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Liberalizacja i ograniczenia przepływu kapitału
No full textW artykule omówiono międzynarodowe przepływy kapitału poparte przykładami, opisano teoretyczne i praktyczne zasady, kryteria klasyfikacji. Opisana została liberalizacja i ograniczenia przepływu kapitału, zbadano rodzaje ograniczeń i przedstawiono ich klasyfikację. Opisano teoretycznie zasady bezpośrednich inwestycji zagranicznych. Przeanalizowano bezpośrednie inwestycje zagraniczne za ostatnie pięć lat na różnych kontynentach, w różnych częściach świata oraz krajach o rozwiniętych i rozwijających się gospodarkach, a także opisano korzyści i straty wpływu BIZ na gospodarkę kraju przywożącego i wywożącego kapitał
The mean reversion/persistence of financial cycles: Empirical evidence for 24 countries worldwide
No full textResearch background: The globalization trend has inevitably enhanced the connectivity of global financial markets, making the cyclicality of financial activities and the spread of market imbalances have received widespread attention, especially after the global financial crisis.
Purpose of the article: To reduce the negative effects of the contagiousness of the financial cycles, it is necessary to study the persistence of financial cycles and carve out the total connectedness, spillover paths, and sources of risks on a global scale. In addition, understanding the relationship between the financial cycle and economic development is an important way to prevent financial crises.
Methods: This paper adopts the nonlinear smoothing transition autoregressive (STAR) model to extract cyclical and phase characteristics of financial cycles based on 24 countries during 1971Q1?2015Q4, covering developed and developing countries, the Americas, Europe, and Asia regions. In addition, the frequency connectedness approach is used to measure the connectedness of financial cycles and the relationship between the global financial cycle and the global economy.
Findings & value added: The analysis reveals that aggregate financial cycles persist for 13.3 years for smoothed and 8.7 years for unsmoothed on average. The national financial cycles are asynchronous and exhibit more prolonged expansions and faster contractions. The connectedness of financial cycles is highly correlated with systemic crises and contributes to the persistence and harmfulness of shocks. It is mainly driven by short-term components and exhibits more pronounced interconnectedness within regions than across regions. During the financial crisis, the global financial cycle movements precede and are longer than the business fluctuations. Based on the study, some policy implications are presented. This paper emphasizes the impact of systemic crises on the persistence of financial cycles and their connectedness, which contributes to refining research related to the coping mechanisms of financial crises
Relationships between road transport indicators and expenditure of visitors in the context of European countries\u27 tourism competitiveness
No full textResearch background: Transport represents a dynamic element in the tourism system. In recent decades, transport has been a subject of research mainly from the point of view of the sustainability of the economic systems and the environmental aspects.
Purpose of the article: This study aimed to quantify the relationships between the selected indicators of road transport development and the expenditure of tourism visitors in the selected European countries in the context of the development of their competitiveness.
Methods: The road transport indicators were applied in the research trajectories: density of road (DNST), hare of road infrastructure investment (SH INF), share of motorways (SH MWY), and indicators of visitor expenditure for business (BTS), leisure (LTS), domestic (DTS) and foreign (VEFS) tourism. In the first phase of the analyses, the countries of the European part of the OECD (N = 27; period of 2010-2018) were divided into two clusters based on the development index (HDI) and the innovation index (GII) through the cluster analysis. The two groups were created - more and less developed countries. The results of the analysis of differences declare that there are differences between these groups in the DNST, SH INF, BTS, LTS, and DTS indicators. The correlation and regression analysis methods were applied to quantify the relationships between the variables.
Findings & value added: The difference between the groups of the countries was also shown in the relationships between the road transport development indicators and visitor spending. In more developed countries, the relationship between the traffic indicators on BTS and DTS was significant. In less developed countries, significant relationships were identified with LST and VEFS. This finding underscores regional disparities and cautions against assuming that what policy guidelines from developed countries will be effective in less developed ones. Therefore, when designing improvement policies, it is vital to consider countries in terms of their level of development
Interdependence and contagion effects in agricultural commodities markets: A bibliometric analysis, implications, and insights for sustainable development
No full textResearch background: The global interdependence of financial markets due to globalization has resulted in standardized trading conditions for agricultural commodities, reducing the advantages of portfolio diversification. Recent events between 2020 and 2023 underscore the growing importance of real-time information for investors to make informed decisions in this interconnected financial landscape.
Purpose of the article: This article aims to conduct a bibliometric review of the literature about market interdependence. We investigate the contagion effect on agricultural commodities and identify commodities and methods used in the most cited publications from 1997 to 2022.
Methods: A bibliometric analysis was developed, for this, the SCOPUS database was used, sorting with Rayyan, Excel, and finally, the Bibliometrix/R-project to extract bibliometric information from the database.
Findings & value added: The analysis highlights the prominent role of certain countries in contributing to scientific research on this topic, with China and the United States being leaders, collectively producing 24.57% of all publications in the examined periods. The research underscores the global concern for sustainable development, emphasizing the scientific growth linked to this topic and its intersection with energy sources. Unlike other bibliometric studies, this research consolidates relevant methodologies employed in analyzing interdependence and contagion effects in agricultural commodities over the past decades. Additionally, it identifies the most studied commodities in these works. As the world grapples with the challenges of market interdependence, particularly in the wake of recent events between 2020 and 2023, this study underscores the importance of real-time information for informed decision-making. The study suggests a shift towards cleaner and renewable energy sources in the coming years, anticipating increased investments in research and development
Artificial intelligence and customers’ intention to use robo-advisory in banking services
No full textResearch background: Robo-advisory is a modern and rapidly developing area of implementing artificial intelligence to support customer decision-making. The current significance of robo-advisory to the financial sector is minor or marginal, and boils down to formulating recommendations and implementing investment strategies. However, the ongoing digital transformation of the economy leads us to believe that in the near future this technology will also be much more widely used with banking products. This makes it necessary for banks and other financial institutions to be prepared to offer this service to their customers.
Purpose of the article: The aim of this paper is to identify factors significantly influencing bank customers’ intention to use robo-advisory. Identification of robo-advisory acceptance factors may increase the effectiveness of banks\u27 promotional activities regarding such a service.
Methods: Empirical data was obtained through a survey conducted on a representative sample of 911 Polish respondents aged 18–65. Using a multilevel ordered logit model and methods based on machine learning algorithms, the authors identified variables relating to the demographic and socio-economic characteristics, behaviors, and attitudes of consumers that primarily determine respondents’ adoption of robo-advisory.
Findings & value added: The results of the study indicate that the variables regarding the respondents\u27 attitude towards the use of artificial intelligence in banking services turned out to be the most important from the point of view of acceptance of robo-advisory. Next in terms of importance were the variables presenting respondents\u27 assessments of the ethics of financial services. An important finding is that experience in using basic financial services is not a significant factor when accepting robo-advisory. From the practical perspective, the article provides recommendations on the use of artificial intelligence technology in finance and ethical aspects of the provision of such services by banks
Luxury, slow and fast fashion: A case study on the (un)sustainable creating of shared values
No full textResearch background: Since crises magnify differences and bring both challenges and opportunities, the current complex global setting makes the mutual interconnection a fundamental platform meant to create confidence and also to lead to a unique strategic advantage. Due to its inherent particularities, the fashion industry is a relevant sphere for performing a categorial reflective triangulation study about the understanding and employment of creating shared values (CSV) within the EU framework.
Purpose of the article: The purpose of the article is to research, analyze and critically highlight how CSV is approached by archetypical fashion industry businesses from all three fundamental segments (luxury, fast, slow) and how this fits into the EU law framework.
Methods: A categorial reflective triangulation study in four steps is performed while using a content analysis, empirical field observation, qualitative manual Delphi approach and critical juxtaposition with glossing and Socratic questioning. Firstly, 30 archetypical fashion industry businesses are identified and split into luxury, slow and fast fashion segments. Secondly, for each business, research is done on how it identifies its CSVs. Thirdly, the verification of these CSVs is performed in order to confirm or reject the genuineness. Fourthly, the results are projected into the EU framework.
Findings & value added: Based on the performed study and its critical analysis, there appear extremely interesting dynamics in the CSV perception and strategies by luxury, slow and fast fashion businesses with a clear overlap in the EU sphere. In particular, fashion businesses from all three segments take into consideration sustainability and the fight against waste, but each segment has a different pro-CSV strategy to do so, and it is critical to contemplate which of these three strategies will become sustainable
Has the COVID-19 pandemic affected the corporate financial performance? A case study of Slovak enterprises
No full textResearch background: The corporate debt situation can be considered a crucial factor influencing the future development of the financial performance of the firm. It is essential for every business entity to know its financial health, its strengths and weaknesses, and how its business has been affected by the COVID-19 pandemic and all the changes it has brought.
Purpose of the article: The main aim of this paper is to explain and quantify the consequences of the COVID-19 pandemic, analyze changes in the growth of crucial determinants, and identify new trends in Slovak enterprises throughout the monitored period of 2018‒2021.
Methods: Hence, a statistically significant difference between the individual indicators due to the period in which the firms achieved these values was determined using the Friedman test. It determined whether the average values of the financial indicators remained constant over the period under review (the years 2018 and 2019 are considered pre- COVID-19 years, while 2020 and 2021 are years when the globe was already being impacted by the outbreak of the COVID-19 pandemic) or whether the individual values of the indicators differed significantly.
Findings & value added: Considering that there are statistically significant differences in the indicators of self-financing ratio, current indebtedness ratio, and equity leverage ratio in all monitored periods except for the years 2020 and 2021, where the average values of these debt indicators are the same, the results indicate that the COVID-19 pandemic also negatively impacted the indebtedness of Slovak enterprises. Although this research paper, focusing on the financial performance of the firms in the post-pandemic period, is pioneering in Slovakia, the biggest contribution of the study is the application of the latest information, which could help in more precise monitoring of corporate financial stability and debt policy during the current challenging period. The obtained results provide important universal guidelines for building financial strategies improving long-term financial resilience of enterprises
Determinants of philharmonics concert participation as a form of institutionalized culture in Poland
No full textMotivation: Research conducted in the cultural field can help organize the work of cultural institutions and local governments. Due to the special interest in classical music, an analysis was prepared for philharmonic concerts, for which no detailed study was conducted. Most studies of culture are carried out on a regional basis, so an attempt was made to find the determinants of the formation of the variable across the country.Aim: The purpose of the article is to identify the determinants, as well as the strength and direction of their influence on the number of philharmonic concert audiences in Poland.Materials and methods: For the purpose of the article, a linear trend model and two linear causal models were built using KMNK. They were based on statistical data obtained from the CSO database. Then, using parametric tests, the quality of the constructed models was checked.Results: During the study period, the number of listeners to philharmonic concerts increased steadily. Education level, disposable income and unemployment rate proved to be significant for the number of listeners. Education turned out to have an effect opposite to that predicted on the basis of the literature, but this may have been due to the specification of the chosen indicator (number of university graduates per 10,000 residents)
The concept pre-incubation in theory and practice
No full textThe concept of business pre-incubation is described in a residual way in the literature. The few articles defining what business pre-incubation is describe it as a service that enables an entrepreneur to test his or her business idea in real market conditions. The aim of this article will be to try to define and structure the concept of pre-incubation by pointing out its basic features, as well as to identify good practices for corporations that would decide to create a corporate incubator along the lines of the one described below. The objectives of the article will be achieved through an analysis of a pre-incubation project carried out at the end of 2021 and the beginning of 2022. The analysis will be carried out from the point of view of its participant, and through information from the organisers of this project in order to maintain a multi-faceted and broad view of the problematic of the concept of pre-incubation. By analysing existing definitions, listing the basic characteristics of pre-incubation and placing them in a real-life example, the conceptual and theoretical gap that exists in the science of about innovation, and the practical features of such a model of cooperation from the point of view of enterprises will be indicated