Abstract The paper employs a threshold regression framework conditioned by two COVID-19 related proxies, to investigate whether Bitcoin and Ether exhibit short-term safe haven or diversifier features for stock and bond markets. Both cryptocurrencies fulfil a diversifier role for the responsible investments represented by sustainable stock market indices, a safe haven role for major bond markets and a mixed role for a selection of representative stock market indices. Furthermore, in times characterized by an increasing number of COVID-19 daily cases or deaths the statistical relationship between both cryptocurrencies and the main financial market determinants weakens.
{"title":"Are cryptocurrencies safe havens during the COVID-19 pandemic? A threshold regression perspective with pandemic-related benchmarks","authors":"T. Barbu, I. Boitan, Cosmin-Octavian Cepoi","doi":"10.18559/ebr.2022.2.3","DOIUrl":"https://doi.org/10.18559/ebr.2022.2.3","url":null,"abstract":"Abstract The paper employs a threshold regression framework conditioned by two COVID-19 related proxies, to investigate whether Bitcoin and Ether exhibit short-term safe haven or diversifier features for stock and bond markets. Both cryptocurrencies fulfil a diversifier role for the responsible investments represented by sustainable stock market indices, a safe haven role for major bond markets and a mixed role for a selection of representative stock market indices. Furthermore, in times characterized by an increasing number of COVID-19 daily cases or deaths the statistical relationship between both cryptocurrencies and the main financial market determinants weakens.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"79 1","pages":"29 - 49"},"PeriodicalIF":0.7,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75202427","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 The primary aim of the paper is the empirical verification of the hypothesis on the convergence of real GDP per capita of the regions (NUTS-2) in Poland and the catch-up effect of Eastern towards Western Poland. The empirical study is based on a relatively new analytical approach of Phillips and Sul convergence tests which consider significant differences in technological advancement between regions. The results show that the convergence hypothesis was rejected in the group of all regions of Poland and the group of Western Poland regions. Convergence was confirmed in the group of Eastern Poland regions. The strict catch-up effect of the Eastern towards the Western Poland regions was not observed. Nevertheless, thirteen of seventeen regions of Poland were characterised by convergence but within distinct convergence clubs. The identification of convergence clubs, however, was not determined by a sharp East-West Poland dividing line.
{"title":"Is the division of Western and Eastern Poland still valid? The evolution of regional convergence in Poland","authors":"T. Misiak","doi":"10.18559/ebr.2022.2.8","DOIUrl":"https://doi.org/10.18559/ebr.2022.2.8","url":null,"abstract":"Abstract The primary aim of the paper is the empirical verification of the hypothesis on the convergence of real GDP per capita of the regions (NUTS-2) in Poland and the catch-up effect of Eastern towards Western Poland. The empirical study is based on a relatively new analytical approach of Phillips and Sul convergence tests which consider significant differences in technological advancement between regions. The results show that the convergence hypothesis was rejected in the group of all regions of Poland and the group of Western Poland regions. Convergence was confirmed in the group of Eastern Poland regions. The strict catch-up effect of the Eastern towards the Western Poland regions was not observed. Nevertheless, thirteen of seventeen regions of Poland were characterised by convergence but within distinct convergence clubs. The identification of convergence clubs, however, was not determined by a sharp East-West Poland dividing line.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"23 1","pages":"145 - 169"},"PeriodicalIF":0.7,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88225566","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}
Bartosz Kabaciński, Jacek Mizerka, Agnieszka Stróżyńska-Szajek
Abstract The aim of the article is to examine the influence of institutional investor ownership on real earnings’ management (REM) practices through a meta-regression analysis (MRA) based on a sample of 225 estimations from 19 articles. Some of the available research suggests a mitigating role for institutional investors who can serve as external monitors and thus reduce earnings’ management activities which could have a negative impact on the company’s value. The results obtained from the basic model confirmed neither the hypothesis about the influence of institutional ownership on REM, nor the hypothesis about the existence of a significant publication bias. Using an augmented MRA model conclusions in different areas associated with structural and methodological heterogeneity were drawn. Differences in the impact of institutional ownership on real earnings’ management in different regions of the world, a dependence of the results on different data characteristics and differences in the results depending on whether the article was published in a top journal or not were found.
{"title":"Institutional investors and real earnings management: A meta-analysis","authors":"Bartosz Kabaciński, Jacek Mizerka, Agnieszka Stróżyńska-Szajek","doi":"10.18559/ebr.2022.2.4","DOIUrl":"https://doi.org/10.18559/ebr.2022.2.4","url":null,"abstract":"Abstract The aim of the article is to examine the influence of institutional investor ownership on real earnings’ management (REM) practices through a meta-regression analysis (MRA) based on a sample of 225 estimations from 19 articles. Some of the available research suggests a mitigating role for institutional investors who can serve as external monitors and thus reduce earnings’ management activities which could have a negative impact on the company’s value. The results obtained from the basic model confirmed neither the hypothesis about the influence of institutional ownership on REM, nor the hypothesis about the existence of a significant publication bias. Using an augmented MRA model conclusions in different areas associated with structural and methodological heterogeneity were drawn. Differences in the impact of institutional ownership on real earnings’ management in different regions of the world, a dependence of the results on different data characteristics and differences in the results depending on whether the article was published in a top journal or not were found.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"38 1","pages":"50 - 79"},"PeriodicalIF":0.7,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77433774","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 Banks and financial intermediaries are exposed to market risk. The aim of the paper is to explore the implications of legal requirements on market risk valuation. The focus is on the calculation of the permissible weighting factor of the concept of value-at-risk (VaR). When measuring market risk, banks and financial intermediaries may deviate from equally weighting historical data in their value-at-risk calculation and instead use an exponential time series weighting. The use of exponential weighting in the value-at-risk calculation is very popular because it takes into account changes in market volatility (immediately) and can therefore quickly adapt to VaR. In less volatile market phases this leads to a reduction in VaR and thus to lower own funds’ requirements for banks and financial intermediaries. However, in the exponential weighting a high volatility in the past is quickly forgotten and the VaR can be underestimated. To prevent this banks and financial intermediaries are not completely free to choose a weighting (decay) factor. The exchange rate between Polish zloty and euro is used to estimate the value-at-risk as an example and exceptions to the general legal requirements are also discussed.
{"title":"Market risk, value-at-risk and exponential weighting","authors":"Udo Broll, Andreas Förster","doi":"10.18559/ebr.2022.2.5","DOIUrl":"https://doi.org/10.18559/ebr.2022.2.5","url":null,"abstract":"Abstract Banks and financial intermediaries are exposed to market risk. The aim of the paper is to explore the implications of legal requirements on market risk valuation. The focus is on the calculation of the permissible weighting factor of the concept of value-at-risk (VaR). When measuring market risk, banks and financial intermediaries may deviate from equally weighting historical data in their value-at-risk calculation and instead use an exponential time series weighting. The use of exponential weighting in the value-at-risk calculation is very popular because it takes into account changes in market volatility (immediately) and can therefore quickly adapt to VaR. In less volatile market phases this leads to a reduction in VaR and thus to lower own funds’ requirements for banks and financial intermediaries. However, in the exponential weighting a high volatility in the past is quickly forgotten and the VaR can be underestimated. To prevent this banks and financial intermediaries are not completely free to choose a weighting (decay) factor. The exchange rate between Polish zloty and euro is used to estimate the value-at-risk as an example and exceptions to the general legal requirements are also discussed.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"37 1","pages":"80 - 91"},"PeriodicalIF":0.7,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78589311","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 The aim of this study is to analyse changes in employment and their determinants in twenty sectors of economic activity in Poland during the COVID-19 pandemic. The study focuses on the direct short-run employment effects. The changes in employment in the pandemic period (restricted to 2020q2–2021q2) with the changes in the pre-pandemic period (2015q1–2020q1) are compared. Statistics Poland and Eurostat are the sources of data. The analyses are based on quarterly and annual frequencies and cover the period from 2015q1 to 2021q2. Changes in employment are explained by the changes in gross value added, the differences in elasticities of employment with respect to the gross value added and the impact of the pandemic period. The results suggest that employment was affected by a reallocation shock—a decrease in employment that occurred in some sectors (e.g. arts, entertainment and recreation) was associated with an increase in other sectors (e.g. human health and social work activities).
{"title":"Sectoral changes of employment in Poland during the COVID-19 pandemic: Are reallocation shock effects applicable?","authors":"E. Kwiatkowski, Agata Szymańska","doi":"10.18559/ebr.2022.2.7","DOIUrl":"https://doi.org/10.18559/ebr.2022.2.7","url":null,"abstract":"Abstract The aim of this study is to analyse changes in employment and their determinants in twenty sectors of economic activity in Poland during the COVID-19 pandemic. The study focuses on the direct short-run employment effects. The changes in employment in the pandemic period (restricted to 2020q2–2021q2) with the changes in the pre-pandemic period (2015q1–2020q1) are compared. Statistics Poland and Eurostat are the sources of data. The analyses are based on quarterly and annual frequencies and cover the period from 2015q1 to 2021q2. Changes in employment are explained by the changes in gross value added, the differences in elasticities of employment with respect to the gross value added and the impact of the pandemic period. The results suggest that employment was affected by a reallocation shock—a decrease in employment that occurred in some sectors (e.g. arts, entertainment and recreation) was associated with an increase in other sectors (e.g. human health and social work activities).","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"1 1","pages":"113 - 144"},"PeriodicalIF":0.7,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85559575","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 Foreign direct investment (FDI) is an important driver of countries’ economic development. Factors such as looser environmental regulations may cause dirty FDI to flow mainly to developing countries. This is explained by the Pollution Haven Hypothesis. The paper aims to investigate whether the Pollution Haven Hypothesis is valid in Turkey using the nonlinear autoregressive distributed lag (NARDL) approach for the period 1974–2017. The results show that FDI inflows and carbon emissions have asymmetric effects in both the short and long term for Turkey, supporting the Pollution Haven Hypothesis. Furthermore, there is a link between carbon emissions and trade openness, manufacturing and economic growth. Policymakers should develop the policies necessary to transfer clean technologies to Turkey by providing improvements and technical advances for a more efficient energy use.
{"title":"An analysis of the Pollution Haven Hypothesis in the context of Turkey: A nonlinear approach","authors":"M. Temurlenk, Anıl Lögün","doi":"10.18559/ebr.2022.1.2","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.2","url":null,"abstract":"Abstract Foreign direct investment (FDI) is an important driver of countries’ economic development. Factors such as looser environmental regulations may cause dirty FDI to flow mainly to developing countries. This is explained by the Pollution Haven Hypothesis. The paper aims to investigate whether the Pollution Haven Hypothesis is valid in Turkey using the nonlinear autoregressive distributed lag (NARDL) approach for the period 1974–2017. The results show that FDI inflows and carbon emissions have asymmetric effects in both the short and long term for Turkey, supporting the Pollution Haven Hypothesis. Furthermore, there is a link between carbon emissions and trade openness, manufacturing and economic growth. Policymakers should develop the policies necessary to transfer clean technologies to Turkey by providing improvements and technical advances for a more efficient energy use.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"60 1","pages":"5 - 23"},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78751556","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 This paper aims to analyse the allocation of the COVID-19 response funds from the perspective of the political alignment hypothesis. The authors focus on the allocation of the second and third rounds of the Governmental Fund for Local Investments (part of the COVID-19 Response Fund) in Poland. Using the logit and OLS models and the regression discontinuity design the authors show that mayors aligned with the central government were significantly more likely to receive the funds, as well as in higher per capita values, than mayors aligned with the opposition or unaligned with any party in parliament when the allocation was based on a discretionary decision. The results support the political alignment hypothesis and highlight the danger of partiality in the allocation of the COVID-19 response funds.
{"title":"Political alignment and the allocation of the COVID-19 response funds—evidence from municipalities in Poland","authors":"P. Matuszak, Bartosz Totleben, Dawid Piątek","doi":"10.18559/ebr.2022.1.4","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.4","url":null,"abstract":"Abstract This paper aims to analyse the allocation of the COVID-19 response funds from the perspective of the political alignment hypothesis. The authors focus on the allocation of the second and third rounds of the Governmental Fund for Local Investments (part of the COVID-19 Response Fund) in Poland. Using the logit and OLS models and the regression discontinuity design the authors show that mayors aligned with the central government were significantly more likely to receive the funds, as well as in higher per capita values, than mayors aligned with the opposition or unaligned with any party in parliament when the allocation was based on a discretionary decision. The results support the political alignment hypothesis and highlight the danger of partiality in the allocation of the COVID-19 response funds.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"4 1","pages":"50 - 71"},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80800296","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 Ethically conducted business has a positive impact on consumer trust, satisfaction and loyalty. The aim of this paper is to identify the bank activities that customers perceive as ethical and to what extent they affect consumer perceived ethicality. The binomial logit model applied in this study demonstrates that the honesty of financial advice, use of e-banking services and use of artificial intelligence technology to improve the quality of banking services have a significantly positive impact on consumers’ perception of banks in Poland as ethical institutions. Significant variables that negatively influence consumer perceived ethicality include gender, education, use of financial advisory services, banks’ manipulation of information about financial products and use of personal data against the will of customers.
{"title":"Consumer perceived ethicality of banks in the era of digitalisation: The case of Poland","authors":"D. Piotrowski","doi":"10.18559/ebr.2022.1.","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.","url":null,"abstract":"Abstract Ethically conducted business has a positive impact on consumer trust, satisfaction and loyalty. The aim of this paper is to identify the bank activities that customers perceive as ethical and to what extent they affect consumer perceived ethicality. The binomial logit model applied in this study demonstrates that the honesty of financial advice, use of e-banking services and use of artificial intelligence technology to improve the quality of banking services have a significantly positive impact on consumers’ perception of banks in Poland as ethical institutions. Significant variables that negatively influence consumer perceived ethicality include gender, education, use of financial advisory services, banks’ manipulation of information about financial products and use of personal data against the will of customers.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"67 1","pages":"90 - 114"},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89465047","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 The aim of the paper is to identify differences in enterprises’ capital structure and its determinants in Poland and Portugal. The research applies statistical methods to the financial data of 22,775 Polish enterprises and 36,625 Portuguese enterprises for the years 2010–2017. The research results show that: (i) despite several years of ongoing economic integration in the EU differences in enterprises’ capital structure in old and new countries of the community still exist, (ii) in Portugal representing the old EU enterprises are more likely to use debt than in Poland being an emerging EU economy, (iii) in Polish enterprises, tangibility, profitability, liquidity and non-debt tax shield exert a negative impact on debt; while growth and size have a positive impact; in Portugal tangibility and a non-debt tax shield show the opposite, (iv) in both countries industry growth decreases indebtedness of enterprises while financial risk results in higher debt; in addition, in Portugal the capital intensity of industry increases the share of debt in capital structure.
{"title":"Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal","authors":"L. Czerwonka, J. Jaworski","doi":"10.18559/ebr.2022.1.3","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.3","url":null,"abstract":"Abstract The aim of the paper is to identify differences in enterprises’ capital structure and its determinants in Poland and Portugal. The research applies statistical methods to the financial data of 22,775 Polish enterprises and 36,625 Portuguese enterprises for the years 2010–2017. The research results show that: (i) despite several years of ongoing economic integration in the EU differences in enterprises’ capital structure in old and new countries of the community still exist, (ii) in Portugal representing the old EU enterprises are more likely to use debt than in Poland being an emerging EU economy, (iii) in Polish enterprises, tangibility, profitability, liquidity and non-debt tax shield exert a negative impact on debt; while growth and size have a positive impact; in Portugal tangibility and a non-debt tax shield show the opposite, (iv) in both countries industry growth decreases indebtedness of enterprises while financial risk results in higher debt; in addition, in Portugal the capital intensity of industry increases the share of debt in capital structure.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"6 1","pages":"24 - 49"},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82682341","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 The main aim of this paper is to verify whether companies that received special state aid as part of anti-crisis help to mitigate the negative effects of the coronavirus pandemic decided to pay dividends in 2020. The probability of paying dividend was lower for companies that were granted state aid, the variable was statistically significant and the impact was relevant. Among Polish listed companies those ones that received state aid and paid dividends were of average size and age but had the highest level of cash ratio and the lowest level of debt. If a similar crisis occurs in the future the main task for policymakers will be to provide more directed and unambiguous aid for companies in order to avoid unproductive spending as well as to provide general rules that will restrict dividend payment for beneficiaries of any state-aid.
{"title":"Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies","authors":"Marta Kluzek, Katarzyna Schmidt-Jessa","doi":"10.18559/ebr.2022.1.5","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.5","url":null,"abstract":"Abstract The main aim of this paper is to verify whether companies that received special state aid as part of anti-crisis help to mitigate the negative effects of the coronavirus pandemic decided to pay dividends in 2020. The probability of paying dividend was lower for companies that were granted state aid, the variable was statistically significant and the impact was relevant. Among Polish listed companies those ones that received state aid and paid dividends were of average size and age but had the highest level of cash ratio and the lowest level of debt. If a similar crisis occurs in the future the main task for policymakers will be to provide more directed and unambiguous aid for companies in order to avoid unproductive spending as well as to provide general rules that will restrict dividend payment for beneficiaries of any state-aid.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":"52 1","pages":"72 - 89"},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81495426","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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