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How do security and benefits instill trustworthiness of a digital local currency?
No full textResearch background: The existence of new technologies and increase in the extensive usage of the internet by individuals, forces governments, local authorities and practitioners to create alternative payment methods such as digital currencies. However, some of the individuals are concerned about trusting these currencies since they negatively perceive their security. Moreover, some people with low income have the willingness to use these currencies in case of receiving some financial benefits. In this regard, security and benefits have been used as tools to increase the trustworthiness of digital currencies.
Purpose of the article: The goal of this study is to investigate and to examine the influences of security and benefits of a local digital currency on potential users? trust in this currency. This paper also considers the age and work experience of prospective users and investigate these variables? effects on stated relationships.
Methods: This paper is based on a case study that includes 413 respondents who are workers of a large company in Cieszyn Silesia region of the Czech Republic. A questionnaire survey was employed by researchers to determine the perceptions of potential local currency users. Binary logistic regression analyses were performed to examine the relationships between selected variables. Calculations were made using SPSS Statistics software.
Findings & Value added: The results of this paper confirm the positive influences of security and provided benefits on the trust of a digital currency. Regarding characteristics of potential users, perceptions of younger and less experienced users regarding the security and financial benefits are more positive to trust this currency comparing to older and more experienced respondents. Trade freedom of a country, long term orientation and individualistic characteristics of potential users might be reasons for the positive relation-ships between security, benefits and trust in a local digital currency. On the other hand, the income of prospective users, new technology curiosity, and experience of users might be mounting pieces of evidence to explain the differences in the perceptions of potential users regarding security, benefits and trust to a local digital currency. This paper also proposes some policy implementations to users, practitioners, local authorities and governments to make them cope with the security and trust issues of these currencies
System gwarantowania depozytów w Unii Europejskiej
Get PDFMotywacja: W literaturze przedmiotu można odnaleźć wiele informacji na temat unii bankowej. Brakuje jednak wskazania na cechy europejskiego systemu gwarantowania depozytów z uwzględnieniem zmian po 2017 r.
Cel: Celem artykułu jest ukazanie problematyki systemu gwarantowania depozytów w Unii Europejskiej uwzględniając systemy gwarantowania depozytów w państwach członkowskich. Opisano jego założenia, etapy wprowadzenia. Omówiono także nową reformę, która była spowodowana brakiem terminowości realizacji pierwotnych założeń poszczególnych etapów oraz jej zmiany. Zawarto również podstawowe informacje o Bankowym Funduszu Gwarancyjnym (BFG).
Materiały i metody: Wykorzystano krytyczną analizę literatury przedmiotu przy niewielkim wsparciu analizą statystyczną. Materiał empiryczny stanowią dane BFG oraz dane zamieszczone w publikacjach.
Wyniki: Europejski system gwarantowania depozytów wydaje się być koniecznym w celu budowy pełnej unii bankowej i doprowadzenia do zwiększenia integracji państw strefy euro. Utworzenie europejskiego systemu gwarantowania depozytów wzmocni ochronę deponentów, ponieważ odtąd odpowiedzialność zostanie przeniesiona na poziom europejski
Comparison of the efficiency measurement of the conventional and Islamic banks
No full textResearch background: Islamic banks appeared on the world scene as active players over two decades ago. Many of the principles upon which Islamic banking is based have been commonly accepted all over the world. Financial institutions driven by Islamic principles acquire new clientele without excessive marketing, due to preservation of conservative values. Contrary to the conventional investment banks, their value is based on real money, and not on virtual activities from swap and derivative assets. Competition between conventional (or traditional) and Islamic banks is increasing every day, moreover, Islamic financial institutions are more resistant to the crisis. Our study contains analysis and comparison of economic efficiency of the conventional and Islamic banks. Besides the fact that traditional and Islamic banks apply inputs differently, the reason of better efficiency of Islamic banks may be connected with different approach to the risk management and control of the banking operations by the Sharia commission.
Purpose of the article: The main aim of the article is to compare the economic efficiency of the conventional and Islamic banks in Europe.
Methods: To achieve the aim of the paper, firstly the selected financial indicators of traditional and Islamic banks in Europe were compared. The second, the analysis of the economic efficiency of the selected 1460 conventional and Islamic financial institutions using DEA methods was conducted.
Findings & Value added: Research results indicated methodological differences in the economic efficiency measuring in the Islamic banks. At the same time, the higher economic efficiency of Islamic banks was confirmed. The results are motivating for the follow-up investigation into the causes of higher efficiency of Islamic banks compared to traditional banks
Socio-economic potential of cities belonging to the Polish National Cittaslow Network
No full textResearch background: Modern cities often struggle with the problem of selecting an optimal model of development, which is adjusted to their needs and resources. A kind of response to this was the founding of the Cittaslow network, bringing together cities developing according to the slow city model. The Polish National Cittaslow Network was established in April 2007. The founders of the network were four cities from the Warmińsko-Mazurskie Province (Biskupiec, Bisztynek, Lidzbark Warmiński and Reszel). The aim of the Polish National Cittaslow Network is to promote and spread the idea of good life by implementing in the cities appropriate solutions in the field of environmental policy, infrastructure, quality of urban life, hospitality and social cohesion. Currently, 28 cities belong to the Polish National Cittaslow Network. These cities are joined by a common idea and common goals adopted to improve the quality of the residents\u27 life. However, each city has a different history, tradition, natural values, and also has a different socio-economic potential.
Purpose of the article: The aim of the study was to assess the differentiation of the socio-economic potential of cities belonging to the Polish National Cittaslow Network.
Methods: The research covered all member cities of the network. The synthetic index was used to assess the socio-economic potential of cities. The grouping of cities was carried out using the hierarchical Ward method.
Findings & Value added: Differences in the socio-economic potential of the cities which belong to the Polish National Cittaslow Network are moderate. This is confirmed by the values of the synthetic index of this potential in each of the cities as well as coefficient value of its variation. Differences between the member cities were also verified by the results of grouping. As many as 7 groups were distinguished, including 2 composed of single entities. The conclusions arising from this research are as follows. Firstly, the slow city development model should be individually adapted to the capabilities of each city or group of cities similar to each other in terms of the socio-economic potential level. Secondly, the recommendations proposed in this study can make a useful contribution to discussions on the possible implementation of the slow city model in Poland, and its adaptation by individual cities. Furthermore, the research outcome can serve as a set of recommendations for Cittaslow member cities in other countries
Impact of the global green factor on the capitalization of oil companies in Russia
No full textResearch background: This paper studies the impact of a new so-called green factor on the capitalization of petroleum companies, which is becoming highly relevant in view of the signing of the Paris agreements in 2015 and the support for clean energy. Although society, international organizations, and government authorities encourage companies to reduce their environmental impact, one of the main reasons for responsible behavior is still economic efficiency. The oil industry, on the one hand, faces one of the most volatile markets and, on the other hand, has one of the largest environmental impacts of any industry. That requires a detailed study of interconnections between market capitalization and the green factor.
Purpose of the article: A comprehensive study of factors affecting the level of capitalization of oil and gas companies in Russia and identification of the most significant among them with a special focus on the green factor.
Methods: Econometric analysis of panel data for Russian petroleum companies. The database includes indicators for six major Russian oil companies from 2011 to 2018. The following groups of factors are analyzed to explain the change in the companies? capitalization: macroeconomic (GDP and inflation in Russia), microeconomic (companies? revenue, net profit, tax payment, return on assets, return on equity, ratio of borrowed capital to equity), industrial (oil export, refining, production and proven reserves of the companies), and the green factor.
Findings & Value added: The selection of factors showed that the size of capitalization has been influenced most significantly by the following: the volume of the company\u27s proven reserves, net profit, tax burden, and the green factor based on the policy of minimizing environmental damage. This result shows that investors consider companies with high environmental performance to be more valuable than companies with similar financial results but lower environmental ratings
The volatility of bank stock prices and macroeconomic fundamentals in the Pakistani context: an application of GARCH and EGARCH models
No full textResearch Background: The banking sector plays a crucial role in the world?s economic development. This research paper evaluates the volatility spillover, symmetric, and asymmetric effects between the macroeconomic fundamentals, i.e., market risks, interest rates, exchange rates, and bank stock returns, for the listed banks of Pakistan.
Purpose of the article: The main purpose of this study is to examine the volatility of Pakistani banking stock returns due to the influence of market risk, interest rates, and exchange rates. Pakistan is selected for the study because the volatility of its banking stock returns is strongly influential in achieving sustainable economic development.
Methods: By applying the OLS with the Heteroskedasticity and Autocorrelation Consistent (HAC) covariance matrix, the GARCH (1, 2), and the EGARCH (1, 1), analysis is conducted for the period from January 1, 2009 to December 31, 2019 using samples of 13 listed banks.
Findings & Value added: The ARCH parameter is significant in the OLS with the HAC covariance matrix estimation, which is a clear indication of the existence of heteroskedasticity in the squared residuals and the inaccuracy of the OLS with the HAC covariance matrix. The results of the OLS with the HAC covariance matrix suggest using the GARCH model family to accurately measure the volatility of bank stock prices. The results of the mean equation in the GARCH (1, 2) and EGARCH (1, 1) indicate the positive significance of market risk and the low significance of interest and exchange rates, confirming that market returns strongly affect the sensitivity of bank stock returns compared to interest and exchange rates. It should be noted that the ARCH (?) and GARCH (?) parameters of the variance equation fulfill the non-negative conditions of the GARCH model. Furthermore, the leverage parameter (?) is found to be positively significant for all banks, and volatility is found to be influenced by positive shocks compared to negative shocks. Conclusively, it can be stated that market returns determine the dynamics of the conditional returns of bank stocks. Nevertheless, the interest and exchange rate volatilities determine the conditional bank stock returns? volatility
The ability of excise duty to reduce market failures in Poland
Get PDFMotivation: The modern economy shows many imperfections in its functioning that do not exist in the model conditions of perfect competition. These are the so-called market failures which prompted the state?s activity in the markets. The subject of considerations in this paper is the ability of the excise duty to eliminate some of these imperfections.
Aim: The main aim of the study is an attempt to answer the question whether on the beer market in Poland the declared objectives of the regulation are consistent with the achieved results on that market.
Materials and methods: To achieve the assumed goal, the analysis of the literature on the subject, legal acts and statistical data was used, and the problem was illustrated on the basis of a case study based on own research.
Results: The analyzes presented in this article on the regulation of the beer market in Poland may be helpful in supporting the hypothesis of inconsistent regulation of this market. In other words, the applied regulatory tool, which is the excise duty, does not lead to a decrease in the consumption of these goods, but causes other negative side effects
Impact of pressure drop in combustion chamber on gas turbine performance
No full textPaper discusses the problem of pressure drop in the process of working medium flow through combustion chamber of gas turbine. The pressure loss is an internal disadvantage of combustion chamber depends on many parameters, especially the chamber design and working gas flowrate. There is a problem to calculate the parameters of working medium in characteristic points of gas turbine thermodynamic cycle because the total pressure before and after combustion chamber is not known. There is a lack of information from manufacturer about it and in publications as well (mainly no experimental data, only theoretical considerations). It will be important information because the pressure drop has an meaningful influence on gas turbine performance. The paper presents an estimation of decreasing the performance of gas turbine from discussed reason. Author of that manuscript recognized the necessity of showing the importance of that parameter and turning the attention to not fully recognized problem
Characteristics identifying the companies conducting different dividend policy: evidence from Poland
No full textResearch background: Dividend policy has been a subject of many scientific studies. Although most of them focus on its determinants, there is still a research gap concerning the lack of comprehensive research on the differences between companies implementing different types of dividend policy. Furthermore, no at-tempt has been made to indicate which of them could be considered as more attractive for stock market investor that invests in dividend stocks.
Purpose of the article: The aim of this paper is to carry out a comparative analysis of companies with different dividend policy from the point of view of their investment attractiveness.
Methods: The empirical research is conducted among the regular dividend payers listed on the main market of the Warsaw Stock Exchange in years 2001?2017. The data for analysis is collected from Notoria Service and Stock Market Yearbooks. The main calculations are carried out using the technique for order of preference by similarity to ideal solution (TOPSIS), descriptive statistics and one-way analysis of variance ANOVA with Fisher?s LSD test.
Findings & Value added: The value added of this paper is a holistic approach to comparison of companies conducting different dividend policy. The most significant differences are observed in case of extreme and residual dividend policy. The first policy should be of particular interest to investors investing for dividends, while the second one should be attractive to investors that invest for capital growth. The research is valuable due to the lack of academic studies concerning different dividend policy in the context of attractiveness of investing in dividend shares