Journals Poznań University of Economics and Business
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Speaking up in financial co‑operatives: How values and job type shape employee commitment
Full text linkThis article examines the relationship between employee voice and affective commitment in co-operative financial institutions. It focuses particularly on the moderating role of perceived employer orientation towards co-operative values and principles as well as job type (front- or back-office) on the relationship between two types of voice (challenging and supportive) and affective commitment. The analysis was performed with a dataset of 217 employees from 8 UK building societies. Results indicate that supportive employee voice has a clear positive relationship with affective commitment, while the effect of challenging voice is more complex. Moreover, both employee voice types correlate with higher affective commitment for employees who view their employer as little oriented towards co-operative values and principles, but not for those who rated their employer attached to these values. Finally, job type has little impact on the effects of employee voice, although a slightly more positive reaction from back-office staff is noticeable
Gender diversity in corporate boards and firm risk-taking: Evidence from Pakistan
Full text linkUsing annual data from 49 publicly listed non-financial firms from January 2011 to December 2022, this study investigates how board gender diversity affects firm risk-taking behaviour in Pakistan. We use the exogenous shock introduced by the Securities and Exchange Commission of Pakistan (SECP) through the Companies Act in 2017, mandating the inclusion of at least one female director on corporate boards in Pakistan. To address endogeneity, we employ the Two-stage Least Squares (2SLS) and Two-stage Residual Inclusion (2SRI) estimations and validate the findings with the Difference-in-Differences (DiD) and Markov Switching (MS) models. The results indicate that greater female board representation correlates significantly with lower financial leverage and reduced earnings volatility. These results suggest that mandated gender diversity can shape strategic decisions that can help mitigate firm-level financial risk
Does presidential debate bring optimism? A study of Indonesia’s 2024 pre-election year
Full text linkThe political future is inherently unpredictable, particularly in the run-up to elections. This article analyses whether such uncertainty matters. In this paper, we raise an interesting issue of the impact of political debate on the stock market of a developing country. Specifically, we investigate whether people’s economic expectations are conditional on their estimations of potential election outcomes. The subject of this study is the relationship between political events, including the 2024 presidential debate, and Indonesia’s financial markets. The authors analyse stock price movements of the 30 most actively traded issuers, as ranked by the Indonesia Stock Exchange, acknowledging that not all issuers trade daily in this emerging market. Using the Wilcoxon rank-sum test, we assess whether significant differences in investor responses exist before and after the debate periods (debates 1 to 5). According to the findings, investors believe that this event has no impact on their economic decisions, because candidate electability is dominated by incumbent candidates, so it is assumed that there will be no significant changes in financial policy. Therefore, investors appear relatively indifferent to the election dynamics during this period. Overall, the results show that Indonesian people anticipate election outcomes
Inflation expectations proprieties during the war: The case of Ukraine
Full text linkThis study compares consumer and professional inflation expectations in Ukraine before and during the Russian invasion of Ukraine. We apply entropy-based measures to tackle co-movements of expectations and macro variables (inflation, food inflation, exchange rate and production) and dynamic time warping to assess their forward and backward orientation. The pre-war sample spans from May 2019 to February 2022, and the war sample from March 2022 to December 2024. We expected to find differences between pre-war and wartime samples, as war constitutes a political shock with severe economic consequences. The study confirms the change of expectations: more substantial mutual information with past inflation in most cases, better alignment between professionals and consumers, and a change in the distances between expectations and past or future inflation. This is the first empirical study discussing Ukrainian economic agents’ expectations during the full-scale invasion.
Constructing entrepreneurial orientation in a selling context: the qualitative attitude approach
Full text linkThis paper explores the construction of attitudes in argumentative talk to underscore the context-specific nature of the dimensions of entrepreneurial orientation (EO) and their interrelations. The material comprises interviews in which the directors, who form themanagement group of a Finnish firm, individually commented on a statement that ‘each salesperson is an autonomous entrepreneur’. Our analysis identified two opposing evaluations of entrepreneurial autonomy, which were labeled as proactive selling and internal competitive aggressiveness. The analysis points out limitations on the realistic and positivist premises of the conventional EO measures by identifying related yet differing understandings which actors involved in everyday organizational practices display in their talk
Fundamentals of tourism: What makes a person a potential tourist and a region a potential tourism destination?
Full text linkThe paper introduces a conceptual structural model to describe which central factors determine whether and where tourism takes place. It refers to five factors that are considered to be a prerequisite for tourism: assets, amenities (or facilities) and accessibility on the side of a potential destination, and ability and motivation to travel on the demand side. Empirical evidence is presented based on large sample population surveys in Germany of the strong influence of these five factors. Whether a person becomes a potential tourist or not depends strongly on ability and on the motivational intensity. In addition, the perception of assets, amenities, and accessibility (rated for 10 regions/countries) is essential for the selection of regions considered for the initial consideration set. Both findings support the structure and links used in the conceptual model. They thus emphasize the importance of these basic factors as fundamentals of tourism.
Perceived usefulness, ease of use, risk, and trust: Explaining BNPL user recommendation intention through behavioural models
Full text linkThe main objective of the article is to identify and evaluate the key determinants of consumer recommendation intention with Buy Now, Pay Later (BNPL) services, operationalised through the intention to recommend such services to others through the intention to recommend such services to others. The study investigates the influence of five core constructs: perceived usefulness, perceived ease of use, perceived trust, and perceived risk. Data are collected from a quota sample of 350 users of deferred payment services, selected in accordance with the demographic profile of BNPL users. The study employs PLS-SEM. The results show that perceived usefulness and perceived trust in the BNPL provider significantly boost recommendation intention. Perceived risk negatively impacts recommendation intention, while perceived ease of use has only a marginal effect. These results contribute to the existing literature by elucidating the behavioural mechanisms underlying BNPL usage and provide actionable insights for financial service providers (...
Analysis of public debt sustainability based on the concept of fiscal space: Case of the Republic of Congo
No full textObjectif – L’objectif principal de ce papier est d’étudier la soutenabilité de la dette publique de la République du Congo par le biais du concept de « l’espace budgétaire » et de proposer des mesures en termes de politique économique afin de consolider cet espace budgétaire.
Approche – Notre approche de la soutenabilité de la dette publique du Congo par l’espace budgétaire s’inspire du modèle de Ghosh et al (2013). C’est une fonction de réaction non linéaire du solde budgétaire primaire face à l’augmentation de la dette publique. A l’instar de Lozano-Espitia et Julio (2019), la prime de risque est endogène au niveau d’endettement de sorte que le taux d’intérêt augmente avec le niveau croissant de la dette.
Résultats – Les résultats des estimations de la limite d’endettement et de l’espace budgétaire du Congo en 2020 correspondent respectivement à 109% et 10,5% du PIB. Ce qui signifie que les marges de manœuvre du gouvernement congolais sont nettement insuffisantes pour garantir la soutenabilité de sa dette publique à long terme. Les résultats des estimations montrent aussi qu’à 82% du PIB, le niveau de la dette publique du Congo devient préoccupant et que la fonction de réaction budgétaire du gouvernement s’essouffle lorsque sa dette publique atteint 102,6% du PIB.
Originalité – L’originalité de ce travail de recherche vient de ce que la notion de soutenabilité de la dette publique, qui est un concept difficile à appréhender, est ici circonscrite à travers des seuils et des points d’essoufflement de la fonction de réaction. Objective – The main objective of this paper is to study the sustainability of public debt in the Republic of Congo through the concept of "fiscal space" and to propose economic policy measures to help consolidate this fiscal space.
Approach – Our approach to assessing the sustainability of Congo\u27s public debt via fiscal space is inspired by the model of Ghosh et al. (2013). It involves a non-linear reaction function of the primary budget balance in response to increases in public debt. Following Lozano-Espitia and Julio (2019), the risk premium is endogenous to the level of indebtedness, such that the interest rate rises as debt increases.
Findings – The estimated debt limit and fiscal space for Congo in 2020 are 109% and 10.5% of GDP, respectively. This indicates that the Congolese government’s fiscal leeway is clearly insufficient to ensure the long-term sustainability of its public debt. The estimation results also show that when public debt reaches 82% of GDP, Congo’s debt level becomes concerning, and the government\u27s fiscal reaction function weakens when public debt reaches 102.6% of GDP.
Originality – What distinguishes this research is its focus on defining and quantifying the concept of public debt sustainability through the utilization of thresholds and points of exhaustion of the reaction function. This approach provides a more tangible understanding of the boundaries within which the government’s fiscal policies can operate to ensure the long-term viability of its public debt
Institutional differences and threats to international tourists from the perspective of new institutional economics
Full text linkThe main aim of this article is to demonstrate theoretical connections in the context of institutional differences for the international tourist, which may constitute a source of threats due to institutional differences between countries. The article highlights theoretical threats stemming from institutional differences for international tourists from the perspective of new institutional economics, the research methods of which provide the analytical framework for this analysis. The post-pandemic period could transform preferences among international tourists, who are increasingly drawn to countries with significant cultural diversity. This creates dangers arising from institutional differences that may affect their sense of security and, consequently, have implications for social costs significant to the industry, as demonstrated during the COVID-19 pandemic, underscoring its crucial role in global economic development