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Road safety and alcohol consumption by drivers
No full textThe subject of this article is the issue of road safety and road accidents caused by drunk drivers. Road safety is an important issue in Poland and in all EU Member States. That is why the European Commission adopts appropriate legal regulations, action plans and long-term strategies to increase road safety. For this purpose, the European Road Safety Council was established in 1993. An analysis of statistical data on road accidents in general and those involving drunk drivers indicates that this is still a serious problem of modern society
Pozycja i zdolność konkurencyjna UE względem USA i Chin
No full textW artykule omówiono jak na tle światowych potęg jakimi są USA i Chiny wypadła Unia Europejska pod względem pozycji i zdolności konkurencyjnej. Konkurencyjność została zbadana na podstawie takich wskaźników jak PKB. Wzięte pod uwagę zostały również rankingi konkurencyjności takie jak IMD, oraz ranking Doing Business
The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management
No full textResearch background: The climate crisis is one of the greatest challenges the world is facing in the 21st century. The global response to this problem must comprise transitions in land and ecosystems, energy, urban, infrastructure, and industrial systems and a transformation in enterprise and risk management. With the global pressure to fight climate change and achieve the Sustainable Development Goals, the innovative potential of Industry 4.0 technologies (blockchain, Big Data analytics, the Internet of Things, cloud computing, artificial intelligence, 3D additive manufacturing and technology platforms) has been subject to enormous interest among researchers and practitioners. Additionally, the COVID-19 pandemic has accelerated technology investment and digital transformation in many business areas, potentially including sustainability risk management.
Purpose of the article: The purpose of this paper is to explore the scope of Industry 4.0 technology implementation in sustainability risk management and its financial impact.
Methods: Based on the survey research, the authors verified if enterprises implementing Industry 4.0 technologies during the last five years are benefiting from their investment depending on the number of technologies. Due to the ordinal measurement scale of the analyzed variables, the verification of hypotheses was carried out using the Mann-Whitney U test.
Findings & value added: In the opinion of the managers surveyed, the number of Industry 4.0 technologies implemented in the sustainability risk management process does not affect the enterprise’s aggregate Financial Performance Indicator, individual financial indicators (ROA, ROE, OPM, NPM and FLR) and the enterprise’s ability to manage financial risk. This study contributes to the literature on the technological transformation of the sustainability risk management process and its financial importance. The design and implementation of sustainable development strategies imply a long-term perspective, including the achievement of risk management effects in this area. The implementation of one technology, let alone two or more, is a difficult and time-consuming management challenge before synergy effects are achieved in an integrated technological eco-system
Labour share and income inequalities in the European Union, taking into account the level of development of economies
No full textResearch background: The relationship between labour share and income inequality is a complex and multifaceted problem. Despite ongoing discussions among economists, there is still no consensus on the direction of the relationship between labour share and income inequality.
Purpose of the article: The article aims to assess the impact of labour share on income inequality, which is measured in three ways: the Gini index of gross income, the Gini index of market incomes, and the Gini index of household disposable income.
Methods: Dynamic panel data models were applied to estimate the relationship between Gini coefficients and socio-economic indicators. The study investigated 25 European Union countries over the 2011–2021 period.
Findings & value added: Despite the long convergence process of the EU economies, there is still great diversity in the labour share, social inequalities, and the interplay between these factors. The added value of this research is the indication of labour share impact on three Gini measures covering a diverse income spectrum (from labour and capital). Based on the research findings, hypothesis 1, claiming that the more developed the national economy, the lower the share of employment income, favouring capital gains, is confirmed. Hypothesis 2 (as the share of income from work increases, the Gini coefficient of gross incomes decreases) must be rejected. There is no significant relationship between labour share and the studied Gini measures in \u27old\u27 EU countries. In \u27new\u27 EU members, there is a reverse relationship than assumed in hypothesis 2. The growth of the Gini coefficient was influenced by the rise in labour share, which can be attributed to the diversity in economic structures
Impact of corporate social responsibility on cost of debt in Scandinavian public companies
No full textResearch background: In recent decades, companies have paid increasing attention to corporate social responsibility (CSR) and its related performance. Scandinavian countries lead the world in CSR and sustainability. The good CSR performance of Scandinavian companies has motivated studies on this phenomenon, particularly on the connection between a company\u27s CSR and its performance. One of the most important performance indicators and value drivers is the cost of debt.
Purpose of the article: This study assessed the impact of CSR on the cost of debt in Scandinavian public companies.
Methods: The research was divided into two stages. In the first stage, Scandinavian public companies were divided into two groups (with and without ESG (environmental, social, governance) disclosure scores) to reveal differences in the cost of debt. In the second stage, a fixed-effects regression model for balanced panel data sets was applied from 2011 to 2020 to assess the impact of ESG and its pillars on the cost of debt.
Findings & value added: The results revealed that the cost of debt of companies in Scandinavian countries with ESG disclosure scores was significantly lower. The ESG disclosure scores of these companies have increased significantly over the past 10 years. We found a positive impact of CSR on the cost of debt in Scandinavian public companies. The increase in ESG disclosure and pillar scores reduced the cost of debt. These findings are valuable from a scientific perspective. Scandinavian public companies with ESG scores have higher financial risk, but lower cost of debt. These results support the importance of investors\u27 behavior, information asymmetry, and signaling. The findings have several implications for shareholders, managers and creditors. They suggest that creditors consider ESG disclosures when determining a borrower\u27s creditworthiness. Additionally, it is a message to regulators that the debt market values ESG disclosures
Does ESG performance bring to enterprises’ green innovation? Yes, evidence from 118 countries
No full textResearch background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation.
Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999–2019.
Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach.
Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings
How empathy and social entrepreneurial self-efficacy interact to affect social entrepreneurial intention: A polynomial regression with response surface analysis
No full textResearch background: Previous studies have argued that empathy (EMP) is an important factor that enhances individuals’ intention to engage in social business. However, the effect of this factor on social entrepreneurial intention (SEI) is unclear (Ukil et al., 2023). Also, although numerous studies have explored the individual impacts of EMP and social entrepreneurial self-efficacy (SES) on SEI, there is a notable scarcity of research that delves into the combined influence of these two predictor variables on the intention to engage in social business.
Purpose of the article: This study proposes that EMP does not only individually affect, but also interacts with other factors to influence the intention to start a social business. Therefore, this study aims to investigate how EMP and SES interact to promote SEI.
Methods: Based on a survey dataset of 409 respondents in Vietnam, this study employed polynomial regression with response surface analysis to examine the complementary, balance, and imbalance effects of EMP and SES on SEI.
Findings & value added: This study\u27s results suggest complementary effects between EMP and SES on SEI. Specifically, this study finds that when EMP and SES are balanced at higher levels, SEI is higher, and when their imbalance increases in either direction, SEI is lower. In addition, this study finds that the degree of SEI is higher when individuals have high SES with low EMP compared to the other way round. The findings of this study enhance our understanding of the complexity of motivation and how it affects SEIs, revealing the complex interaction between EMP and SES in shaping these intentions within a multidimensional motivational framework
Scanner data and the problem of selecting a price index formula
No full textScanner data are electronic transaction data most often from retail chains and obtained from electronic retail terminals. The identification of products takes place after scanning their characteristic barcode (e.g. EAN or GTIN), thus in the case of scanner data, we have full product information (price, sales volume, weight, description, etc.) at the most disaggregated level. In the cases of many countries, as well as Poland, this type of data is a valuable alternative source of information when estimating inflation. This paper discusses the main advantages but also the challenges of using scanner data in the CPI measurement. The main purpose of the paper, however, is to discuss the problem of selecting an optimal price index formula that would be appropriate for the highly dynamic (in terms of product rotation) scanner data. The considerations, supported by examples of empirical studies, will be demonstrated using the PriceIndices package in the R environment
The impact of the capital market on economic growth in Luxembourg
No full textIn this article, a detailed analysis of the impact of capital markets on economic growth in Luxembourg is presented, utilizing annual economic data. The study spanned from 1975 to 2020. As part of the analysis, an econometric model was constructed and estimated using the GRETL software. The results obtained confirm that the capital market has a statistically significant impact on Luxembourg\u27s economic development. This research provides new insights into the role of capital markets in shaping economic growth dynamics, which is crucial for understanding the economic mechanisms in small, open economies like Luxembourg
The impact of ESG regulation on macroprudential policy and bank activities in the EU
No full textThe aim of the study is to present the impact of legal regulations in the field of sustainable development on the directions of macroprudential policy evolution and the activity of banks in the EU. The main ESG directives and regulations in force in the European Union countries will be presented, in relation to macroprudential policy tools and banks\u27 activities, from operational plans to strategic plans. Regarding ESG regulations, banks\u27 obligations resulting from non-financial reporting will also be presented, which further stimulate the process of evolution of the business models of banks and other public trust entities. The conclusions of the analyses point to the importance of capital requirements and systemic risk buffers in banks and the consideration of the CSRD, ESRS and CSDD regulations. Banks\u27 operational activities and strategies are evolving towards a gradual change in the product offer financing green investments in the form of, for example, green loans and bonds. Among the components of business models, banks adjust primarily in the following areas: balance sheet management strategy and customer profile. The actions taken relate to all activities in the following areas: corporate governance (e.g. business strategy, risk, responsible banking, sustainable supply chains), environmental governance (e.g. green finance products, environmental impact of operating activities or TCFD reporting), stakeholder relations – social (e.g. relations with employees, customers, and society)