Volume 7, Issue 2

Determining the Long Run Relationship Between Direct and Indirect Taxes and Economic Growth: Empirical Evidence From the Republic of North Macedonia determining-the-long-run-relationship-between-direct-and-indirect-taxes-and-economic-growth-empirical-evidence-from-the-republic-of-north-macedonia Volume 7, Issue 2 Research Article 2025 7 The theoretical and empirical evidence unanimously emphasize that fiscal policy measures and instruments are essential for economic policymakers that aim to achieve macroeconomic equilibrium and boost economic growth in both developed and developing economies. Taking into consideration this crucial role of the fiscal policy for the economic development, this paper examines the relationship between direct taxes, indirect taxes, labor force and economic growth for the Republic of North Macedonia. Given the absence of a universal framework for implementing fiscal policy measures, this research explores how these policies can be adapted and harmonized to promote economic stability. While the mechanisms and channels for achieving economic policy objectives may share similarities across different economies, their application must be customized to reflect each country’s unique macroeconomic conditions and aggregate trends. Employing regression analysis, including the Vector Error Correction Model (VECM) and co -integration methodology, the findings of this study highlight the critical role of fiscal policy in driving economic growth as well as reducing the unemployment rate in post transition economies such as the Republic of North Macedonia. This study also highlights the significance of strategically combining and aligning fiscal policy measures to meet the macroeconomic goals and as such it provides some recommendations for further development and changes in the fiscal policy and measures to be undertaken to ensure sustainable economic growth.

]]> Arisoy, I., & Unlukaplan, I. (2010). Tax composition and growth in Turkey: An empirical analysis. International Research Journal of Finance and Economics, 59, 51 – 61.
Arnold, J., Brys, B., Heady, C., Johansson, Å., Schwellnus, C., & Vartia, L. (2011). Tax policy for economic recovery and growth. The Economic Journal, 121(550), S59–S80.
Balasoiu, N., Iulian Ch., & Marian O. (2023). “Impact of Direct Taxation on Economic Growth: Empirical Evidence Based on Panel Data Regression Analysis at the Level of Eu Countries” Sustainability 15, no. 9: 7146. https://doi.org/10.3390/su15097146
Duncan, D., & Sabirianova Peter, K. (2008). Tax progressivity and income inequality (Andrew Young School of Policy Studies Research Paper Series No. 08-26). SSRN. https://doi.org/10.2139/ssrn.1260860
Fasoranti, M. M. (2013). Tax productivity and economic growth. Lorem Journal of Business and Economics. 1(1), 1-10.
Gomis-Porqueras, P., & Smith, R. (2020). Income taxation and growth: New insights from public policy expansion. J. Econ. Dyn. Control , 118, 103974
Greenidge, K., & Drakes, L. (2009). Tax policy and macroeconomic activity in Barbados. http://www.central bank.org.bb.
Ibraimi, A., & Alili Sulejmani, L. (2017). ECONOMETRIC ANALYSIS OF INDIRECT TAXES ON ECONOMIC GROWTH: CASE OF REPUBLIC OF MACEDONIA. KNOWLEDGE - International Journal, 20(1), 249–252. Retrieved from https://ikm.mk/ojs/index.php/kij/article/view/3623
Martinez-Vazquez, J., Vulovic, V., & Lui, Y. (2009). Direct versus indirect taxation: Trends, theory and economic significance. International Studies Program Working Paper, 09 – 11, Georgia State University.
Mertens, K., & Ravn, M. O. (2013). The dynamic effects of personal and corporate income tax changes in the United States. American Economic Review, 103(4), 1212–1247.
Musanga, B. (2007). Effects of taxation on economic growth (Uganda’s experience: 1987-2005) Unpublished misc qualitative economics. University of Makerere.
Nellor, D. (1987). The effect of the value-added tax on the tax ratio (IMF Working Paper, pp. 1–28). International Monetary Fund.
Nguyen, A.D.; Onnis, L.; Rossi, R. (2021). The macroeconomic effects of income and consumption tax changes. Am. Econ. J. Econ. Policy, 13, 439–466
Scarlett, H.G. (2011). Tax policy and economic growth in Jamaica. Bank of Jamaica Working Paper.
Solow, R.M. (1956). A Contribution to the Theory of Economic Growth. Q. J. Econ., 70, 65–94.
Widmalm, F. (2001). “Tax Structure and Growth: Are Some Taxes Better Than Others?,” Public Choice, Springer, vol. 107(3-4), pages 199-219, June.

]]> Taxes, economic growth, fiscal policy, co-integration, VECM 2025-12-23 https://tefmj.ibupress.com/articles/determining-the-long-run-relationship-between-direct-and-indirect-taxes-and-economic-growth-empirical-evidence-from-the-republic-of-north-macedonia 2 19-30 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/78/ibu-journal-tefmj-7-2-2.pdf Abdulgafur Sinani Comenius University, Bratislava, Slovakia true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Local Government Financial Performance in North Macedonia: A Quantitative Evaluation Under Decentralization local-government-financial-performance-in-north-macedonia-a-quantitative-evaluation-under-decentralization Volume 7, Issue 2 Research Article 2025 7 The financial performance of the municipalities is very important because it shows how decentralization is functioning in practice and whether local governments are coping with the responsibilities that have been transferred to them. In recent years, municipalities have been given much greater responsibilities – from public services to infrastructure projects—and at the same time, they were given much greater financial freedom. The Republic of North Macedonia is an interesting example of this, because the decentralization process in our country began relatively early and has constantly being evolved over the years. Therefore, the aim of this research is to compare municipalities in the Republic of North Macedonia through the financial performance management index (FPMI) for the period 2021–2023. The results of the FPMI model show that there are clear and lasting differences among municipalities in Macedonia in the way they manage their financial position in the period 2021–2023. Municipalities with stronger own-source revenues and more active capital investment generally achieve better results. Those with limited fiscal space face greater difficulties and tend to rely more heavily on intergovernmental transfers. This paper adds to the existing literature in a way that unlike the private sector in which the assessment of the financial condition of companies has been extensively researched, research on the assessment of the financial condition of local self-government units (LSGUs) is insufficient, especially when it comes to a small and underdeveloped country like the Republic of North Macedonia.

]]> Bahl, R., & Linn, J. F. (1992). Urban Public Finance in Developing Countries. Oxford University Press.
Bird, R. M., & Smart, M. (2010). Financial decentralization and fiscal autonomy: Concepts and measurement. Public Finance Review, 38(6), 669–692.
Koprić, I., Marčetić, G., & Škarica, M. (2021). Local governance and public administration reform in Southeast Europe. Lex Localis, 19(2), 231–258.
Kostadinovska, D., & Risteska, M. (2022). Fiscal transparency and accountability of local gov 15.
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Law on Financing of the Units of Local Self-Government. (2004). Official Gazette of the Republic of Macedonia No. 61/2004.
Oates, W. E. (1999). An essay on fiscal federalism. Journal of Economic Literature, 37(3), 1120–1149.
OECD. (2022). Fiscal Decentralization and Subnational Finance in the OECD.
Rodden, J. (2006). Hamilton’s paradox: The promise and peril of fiscal federalism. Cambridge University Press.
Shah, A. (2006). Local Governance in Developing Countries. The World Bank.
Smoke, P. (2015). Rethinking decentralization: Assessing challenges to a popular public sector reform. Public Administration and Development, 35(2), 97–112.
State Audit Office. (2022). Annual report on the financial performance of local governments in North Macedonia. Skopje: SAO.
World Bank. (2019). Local government finance in Europe: A comparative perspective. World Bank Publications.
World Bank. (2020). Subnational Fiscal Management in Europe and Central Asia: Challenges and Opportunities.

]]> financial indicators, municipalities, Republic of North Macedonia, fiscal decentralization, financial performance management index (FPMI) 2025-12-23 https://tefmj.ibupress.com/articles/local-government-financial-performance-in-north-macedonia-a-quantitative-evaluation-under-decentralization 2 31-43 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/77/ibu-journal-tefmj-7-2-3.pdf Angela Zafirova Institute of Economics – Skopje true Kristina Velichkovska International Balkan University Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Growth Without Equity: Evidence of Non- Inclusive Economic Growth in the Balkans growth-without-equity-evidence-of-non-inclusive-economic-growth-in-the-balkans Volume 7, Issue 2 Research Article 2025 7 In the context of ever-evolving economic insecurities that threaten the global economic well-being, and focusing on the implications for the Balkans, this paper aims to investigate the relationship between economic growth and poverty in this region. The paper covers the period from 2006 to 2021 for the following countries: Albania, Bulgaria, Greece, Croatia, North Macedonia, Montenegro, Romania, Serbia, Slovenia, and Kosovo. The research explores whether economic growth in the region has been inclusive by estimating bidirectional panel regression models. The results of the model show that GDP growth is associated with a rising income share of the poorest 20%. On the other hand, in the control model, when the variables’ position is swapped, the income share of the poorest 20% seems to be associated with rising economic growth. To test the directional predictive power, the Granger test was introduced. The results from the Granger causality test show that the trend in economic growth truly predicts the trend of the income share of the poorest 20%. In contrast, the income share of the poorest does not Granger-cause GDP growth, suggesting that the relationship is unidirectional. The positive and statistically significant coefficient suggests that GDP growth does impact improving the income share of the poorest 20%, but the low value of the coefficient shows that this effect is relatively modest in magnitude. This means that growth alone contributes to inclusion, but not strongly or quickly enough to ensure equity. The observed relationship supports the idea of non-inclusive growth, where benefits do not automatically trickle down to the poorest.

]]> Banda, I., Williams-Adeyanju, Z., & Skrame, D. (2022). Poverty, education and economic growth: A case study of Western Balkan countries. International Journal of Economics, Commerce and Management, 10(1), 30–43.
Mansi, E., Hysa, E., Panait, M., & Voica, M. C. (2020). Poverty—A challenge for economic development? Evidences from Western Balkan countries and the European Union. Sustainability, 12(18), 7754. https://doi.org/10.3390/su12187754
Panek, T., & Zwierzchowski, J. (2022). Has economic growth in Balkan countries been pro-poor in the 2012-2017 period? Central European Economic Journal, 9(56), 76-92. DOI: 10.2478/ceej-2022-0006
Topalli, M., Papavangjeli, M., Ivanaj, S., & Ferra, B. (2021). The impact of foreign direct investments on poverty reduction in the Western Balkans. Economics: The Open-Access, Open-Assessment Journal, Vol. 15 (1), https://doi.org/10.1515/econ-2021-0008
World Bank (2022). Beyond the crisis. Regular Economic Report No. 22, www.worldbank.org/eca/wbrer

]]> Inclusive Growth, Poverty, Granger Causality, Balkan Economies, Panel Data Analysis 2025-12-23 https://tefmj.ibupress.com/articles/growth-without-equity-evidence-of-non-inclusive-economic-growth-in-the-balkans 2 45-55 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/76/ibu-journal-tefmj-7-2-4.pdf Ivana Beciragic International Balkan University, Skopje, North Macedonia true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

A Study of the Determinants of Capital Structure of Selected Cement Companies in India a-study-of-the-determinants-of-capital-structure-of-selected-cement-companies-in-india Volume 7, Issue 2 Research Article 2025 7 Capital structure poses many challenges for companies. An appropriate mix of equity and debt is one of the most premeditated decisions for any organization. A wrong decision may hamper the growth of the company. There are many factors that must be taken into cognizance in determining the right mix of equity and debt. The Indian cement industry consists of a large number of small and big firms; however, 23 listed prominent cement companies are selected to identify relevant determinants of capital structure in the present study. Based on the analysis, it was found that factors such as growth, asset tangibility, tax rate, profitability, liquidity, size, cost of debt, and interest coverage ratio have a significant impact on the capital structure of the selected cement companies.

]]> Ahmad, F., & Abbas, Z. (2011). Role of firm-level characteristics in determining the capital structure of banks: Evidence from Pakistani banks. Interdisciplinary Journal of Contemporary Research in Business, 2(12), 201–216.
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Babbar, A., & Singh, N. P. (2024). The Relationship between Capital Structure and Financial Performance of Cement Industry in India, NATURALISTA CAMPAN, 28(2): 59-77. DOI: 10.5281/zenodo.10981374
Baker, H. & Martin, G. (2011). Capital Structure and Corporate Financing Decisions: Theory, еvidence, and Practice, John Wiley, and Sons.Baral, K. J. (2004). Determinants of capital structure: A case study of listed companies in Nepal. The Journal of Nepalese Business Studies, 1(1):1–13.
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Hossain, M. F., & Ali, M. A. (2012). Impact of Firm Specific Factors on Capital Structure Decision: An Empirical Study of Bangladeshi Companies. International Journal of Business Research and Management,3(4), 163-182.
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Lima, M. (2009). An Insight into the Capital Structure Determinants of the Pharmaceutical Companies in Bangladesh. GBMF Conference.
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Mishra, C. S. (2011). Determinants of capital structure: A study of manufacturing sector PSUs in India. In Proceedings of the 2011 International Conference on Financial Management and Economics (IPEDR, Vol. 11). IACSIT Press.
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]]> Cement Industry, Capital Structure, Determinants of Capital Structure 2025-12-23 https://tefmj.ibupress.com/articles/a-study-of-the-determinants-of-capital-structure-of-selected-cement-companies-in-india 2 57-81 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/75/ibu-journal-tefmj-7-2-5.pdf Netra Pal Singh School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India true Alka Babbar School of Business Management & Commerce, MVN University, Palwal, India, Assistant Professor, DAV Institute of Management, Faridabad, Haryana Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Pre & Post-Merger Financial & Operational Performance of Public Sector Banks-An Analysis pre-post-merger-financial-operational-performance-of-public-sector-banks-an-analysis Volume 7, Issue 2 Research Article 2025 7 In India, the Public Sector Banks (PSBs) play a crucial role in the financial system that promotes financial growth and delivers core banking facilities to customers. With a view to gaining stronger financial recapturing abilities, operational improvement, and managing the surging non-performing assets (NPAs), the government has used mergers as a mechanism in PSBs in India. This paper presents the financial performance of Public Sector Banks, pre- and post-merger periods, using DuPont Analysis with emphasis on the important key performance indicators such as Return on Equity (ROE), Return on Assets (ROA), and efficiency of operational performance. The analysis covers data points between 2008 and 2024 that are subjected to statistical tests, such as the Wilcoxon Signed-Rank Test, to evaluate the difference between pre-post performance.
Based on the analysis, effective integration has been observed with improvement in profitability, operational efficiency, and financial stability in the post-merger period in the State Bank of India (SBI), Bank of Baroda (BOB), and others. Banks such as Punjab National Bank (PNB) and Union Bank of India, on the other hand, are grappling with shrinking profitability, increasing NPAs, and uneven ROE, which indicate the difficulties in handling inherited weaknesses and management processes inefficiencies. The study asserts that despite these facts, mergers could prove beneficial to PSBs, but the success depends on proper post-merger integration, operational rationalization, and adequate governance to achieve long-term financial sustainability.

]]> Akinyomi, O. J., & Olutoye, A. (2014). Effect of mergers and acquisitions on banks’ profitability in Nigeria. International Journal of Management, IT and Engineering, 4(10), 176-186.
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Georgios, K., & Georgios, H. (2011). DuPont Analysis of a Bank Merger and Acquisition between Laiki Bank from Cyprus and Marfin Investment Group from Greece. Is there an increase of profitability of the new bank. Kyriazopoulos-Hadjimanolis, MIBES 2011–Oral, 157-176.
Gitayuda, M. B. S., & Purnomo, A. S. D. (2020). DuPont System: Comparative Study of Financial Performance PT. Indosat Tbk and PT. XL Axiata Tbk. Jurnal Studi Manajemen Dan Bisnis, 7(1), 23-29.
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]]> 2025-12-23 https://tefmj.ibupress.com/articles/pre-post-merger-financial-operational-performance-of-public-sector-banks-an-analysis 2 83-120 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/73/ibu-journal-tefmj-7-2-6.pdf 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 Saraswati Tewatia 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