Volume 6, Issue 2

Determinants of Foreign Portfolio Investment in the Western Balkan Countries determinants-of-foreign-portfolio-investment-in-the-western-balkan-countries Volume 6, Issue 2 Research Article 2024 6 Securities and other capital inflows of assets that may be held by other foreign nations make up international portfolio investments. An investor who makes a foreign portfolio investment (FPI) gains indirect ownership of financial assets. So, this study aims to investigate the main determinants of FPI in Western Balkan countries. Key variables included in the study are portfolio investment, GDP per capita growth, foreign direct investment (FDI), external debt (EXD), inflation, population, real interest rate, and regulatory quality, sourced from the World Bank. The methodology employed involves panel data regression analysis using fixed and random effects, allowing the observation of the influence of economic, demographic, and institutional factors across time and entities. It is important to observe if FPI is determined by economic growth and other considered potential determinants. The findings indicate that the portfolio investment of Western Balkan countries is significantly influenced by GDP per capita growth, external debt, inflation, and real interest rates

]]> Agarwal, R.N. (1997). Foreign portfolio investment in some developing countries: A study of determinants and macroeconomic impact. Indian economic review, pp.217-229.
Ang, J.B. (2008). Determinants of foreign direct investment in Malaysia. Journal of policy modeling, 30(1), pp.185-189.
Aurangzeb, & A. Ul Haq. (2012). Impact of Foreign Capital Inflows on Economic Growth in Pakistan. European Journal of Economics, Finance and Administrative Sciences, 46.
Chukwuemeka, P., Ekeocha, C. Stella., Malaolu, V., & Oduh, M. Onyema. (2012). Modelling the long run determinants of foreign portfolio investment in Nigeria. Journal of Economics and Sustainable Development, 3(8), 194-205.
Daly, K., & Vo, X. V. (2013). The determinants of home bias puzzle in equity portfolio investment in Australia. International Review of Financial Analysis, 27, 34-42. http://dx.doi.org/10.1016/j.irfa.2012.05.005 development in a globalized world
Egly, P. V., Johnk, D. W., & Liston, D. P. (2010). Foreign Portfolio Investment Inflows to the United States: The Impact of Risk Aversion and US Stock Market Performance. North American Journal of Finance and Banking Research, 4(4), 25-41.
Faruqee, H., Li, S., & Yan, I. K. (2004). The Determinants of International Portfolio Holdings and Home Bias (Vol. 4). Washington, DC: International Monetary Fund.
Fayyaz. A., Draz, M. U., & Yang, S. C. (2015). Determinants of Foreign Portfolio Inflows: Analysis and Implications China. Asian http://dx.doi.org/10.2139/ssrn.2542610
Fosu, O. E., & Magnus, F. J. (2006). Bounds Testing Approach to Cointegration: An Examination of Foreign Direct Investment, Trade and Growth Relationships. American Journal of Applied Sciences, 3(11), 2079-2085. http://dx.doi.org/10.3844/ajassp.2006.2079.2085

Garg, R., & Dua, P. (2014). Foreign portfolio investment flows to India: Determinants and analysis. World Development, 59, 16-28. http://dx.doi.org/10.1016/j.worlddev.2014.01.030
Gee, C. S., & Karim, M. Z. A. (2011). FDI’s Country of Origin and Output Growth: The Case of Malaysia’s Manufacturing Sector, 1991-2006. Applied Econometrics and International Development, 1(1), 161-176.
Ghose, A. K. (2004). Capital inflows and investment in developing countries. Geneva: Internaational labour Organization. Employment Strategy Papers, No. 2004/11.
Hefeker, C., & Busse, M. (2005). Political Risk, Institutions and Foreign Direct Investment (No. 315). Hamburg Institute of International Economics (HWWA).
Hefeker, C., & Busse, M. (2005). Political Risk, Institutions and Foreign Direct Investment (No. 315). Hamburg Institute of International Economics (HWWA).
Hussain, M., & Goswami, B. (2022). Sector Specific Determinants of Foreign Portfolio Investment Inflows in India: A Panel ARDL Approach. Global Business Review, 0(0). https://doi.
org/10.1177/09721509221137204
Kargi, B. (2014). Portfolio in Turkish economy, and a long-termed relation between foreign direct investments and the growth, and the structural breakage analysis (1980-2012). Journal of Academic Research in Economics, 6(1), 70-81.
Khan, M. Z. (1996). Prospects for private capital flows and financial sector development. The Pakistan Development Review, 35(4), 853-883. Retrieved from http://www.jstor.org/stable/41260003
Knill, A. M. (2005). Can Foreign Portfolio Investment Bridge the Small Firm Financing Gap around the World? (Vol. 3796). World Bank Publications. http://dx.doi.org/10.1596/1813-9450-3796
Lo Duca, M. (2012). Modelling the time varying determinants of portfolio flows to emerging markets (August 23, 2012).
Haider, M. A., Khan, M. & Abdulahi, E. (2016), “Determinants of Foreign Portfolio Investment and its Effects on China’’ International Journal of Economics and Finance; Vol. 8, No. 12; E-ISSN 1916- 9728.
Ngowi, H. P. (2001). Can Africa increase its global share of foreign direct investment (FDI)? West Africa Review, 2(2).Smimou, K. (2014). International Portfolio Choice and Political Instability Risk: A Multi-Objective Approach. European Journal of Operational Research, 546-560. http://dx.doi.org/10.1016/j.ejor.2013.01.024
Omisakin, O., Oluwatosin, A. D. E. N. Y. I. Y. I., & Ayoola, O. M. O. J. O. L. A. I. B. I. (2009). Foreign direct investment, trade openness and growth in Nigeria. Journal of Economic Theory, 3(2), 13-18.
Parthapratim P. (2010). Foreign portfolio investment Stock market and economic development: A case study in India. In book: Capital Without Borders; DOI: 10.2307/j.ctt1gsmzdw.11
Qayyum, U., & Haider, A. (2012). Foreign aid, external debt and economic growth nexus in low-income countries: The role of institutional quality. The Pakistan Development Review, 97-115.

Singhania, M., & Saini, N. (2018). Determinants of FPI in Developed and Developing Countries. Global Business Review, 19(1), 187-213. https://doi.org/10.1177/0972150917713280
Smimou, K. (2014). International Portfolio Choice and Political Instability Risk: A Multi-Objective Approach. European Journal of Operational Research, 546-560. http://dx.doi.org/10.1016/j.ejor.2013.01.024
Waqas, Y., Hashmi, S. H., & Nazir, M. I. (2015). Macroeconomic factors and foreign portfolio investment volatility: A case of South Asian countries. Future Business Journal, 1(1), 65-74. http://dx.doi.org/10.1016/j.fbj.2015.11.002

]]> Foreign portfolio investment, GDP per capita growth, external debts, inflation, real interest rate, Western Balkan Countries 2025-01-01 https://tefmj.ibupress.com/articles/determinants-of-foreign-portfolio-investment-in-the-western-balkan-countries 2 1-12 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Bujar Chahili Mother Teresa University true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Impact of Foreign Direct Investment on Income Inequality: The Case of Kosovo impact-of-foreign-direct-investment-on-income-inequality-the-case-of-kosovo Volume 6, Issue 2 Research Article 2024 6 Foreign direct investment (FDI) is often seen as a key driver of economic growth and development, but its impact on income distribution remains still inconclusive. Thus, this served as a motivation to examine how foreign direct investment (FDI) influences income inequality in Kosovo, a country with a young population and high unemployment that shapes its economic and social patterns. The study focuses on the period from 2009 to 2019, using a Vector Error Correction Model (VECM) to explore the long-term relationship between FDI and income inequality, measured by the Gini coefficient. The findings reveal that FDI inflows have a significant impact on income inequality in Kosovo. This research tries to fill the gap in the literature by analyzing Kosovo’s unique socioeconomic, political, and demographic context. The results provide insights for policymakers seeking strategies to attract investment and promote economic growth while addressing income disparities.

]]> Bogliaccini, J. A., & Egan, P. J. (2017). Foreign direct investment and inequality in developing countries: Does sector matter? Economics & Politics, 29(3), 209–236.
Cingano, F. (2014). Trends in income inequality and its impact on economic growth. OECD Social, Employment and Migration Working Papers, No. 163. OECD Publishing. Retrieved from http://dx.doi.org/10.1787/5jxrjncwxv6j-en
Chen, C. (2016). The impact of foreign direct investment on urban-rural income inequality. China Agricultural Economic Review, 8(3), 480–497.
Chintrakarn, P., & Chen, Y. Y. (2011). Do unions impact efficiency? Evidence from the US manufacturing sector. Contemporary Economic Policy, 29(3), 431–440.
Figini, P., & Görg, H. (2011). Does foreign direct investment affect wage inequality? An empirical investigation. The World Economy, 34(9), 1455–1475.
Franco, C., & Gerussi, E. (2013). Trade, foreign direct investments (FDI) and income inequality: Empirical evidence from transition countries. The Journal of International Trade & Economic Development, 22(8), 1131–1160.
Herzer, D., & Nunnenkamp, P. (2013). Inward and outward FDI and income inequality: Evidence from Europe. Review of World Economics, 149(2), 395–422.
Jaumotte, F., Lall, S., & Papageorgiou, C. (2013). Rising income inequality: Technology, or trade and financial globalization? IMF Economic Review, 61(2), 271–309.
Jensen, N. M., & Rosas, G. (2007). Foreign direct investment and income inequality in Mexico, 1990–2000. International Organization, 61(3), 467–487.
Kaulihowa, T. (2017). Essays on FDI and welfare dynamics in Africa (Doctoral dissertation, Stellenbosch University).
Lessmann, C. (2013). Foreign direct investment and regional inequality: A panel data analysis. China Economic Review, 24, 129–149.
Sylwester, K. (2005). Foreign direct investment, growth, and income inequality in less developed countries. International Review of Applied Economics, 19(3), 289–300.
Ucal, M., Haug, A. A., & Bilgin, M. H. (2016). Income inequality and FDI: Evidence with Turkish data. Applied Economics, 48(11), 1030–1045.
Wu, X. (2005). Will foreign capital inflow alleviate income inequality? Journal of the Asia Pacific Economy, 10(4), 528–550.
World Bank. (n.d.). World Development Indicators. Retrieved from https://databank.worldbank.org/
Central Bank of Kosovo. (n.d.). Retrieved from https://bqk-kos.org/

]]> Foreign direct investment (FDI), income inequality, Vector Error Correction Model (VECM) 2025-01-01 https://tefmj.ibupress.com/articles/impact-of-foreign-direct-investment-on-income-inequality-the-case-of-kosovo 2 13-27 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/81/ibu-journal-tefmj-2-2.pdf Anila Bejaj Faculty of Economy, University of Tirana, Albania true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Impact of Public Debt on Foreign Direct Investment: The Case of Albania impact-of-public-debt-on-foreign-direct-investment-the-case-of-albania Volume 6, Issue 2 Research Article 2024 6 Public debt is a key macroeconomic indicator that shapes a country’s reputation. It remains a significant economic policy challenge for governments in less developed countries due to high debt levels. The aim of this paper is to investigate the relationship between Albania’s public debt and foreign direct investments (FDI). For that purpose, first a descriptive research design is employed and second the data are examined through VAR (Vector Autoregression) and Granger causality tests. The VAR autoregression results indicate that in the short term, public debt and FDI are not significantly correlated. In addition, the Granger causality tests reveal no significant causality between FDI and public debt or between exchange rates and public debt. However, there is a bi-directional causality between FDI and exchange rates. Policymakers should focus on debt management, economic openness, and infrastructure development to create a favorable environment for attracting foreign investment. The findings underscore the need for balanced fiscal policies to support long-term economic growth and investment stability.

]]> Abbas, A., & Christensen, J. (2007). The Role of Domestic Debt Markets in Economic Development: An Empirical Investigation for Low-income Countries and Emerging Markets. IMF Working Papers. WP/07/127.
Agyapong, D., & Bedjabeng, K. A. (2019). External Debt Stock, Foreign Direct Investment, and Financial Development: Evidence from African Economies. Journal of Asian Business and Economic Studies. Volume 27. Issues 1.
Imimole, B., & Imoughele, L. (2010). Determinants and Sustainability of External Debt in a Deregulated Economy: A Co-integration Analysis from Nigeria (1986-2010). American International Journal of Contemporary Research, 4(6), 28-36.
Jilenga, M. T., Xu, H., & Gondje-Dacka, I. M. (2016). The Impact of External Debt and Foreign Direct Investment on Economic Growth: Empirical Evidence from Tanzania. International Journal of Financial Research, 7(2), 154-162.
Morrissey, O., & Udomkerdmongkol, M. (2012). Governance, Private Investment, and Foreign Direct Investment in Developing Countries. World Development, 40(3), 437-445.
Oche, M. O., Mah, G., & Mongale, I. (2016). The Effects of Public Debt on Foreign Direct Investment in South Africa (1983-2013): An Empirical Analysis. Risk Governance and Control: Financial Markets and Institutions, 6(4), 448-456.
Ostadi, H., & Ashja, S. (2014). The Relationship Between External Debt and Foreign Direct Investment in D8 Member Countries. Walia Journal, 30(3), 18-22.
Ogunjimi, J. (2019). The Impact of Public Debt on Investment: Evidence from Nigeria. DBN Journal of Economics & Sustainable Growth, 1–27. Retrieved from https://ssrn.com/abstract=3466870.

Ribeiro, H. N. R., Vaicekauskas, T., & Lakstutiene, A. (2012). The Effect of Public Debt and Other Determinants on the Economic Growth of Selected European Countries. Economics and Management, 17(3), 914-921.
Sánchez-Juárez, I., & García-Almada, R. (2016). Public Debt, Public Investment, and Economic Growth in Mexico. International Journal of Financial Studies, 4(2), 6.
Sharifi-Renania, H., & Mirfatah, J. (2012). The Impact of Exchange Rate Volatility on Foreign Direct Investment in Iran. Department of Economics, Khorasgan Branch, Islamic Azad University, Isfahan, Iran.
Wamboye, E. (2012). Debts (Public and External) and Growth. Croatian Operational Research Review (CRORR), 3.

]]> Public debt, Foreign Direct Investment (FDI), VAR (Vector Autoregression), Granger Causality Tests 2025-01-01 https://tefmj.ibupress.com/articles/impact-of-public-debt-on-foreign-direct-investment-the-case-of-albania 2 29-42 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/80/ibu-journal-tefmj-2-3.pdf Oltjon Bejaj Luarasi University, Tirana, Albania true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Intertwinement of Culture Industry, Technology and Mass Consumption: A Scoping Review intertwinement-of-culture-industry-technology-and-mass-consumption-a-scoping-review Volume 6, Issue 2 Research Article 2024 6 This essay uses Horkheimer and Adorno’s work on the culture industry to analyze the link between technology and mass consumption. While the digital world has enormous potential to facilitate communication, transcend spatial boundaries, and promote free expression, the utopian promise of this world is undermined by their mirroring of real-world market systems, the exploitation of labor, and the blurring of the line between entertainment and consumption. The culture industry thesis provides a useful starting point for theorizing the digital world and explaining why this place has become a mirror of mass consumption. Within this scope, this study aims to provide conceptual clarity and to contribute to efforts of theorization, considering three main concepts, namely, culture industry, technology, and mass consumption, and correlations between them, which were analyzed based on existing literature.

]]> Adorno, T. W., & Rabinbach, A. G. (1975). Culture industry reconsidered. New German Critique, 6(12), 12-19. https://doi.org/10.2307/487650
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Akdemir, A. (2016). Globalization and Adorno’s industrialization of culture. Uludag University Faculty of Arts and Sciences Journal of Philosophy 26(26), 181-186.
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Aydın O. T. (2020). From Culture Industry to Digital Capitalism. Journal of Social Policy Conferences, 0(79), 277-298. https://doi.org/10.26650/jspc.2020.79.0003
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Berthon, P., MacHulbert, J., & Pitt, L. (2005). Consuming Technology: Why Marketers Sometimes Get it Wrong. California Management Review, 48(1), 110-128. https://doi.org/10.2307/41166330
Boström, M. (2020). The social life of mass and excess consumption. Environmental Sociology, 6(3), 268–278. https://doi.org/10.1080/23251042.2020.1755001
Feenberg, A. (2005). Critical Theory of Technology: An Overview. Tailoring Biotechnologies, 1(1), 47-64.
Fuchs, C. (2014). Digital prosumption labour on social media in the context of the capitalist regime of time. Time & Society, 23(1), 97-123. https://doi.org/10.1177/0961463X13502117
Giesler, M. 2004. “Special Session Summary Consuming Cyborgs: Researching Posthuman Consumer Culture.” In NA - Advances in Consumer Research. Vol. 31, edited by B. E. Kahn and M. F. Luce, 400–402. Valdosta, GA: Association for Consumer Research.
Gilbert, A. (2013). The culture crunch: Daniel Bell’s The Cultural Contradictions of Capitalism. Thesis Eleven, 118(1), 83-95. https://doi.org/10.1177/0725513613500383
Gunster, S. (2000). Revisiting the Culture Industry Thesis: Mass Culture and the Commodity Form. Cultural Critique, 45, 40–70. https://doi.org/10.2307/1354367
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Horkheimer, M. & Adorno, T. (2002). The Culture Industry: Enlightenment as Mass Deception. In G. Noeri (Ed.), Dialectic of Enlightenment (pp. 94-136). Redwood City: Stanford University Press. https://doi.org/10.1515/9780804788090-007
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]]> culture industry, technology, mass consumption 2025-01-01 https://tefmj.ibupress.com/articles/intertwinement-of-culture-industry-technology-and-mass-consumption-a-scoping-review 2 43-51 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/90/ibu-journal-tefmj-2-4.pdf Bilal Celik Bayburt University, Bayburt, Türkiye true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

De-Merger and Its Effect on Performance: A Case Study of Piramal Enterprise Limited de-merger-and-its-effect-on-performance-a-case-study-of-piramal-enterprise-limited Volume 6, Issue 2 Research Article 2024 6 This research paper presents the analysis of the demerger of Piramal Enterprises Limited into two entities, Piramal Pharma Limited and Piramal Financial Services Limited. The research paper examines the impact of demergers on the share prices of Piramal Enterprise Limited, Piramal Financial Services Limited, and Piramal Pharma Limited. On May 8, 2024, PEL completed a reverse merger with its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), and the combined entity, Piramal Finance Limited (PFL). In addition, the research paper examines the impact of this demerger on the financial metrics such as net sales, net profit, return on equity, and market capitalization. In this manner, the study highlights pre- and post-demerger fluctuations in these metrics, showcasing the demerger’s impact on the entities’ financial performance. The study also delves into the demerger process, the reason behind the demerger, and its framework in the context of relevant regulations and
emphasizes the growing importance of demergers as a strategic tool for business growth.

]]> Piramal Pharma Limited. (2021;2023). AGM report 2021. Piramal Pharma Limited. https://www.piramal.com/investor/piramal-pharma-limited/corporate-governance/board-committees/
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Yahoo Finance. Piramal Enterprises Limited (PEL.NS) - Historical Data. Yahoo Finance. Retrieved December 6, 2023, from https://finance.yahoo.com/quote/PEL.NS/history/
Baba, C. M., Duguleană, C., Dincă, M. S., Duguleană, L., & Dincă, G. (2021). The Demerger Impact upon Sustainable Development of Economic Entities: Evidence from Romania. Sustainability, 13(15), 8316.
Bandose, V. “Piramal Enterprises demerger news: Check record date, share ratio - what investors should know August 30 Retrieved on March 25, 2024 from”https://www.zeebiz.com/market-news/news-piramal-enterprises-demerger-news-check-record-date-share-ratio-what-investors-should-know-196272.
Bao, J. (2017). Evaluating the impact of mergers and demergers using the DuPont method: A case study of ABN AMRO Bank. Finance Research Letters, 21, 58-64.
Basak, S. (2016). Evaluating investor value post demerger: A case study of Unilever India Exports Limited. Journal of Corporate Finance, 38, 150-165.
Bergh, D. D., & Lim, E. N. K. (2008). Learning how to restructure: Absorptive capacity and improvisational views of restructuring actions and performance. Strategic Management Journal, 29(6), 593-616.
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Cecchetti, S. G., & Schoenholtz, K. L. (2017). Money, banking, and financial markets. McGraw-Hill.
Chai, D., Wernerfelt, B., & Zinkhan, G. (2018). The performance of spin-offs and related market dynamics in Australia. Australian Journal of Management, 43(3), 423-444.
Chen, L. (2018). Carve-outs and demergers in the Asian technology sector: Innovation and market expansion. Asian Business Review, 12(1), 55-70.
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]]> financial performance, operational efficiency, growth opportunities & shareholder value 2025-01-01 https://tefmj.ibupress.com/articles/de-merger-and-its-effect-on-performance-a-case-study-of-piramal-enterprise-limited 2 53-80 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Anjali Gupta School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India true Netra Pal Singh School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Determining the Threshold of Public Debt in the Western Balkan Countries determining-the-threshold-of-public-debt-in-the-western-balkan-countries Volume 6, Issue 2 Research Article 2024 6 Public debt is a very important tool that allows countries to access finance and reach their goals. However, taking a high amount of debt, more than a country can handle, can hamper economic growth or even cause an economic downturn. That is why it is very important for countries to manage their debt effectively so that the debt is sustainable and contributes to economic growth. Each country can tolerate a different level of debt without it causing trouble for its economy, and it is quite important for them to find the point where if the public debt exceeds, it might negatively impact their economy. This research paper intended to find if public debt affects economic growth by using the fixed effect and random effects model and then using the Hausman test to decide which model is more appropriate, as well as the threshold of public debt in Western Balkan countries, by using the pooled OLS model, to determine if a non-linear relationship exists between public debt and economic growth and finding the turning point. According to the obtained results, a non-linear inverted U-shaped relationship exists, and the results suggest that public debt positively impacts economic growth until it reaches 46% of the GDP, and if the debt exceeds this level, it starts to negatively impact economic growth.

]]> Abubakar, A. B., & Mamman, O. S. (2020). Permanent and transitory effect of public debt on economic growth. Journal of Economic Studies, 48(5), 1064–1083 https://doi.org/10.1108/JES-04-2020-0154
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Polychronidou, & A. Karasavvoglou (Eds.), Economic and financial challenges for Balkan and Eastern European countries (pp. 13–32). Springer. https://doi.org/10.1007/978-3-030-39927-6_2
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Fetai, B., Avdimetaj, K., Bexheti, A., & Malaj, A. (2020). Threshold effect of public debt on economic growth: An empirical analysis in the European transition countries. Zbornik radova Ekonomskog fakulteta u Rijeci: Proceedings of Rijeka Faculty of Economics, 38(2), 381–406.
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Sustainable Finance Field, 10–20. https://doi.org/10.47063/EBTSF.2020.0001
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]]> debt, public, threshold, growth, economy 2025-01-01 https://tefmj.ibupress.com/articles/determining-the-threshold-of-public-debt-in-the-western-balkan-countries 2 81-91 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Diellza Bilalli International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com