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Review of Business and Economics Studies

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Vol 13, No 1 (2025)
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6-23
Abstract

International population migration from an economic point of view has a significant impact not only on the labor markets of countries participating in it, but also on their economies and societies. On the one hand, international migration flows contribute to the development of trade and economic relations between countries. However, on the other hand, they can cause undesirable tensions within the host country’s society and have negative economic consequences.

This study aims to analyze the main factors influencing the decision to migrate to Russia through econometric modeling. The relevance of this study is determined by the growing migration pressure in the Russian Federation up to 2024 and the need to better understand this phenomenon within the context of the Russian economy. In the context of the changing migration policy, the study is even more relevant.

The novelty of this study lies in the applied migration research methodology, which has revealed the relationship between male and female international migration to Russia over time, as well as the results obtained from this research.

The main findings of the study include identifying and describing a “vicious cycle of male labor international migration” in both developed and developing countries. It also proves that in Russia, men’s international migration is driven by job search, while women follow their partners and only then find employment and change their status from a migrant to a family reunification migrant or a migrant worker. Additionally, it is demonstrated that the Russian Federation is characterized by the development of “migration attractors,” which makes it challenging to implement effective migration policies.

24-42
Abstract

This study aims to investigate the complex relationship between financial development and economic growth in Nigeria, examining the short-run and long-run dynamics through a comprehensive time series analysis spanning 1981 to 2023. The research seeks to evaluate the impact of financial development on economic growth while considering critical macroeconomic factors.

The study employs a robust methodological approach, utilising the autoregressive distributed lag (ARDL) model complemented by bounds testing. The investigation incorporates control variables, including government expenditures, investment, trade openness, oil prices, and labour force, to provide a comprehensive economic assessment.

The empirical results reveal a subtle relationship between financial development and economic growth in Nigeria. Despite confirming long-run cointegration among variables, the financial development index does not demonstrate statistically significant impacts on economic growth in either short- or long-run scenarios. However, the labour force emerges as the primary catalyst for economic expansion, with a 1% increase associated with a substantial 16.77% increase in real Gross Domestic Product (GDP) in the short term and a 1.48% increase in the long run.

The study conclusion challenges conventional wisdom regarding the finance-growth nexus in developing economies. The findings highlight the critical role of human capital in Nigeria’s economic trajectory while revealing potential inefficiencies in financial sector development and capital allocation.

This research contributes to the ongoing discourse on financial development and economic growth by providing a comprehensive, contemporary analysis of Nigeria’s economic landscape.

43-54
Abstract

This article discusses the development of auditing standardization based on Islamic principles as formulated by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), headquartered in Bahrain.

The study aims to critically analyze AAOIFI approaches and compare them with global audit standardization practices conducted by the International Auditing and Assurance Standards Board (IAASB) under the International Federation of Accountants (IFAC).

Using methods such as comparison, analysis, and synthesis, as well as logical and systemic approaches, the authors examined two groups of auditing standards, IAASB and AAOIFI, highlighting their differences.

Findings reveal that current AAOIFI standards, such as Auditing Standard for Islamic Financial Institutions ASIFI 1 “Objectives and Principles of Audit” and ASIFI 2 “Audit Report,” have been in use for about 25 years. These standards are outdated and require urgent transformation. The proposed AAOIFI Standard on Auditing (SOA) 1 “Audit Foundations” seeks to consolidate existing standards but risks being excessively bulky and less comprehensible compared to IAASB standards.

The authors recommend leveraging IAASB’s experience to adapt the AAOIFI standards, including the creation of an AAOIFI Assurance Tasks Concept akin to IAASB’s international concept, enabling clarity and accessibility for global auditing professionals while adhering to Islamic principles.

55-72
Abstract

Over the years, Ghana’s macroeconomic frameworks have led to slow economic growth. This necessitates the revision of policies for macroeconomic control and the pursuit of pragmatic policies that enhance economic growth, which policymakers should prioritize when framing economic plans.

This paper aims to explore the impact of key economic growth factors, such as tax revenue on economic growth in Ghana and the interactive effect of inflation on economic growth.

We have used the methods of explanatory research and quantitative approaches to analyze the historical economic data for Ghana. This study examines the nexus between tax revenue and economic growth. In addition, it examines the multiplicative role of inflation in the relationship between tax revenue and economic growth in Ghana. The study uses secondary time series data collected for 19 years from 2005–2023 and employs the autoregressive distributed lag testing to cointegration estimation technique to analyze tax revenue growth, economic growth, foreign direct investment, policy rate, inflation, and government expenditure.

The results showed that the tax revenue growth rate has a statistically significant positive relationship with economic growth in both the short and long run. In addition, the study revealed a statistically significant negative moderating effect of inflation in the relationship between tax revenue growth and economic growth in both the interim period and the long run. It was revealed that the impact of tax revenue on economic growth is more intense in the short run than in the long run.

The key conclusion of the paper is that a rise in tax revenue facilitates economic growth more in the short run than in the long run in Ghana. Additionally, the rising cost of goods and services dampens economic growth, and inflation diminishes the enhancing effect of tax revenue on economic growth.

73-83
Abstract

The purpose of this study is to assess the prospects for the development of US innovation policy at the present stage.

The methods of statistical and comparative analysis, deductive analysis, as well as analysis of historical data and the current state of the problem, are used. The paper considers the evolution of the bipartisan consensus of the Republican and Democratic parties of the United States on innovation policy issues. The current study presents an analysis of the system of state regulation of innovation policy in the United States, the specifics of the approaches of the Republican and Democratic parties to the problem of ensuring leadership in the global innovation sphere in the context of intense competition with China.

The results show that innovation policy is considered by both system-forming parties of the United States as a priority for ensuring national security and maintaining the leadership of the United States in the global economy, the international technological ecosystem, which necessitates revising approaches to its state regulation and developing key drivers for accelerating scientific and technological progress, which the state intends to focus on in matters of stimulating innovative activity in the country computing, technological competition between the United States and China.

84-92
Abstract

The emergence of cryptocurrencies is a response of technological development to the loss of trust in fiat money and the global banking settlement system.

The aim of this study is to review existing ideas about the essence and anthropogenic impact of cryptocurrencies and determine the feasibility of their further use.

Methods of contextual selection, system analysis, and general scientific methods were employed.

The results show that the politico-economic contradiction of cryptocurrencies is their unreliability to preserve value concurrently with the high value of their production and use. Cryptocurrencies, having not yet become a mass phenomenon, already have a significant impact on nature, and their mass use conflicts with the transition to a green economy.

The key conclusion is that increased use of cryptocurrencies will lead to an exponential rise in the use of limited resources. The production and use of cryptocurrencies as goods are associated with both obvious costs and significant negative external effects. Most importantly, governments view cryptocurrency as a threat to public finances rather than an environmental one. A possible solution to these contradictions may be the synthesis of centralized and decentralized currencies.

93-108
Abstract

This review aims to analyze and assess the main factors that influence the effectiveness of Virtual Teams (VT) in diverse applications.

The study used two complementary methods: systematic literature review and bibliometric analysis. The paper showcases the critical drivers of virtual team performance, including leadership, communication, trust, and digital collaboration tools, while also considering challenges such as cultural diversity and technological limitations. In addition, the paper outlines specific virtual team implementation approaches adopted within different industries while assessing collaborative technology performance and management strategies that impact team productivity and efficiency.

The results indicate that while virtual teams offer significant advantages in global business environments, their success is highly dependent on effective leadership, structured communication, and the appropriate use of digital tools and technology.

Finally, the conclusion emphasizes the need for organizations to adopt a strategic approach to managing virtual teams, ensuring optimal engagement, performance, and long-term sustainability.



ISSN 2308-944X (Print)
ISSN 2311-0279 (Online)