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1 International Journal of Business and Economic Sciences Applied Research Copyright: International Hellenic University (IHU), A: Agios Loukas, P.C. 65404, Kavala, Greece E: http://ijbesar.ihu.gr 2 Contents FDIs and Commercial Balance in CEE Countries - Special 7 – 18 Focus on the Manufacturing Economic Sectors. A VAR Analysis Radulescu Magdalena, Cirstea Cornelia Gabriela, Belascu Lucian Aron Exploitation of Mineral Resources and Economic Growth in 19 – 29 CEMAC: The Role of Institutions Noula Armand Gilbert, Ghamsi Deffo Salomon Leroy, Mofow Neville Zoatsa The Development of Small Enterprises During and After Crisis: 30 – 38 Comparative Analysis of Greece and Poland Simeon Karafolas and Maciej Woźniak Exploring the Family Effect on Innovative Capacity and 39 – 61 Earnings Management Ya-Fang Wang, Yen-Fang Kuo Sustainability of Current Account Deficit in Turkey 62 – 69 Özcan Karahan Regional Economics in Greece: A Spatial Analysis of Business 70 – 82 and Population Dynamics Stella Manika, Evgenia Anastasiou Physicians’ Brain Drain: Investigating the Determinants to 83 – 92 Emigrate Through Empirical Evidence Evgenia Anastasiou, Georgia Anagnostou, George Theodossiou, Vasileios Papamargaritis 3 Editors in Chief: Assis. Prof. Christos Grose, International Hellenic University Assis. Prof. Persefoni Polychronidou, International Hellenic University © International Hellenic University 4 Editorial Board of IJBESAR Alexander Phyllis, Bournemouth Croatia Marinov Georgi, Varna University of University, Bournemouth, UK Grima Simon, University of Malta, Economics, Varna, Bulgaria Allegret Jean Pierre, The Université Msida, Malta Mavlutova Inese, Banku Augstskola Nice Sophia Antipolis, Sophia Antipolis Gứčik Marian, Matej Bel University, School of Business and Finance, Riga, Cedex, France Banská Bystrica, Slovakia Latvia Anagnostopoulos Ioannis, Kingston Hajidimitriou Yiannis, University of Mohannak Kavoos, Queensland Business School, Kingston upon Macedonia, Thessaloniki, Greece University of Technology, Brisbane, Thames, Surrey, UK Horobet Alexandra, Bucharest Australia Apergis Nikolaos, University of University of Economic Studies, Plotnikov Vladimir, St. Petersburg Piraeus, Piraeus, Greece Bucharest, Romania State University of Economics, St. Bartholdy Jan, University of Aarhus, Jacques-Henri Coste, Sorbonne Petersburg, Russia Aarhus V, Denmark University Paris III, Paris, Cedex 05, Rupeika-Apoga Ramona, University of Bartlett Will, London School of France Latvia, Riga, Latvia Economics and Political Science, Karagiorgos Theofanis, University of Sevic Zeljko, University Utara, Kedah London, UK Macedonia, Thessaloniki, Greece Darul Aman, Malaysia Batzios Christos, Aristotle University, Karanović Goran, University of Rijeka, Sliwinski Adam, Warsaw School of Thessaloniki, Greece Rijeka, Croatia Economics, Warsaw, Poland Belascu Lucian, Lucian Blaga Karasavvoglou Anastasios, Stankevičienė Jelena, Vilnius University of Sibiu, , Romania International Hellenic University, Gediminas Technical University, Bourlakis Michael, Cranfield School of Kavala, Greece Vilnius, Lithuania Management, Bedfordshire, UK Katrakilidis Constantinos, Aristotle Thalassinos Eleftherios, University of Burton Bruce, University of Dundee, University of Thessaloniki, Piraeus, Piraeus, Greece Dundee, Scotland, UK Thessaloniki, Greece Theriou Nikolaos, International Chortareas Georgios, University of Kollias Christos, University of Hellenic University, Kavala, Greece Athens, Athens, Greece Thessaly, Volos, Greece Thurner Thomas, Higher School of Darskuviene Valdonė, ISM University Koujianou Goldberg Pinelopi, Yale Economics, Moscow, Moscow, Russia of Management and Economics, University, New Haven, USA Tsaklagkanos Angelos, Neapolis Vilnius, Lithuania Kourtidis Dimitrios, International University, Paphos, Cyprus De La Robertie Catherine, Universite Hellenic University, Kavala, Greece Tsalavoutas Ioannis, Adam Smith Paris I, Sorbonne, France Kousenidis Dimitrios, Aristotle Business School University of Dilling-Hansen Mogens, University of University of Thessaloniki, Glasgow, Glasgow, Scotland Aarhus, Aarhus V, Denmark Thessaloniki, Greece Utkulu Utku, Dokuz Eylül University, Fernandez-Feijoo Belén, University of Lopez-Rodriguez José, The University Izmir, Turkey Vigo, Vigo, Spain of La Coruña, La Coruña, Spain Zoumboulakis Michael, University of Fousekis Panagiotis, Aristotle Malliaris Anastasios, Loyola Thessaly, Volos, Greece University of Thessaloniki, University of Chicago, Chicago, USA Thessaloniki, Greece Marinkovic Srdjan, University of Nis, Goić Srečko, University of Split, Split, Nis, Serbia 5 AIM AND SCOPE The International Journal of Business and Economic Sciences Applied Research (IJBESAR) is a blind peer-reviewed, scholarly journal devoted to publishing high-quality papers and sharing original business and economics research worldwide. The Journal considers only manuscripts that have not been published (or submitted simultaneously), at any language, elsewhere. Contributions are in English. The Journal is published by the International Hellenic University, Kavala Campus, Greece. Copyright is by the publisher and the authors. The Journal is issued both in electronic form (for free) and in printed form as annual volume (free for the authors). The Journal accepts 9 types of articles defined as follows: 1. Research Articles: A research article is a regular 6. Lecture Notes: A lecture note is a short review article which aims to present new findings. article. 2. Letters to the Editor: A letter to the editor is a 7. Monographs: A monograph is a thesis of one or short article which aims to present new findings that more authors on a unique subject; apart from the require fast publication procedures. standard reviewing procedures, a monograph must 3. Notes: A note is an article (regular or short) which also be accepted from a committee of specialists aims to present rather new findings. appointed by the Editor. 4. Comments: A comment is a short article that makes 8. Innovations: An innovation is an article which aims comments on another article already published by this to present new procedures or devices. journal or replies to a comment; 9. Selected conference articles: Upon an agreement 5. Review Articles: A review article is an article which with a conference committee, selected papers may be aims to present comprehensively already existing published by the Journal in a special section. In this findings. case the editor will appoint in collaboration with the conference committee guest editors. ETHICAL NOTES An author is a person who has a substantial contribution to the article; all other contributions should be mentioned as acknowledgements. Authors should cite only the articles which have contributed to their work; unnecessary citations should not be listed. Authors should present their work as objectively as possible. Arguments that discriminate people by race, sex, origin, religion, etc. are not accepted. Bogus results must not be given. Reviewers should not take advantages from the manuscript; instead, they should help the authors to improve their work. Reviewers should not criticize in public the manuscripts. The Editor guarantees the anonymity of the reviewers. 6 International Journal of IJBESAR Business and Economic Sciences Applied Research ijbesar.ihu.gr FDIs and Commercial Balance in CEE Countries - Special Focus on the Manufacturing Economic Sectors. A VAR Analysis Radulescu Magdalena1, Cirstea Cornelia Gabriela2, Belascu Lucian Aron2 1University of Pitesti, Department of Finance, Accounting and Economics 2University “Lucian Blaga” of Sibiu, Department of Management, Marketing and Business Administration ARTICLE INFO ABSTRACT Article History Purpose: Some empirical findings of the role of foreign direct investment (FDIs) in a host country’s Received 03 August 2020; export performance was found by many researchers, since exports have been for a long time Accepted 08 September viewed as an engine of economic growth. But exports and imports are inter-correlated and 2020 JEL Classifications some works proved that sometimes, the foreign-owned companies import more than they F14, F21, L60. export in some economic sectors. The paper aims to establish the relation between total FDIs and the commercial balance (goods) and between FDI stocks in the manufacturing economic sectors and the commercial balance of manufactured goods in 11 Central and Eastern European countries during the crisis period and post-crisis period (2009-2018). We have tested the causality using Granger causality test to see if there is a uni-directional or bi-directional causality between those variables. We have tested for co-integration and we haven’t found a long-term relationship between those variables and we have applied the VAR technique. Our results have proved a bi-directional causality between FDI stock- exports-imports and a stronger impact of FDIs stock on the trade balance of manufactured goods than the impact of total FDI stock on the commercial balance of goods in CEE countries. Design/methodology/approach: Granger causality tests, cointegration test, VAR analysis Finding: We have found no cointegration in the long-run between FDIs stocks and exports and imports in the CEE countries. We have found a bi-directional causality between those variables. We have found a stronger impact of FDIs stock on export and imports of manufactured goods than the impact of FDIs stock on total exports and imports in the CEE countries. Keywords: Research limitations/implications: commercial