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An analysis of the relationships among NASDAQ Baltic stock exchanges: VAR approach
No full textThe author examines the relationships among three stock exchanges of selected Baltic countries: Latvia, Estonia, and Lithuania. The respective stock exchange indexes are used as variables, OMXR for Latvia, OMXT for Estonia, and OMXV for Lithuania. The regression equations are estimated with the use of Vector Autoregressive (VAR) model. The author employs 80 observations for the sample period from2002 Q1 to 2021 Q4. After determining the optimal lag order, the impulse response function is calculated. The variance decomposition is carried out subsequently. A causality among the stock exchanges in question is determined
Assessment of the social exclusion at the regional level using multi-criteria approach: evidence from the Czech Republic
No full textResearch background: Social services are the main social tool used for the prevention and solution of social exclusion and its risk. Services of social prevention are focused on the well-being of the whole society and they prevent it from the influence of a wide range of socio-economic phenomena related to social exclusion, understood in multidimensional terms.
Purpose of the article: The purpose of the paper is to evaluate districts of the Czech Republic with respect to selected socio-economic factors that lead or can lead to social exclusion, when the emphasis is placed on the exclusion of children and youth, and to identify the causes of differences existing among these districts within the period of years 2011?2016.
Methods: The paper focuses on multi-criterial assessment of districts of the Czech Republic using 23 indicators covering main aspects of social exclusion, which are processed with the Technique of Order Preference Similarity to the Ideal Solution (TOPSIS technique) in combination with the Coefficient of Variance method used to determine the indicators? weight. The results obtained using these methods are completed by the Moran?s index, Shapiro-Wilk test, Mann-Whitney test, Kolmogorov-Smirnov test, Kendall Rank Coefficient and Levene?s test.
Findings & value added: A small number of districts with very negative assessment, with the presence of social exclusion and its higher risk, respectively, are identified. Differences among regions are constant and could not be assigned to randomness or disposable changes in the structure of indicators. Higher number of children born to unmarried mothers can be considered a typical aspect of the districts with higher risk of the social exclusion. The methods applied in the research, whose results and findings are presented in the paper, can be inspiring to further studies focusing on the social exclusion in its multidimensionality. The research is framed with the European Union discourse of social exclusion, thus the presented findings also open space for the comparisons and discussions of the factors associated with the social exclusion in other European Union Member States
Enhancing emotional engagement through relational contracts, management receptiveness, and employee commitment as a stimulus for job satisfaction and job performance in the public sector
No full textResearch background: In the private sector and on social media, corporate emotional interaction has lately become a hot topic. In the background of the public sector, however, it has scarcely been discussed and very little is known about its determinants and implications.
Purpose of the article: This research investigates the role of organizational emotional engagement through relational contracts, senior management receptivity, and upward communication of employees in the public sector in stimulating work satisfaction and job efficiency.
Methods: This research was based on data collected between April 1, 2020, and May 31, 2020, from 335 state employees from various governmental organizations in Ho Chi Minh City (HCMC), Vietnam. To evaluate the hypothesized model, partial least squares-structural equation modeling was used.
Findings & value added: Our results illustrate that relational contracts have a powerful effect on emotional engagement. Positive relationships were confirmed between employee engagement and the voice of employees and between employee engagement and job performance. Moreover, the findings also support the role of senior management receptiveness in stimulating organizational emotional engagement. This study addresses questions about absence of academic studies on organizational emotional engagement in the public sector. The results highlight the important role of emotional engagement in stimulating job satisfaction and job performance through relational contracts, senior management receptiveness, and upward employee communication
Does income inequality matter for CO2 emissions in Russian regions?
No full textResearch background: Intensive economic growth in Russian regions during recent decades has been associated with numerous environmental issues, particularly increasing CO2 emissions, as well as income inequality. To achieve sustainable development, it is necessary to resolve these issues.
Purpose of the article: To shed light on the impact of income inequality on CO2 emissions based on Russian regional data covering the years 2004?2018.
Methods: Gini index and decile dispersion ratio are used to measure income inequality. To study the impact of income inequality on CO2 emissions in the Russian regions, we estimate econometric models with fixed and random effects and apply GMM method. We test the hypothesis of the environmental Kuznets curve to determine the impact of economic growth on CO2 emissions.
Findings & value added: The results show that CO2 emissions increase in tandem with growth in income inequality between 10% of people with the lowest income and 10% of people with the highest income. Simultaneously, CO2 emissions decrease with growth of Gini coefficient. The hypothesis of the Environmental Kuznets Curve was confirmed based on GMM method. Our findings underscore that the activities of the extraction and manufacturing sectors, as well as energy consumption, increase CO2 emissions. The chief significance of this paper is the finding that large income gap between extremely rich and extremely poor population cohorts increases CO2 emissions. This implies that economic policy aimed at reducing income inequality in Russian regions will also reduce CO2 emissions, especially if accompanied by increased use of environmentally friendly technologies. From the international perspective, our research can be extended to study other countries and regions
Regional eco-efficiency of the agricultural sector in V4 regions, its dynamics in time and decomposition on the technological and pure technical eco-efficiency change
No full textResearch background: Agriculture plays a vital role in producing food to ensure food security, but it is one of the biggest contributors to environmental pollution. One of the main goals of the new CAP is to set higher ambitions for environmental actions, which brings into the front the concept of agricultural eco-efficiency. The notion of eco-efficiency includes the economic and also ecological dimensions of sustainable agriculture.
Purpose of the article: The main goal of this paper is to evaluate the eco-efficiency of agricultural production and its dynamics during the years 2013, 2015, and 2017 of NUTS 2 regions within the Visegrad 4 (V4), i. e. The Czech Republic, Slovakia, Hungary, and Poland. The part of the main goal is to verify the research hypothesis that all the biggest agriculture producers are eco-efficient.
Methods: V4 regional eco-efficiency of the agricultural sector is expressed by the Malmquist productivity index and is estimated using the output-oriented Data envelopment analysis (DEA) model, under the assumption of constant return to scale (CRS). The Malmquist index is decomposed to technical eco-efficiency change (EC) and technological change (TC). Based on the eco-efficiency, technological and pure technical eco-efficiency change, V4 regions are classified into three groups: the most progressive regions, the progressive regions, and the regressive regions.
Findings & value added: CZ02: Central Bohemia, CZ04: Northwest, HU33: Dél-Alföld, HU31: Észak-Magyarország, HU32: Észak-Alföld, PL21: Malopolskie, PL41: Wielkopolskie, SK01: Bratislava region, and SK02: Western Slovakia have an eco-effective agricultural sector, the remaining V4 regions have eco-ineffective agricultural sector. The research hypothesis that all the biggest agricultural producers are eco-effective is not confirmed. During the analyzed years, 19 V4 regions improve their agricultural eco-efficiency. The main contributor to eco-efficiency improvement is technological progress, which indicates that producers implement innovations that lead to more eco-efficiency agricultural production
Modeling of the financial system?s stability on the example of Ukraine
No full textResearch background: Financial stability is one of the key tasks in the functioning of the country?s financial system. National financial systems have significant differences in the level of their development, structure and approaches to regulation. There are no uniform world standards for methods and indicators of assessing financial stability. International financial institutions, including the International Monetary Fund, only outline certain areas and offer an indicative list of indicators that should be taken into account.
Purpose of the article: Taking into account the peculiarities of the subject and object structure of Ukraine?s financial system, this study formed groups of indicators that reflect the state of financial depth, level of access and efficiency of the financial system, systematized by subject (financial institutions) and object financial markets) characteristics.
Methods: The basis for the formation of a set of indicators is a matrix of characteristics of the financial system?s stability, which is formed according to the principle of 4x2 proposed by experts of the International Monetary Fund. The list of indicators to calculate the integrated indicator that characterizes the stability of the financial system of Ukraine, covers the period 2007?2019 and includes 29 indicators that take into account the peculiarities of its formation and development. Harrington?s desirability function is used to determine the integrated indicator that characterizes the state of financial stability.
Findings & value added: The intermediate calculations obtained by modeling groups of indicators showed that the level of access to the financial system and the state of its depth are balanced during the study period (the range of variation of integrated indicators for these groups is minimal ? from 0.1 to 0.18), is at a satisfactory level and the basis for ensuring the financial system?s stability. Conversely, the efficiency of the financial system is low, and characterized by a high degree of volatility (range of variation ? 0.51). The obtained integrated indicator, which is in the range from 0.41 to 0.54 on the Harrington desirability scale, makes it possible to assess the state of the financial system?s stability in Ukraine as satisfactory, but with a high level of sensitivity to both external and internal shocks
The credibility of earnings announced by new stock companies: accrual and real earnings management
No full textResearch background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements.
Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies.
Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements.
Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company\u27s operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO
The use of the dynamic time warping (DTW) method to describe the COVID-19 dynamics in Poland
No full textResearch background: In recent times, the whole world has been severely affected by the COVID-19 pandemic. The influence of the epidemic on the society and the economy has caused a great deal of scientific interest. The development of the pandemic in many countries was analyzed using various models. However, the literature on the dissemination of COVID-19 lacks econometric analyzes of the development of this epidemic in Polish voivodeships.
Purpose of the article: The aim of the study is to find similarities in time series for infected with and those who died of COVID-19 in Polish voivodeships using the method of dynamic time warping.
Methods: The dynamic time warping method allows to calculate the distance between two time series of different lengths. This feature of the method is very important in our analysis because the coronavirus epidemic did not start in all voivodeships at the same time. The dynamic time warping also enables an adjustment of the timeline to find similar, but shifted, phases. Using this method, we jointly analyze the number of infected and deceased people in each province. In the next step, based on the measured similarity of the time series, the voivodeships are grouped hierarchically.
Findings & value added: We use the dynamic time warping to identify groups of voivodeships affected by the epidemic to a different extent. The classification performed may be useful as it indicates patterns of the COVID-19 disease evolution in Polish voivodeships. The results obtained at the regional level will allow better prediction of future infections. Decision makers should formulate further recommendations for lockdowns at the local level, and in the long run, adjust the medical infrastructure in the regions accordingly. Policymakers in other countries can benefit from the findings by shaping their own regional policies accordingly
Mirror data asymmetry in international trade by commodity group: the case of intra-Community trade
No full textResearch background: Transactions in international trade of goods are recorded in two sources, on the side of the seller\u27s country and on the side of the buyer\u27s country. The confrontation of such data makes it possible to measure their quality. An inconsistency between the data is called mirror data asymmetry.
Purpose of the article: The aim of the paper is to adapt the methods developed by the Authors to study mirror data asymmetry to commodity group markets examination. The quality of data on trade within specific commodity groups (CN chapters) in intra-Community trade was compared. The data were aggregated by country. The indicators used allow for the indication of commodity groups with high mirror data compatibility and those with data asymmetry between intra-Community supplies (ICS) and acquisitions (ICA). Moreover, the commodity groups for which the value-based and quantity-based approaches give different results have been identified.
Methods: Based on the literature on the subject and their own research, the Authors have developed a group of methods for studying the asymmetry of mirror data. The proposed indicator formulas are based on various data aggregation approaches. The research used data on intra-Community supplies and acquisitions of goods broken down into 97 chapters of the Combined Nomenclature (CN). Differences between the ICS and ICA in particular commodity groups were aggregated for all pairs of EU countries. The data comes from the Comext database, provided by Eurostat.
Findings & value added: The results of the analysis are rankings of the Combined Nomenclature (CN) chapters by the quality of data on ICS and ICA. Lists of CN chapters have been created for discrepancies both in value and weight of goods. Thus, areas of necessary intensification of the work of public statistics services to improve data reliability were identified