Economic Publishing Platform
Not a member yet
2446 research outputs found
Sort by
The atlas of inequality aversion: theory and empirical evidence on 55 countries from the Luxembourg Income Study database
No full textResearch background: In the distributive analysis, the constant relative inequality aversion utility function is a standard tool for ethical judgements of income distributions. The sole parameter ? of this function expresses a society?s aversion to inequality. However, the profession has not committed to the range of ?. When assessing inequality and other welfare characteristics, analysts assume an arbitrary level of ?, common to all countries and years. This assumption seems unjustified.
Purpose of the article: This paper aims to estimate the parameter ? for each country and year individually using datasets from the Luxembourg Income Study Database in all available years, which dates back to the 1970s.
Methods: We utilise the method of estimating ?, which assumes the generalised beta of the second kind distribution of incomes. The estimator of ? is derived from the mathematical condition of the existence of the social welfare function.
Findings & value added: We have elaborated an ?atlas? of 388 estimates of ? for 55 countries across time. Inequality aversion is country-year specific, with a minimum of 0.97 and a maximum of 3.8. Ninety per cent of all estimates are less than 2.5. Inequality aversion is negatively correlated with income inequality, but it is independent of economic development. Thus, inequality aversion appears as an additional dimension of the classical inequality-development relationship. This article contributes to solving a fundamental problem of Welfare Economics: directly measuring the social utility of income (welfare) function. The estimates of ? for 55 countries imply a complete knowledge of these countries\u27 constant relative inequality aversion utility functions
Barriers to gaining support: a prospect of entrepreneurial activity of family and non-family firms in Poland
No full textResearch background: This paper explores the approach that focuses on entrepreneurial activities suppressed by restraining forces or different barriers. We investigated a particular type of obstacles reported by entrepreneurs, i.e., those which prevented their gaining access to support instruments. This paper delved into the specificity of family businesses and explained why perceptions of access to support could differ between family and non-family firms.
Purpose of the article: This paper seeks to identify the differences between family and non-family businesses in terms of their perceptions of different barriers that hinder access to support instruments.
Methods: The main research processes were based on logistic regression models with a dependent variable: 0 for a non-family firm and 1 for a family firm. As dependent variables 13 barriers to the access of public support instruments were adopted. The study was conducted on a sample of 386 Polish business entities.
Findings & value added: The results confirmed the existence of differences between family and non-family businesses in perceptions of barriers towards gaining support in entrepreneurial endeavours. Obstacles, such as overly-complex bureaucratic procedures and requirements, lack of access to information disseminated by business support institutions, and complicated support settlement procedures, were perceived as far less crucial by family businesses than non-family businesses. Family businesses demonstrated a lower propensity to use real property as collateral for transactions. Additionally, family businesses with financial resources that overlap with their own familial resources declared that they found it easier to make their own contributions to satisfy the requirements for support programmes or services. This paper makes several novel and significant contributions to the field. First, we add to existing research focusing exclusively on family entrepreneurial activity by drawing a comparison between family and non-family firms in terms of the perceived barriers towards gaining support. Second, we address different types of barriers. Our findings provide further evidence that different types of businesses perceive certain types of barriers differently. Third, we extend current knowledge on family businesses study in Poland
Determinants of corruption: a panel data analysis of Visegrad countries
No full textResearch background: Corruption is a phenomenon that has no borders, thus hindering the proper functioning of the social, economic, and legal systems of a given state. As the rankings assessing the level of corruption in various countries show, transition economies are more vulnerable to corruption than countries that have not undergone changes in the political and economic order. The Visegrad group is an example of such countries. Despite their efforts, these countries? governments have yet to match the evaluation of corruption indices for developed European countries.
Purpose of the article: This study analyses the determinants of corruption in Visegrad countries to identify which determinants are the most impactful and thus should be the focus of Visegrad countries?governments when creating anti-corruption policies.
Methods: Data for the period 1996?2019 from the databases of the World Bank, Transparency International, and the European Central Bank were used for panel data analysis. The study uses a comprehensive set of economic, socio-cultural, and political determinants that can influence corruption. The purpose of this large set of variables is to prevent possible distortion owing to omitted variables.
Findings & value added: The results of the analysis of panel data show the main determinants of corruption in Visegrad countries are economic, political, and socio-cultural (phase of economic development, openness of the economy, size of the public sector, degree of urbanization, and women\u27s share in the labour force). A significant effect was also demonstrated in the case of regulatory quality and public sector wages. The findings can serve as a valuable resource for policymakers to develop government policies in individual countries and to implement effective anti-corruption tools
Craft beer revolution: formation of a new segment in Slovakia
No full textResearch background: Globalization has significantly affected the brewing sector worldwide during the last three decades. The industry consolidation and many acquisitions led to a reduced number of breweries and consequently to the homogenization of beer. It was an important factor affecting the significant decline in beer consumption in the world. However, over the years, this negative phenomenon also brought a new wave ? the development of craft breweries, and resulted in the formation of a new segment with specific preferences in the market.
Purpose of the article: As a result of the craft beer revolution in the world and the wider offer on the beer market, customer preferences changed, and a new segment was subsequently formatted. In the past, lagers were the preferred choice, but due to the new wider range of beers offered in the market, they are about to lean towards other types of beer. Therefore, the purpose of this paper is to identify a new segment of craft beer consumers based on characteristics such as age, gender, education, income, residence, marital status, work, and leisure activities.
Methods: For data collection, a questionnaire was used as a tool and, therefore, we analyzed the answers of 685 respondents from Slovakia. The questionnaire is evaluated through dependency analysis using nonparametric methods (Kruskal-Wallis Test, Mann-Whitney Test) to identify the differences between groups of customers and to describe the characteristics of a typical consumer of craft beer.
Findings & value added: The craft beer revolution in the world brought a formation of a new segment, which considers the taste and quality more compared to price. Our research has confirmed that this segment consists of highly educated men (26?40 years old), with above average income. However, it is important for beer producers to know this segment more to meet its requirements. Nevertheless, deeper studies of this segment were missing. Therefore, our research was focused on other parameters of the segment and according to our findings, these consumers are from bigger cities, working more mentally, and doing sports in leisure time
Persistence of pre-IPO earnings of new companies from CEE stock markets
No full textResearch background: A company?s earnings are one of the main determinants of investment decisions on the stock market. Thus, the reliability of disclosed financial information is crucial for the efficient allocation of capital. Unfortunately, reported earnings are an economic category susceptible to manipulation. This problem grows especially in the case of an initial public offering (IPO), as there is significant information asymmetry.
Purpose of the article: The main aim of the paper is to assess the persistence of earnings reported by companies in the IPO process and to empirically identify financial characteristics associated with persistence of earnings. The usefulness of financial information is directly related to the issue of earnings quality. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies.
Methods: I employ a simple single-factor regression model to recognize the earnings persistence in new stock companies. Pre-IPO earnings are the explanatory variable. Then, I use multiple regression analysis to identify factors that influence this metric of reported earnings quality.
Findings & value added: Using a sample of companies from stock exchange markets in Central and Eastern Europe (i.e., the Warsaw Stock Exchange, the Bulgarian Stock Exchange, the Bucharest Stock Exchange, the Belgrade Stock Exchange, the Prague Stock Exchange) that went public between 2010 and 2018, I find that, generally, pre-IPO earnings hold higher persistence compared to earnings reported in the year of the IPO. Profitability seems to be a factor that significantly influences this feature. Thus, the results contribute to corporate theory and practice facing insufficient empirical evidence on the issue of sustaining pre-IPO profitability in the long term, additionally putting these concerns in the context of the economic environment of European emerging stock markets
Inclusiveness as a key determinant of work engagement: evidence from V4 countries
No full textResearch background: There is currently a need for empirical research regarding the validity of specific work environment model elements supported by strong statistical evidence. The amount of research conducted in this field has been particularly limited in Central-Eastern Europe. The desire to fill in these gaps was at least in part responsible for the uniqueness of the research approach and its differences from previous similar studies.
Purpose of the article: The purpose of this study was to examine factors affecting employee engagement and to examine their relationship with each other using Visegrad countries as an example.
Methods: The initial data is taken from the fourth European Company Survey (2019) for management respondents. After data cleaning, the sample sizes for Czechia, Hungary Poland, and Slovakia are N(CZ)=904, N(HU)=682, N(PL)=511, and N(SK)=361, respectively. As a result of the exploratory factor analysis (EFA), the following five dimensions were identified for this research: (1) inclusiveness, (2) empowerment, (3) work autonomy, (4) organizational learning environment, and (5) work engagement. An analysis of structural equation modeling (SEM) was conducted to determine the links that exist among these dimensions of a constructive work environment.
Findings & value added: The structural model indicates that inclusiveness and empowerment have a significant positive impact on work engagement in all the countries examined. Inclusiveness was the strongest predictor of work engagement, followed by empowerment. Both of the two other predictors in the model (workplace autonomy and organizational learning environment) generally had less or no effect on employee engagement. The present study extends recent literature on work engagement by empirically validating the influence of workplace environment-related factors, as well as providing useful organizational policy recommendations for managers
A multivariate approach towards the measurement of active employee participation in the area of occupational health and safety in different sectors of the economy
No full textResearch background: Despite a dynamically growing exploration of broadly understood employee participation, there is still space left for more in-depth or new analyses in this area, and occupational health and safety (OHS) serves as a good example in this respect. In empirical studies, employee participation in the field of occupational health and safety is not treated as a separate element of ensuring safety in the organisation, but only as a minor element of occupational health and safety management, or as just one of the elements building a safety culture.
Purpose of the article: The aim of the paper is to propose a synthetic measure of active employee participation in OHS taking into account the depth and scope of this participation. A comparative analysis of the level of active participation of OHS at medical facilities and in other sectors of the economy was also performed.
Methods: The theoretical model for active employee participation in OHS was tested by means of a survey using the PAPI (Paper & Pen Personal Interview) method. Exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) were used. The developed construct (characterised by an adequately high level of validity and reliability) was used in a comparative analysis of medical institutions with other sectors of the economy with the use of the Mann?Whitney U test.
Findings & value added: This research fills the theoretical gap in the model approach to participation in OHS. It has been found (EFA and CFA analyses) that active employee participation in OHS consists of one dimension (15 items). The model for active employee participation in OHS and the universal measurement scale developed and validated in this study represent a step forward towards the effective and reliable measurement of employee participation. In addition, the research has shown that the level of active employee participation in OHS at medical facilities is lower than in other sectors of the economy. The added value of this paper results from the approach to measuring employee participation in OHS which takes into account the depth and scope of this participation. The tool is consistent with international regulations and standards in the field of OHS, and thus can be used in other countries to assess active employee participation in OHS, regardless of the size and profile of the company or the sector of the economy
Assessing the energy security of European countries in the resource and economic context
No full textResearch background: In recent years, much attention in the literature has been paid to the economic and environmental conditions of energy development as a key sector for the development of national economies. The issue of availability of individual energy resources and related energy security is receding into the background, most often due to the strong globalization of economies and the associated assumption of free international flow of goods and services, and thus practically unlimited possibilities of buying on the international commodity markets and energy exchanges. Nevertheless, the importance of energy security increases significantly in crisis situations.
Purpose of the article: Bearing in mind the circumstances indicated above, the main objective of this article is to assess the energy security of European countries carried out in the context of resource and economic conditions.
Methods: The article proposes its own methodological approach to the assessment of energy security based on the analysis of the energy mixes of 32 European countries and the availability of their own internal energy sources. In the process of classifying the studied economies into homogeneous groups in terms of resource and economic determinants (GDP per capita), principal component analysis was used.
Findings & value added: The theoretical and methodological added value of the article results from the development of the author\u27s approach to the assessment of energy security using individual and aggregated energy sufficiency index. Empirical added value is related to the results of energy security assessment in European countries, which can be used in shaping energy policies. Therefore, most of the 32 European countries assessed have a low level of energy security, which is due to the dominant use of non-renewable energy resources in their energy mixes. Countries with a high level of energy security have their own non-renewable resources or use alternative energy carriers in the form of renewable sources, hydropower or nuclear energy
Competitiveness, fiscal policy and corruption: evidence from Central and Eastern European countries
No full textResearch background: The transformations induced by global challenges call for new approaches towards competitiveness and thus require a consistent rethinking of strategies and mechanisms so that they could be better adapted to the constantly changing context. Prior to the European Union (EU) accession, the Central and Eastern European (CEE) states began a broad process of economic reforms, including trade liberalization, mass privatization, exchange rate liberalization, all of which led to a wider opening to new markets, the creation of new opportunities for production and to ensuring the competitiveness of companies on foreign markets. By far, the most important step in the post-communist period was joining the EU, achieved after 2004. Over time, these states have faced, on the one hand, issues related to addressing systemic vulnerabilities, and on the other hand, finding the most appropriate measures to induce competitiveness. The influence of public policies on competitiveness is still an issue that needs to be debated, our study proposing to examine the reaction of external competitiveness to the increase of government spending and corruption.
Purpose of the article: The aim of this paper is to analyze the impact of fiscal policies and corruption on the external competitiveness of the eleven countries from Eastern Europe (Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) for the period 1995?2020. The choice of this time interval is to better capture the trinomial relationship between competitiveness, fiscal policy and corruption before and after the process of integration of the CEE states into the EU.
Methods: The methodology chosen is based on ARDL (Autoregressive Distributed Lag) with structural breaks, the period taken into account being 1995?2020. The Unit root test of augmented Dickey?Fuller ADF (2016) was used to assess the time series stationarity. The test developed by Bai and Perron (2003) is applied to detect structural breaks, by resorting to the LM test. The tests for the cointegration between the considered variables, using the ARDL model, proposed by Pesaran et al. (2001), were also part of the research. The causality test of Granger et al. (2000) was used to assess the conditionality between the indicators. By applying these methods, it was highlighted that, especially after 2007, in the states under analysis, expansionary fiscal policies have led to internal devaluations of the currency, which ultimately increased external competitiveness, measured as real effective exchange rate. Instead, corruption has a negative impact on competitiveness.
Findings & value added: The obtained results point out the relationship between competitiveness, fiscal policy and corruption in CEE countries. In the case of those that have a high competitiveness, even if there are large government expenditures, there is also an economic environment conducive to the implementation of measures that generate added value on a large scale. Conversely, in countries where corruption is high, the impact of government fiscal policies on competitiveness is reduced due to the negative effects caused by this phenomenon. Our study brings at least two contributions to the literature. First of all, the research shows how a growth in public spending affects the competitiveness of CEE economies through the real exchange rate. Secondly, it takes into account the phenomenon of corruption applied to Eastern countries, emphasizing a decrease in the external competitiveness of these economies in response to the manifestation of corruption
The position of China in trade in services within the European Union
No full textResearch background: In recent decades, services in international trade have been growing steadily in importance, and there has been strong growth in China?s trade in services as a result of the ?opening up? policy. China has become the European Union?s second biggest trading partner in services with the European Union (EU), being China?s largest trading partner. The EU is one of the addressees of the Chinese Belt and Road Initiative, which creates opportunities and threads to the European Internal Market in services.
Purpose of the article: The aim of this paper is to contribute to the literature and fulfil the research gap on the position of China in intra-EU trade in services.
Methods: We identified the most important types of services offered by China to purchasers from the EU countries. By using the Revealed Symmetric Comparative Advantage (RSCA) and trade balance (LFI) indices, we classified the Chinese exports to the EU Internal Market by types of services and by their trade position.
Findings & value added: We found out that China might be perceived as a strong competitor for intra-EU trade in selected services, especially those concerning low-end service tasks, that use relatively low-skilled labour and are less knowledge- and capital-intensive. However, China?s attitude is changing towards more sophisticated services for example R&D. It creates a need for a new approach to the EU economic policies (in terms of both protectionism and interventionism) in trade relations in services with China