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Cross-border cooperation at the external border of the European Union in the context of political, economic and social conditions: the case of the Polish-Russian neighbourhood
No full textResearch background: Integration and globalization processes encourage activities for the development of border regions. For the north-eastern regions of Poland and the Kaliningrad region, cross-border neighbourhood enables regions to cooperate and provides an opportunity for economic and social recovery.
Purpose of the article: The present article aims to analyse areas of cross-border activity taking place on the Polish-Russian borderland, based on the opinions of the inhabitants of the Kaliningrad region. Taking into account the rapidly changing political and economic conditions, as well as social relations, the following areas of Polish-Russian cross-border cooperation have been examined: economic activity, tourism, social activity, scientific cooperation, neighbourly relations.
Methods: The study presents the results of the author?s own research carried out using standardized interviews with 1,022 inhabitants of the Kaliningrad region. As the research instrument, a self-designed interview questionnaire. The adopted time frame encompassed four stages of the functioning of Polish-Russian cross-border cooperation, each of them different due to political, eco-nomic and social conditions. The sample was selected using the quota method. The correspondence analysis was used for statistical tools.
Findings & Value added: The suspension of local border traffic has significantly limited the development of cross-border cooperation. The Polish-Russian relations, encumbered with high risk and uncertainty, have led to a considerable decrease in cooperation between border areas. The level of risk results not only from mutual relations between Poland and Russia, but is also a consequence of political and economic relations between the European Union and the Russian Federation. In the long term perspective, local border traffic may be open and similar conditions for the functioning of cross-border cooperation may occur. Therefore, knowledge about the activity of cross-border residents of Polish-Russian border regions will be useful in counteracting the undesirable effects that may occur
Integration in Central European capital markets in the context of the global COVID-19 pandemic
No full textResearch background: Covid-19 pandemic had a strong impact on the economy and capital market. In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk. However, the growing trend towards capital market integration may make it ineffective. Research on financial integration, during the Covid-19 period, has started to develop, mainly in major global capital markets. It is, therefore, important to extend this research to other capital markets.
The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19).
Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al. (1998) test to detect structural breaks. To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates.
Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term. Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible). The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes. On the contrary, the index of OMX VILNIUS shows only 3 integrations. Results also show that most of the significant structural breaks occurred in March 2020. The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week
Debt as a financial risk factor in SMEs in the Czech Republic
No full textResearch Background: The approach is based on theoretical sources and completed studies on business debt, debt level and repayment awareness and how this issue relates to SMEs in the Czech Republic.
Purpose of the article: The main purpose of this paper is to examine the attitude of SMEs towards the issue of company debt and its position within the economy. This attitude is an inherent part of the company´s risk management.
Methods: Three researched issues (How strongly is company debt perceived as a financial risk factor; Does the company consider debt to be a serious matter in their business; What measures does the company take to reduce risk) supported by hypotheses, which verified the thesis, were statistically tested.
Finding & Value added: Practical implications confirm the thesis that there is a belief that SMEs do not consider debt to be a critical factor of business risk and do not associate it directly with the major risk of business failure. SMEs do not view debt negatively and do not directly link debt to the risk of failure. Consequently, companies consider the risk of indebtedness as relatively insignificant. Their approach to indebtedness is therefore generally passive and they also believe that it will not jeopardize their business, and they will always somehow manage to solve it through insurance, risk avoidance and through creation of financial reserves
Are companies managed by overconfident CEO financially constraint? Investment-cash flow sensitivity approach
No full textResearch background: Overconfidence is one of the biases and fallacies that affect a cognitive process. Indeed, overconfidence has some serious consequences even in corporate finance. The literature is not consistent as for the impact of overconfidence on investment and financing decisions. Additionally, we include the issue of financial constraints to our analysis as investment-cash flow sensitivity (ICFS) is perceived as the measure of financial constraints.
Purpose of the article: The aim of this paper is to test investment-cash flow sensitivity and financial constraints under managerial overconfidence. We think that companies managed by overconfident managers show a higher relation between cash flows and investment and demonstrate bigger financial constraints.
Methods: In this paper, we test investment-cash flow sensitivity and financial constraints under CEO overconfidence among panel data of Polish private firms. We collect the unique sample of 145 non-listed companies by surveying the CEOs on their overconfidence. We collect the financial data of surveyed companies covering the 2010?2016 period. Total number of observations is 1015.
Findings & Value added: First, we find a positive and higher relation between the investment-cash flow sensitivity for companies managed by overconfident managers which is in line with recent research. As for the financial constraints we find lower level of financial constraints among the companies managed by overconfident man-agers. This might be evidence that despite having lower financial constraints the companies managed by overconfident managers intentionally choose internal funds as the main source of financing and refrain from using external funds. To the best of our knowledge, this paper is the first empirical study for Polish companies on the relation between CEO overconfidence and financial decisions
Intention to move and residential satisfaction: evidence from Poland
No full textResearch background: Residential mobility affects the spatial structure of cities and urban development. Longer-distance migration has many additional implications: it affects the demographic situation of a sending area as well as its growth prospects. The literature on interregional and especially international migration regards residential satisfaction as being of at least secondary importance. More attention to this concept is given in research on intra-urban migration and suburbanisation. In a seminal paper of Speare (1974), residential satisfaction was found to be the best predictor of the willingness to move. However, determinants of mobility are country-specific.
Purpose of the article: Answering the following research questions: 1) What is the scale and selectivity of the intention to move among city residents? 2) Does residential satisfaction explain variation in migration intentions?
Methods: The data are derived from the PAPI survey on life quality in Lublin, Poland (sample: 1101 residents). We build ordered logit models explaining residents? declarations regarding different types of migration (intra-urban migration, suburbanisation, interregional and international migration) with various proxies of residential satisfaction, as well as financial situation and demographic attributes.
Findings & Value added: The propensity to migrate was declared by approx. 15?30% of respondents, depending on the type of migration, which indicates relatively low mobility as against EU countries. We confirm that the intention to move is highly selective. The estimated ordered logit models explaining the intention to move prove that satisfaction with housing and neighbourhood characteristics along with life-stage characteristics are relevant predictors of intention to move both within and outside the region. We disregard the opinion that unemployment and adverse financial situation are key drivers of mobility in contemporary Poland. In a more international context, we provide evidence on how long- and short-distance migration are different in nature and discuss some policy implications regarding countering depopulation in peripheral areas
Differences in the usage of online marketing and social media tools: evidence from Czech, Slovakian and Hungarian SMEs
No full textResearch background: Because of the rapid improvements in advanced technological tools and widely usage of the Internet among the world, most of SMEs in various countries have become able to apply their marketing activities through online marketing and social media platforms that are less costly for them. Since SMEs encounter many financing constraints, these marketing options might be very beneficial for them to use for their marketing activities. However, socio-economic and cultural factors differ in each corner of the globe.
Purpose of the article: This paper aims to investigate international differences between usage of online marketing and social media platforms by SMEs.
Methods: The authors of this paper have selected 1156 Czech, Slovakian and Hungarian SMEs from Cribis database by employing random sampling method. An online questionnaire was directed by the researchers to have responses from managers and owners of SMEs. To find differences in selected variables, the researchers perform ANOVA analyses with Post-Hoc tests in SPSS statistical program.
Findings & Value added: Regarding the size of businesses, Hungarian SMEs in both size categories: micro and small-medium sized, apply social media platforms in their operations more than Czech and Slovakian SMEs. When it comes to marketing activities, some similarities are in existence depending on size and age of SMEs. In detail, propensities of Slovakian and Hungarian older SMEs (that have been operating more than 10 years) and microenterprises to apply online marketing channels are higher than Czech older SMEs and Czech microenterprises. Corresponding to social media usage, Czech and Slovakian SMEs and older enterprises do not differ. But Hungarian SMEs and older Hungarian firms are more prone to apply social media channels than Czech and Slovakian SMEs and older Czech and Slovakian enterprises. This paper is a unique study that makes comparison between some Central European countries? SMEs that are in the Visegrad Group regarding their usage of their online marketing and social media tools. Thus, this paper also fulfills some gap in the marketing literature
Advanced methods of earnings management: monotonic trends and change-points under spotlight in the Visegrad countries
No full textResearch background: Enterprises manage earnings in an effort to balance their profit fluctuations to provide increasingly consistent earnings in every reporting period. Earnings management is legal and very effective method of accounting techniques and may be used to obtain specific objectives of the enterprises involving the manipulation of accruals. Therefore, there is a need to analyze it in the context of group of countries, while the issue of their detection in the new ways appears.
Purpose of the article: The analysis of annual earnings before interest and taxes (EBIT) of 5,640 enterprises from the Visegrad Four during the period 2009?2018 confirms that the development of earnings management in these countries is not a randomness. Thus, the aim of this article is to determine the existence of positive trend in earnings management and to detect the change-point in its development for each Visegrad country.
Methods: Grubbs test, Mann-Kendall trend test and Buishand test were used as appropriate statistical methods. Mann-Kendall test identifies significant monotonic trend occurrence in earnings manipulation in every country. Buishand test indicates significant years, which divides the development of EBIT into two homogenous groups with individual central lines.
Findings & Value added: Based on the statistical analysis applied, we rejected randomness in the managing of earning, but we determined the trend of its increasing. The positive earnings manipulation was not homogenous in the analyzed period, however, a change-point was defined. Year 2014 was identified as a break-point for Slovak, Polish and Hungarian enterprises considering the earnings manipulation. Year 2013 was detected as a change-point in Czech enterprises. The methodical approach used may be very helpful for researchers from other countries to determine, detect and understand earnings management as well as for the investors to make decisions based on a specificities of an individual country
System principles in analysis of large-scale projects (on the example of high-speed traffic projects)
No full textIn the article it is described the large-scale projects as a hierarchical production and economic system. The connection of the stages of the projects analysis with the assessment of the level of implementation is presented
Reliability model of the RTC System with trackside equipment equipped with a Peltier cell
No full textThe article presents a mathematical model assessing the reliability of rail traffic control systems with a mounted Peltier cell. The semiconductor element will be used for operating electronic components that are in the trackside equipment. In the prepared model, Markow processes were used to describe the states occurring between individual components of the RTC System. Simulation tests were mainly based on determining the average time of component failure. The presented results were carried out for 1,000, 2,000 and 3,000 rail vehicle crossings over the railway tracks equipped with RTC Systems. At the very end of the article the conclusions resulting from computer simulations were presented
Cross-belt sorter - a model and analysis of selected mechanical loads
No full textThis article presents the results of numerical research on operational mechanical loads, carried out for the main structural elements of a cross-belt sorter: tracks and trolleys with trays. The goal of the research was to collect data required at the stage of designing new solutions of the sorters. A novelty is an analytical model that allows to determine the influence of the motion velocity of trolleys, frictional properties and mass of sorted objects on the forces transmitted from the trolleys to the track, the sorting efficiency and power required by the drive systems