PurposeThis paper examines the determinants of happiness index ratings in European countries over 8 time points using unique data from the Eurostat, World Bank and World Happiness Reports.Design/methodology/approachTo examine the determinants of happiness index ratings for EU-27 countries over the period 2012–2019, panel ordinary least square and quantile regression model are used to data obtained from all sample.FindingsEvidence from European data on happiness index generate some important key outcomes; economic outcomes levels with both current taxes and inflation rate have a positively relationship on happiness index ratings (HIR), while total employment rate has a significant negativity on HIR. Additionally, in a quantile panel regression of 27 countries, the impact of financial inclusion on happiness index looks to change with a country's level of income. On the macroeconomic level, gross domestic product (GDP) improves the happiness index for the individual under certain conditions. Thus, GDP on 0.25th quantile levels positively and significantly impacts the HIR for leader countries.Social implicationsEmpirical evidence suggests that macro-economic variables and the labor market proxies of the countries play a key role in determining HIR as well.Originality/valueThe study extends the literature on developed countries and suggestions a particular perspective on the relationship between economic outcomes and happiness index. This study offers two main originalities: it simultaneously examines the “happiness-macroeconomic level” and “happiness-employment status dimension”, and it uses a quantile regression approach, including financial inclusion variation.

PurposeThis study examines investigating the relationship between cash flows, working capital ratios and firm performance during the global financial crisis.Design/methodology/approachTo examine the relationship between cash flow, working capital ratios and firm performance for EU-28 or Western European Countries (Norway, Turkey and Switzerland) listed firms, both panel and ordinary least squares (OLS) regression model are used to analyze the data obtained from sample.FindingsThe study empirical findings suggest that global financial crisis has negative effect on firm performance for all sample. In addition, our interaction term result shows that cash flows variables such as cash holding level (CHL) × Crisis, cash interactive effect (CIE) × Crisis and gross working capital ratio (GWC) × Crisis not contributed to firm performance for EU-28 listed firms. However, the authors find that net working capital ratio (NWC) × Crisis have statistically significant and positive effects on firm performance with return on assets (ROA).Practical implicationsThe findings of the study provide evidence for managers that listed firms have reduced working capital expenditures to increase cash holdings level during the financial crisis. The authors find that cash flow variables with CHL have positive effect on firm performance with return on equity (ROE) in Western European Countries and these results are consistent with Opler et al. (1999)'s empirical results, while CIE have a negative impact on firm performance such as ROE and earnings before interest tax margin (EBITM).Originality/valueGlobal financial crisis emphasizes the importance of working capital and liquidity that suggests an efficient cash holdings policy in response to the uncertainty following the crisis.

This paper examines the determinants of happiness index ratings in European countries over 8 time points using unique data from the Eurostat, World Bank and World Happiness Reports. To examine the determinants of happiness index ratings for EU-27 countries over the 2012-2019 period, panel ordinary least square (OLS) and quantile regression model are used to data obtained from all sample. Evidence from European data on happiness index generate some important key outcomes; economic outcomes levels with both current taxes and inflation rate have a positively relationship on happiness index ratings (HIR), while total employment rate has a significant negatively on HIR. Additionally, in a quantile panel regression of 27 countries, the impact of financial inclusion on happiness index looks to change with a country’s level of income. On the macroeconomic level, gross domestic product (GDP) improves the happiness index for the individual under certain conditions. Thus, GDP on 0.25th quantile levels positively significant impacts the HIR for leader countries. Overall, empirical evidence suggests that macro-economic variables and the labor market proxies of the countries play a key role in determining happiness index ratings as well.

The purpose of this study is to evaluate performance analyses based on techniques of Multiple Attribute Decision Making Model to find important factors influencing intellectual capital efficiency of the healthcare sector in Turkey. The proposed model of this paper considers different factors, which exist in the literature and prioritize them based on different criteria. The data used in the present study extends to seven years and retrieved from annual financial reports of firms operating in the BIST healthcare sector. The relationship between efficient use of intellectual capital and business performance was examined through human capital, structural capital and the practical use of relational capital as the components of intellectual capital efficiency. In this study, the Value-Added Intellectual Coefficient (VAIC) model proposed by Pulic (2000) is used to measure intellectual capital efficiency and its components such as human capital efficiency, structural capital efficiency and relational capital efficiency. Empirical findings reveal that the effectiveness of intellectual capital is more important than company performance criteria.

Since the advent of Economic Added Value (EVA) in the literature used evaluation of business performance, it has become the most prominent measure of corporate structure. EVA