Research background: The 2020 pandemic has proven to be stressful for regional tax systems. However, these systems reacted differently to lockdown and a decline in business activity, which was associated with both their structures and the specifics of their development. Purpose of the article: The aim of the article is to assess the impact of the 2020 pandemic on tax revenues of Russian regions, as well as to analyze the factors contributing to the resilience of regional tax systems to epidemiological crises. Methods: The study is based on monthly data from the Federal Tax Service of the Russian Federation on total tax revenues in 83 Russian regions for 2013-2020. For data up to March 2020, we construct stationary time series and plotted ARiMA regressions. Based on them, we forecast tax revenues for the period from April to December 2020, if there were no pandemic. The impact of the pandemic is calculated as the deviation of actual tax revenue from the forecast for the corresponding 9 months. Findings & value added: We find that the impact of the pandemic on tax revenues varies over time and space. The crisis hit the fiscal system most negatively in the first three full months of the lockdown (April-June 2020). Some mining regions of the Urals, Western and Eastern Siberia, specializing in the extraction of oil and gas, as well as non-ferrous metals, turned out to be the most vulnerable to the pandemic. The most resistant to it are the central and southern regions of the European part of Russia. Calculation of Pearson's correlations shows that the greatest drop in tax revenues occur in regions with a larger share of the mining industry in gross value added and MET in tax revenues, with a higher GRP per capita and an increased level of general economic instability. The smallest decline in tax revenue, or even its growth, is observed in regions with a larger share of personal income tax and property tax in tax revenues, a higher share of trade and processing industries, social sphere and public administration in gross value added, a higher degree of economic diversification and a larger share of small business in total turnover. The obtained results are applicable to manage the resilience of tax systems to epidemiological crises.
{"title":"How the 2020 pandemic affected tax revenues in Russian regions?","authors":"M. Malkina","doi":"10.24136/eq.2021.009","DOIUrl":"https://doi.org/10.24136/eq.2021.009","url":null,"abstract":"Research background: The 2020 pandemic has proven to be stressful for regional tax systems. However, these systems reacted differently to lockdown and a decline in business activity, which was associated with both their structures and the specifics of their development. Purpose of the article: The aim of the article is to assess the impact of the 2020 pandemic on tax revenues of Russian regions, as well as to analyze the factors contributing to the resilience of regional tax systems to epidemiological crises. Methods: The study is based on monthly data from the Federal Tax Service of the Russian Federation on total tax revenues in 83 Russian regions for 2013-2020. For data up to March 2020, we construct stationary time series and plotted ARiMA regressions. Based on them, we forecast tax revenues for the period from April to December 2020, if there were no pandemic. The impact of the pandemic is calculated as the deviation of actual tax revenue from the forecast for the corresponding 9 months. Findings & value added: We find that the impact of the pandemic on tax revenues varies over time and space. The crisis hit the fiscal system most negatively in the first three full months of the lockdown (April-June 2020). Some mining regions of the Urals, Western and Eastern Siberia, specializing in the extraction of oil and gas, as well as non-ferrous metals, turned out to be the most vulnerable to the pandemic. The most resistant to it are the central and southern regions of the European part of Russia. Calculation of Pearson's correlations shows that the greatest drop in tax revenues occur in regions with a larger share of the mining industry in gross value added and MET in tax revenues, with a higher GRP per capita and an increased level of general economic instability. The smallest decline in tax revenue, or even its growth, is observed in regions with a larger share of personal income tax and property tax in tax revenues, a higher share of trade and processing industries, social sphere and public administration in gross value added, a higher degree of economic diversification and a larger share of small business in total turnover. The obtained results are applicable to manage the resilience of tax systems to epidemiological crises.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81604854","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}
P. Pardal, R. Dias, P. Šuleř, N. Teixeira, T. Krulický
Research background: Covid-19 pandemic had a strong impact on the economy and capital market In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk However, the growing trend towards capital market integration may make it ineffective Research on financial integration, during the Covid-19 period, has start10 24136/eq 2020 027 ed to develop, mainly in major global capital markets It is, therefore, important to extend this research to other capital markets The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19) Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al (1998) test to detect structural breaks To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible) The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes On the contrary, the index of OMX VILNIUS shows only 3 integrations Results also show that most of the significant structural breaks occurred in March 2020 The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week
研究背景:Covid-19大流行对经济和资本市场产生了强烈影响。在危机时期，投资者能够分散投资组合以降低风险是很重要的。然而，资本市场一体化的趋势日益增长，可能会使其无效。本文的目的:本文旨在分析在全球大流行(COVID-19)的背景下，奥地利(ATX)、斯洛文尼亚(SBITOP)、匈牙利(BUDAPEST SE)、立陶宛(OMX VILNIUS)、波兰(WIG)、捷克共和国(PX PRAGUE)、俄罗斯(MOEX)和塞尔维亚(BELEX 15)资本市场股票指数的金融整合。为了测量时间序列中的单位根，我们使用ADF、PP和KPSS检验，并使用Clemente et al(1998)检验来检测结构断裂。为了分析金融整合，我们使用Gregory和Hansen整合检验，为了验证结果的稳稳性，我们使用脉冲响应函数(IRF)方法，并使用蒙特卡罗模拟，因为它们提供了由VAR模型估计产生的动态分析。结果表明，整合水平非常显著，这降低了长期投资组合多样化的机会。证据显示，47对整合的股票市场指数(56个可能的)，股票指数ATX, BUDAPESTE SE, BELEX 15显示与所有其他指数的财务整合。OMX VILNIUS指数仅显示3个整合结果还表明，大多数重大结构性突破发生在2020年3月。对市场之间关系的分析，在短期内显示出正/负的共同运动，具有统计意义，持续时间超过一周
{"title":"Integration in Central European capital markets in the context of the global COVID-19 pandemic","authors":"P. Pardal, R. Dias, P. Šuleř, N. Teixeira, T. Krulický","doi":"10.24136/EQ.2020.027","DOIUrl":"https://doi.org/10.24136/EQ.2020.027","url":null,"abstract":"Research background: Covid-19 pandemic had a strong impact on the economy and capital market In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk However, the growing trend towards capital market integration may make it ineffective Research on financial integration, during the Covid-19 period, has start10 24136/eq 2020 027 ed to develop, mainly in major global capital markets It is, therefore, important to extend this research to other capital markets The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19) Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al (1998) test to detect structural breaks To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible) The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes On the contrary, the index of OMX VILNIUS shows only 3 integrations Results also show that most of the significant structural breaks occurred in March 2020 The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45245443","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}
Research background: EU National Rural Development Programs (RDPs) support food chain organization, including the establishment of agricultural producer organizations (APOs) to assist the cooperation among small- and medium-sized farms and improve their performance. Purpose of the article: We assessed how membership in an APO affects technical efficiency in a sample of Slovak farms. We break down our results by the type of membership (non-members, long-term members, and members of newly established APOs, benefitting from the RDP support) and production specialization of farms (crops, livestock, unspecialized). We expected a positive effect of membership on farm performance, although with differences by production specialization. Methods: We analyzed cross-sectional data of 645 farms in Slovakia in 2014, when the 2007?2013 RDP support was over. We applied a DEA-based two-stage metafrontier approach. During the first stage, we estimated group-specific efficiency and calculated adjusted (target) values of inputs, given the outputs. During the second stage, we estimated the meta-technical efficiency of farms relative to the metafrontier derived from pooled adjusted inputs and outputs of farm groups by their membership within production specialization. The meta-efficiency indicates farm efficiency associated with membership in a producer organization. We examined the differences between meta-efficiency by membership groups by the Kruskal-Wallis and post hoc Dunn?s tests. Findings & Value added: Members of APOs were mainly large farms. Membership in newly established APOs, benefitting from of the RDP support, contributed significantly to higher technical efficiency of livestock and crop farms. Their performance was, however, affected by managerial and scale inefficiencies. Well-performing farms with good farm management had joined APOs already before the year 2007. However, the long-term APO membership did not improve farm technical efficiency significantly. Public support of farm cooperation should be designed to improve the governance, sustainability of the APO activities, and performance of their members.
{"title":"Membership in agricultural producer organizations and farm technical efficiency in Slovakia","authors":"L. Bartova, P. Fandel","doi":"10.24136/eq.2020.022","DOIUrl":"https://doi.org/10.24136/eq.2020.022","url":null,"abstract":"Research background: EU National Rural Development Programs (RDPs) support food chain organization, including the establishment of agricultural producer organizations (APOs) to assist the cooperation among small- and medium-sized farms and improve their performance. \u0000Purpose of the article: We assessed how membership in an APO affects technical efficiency in a sample of Slovak farms. We break down our results by the type of membership (non-members, long-term members, and members of newly established APOs, benefitting from the RDP support) and production specialization of farms (crops, livestock, unspecialized). We expected a positive effect of membership on farm performance, although with differences by production specialization. \u0000Methods: We analyzed cross-sectional data of 645 farms in Slovakia in 2014, when the 2007?2013 RDP support was over. We applied a DEA-based two-stage metafrontier approach. During the first stage, we estimated group-specific efficiency and calculated adjusted (target) values of inputs, given the outputs. During the second stage, we estimated the meta-technical efficiency of farms relative to the metafrontier derived from pooled adjusted inputs and outputs of farm groups by their membership within production specialization. The meta-efficiency indicates farm efficiency associated with membership in a producer organization. We examined the differences between meta-efficiency by membership groups by the Kruskal-Wallis and post hoc Dunn?s tests. \u0000Findings & Value added: Members of APOs were mainly large farms. Membership in newly established APOs, benefitting from of the RDP support, contributed significantly to higher technical efficiency of livestock and crop farms. Their performance was, however, affected by managerial and scale inefficiencies. Well-performing farms with good farm management had joined APOs already before the year 2007. However, the long-term APO membership did not improve farm technical efficiency significantly. Public support of farm cooperation should be designed to improve the governance, sustainability of the APO activities, and performance of their members.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41970995","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}
R. Dankiewicz, A. Ostrowska-Dankiewicz, Çağri Bulut
Research background: The risk management process is a key element in running a business. Moreover, it is basically one of the basic and most important internal processes in any company, regardless of its size. However, due to the extremely important role played by small and medium-sized enterprises in the economy, the problem of proper management of endogenous and exogenous risks becomes particularly important. Purpose of the article: The article aims to show the importance of risk management in the operations of modern enterprises in the SMEs sector and the attitudes of entrepreneurs towards key business risks. Methods: The research was based on data on 332 enterprises from the SMEs sector operating in Poland. The data was collected using the CSAQ method in the period from 12 of November 2019 to 9 of March 2020. The distribution of risk assessment in the studies was analysed using Tau Kendall statistics, while the risk management index was created by examining the attitudes of entrepreneurs towards individual risk factors. Findings & Value added: The results of the survey showed that three-quarters of enterprises did not manage risk in a formalized way and that decision-makers in enterprises often paid too little attention to the issues related to managing different types of risk. The article should, therefore, draw the attention of managers to the need to build appropriate procedures to enable effective risk management that creates opportunities for the safe operation of the enterprise. The added value of the work is a detailed analysis of the management of individual types of endogenous and exogenous risks, as well as an indication of what features of enterprises affect the effectiveness of actions taken in the field of controlling these risks. Research is valuable because of the small amount of studies that links managers' approaches to risk management with actual risk management effectiveness.
{"title":"The attitudes of entrepreneurs of the small and medium-sized enterprises sector in Poland to key business risks","authors":"R. Dankiewicz, A. Ostrowska-Dankiewicz, Çağri Bulut","doi":"10.24136/eq.2020.023","DOIUrl":"https://doi.org/10.24136/eq.2020.023","url":null,"abstract":"Research background: The risk management process is a key element in running a business. Moreover, it is basically one of the basic and most important internal processes in any company, regardless of its size. However, due to the extremely important role played by small and medium-sized enterprises in the economy, the problem of proper management of endogenous and exogenous risks becomes particularly important. \u0000Purpose of the article: The article aims to show the importance of risk management in the operations of modern enterprises in the SMEs sector and the attitudes of entrepreneurs towards key business risks. \u0000Methods: The research was based on data on 332 enterprises from the SMEs sector operating in Poland. The data was collected using the CSAQ method in the period from 12 of November 2019 to 9 of March 2020. The distribution of risk assessment in the studies was analysed using Tau Kendall statistics, while the risk management index was created by examining the attitudes of entrepreneurs towards individual risk factors. \u0000Findings & Value added: The results of the survey showed that three-quarters of enterprises did not manage risk in a formalized way and that decision-makers in enterprises often paid too little attention to the issues related to managing different types of risk. The article should, therefore, draw the attention of managers to the need to build appropriate procedures to enable effective risk management that creates opportunities for the safe operation of the enterprise. The added value of the work is a detailed analysis of the management of individual types of endogenous and exogenous risks, as well as an indication of what features of enterprises affect the effectiveness of actions taken in the field of controlling these risks. Research is valuable because of the small amount of studies that links managers' approaches to risk management with actual risk management effectiveness.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45777355","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}
Research background: Sovereign credit ratings play an important role in determining any country?s access to the international debt market. During the global financial crisis and the European debt crisis, credit rating agencies were harshly criticized for the timing of their announcements regarding ratings downgrades and the ranges of those downgrades. Therefore, it is worth considering whether the sovereign credit rating is still a useful benchmark for investors. Purpose of the article: This article examines whether credit rating agencies still provide financial markets with new information about the solvency of governments in Emerging Europe countries. In addition, it describes the differences in the effect of particular types of rating events on financial markets and the impact of individual agencies on the market situation. Our study also focuses on evaluating these occurrences at different stages of the business cycle. Methods: This article uses data about ratings events that took place between 2008 and 2018 in 17 Emerging Europe economies. We took into consideration positive, neutral, and negative events related to ratings changes and the outlooks reported by Fitch Ratings, Moody?s, and Standard & Poor?s. We used a methodology based on event studies. In addition, we performed Wilcoxon signed-ranks test and used a logit model to determine the usefulness of cumulative adjusted credit default swap (CDS) spread changes in predicting the direction of ratings changes. Findings & Value added: Our research provides evidence that the CDS market reflects information regarding government issuers up to three months before ratings downgrades are announced. Information reported to the market by ratings agencies is only relevant in the short timeframe surrounding ratings downgrades and upgrades. However, positive credit rating changes convey more information to the market. We also found strong evidence that, in the post-crisis period, credit ratings provide markets with less information.
{"title":"Sovereign credit ratings and CDS spreads in Emerging Europe","authors":"Ł. Dopierała, Daria Ilczuk, Liwiusz Wojciechowski","doi":"10.24136/eq.2020.019","DOIUrl":"https://doi.org/10.24136/eq.2020.019","url":null,"abstract":"Research background: Sovereign credit ratings play an important role in determining any country?s access to the international debt market. During the global financial crisis and the European debt crisis, credit rating agencies were harshly criticized for the timing of their announcements regarding ratings downgrades and the ranges of those downgrades. Therefore, it is worth considering whether the sovereign credit rating is still a useful benchmark for investors. \u0000Purpose of the article: This article examines whether credit rating agencies still provide financial markets with new information about the solvency of governments in Emerging Europe countries. In addition, it describes the differences in the effect of particular types of rating events on financial markets and the impact of individual agencies on the market situation. Our study also focuses on evaluating these occurrences at different stages of the business cycle. \u0000Methods: This article uses data about ratings events that took place between 2008 and 2018 in 17 Emerging Europe economies. We took into consideration positive, neutral, and negative events related to ratings changes and the outlooks reported by Fitch Ratings, Moody?s, and Standard & Poor?s. We used a methodology based on event studies. In addition, we performed Wilcoxon signed-ranks test and used a logit model to determine the usefulness of cumulative adjusted credit default swap (CDS) spread changes in predicting the direction of ratings changes. \u0000Findings & Value added: Our research provides evidence that the CDS market reflects information regarding government issuers up to three months before ratings downgrades are announced. Information reported to the market by ratings agencies is only relevant in the short timeframe surrounding ratings downgrades and upgrades. However, positive credit rating changes convey more information to the market. We also found strong evidence that, in the post-crisis period, credit ratings provide markets with less information.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46722006","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}
Research background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker?s or a society?s preferences over income distributions. This function is entirely determined by the parameter, ?, of inequality aversion. However, there is no authoritative answer to the question of what the range of ? an analyst should select for empirical work. Purpose of the article: The aim of this paper is elaborating the method of deriving ? from a parametric distribution of disposable incomes. Methods: We assume that households? disposable incomes obey the generalised beta distribution of the second kind GB2(a,b,p,q). We have proved that, under this assumption, the social welfare function exists if and only if ? belongs to (0,ap+1) interval. The midpoint ?mid of this interval specifies the inequality aversion of the median social-decisionmaker. Findings & Value added: The maximum likelihood estimator of ?mid has been developed. Inequality aversion for Poland 1998?2015 has been estimated. If inequality is calculated on the basis of disposable incomes, the standard inequality?development relationship might be complemented by inequality aversion. The ?augmented? inequality?development relationship reveals new phenomena; for instance, the stage of economic development might matter when assessing the impact of inequality aversion on income inequality.
{"title":"Estimating the parameter of inequality aversion on the basis of a parametric distribution of incomes","authors":"S. Kot","doi":"10.24136/eq.2020.018","DOIUrl":"https://doi.org/10.24136/eq.2020.018","url":null,"abstract":"Research background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker?s or a society?s preferences over income distributions. This function is entirely determined by the parameter, ?, of inequality aversion. However, there is no authoritative answer to the question of what the range of ? an analyst should select for empirical work. \u0000Purpose of the article: The aim of this paper is elaborating the method of deriving ? from a parametric distribution of disposable incomes. \u0000Methods: We assume that households? disposable incomes obey the generalised beta distribution of the second kind GB2(a,b,p,q). We have proved that, under this assumption, the social welfare function exists if and only if ? belongs to (0,ap+1) interval. The midpoint ?mid of this interval specifies the inequality aversion of the median social-decisionmaker. \u0000Findings & Value added: The maximum likelihood estimator of ?mid has been developed. Inequality aversion for Poland 1998?2015 has been estimated. If inequality is calculated on the basis of disposable incomes, the standard inequality?development relationship might be complemented by inequality aversion. The ?augmented? inequality?development relationship reveals new phenomena; for instance, the stage of economic development might matter when assessing the impact of inequality aversion on income inequality.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49292519","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}
M. Rigelský, V. Ivanková, B. Gavurová, Martin Mudrik
Research background: The amount of the minimum wage is, in some sense, an indicator of the economic level of a country. There are considerable differences in this indicator between the countries of the Organisation for Economic Co-operation and Development (OECD). At the same time, the minimum wage is also an instrument that largely regulates people's behaviour and affects different areas of life. Purpose of the article: The objective of this study is to determine the relations between the minimum wage and individual smoking-related indicators in a sample of selected OECD countries (16 countries). The study answers the question of whether people in countries with lower minimum wages (lower development) smoke more than in countries with higher minimum wages. Methods: Four variables entered into the analytical processing, the minimum wage, daily smokers (age 15+), daily smokers (age 15-24) and tobacco consumption in grams per capita (age 15+). The data were collected between 2011 and 2017. The analysis was carried out in three steps — descriptive analysis, cluster analysis and regression analysis. Findings & Value added: It has been found that the minimum wage negatively affects smoking and tobacco consumption, i.e. in developed countries, where the minimum wage is higher, people smoke less. Regarding the evaluation of minimum wage and tobacco consumption, countries such as Austria, New Zealand or the United States can be considered positive. On the other hand, opportunities for improvement can be seen in countries such as the Czech Republic, Spain, Estonia and Israel. The study highlights the importance of the effect of the minimum wage on selected smoking-related indicators in selected OECD countries. In all three cases, there was a negative relation; therefore, smoking can be expected to decrease, if the minimum wage is increased.
{"title":"The effect of the minimum wage on smoking-related indicators in selected OECD countries","authors":"M. Rigelský, V. Ivanková, B. Gavurová, Martin Mudrik","doi":"10.24136/eq.2020.020","DOIUrl":"https://doi.org/10.24136/eq.2020.020","url":null,"abstract":"Research background: The amount of the minimum wage is, in some sense, an indicator of the economic level of a country. There are considerable differences in this indicator between the countries of the Organisation for Economic Co-operation and Development (OECD). At the same time, the minimum wage is also an instrument that largely regulates people's behaviour and affects different areas of life. \u0000Purpose of the article: The objective of this study is to determine the relations between the minimum wage and individual smoking-related indicators in a sample of selected OECD countries (16 countries). The study answers the question of whether people in countries with lower minimum wages (lower development) smoke more than in countries with higher minimum wages. \u0000Methods: Four variables entered into the analytical processing, the minimum wage, daily smokers (age 15+), daily smokers (age 15-24) and tobacco consumption in grams per capita (age 15+). The data were collected between 2011 and 2017. The analysis was carried out in three steps — descriptive analysis, cluster analysis and regression analysis. \u0000Findings & Value added: It has been found that the minimum wage negatively affects smoking and tobacco consumption, i.e. in developed countries, where the minimum wage is higher, people smoke less. Regarding the evaluation of minimum wage and tobacco consumption, countries such as Austria, New Zealand or the United States can be considered positive. On the other hand, opportunities for improvement can be seen in countries such as the Czech Republic, Spain, Estonia and Israel. The study highlights the importance of the effect of the minimum wage on selected smoking-related indicators in selected OECD countries. In all three cases, there was a negative relation; therefore, smoking can be expected to decrease, if the minimum wage is increased.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47903136","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}
R. Marks-Bielska, W. Lizińska, M. Wojarska, K. Babuchowska
Research background: In the last decade, the importance of institutions in determining economic processes and the economic growth is increasingly emphasized. Only a few papers deal with the efficiency of institutions, especially at a local level. Thus, a question arises whether the local authorities, in their pursuit of performing the assigned tasks, make every effort to attain a high level of efficiency? Purpose of the article: The aim of the paper was to determine the relationships between institutional efficiency and identified areas of stability achieved by local governments in their basic roles. Supplementary aim of this study was to analyze the relationship between the type of a municipality (urban, rural or mixed urban-rural) and the efficiency and stability of undertaken tasks. A research hypothesis was put forth, assuming that the institutional efficiency of municipal governments depends on the level of stability in basic areas of activity pursued by a given municipality. Supplementary aim of this study was to analyze and assess the relationship between the type of a municipality (urban, rural or mixed urban-rural) and the efficiency and stability of undertaken tasks. Methods: An accumulated synthetic index of institutional efficiency and partial indices of efficiency in five areas: economic and spatial, financial, administrative, human resources management in municipal offices, provision of social, cultural and educational services, were derived from data acquired from public statistics (Local Data Bank) and from direct investigations conducted in 2015/2016 in 1220 municipalities out of 2479 ones present in Poland. The method for obtaining the index was linear ordering of multi-feature objects. Findings & Value added: The analyses have confirmed the hypothesis assuming that there is a relationship between the institutional efficiency of local governments and stability of the tasks they performed. These dependences varied in individual provinces of Poland. It is more beneficial for local governments to raise stability by attaining some improvement in these areas where it is low, but not at the expense of those areas where it is high. A specific group of municipalities consisted of urban-rural communities. Their complex and diverse structure must meet the challenge of performing their tasks in specific conditions (urban and rural areas).
{"title":"Institutional efficiency versus stability of local governments in basic areas of activity: the case of Poland","authors":"R. Marks-Bielska, W. Lizińska, M. Wojarska, K. Babuchowska","doi":"10.24136/eq.2020.021","DOIUrl":"https://doi.org/10.24136/eq.2020.021","url":null,"abstract":"Research background: In the last decade, the importance of institutions in determining economic processes and the economic growth is increasingly emphasized. Only a few papers deal with the efficiency of institutions, especially at a local level. Thus, a question arises whether the local authorities, in their pursuit of performing the assigned tasks, make every effort to attain a high level of efficiency? \u0000Purpose of the article: The aim of the paper was to determine the relationships between institutional efficiency and identified areas of stability achieved by local governments in their basic roles. Supplementary aim of this study was to analyze the relationship between the type of a municipality (urban, rural or mixed urban-rural) and the efficiency and stability of undertaken tasks. A research hypothesis was put forth, assuming that the institutional efficiency of municipal governments depends on the level of stability in basic areas of activity pursued by a given municipality. Supplementary aim of this study was to analyze and assess the relationship between the type of a municipality (urban, rural or mixed urban-rural) and the efficiency and stability of undertaken tasks. \u0000Methods: An accumulated synthetic index of institutional efficiency and partial indices of efficiency in five areas: economic and spatial, financial, administrative, human resources management in municipal offices, provision of social, cultural and educational services, were derived from data acquired from public statistics (Local Data Bank) and from direct investigations conducted in 2015/2016 in 1220 municipalities out of 2479 ones present in Poland. The method for obtaining the index was linear ordering of multi-feature objects. \u0000Findings & Value added: The analyses have confirmed the hypothesis assuming that there is a relationship between the institutional efficiency of local governments and stability of the tasks they performed. These dependences varied in individual provinces of Poland. It is more beneficial for local governments to raise stability by attaining some improvement in these areas where it is low, but not at the expense of those areas where it is high. A specific group of municipalities consisted of urban-rural communities. Their complex and diverse structure must meet the challenge of performing their tasks in specific conditions (urban and rural areas).","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47812822","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}
Research background: Accounting records provide a wide range of data necessary for decisions of the management as well as for users of a company?s financial statements. IFRS represents one of the widely accepted accounting principles, often mentioned in relation to the preparation of high-quality financial statements. Purpose of the article: The aim of this paper is to identify the factors contributing to the occurrence of misstatements when preparing financial statements under IFRS. The subsequent goal is to identify the possible influences of such misstatements on the users of the financial statements. Methods: The research itself focuses on perceived problems in IFRS application in the Czech Republic. The total tested population is 193 Czech companies preparing their financial statements under IFRS. Descriptive statistics, the chi-square test of independence along with proportional tests, are used for the statistical data analysis. Findings & Value added: The results indicate that, while misstatements in accounting do not occur regularly, a statistical dependence can be shown be-tween the frequency of misstatements occurrence and the average size of mis-statements. The frequency of the subsequently identified misstatements is also proven to be statistically dependent on the average size of misstatements. The IFRS themselves are not proven to influence misstatement occurrences in financial statements, which is in contrast with previous studies. Managerial pressures, similarly to other studies, are proven by the research to be affecting the quality of accounting information. This paper broadens the literature on the factors influencing the quality of financial statements prepared under IFRS and simultaneously reaches conclusions disproving the frequently noted bene-fits of IFRS implementation.
{"title":"Factors influencing true and fair view when preparing financial statements under IFRS: evidence from the Czech Republic","authors":"David Homola, Marie Paseková","doi":"10.24136/eq.2020.026","DOIUrl":"https://doi.org/10.24136/eq.2020.026","url":null,"abstract":"Research background: Accounting records provide a wide range of data necessary for decisions of the management as well as for users of a company?s financial statements. IFRS represents one of the widely accepted accounting principles, often mentioned in relation to the preparation of high-quality financial statements. \u0000Purpose of the article: The aim of this paper is to identify the factors contributing to the occurrence of misstatements when preparing financial statements under IFRS. The subsequent goal is to identify the possible influences of such misstatements on the users of the financial statements. \u0000Methods: The research itself focuses on perceived problems in IFRS application in the Czech Republic. The total tested population is 193 Czech companies preparing their financial statements under IFRS. Descriptive statistics, the chi-square test of independence along with proportional tests, are used for the statistical data analysis. \u0000Findings & Value added: The results indicate that, while misstatements in accounting do not occur regularly, a statistical dependence can be shown be-tween the frequency of misstatements occurrence and the average size of mis-statements. The frequency of the subsequently identified misstatements is also proven to be statistically dependent on the average size of misstatements. The IFRS themselves are not proven to influence misstatement occurrences in financial statements, which is in contrast with previous studies. Managerial pressures, similarly to other studies, are proven by the research to be affecting the quality of accounting information. This paper broadens the literature on the factors influencing the quality of financial statements prepared under IFRS and simultaneously reaches conclusions disproving the frequently noted bene-fits of IFRS implementation.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41305038","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}
Research background: This article concerns job satisfaction considered as an important impulse affecting employee behavior, with particular emphasis on the analysis of the significance of the factors that shape it. Purpose of the article: The purpose of this paper is to analyze and evaluate environmental factors shaping job satisfaction in a company from the TSL industry. This article addresses the problem of job satisfaction, considered as an important impulse influencing employee behavior, with particular emphasis on the analysis of the importance of the factors that underlie it. The search for an answer to the question of what determines the satisfaction of the employee and whether the employees are diversified based on their preferences in this area, relied on own research carried out among employees of a transportation company. Methods: First of all, for each factor indicated in the questionnaire a measure was calculated — weighted average number of points. Using the criterion of decreasing value of this measure, a ranking of the importance of factors shaping job satisfaction in the surveyed company was prepared. Secondly, in order to supplement the analyses, the correlation between general job satisfaction and particular factors of job satisfaction was examined. The values of Spearman's rank correlation coefficients and Kendall's tau coefficients (τ-Kendall) were calculated. The correlation analysis allowed us to examine the strength and direction of the influence of 20 factors on the overall job satisfaction. Findings & Value added: The conducted research shows that the two most important factors necessary to achieve job satisfaction are access to information necessary for proper performance of work and independence in performing the entrusted tasks. The correlation analysis confirmed that in the surveyed company job satisfaction is shaped primarily by factors that influence the employees' needs related to affiliation. On the other hand, the correlation coefficients between general satisfaction and factors shaping the need for respect and recognition and self-fulfillment turned out to be statistically insignificant. Building job satisfaction requires identification of its sources and recognition of the nature of the relationship between general satisfaction and its determinants. Without knowledge of these factors and the extent to which they are responsible for employee satisfaction and dissatisfaction, actions taken by employers may turn out to be misguided and become only a source of costs and not the expected benefits. In conditions of limited resources, employers should optimize activities aimed at building employee satisfaction and focus their efforts on those attributes of the working environment, the modification of which will have the most desirable consequences.
{"title":"Determinants of job satisfaction in a transport company: a Polish case study","authors":"J. Jędrzejczak-Gas, J. Wyrwa","doi":"10.24136/eq.2020.025","DOIUrl":"https://doi.org/10.24136/eq.2020.025","url":null,"abstract":"Research background: This article concerns job satisfaction considered as an important impulse affecting employee behavior, with particular emphasis on the analysis of the significance of the factors that shape it. \u0000Purpose of the article: The purpose of this paper is to analyze and evaluate environmental factors shaping job satisfaction in a company from the TSL industry. This article addresses the problem of job satisfaction, considered as an important impulse influencing employee behavior, with particular emphasis on the analysis of the importance of the factors that underlie it. The search for an answer to the question of what determines the satisfaction of the employee and whether the employees are diversified based on their preferences in this area, relied on own research carried out among employees of a transportation company. \u0000Methods: First of all, for each factor indicated in the questionnaire a measure was calculated — weighted average number of points. Using the criterion of decreasing value of this measure, a ranking of the importance of factors shaping job satisfaction in the surveyed company was prepared. Secondly, in order to supplement the analyses, the correlation between general job satisfaction and particular factors of job satisfaction was examined. The values of Spearman's rank correlation coefficients and Kendall's tau coefficients (τ-Kendall) were calculated. The correlation analysis allowed us to examine the strength and direction of the influence of 20 factors on the overall job satisfaction. \u0000Findings & Value added: The conducted research shows that the two most important factors necessary to achieve job satisfaction are access to information necessary for proper performance of work and independence in performing the entrusted tasks. The correlation analysis confirmed that in the surveyed company job satisfaction is shaped primarily by factors that influence the employees' needs related to affiliation. On the other hand, the correlation coefficients between general satisfaction and factors shaping the need for respect and recognition and self-fulfillment turned out to be statistically insignificant. Building job satisfaction requires identification of its sources and recognition of the nature of the relationship between general satisfaction and its determinants. Without knowledge of these factors and the extent to which they are responsible for employee satisfaction and dissatisfaction, actions taken by employers may turn out to be misguided and become only a source of costs and not the expected benefits. In conditions of limited resources, employers should optimize activities aimed at building employee satisfaction and focus their efforts on those attributes of the working environment, the modification of which will have the most desirable consequences.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44076042","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：