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Assessing the impact of globalization on stock market in Ukraine
Abstract
The article is devoted to studying the impact of globalization processes on the development of national economies. In particular, the indicators of assessing the impact of globalization on financial and non-financial indicators of countries' development are considered. Attention is paid to the place of Ukraine in the KOF Globalization Index 2020 ranking, namely in terms of economic, social, and political globalization. The author has formed three groups of indicators that allow assessing the influence of globalization on the securities market of a country. The first group includes indicators that help determine the degree of integration of the national securities market into the global one. The second group includes indicators that determine the extent to which domestic securities legislation and principles of securities market regulation are adapted to international standards. The third group of indicators is aimed at quantifying the impact of trends in the global securities market on the national. The article examines the impact of one of the indicators of the third group on the securities market of Ukraine. In particular, the correlation analysis of the relationship between the Ukrainian PFTS index and the indices of American, British, European, and Polish stock markets was conducted. The author made conclusions about the availability of the significant correlation between global stock indices, as well as the weak impact of global securities market trends on the dynamics of the Ukrainian market. It was also revealed during the analysis, that the level of correlation between indices depends on whether the financial market is in crisis. Particularly, the analysis covered three periods: the 2008-2010 financial crisis, the 2020-2021 Covid-19 crisis, and the 2010-2020 period between the crises.
... According to Onyimba et al. (2019), globalization is frequently linked to the advancement of economic success and highlights the superiority of market forces over government intervention and self-interest over compassion. Zadorozhna (2021) characterizes globalization as an economic revolution of the modern era, mainly driven by advances in information and communication technology (ICT), and defined by the globe becoming a global village. Kwabena-Twerefou et al. (2019) describe globalization as a set of processes that lead to a change in the way social ties and transactions are organized spatially. ...
Globalization is a complex phenomenon that has generated a variety of responses and interpretations. The Nigerian capital market has underperformed compared to its global counterparts, primarily due to government control over the economy and inadequate infrastructure. This study examines the impact of globalization on the growth of Nigeria’s stock market from 1986 to 2023. Utilizing a multiple regression model, the research explores the relationship between globalization and stock market growth. Various statistical methods, including the Granger Causality Test, Auto Regressive Distributed Lag (ARDL), and the Augmented Dickey-Fuller Test, were employed to assess the performance of the Nigerian stock market within the context of globalization. The findings reveal that foreign direct investment (FDI) is statistically insignificant, with a p-value of 0.6519. In contrast, trade openness (TOP) is significant at the 10% level, evidenced by a p-value of 0.0649. Additionally, the joint significance of TOP, FDI, and other control variables on market capitalization is confirmed, with an F-statistic probability value of 0.00000, indicating overall relevance. These results suggest that globalization has a small but positive effect on Nigeria’s stock market growth. The study recommends establishing a regulatory body to ensure compliance with market regulations, enhancing transparency, accountability, and fair practices. This regulatory framework would bolster investor confidence, improve financial responsibility, and strengthen the overall economy.
Businesses utilize budgets to prioritize and allocate limited resources effectively, ensuring the smooth operation of essential events and activities. Effective budget management is pivotal for successful resource allocation, particularly for small and medium-sized enterprises (SMEs) which often face challenges during their initial stages, with ineffective budgeting being a significant contributor to failure. Budgets serve as a reflection of a firm’s strategy. This study aims to evaluate the influence of the budgeting process on the financial performance of SMEs in North Macedonia, exploring both the merits and drawbacks of budgeting as a management tool. To the best of the authors’ knowledge, this research is the first to connect the conceptual frameworks of budget incremental theory, priority-based budgeting theory, and risk-based budgeting theory with empirical evidence and conclusions specific to North Macedonia. The study also delves into potential challenges SMEs encounter in budget planning and decision-making Drawing from primary data collected through a validated survey administered to 45 Macedonian SMEs, empirical findings highlight that budgeting practices account for approximately half of the variations in SME financial performance. This suggests that, alongside budget planning, management, coordination, communication, and review processes, there are other significant factors influencing SME financial performance. Further exploration is warranted to identify these factors and their impacts on firm performance.
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