Květa Olšanová, Eva Křenková, Pavel Hnát, Ondřej Vilikus
{"title":"State-Business Relations from the Perspective of the Companies' Preparedness for the Changes Related to the Implementation of the Industry 4.0 Elements: A Case of the Czech Republic","authors":"Květa Olšanová, Eva Křenková, Pavel Hnát, Ondřej Vilikus","doi":"10.18267/j.cebr.273","DOIUrl":"https://doi.org/10.18267/j.cebr.273","url":null,"abstract":"","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49665358","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}
In the first two decades of the 21st century, the previous democratization progress was partly reversed. It is well seen in the former Soviet Union and Central and Eastern Europe but also in other geographic regions. In search for causes of this warning trend, many authors point out economic factors such as economic stagnation, unemployment, inequality, consequences of the global financial crisis of 2007-2009 and side-effects of globalization. Not negating the role of economic factors, it is important, however, to see noneconomic determinants such as immature political institutions and their dysfunctionality, nationalism and cultural prejudices, and side-effects of the ICT revolution, which destroyed traditional media and public debate. The antidemocratic drift is dangerous not only for political and civil freedom but also has a negative impact on economic governance, making economies less open and competitive and easy victims of oligarchic predation (‘crony’ capitalism).
{"title":"The Antidemocratic Drift in the Early 21st Century: Some Thoughts on its Roots, Dynamics and Prospects","authors":"Marek A. Dąbrowski","doi":"10.18267/J.CEBR.281","DOIUrl":"https://doi.org/10.18267/J.CEBR.281","url":null,"abstract":"In the first two decades of the 21st century, the previous democratization progress was partly reversed. It is well seen in the former Soviet Union and Central and Eastern Europe but also in other geographic regions. In search for causes of this warning trend, many authors point out economic factors such as economic stagnation, unemployment, inequality, consequences of the global financial crisis of 2007-2009 and side-effects of globalization. Not negating the role of economic factors, it is important, however, to see noneconomic determinants such as immature political institutions and their dysfunctionality, nationalism and cultural prejudices, and side-effects of the ICT revolution, which destroyed traditional media and public debate. The antidemocratic drift is dangerous not only for political and civil freedom but also has a negative impact on economic governance, making economies less open and competitive and easy victims of oligarchic predation (‘crony’ capitalism).","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41460390","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}
The essay is about the economic and political development of Hungary in the last 30 years. It can be neatly divided into three periods which coincide with the calendar decades almost perfectly. After the collapse of the communist system, the first period constituted a glorious decade in development: the first two governments implemented almost all indispensable structural reforms required for a successful transition. After the financial stabilization in 1995, a consistent macroeconomic policy was applied, leading to export and investment-driven, hence sustainable economic growth. The next decade brought deterioration: reforms were stalled, and a sharp turn to consumption-led and debt-fuelled growth resulted in twin deficits which, by the time of the Great Recession, almost triggered a sovereign debt default. After a short period of successful financial stabilization, a populist-nationalist government came to power in 2010. A decade of decay set in: reversal of structural reforms, nationalization, monopolization, protectionism, market-distorting taxation and subsidization, state capture by a corrupt oligarchy, together with inconsistent macroeconomic policy. In addition, the self-styled „illiberal regime” of Viktor Orban demolished the rule of law and all institutions representing checks and balances in a democracy. Corruption was elevated to the level of official government policy. With the help of the huge amount of subsidies coming from the EU, the regime maintained financial equilibrium and achieved significant growth during the time of global boom between 2014-2019. However, given the fact that private investments and productivity stay rather low in the non-tradable sector of the domestic economy, real convergence to Western efficiency and living standards remain elusive. Today Hungary constitutes a primary example of an economy pushed into a typical middle-income trap by its oligarchic and authoritarian regime. It also proves that transition reforms are all reversible; institutions are fragile. Restoration of the rule of law and democracy seems to be an indispensable prerequisite for convergence and development.
{"title":"The Tragedy of Transition: Development, Deterioration, Decay. The Case of Hungary, 1990-2020","authors":"Lajos Bokros","doi":"10.18267/J.CEBR.280","DOIUrl":"https://doi.org/10.18267/J.CEBR.280","url":null,"abstract":"The essay is about the economic and political development of Hungary in the last 30 years. It can be neatly divided into three periods which coincide with the calendar decades almost perfectly. After the collapse of the communist system, the first period constituted a glorious decade in development: the first two governments implemented almost all indispensable structural reforms required for a successful transition. After the financial stabilization in 1995, a consistent macroeconomic policy was applied, leading to export and investment-driven, hence sustainable economic growth. The next decade brought deterioration: reforms were stalled, and a sharp turn to consumption-led and debt-fuelled growth resulted in twin deficits which, by the time of the Great Recession, almost triggered a sovereign debt default. After a short period of successful financial stabilization, a populist-nationalist government came to power in 2010. A decade of decay set in: reversal of structural reforms, nationalization, monopolization, protectionism, market-distorting taxation and subsidization, state capture by a corrupt oligarchy, together with inconsistent macroeconomic policy. In addition, the self-styled „illiberal regime” of Viktor Orban demolished the rule of law and all institutions representing checks and balances in a democracy. Corruption was elevated to the level of official government policy. With the help of the huge amount of subsidies coming from the EU, the regime maintained financial equilibrium and achieved significant growth during the time of global boom between 2014-2019. However, given the fact that private investments and productivity stay rather low in the non-tradable sector of the domestic economy, real convergence to Western efficiency and living standards remain elusive. Today Hungary constitutes a primary example of an economy pushed into a typical middle-income trap by its oligarchic and authoritarian regime. It also proves that transition reforms are all reversible; institutions are fragile. Restoration of the rule of law and democracy seems to be an indispensable prerequisite for convergence and development.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41683113","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}
The concentration of real convergence in a short period before the Great Recession (2001-2008) is a characteristic shared by many countries, but it was particularly pronounced in Croatia, Serbia, Bosnia and Herzegovina and Bulgaria. Bulgaria managed to converge after the Great Recession, but convergence in other mentioned countries was meagre; Slovenia even diverged since 2010. Direct effects of post-Yugoslav wars belong to the past, but indirect effects may have had more persistent effects: a lost decade of the ’90s led to weak institutional development and the creation of the local form of state capitalism, which provides weak fundamentals for economic growth. Monetary policy and exchange rate regimes in the region are mostly centred around stable exchange rates and strive for the introduction of the Euro (Bulgaria and Croatia joined the ERM II in 2020). However, the impact of exchange rate regimes on long-run economic growth is neutral. Preference for credibility building monetary regimes is a legacy of the past. Financial predictability served as a shock absorber and a substitute for good institutions in order to attract inflows of international capital, which flooded ex-communist countries after the emerging markets crisis in the late ’90s. However, when the wave of capital inflows stopped in the Great Recession, more fundamental growth factors emerged, explaining the slow convergence of the majority of SEE countries in the second decade of the 21st century.
{"title":"The Sling Effect: Croatia and SEE After the Fall of the Berlin Wall","authors":"Velimir Šonje","doi":"10.18267/J.CEBR.283","DOIUrl":"https://doi.org/10.18267/J.CEBR.283","url":null,"abstract":"The concentration of real convergence in a short period before the Great Recession (2001-2008) is a characteristic shared by many countries, but it was particularly pronounced in Croatia, Serbia, Bosnia and Herzegovina and Bulgaria. Bulgaria managed to converge after the Great Recession, but convergence in other mentioned countries was meagre; Slovenia even diverged since 2010. Direct effects of post-Yugoslav wars belong to the past, but indirect effects may have had more persistent effects: a lost decade of the ’90s led to weak institutional development and the creation of the local form of state capitalism, which provides weak fundamentals for economic growth. Monetary policy and exchange rate regimes in the region are mostly centred around stable exchange rates and strive for the introduction of the Euro (Bulgaria and Croatia joined the ERM II in 2020). However, the impact of exchange rate regimes on long-run economic growth is neutral. Preference for credibility building monetary regimes is a legacy of the past. Financial predictability served as a shock absorber and a substitute for good institutions in order to attract inflows of international capital, which flooded ex-communist countries after the emerging markets crisis in the late ’90s. However, when the wave of capital inflows stopped in the Great Recession, more fundamental growth factors emerged, explaining the slow convergence of the majority of SEE countries in the second decade of the 21st century.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43444892","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}
The paper analyses the experience of post-communist transformation. It focuses on preconditions and causes of differences in the success of this process in different countries. The paper, in contrast to the traditional basic division of transformation strategies into gradualist and radical, brings a new perspective. Defining a third, spontaneous transformation trajectory, characteristic of countries unsuccessful in transformation. The paper also points to examples of the transition between individual transformation trajectories and strategies (especially on the example of Slovakia and Georgia).
{"title":"Three Models of Post-Communist Transformation and Lessons Learned","authors":"Ivan Mikloš","doi":"10.18267/J.CEBR.277","DOIUrl":"https://doi.org/10.18267/J.CEBR.277","url":null,"abstract":"The paper analyses the experience of post-communist transformation. It focuses on preconditions and causes of differences in the success of this process in different countries. The paper, in contrast to the traditional basic division of transformation strategies into gradualist and radical, brings a new perspective. Defining a third, spontaneous transformation trajectory, characteristic of countries unsuccessful in transformation. The paper also points to examples of the transition between individual transformation trajectories and strategies (especially on the example of Slovakia and Georgia).","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47007444","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}
The paper provides an introduction to the special issue. It shows a sense in which Visegrad and Balkan EU countries are correlated in macroeconomic performance and integrated with the global business cycles. Using inflation rate levels as a starting point to characterize when these countries began their transitions, it shows that after 1996 both real GDP growth and real interest rates move together to a significant degree both with each other and with the US. This provides a background from which to view the paths since the collapse of the Soviet Union that these transition economies have taken. In addition, comparison is made to US money and banking policy, to provide an outline of how this may impact progress in the transition region. A subsequent summary of the other articles in the issue shows an inter-relation in their themes about how Central, Eastern, and Southeast Europe have progressed since 1991, and how these paths may be affected by Western economic policy. Implications for Central European audience: The paper shows that transition regions can be impacted by international financial integration, including to possible detriment when capital markets are regulated by policy that pushes real interest rates below their natural levels. Negative real interest rate policy since the 2008-2009 financial crisis and again during the Covid crisis may hasten the rise of autocratic democracy and limit social, political, and economic freedom.
{"title":"Macroeconomic Trends among Visegrád Countries, EU Balkans, and the U.S., 1991-2021","authors":"Max Gillman","doi":"10.18267/j.cebr.282","DOIUrl":"https://doi.org/10.18267/j.cebr.282","url":null,"abstract":"The paper provides an introduction to the special issue. It shows a sense in which Visegrad and Balkan EU countries are correlated in macroeconomic performance and integrated with the global business cycles. Using inflation rate levels as a starting point to characterize when these countries began their transitions, it shows that after 1996 both real GDP growth and real interest rates move together to a significant degree both with each other and with the US. This provides a background from which to view the paths since the collapse of the Soviet Union that these transition economies have taken. In addition, comparison is made to US money and banking policy, to provide an outline of how this may impact progress in the transition region. A subsequent summary of the other articles in the issue shows an inter-relation in their themes about how Central, Eastern, and Southeast Europe have progressed since 1991, and how these paths may be affected by Western economic policy. Implications for Central European audience: The paper shows that transition regions can be impacted by international financial integration, including to possible detriment when capital markets are regulated by policy that pushes real interest rates below their natural levels. Negative real interest rate policy since the 2008-2009 financial crisis and again during the Covid crisis may hasten the rise of autocratic democracy and limit social, political, and economic freedom.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49536811","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}
Graduate Practice is in Slovakia one of the measures of active labour market policy aimed at decreasing the unemployment rate of young graduates. It is one of the most frequently used interventions by young jobseekers under the age of 26; similar measures are used in other European Union (EU) member states. The specific objective of this intervention is to provide young jobseekers to gain the first contact with the labour market, first work experience and work habits that may be attractive to potential employers. The intervention is financed from the European Social Fund (within the Operational Program – Human Resources and the priority axis – Youth Employment Initiative) and the state budget. This fact requires ad 1) to evaluate the eligibility of drawing these resources and ad 2) to evaluate the effectiveness of the use of resources in terms of employability and sustainability of participants of the intervention in the labour market, the second of which is the primary objective of this study. The European Commission has increasingly required the member states of the EU to carry out impact evaluations of funded interventions and to develop evidence-based policies that will implement the results of such evaluations. The aim of this study is, therefore, to evaluate and review the effects of the Graduate Practice on the employability of young jobseekers in conditions of Slovakia. This evaluation is carried out using a counterfactual approach by comparing the results of treated and non-treated individuals by applying the three most used methods: regression adjustment, instrumental variable, and propensity score matching method. The results indicate significant effects of the Graduate Practice on the employability of young jobseekers and their sustainability in employment. The results of the evaluation are valuable mainly for policymakers, i.e. in setting the rules of the intervention and its eligibility to make the measure more effective or potentially in preparing other measures aimed at youth unemployment. Implications for Central European audience: The findings of the evaluation may inspire policymakers in other countries than Slovakia to introduce similar or new programs for the
{"title":"Evaluation of the Effects of the Graduate Practice in Slovakia: Comparison of Results of Counterfactual Methods","authors":"Lucia Švábová, K. Kramarova, M. Durica","doi":"10.18267/J.CEBR.266","DOIUrl":"https://doi.org/10.18267/J.CEBR.266","url":null,"abstract":"Graduate Practice is in Slovakia one of the measures of active labour market policy aimed at decreasing the unemployment rate of young graduates. It is one of the most frequently used interventions by young jobseekers under the age of 26; similar measures are used in other European Union (EU) member states. The specific objective of this intervention is to provide young jobseekers to gain the first contact with the labour market, first work experience and work habits that may be attractive to potential employers. The intervention is financed from the European Social Fund (within the Operational Program – Human Resources and the priority axis – Youth Employment Initiative) and the state budget. This fact requires ad 1) to evaluate the eligibility of drawing these resources and ad 2) to evaluate the effectiveness of the use of resources in terms of employability and sustainability of participants of the intervention in the labour market, the second of which is the primary objective of this study. The European Commission has increasingly required the member states of the EU to carry out impact evaluations of funded interventions and to develop evidence-based policies that will implement the results of such evaluations. The aim of this study is, therefore, to evaluate and review the effects of the Graduate Practice on the employability of young jobseekers in conditions of Slovakia. This evaluation is carried out using a counterfactual approach by comparing the results of treated and non-treated individuals by applying the three most used methods: regression adjustment, instrumental variable, and propensity score matching method. The results indicate significant effects of the Graduate Practice on the employability of young jobseekers and their sustainability in employment. The results of the evaluation are valuable mainly for policymakers, i.e. in setting the rules of the intervention and its eligibility to make the measure more effective or potentially in preparing other measures aimed at youth unemployment. Implications for Central European audience: The findings of the evaluation may inspire policymakers in other countries than Slovakia to introduce similar or new programs for the","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42871832","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}
The present study seeks to evaluate the theoretical approach towards physicians’ dual practice. This is done by investigating the various theoretical grounds that form the basis of physicians’ dual practice. The study presents theoretical findings by comparing them with practical primary data from experienced experts. An in-depth search of the top keywords related to dual practice was done in various databases. The study first identified all articles related to dual practice in various databases. In total, 59,838 articles identified after duplicates were removed were narrowed down to four hundred and thirty-eight (438) studies and considered relevant for review. The filtration process was carried out based on the recentness of the articles. A review of the articles was done to eliminate duplicates, a linguistic check was conducted, and a final sorting was carried out to arrive at fully accessible reviewed articles in the journal databases. Filtration was done to select fully accessible publications under the following keywords: Herzberg’s two-factor theory, contract theory, and supply of labour theory. Forty-one (41) fully accessible and peer-reviewed articles were used for analysis. The study underscores that dual practice can be theoretically modelled as a function of three theories (Herzberg’s two-factor theory, contract theory, and supply of labour theory). It is paramount, therefore, for studies to appreciate the theories in understanding the motivation behind the dual practice. Thus, the present study has proposed a hybrid integrated theory, the Integrated Theory of Labour, Supply and Motivation, in order to offset the weaknesses of the theories and build on their strengths. Implications for Central European audience: This study proposes the Integrated Theory of Labour, Supply and Motivation in order to help researchers and government institutions better address the concept of moonlighting in public institutions. The study concludes that future scholars and researchers in related fields could extrapolate the Integrated Theory of Labour, Supply and Motivation by conducting a factor analysis in order to validate the theory since it offers a platform to cover the drivers behind the dual practice in a comprehensive manner and also builds on the strengths of other theories explaining the dual practice. Theoretically, the study also validates the theories it uses and the extent of their applicability to this and similar studies. This is not through ruling out theories explaining dual practice but reinforcing them. The findings of this study may be useful in shaping policy in the area of managing contracts for physicians in dual practice and supply of labour economics in general.
{"title":"Physicians' Dual Practice: A Theoretical Approach","authors":"Kirathimo Muruga, T. Vasiljeva","doi":"10.18267/J.CEBR.269","DOIUrl":"https://doi.org/10.18267/J.CEBR.269","url":null,"abstract":"The present study seeks to evaluate the theoretical approach towards physicians’ dual practice. This is done by investigating the various theoretical grounds that form the basis of physicians’ dual practice. The study presents theoretical findings by comparing them with practical primary data from experienced experts. An in-depth search of the top keywords related to dual practice was done in various databases. The study first identified all articles related to dual practice in various databases. In total, 59,838 articles identified after duplicates were removed were narrowed down to four hundred and thirty-eight (438) studies and considered relevant for review. The filtration process was carried out based on the recentness of the articles. A review of the articles was done to eliminate duplicates, a linguistic check was conducted, and a final sorting was carried out to arrive at fully accessible reviewed articles in the journal databases. Filtration was done to select fully accessible publications under the following keywords: Herzberg’s two-factor theory, contract theory, and supply of labour theory. Forty-one (41) fully accessible and peer-reviewed articles were used for analysis. The study underscores that dual practice can be theoretically modelled as a function of three theories (Herzberg’s two-factor theory, contract theory, and supply of labour theory). It is paramount, therefore, for studies to appreciate the theories in understanding the motivation behind the dual practice. Thus, the present study has proposed a hybrid integrated theory, the Integrated Theory of Labour, Supply and Motivation, in order to offset the weaknesses of the theories and build on their strengths. Implications for Central European audience: This study proposes the Integrated Theory of Labour, Supply and Motivation in order to help researchers and government institutions better address the concept of moonlighting in public institutions. The study concludes that future scholars and researchers in related fields could extrapolate the Integrated Theory of Labour, Supply and Motivation by conducting a factor analysis in order to validate the theory since it offers a platform to cover the drivers behind the dual practice in a comprehensive manner and also builds on the strengths of other theories explaining the dual practice. Theoretically, the study also validates the theories it uses and the extent of their applicability to this and similar studies. This is not through ruling out theories explaining dual practice but reinforcing them. The findings of this study may be useful in shaping policy in the area of managing contracts for physicians in dual practice and supply of labour economics in general.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41254515","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}
More attention is being paid to companies’ environmental performance these days. It includes the consideration of how a company’s business operations affect the natural environment in which it operates. In order to improve its environmental performance, various investments are essential. However, one important question is how such environmental performance investments affect the company’s financial performance. The theoretical background indicates that both positive and negative effects on financial performance are possible; however, previous results show that environmental performance has a predominantly positive effect on financial performance. Considering the importance of environmental performance, the aim of this research is to determine if there is a positive relationship between environmental performance investments and financial performance. Investments in new longterm assets are used as a proxy for environmental performance investments since newer long-term assets are considered to be more environmentally acceptable than the older ones, while financial performance is measured with the business result (net profit or loss). The data was analysed by using multivariate regression analysis. The sample included 150 Croatian large-sized companies. The results reveal that there is a positive relationship between environmental performance investments and financial performance. Therefore, such investments are of interest to both the environment and the company since they help to preserve the natural environment and, at the same time, improve the company’s financial performance. Implications for Central European audience: The effect of environmental performance investments on financial performance has been tested on a sample comprising companies from Central European country, Croatia. Obtained results can be of interests also for audience from other Central European countries with similar characteristics as Croatia due to common historical features (transitional experience).
{"title":"The Effect of Environmental Performance Investments on Financial Performance: Analysis of Croatian Companies","authors":"A. Galant, Dajana Cvek","doi":"10.18267/J.CEBR.271","DOIUrl":"https://doi.org/10.18267/J.CEBR.271","url":null,"abstract":"More attention is being paid to companies’ environmental performance these days. It includes the consideration of how a company’s business operations affect the natural environment in which it operates. In order to improve its environmental performance, various investments are essential. However, one important question is how such environmental performance investments affect the company’s financial performance. The theoretical background indicates that both positive and negative effects on financial performance are possible; however, previous results show that environmental performance has a predominantly positive effect on financial performance. Considering the importance of environmental performance, the aim of this research is to determine if there is a positive relationship between environmental performance investments and financial performance. Investments in new longterm assets are used as a proxy for environmental performance investments since newer long-term assets are considered to be more environmentally acceptable than the older ones, while financial performance is measured with the business result (net profit or loss). The data was analysed by using multivariate regression analysis. The sample included 150 Croatian large-sized companies. The results reveal that there is a positive relationship between environmental performance investments and financial performance. Therefore, such investments are of interest to both the environment and the company since they help to preserve the natural environment and, at the same time, improve the company’s financial performance. Implications for Central European audience: The effect of environmental performance investments on financial performance has been tested on a sample comprising companies from Central European country, Croatia. Obtained results can be of interests also for audience from other Central European countries with similar characteristics as Croatia due to common historical features (transitional experience).","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44970432","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}
The whole world is trying to keep the coronavirus under control. However, it is certain that the consequences of coronavirus do not affect the world economy but also health care and health-conscious consumer behaviour. The first wave of coronavirus came under control when the second wave appeared. What impact will this wave have on consumers' health consciousness? The article focuses on examining the difference between the level of health consciousness at the time of the decline of the first wave and the release of measures against coronavirus and the second upcoming wave of the mutated version of the virus. The main goal of the state is to examine the level of health consciousness and follow the recommendations of W.H.O. against the spread of coronavirus in Slovakia and Hungary during the decline and re-emergence of coronavirus. The research consisted of two phases - the first phase after the first wave of the pandemic and the second during the onset of the second phase. The one-way ANOVA test and linear regression analysis were used to explore the relationship between health consciousness and W.H.O's recommendations in the fight against coronavirus. The results indicate a close connection in the conditions of Slovakia and Hungary. At the same time, we concluded that health consciousness changes due to the acuteness of the situation. The results can be used in many fields (medicine, sociology, psychology, marketing), both theories and practice. Implications for Central European audience: European countries, as well as the whole world, are fighting the coronavirus. Preliminary results suggest that the second wave will bring more infected. Health consciousness and prevention provide the best opportunity to fight coronavirus in times without an effective vaccine. It is, therefore, the role of the responsible authorities to examine the level of health consciousness and to try to influence it positively. The results suggest that only proper consumer information and adherence to the basic recommendations of W.H.O. can positively affect the level of health consciousness.
{"title":"Is Health Consciousness Important at the Time of Coronavirus? The Case of Slovakia and Hungary","authors":"Marián Čvirik","doi":"10.18267/J.CEBR.276","DOIUrl":"https://doi.org/10.18267/J.CEBR.276","url":null,"abstract":"The whole world is trying to keep the coronavirus under control. However, it is certain that the consequences of coronavirus do not affect the world economy but also health care and health-conscious consumer behaviour. The first wave of coronavirus came under control when the second wave appeared. What impact will this wave have on consumers' health consciousness? The article focuses on examining the difference between the level of health consciousness at the time of the decline of the first wave and the release of measures against coronavirus and the second upcoming wave of the mutated version of the virus. The main goal of the state is to examine the level of health consciousness and follow the recommendations of W.H.O. against the spread of coronavirus in Slovakia and Hungary during the decline and re-emergence of coronavirus. The research consisted of two phases - the first phase after the first wave of the pandemic and the second during the onset of the second phase. The one-way ANOVA test and linear regression analysis were used to explore the relationship between health consciousness and W.H.O's recommendations in the fight against coronavirus. The results indicate a close connection in the conditions of Slovakia and Hungary. At the same time, we concluded that health consciousness changes due to the acuteness of the situation. The results can be used in many fields (medicine, sociology, psychology, marketing), both theories and practice. Implications for Central European audience: European countries, as well as the whole world, are fighting the coronavirus. Preliminary results suggest that the second wave will bring more infected. Health consciousness and prevention provide the best opportunity to fight coronavirus in times without an effective vaccine. It is, therefore, the role of the responsible authorities to examine the level of health consciousness and to try to influence it positively. The results suggest that only proper consumer information and adherence to the basic recommendations of W.H.O. can positively affect the level of health consciousness.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43026381","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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