We examine energy efficiency in the European Union (EU) using an integrated model that connects labor and capital as production factors with energy consumption to produce GDP with a limited amount of environmental emissions. The model is a linear output-oriented BCC data envelopment analysis (DEA) that employs variables with non-negative values to calculate efficiency scores for a sample of 28 EU member states in the period 2010–2018. We assume variable returns to scale (VRS) considering the natural inclination of countries to adopt technologies that allow them to produce higher outputs over extended periods of time, which we observed through the trends of increasing labor productivity and decreasing energy intensity over the analyzed period. The average EU inefficiency margin in the sample period is 16.0%, with old member states being significantly more efficient (4.2%) than new member states (29.5%). Energy efficiency management does not improve over time, especially in new member states that had substantially worse efficiency by 2018 than in 2010. New member states could increase energy efficiency through the liberalization of the energy market, the support of energy-saving and technologically advanced industries, and the introduction of measures aimed at increasing the productivity levels in the economy.
In an uncertain economic environment, the decision-making process regarding personal finances relies heavily on personal experience and behavior, and is largely influenced by a variety of psychological and socio-demographic factors. The aim of this paper is to analyze the key factors of the decision-making process regarding financial choices of the population of young adults in the Republic of North Macedonia, and to further explain young people’s motives for the proposed decision and the conditions under which the decision was made. The research was conducted through an AHP-based questionnaire that was distributed to respondents ranging in age from 18 to 35 years. According to the obtained results, the respondents value financial security the most, hence their primary choice is investment in real estate and commodities. Young adults are less inclined to invest, especially in the more complex financial instruments. The developed AHP model will help young people make better, fact-based financial choices.
Aims: This aim of this paper is to identify the barriers that hinder women’s advancement in the management hierarchy in the financial sector (both banking and insurance) in Republic of North Macedonia, a country historically known for its masculine culture and stereotype–driven expectations regarding the role of woman in the society. Study design: Original research paper. Analytical observational, cross-sectional study. Place and duration of study: The research sample was consisted of male and female employees from banking and insurance sectors in North Macedonia in March 2021. Methodology: A questionnaire was designed to achieve the objectives of the study in which the items for the barriers have been measured using 5–points Likert scale. The reliability and validity analyses were conducted; descriptive analysis was used to describe the characteristics of the sample as well as the strength and direction of the relationship between the variables, and ANOVA test was employed to examine the proposed three hypotheses. Results: The obtained results of Cronbach’s alpha are 0.821, 0.836 0.918 for individual, organizational and cultural factors, respectively. The results suggest a significant difference among the barriers (individual, organizational and cultural factors) that prevent employees from obtaining upper–level positions in the organizations due to gender (p <0.001), whereas no significant difference was found among the barriers that prevent employees from obtaining upper–level positions due to age and work experience. Conclusion: The obtained results call for attention to existence of gender disparities and gender inequalities in many areas of life, particularly in the labor market, when climbing up the corporate ladder. The study contributes to the literature by providing new practical insights into gender diversity initiatives focusing on growth and development aspects of female employees by breaking the glass ceiling and recognizing their competencies, qualifications, and achievement as well as giving them prospects for upward mobility.
The insurance industry is undergoing more turbulence than any other industry since nowadays it is faced with a variety of strategic risks–emerging threats and challenges: change in regulation, customer behavior, distribution channels, competition, and new innovative technologies. The aim of this study is to propose strategic management directions towards risk assessment in the insurance companies, which could implicate the overall performance of many engaged in this sector. Given the growing importance of the insurance companies, profitability is considered as one of the key performance metrics which is under major influence of internal factors. This type of analysis is an important tool in determining the quick and decisive response of the managers to important new challenges and opportunities, especially in absence of a risk management regulatory framework. For this purpose, the data of 11 non – life insurance companies operating in North Macedonia from the period 2012 – 2019 is examined. The estimated model with random effects on panel data suggests a negative and significant influence of the loss ratio, the expense ratio, the retention rate, and the premium to surplus ratio on the profitability of non – life insurers, as measured by the return on assets (ROA), whereas the size has a positive impact on the profitability. The influence of remaining variables on the profitability was not found to be statistically significant. The obtained results were alighed in recommendations which can be used to potential future improvement and viable business strategies considering the specific and vulnerable Macedonian insurance context.
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