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The banking sector as the absorber of the COVID-19 crisis? economic consequences: perception of WSE investors
No full textResearch background: The paper focuses on the research of investors? decisions with regard to shares of all 12 banks listed on the Warsaw Stock Exchange during the first half of 2020. It examines the behavior of a subindex reflecting bank shares? prices against the main WIG index WIG and 14 sector subindices. The authors identify groups of banks with different investors? responses. They also classify banks into separate groups on the basis of changes in the fundamental indicators describing their economic and financial performance. The study concentrates mainly on the verification of the stability of this attribution, explaining reasons for its modifications over time.
Purpose of the article: To identify the characteristics of bank clusters determining different capital market responses to their listed shares and to explain the reasons for volatility in investors? behavior within the analyzed period.
Methods: The methodology of the research can be described in three areas. The first is the statistical analysis with the emphasis on the use of a quarter range to capture changes in the volatility of share prices. The second area is the clustering k-means method based on the interpolated ? from quarterly to daily ? measures of the bank?s financial condition. This mathematical approach is a novelty in finance and economics. The last, third, area is forecasting with the use of linear regression analysis, which is the key factor in determining the abnormal rates of return. The indicated areas are combined through a generally understood correlation analysis.
Findings & value added: Large retail banks have been less affected compared to medium-sized ones with relatively rich corporate portfolios. The initial market reaction reflected concern about the resistance to the crisis of poorly capitalized banks with mean liquidity buffers. Upon the announcement of government support, investors? approach to the shares of banks of differentiated economic and financial performance conformed accordingly. These findings are valuable in the long term especially from the perspective of supervision authorities? policy during external shocks. The presented study suggests designing flexible and tailor-made regulatory approach aligned with the defined bank clusters. Its value added also consists in proposing a new method of analysis, combining interpolation and automatic clustering, which has proved to be adequate for the study of a bank?s financial condition based on daily frequency data. Furthermore, assuming the same length of the estimation window, a close relationship is shown between the results of clustering and the forecasts based on different measures of rates of return
Tax evasion in the EU countries following a predictive analysis and a forecast model for Slovakia
No full textResearch background: Tax evasion is an urgent challenge for governments, as reaching sufficient level of tax revenues enable adequate sustainable economic development. The motivation for the research was thus the identification of the situation in the EU countries.
Purpose of the article: The main research objective was to identify the extent of tax evasion in the EU countries, with a subsequent specific focus on the econometric predictive models and a forecast of their future development in the case of Slovakia as the poorest performing country of the V4 in this area.
Methods: The research was primarily based on testing selected statistical indicators in the field of tax evasions expressed on the basis of the VAT gap. The data for the research was obtained from the EUROSTAT database and the international system VIES for the period between 2000 and 2017. In addition to panel graphs, the research hypotheses were tested primarily using a cluster analysis, t-test, time series analysis, and an analysis of the time series trend with 4 basic models: linear trend, quadratic trend, growth curve model, and S-curve model. On the basis of the Mean Absolute Percentage Error (MAPE), the S-Curve model was selected as the determining model of predicting tax evasion.
Findings & value added: Based on the results of the cluster analysis, the EU countries were divided into five reference groups by the VAT gap value, using the VAT gap percentage share on the overall GDP value. The research also provides a unique methodological framework and a unique econometric model for predicting the future VAT gap in Slovakia as the poorest performing country of the V4 in this area, which is applicable to other V4 and EU countries. The research results also enable policy-makers in the EU countries and specifically also in Slovakia and other V4 countries to compare themselves explicitly with the reference countries of the EU in terms of tax evasion and subsequently adopt adequate measures to improve the effectiveness and performance in this field
Online grocery shopping: the customers´ perspective in the Czech Republic
No full textResearch background: Online shopping is becoming popular among most customers thanks to quickness and easy shopping, and also due the COVID pandemic. Companies are aware of the great interest of customers and, as a consequence, e-commerce is expanding. There has been a significant increase in online grocery purchases due to economic growth in the past few years. Online shopping attracts a lot of research interest, individual authors and this is a widely discussed topic. It should be borne in mind that online purchasing of food has its own peculiarities compared to the segment of electronics or fashion from the perspective of everyday needs.
Purpose of the article: The aim of the study is to analyze specific consumer behaviour in online purchasing of groceries. This study takes into account the age and purchasing preferences of online grocery purchasers.
Methods: The study was conducted using quantitative research. Data (n = 171) was obtained by using a questionnaire survey done in the Czech Republic. The questionnaire survey contained 17 questions. For the statistical evaluation, Chi-square test and Pearson\u27s correlation test were used. For the statistical evaluation, Chi-square test and Pearson´s correlation test were used.
Findings & value added: The results of the study indicate that there is a relationship between the age of customers and online purchase in the grocery field. However, customers who use the e-shop for grocery purchase are still reluctant to buy perishable goods (meat, pastries) and prefer goods that are packed directly by the manufacturer. The study sheds light on understanding the customers? purchasing behaviour and their preferences in terms of quality of service, payment terms, delivery conditions, and range of assortment
Cooperation of enterprises in innovative activities on the example of Polish regions
No full textResearch background: Cooperation is an indispensable element of innovation activities of enterprises. Undertakings in innovation, by nature, require not only significant expenditures or creative human capital, but also cooperation with other enterprises, scientific institutions, and the business environment. Cooperating companies have a greater chance to compete in the international arena while building the innovative potential of the regional environment. Stimulating the permanent cooperation of enterprises operating in the region, in its various forms, is a key challenge for central government authorities, local government authorities, and other actors in social and economic life. The existing literature on the cooperation of enterprises focuses on the motives of cooperation and their effects, but to a lesser extent on the spatial similarity of these processes, i.e. in individual regions of the country.
Purpose of the article: The purpose of the article is to diagnose and evaluate regional differences in the level of cooperation between companies conducting innovation activities in Poland. The study used data on innovation activities published by Statistics Poland and data on enterprises participating in cluster cooperation published by the Polish Agency for Enterprise Development.
Methods: The cluster analysis was used, allowing to identify voivodeships that are similar to each other in terms of the analyzed phenomenon. The spatial classification of voivodeships was performed using the Ward method, which is classified as hierarchical and is often used to group objects. The result is a hierarchical tree that groups the regions in increasingly larger clusters.
Findings & value added: The results indicate a low level of cooperation and the existence of significant differences in the cooperation of enterprises as part of innovation activities in Polish regions. The low level of cooperation between companies in individual regions corresponds to the number of marketed innovations. There are similarities between some regions in terms of cooperation on innovation activities. The results of the analysis may provide an indication for national and European Union economic policy entities in the field of creating instruments to support the cooperation of companies on innovation activities
Changing fortunes and attitudes: what determines the political trust in modern Russia?
No full textResearch background: We are guided by concepts linking political trust with the perceived rank of people in the wealth hierarchy, their confidence in other people, and the means they use to learn about events at home and abroad.
Purpose of the article: The aim of the article is to assess and analyse at the micro level the impact of subjective welfare, interpersonal trust and the intensity of usage of television & radio or the Internet to search for news on political trust in four levels of Russian government.
Methods: The study is based on microdata from the Life in Transition Surveys provided by the European Bank for Reconstruction and Development. Ordinal logit regressions are constructed to evaluate the impact of test and control variables on political trust in the Russian president, federal, regional, and local governments in 2010 and 2016.
Findings & value added: We identify a reverse of political trust in the upper levels of the Russian government between 2010 and 2016, when the impact of perceived welfare level changes from positive to negative. This phenomenon is explained by the focus of the policy of the federal centre on sup-porting the poor groups of the population, as well as its distancing from business. In contrast, the positive, albeit inconsistent, effect of subjective wealth on trust in lower-level governments is due to the benefits that businesses can gain from interaction with local authorities. We find the positive impact of controlled television and radio on trust in the upper echelons of power, along with the negative impact of the freer Internet on political trust in regional and local authorities. We also confirm the hypothesis of a positive and significant relationship between interpersonal and political trust, highlighting the role of social capital. Finally, our research shows that in systems of the hierarchical type, such as Russia, specific mechanisms for maintaining political trust are established. They are associated with the redistribution of public expectations and claims to different branches of government. The results obtained are applicable for managing political trust through building a democratic state and civil society
Brand valuation: an innovative approach based on the risk difference
No full textResearch background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation.
Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand.
Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach.
Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research
Adaptation to Industry 4.0 in the Visegrád Group
Get PDFMotivation: The concept of Industry 4.0 is widely recognised, since technological development is an inseparable factor of the modern organisations functioning. Due to this, the interest in the subject of the 4th industrial revolution has grown in recent years. However, far too little attention has been paid to the measurement of readiness and implementation of key attributes in Czechia, Hungary, Poland and Slovakia.
Aim: The major objective of this study was to investigate the adaptation to Industry 4.0 in the Visegrád Group. Consequently, in the theoretical part both a historical context and a description of the main components of Industry 4.0 was introduced, which was the basis for the evaluation of the V4 transition toward Industry 4.0 in the empirical section.
Materials and methods: Both quantitative (basic statistical analysis) and qualitative (critical analysis of the subject literature) methods were used in this investigation. The research data was drawn mainly from institutional reports and Eurostat database.
Results: The investigation indicated that the transition towards Industry 4.0 in V4 countries is less advanced than in other European regions and need particular attention. Despite the relatively good results achieved in the field of robotisation, especially in the foreign-owned automotive industry, in general the Group lags behind the majority of Western and Baltic countries in terms of already adapted technologies, innovations and digital skills
Global Stability of Positive Discrete-time Time-varying Nonlinear Feedback Systems
No full textThe global stability of positive discrete-time time-varying nonlinear systems with time-varying scalar feedbacks is investigated. Sufficient conditions for the asymptotic stability of discrete-time positive time-varying linear systems are given. The new conditions are applied to discrete-time positive time-varying nonlinear systems with time-varying feedbacks. Sufficient conditions are established for the global stability of the discrete-time positive time-varying nonlinear systems with feedbacks
On the need of usage information in dictionary definitions: EFL students of Polish primary schools in focus
Get PDFAssuming that the information presented in dictionary definitions should indicate that language use depends on the pragmatic situation and the social relationship between speaker and hearer, dictionaries often use special conventions. It is particularly important from the point of view of the language learner that these conventions are not too complicated. Of course, the knowledge of the difference between the semantics of a word and its pragmatic meaning, especially when the dictionary user comes from a different culture, seems to be of prime importance. When consulting dictionaries, the learner of a foreign language needs clear instructions on the formal use of the language, as well as on the use that is not formal, in order to avoid the consequences of a wrong choice
Write or tell the story? - linguistic application of the online tools in developing writing and reading skills
Get PDFThe first part of the article is devoted to the presentation of a wide range of advantages of using the storytelling technique in language classes with students of different language levels and age ranges. Then, the author introduces the basic principles used in making the right choice of a story for individual groups of students. Another aspect discussed in the article concerns the effective preparation of the teacher for the presentation of stories and practical advice helpful in the course of telling the selected story to students. The author also presents examples of exercises that are worth using after presenting the stories, which are a further part of the lesson. The article ends with an example of multimedia tools that are helpful for writing, creating your own stories, as well as supporting both reading and listening to stories at different educational levels. She lists, among others, story generators, applications and online platforms presenting the wealth of linguistic resources needed to create interesting stories