Journals Poznań University of Economics and Business
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Élaboration et approbation d\u27un index global intellectuel capital orienté sur le sujet pour une analyse comparative sur tout le pays
No full textNowadays learning, training, innovations and digitalization became key driving factors of the development. In these conditions intellectual capital becomes one of the basic elements formatting economic competitiveness. Assuming that the intellectual capital complies the achievement of the majority of Sustainable Development Goals carrying out complex assessment of intellectual capital plays a particular interest. The study is dedicated to elaboration of the methodology for calculating the global integral indicator to assess the level of intellectual capital that could be used for cross-country comparative analysis. The authors present their suggestions on the elements of the index, content and structure itself of intellectual capital at the macro level ; elaboration of a system of statistical indicators for assessing the state and development of intellectual capital based on the analysis and synthesis of the available data, considering international experience in the context of innovative development ; development of a global integral index of intellectual capital for cross-country comparisons. The results of express analysis based on the short-list of indicators are presented as well, highlighting leaders and laggards in 2016 and 2020.(original abstract)Nowadays learning, training, innovations and digitalization became key driving factors of the development. In these conditions intellectual capital becomes one of the basic elements formatting economic competitiveness. Assuming that the intellectual capital complies the achievement of the majority of Sustainable Development Goals carrying out complex assessment of intellectual capital plays a particular interest. The study is dedicated to elaboration of the methodology for calculating the global integral indicator to assess the level of intellectual capital that could be used for cross-country comparative analysis. The authors present their suggestions on the elements of the index, content and structure itself of intellectual capital at the macro level ; elaboration of a system of statistical indicators for assessing the state and development of intellectual capital based on the analysis and synthesis of the available data, considering international experience in the context of innovative development ; development of a global integral index of intellectual capital for cross-country comparisons.The results of express analysis based on the short-list of indicators are presented as well, highlighting leaders and laggards in 2016 and 2020.De nos jours, l\u27apprentissage, la formation, les innovations et la numérisation sont devenus des facteurs clés du développement. Dans ces conditions, le capital intellectuel devient l\u27un des éléments de base qui formatent la compétitivité économique. En supposant que le capital intellectuel contribue à la réalisation de la majorité des objectifs de développement durable, la réalisation d\u27une évaluation complexe du capital intellectuel revêt un intérêt particulier. L\u27étude est consacrée à l\u27élaboration de la méthodologie de calcul de l\u27indicateur global intégral pour évaluer le niveau de capital intellectuel qui pourrait être utilisé pour une analyse comparative entre les pays. Les auteurs présentent leurs suggestions sur les éléments de l\u27indice, le contenu et la structure même du capital intellectuel au niveau macro ; l\u27élaboration d\u27un système d\u27indicateurs statistiques pour évaluer l\u27état et le développement du capital intellectuel sur la base de l\u27analyse et de la synthèse des données disponibles, en tenant compte de l\u27expérience internationale dans le contexte du développement de l\u27innovation ; le développement d\u27un indice global intégral du capital intellectuel pour les comparaisons entre les pays. Les résultats de l\u27analyse expresse basée sur la liste restreinte d\u27indicateurs sont également présentés, mettant en évidence les leaders et les retardataires en 2016 y 2020
Pricing and data science: The tale of two accidentally parallel transitions
Get PDFAccidentally parallel at the beginning, the transition to value-based pricing and transition to pricing data science have blended harmoniously, changing the pricing landscape. Using the marketing capability approach, I show that the introduction of pricing data science is costly and requires higher management support. Despite its cost, algorithmic price optimisation allows one to react swiftly to changes in demand. The optimisation process is applied to inherently non-linear, multimodal, and right-skewed pricing data. Presenting the interactions between new computational techniques and value-data pricing, I concentrate on altered perceptions of price elasticity, value-driver estimations, and contract opportunity analysis.  
Spatial interactions in local public debt. Evidence from Poland
Get PDFThe aim of the paper is to investigate spatial interactions among the debt of 2,442 municipalities in Poland over the period 2005–2020. Using dynamic spatial Durbin model with two-way fixed effects it provides empirical evidence of positive spatial interactions. It is estimated that an increase in debt per capita in a given municipality by PLN 100 leads to an increase in the debt per capita in neighbouring municipalities by PLN 8–10. The result is robust to the various specifications of spatial weight matrix (contiguity vs. inverse-distance with a cut-off). It is also found that municipal debt in Poland suffers from high persistence over time
Does regional trade integration reinforce or weaken capital mobility? New evidence from four free trade areas
Get PDFThe study aims to empirically determine whether a higher level of trade openness and the presence of better legal protection for investors enhances the impact of trade bloc membership on capital mobility based on four trading blocs: Eurasian Economic Union (EAEU), Central American and Dominican Republic Free Trade Agreement (CAFTA-DR), Central European Free Trade Agreement (CEFTA), and the Pacific Alliance. This study employs the fully modified and dynamic ordinary least squares estimators and a panel quantile regression cointegration estimator. The study finds that a country\u27s affiliation with a trade bloc improves capital mobility in the whole group and EAEU region, low capital mobility in the Pacific Alliance region and moderate low capital mobility in the CAFTA-DR region. The legal protection system alone provided for the investors does not improve the level of capital mobility unless its interaction with investment is included. Also the study reveals that high trade openness does not necessarily lead to better capital mobility for the studied trade blocs
Factors impacting export intensity of SMEs in India
Get PDFThe aim of the paper is to explore the factors impacting export intensity of SMEs in India. It examines the influence of various firm level variables on export intensity. The sample considered for the study includes 50 SME firms from different industries ranging from equipment and manufacturing to textile. Data for ten years (2011-2020) has been analyzed for drawing relevant results. For regression, Least Square Dummy Variable corrected (LSDVC) estimates have been used to address the issue of heteroskedasticity and autocorrelation issue present in the data. The results arrived at indicate that the expenditure incurred on research and development, selling and distribution acts as an investment which provides returns in terms of better export performance. Also, top managers having international experience can be an important asset for a firm looking for expanding in international market. These results have substantial implications for the management of SME firms
The choice of external financing source: The role of company size and stock liquidity
Get PDFThis paper aims to answer whether firms of different sizes and stock liquidities differ in the choice of external sources of financing in companies listed in CEE countries. To this end the net debt issuance is regressed on the financial deficit. In regressions Pecking Order Coefficients are allowed to vary across firms with different sizes and stock liquidities. The results indicate that companies with less liquid shares prefer issuing debt to cover financial deficits more than companies with more liquid shares. This implies that stock liquidity may substitute debt issuance in alleviating the adverse effects of information asymmetry, especially in relatively small companies. This is the first study in which the relationship between liquidity and debt-equity choice is considered solely from a pecking order theory point of view. Also this is the first study in which stock liquidity effects on capital structure are studied in the CEE countries. Research results may point to the advantages of increasing the liquidity of shares which may contribute to reducing information asymmetry and thus a better allocation of resources
Preface
Get PDFDear Readers,
We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznań University of Economics and Business Press. We have invested a lot of work to ensure that the papers we present to you add significant value to the scientific discussion. We hope that the studies presented together with their results will meet your expectations.
The issue opens with an empirical paper entitled Reforms to the Israeli income tax, written by Beny Tzarfati, on assessing income tax changes in Israel over the last decade. The author shows that the major directions of the reforms include the transfer from a territorial basis for taxation of income derived or accrued in Israel only to a personal basis for taxation of the income of residents of Israel, regardless of the place of producing income, expansion of the tax base and reduction of income tax exemptions. Despite the success of the tax reforms, there are still topics for public discussion such as tax evasion, Israel’s competitiveness and consistent income tax policy. Besides, the Israel tax authority must take into account the impact on the socio-economic system and act reasonably and transparently, so that citizens understand that the tax burden is fair.
The second paper entitled Environmental, Social and Governance Responsibility, financial performance and assets: A study of Exchange Traded Funds was written by Gerasimos G. Rompotis. The author carried out research based on the sample of 168 passive Exchange Traded Funds (ETFs), demonstrating that a high Environmental, Social and Governance (ESG) rating does not induce investors to invest more capital in ETFs. The author has not confirmed the relationship that the higher the ESG rating of an Exchange Traded Fund, the higher its return should be. According to the author, the performance of Exchange Traded Funds is largely determined by the return of indices. To a lesser extent, the performance of ETFs is negatively affected by the expense ratio.
The third paper entitled Economic openness, institutional quality and per capita income: Evidence from the Economic Community of West African States (ECOWAS) was written by Innocent Chile Nzeh, Hycenth Oguejiofoalu Richard Ogwuru, David Ogomegbunam Okolie and Jonathan Ibekwe Okolie. The authors address a very important issue of the impact of institutional quality and economic openness on growth in the Economic Community of West African States (ECOWAS). Based on an ARDL test, the authors demonstrate that in the short term, regulatory quality and outflows of Foreign Direct Investment (FDI) negatively affect the economic performance of ECOWAS countries. In the long run, trade openness, political stability and outflows of Foreign Direct Investment negatively affect the economy of ECOWAS countries, while the quality of regulation affects it positively. The authors believe that ECOWAS countries should introduce an effective regulatory framework in the short and medium term to attract FDI inflows, while in the long term they should build a strong and stable policy environment.
The fourth paper entitled Application of the vector-autoregression VAR mod- el in the analysis of unemployment hysteresis in the context of Okun’s Law was written by Patryk Kołbyko. The author verifies the occurring phenomenon of hys- teresis in the labour market in Poland and the relationship resulting from the macroeconomic Okun’s Law. The study confirmed the usefulness of the trend-adjust- ed VAR model in forecasting the unemployment rate for the Polish economy. The analysis provides important guidance for other researchers conducting studies of economic fluctuations or for policy mix practitioners, to use time series models as much as possible on the methodology of the field of positive economics characteristic of empiricism and economic operationalism, instead of long-run macroeconometric models based on estimation under the assumption of stationary Walrasian equilibrium.
The fifth paper entitled Third time lucky: An analysis of Paris’ bids for the Olympic Games in 2008, 2012 and 2024 was written by Julia Jastrząbek. In a very original way, the author has analysed Paris’ three bids to host the Olympic Games in 2008, 2012 and 2024. Only the last bid was successful. The author analyses the trajectory of changes in the bids made by Paris to host this global sporting event. The author argues that there are some fixed elements of the bid, such as heritage and sustainability. There is a consistent effort by the Paris authorities to use the Olympic Games as a tool for urban regeneration and sports development.
The final paper entitled Limiting meat consumption in the view of students of the Poznań University of Economics and Business was written by Marceli Hązła and Kamila Michowska. The authors used a questionnaire survey to explore students’ attitudes towards reducing meat consumption, in the context of global trends related to sustainability. The authors identified two main areas of analysis, i.e. the impact of excessive meat production and consumption on human health and on the environment. The survey included 296 respondents. According to the results, more than half of the respondents—predominantly women—limit their meat consumption. The key determinants of limiting meat consumption are environmental concerns and the desire to improve one’s health and well-being. One in three respondents will not change their eating habits regardless of the arguments.
Piotr Lis
Editor-in-Chie
Reforms to the Israeli income tax
No full textIncome tax is a major component of state revenues, earmarked to finance the services provided by the government. Income taxes have a significant impact, among other things, on economic growth and income distribution. According to economic theory, personal income tax—perceived as progressive tax—is the main policy tool of the governments of developed countries and is aimed at reducing inequality in income distribution. The Israeli in- come tax has been through major reforms in the last decade and a half. These reforms include a reduction in income tax exemp- tions, steadily decreasing tax rates, simplification of tax calculation rules, reallocation of resources from the public and revenue sharing by reducing the income tax burden on the middle classes, a transfer from territorially based taxation of income earned or accrued in Israel to personally based taxation of income of Israeli residents, regardless of the place of earning the income. The result of changing the tax system and the transition to taxation on a personal basis means, in practice, an expansion of the tax base in Israel. This paper aims to describe the income tax prior to the reforms and the major reforms that had taken place up to 2017
The role of rules and norms in conditional cash transfer programs – Latin American experience
Get PDFThe most important element of conditional cash transfer (CCT) programs is conditioning the social transfer on some pre-defined requirements concerning healthcare and education. The conditioning (co-responsibility) is justified by the belief that higher accumulation of human capital will allow the beneficiaries to permanently lift out of poverty. The literature on the subject is ample, focused mostly on the cost effectiveness of CCTs and their impact on poverty rates and income inequalities. Usually ignored are the rules and norms – important from the institutional perspective – that affect the behavior of participants as well as non-participants and influence their attitudes towards work, childcare, social responsibility, etc.
The aim of the paper is twofold. First, to identify rules and norms that matter for the effects and efficiency of CCTs. Second, to define the channels through which they impact the behavior of economic agents. The research hypothesis assumes that conditionality of transfers increases the efficiency of public social spending and can be applied broadly, in many contexts. To verify the hypothesis, an extensive meta-analyses of available studies was performed. The initial conclusions suggest that CCTs could be successfully used in developed countries as well as in poorer regions
Privacy frontiers in customers’ relations with banks
Get PDFThe widespread use of digital technologies in banking allows banks to obtain and analyse huge amounts of data from different communication channels. While this phenomenon is conducive to improving the quality of services it also increases the risk of privacy breaches. The aim of this study is to identify what factors determine consumer acceptance of banks’ use of public access personal data found on social media accounts. The results indicate the importance of the financial incentive and consumers’ assessment of banks’ information activities regarding the processing of personal data. Determinants relating to the technological sophistication of respondents were also found to be significant, with a particular focus on the ethical evaluation of decisions made by Artificial Intelligence algorithms. The results of the work may be used by banks in practice to adapt the area of personal data management to the requirements of e-privacy and Trustworthy Artificial Intelligence