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«European Journal of Economic Studies»
(Европейский журнал экономических исследований) – международный двуязычный научный журнал.

E-ISSN 2305-6282

Периодичность – 2 раза в год.
Издается с 2012 года.

1 March 25, 2019

Articles and Statements

1. Dina Al-Waely
The Impact of Careful Application of Growth Management Policies and Sustainable Development on the Changing Marketing Environment

European Journal of Economic Studies, 2019, 8(1): 3-18.
DOI: 10.13187/es.2019.1.3CrossRef

This study aimed to identify the impact of the careful application of growth management policies and sustainable development on the changing marketing environment. The study has used the descriptive analytical approach, where a questionnaire was employed as the study instrument. The questionnaire consisted of (3) demographic variables and (26) items that were put together to measure the impact of the careful application of growth management policies and sustainable development on the changing marketing environment. The study population consisted of all Senior Managers who work at five-star hotels at the Dead Sea in Amman, Jordan, who amounted to (19) Senior Managers in (6) hotels, and the study sample included all (19) managers. The results showed that there is there is a statistically significant impact of the careful application of growth management policies on the changing marketing environment; it also showed that there is a statistically significant impact of the careful application of sustainable development on the changing marketing environment. The results of the means and standard deviations of the careful application of growth management policies fields from the point of view of the analysis showed that they were high, where the Attraction field came first, and the Expansion came last. There were other results have shown that the total mean and standard deviation of the Coordination field were high, where it had a mean of (3.91) and a standard deviation of (0.51). The results of the means and standard deviations of the sustainable development fields from the point of view of the analysis showed that they were high, where the Economic Dimension field came first, while the Environmental Dimension came last.

URL: http://ejournal2.com/journals_n/1554814573.pdf
Number of views: 29      Download in PDF

2. Jelisavka Bulatovic, Aleksandra Mladenović, Goran Rajović
The Possibility of Development of Sport-Recreational Tourism on Mountain Area Trešnjevik – Lisa and Environment

European Journal of Economic Studies, 2019, 8(1): 19-42.
DOI: 10.13187/es.2019.1.19CrossRef

Sport and recreational tourism in the present time in Montenegro, it is actually one of the special forms of tourism that has a high tendency of growth. Mountainous area Trešnjevik – Lisa abounds in sports-recreational facilities that are only partially used. Many experts consider tourism today as a complex phenomenon, and it is also the subject of very frequent research. Almost everywhere in the world there is an area visited by tourists every day. Trends and society are changing, but the motives of traveling remain the same. There is a growing imperative to sports and recreation on vacation because of the hectic everyday life (Kalavarić, 2017). The mountainous area Trešnjevik – Lisa can be reached from two directions with a relatively good traffic connection: Kolašin – Mateševo – Bara Kralja (21 km) and from Andrijevica – via Most Bandović (15 km). The goal of developing of sports and recreational tourism in this mountainous area and its surroundings is to provide tourists with: establishing a balance between functional, motor and working abilities, satisfying social needs through entertainment, leisure and socializing, as well as rest, relaxation and recovery (Zegnal, Pletenac, 2010). The results of the research showed that sports and recreational facilities exist in only two tourist objects and that should strive for the construction of tourist accommodation facilities expanding the offer, introducing innovations, standardizing and improving sports-recreational content in the coming period, which would greatly contribute to the development of mountain areas Trešnjevik – Lisa as a destination of sports-recreational tourism.

URL: http://ejournal2.com/journals_n/1554814660.pdf
Number of views: 18      Download in PDF

3. Sanel Halilbegovic, Zerina Kadic, Nedim Celebic, Adisa Arapovic, Dzenan Kulovic
Impact of Blockchain Technology on the Payment Management Systems – What Future Holds?

European Journal of Economic Studies, 2019, 8(1): 43-50.
DOI: 10.13187/es.2019.1.43CrossRef

Due to its possibly disruptive effect on business model (BMs), blockchain innovation has started an lively discussion among recearchers. Delphi study sets out to explore the impact of blockchain in payments, which represents a major cornerstone of banking and the cradle of this technology.The outcomes, grouped around four areas thoughts, demonstrate that blockchain allows the offering of new services and renders some of the current ones obsolete.This consequently impacts the financial structure of firms in the payments industry and further generates great potential for new BMs while making some existing ones obsolete. Eventually, new players, which are better ready to use the po-tential of blockchain, will give a strong motivation to this improvement. This discoveries contribute to the literature by giving new bits of knowledge about the effect of innovative advances on BMs and have further practical implications by presenting a better understanding of future BMs in payments.

URL: http://ejournal2.com/journals_n/1554814728.pdf
Number of views: 22      Download in PDF

4. Andrey Kudryavtsev
High Stock Trading Volumes before Holidays and Post-Holiday Price Drifts: Psychological Insights

European Journal of Economic Studies, 2019, 8(1): 51-68.
DOI: 10.13187/es.2019.1.51CrossRef

Present study concentrates on the holiday effect on stock returns following high-volume trading days. Based on the Mood Maintenance Hypothesis and on the literature documenting lower stock trading activity before holidays, I suggest that if important company-specific news arrive immediately before a public holiday, then investors striving to maintain their positive pre-holiday mood, may be less willing to make influential trading decisions, and therefore, may react relatively more weakly to the news, which creates an underreaction and may result in subsequent price drifts. Analyzing a large sample of high-volume days and defining the latter according to two alternative proxies, I find that pre-holiday high-volume days accompanied by both positive and negative stock returns are followed by significant price drifts on the next two (post-holiday) trading days and over five- and twenty-day intervals following the initial high-volume day, the magnitude of the drifts increasing over longer time windows. On the other hand, "regular" high-volume trading days are followed by either non-significant or marginally significant price reversals. The effect is more pronounced for small and more volatile stocks and remains robust after accounting for additional company- (size, CAPM beta, historical volatility) and event-specific (stock's return on the event day) factors. It is also robust to different methods of adjusting returns and to different sample filtering criteria.

URL: http://ejournal2.com/journals_n/1554814769.pdf
Number of views: 17      Download in PDF

5. Marsel M. Nizamutdinov, Vladimir V. Oreshnikov
Concept of Multi-Level Simulation Model for Developing Regional Government’s Economic Strategy

European Journal of Economic Studies, 2019, 8(1): 69-76.
DOI: 10.13187/es.2019.1.69CrossRef

The article considers the simulation model’s concept based on integration of the regional economic elements’ interconnections within the united computational scheme. It has been substantiated that the development of a long-term strategy for the socio-economic development of a region requires using formalized advanced planning methods, economic and mathematical models as management tools. The model is proposed as a tool for determining the conditions and parameters of the regional strategic development in a changing macro environment. The main attention is paid to description of the formal model and the behavior algorithm for the economic agent of the “regional government” which considered as the main functional subsystem of the imitation model. The simulation model’s structure allows implementing system modeling and forecasting the parameters of the socio-economic system development at the regional level and could be used as the practical tool for substantiating integrated regional development strategies for the medium term.

URL: http://ejournal2.com/journals_n/1554891805.pdf
Number of views: 30      Download in PDF

6. Chamil W. Senarathne
The Leverage Effect and Information Flow Interpretation for Speculative Bitcoin Prices: Bitcoin Volume vs ARCH Effect

European Journal of Economic Studies, 2019, 8(1): 77-84.
DOI: 10.13187/es.2019.1.77CrossRef

This paper examines the leverage effect and the information flow interpretation of heteroskedasticity – from a sample of daily Bitcoin return data from 3/19/2016 to 7/24/2018 – using the framework of Lamoureux and Lastrapes (1990). The results show that the Bitcoin return variance cannot be effectively explained by GARCH (1, 1), GJR-GARCH or EGARCH models given the stationarity of variance of return. The leverage effect is not observed by the estimate of EGARCH model. ARCH effect vanishes and the coefficient becomes highly statistically insignificant when the volume—as a mixing variable—is included in the conditional variance equation of IGARCH model. These findings suggest that the Bitcoin price changes are generated from an independent stochastic price increment process of which the increments are subordinated to stationary ARCH errors. As such, the Bitcoin can be classified as a class of speculative assets in the cryptocurrency exchange.

URL: http://ejournal2.com/journals_n/1554814870.pdf
Number of views: 26      Download in PDF

7. Evgeniya V. Vidishcheva, Marina Gunare
Experience of Cultural Branding Development: Foreign and Russian Models

European Journal of Economic Studies, 2019, 8(1): 85-94.
DOI: 10.13187/es.2019.1.85CrossRef

Branding of countries, regions and cities is gradually becoming a mandatory part of the strategic development of territorial entities. This practice is popular in many countries all over the world. The development and implementation of brand strategies has allowed many territorial subjects to overcome the negative perception associated with the past, and reposition its brand. Cultural brand includes cultural and historical identity, painted in a national color, and is a common value – heritage. The aim of this study is to analyze and compare foreign and russian models of cultural branding.

URL: http://ejournal2.com/journals_n/1554815732.pdf
Number of views: 27      Download in PDF

8. Savvas Zachariadis
The Financial Cycles and Their Importance to the Economy

European Journal of Economic Studies, 2019, 8(1): 95-101.
DOI: 10.13187/es.2019.1.95CrossRef

In this paper, we address the issue of the financial cycles and their influence to the function of the economy and stability. Financial cycles have mainly become an issue of interest among economists. Despite the fact that most research on cyclical trends in economy was associated with fluctuations in business cycles, the significance of the financial cycle has recently become more apparent, because of the dominance of the financial sector in the economy and also the emergence of financial crises. Recent researches imply that financial cycles are less frequent than the traditional business cycle and are related to credit and property prices. However, the existence of the financial cycles is evident and perhaps unavoidable to the economy, but what eventually matters is the extent of their fluctuations and their severe consequences during the contraction period. Considering ergo their importance, prudential policies need to be adopted to abate their sway in the stability of financial system and in real economy.

URL: http://ejournal2.com/journals_n/1554814954.pdf
Number of views: 33      Download in PDF

full number
URL: http://ejournal2.com/journals_n/1554891847.pdf
Number of views: 21      Download in PDF

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