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Behavioral biases in corporate risk management and investment decisions during the COVID-19 pandemic in Poland 2019冠状病毒病大流行期间波兰企业风险管理和投资决策中的行为偏差
IF 0.8 Q4 ECONOMICS Pub Date : 2023-02-17 DOI: 10.2478/ijme-2022-0033
M. Rzeszutek, A. Szyszka, Szymon Okoń
Abstract The COVID-19 pandemic has caused great turbulence in global financial markets. The first goal of this conceptual paper is to explore whether managers of companies listed on the Warsaw Stock Exchange are susceptible to selected behavioral biases related to irrational risk preferences. We also seek to investigate whether susceptibility to these errors may affect selected management practices in the areas of corporate risk management and investment policy. The second major goal of our project is to identify whether there is a link at the micro level, that is, between the aforementioned irrational management practices resulting from susceptibility to behavioral biases and the macro level (i.e., certain macroeconomic indicators, such as aggregate investment, employment, and growth). We hope that our research project will contribute to shifting the paradigm of economics in such a way that the behavioral approach will be increasingly used and acknowledged by researchers.
新冠肺炎疫情给全球金融市场带来巨大动荡。这篇概念性论文的第一个目标是探讨华沙证券交易所上市公司的管理者是否容易受到与非理性风险偏好相关的选择行为偏差的影响。我们还试图调查对这些错误的敏感性是否会影响公司风险管理和投资政策领域的选定管理实践。我们项目的第二个主要目标是确定在微观层面上是否存在联系,即前面提到的由于易受行为偏差影响而导致的非理性管理实践与宏观层面(即某些宏观经济指标,如总投资、就业和增长)之间是否存在联系。我们希望我们的研究项目将有助于改变经济学的范式,这样行为方法将越来越多地被研究人员使用和认可。
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引用次数: 0
Merchandise trade of the unrecognized entities in West Asia. The gravity model of trade, including Abkhazia and South Ossetia 西亚地区未被承认实体的商品贸易。贸易的重力模式,包括阿布哈兹和南奥塞梯
IF 0.8 Q4 ECONOMICS Pub Date : 2023-02-11 DOI: 10.2478/ijme-2022-0029
Magdalena Suska
Abstract The study aims at presenting the specificity of the economy and merchandise trade of unrecognized entities in the Caucasus region, with a particular focus on Abkhazia and South Ossetia. The study also analyses the potential changes in merchandise trade structure and volume. The empirical analysis covers the period between 2015 and 2020. The conducted study has revealed that over the last years, Abkhazia and South Ossetia have improved their economic condition, increasing industrial production, developing services, and maintaining trade exchange with other states. However, as the outcomes of the gravity model of trade indicate, both unrecognized entities do not fully utilize its trade potential, especially with Georgia, Russia, and Turkey. Hence legitimizing trade between Abkhazia and South Ossetia may bring economic benefits not only for both entities but also for other countries, especially their immediate neighbors.
摘要:本研究旨在介绍高加索地区未被承认实体的经济和商品贸易的特殊性,特别关注阿布哈兹和南奥塞梯。该研究还分析了商品贸易结构和数量的潜在变化。实证分析的时间段为2015年至2020年。研究表明,近年来,阿布哈兹和南奥塞梯的经济状况有所改善,工业生产增加,服务业发展,与其他国家保持贸易往来。然而,正如贸易引力模型的结果所表明的那样,这两个未被承认的实体都没有充分利用其贸易潜力,特别是与格鲁吉亚、俄罗斯和土耳其的贸易潜力。因此,阿布哈兹和南奥塞梯之间的贸易合法化可能不仅会给两个实体带来经济利益,也会给其他国家,尤其是它们的近邻带来经济利益。
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引用次数: 0
Ways to neutralize the country-of-origin effect in the emerging market firms international branding 如何在新兴市场公司的国际品牌中抵消原产国效应
IF 0.8 Q4 ECONOMICS Pub Date : 2023-01-18 DOI: 10.2478/ijme-2022-0027
M. Witek-Hajduk, Anna Grudecka
Abstract Paper’s objectives The purpose of this paper is to examine the ways in which to neutralize the country-of-origin (COO) effect (COE) in the emerging market of firms’ international branding. Design/methods applied/approach used A multiple-case study of five companies from European and Asian emerging markets – owners of household appliances brands, with data sourced from in-depth interviews and secondary sources. Findings Companies from emerging markets neutralize the genuine COO in their international branding in various ways, for example, by applying brand or sub-brand names that do not refer to the genuine country-of-brand-origin, using slogans in foreign languages or establishing brand alliances with partners from developed countries. Originality/value This study offers original insights fostering a better understanding of international branding strategies applied by emerging market companies by identifying the ways they neutralize the COE both at the brand concept level and brand marketing communication tools.
本文的目的是研究如何在新兴市场的公司国际品牌中消除原产国(COO)效应(COE)。本研究以欧洲和亚洲新兴市场的五家家电品牌拥有者为研究对象,采用多案例研究,数据来源于深度访谈和二手资料。新兴市场的公司通过各种方式在其国际品牌中抵消真正的首席运营官,例如,使用与真正的品牌原产国无关的品牌或子品牌名称,使用外语口号或与来自发达国家的合作伙伴建立品牌联盟。独创性/价值本研究通过确定新兴市场公司在品牌概念层面和品牌营销传播工具上抵消COE的方式,提供了独到的见解,有助于更好地理解新兴市场公司所应用的国际品牌战略。
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引用次数: 2
Concentration on the market of audit services provided to publicly listed companies: Evidence from Poland 对上市公司审计服务市场的关注:来自波兰的证据
IF 0.8 Q4 ECONOMICS Pub Date : 2023-01-18 DOI: 10.2478/ijme-2022-0025
J. Gad
Abstract Paper’s objectives The main purpose of the article was to identify the level of concentration on the market of audit services provided to public companies listed on the Warsaw Stock Exchange. The additional aim of the article was to identify the level of rotation among companies providing audit services to public companies listed on the Warsaw Stock Exchange. Methods applied The research conclusions were formulated based on the analysis of 3,960 annual reports prepared in the years between 2011 and 2019 by companies listed on the Warsaw Stock Exchange. Findings The study found that over the years from 2011 to 2016 the concentration (measured by BIG4, CR4, CR8, and 10KAP indicators) on the market of auditing services provided to public companies increased. However, as of 2017, this concentration began to decline. This demonstrates the effectiveness of the new regulations on the audit market. In the analyzed period, eight audit firms, referred to in the article as “leading”, provided their services to an average of >62% of public companies. Their share in the market of auditing services varied from sector to sector. At the turn of 2016 and of 2017, a significant increase in the level of rotation on the market of audit services provided to public companies was observed. This level varied from sector to sector. Originality/value The literature on the subject has not yet presented a comprehensive analysis of the impact of EU directives on the structure of the Polish market of audit services provided to public companies. This issue is a research gap, which has been filled in this article.
摘要论文的目标本文的主要目的是确定在华沙证券交易所上市的上市公司提供的审计服务市场的集中程度。这篇文章的另一个目的是确定为华沙证券交易所上市公司提供审计服务的公司之间的轮换程度。研究结论是基于对华沙证券交易所上市公司2011年至2019年3960份年报的分析得出的。研究发现,从2011年到2016年,上市公司审计服务市场的集中度(以BIG4、CR4、CR8和10KAP指标衡量)有所增加。然而,截至2017年,这一集中度开始下降。这证明了新规定对审计市场的有效性。在分析期间,八家审计公司(文中称为“领先”)平均为超过62%的上市公司提供服务。它们在审计服务市场上的份额因部门而异。2016年末和2017年末,上市公司审计服务市场的轮岗水平显著提高。这一水平因部门而异。关于这一主题的文献尚未对欧盟指令对波兰上市公司审计服务市场结构的影响进行全面分析。这个问题是一个研究空白,这篇文章已经填补了。
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引用次数: 0
Does an increase in education quality cause developing countries to catch up? 教育质量的提高会导致发展中国家迎头赶上吗?
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0028
Łukasz Goczek, B. Witkowski, E. Witkowska
Abstract We investigate whether increasing the education quality causes increases in economic growth allowing poorer countries to catch up. To this end, we extend Nelson-Phelps's classic paper by introducing differences in education quality (proxied by students' performance on the Program for International Student Assessment [PISA] test) in a leader-follower type of growth model with knowledge diffusion. We use students' performance in a standardized international PISA test to measure education quality's impact on economic growth using a panel Vector Error Correction allowing for cross-correlation in the co-integration analysis in a set of all countries observed over the years 1975–2018. Additionally, we consider the possible reverse causality that characterizes economic development and the quality of education. Our results confirm the relevance of education quality as a significant causal factor of economic growth. However, further analyses indicate that the discussed relation is long-run, which may have important implications for policymakers.
摘要我们研究了教育质量的提高是否会导致经济增长的增加,从而使较贫穷的国家迎头赶上。为此,我们扩展了Nelson-Phelps的经典论文,在具有知识扩散的领导者-追随者型增长模型中引入了教育质量的差异(以学生在国际学生评估项目[PISA]测试中的表现为代表)。我们使用学生在标准化国际PISA测试中的表现来衡量教育质量对经济增长的影响,使用面板向量误差校正,允许在1975-2018年观察到的所有国家的协整分析中相互关联。此外,我们还考虑了经济发展和教育质量之间可能存在的反向因果关系。我们的研究结果证实了教育质量作为经济增长的重要因果因素的相关性。然而,进一步的分析表明,所讨论的关系是长期的,这可能对政策制定者有重要的启示。
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引用次数: 0
Using the potential of the creative economy to restore Ukraine 利用创意经济的潜力重建乌克兰
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0022
I. Moiseienko
Abstract The concept of the creative economy in the modern global world is filled with new meanings and acquires many qualitatively new features and properties. The article describes the development of creative economy models. A comparative analysis of the characteristics of the creative economy in EU countries and Ukraine was carried out. Through statistical analysis of creative activities in the economy of Ukraine, we determined the list of growth parameters. Using analysis of the studies on the creative economy in Ukraine, we determined the peculiarities and problems of its formation to formulate the principles and priorities of the state policy for the development of the creative economy in Ukraine. The modern model of the creative economy of Ukraine is proposed to be supplemented by the development of creative human potential.
在全球化的现代世界中,创意经济的概念被赋予了新的含义,并具有许多质的新特征和性质。文章描述了创意经济模式的发展。对欧盟国家和乌克兰的创意经济特征进行了比较分析。通过对乌克兰经济中创造性活动的统计分析,我们确定了增长参数列表。通过对乌克兰创意经济研究的分析,确定了乌克兰创意经济形成的特点和存在的问题,从而制定了乌克兰发展创意经济的国家政策原则和重点。乌克兰创意经济的现代模式被提议以创造性人类潜能的发展作为补充。
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引用次数: 2
Competitive potential vs. the competitive position of the high-tech sector in European Union countries 竞争潜力与欧盟国家高科技部门的竞争地位
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0031
M. Juchniewicz, M. Łada
Abstract Despite a considerable body of research and gathering information on advanced technologies, there is still a study gap concerning its importance from the perspective of international competitiveness. Therefore, a question arises: what affects the competitive potential and how does it contribute to the competitive position of the high-tech sector in European Union (EU) countries? For this reason, a study was taken up to evaluate the competitive potential and competitive position of the high-tech sector in EU countries. Defining the competitiveness, competitive potential, and competitive position in the industry was the starting point for the analysis. Further, selected indices were used to evaluate the competitive potential and to establish a competitive position. The synthetic competitiveness index was also calculated. The study identified the decisive factors having an impact on the competitive potential and competitive position of the sector and the relationship between them.
尽管对先进技术进行了大量的研究和收集,但从国际竞争力的角度来看,先进技术的重要性仍然存在研究差距。因此,出现了一个问题:什么影响竞争潜力,它如何有助于欧盟(EU)国家高科技部门的竞争地位?为此,进行了一项研究,以评价欧盟各国高技术部门的竞争潜力和竞争地位。定义行业中的竞争力、竞争潜力和竞争地位是分析的起点。此外,选定的指标被用来评估竞争潜力和建立竞争地位。并计算了综合竞争力指数。该研究确定了影响该部门竞争潜力和竞争地位的决定性因素及其之间的关系。
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引用次数: 0
Where is the missing value? Evidence from the game industry IPOs underpricing in Poland 缺失的值在哪里?来自波兰游戏行业ipo定价过低的证据
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0024
P. Śliwiński, Szymon Ablewski, K. Gemra, Michał Łukowski
Abstract The underpricing phenomenon on financial markets has long been the research subject in many financial areas – from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO underpricing for companies from the game sector in Poland from 2016 to 2020. Many IPOs in Poland have attracted both international companies and investors, making the Warsaw Stock Exchange a kind of financial hub for game companies. Analyzing the whole IPO market in Poland, we however found substantial IPO underpricing, which is statistically higher in the game sector than in the no-game group of debuting companies. Our research argues that the issuer's industry may influence the size of the IPO's first-day return. We also noticed that the way the IPO was carried out influenced the underpricing. Greater underpricing characterized private offers compared to public offers.
从新古典经济学到行为金融学,金融市场的定价过低现象一直是许多金融领域的研究课题。一旦确认这是一种持续的模式,就开始了对其可能原因的持续讨论。我们的研究考察了2016年至2020年波兰游戏行业公司IPO定价过低的现象。波兰的许多ipo吸引了国际公司和投资者,使华沙证券交易所成为游戏公司的金融中心。然而,在分析波兰整个IPO市场时,我们发现了大量的IPO定价过低,从统计数据来看,游戏行业的IPO定价低于非游戏公司。我们的研究认为,发行人所在的行业可能会影响IPO首日收益的大小。我们还注意到,IPO的实施方式影响了定价过低。与公开招股相比,私人招股的定价更低。
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引用次数: 0
Food export restrictions during the COVID-19 pandemic: Real and potential effects on food security 2019冠状病毒病大流行期间的粮食出口限制:对粮食安全的实际和潜在影响
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0023
A. Kowalska, A. Budzyńska, Tomasz Białowąs
Abstract The purpose of the article is to review and critique the implementation of food export restrictions in times of crisis in addressing food security challenges. The methodological approach was to undertake a narrative literature review to outline the challenge of ensuring food security in times of crisis. We explored the problem of food export restrictions introduced in 2007–2008 and 2020 and assessed the changes in the state of food security at the national level during the COVID-19 pandemic using the Global Food Security Index (GFSI). The trade restrictions imposed in 2020 did not play a key role in the increases in international food prices as was the case during 2007–2008 and 2010–2011. The analysis of GFSI values questions whether food export restrictions have been sufficient measures given the size of the food security challenge during the pandemic, and this is a new contribution of this research. The issue of food export restrictions is underregulated in the World Trade Organization (WTO), and this needs to be urgently addressed by another institution, e.g., Food and Agriculture Organization (FAO), given that the war in Ukraine is endangering food security across the world.
摘要本文的目的是回顾和批判危机时期食品出口限制的实施,以应对粮食安全挑战。方法学上的方法是进行叙述文献审查,概述在危机时期确保粮食安全的挑战。我们探讨了2007-2008年和2020年实施的粮食出口限制问题,并利用全球粮食安全指数(GFSI)评估了2019冠状病毒病大流行期间国家层面粮食安全状况的变化。与2007-2008年和2010-2011年的情况不同,2020年实施的贸易限制并未在国际粮食价格上涨中发挥关键作用。GFSI的分析值质疑,鉴于疫情期间粮食安全挑战的规模,粮食出口限制措施是否足够,这是本研究的一项新贡献。世界贸易组织(WTO)对粮食出口限制的监管不足,鉴于乌克兰的战争正在危及世界各地的粮食安全,这一问题需要另一个机构,例如粮食及农业组织(FAO)紧急解决。
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引用次数: 1
Is the cryptocurrency market efficient? Evidence from an analysis of fundamental factors for Bitcoin and Ethereum 加密货币市场是否有效?来自比特币和以太坊基本因素分析的证据
IF 0.8 Q4 ECONOMICS Pub Date : 2022-12-01 DOI: 10.2478/ijme-2022-0030
Blanka Łęt, Konrad Sobański, Wojciech Świder, Katarzyna Włosik
Abstract This article sheds new light on the informational efficiency of the cryptocurrency market by analyzing investment strategies based on structural factors related to on-chain data. The study aims to verify whether investors in the cryptocurrency market can outperform passive investment strategies by applying active strategies based on selected fundamental factors. The research uses daily data from 2015 to 2022 for the two major cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). The study applies statistical tests for differences. The findings indicate informational inefficiency of the BTC and ETH markets. They seem consistent over time and are confirmed during the COVID-19 pandemic. The research shows that the net unrealized profit/loss and percent of addresses in profit indicators are useful in designing active investment strategies in the cryptocurrency market. The factor-based strategies perform consistently better in terms of mean/median returns and Sharpe ratio than the passive “buy-and-hold” strategy. Moreover, the rate of success is close to 100%.
本文通过分析基于链上数据相关结构性因素的投资策略,对加密货币市场的信息效率进行了新的阐释。该研究旨在验证加密货币市场的投资者是否可以通过基于选定的基本因素应用主动策略来优于被动投资策略。该研究使用了2015年至2022年两种主要加密货币:比特币(BTC)和以太坊(ETH)的日常数据。该研究对差异进行了统计检验。研究结果表明BTC和ETH市场的信息效率低下。随着时间的推移,它们似乎是一致的,并在COVID-19大流行期间得到了证实。研究表明,利润指标中的净未实现利润/亏损和地址百分比对于设计加密货币市场的主动投资策略非常有用。基于因素的策略在平均/中位数回报和夏普比率方面的表现始终优于被动的“买入并持有”策略。此外,成功率接近100%。
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引用次数: 1
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International Journal of Management and Economics
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