Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/10
M. Żemła, Adam R. Szromek
Overtourism might be one of the most characteristic trends and phenomena of tourism in the 2010s. However, after a rapid transformation caused by overtourism, an even faster and more unexpected change appeared in 2020: due to the COVID-19 pandemic, tourism temporarily disappeared from cities and other destinations worldwide. These two opposite and extreme phenomena were so close in time that they can be compared and their perception by different tourism stakeholders can be analyzed. Host communities were often major victims of overtourism, which led to the development of anti-tourism attitudes in many destinations. However, many inhabitants were also severely affected by the recent decline in tourism, as plenty of them depended economically on tourist arrivals and tourism revenues. This research is conducted for two of the most important destinations in Poland: Kraków and Białka Tatrzańska. The study aims to compare how the transformations to and from overtourism are perceived by inhabitants of these two typical and important tourism destinations. The results show that the impact of tourism was not perceived as crucial by the residents of either destination and that this remains true for both overtourism and no-tourism. However, the economic importance of tourism was strongly emphasized. Additionally, the indicated impact of tourism on their lives and their destination was much stronger for the residents of Białka Tatrzańska than those of Kraków.
{"title":"From overtourism to no-tourism – costs and benefits of extreme volume of tourism traffic as perceived by inhabitants of two Polish destinations","authors":"M. Żemła, Adam R. Szromek","doi":"10.14254/2071-8330.2023/16-2/10","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/10","url":null,"abstract":"Overtourism might be one of the most characteristic trends and phenomena of tourism in the 2010s. However, after a rapid transformation caused by overtourism, an even faster and more unexpected change appeared in 2020: due to the COVID-19 pandemic, tourism temporarily disappeared from cities and other destinations worldwide. These two opposite and extreme phenomena were so close in time that they can be compared and their perception by different tourism stakeholders can be analyzed. Host communities were often major victims of overtourism, which led to the development of anti-tourism attitudes in many destinations. However, many inhabitants were also severely affected by the recent decline in tourism, as plenty of them depended economically on tourist arrivals and tourism revenues. This research is conducted for two of the most important destinations in Poland: Kraków and Białka Tatrzańska. The study aims to compare how the transformations to and from overtourism are perceived by inhabitants of these two typical and important tourism destinations. The results show that the impact of tourism was not perceived as crucial by the residents of either destination and that this remains true for both overtourism and no-tourism. However, the economic importance of tourism was strongly emphasized. Additionally, the indicated impact of tourism on their lives and their destination was much stronger for the residents of Białka Tatrzańska than those of Kraków.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"15 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87832129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/3
Anastasiia Samoilikova, J. Korpysa, T. Vasylieva, B. Filep
The purpose of the article is to determine development gaps and critical points in the system of business – education collaboration in R&D investment using MAR-splines. The study attempts to confirm hypotheses about the impact of business – education collaboration in R&D investment on the sustainable development, and, in turn, the influence of chosen factors on the level of cooperation of business and education in R&D investment taking into account development gaps and critical points. These factors include the values of gross domestic expenditure on R&D spent by the business enterprise sector and by the higher education sector, and the level of the informal economy. The study is based on the sample of the 10 countries leading the ranking of Sustainable Development Index for 2011-2018 (time limits are set due to the availability of all studied indicators in the statistical databases of the World Bank, UNDESA, OECD and WIPO). Critical points and knots are determined using MAR-splines and two-way median-spline plots in STATA software. It has been proven that the business – education collaboration in R&D investment contributes to increasing the level of sustainable development if the value of this indicator is in the range of critical points from 62.04 to 68.96 (1% growth increases the estimate of sustainable development by 0.7%). In turn, development gaps and critical points have also been found for factors influencing the level of business-education R&D collaboration.
{"title":"Business – education collaboration in R&D investment: Analysis of development gaps and critical points using MAR-splines","authors":"Anastasiia Samoilikova, J. Korpysa, T. Vasylieva, B. Filep","doi":"10.14254/2071-8330.2023/16-2/3","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/3","url":null,"abstract":"The purpose of the article is to determine development gaps and critical points in the system of business – education collaboration in R&D investment using MAR-splines. The study attempts to confirm hypotheses about the impact of business – education collaboration in R&D investment on the sustainable development, and, in turn, the influence of chosen factors on the level of cooperation of business and education in R&D investment taking into account development gaps and critical points. These factors include the values of gross domestic expenditure on R&D spent by the business enterprise sector and by the higher education sector, and the level of the informal economy. The study is based on the sample of the 10 countries leading the ranking of Sustainable Development Index for 2011-2018 (time limits are set due to the availability of all studied indicators in the statistical databases of the World Bank, UNDESA, OECD and WIPO). Critical points and knots are determined using MAR-splines and two-way median-spline plots in STATA software. It has been proven that the business – education collaboration in R&D investment contributes to increasing the level of sustainable development if the value of this indicator is in the range of critical points from 62.04 to 68.96 (1% growth increases the estimate of sustainable development by 0.7%). In turn, development gaps and critical points have also been found for factors influencing the level of business-education R&D collaboration.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"195 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79644159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/14
W. Tarczyński, Łukasz Roman, Krzysztof Rejman, Raufhon Salahodjaev, S. Azam
This study aims to contribute to existing research on CO2 emissions by focusing on military spending. We use data from 47 countries with the highest levels of per capita military spending over the period from 2000 to 2015. The results from the two-stage GMM estimator suggest a positive relationship between defence spending and CO2 emissions: 1% increase in per capita military spending leads to a 0.05% increase in CO2 emissions per capita. GDP per capita has an inverted U-shaped relationship with CO2 emissions, which confirms the Environmental Kuznets Curve (EKC) hypothesis. Renewable energy is also found to mitigate CO2 emissions. Some policy implications of this study are discussed.
{"title":"Military spending and CO2 emissions: Empirical findings from countries with highest per capita military spending","authors":"W. Tarczyński, Łukasz Roman, Krzysztof Rejman, Raufhon Salahodjaev, S. Azam","doi":"10.14254/2071-8330.2023/16-2/14","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/14","url":null,"abstract":"This study aims to contribute to existing research on CO2 emissions by focusing on military spending. We use data from 47 countries with the highest levels of per capita military spending over the period from 2000 to 2015. The results from the two-stage GMM estimator suggest a positive relationship between defence spending and CO2 emissions: 1% increase in per capita military spending leads to a 0.05% increase in CO2 emissions per capita. GDP per capita has an inverted U-shaped relationship with CO2 emissions, which confirms the Environmental Kuznets Curve (EKC) hypothesis. Renewable energy is also found to mitigate CO2 emissions. Some policy implications of this study are discussed.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"22 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88969833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/13
Ines Kersan-Škabić, Martina Vukašina
COVID-19 pandemic has accelerated the transition of EU economies toward a higher level of digital society development. The European Commission set digitalization as one of its most important priorities for 2019-2024. As both the Cohesion Policy and the Next Generation EU aim to support the realization of EC priorities, in this paper we focus on examining and evaluating the allocations from European Structural and Investment Funds (ESIFs) to the digital society performance. The research results subverted expectations, revealing that ESIFs spending on ICT does not contribute to the digital society development. This highlights the need for more investment into the ICT to reduce the gap in performances of the EU member states.
{"title":"Contribution of ESIFs to the digital society development in the EU","authors":"Ines Kersan-Škabić, Martina Vukašina","doi":"10.14254/2071-8330.2023/16-2/13","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/13","url":null,"abstract":"COVID-19 pandemic has accelerated the transition of EU economies toward a higher level of digital society development. The European Commission set digitalization as one of its most important priorities for 2019-2024. As both the Cohesion Policy and the Next Generation EU aim to support the realization of EC priorities, in this paper we focus on examining and evaluating the allocations from European Structural and Investment Funds (ESIFs) to the digital society performance. The research results subverted expectations, revealing that ESIFs spending on ICT does not contribute to the digital society development. This highlights the need for more investment into the ICT to reduce the gap in performances of the EU member states.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"21 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87088348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/7
Ivana Kravčáková Vozárová, Stela Kolesárová, Martina Kosikova, Jaroslava Hečková, Alexandra Chapčáková, B. Gavurová
Over the last two decades, the banking sector in Europe has undergone significant changes in terms of regulations and market structure, which resulted in a significant increase in M&A transactions. The rise of M&A activity was also a consequence of fundamental changes in the external environment, such as introduction of the euro, technological progress and changing customer demand. The aim of this contribution is to compare the impact of the integration of the countries in the European Monetary Union on the volume (value) and number of realized M&A. The Mann-Whitney U test was used to verify three individual hypotheses. The results of the analysis did not confirm differences in the volume and number of M&As between EMU and non-EMU countries (with the exception of 2 years).
{"title":"The impact of European monetary integration on M&A volume in the context of the banking market consolidation","authors":"Ivana Kravčáková Vozárová, Stela Kolesárová, Martina Kosikova, Jaroslava Hečková, Alexandra Chapčáková, B. Gavurová","doi":"10.14254/2071-8330.2023/16-2/7","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/7","url":null,"abstract":"Over the last two decades, the banking sector in Europe has undergone significant changes in terms of regulations and market structure, which resulted in a significant increase in M&A transactions. The rise of M&A activity was also a consequence of fundamental changes in the external environment, such as introduction of the euro, technological progress and changing customer demand. The aim of this contribution is to compare the impact of the integration of the countries in the European Monetary Union on the volume (value) and number of realized M&A. The Mann-Whitney U test was used to verify three individual hypotheses. The results of the analysis did not confirm differences in the volume and number of M&As between EMU and non-EMU countries (with the exception of 2 years).","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"34 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77048330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/11
L. Czerwonka, J. Jaworski
The main purpose of the paper is to identify the determinants of working capital management in the SME sector at the company, industry and country levels. The research is based on the statistical analysis of the financial data of 8,516 SMEs from Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia in the years 2012-2020. The influence of firm-specific factors on variables describing working capital management has been identified: company size exerts a positive impact, while company growth, tangibility, leverage, and cash flow have a negative effect. In terms of the influence of industry-specific factors, the average values characterising working capital management in a given industry have a positive impact. Finally, regarding country-specific factors, the positive effects of the GDP growth and unemployment level have also been confirmed. The study contributes to the literature by providing strong evidence of (i) firms in an industry using similar working capital management policies and (ii) industry-specific factors being more influential than country-specific (mainly macroeconomic) determinants of working capital management. In this regard, the study highlights new industry- and country-specific factors and also confirms the influence of previously known determinants at the firm level.
{"title":"Determinants of working capital management in small and medium enterprises: Evidence from Central and Eastern Europe","authors":"L. Czerwonka, J. Jaworski","doi":"10.14254/2071-8330.2023/16-2/11","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/11","url":null,"abstract":"The main purpose of the paper is to identify the determinants of working capital management in the SME sector at the company, industry and country levels. The research is based on the statistical analysis of the financial data of 8,516 SMEs from Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia in the years 2012-2020. The influence of firm-specific factors on variables describing working capital management has been identified: company size exerts a positive impact, while company growth, tangibility, leverage, and cash flow have a negative effect. In terms of the influence of industry-specific factors, the average values characterising working capital management in a given industry have a positive impact. Finally, regarding country-specific factors, the positive effects of the GDP growth and unemployment level have also been confirmed. The study contributes to the literature by providing strong evidence of (i) firms in an industry using similar working capital management policies and (ii) industry-specific factors being more influential than country-specific (mainly macroeconomic) determinants of working capital management. In this regard, the study highlights new industry- and country-specific factors and also confirms the influence of previously known determinants at the firm level.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"18 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86700477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/2
Fakarudin Kamarudin, Mohamad Khair Afham Muhamad Senan, Hafezali Iqbal Hussain, J. Michałek, Nazratul Aina Mohamad Anwar
Microfinance Institutions (MFIs) strive to alleviate poverty by offering financial access and services to the poor in society. MFIs play a significant role in a country's social and economic advancement. This study aims to examine the relationship of the economic and political globalisation with the social and financial efficiency of MFIs in the Philippines and Malaysia from 2012 to 2020. There are two types of analysis adopted in this study: the non-parametric Data Envelopment Analysis (DEA) and the multiple panel regression model. In the first stage, the DEA approach is employed to determine the MFIs’ level of efficiency. Next, the determinants of financial efficiency and social efficiency are identified through panel regression. The results of the robustness test show that MFIs have better and more effective financial efficiency compared to social efficiency. Therefore, this result shows that the MFIs concentrate more on profitability and sustainability of the operations and they tend to neglect their primary goal in terms of the social function, i.e., reducing poverty, since the scores for financial efficiency are higher than those for social efficiency. Furthermore, the MFIs, government, policymakers, investors, and future researchers benefit from the outcomes of this study, as they can obtain a comprehensive insight on the efficiency of MFIs and the variables that could contribute to the efficiency in MFIs.
{"title":"Unveiling the impact of economic and political globalisation on the efficiency of microfinance institutions","authors":"Fakarudin Kamarudin, Mohamad Khair Afham Muhamad Senan, Hafezali Iqbal Hussain, J. Michałek, Nazratul Aina Mohamad Anwar","doi":"10.14254/2071-8330.2023/16-2/2","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/2","url":null,"abstract":"Microfinance Institutions (MFIs) strive to alleviate poverty by offering financial access and services to the poor in society. MFIs play a significant role in a country's social and economic advancement. This study aims to examine the relationship of the economic and political globalisation with the social and financial efficiency of MFIs in the Philippines and Malaysia from 2012 to 2020. There are two types of analysis adopted in this study: the non-parametric Data Envelopment Analysis (DEA) and the multiple panel regression model. In the first stage, the DEA approach is employed to determine the MFIs’ level of efficiency. Next, the determinants of financial efficiency and social efficiency are identified through panel regression. The results of the robustness test show that MFIs have better and more effective financial efficiency compared to social efficiency. Therefore, this result shows that the MFIs concentrate more on profitability and sustainability of the operations and they tend to neglect their primary goal in terms of the social function, i.e., reducing poverty, since the scores for financial efficiency are higher than those for social efficiency. Furthermore, the MFIs, government, policymakers, investors, and future researchers benefit from the outcomes of this study, as they can obtain a comprehensive insight on the efficiency of MFIs and the variables that could contribute to the efficiency in MFIs.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"1 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88337577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/4
M. Krivko, S. Kontsevaya, L. Smutka
Abstract. Since 2021, Russia has maintained a list of unfriendly countries. This list and the import ban list introduced in 2014 are some of the main economic sanctions Russia uses to influence trading partners. This paper attempts to quantify the effect of putting a trading partner on the list of unfriendly countries compared to the Russian import ban. The study uses the data on trade flows between Russia and its trading partners from the UN COMTRADE database for select agri-food products. Employing a gravity framework, we argue that countries added to the unfriendly list in 2022 often had already lost a significant part of exports due to the 2014 Russian import ban introduction. Thus, such countries did not experience significant change compared to the effects of the Russian import ban. Based on this conclusion, Russia has a limited capacity to apply such retaliatory measures to Western countries regarding agri-food trade. Our results also demonstrate that the presence of the import ban drives export flows of the studied products, while the GDP of the trading partner also plays an important role, albeit with a lower magnitude. Keywords: international trade, Russian import ban, unfriendliness, gravity model. JEL Classification: C01, C23, F14, Q1, J10, J11
{"title":"The effect of Russian unfriendly-country list and import ban: Gravity framework test","authors":"M. Krivko, S. Kontsevaya, L. Smutka","doi":"10.14254/2071-8330.2023/16-2/4","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/4","url":null,"abstract":"Abstract. Since 2021, Russia has maintained a list of unfriendly countries. This list and the import ban list introduced in 2014 are some of the main economic sanctions Russia uses to influence trading partners. This paper attempts to quantify the effect of putting a trading partner on the list of unfriendly countries compared to the Russian import ban. The study uses the data on trade flows between Russia and its trading partners from the UN COMTRADE database for select agri-food products. Employing a gravity framework, we argue that countries added to the unfriendly list in 2022 often had already lost a significant part of exports due to the 2014 Russian import ban introduction. Thus, such countries did not experience significant change compared to the effects of the Russian import ban. Based on this conclusion, Russia has a limited capacity to apply such retaliatory measures to Western countries regarding agri-food trade. Our results also demonstrate that the presence of the import ban drives export flows of the studied products, while the GDP of the trading partner also plays an important role, albeit with a lower magnitude.\u0000Keywords: international trade, Russian import ban, unfriendliness, gravity model.\u0000JEL Classification: C01, C23, F14, Q1, J10, J11","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"25 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72751427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/5
I. Sytnik, Artem Stopochkin, Janusz Wielki, Said Edaich, B. Sytnik
The purpose of this study is to verify the condition of European Union economy and its ability to effectively implement the concept of sustainable development in the era of the fourth industrial revolution. To achieve the goal settled by this research, we used the technical indicator MACD (Moving Average Convergence / Divergence), based on the assessment of the convergence and divergence of moving averages of macroeconomic indicators. The studies carried out made it possible to identify three scenarios for the state of the EU economy after 2022. All these scenarios pose a high risk of a crisis phenomena in this economic system. According to the optimistic scenario, after 2022, a downward correctional wave is predicted in the EU-27 economy with the emergence of a situation similar to the situation in 2008. The search for a new economic model based on the active implementation of Industry 4.0 technologies can become a way for the EU economy to recover from the crisis and move to a qualitatively new level of socio-economic development.
{"title":"Prerequisites and scenarios for the EU economy transformation inlight of Industry 4.0 development","authors":"I. Sytnik, Artem Stopochkin, Janusz Wielki, Said Edaich, B. Sytnik","doi":"10.14254/2071-8330.2023/16-2/5","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/5","url":null,"abstract":"The purpose of this study is to verify the condition of European Union economy and its ability to effectively implement the concept of sustainable development in the era of the fourth industrial revolution. To achieve the goal settled by this research, we used the technical indicator MACD (Moving Average Convergence / Divergence), based on the assessment of the convergence and divergence of moving averages of macroeconomic indicators. The studies carried out made it possible to identify three scenarios for the state of the EU economy after 2022. All these scenarios pose a high risk of a crisis phenomena in this economic system. According to the optimistic scenario, after 2022, a downward correctional wave is predicted in the EU-27 economy with the emergence of a situation similar to the situation in 2008. The search for a new economic model based on the active implementation of Industry 4.0 technologies can become a way for the EU economy to recover from the crisis and move to a qualitatively new level of socio-economic development.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"1 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78580490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.14254/2071-8330.2023/16-2/15
Zdenka Musová, H. Musa, Frederik Rech, Chendan Yan
During periods of uncertainty, such as the Covid-19 pandemic, the significance of Corporate Governance (CG) practices is highlighted. The study aims to evaluate the adoption of CG practices in companies listed on the Slovak capital market, with a specific focus on the impact of the Covid-19 pandemic. The data were collected manually from the annual reports of these companies, and covered the period from 2016 to 2021. The Corporate Governance Index, which is developed through Saaty's method, is used to evaluate the overall level of CG implementation. Individual components of the CG Index are also examined. Between 2016 and 2021, the majority of the examined CG criteria and the overall CG Index showed improvement as compared to 2011 - 2015. However, currently, nearly 50% of companies do not disclose information on corporate governance, remuneration, and risk management, and many companies have not succeeded in establishing nomination and remuneration committees or making any progress in terms of board gender diversity. The Covid-19 pandemic has had a moderate impact on some criteria. On the one hand, the information on board member remuneration and risk management has moderately deteriorated. On the other hand, the audit committee has shown improvement. Nevertheless, the pandemic has not significantly affected the overall adoption of CG practices in Slovak companies.
{"title":"Adoption of corporate governance principles in the wake of the Covid-19 pandemic: The case of Slovakia","authors":"Zdenka Musová, H. Musa, Frederik Rech, Chendan Yan","doi":"10.14254/2071-8330.2023/16-2/15","DOIUrl":"https://doi.org/10.14254/2071-8330.2023/16-2/15","url":null,"abstract":"During periods of uncertainty, such as the Covid-19 pandemic, the significance of Corporate Governance (CG) practices is highlighted. The study aims to evaluate the adoption of CG practices in companies listed on the Slovak capital market, with a specific focus on the impact of the Covid-19 pandemic. The data were collected manually from the annual reports of these companies, and covered the period from 2016 to 2021. The Corporate Governance Index, which is developed through Saaty's method, is used to evaluate the overall level of CG implementation. Individual components of the CG Index are also examined. Between 2016 and 2021, the majority of the examined CG criteria and the overall CG Index showed improvement as compared to 2011 - 2015. However, currently, nearly 50% of companies do not disclose information on corporate governance, remuneration, and risk management, and many companies have not succeeded in establishing nomination and remuneration committees or making any progress in terms of board gender diversity. The Covid-19 pandemic has had a moderate impact on some criteria. On the one hand, the information on board member remuneration and risk management has moderately deteriorated. On the other hand, the audit committee has shown improvement. Nevertheless, the pandemic has not significantly affected the overall adoption of CG practices in Slovak companies.","PeriodicalId":18593,"journal":{"name":"Millennium - Journal of International Studies","volume":"6 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80412128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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