/library/oar/handle/123456789/28524 Mon, 10 Nov 2025 03:11:21 GMT 2025-11-10T03:11:21Z /library/oar/handle/123456789/30868 Title: The determinants of capital structure in emerging capital markets : evidence from Serbia Authors: Malinic, Dejan; Dencic-Mihajlov, Ksenija; Ljubenovic, Ema Abstract: This paper explores the determinants of the capital structure of Serbian firms listed on the regulated market using panel data. We model the leverage ratio as a function of firm-specific characteristics. The findings indicate the emerging character of Serbian corporate environment. We document that Serbian firms tend to have much lower debt ratio and that they rely more heavily on short-term than long-term debt compared to firms coming from other transitional economies. The study shows that there is a significant negative impact of liquidity, tangibility, profitability and cash gap on the two debt ratios. Leverage level is significantly positively affected by the income volatility and growth opportunities of Serbian firms. Our results are consistent with the findings of previous empirical studies realized in emerging and transition economies, indicating that Serbian companies follow the modified pecking order theory. Tue, 01 Jan 2013 00:00:00 GMT /library/oar/handle/123456789/30868 2013-01-01T00:00:00Z /library/oar/handle/123456789/30814 Title: Brewing the recipe for beer brand equity Authors: Porral, Cristina Calvo; Bourgault, Normand; Dopico, Domingo Calvo Abstract: This research study aims to analyze the sources and consequences of beverages’ Brand Equity, and more specifically, the beer Brand Equity in a Sothern European mature market. For this purpose, based on the customer-based Aaker’s Brand Equity model, we developed an empirical study, using structural equation modeling (SEM) in order to assess how beer Brand Equity stems from in the brewery industry and to analyze its consequences in consumer behavior. Our findings suggest that the beer brand image is the most important dimension for beer Brand Equity. Moreover, a significant positive influence was found for all the dimensions analyzed, namely brand awareness, perceived quality and loyalty; while we found empirical support for the influence of beer Brand Equity on purchase intention and the consumer willingness to pay a premium price. This research brings relevant implications for brewery marketing managers, who should strengthen their beer brand image, and further consider beer Brand Equity as a key variable in consumer behaviour. Tue, 01 Jan 2013 00:00:00 GMT /library/oar/handle/123456789/30814 2013-01-01T00:00:00Z /library/oar/handle/123456789/30813 Title: Financial development and economic growth : a revised empirical study for Ireland Authors: Adamopoulos, Antonios Abstract: This study is a revised empirical research examining the relationship between financial development and economic growth for Ireland for the period 1965-2011. The objective of this study is to examine the long-run relationship between financial development and economic growth taking into account the positive effect of industrial production index. For this purpose usual classical econometric methods are adopted. A vector error correction model is estimated based on Johansen cointegration analysis and stationarity tests. Finally, Granger causality method is applied in order to define the direction of causality between the examined variables. The empirical results indicated that there is a bilateral causal relationship between economic growth and industrial production, while there is a unidirectional causality between economic growth and credit market development. Also, stock market development causes economic growth and industrial production. Therefore, it can be inferred that stock market development has a direct causal effect on economic growth taking into account the positive effect of industrial production growth on economic growth for Ireland. Tue, 01 Jan 2013 00:00:00 GMT /library/oar/handle/123456789/30813 2013-01-01T00:00:00Z /library/oar/handle/123456789/30812 Title: Recent evidence on the taxpayers’ reporting decision in Greece : a quantile regression approach Authors: Kaditi, Eleni A.; Nitsi, Elisavet I. Abstract: This paper examines the responses of individuals to marginal tax rates in their reporting of income, using the 2009 individual tax return data for Greece. The method of regression quantiles is employed to provide evidence on behavioral responses at different points of the income distribution. The results reveal significant differences in the marginal tax rate reporting responses across income classes and for different occupational groups; whereas high income taxpayers have a very elastic response. As particular groups of taxpayers have more flexibility in misreporting tax liability also depends on the government’s effectiveness to control tax avoidance. Evaluation of the 2010 tax reform further reveals that misreporting of the occupational groups Rental Income and Wages & Salaries appears to be the highest. Policy recommendations regarding tax reforms should therefore take into account the reported income distribution involved and the selected policy objectives. Tue, 01 Jan 2013 00:00:00 GMT /library/oar/handle/123456789/30812 2013-01-01T00:00:00Z