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Foreign direct investment in the post-communist member states of the European Union: who are the leaders?
No full textJoining the European Union has been treated as a chance for Poland and other post-communist countries to improve their economic growth and development. It was clear from the beginning that it was going to be a long and demanding process in which success is only possible if appropriate economic policies are pursued. That policy should provide stable frameworks to support business development, attract foreign direct investments (FDI), keep the discipline in public finances and assure the right institutional ability and managerial skills to absorb the EU funds. According to forecasts by The McKinsey Quarterly from 2004, 5% Poland\u27s economic growth rate was to require around USD 10 billion of annual FDI inflow! The aim of this study was identifying the leaders in attracting FDI among post-communist European Union member states in the period of 2004-2020. The research showed a huge variation in attracting foreign capital among eleven post-communist EU members. Estonia, the Czech Republic, Hungary, Slovakia seem to be winners in this race, leaving Poland far behind
Multiagent Model of Rail-Road Intersection with Connected Vehicles
No full textThe multiagent approach to modelling, traditionally dedicated for distributed systems, can be applied on any platform where there are more processes or control threads. The world of surface transport is a typical example of such a situation where high numbers of dynamic entities (agents) interacting with each other represent a complex problem to solve, analyse and visualise. The main focus of this paper is on functional description of the traffic control problem at the rail-road intersection. Unlike conventional approaches, this model assumes usage of modern (infrastructure-to-vehicle, vehicle-to-vehicle) communication technologies as an essential base of cooperative intelligent transportation systems. The authors use the development toolkit NetLogo, explaining step-by-step the key programming details, to get a comprehensive overview of the operation of the entire system through simple definitions of a number of simple cooperating agents. The introduced model is implementation free and shows newly offered functionalities on the principal level, while a minimum theory of collective intelligence hidden in the background is needed
Between fiction and truth - W.G. Sebald\u27s Austerlitz as an anti-novel
No full textThe aim of this article is to discuss the most important characteristics of the so-called anti-novel on the example of a literary work (literary "photo-text") by W.G. Sebald Austerlitz, which in the history of contemporary German literature is considered to be extremely original in terms of form and an unusual (unconventional) prose work drawing on numerous, non-literary means of artistic expression such as photography or film. At the same time, such an unusual (i.e. going far beyond the traditionally understood novelistic genre framework) and unambiguously unclassifiable prose form is an original literary exemplification of the fight against oblivion in the context of the experience of war trauma and the hardships of searching for one\u27s own identity in the postmodern era at the threshold of the twenty-first century, it is strongly oriented towards the reader and the horizon of his reading expectations (Wolfgang Iser), and the line between literary fiction and truth seems to be almost abolished. When discussing the most important anti-novel features, reference was made to the definition of the term "anti-novel" and selected theories in the field of aesthetics of the reception of a literary medialized text (Dieter Wellershof)
Does withholding tax on interest limit international profit-shifting by FDI?
No full textResearch background: Poland is a significant recipient of intercompany loans as a part of foreign direct investment (FDI) debt instruments reported in the Balance of Payments. Most of them come from the developed West European countries ? Netherlands, Luxembourg, France, Germany, and Belgium. Igan et al. (2020) confirm debt-based FDI inflows to emerging markets had a higher impact on the industries? growth in the pre-crisis period 1998?2007 than after (till 2010).
Purpose of the article: We aim to identify withholding tax (WHT) impact on intercorporate loans inflow to Poland and analyse the relationship between trade credit and intercompany loans to assess the importance of the profit-shifting role of FDI after 2010.
Methods: To reflect the impact of withholding tax and trade credit on inter-company loans (inward debt-based FDI) in 2011?2017 to Poland, we use Arellano-Bond and random effects panel model estimators. The estimated specification is derived from the knowledge-capital model and includes two types of capital: human and physical.
Findings & value added: We show that WHT on interests reduces profit-shifting by multinational companies? intercompany lending to Poland. But intercompany loans are positively related to foreign trade credit. Unlike in the case of total FDI inward to Poland (Cieślik, 2019), we identified that vertically integrated multinational enterprises are more likely to provide loans to Polish firms. This study is the first to confirm that withholding tax of interests reduces international profit-shifting by FDI and to provide evidence on the relation-ship between foreign trade credit and intercompany loans provided by multi-national companies
Technological progress spillover effect in Lithuanian manufacturing industry
No full textResearch background: Various methods for technological progress assessment and evaluation exist in the context of economic development. Each of the methods possesses distinct advantages and disadvantages in analysis of technological progress fluctuations. For most neoclassical growth theories, technological progress measures are included as exogenous variables, thus excluding evaluation of factors influencing technological progress variation throughout time.
Purpose of the article: The aim of this article is to offer improvements on classical technological progress evaluation methodologies for manufacturing industries, separating effect of intersectoral technological progress spillover effect from internal factors influencing technological progress growth and perform analysis in the case of Lithuanian manufacturing industry.
Methods: Earlier research papers used linear time series regression and vector autoregression methods to assess technological progress values and define equations explaining effect of different manufacturing level indicators on technological progress measure growth. This research paper uses results of previously mentioned methods and performs simulation analysis applying agent-based modelling framework.
Findings & value added: The conducted vector autoregression analysis has showed that two variables which influence technological progress most significantly are labor productivity measure and gross profit value. Sensitivity analysis emphasizes that effect of these two variables on technological progress growth is substantially different. Increase in gross profit value affects technological progress growth for wider range of sectors from Lithuanian manufacturing industry (15 out of 18 analyzed sectors? technological progress measure values are affected by changes in gross profit, while changes in labor productivity influence technological progress values in the case of 9 sectors). Rising gross profit values also produce intersectoral technological progress spillover effect more significantly, while growth in labor productivity measure has stronger effect on technological progress fluctuations for sectors which are able to exploit this effect. Presented research suggests improved methodology for intersectoral technological progress spillover effect assessment in the context of manufacturing industries
Circular economy as assistance for sustainable development in OECD countries
No full textResearch background: Circular economy is of great importance, as it plays a vital role in ensuring the reuse of waste created and, therefore, reduces the waste of limited resources, which is the primary goal of the general economic concept. In line with the circular economy, sustainable development gains great attention, as the United Nations announced the sustainable development goals that should be reached by 2030. Hence, the current paper aims at examining whether the circular economy could be treated as an effective assistance tool for sustainable development of OECD countries.
Purpose of the article: The paper aims to investigate whether the circular economy could serve as an assistance tool for sustainable development and, therefore, seeks to determine if the circular economy could directly impact a country?s sustainable development.
Methods: First, the countries chosen were prioritised using the Analytic Hierarchy Process (AHP) and the Evaluation Based on Distance from Average Solution (EDAS) methodologies. AHP method was used for weight assignment to the circular economy indicators that were further used for OECD countries? prioritisation procedure for which multi-criteria decision-making method EDAS was employed. Second, to reveal a link between the circular economy ranking results and sustainable development, a comparative analysis was done. Third, the impact of the country?s circular economy on sustainable development was evaluated using the fixed-effect regression model on four years of panel data from 2016 to 2019 for the sample of 32 OECD countries.
Findings & value-added: The comparative analysis of the circular economy?s prioritisation results and Sustainable Development Goals Index (SDGI) ranking showed 20 out of 32 matches, assuming a link between the circular economy and sustainable development could be made. The fixed-effect regression equation results demonstrate that the unemployment rate, poverty rate, air pollution exposure, and CO2 emission per capita negatively influence sustainable development. In contrast, indicators such as gross domestic expenditure on R&D, renewable energy, number of passenger cars in use, and households with Internet access positively impact SDGI. The hypothesis that the circular economy is seen as an assistance for sustainable development and directly affects a country?s sustainability was approved. The paper contributes to the scientific literature in the field of circular economy and sustainable development interaction and could be seen as an assumption for new research directions, focusing on the linkage between circular economy and sustainable development. Moreover, the obtained results could contribute to a country?s policy-makers by highlighting the essential indicators of a circular economy that should be considered while forming the strategy of a country?s sustainable development
Exhaustion while teleworking during COVID-19: a moderated-mediation model of role clarity, self-efficacy, and task interdependence
No full textResearch background: The global COVID-19 pandemic created an unprecedented challenge not only for employees? well-being, but also for the nature of their work, as teleworking became the norm for many of them almost overnight. Thus, there is a need to a more fine-grained understanding of the specific job demands experienced while teleworking during COVID-19, and the specific resources that mitigate the detrimental effects of demands and help employees to adopt resilient responses during and beyond COVID-19.
Purpose of the article: Drawing upon the job demands-resources model, the present study aims at investigating the link between work overload (a job demand) and employee well-being (i.e., burnout), considering role clarity (a job resource) as a mediator, and task interdependence and self-efficacy as two potential boundary conditions.
Methods: In order to examine the link between work overload, role clarity and emotional exhaustion moderated by task interdependence and self-efficacy, we used survey data from 701 Romanian employees at a large information technology company, who worked from home during COVID-19. We employed regression-based path analysis to examine the hypothesized relations.
Findings & value added: The results reveal that role clarity partially mediates the relation between work overload and emotional exhaustion while teleworking during COVID-19. Moreover, the results from the moderated mediation analysis show that role clarity, self-efficacy, and task interdependence interact in their effects on emotional exhaustion. This study has important theoretical and managerial implications for employee well-being that go beyond the pandemic. As this study shows, when high levels of workload and task interdependence cannot be avoided, employees? personal (self-efficacy) and job (role clarity) resources might be particularly useful to reduce their exhaustion while teleworking. Based on these results, managers can design better jobs for remote workers and more flexible work arrangements in the future
Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic
No full textResearch background: The outbreak of the COVID-19 pandemic, the reduction in income or the total loss of jobs have affected the financial behaviour of consumers worldwide. Managing the budget in times of turbulence and crisis has posed a challenge for households.
Purpose of the article: The aim of the article is to determine to what extent the COVID-19 pandemic has affected the financial behaviour of the inhabitants of various countries and how Poland has stood out from the rest.
Methods: Due to the orderly nature of the questions analysed, non-parametric tests were used in the analysis. The distribution of current expenditure in comparison with the period before the pandemic was analysed, as well as the results of comparative analyses with Mann-Whitney U tests for comparison of Poland with Austria, Belgium, the Czech Republic, France (974), Germany, Italy, Luxemburg, the Netherlands, Romania, Spain, Turkey, the United Kingdom, the USA. A study was carried out on the relationship between planning for the future, having debts and savings and financial behaviour after the COVID-19 pandemic and the metric variables in the group of Poles via Chi square and a series of ? Kendall?s tests.
Findings & value added: There has been a fall in expenditure compared to the period before the pandemic, which may explain the lack of opportunities to spend money, the fall in revenue and the freezing of expenditure for fear of an uncertain future. There has also been a change in the way payments are made. Payment cards and purchases made over the Internet are increasingly popular. In the face of the COVID-19 pandemic, consumers are trying to save more, but not everyone can afford to do so. Long-term value added of this paper is analysis of change in the model of financial behavior of households under the shock of the pandemic in international comparisons of the analysed countries
Does the life cycle affect earnings management and bankruptcy?
No full textResearch background: Deteriorating economic conditions and a negative outlook increase the pressure on financial management and the need to show high financial performance. According to Positive Accounting Theory, the growing risk of bankruptcy is associated with the phenomenon of earnings management. Bankruptcy risk and the quality of reported profits, along with other aspects of financial performance, vary throughout the company\u27s life cycle. Nevertheless, these factors or their interactions are investigated only to a very small extent.
Purpose of the article: The aim of this study is to clarify the impact of corporate life cycle and bankruptcy on earnings management, in order to describe behaviour of companies at different stages of corporate life cycle.
Methods: A hierarchical mixed model with a random time and industry effect was chosen as appropriate because it allows the investigation of multilevel data that is not independent. The sample covers the financial indicators of more than 33,000 Central European companies from 2015?2019. The non-sequential Dickinson model, company age, and three models of accrual earnings management were used as proxies for the company\u27s life cycle and quality of reported profit.
Findings & value added: Earnings management and bankruptcy risk have a U-shape, indicating that financially distressed firms reduce reported accounting profit at the Introduction, Decline and, to a lesser extent, at the Growth stage. Slovak and Czech companies manipulate profits to a similar extent, Hungarian companies increase accounting profit to a greatest extent than the surveyed countries by controlling bankruptcy ? life cycle effect; however, the variability of accounting manipulations across industries has not been demonstrated. These findings imply that start-ups and declining businesses provide crooked financial statements to obtain more favourable debt covenants, and estimating discretionary accruals using life-cycle subsamples can improve the predictive power of accrual earnings management models
Financial threat profiles of industrial enterprises in Poland
No full textResearch background: The nature of bankruptcy has been the subject of interest for economic theories, both positive?identifying relationships between bankruptcy and other economic categories ? and normative, shaping the rules for the proper regulation of bankruptcy. In turn, the functioning of an enterprise in conditions of risk, financial threat, and finally a crisis that could lead to bankruptcy, are of interest to management. The interpenetration of these two dimensions provided the motivation for this study, which assumes a bottom-up approach: from individual results to summarised multi-sectional comparisons.
Purpose of the article: The purpose of the research was to evaluate the level, directions of change, and structure of the degree of financial threat in industrial enterprises. The period under analysis was 2007?2018 and the whole population of industrial enterprises in Poland (15,999 entities) was examined. The enterprises were small and medium-sized enterprises (SMEs) as well as large enterprises (LEs). The financial analysis covered macro-, meso-, and microeconomic levels.
Methods: The analysis was conducted using a comparative approach and financial threat predictions obtained from the original multivariable logit model. Heat maps were used to evaluate the intensity of changes in financial threat. The displacement of objects in structures was studied, ordered, and classified. Four normative standards of threat scenarios were defined and then used to evaluate similarities in the profiles of the structures examined, using the similarity measure. The ranking and its variability were analysed in the assessment of profiles.
Findings & value added: As the result of the research, properties were described and profiles were determined for the structures in terms of the degree of threat and its correlation with rate of bankruptcy and creating added value. The originality of the research comes from the use of novel dynamic logit models. The added value is a unique study on the entire population of industrial enterprises in the national economy and a methodology for identifying financial threat profiles and their similarity at subsequent aggregation levels (the micro-, meso-, and macro-levels). This made it possible to derive patterns and regularities for economic policy and guidelines for business management