Abstract Research background Generally, corporate sustainability studies focus on identifying the relationship between corporate sustainability performance and corporate financial performance among different companies without measuring the company’s efficiency based on sustainability pillar scores. Purpose The essential aim of this paper is to explain the differentiation of business efficiency in terms of corporate sustainability performance by answering the question of how sustainability pillar scores influence the relative efficiency of a company? Research methodology The empirical studies were conducted among the 20 top companies listed on the WSE for the period of 2019–2021 with the use of the Data Envelopment Analysis (DEA) and the Spearman’s rank correlation coefficient. Results The research hypothesis, which states that more efficient companies are characterized by a higher level of sustainability in all its particular dimensions, cannot be positively verified, because a positive and statistically significant correlation dependence between the average efficiency measure and average sustainability pillar scores existed only for the governance dimension. Novelty The estimation of efficiency measure based on corporate sustainability performance has included not only environmental, social and governance dimensions, but also the economic one, which was represented by the long-term returns pillar score.
{"title":"Sales Revenues and Corporate Sustainability Performance: an Efficiency Analysis of the 20 Top Companies Listed on the Warsaw Stock Exchange","authors":"Agnieszka Matuszewska-Pierzynka","doi":"10.2478/foli-2023-0008","DOIUrl":"https://doi.org/10.2478/foli-2023-0008","url":null,"abstract":"Abstract Research background Generally, corporate sustainability studies focus on identifying the relationship between corporate sustainability performance and corporate financial performance among different companies without measuring the company’s efficiency based on sustainability pillar scores. Purpose The essential aim of this paper is to explain the differentiation of business efficiency in terms of corporate sustainability performance by answering the question of how sustainability pillar scores influence the relative efficiency of a company? Research methodology The empirical studies were conducted among the 20 top companies listed on the WSE for the period of 2019–2021 with the use of the Data Envelopment Analysis (DEA) and the Spearman’s rank correlation coefficient. Results The research hypothesis, which states that more efficient companies are characterized by a higher level of sustainability in all its particular dimensions, cannot be positively verified, because a positive and statistically significant correlation dependence between the average efficiency measure and average sustainability pillar scores existed only for the governance dimension. Novelty The estimation of efficiency measure based on corporate sustainability performance has included not only environmental, social and governance dimensions, but also the economic one, which was represented by the long-term returns pillar score.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125257257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background In the past few years, MMT (Modern Money Theory or Modern Monetary Theory) has been increasingly discussed in Japan as well as in the U.S. However, both in the U.S. and Japan, analysis using mathematics is lacking and analysis using IS-LM and AD-AS analysis methods in macroeconomics is almost non-existent. Purpose We present an AD-AS analysis from the perspective of Functional Finance Theory and MMT (Modern Monetary Theory). Research methodology Graphical analyses with some mathematical analyses. Mathematical analyses include graphic analysis using AD and AS curves and calculations to derive equations representing them based on models of consumer and firm behavior. Results Using an overlapping generations model under monopolistic competition we show the following results by calculations and graphical analyses. 1. The budget deficit (including interest payments on government bonds) equals an increase in the savings of consumers from period to period. This result means that the debt-GDP ratio would not diverge to infinity, but would remain at a finite value whether the interest rate of government bonds is larger or smaller than the growth rate. 2. We need a budget deficit (including interest payments) to maintain full employment without inflation under economic growth. However, if the interest rate of government bonds is larger than the growth rate, we need a budget surplus (excluding interest payments) to maintain full employment without inflation. 3. A return to full employment from a recession can be achieved by implementing the appropriate fiscal policies through increased government spending or tax cuts. 4. Excessive government expenditure or an insufficient tax under full employment induces inflation. Novelty This is probably the first AD-AS analysis done from the standpoint of Functional Finance Theory and MMT.
{"title":"AD-AS Analysis from the Perspective of Functional Finance Theory and MMT","authors":"Yasuhito Tanaka","doi":"10.2478/foli-2023-0014","DOIUrl":"https://doi.org/10.2478/foli-2023-0014","url":null,"abstract":"Abstract Research background In the past few years, MMT (Modern Money Theory or Modern Monetary Theory) has been increasingly discussed in Japan as well as in the U.S. However, both in the U.S. and Japan, analysis using mathematics is lacking and analysis using IS-LM and AD-AS analysis methods in macroeconomics is almost non-existent. Purpose We present an AD-AS analysis from the perspective of Functional Finance Theory and MMT (Modern Monetary Theory). Research methodology Graphical analyses with some mathematical analyses. Mathematical analyses include graphic analysis using AD and AS curves and calculations to derive equations representing them based on models of consumer and firm behavior. Results Using an overlapping generations model under monopolistic competition we show the following results by calculations and graphical analyses. 1. The budget deficit (including interest payments on government bonds) equals an increase in the savings of consumers from period to period. This result means that the debt-GDP ratio would not diverge to infinity, but would remain at a finite value whether the interest rate of government bonds is larger or smaller than the growth rate. 2. We need a budget deficit (including interest payments) to maintain full employment without inflation under economic growth. However, if the interest rate of government bonds is larger than the growth rate, we need a budget surplus (excluding interest payments) to maintain full employment without inflation. 3. A return to full employment from a recession can be achieved by implementing the appropriate fiscal policies through increased government spending or tax cuts. 4. Excessive government expenditure or an insufficient tax under full employment induces inflation. Novelty This is probably the first AD-AS analysis done from the standpoint of Functional Finance Theory and MMT.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132323393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background Markov Decision Processes (MDPs) are a powerful framework for modeling many real-world problems with finite-horizons that maximize the reward given a sequence of actions. Although many problems such as investment and financial market problems where the value of a reward decreases exponentially with time, require the introduction of interest rates. Purpose This study investigates non-stationary finite-horizon MDPs with a discount factor to account for fluctuations in rewards over time. Research methodology To consider the fluctuations of rewards with time, the authors define new nonstationary finite-horizon MDPs with a discount factor. First, the existence of an optimal policy for the proposed finite-horizon discounted MDPs is proven. Next, a new Discounted Backward Induction (DBI) algorithm is presented to find it. To enhance the value of their proposal, a financial model is used as an example of a finite-horizon discounted MDP and an adaptive DBI algorithm is used to solve it. Results The proposed method calculates the optimal values of the investment to maximize its expected total return with consideration of the time value of money. Novelty No existing studies have before examined dynamic finite-horizon problems that account for temporal fluctuations in rewards.
{"title":"Solving Finite-Horizon Discounted Non-Stationary MDPS","authors":"El Akraoui Bouchra, C. Daoui","doi":"10.2478/foli-2023-0001","DOIUrl":"https://doi.org/10.2478/foli-2023-0001","url":null,"abstract":"Abstract Research background Markov Decision Processes (MDPs) are a powerful framework for modeling many real-world problems with finite-horizons that maximize the reward given a sequence of actions. Although many problems such as investment and financial market problems where the value of a reward decreases exponentially with time, require the introduction of interest rates. Purpose This study investigates non-stationary finite-horizon MDPs with a discount factor to account for fluctuations in rewards over time. Research methodology To consider the fluctuations of rewards with time, the authors define new nonstationary finite-horizon MDPs with a discount factor. First, the existence of an optimal policy for the proposed finite-horizon discounted MDPs is proven. Next, a new Discounted Backward Induction (DBI) algorithm is presented to find it. To enhance the value of their proposal, a financial model is used as an example of a finite-horizon discounted MDP and an adaptive DBI algorithm is used to solve it. Results The proposed method calculates the optimal values of the investment to maximize its expected total return with consideration of the time value of money. Novelty No existing studies have before examined dynamic finite-horizon problems that account for temporal fluctuations in rewards.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"520 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134458567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background Each type of administrative unit, including cities, towns and villages, plays a different role in the regional economy. In the case of rural areas, their most important function is agricultural production. Purpose This paper offers a contribution to the discussion on the review of the agricultural development strategy for Lubuskie Province. It attempts to present selected characteristics of the agricultural sector in a cross-section of municipalities of Lubuskie Province against the background of the general features of the agricultural sector in the region. Its purpose is to draw the attention of regional authorities and institutions to the heterogeneity of agricultural development within its territory. Research methodology The research was conducted using a principal component analysis as one of the methods of the graphical presentation of multivariate data. Data from the National Agricultural Census 2020 was used in the analysis. Results The results of the research corroborate the hypothesis of the existence of significant differences in the agricultural sector in the area of the examined rural and urban-rural municipalities in the region, and the need for differentiation of the measures used by the regional authorities to support agriculture in its territorial cross-section. Novelty The paper presents the results of a research on the heterogeneity of the development of the agricultural sector in the municipalities of the examined region. Such an analysis has never before been carried out for the province under consideration.
{"title":"Diversification of agricultural activity in the territorial breakdown of Lubuskie Province","authors":"P. Szczuciński","doi":"10.2478/foli-2023-0013","DOIUrl":"https://doi.org/10.2478/foli-2023-0013","url":null,"abstract":"Abstract Research background Each type of administrative unit, including cities, towns and villages, plays a different role in the regional economy. In the case of rural areas, their most important function is agricultural production. Purpose This paper offers a contribution to the discussion on the review of the agricultural development strategy for Lubuskie Province. It attempts to present selected characteristics of the agricultural sector in a cross-section of municipalities of Lubuskie Province against the background of the general features of the agricultural sector in the region. Its purpose is to draw the attention of regional authorities and institutions to the heterogeneity of agricultural development within its territory. Research methodology The research was conducted using a principal component analysis as one of the methods of the graphical presentation of multivariate data. Data from the National Agricultural Census 2020 was used in the analysis. Results The results of the research corroborate the hypothesis of the existence of significant differences in the agricultural sector in the area of the examined rural and urban-rural municipalities in the region, and the need for differentiation of the measures used by the regional authorities to support agriculture in its territorial cross-section. Novelty The paper presents the results of a research on the heterogeneity of the development of the agricultural sector in the municipalities of the examined region. Such an analysis has never before been carried out for the province under consideration.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124269101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background As part of the process of structural transformation that countries go through in their development journey, the relative significance of agriculture as a sector typically shrinks over time. Nonetheless, the agricultural sector maintains its significance in terms of its trade potential and global employment prospects to this day. The extant literature largely neglects the impact of countries’ land resources on agricultural trade by emphasizing agricultural farm size and land productivity nexus. This justifies the exploration of the causal nexus between countries’ agricultural land resources and their agricultural exports. Purpose The study herein aims at investigating the nexus between countries’ total agricultural land resources and agricultural exports for 174 selected countries over the period 1991–2019. Research methodology Dumitrescu and Hurlin’s (2012) test for Granger non-causality for heterogeneous panels is harnessed. Results Estimation results evidence the presence of bi-directional causality (feedback) between countries’ agricultural land resources and agricultural exports not only in the whole panel (1991–2019) but also in subpanels too (1991–2000, 2001–2010, and 2011–2019). Overall, the results stress the strategic importance of agricultural land as a significant determinant of agricultural exports. Novelty Our study takes a unique approach and investigates if there is a cause-and-effect relationship between a country’s agricultural land resources and its agricultural exports by relying on the implications of the factor endowment theory of trade.
{"title":"Land Resources and Agricultural Exports Nexus","authors":"H. Uçak, Saliha Çelik, Hakan Kurt","doi":"10.2478/foli-2023-0015","DOIUrl":"https://doi.org/10.2478/foli-2023-0015","url":null,"abstract":"Abstract Research background As part of the process of structural transformation that countries go through in their development journey, the relative significance of agriculture as a sector typically shrinks over time. Nonetheless, the agricultural sector maintains its significance in terms of its trade potential and global employment prospects to this day. The extant literature largely neglects the impact of countries’ land resources on agricultural trade by emphasizing agricultural farm size and land productivity nexus. This justifies the exploration of the causal nexus between countries’ agricultural land resources and their agricultural exports. Purpose The study herein aims at investigating the nexus between countries’ total agricultural land resources and agricultural exports for 174 selected countries over the period 1991–2019. Research methodology Dumitrescu and Hurlin’s (2012) test for Granger non-causality for heterogeneous panels is harnessed. Results Estimation results evidence the presence of bi-directional causality (feedback) between countries’ agricultural land resources and agricultural exports not only in the whole panel (1991–2019) but also in subpanels too (1991–2000, 2001–2010, and 2011–2019). Overall, the results stress the strategic importance of agricultural land as a significant determinant of agricultural exports. Novelty Our study takes a unique approach and investigates if there is a cause-and-effect relationship between a country’s agricultural land resources and its agricultural exports by relying on the implications of the factor endowment theory of trade.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114080331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: The COVID-19 pandemic has changed consumer preferences and their use of banking services. Consequently, the propensity of bank customers to use electronic banking has increased. Banks, in order to meet customer expectations, develop and improve the most popular channels of distribution of their services, offering increasingly advanced technological solutions that provide the customer with a high level of security. Purpose: The aim of this paper is to analyze and evaluate the functioning of electronic banking in PKO Bank Polski in the era of the SARS-CoV-2 coronavirus pandemic. Research methodology: The current situation regarding the functioning of e-banking in Poland in the era of the pandemic with particular emphasis on the development of electronic banking services at Bank PKO Bank Polski was investigated. Development trend models were used for the study, and then applied to forecast the changes that will occur in the electronic banking market in Bank PKO Bank Polski at the end of 2022 and in 2023. The analysis was carried out using the STATISTICA 13.3 program. Results: Banks, including PKO Bank Polski, will increasingly need to develop their digital infrastructure and continue to innovate to keep up with changing lifestyles. In the future, the use of cash will be marginalized in favour of electronic payments. Novelty: Further IT and telecommunication progress at PKO BP Bank Polski will result in the emergence of more innovative solutions for banking services and, at the same time, the development of the electronic money market.
研究背景:新冠肺炎疫情改变了消费者偏好和银行服务的使用。因此，银行客户使用电子银行的倾向有所增加。银行为了满足客户的期望，开发和改进最受欢迎的服务分销渠道，提供越来越先进的技术解决方案，为客户提供高水平的安全性。目的:分析和评价新冠肺炎大流行时期波兰PKO银行电子银行业务的运行情况。研究方法:调查了大流行病时期波兰电子银行运作的现状，特别强调了PKO波兰银行电子银行服务的发展。发展趋势模型用于研究，然后应用于预测PKO银行波兰银行在2022年底和2023年电子银行市场将发生的变化。使用STATISTICA 13.3程序进行分析。结果:包括PKO Bank Polski在内的银行将越来越需要发展其数字基础设施，并不断创新以跟上不断变化的生活方式。在未来，现金的使用将被电子支付所取代。新颖性:PKO BP Bank Polski在信息技术和电信方面的进一步发展将为银行服务带来更多创新的解决方案，同时也将促进电子货币市场的发展。
{"title":"The Development of Electronic Banking Services in Poland in the Era of the COVID-19 Pandemic using the Example of PKO Bank Polski","authors":"Anna Feruś","doi":"10.2478/foli-2022-0018","DOIUrl":"https://doi.org/10.2478/foli-2022-0018","url":null,"abstract":"Abstract Research background: The COVID-19 pandemic has changed consumer preferences and their use of banking services. Consequently, the propensity of bank customers to use electronic banking has increased. Banks, in order to meet customer expectations, develop and improve the most popular channels of distribution of their services, offering increasingly advanced technological solutions that provide the customer with a high level of security. Purpose: The aim of this paper is to analyze and evaluate the functioning of electronic banking in PKO Bank Polski in the era of the SARS-CoV-2 coronavirus pandemic. Research methodology: The current situation regarding the functioning of e-banking in Poland in the era of the pandemic with particular emphasis on the development of electronic banking services at Bank PKO Bank Polski was investigated. Development trend models were used for the study, and then applied to forecast the changes that will occur in the electronic banking market in Bank PKO Bank Polski at the end of 2022 and in 2023. The analysis was carried out using the STATISTICA 13.3 program. Results: Banks, including PKO Bank Polski, will increasingly need to develop their digital infrastructure and continue to innovate to keep up with changing lifestyles. In the future, the use of cash will be marginalized in favour of electronic payments. Novelty: Further IT and telecommunication progress at PKO BP Bank Polski will result in the emergence of more innovative solutions for banking services and, at the same time, the development of the electronic money market.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128395906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: The fact that all resources are not infinite and the needs of society are steadily increasing, new ways of producing, consuming and waste disposal should be adopted. A circular economy as a modern alternative to a linear economy became one of the priorities of the European Union in order to create a modern, resource-efficient and competitive system. Purpose: The purpose of this article is to present the concept of a circular economy and the justification of its implementation based on a literature review. The article focuses on determining the factors of a circular economy and evaluating its importance in the Baltic States. In other words, the main aim of the article is to highlight the factors of a circular economy and assess its significance. Research methodology: A panel regression analysis was used in order to evaluate which indicator of the selected circular economy factors is the most important. Results: The survey reveals that waste electrical and electronic equipment has the most significant potential for increased circular material use rate in the Baltic States. All electrical and electronic equipment should be designed so that it would be possible to repair and reuse it to extend the product life cycle and reduce the carbon footprint. Reducing greenhouse gas emissions in conjunction with increasing the usage of renewable energy could increase resource productivity and domestic material consumption (DMC) and ensure Baltic States’ independence in the energy sector through offshore wind farms that have the region’s most considerable potential. Novelty: There is a lack of studies conducted in the Baltic States focused on circular economy development using panel data. Most of the previous studies were focused on the European Union as a whole or individual countries. This study presents a deeper analysis of circular economy development in the Baltic States.
{"title":"An Evaluation of Circular Economy Development in the Baltic States","authors":"Ugnius Jakubelskas, Viktorija Skvarciany","doi":"10.2478/foli-2022-0026","DOIUrl":"https://doi.org/10.2478/foli-2022-0026","url":null,"abstract":"Abstract Research background: The fact that all resources are not infinite and the needs of society are steadily increasing, new ways of producing, consuming and waste disposal should be adopted. A circular economy as a modern alternative to a linear economy became one of the priorities of the European Union in order to create a modern, resource-efficient and competitive system. Purpose: The purpose of this article is to present the concept of a circular economy and the justification of its implementation based on a literature review. The article focuses on determining the factors of a circular economy and evaluating its importance in the Baltic States. In other words, the main aim of the article is to highlight the factors of a circular economy and assess its significance. Research methodology: A panel regression analysis was used in order to evaluate which indicator of the selected circular economy factors is the most important. Results: The survey reveals that waste electrical and electronic equipment has the most significant potential for increased circular material use rate in the Baltic States. All electrical and electronic equipment should be designed so that it would be possible to repair and reuse it to extend the product life cycle and reduce the carbon footprint. Reducing greenhouse gas emissions in conjunction with increasing the usage of renewable energy could increase resource productivity and domestic material consumption (DMC) and ensure Baltic States’ independence in the energy sector through offshore wind farms that have the region’s most considerable potential. Novelty: There is a lack of studies conducted in the Baltic States focused on circular economy development using panel data. Most of the previous studies were focused on the European Union as a whole or individual countries. This study presents a deeper analysis of circular economy development in the Baltic States.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"286 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115604138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Active labour market policy measures serve to improve the situation with unemployment and the placeability of jobseekers in the labour market. An important tool for the functioning of these interventions is their continuous monitoring and evaluation. Purpose: In this paper, we focus on the Allowance for self-employment gainful activity aimed at providing the financial contribution to start a business. The paper aims to find out those jobseekers’ characteristics that mostly increase the probability of participation in this intervention. Research methodology: We use data from the database of jobseekers of the Central Office of Labour, Social Affairs and Family in Slovakia, the probability model is constructed by a logistic regression. Results: We found several characteristics that significantly impact the decision to participate in the measure. Jobseekers with previous employment in service activities (NACE S), married, long-term unemployed and with a 2nd university degree have a higher chance of participating in this program of the labour market. On the contrary, high age, low education or permanent residence in the Bratislava region decreases the chance for participation in this intervention. Novelty: Knowing the individuals’ characteristics that significantly contribute to the interest in participating in this program can help policymakers set the instrument’s eligibility conditions and allocate funds to increase interest in using this treatment where necessary.
{"title":"Allowance for Self-Employed Gainful Activity in Slovakia: A Closer look into the Factors Involved","authors":"Barbora Gabrikova, Lucia Švábová","doi":"10.2478/foli-2022-0019","DOIUrl":"https://doi.org/10.2478/foli-2022-0019","url":null,"abstract":"Abstract Research background: Active labour market policy measures serve to improve the situation with unemployment and the placeability of jobseekers in the labour market. An important tool for the functioning of these interventions is their continuous monitoring and evaluation. Purpose: In this paper, we focus on the Allowance for self-employment gainful activity aimed at providing the financial contribution to start a business. The paper aims to find out those jobseekers’ characteristics that mostly increase the probability of participation in this intervention. Research methodology: We use data from the database of jobseekers of the Central Office of Labour, Social Affairs and Family in Slovakia, the probability model is constructed by a logistic regression. Results: We found several characteristics that significantly impact the decision to participate in the measure. Jobseekers with previous employment in service activities (NACE S), married, long-term unemployed and with a 2nd university degree have a higher chance of participating in this program of the labour market. On the contrary, high age, low education or permanent residence in the Bratislava region decreases the chance for participation in this intervention. Novelty: Knowing the individuals’ characteristics that significantly contribute to the interest in participating in this program can help policymakers set the instrument’s eligibility conditions and allocate funds to increase interest in using this treatment where necessary.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114511192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Edita Leonavičienė, A. Burinskienė, Kestutis K. Peleckis
Abstract Research background: In recent decades, scientists have focused on sustainable development goals. Cultural issues are evident in sustainable development, but the scientific inclusion of cultural aspects remains a challenge. Purpose: The study aims to link cultural aspects and sustainability goals. Also, the purpose of this study, is to use the composite cultural index to include the latest research findings on this matter and extend them to cover the six cultural dimensions identified in the Hofstede cultural model. Yeganeh (2011) proposed a methodology for compiling a composite cultural index, but the author included only a few cultural dimensions. The authors of this article present an analysis of fifteen Sustainable Development Goals in the 27 countries of the European Union to rank countries according to the contribution of national culture to the Sustainable Development Goals. Research methodology: The methodology used an international expert survey on the dimensions of culture and the constructed correlation matrix. Results: The results show a correlation between the four goals of sustainable development, although the direction is different: one has a positive relationship, and three have a negative one. Novelty: The article’s value is that the authors created a composite cultural index for research on sustainable development and expanded the results presented by other authors.
{"title":"The Role of National Culture as an Indicator of Evidence of Sustainable Development","authors":"Edita Leonavičienė, A. Burinskienė, Kestutis K. Peleckis","doi":"10.2478/foli-2022-0023","DOIUrl":"https://doi.org/10.2478/foli-2022-0023","url":null,"abstract":"Abstract Research background: In recent decades, scientists have focused on sustainable development goals. Cultural issues are evident in sustainable development, but the scientific inclusion of cultural aspects remains a challenge. Purpose: The study aims to link cultural aspects and sustainability goals. Also, the purpose of this study, is to use the composite cultural index to include the latest research findings on this matter and extend them to cover the six cultural dimensions identified in the Hofstede cultural model. Yeganeh (2011) proposed a methodology for compiling a composite cultural index, but the author included only a few cultural dimensions. The authors of this article present an analysis of fifteen Sustainable Development Goals in the 27 countries of the European Union to rank countries according to the contribution of national culture to the Sustainable Development Goals. Research methodology: The methodology used an international expert survey on the dimensions of culture and the constructed correlation matrix. Results: The results show a correlation between the four goals of sustainable development, although the direction is different: one has a positive relationship, and three have a negative one. Novelty: The article’s value is that the authors created a composite cultural index for research on sustainable development and expanded the results presented by other authors.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117070274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: The aim of the article is to compare Polish and US dividend companies with potential growth with dividend companies with potential value, including in the period of economic turbulence caused by the pandemic, and to identify macroeconomic determinants that affect changes in the level of share prices of dividend companies with potential value listed on the stock exchange in Poland and the US. An analysis of the literature and international studies conducted allows us to identify inflation, gross domestic product (GDP), interest rate levels, exchange rate changes, and market P/E and P/BV ratios, as well as the PMI index, as the most important macroeconomic factors. Purpose: The aim of the article was to present research on the impact of macroeconomic indicators on the prices of Polish and US shares of dividend companies, divided into shares with potential value and potential growth for the period 2016–2020. The research was enriched by analyzing the return rate on shares and the risk of the share prices of companies with potential value during the turbulence of the economy caused by the COVID-19 pandemic. Research methodology: The study was conducted using the Spearman rank correlation coefficient and significance test for the Spearman rank correlation coefficient. A non-parametric t-test was carried out to check whether the estimated correlation is statistically significant. Results: The research indicates that Polish and US dividend companies with potential value have lower average annual return rates than dividend companies with potential growth. Referring to the determinants of the share prices of US dividend companies with potential value, it was found that they are significantly determined by inflation and moderately determined by industrial production and GDP, as well as the P/BV ratio. Novelty: The added and application value are the recommendations regarding the attractiveness of investing in Polish dividend companies with potential value as compared to companies from the US market.
{"title":"The Impact of Macroeconomic Indicators on the Share Prices of Dividend Companies – A Comparative Analysis of Polish and US Issuers for the Period 2016–2020","authors":"B. Jabłoński, D. Kika","doi":"10.2478/foli-2022-0020","DOIUrl":"https://doi.org/10.2478/foli-2022-0020","url":null,"abstract":"Abstract Research background: The aim of the article is to compare Polish and US dividend companies with potential growth with dividend companies with potential value, including in the period of economic turbulence caused by the pandemic, and to identify macroeconomic determinants that affect changes in the level of share prices of dividend companies with potential value listed on the stock exchange in Poland and the US. An analysis of the literature and international studies conducted allows us to identify inflation, gross domestic product (GDP), interest rate levels, exchange rate changes, and market P/E and P/BV ratios, as well as the PMI index, as the most important macroeconomic factors. Purpose: The aim of the article was to present research on the impact of macroeconomic indicators on the prices of Polish and US shares of dividend companies, divided into shares with potential value and potential growth for the period 2016–2020. The research was enriched by analyzing the return rate on shares and the risk of the share prices of companies with potential value during the turbulence of the economy caused by the COVID-19 pandemic. Research methodology: The study was conducted using the Spearman rank correlation coefficient and significance test for the Spearman rank correlation coefficient. A non-parametric t-test was carried out to check whether the estimated correlation is statistically significant. Results: The research indicates that Polish and US dividend companies with potential value have lower average annual return rates than dividend companies with potential growth. Referring to the determinants of the share prices of US dividend companies with potential value, it was found that they are significantly determined by inflation and moderately determined by industrial production and GDP, as well as the P/BV ratio. Novelty: The added and application value are the recommendations regarding the attractiveness of investing in Polish dividend companies with potential value as compared to companies from the US market.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"158 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125925167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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