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Neoclassical Growth Model Application to the Analysis of Human Capital for Regional Development
Abdhy Aulia Adnans and Iskandar Muda
DOI: 10.15604/ejef.2018.06.04.001
Abstract
Human resource development has a strategic meaning for the development progress of a nation. Countries that succeed in its national development factually give great attention to human resource development. Some studies suggest the importance of externalities and human resources factors to spur economic growth. The indications of human resources have a role in smoothing the process of technology transfer and creation, the idea that high investment in human capital is a prerequisite that must be done in advance, in the process of economic growth, to support investment in physical capital. This paper aims to discuss the neoclassical growth model providing a basis for understanding the differences among the interregional growth related factors that affected of different growth in economic development.
Keywords: Human Resource Development, Economic Growth, Neoclassical Growth Model
Auditing Research: A Review of Recent Research Advances
Dan Dacian Cuzdriorean
DOI: 10.15604/ejef.2018.06.04.002
Abstract
We survey recent auditing research published in top 5 leading accounting journals over the last two years (2017-2018). We use the recent findings as a roadmap aiming to offer useful suggestions for future research. Finally, we urge more research on topics related to: implications of social challenges facing audits of complex estimates, implications of contrast effect for audit quality, assessing the effects of conservative bias in audit work, examining the factors affecting accounting firms` competencies.
Keywords: Auditing, Literature Review, Regulation, Audit Quality, Risk Assessment, Audit Fees
Growth, Unemployment and its Implication on Poverty: Empirical Study in Districts/Cities of South Sumatera Province
Rini Efrianti, Taufiq Marwa, Nurlina Tarmizi, and Saadah Yuliana
DOI: 10.15604/ejef.2018.06.04.003
Abstract
This paper aims to study the relationship between growth, unemployment and poverty in districts/cities of South Sumatera Provinces. The research applies to Okun’s law and trickle-down effect theory to explain the relationship between growth and unemployment with its implication in poverty. This theoretical model can be applied to empirical studies to examine if development activities undertaken in a region have been successful in impacting employment and reducing the number of the poor. Therefore, we used fixed effect model estimation of six variables, namely, economic growth, unemployment, poverty, government expenditure, investment, and population of 15 districts/cities in South Sumatera Province in period 2010-2017. Research findings have shown that the relationship between economic growth and unemployment support the Okun’s law. The same applies to the relationship between economic growth and poverty when there trickle-down effect was happened in the analysis period.
Keywords: Economic Growth, Unemployment, Poverty, Okun’s Law, Trickel-Down Effect
Impact of Financial Structure on Return on Equity: Evidence from Wholesale of Motor Vehicle Parts and Accessories Industry
Rodica Baciu and Brezeanu Petre
DOI: 10.15604/ejef.2018.06.04.004
Abstract
A widely debated topic during the last years is represented by the choice of financial structure of companies, especially in developing or emerging countries, characterized by economies without a tough and a mature financial system. The purpose of this research is to determine whether there is a relationship between capital structure and firm performance of firms active in Romania in the wholesale of motors vehicle parts and accessories (NACE 4531). Capital structure refers to how a firm chooses to finance their assets and future growth by dividing debt into subcategories (bank, commercial) and time horizon, while firm performance is evaluated by the return on equity (financial return). By determining this relationship, firms in these sectors should have a better understanding of how to select the financing for their future growth. The main output of the study consists in the fact that the financial structure divided by debt components of the companies does not influence significantly the return on equity during periods of low interest rates, like the case of Romania during 2016.
Keywords: Capital Structure, Return on Equity, Financial Leverage, EBIT
Economic Crisis: Challenge for Economic Theory and Policy
Azra Hadziahmetovic, Jasmin Halebic, and Nerma Colakovic–Prguda
DOI: 10.15604/ejef.2018.06.04.005
Abstract
Crises are truly social phenomenon and that is why they have strategic importance and require increased state regulation. The global economic crisis of 2008 has rapidly mastered the world and significantly affected national economies. The aim is to show that economic crisis has always represented a great challenge for economic theory and policy, and that the theoreticians and practitioners demonstrated the need to create a new model of economic growth and change the dominant theoretical paradigm. There are many findings but the most important ones are as follows: The recent crisis has shown how unregulated market can lead capitalism to its disaster. Neoliberal doctrine had a strong negative impact on policy which helped spread of the crisis. It was a sign that it is necessary to create a new theoretical and macroeconomic paradigm and a new model of economic growth that would be the answer to the recent economic crisis because it has shown that the neoliberal mode of economic policy has been wrong and ineffective in terms of the global economic crisis. In process of continuous global changes, it is necessary to build a stable society, which is going to be humane and socially balanced.
Keywords: Economic Crisis, Economic Theory, Economic Policy, Macroeconomic Paradigm, Model of Economic Growth
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