easily by the help of the system.</p> <p class="Default">Submitted manuscripts will receive an initial screening from the editorial board before entering the double-blind review process. The Journal maintains a rapid electronic submission, review and publication process. On average, the double-blind review process (from submission to first editor decision) takes around 12 weeks and from acceptance to appearance online around 2-4 weeks.</p> <p>Accepted papers will be available on the journal website soon after acceptance, in a special section, <em><a href="">Early Bird</a></em>. This “advance access” system enables us to publish papers online well ahead of their appearance in the printed journal. It also allows authors to obtain citations earlier, due to the use of 'Digital Object Identifier' (DOI).</p> <p><strong>Type of publication</strong>: scientific/academic; <strong><em>open access</em></strong>, <em><strong>peer-reviewed</strong></em> journal.</p> <p><strong>Publication frequency: </strong>four issues per year (March, June, September, and December)</p> <p><strong>Language</strong>: English<br />ISSN-L: 2501-1960 <br />ISSN: 2501-1960 (printed edition)<br />e-ISSN: 2501-3165 (online edition)</p> <p> <img style="float: left;" src="" alt="" /> <a title="SCImago Journal &amp; Country Rank" href=";tip=sid&amp;exact=no" target="_blank" rel="noopener"><img style="margin-left: 300px;" src="" alt="SCImago Journal &amp; Country Rank" border="0" /></a></p> <div style="height: 100px; width: 180px; margin-left: 110px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block; margin-top: -100px;"> </div> <div style="height: 100px; width: 180px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block;"> <div style="padding: 0px 16px;"> <div style="padding-top: 3px; line-height: 1;"> <div style="float: left; font-size: 28px;"><span id="citescoreVal" style="letter-spacing: -2px; display: inline-block; padding-top: 7px; line-height: .75;">1.0</span></div> <div style="float: left; font-size: 14px; padding-top: 3px; text-align: right;"><span id="citescoreYearVal" style="display: block;">2020</span> CiteScore</div> </div> <div style="clear: both;"> </div> <div style="padding-top: 3px;"> <div style="height: 4px; background-color: #dcdcdc;"> <div id="percentActBar" style="height: 4px; background-color: #007398;"> </div> </div> <div style="font-size: 11px;"><span id="citescorePerVal">50t</span>h percentile</div> </div> <div style="font-size: 12px; text-align: right;">Powered by <img style="width: 50px; height: 15px;" src="" alt="Scopus" /></div> </div> </div> <div style="clear: both;"> </div> Editura Universitatii „Alexandru Ioan Cuza” din Iasi / Alexandru Ioan Cuza University of Iasi Publishing House en-US Scientific Annals of Economics and Business 2501-1960 <p><strong>All accepted papers are published on an Open Access basis</strong>. </p> <p>The <strong>Open Access License</strong> is based on the Creative Commons license. </p> <p>The non-commercial use of the article will be governed by the <strong>Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License </strong>as currently displayed on <a href=""></a></p> <p>Under the Creative Commons Attribution-NonCommercial-NoDerivatives license, the author(s) and users are free to share (copy, distribute and transmit the contribution) under the following conditions:</p> <p>1. they must attribute the contribution in the manner specified by the author or licensor,</p> <p>2. they may not use this contribution for commercial purposes,</p> <p>3. they may not alter, transform, or build upon this work.</p> Financial Contagion from the Subprime Crisis: A Copula Approach <p>The magnitude of the subprime crisis effects caused recessions in several economies, giving rise to the global financial crisis. The scale of this major shock and the different recovery profiles of European economies motivated this paper. The main objective is to look for evidence of contagion between the North American financial market (S&amp;P500) and the financial markets of Portugal (PSI20), Spain (IBEX35), Greece (ATHEX) and Italy (FTSEMIB), in the South of Europe, and the financial markets of Sweden (OMXS30), Denmark (OMX2C0), Finland (OMXH25) and Norway (OsloOBX), in the North of Europe. Considering the period from January 1, 2003 to December 31, 2013, the ARMA-GARCH models were estimated to remove the autoregressive and conditional heteroscedastic effects from the time series of the daily returns. Then, the copula models were used to estimate the dependence relationships between the European stock indexes and the North American stock index, from the pre-crisis subperiod to the crisis subperiod. The results indicate financial contagion of the subprime crisis for all analyzed European countries. The North European markets intensified the relations of financial integration (both in negative and positive shocks) with the North American market, apart from the Danish against the Portuguese. In addition to the contribution made by the joint application of the ARMA-GARCH models, the findings are useful to identify channels of financial contagion between markets and to warn about the effects of possible new crisis, which will require different levels of adaptation by the companies’ financial managers and intervention by the authorities.</p> Rita I.L. Mendes Luís Gomes Patrícia Ramos Copyright (c) 2022 Rita I.L. Mendes, Luís M. P. Gomes, Patrícia A. G. Ramos 2022-12-19 2022-12-19 69 4 501 520 10.47743/saeb-2022-0031 Time-Varying Structure of the Optimal Hedge Ratio for Emerging Markets <p>Emerging markets are more exposed to risk than developed markets. Therefore, they require risk management using futures market instruments. This study aims to determine the hedging effectiveness of the spot index market risks in the stock index futures market in Brazil, Russia, India, South Africa, and Turkey. Measuring the hedging effectiveness level of futures markets is vital for these countries because investors must remain in the stock markets for the sustainability of the financial markets and economies. Weekly closing data for the period from January 2009 to October 2021 were analyzed via a dynamic method referred to as flexible least squares (FLS). Although the FLS results show that futures transactions provide high hedging effectiveness for all countries within the scope of this study, country-specific conditions may reduce the hedging effectiveness.</p> Metin Tetik Ercan Özen Copyright (c) 2022 Metin Tetik, Ercan Özen 2022-12-19 2022-12-19 69 4 521 537 10.47743/saeb-2022-0030 Impact of the Covid-19 Crisis on Service Enterprises and their Attitudes Towards Marketing Investments <p>The service sector has become the dominant sphere of market economies over the last forty years. The maturity of a country’s economy is directly related to the maturity of services as an economic sector. The immense growth across the service sector has also put mounting pressure on the competitiveness of service enterprises and their marketing activities. The turn of the millennium has already seen the competitive struggle affected by two crises – first, an economic one and now, one caused by the Covid-19 pandemic, which has had a great impact (not only) on the service sector. The article deals with the question of how Czech service enterprises reflect on the impact of the pandemic. The article’s aim is to find out how service enterprises perceive the impact of the Covid-19 crisis depending on their size and classification within the service sector and how they approach marketing investments during a pandemic crisis. The research is focused on service enterprises (n=90) in terms of their application of marketing processes in the conditions of the Czech Republic in the period 2020-2021. The results, based on descriptive and inferential statistics (ANOVA test in conjunction with Hochberg and Games-Howell tests, Pearson’s correlation coefficient and chi-squared test), show that smaller enterprises tend to be more affected by the effects of government measures in the context of the Covid-19 crisis than medium and large enterprises.</p> Martina Juříková Lenka Ližbetinová Eliška Káčerková Copyright (c) 2022 Martina Juříková, Lenka Ližbetinová, Eliška Káčerková 2022-12-20 2022-12-20 69 4 539 556 10.47743/saeb-2022-0021 Evaluating the Effectiveness of Early Warning Indicators: An Application of Receiver Operating Characteristic Curve Approach to Panel Data <p>Early warning indicators (EWIs) of banking crises should ideally be judged on how well they function in relation to the choice issue faced by macroprudential policymakers. However, the effectiveness of EWIs depends upon the strength of the predicting power, stability, and timeliness of the signal. Using a balanced panel of 6 countries’ experience with banking and currency crises in recent times, this paper evaluates the effectiveness of EWIs using Receiver Operating Characteristics. Following the drivers of the banking crisis and currency crisis, the paper evaluates the effectiveness of aggregate credit growth, sectoral deployment of credit along and other macroeconomic indicators generally used as EWI. The paper observes that credit disbursements to non-financial sectors and the central government provides stable signals about systemic risks. Further debt service ratio, interbank rates and total reserves are also found to be useful in predicting these crises. Lastly, the effective EWIs are combined using shrinkage regression methods to evaluate the improvement of signal strength of the combination of EWIs. The predictive power of the combination of EWIs provides better signal strength in predicting the macroprudential crisis.</p> Yusuf Yıldırım Anirban Sanyal Copyright (c) 2022 Yusuf Yıldırım, Anirban Sanyal 2022-12-14 2022-12-14 69 4 557 597 10.47743/saeb-2022-0025 Do European, Middle-East and Asian Stock Markets Impact on Indian Stock Market? A Case Study Based on NIFTY Stock Index Forecasting <p>This paper estimates NIFTY index from Indian stock market by considering a cluster of MSCI European, Middle East and Asian stock market indices. In the forecasting process, we obtain group of independent variables to test its relative impact over dependent variable (NIFTY) considering a sample size of daily observations from January 2000 to December 2021 abstracted from Bloomberg. We run OLS regression, Quantile estimations with additional parameter of VIF and BKW. We found significant impact association with China (Asian index) and Saudi Arabia (Middle East index) during the forecasting process compared to rest of sample indices that exceed unexpectedly out of VIF limits. Further, we recorded strong association of independent variables despite of statistical significance (&lt;1%) in OLS regression estimation.</p> Jatin Trivedi Cristi Spulbar Ramona Birau Amir Mehdiabadi Ion Florescu Copyright (c) 2022 Jatin Trivedi, Cristi Spulbar, Ramona Birau, Amir Mehdiabadi, Ion Florescu 2022-12-16 2022-12-16 69 4 599 613 10.47743/saeb-2022-0028 Contagion risk in Equity Markets during Financial Crises and COVID-19: A comparison of developed and emerging markets <p>This study compared the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic on financial market contagion between developed and emerging markets. A DCC-GARCH model was employed to test the contagion effects of developed and emerging markets using weekly returns for the S&amp;P 500 (US), FTSE-100 (UK), ASX 200 (AUS), IBOVESPA (BRA), BSE SENSEX (IND) and BVM IPC (MEX). The results showed that there was a persuasive case made for the integration of markets for efficient financial systems. However, a crisis occurring in one market holds significant repercussions for any of the connected markets. The findings show that the COVID-19 pandemic affected all the markets more severely than the GFC and contagion effects were more pronounced in emerging markets than in developed markets during the GFC and the pandemic. Consequently, policy makers in emerging markets should implement policies that reduce external vulnerabilities and improve their markets’ stability to reduce the impact of contagion.</p> Paul-Francois Muzindutsi Akita Sheodin Joshua Moodley Khmera Moodley Mayuri Naidoo Purusha Ramjiyavan Rinay Moonsamy Tiffany Atalia Pillay Fikile Dube Copyright (c) 2022 Paul-Francois Muzindutsi, Akita Sheodin, Joshua Moodley, Khmera Moodley, Mayuri Naidoo, Purusha Ramjiyavan, Rinay Moonsamy, Tiffany Atalia Pillay, Fikile Dube 2022-12-16 2022-12-16 69 4 615 629 10.47743/saeb-2022-0026 Does Voracious Behavior favor Efficient Market Hypothesis? Role of Performance Measures <p>Greed plays an important in the fluctuations of stock prices because investors want profits irrespective of the risk taken by them. This study aims to determine, whether, in times of rising trends in the market, greediness is good for the investor or not. Secondly, investors can get high profits by beating the market or not. The already formed deciles portfolios of listed companies on NYSE, AMEX, and NASDAQ based on size and book to market value are taken from the Kenneth R. French data library from Dec 1994 to Dec 2021. Sharpe, Treynor, and Sortino ratios are used as the measure of the performance of portfolios. Ordinal logistic regression is used to calculate the probability at different benchmark levels to determine, whether the investor gets the profit by beating the market or not. The results show that the investor who used the Sharpe ratio has an average 85% probability of getting a profit of more than 75% of the benchmark of S&amp;P-500 in all periods. Thus, the investors’ greediness is good in the long run if the investor considers total risk and can beat the market. By using the Sortino and Treynor ratio, there is an average 50% probability of achieving the profit up to the benchmark which is S&amp;P-500. This means that the investors are not able to beat the market thus, support the efficient market hypothesis by considering the downside and market risk.</p> Attayah Shafique Usman Ayub Muhammad Shariq Muhammad Ashfaq Copyright (c) 2022 Attayah Shafique, Usman Ayub, Muhammad Shariq, Muhammad Ashfaq 2022-12-19 2022-12-19 69 4 631 649 10.47743/saeb-2022-0029 Green Entrepreneurship and Digital Transformation of SMEs in Food Industry: Α Bibliometric Analysis <p>The emerging of green entrepreneurship and digital transformation improve businesses’ efficiency and meet consumers’ demand for environmentally sustainable products, reducing the environmental footprint and strengthening corporate responsibility to society. Moreover, the COVID-19 pandemic has become a key event changing our lives while businesses have to change their daily operations and working from home has become the norm. So, it is possible to say that business activities and business models have undergone some form of digital transformation due to the COVID-19 pandemic. In Greece, the Food Industry can be characterized as one of the most dynamic and competitive economic sectors which is distinguished for its growth prospects. The aim of this study is twofold: (i) to investigate the impact of green entrepreneurship and digital transformation into the performance of Greek SMEs in the food sector and (ii) to highlight the new trends integrated in new business models in the sector. To meet the research purpose, a bibliometric and co-citation analysis was used based on the R package and graphene as a subject of research for bibliometric analysis. The knowledge gained in this article shows how the digital transformation changed the functioning of the companies in the food industry. The conclusions of this article are mainly for the enterprises that are considering their own digitalization, which contributes to the long-term sustainability of them.</p> George Sklavos Marie-Noelle Duquenne George Theodossiou Copyright (c) 2022 George Sklavos, Marie-Noelle Duquenne, George Theodossiou 2022-12-15 2022-12-15 69 4 651 668 10.47743/saeb-2022-0027