E. Roszko-Wójtowicz, B. Dańska-Borsiak, M. Grzelak, Aleksandra Pleśniarska
Research background: Discussions on the state of the economy in times of crisis focus not only on maintaining or improving innovativeness, but also on the emergence of new dimensions of this phenomenon and changing the significance of individual determinants of innovativeness. Innovativeness is a complex, multidimensional and difficult to measure phenomenon, which implies the need to select various indicators and methods for its assessment. Synthetic measures of innovativeness are widely used in comparative analyses, in particular presenting results in international or interregional cross-sections. The degree of innovativeness should also be assessed at different levels of economic aggregation. The lower the level of aggregation, the easier it becomes to capture the specific determinants of the increase in innovativeness of a given area. Purpose of the article: The main aim of the paper is to attempt to measure the relationship between expenditures and results of innovative activities for NUTS-2 regions of the Visegrad Group countries. Three variables were adopted to describe the effects of innovative activity: PCT patent applications per billion GDP (in PPS), trademark applications per billion GDP (in PPS) and public-private co-publications per million of population. Methods: The study covered 37 NUTS-2 regions of the Visegrad Group countries in the years 2014?2021. From the point of view of the purpose of the paper and the need to search for the relationship between expenditures on innovative activity and the results of this activity, it is worth emphasizing that the use of static and dynamic econometric models proved to be a substantively correct solution leading to the formulation of clear conclusions. Findings & value added: The conducted research confirmed that business R&D expenditure on GDP has a positive effect on inventions expressed by patents and trademarks, especially in the long run. In addition, the literature review and empirical analyses indicate that the main determinants of innovativeness (both before and during the pandemic) are the expenditures of economic entities on R&D, competences expressed by the level of education or participation in tertiary education, as well as the number of ICT specialists and the percentage of people employed in science and technology. Despite the deterioration of many macroeconomic indicators in the countries of the Visegrad Group, the expenditures of the business sector on R&D in most regions did not decrease between 2019 and 2021. The added value of the paper is the presented research procedure, which can be used in analyses of innovativeness also for other groups of regions.
{"title":"In search of key determinants of innovativeness in the regions of the Visegrad group countries","authors":"E. Roszko-Wójtowicz, B. Dańska-Borsiak, M. Grzelak, Aleksandra Pleśniarska","doi":"10.24136/oc.2022.029","DOIUrl":"https://doi.org/10.24136/oc.2022.029","url":null,"abstract":"Research background: Discussions on the state of the economy in times of crisis focus not only on maintaining or improving innovativeness, but also on the emergence of new dimensions of this phenomenon and changing the significance of individual determinants of innovativeness. Innovativeness is a complex, multidimensional and difficult to measure phenomenon, which implies the need to select various indicators and methods for its assessment. Synthetic measures of innovativeness are widely used in comparative analyses, in particular presenting results in international or interregional cross-sections. The degree of innovativeness should also be assessed at different levels of economic aggregation. The lower the level of aggregation, the easier it becomes to capture the specific determinants of the increase in innovativeness of a given area.\u0000Purpose of the article: The main aim of the paper is to attempt to measure the relationship between expenditures and results of innovative activities for NUTS-2 regions of the Visegrad Group countries. Three variables were adopted to describe the effects of innovative activity: PCT patent applications per billion GDP (in PPS), trademark applications per billion GDP (in PPS) and public-private co-publications per million of population.\u0000Methods: The study covered 37 NUTS-2 regions of the Visegrad Group countries in the years 2014?2021. From the point of view of the purpose of the paper and the need to search for the relationship between expenditures on innovative activity and the results of this activity, it is worth emphasizing that the use of static and dynamic econometric models proved to be a substantively correct solution leading to the formulation of clear conclusions.\u0000Findings & value added: The conducted research confirmed that business R&D expenditure on GDP has a positive effect on inventions expressed by patents and trademarks, especially in the long run. In addition, the literature review and empirical analyses indicate that the main determinants of innovativeness (both before and during the pandemic) are the expenditures of economic entities on R&D, competences expressed by the level of education or participation in tertiary education, as well as the number of ICT specialists and the percentage of people employed in science and technology. Despite the deterioration of many macroeconomic indicators in the countries of the Visegrad Group, the expenditures of the business sector on R&D in most regions did not decrease between 2019 and 2021. The added value of the paper is the presented research procedure, which can be used in analyses of innovativeness also for other groups of regions.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41445759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
J. F. Velasco-Muñoz, J. A. Aznar-Sánchez, Marina Schoenemann, B. López-Felices
Research background: The services provided by ecosystems are the main support for human populations and for the development of any type of activity. Today, the provision of these services is under threat. The economic valuation of ecosystem services is vital to design appropriate policies, define strategies and manage ecosystems. Purpose of the article: The objective of this study is to analyse the evolution of research on the economic valuation of ecosystem services over the last two decades. More specifically, it aims firstly to identify the main agents driving research and, secondly, it seeks to synthesize in a single document the relevant information on the main economic valuation methods, relating them to the categories of services, ecosystems and regions where they have been employed. Methods: A quantitative review was first carried out through a bibliometric analysis to identify the main drivers of this line of research and its development trends. Secondly, a qualitative review was conducted through a systematic review focusing on the most commonly used valuation techniques in relation to the characteristics of the service, the geographical scope and the ecosystem analysed. Findings & value added: The main novelty of this work, compared to previous literature, is that the relationship between the study area, the type of ecosystem, the category of service and the economic valuation methodology are analysed for the first time. The results highlight the need to continue expanding knowledge in relation to the temporal and spatial scale in the economic value of ecosystem services, the subjective nature of the estimates and the heterogeneity between the different social sectors with respect to the benefit obtained.
{"title":"The economic valuation of ecosystem services: bibliometric analysis","authors":"J. F. Velasco-Muñoz, J. A. Aznar-Sánchez, Marina Schoenemann, B. López-Felices","doi":"10.24136/oc.2022.028","DOIUrl":"https://doi.org/10.24136/oc.2022.028","url":null,"abstract":"Research background: The services provided by ecosystems are the main support for human populations and for the development of any type of activity. Today, the provision of these services is under threat. The economic valuation of ecosystem services is vital to design appropriate policies, define strategies and manage ecosystems.\u0000Purpose of the article: The objective of this study is to analyse the evolution of research on the economic valuation of ecosystem services over the last two decades. More specifically, it aims firstly to identify the main agents driving research and, secondly, it seeks to synthesize in a single document the relevant information on the main economic valuation methods, relating them to the categories of services, ecosystems and regions where they have been employed.\u0000Methods: A quantitative review was first carried out through a bibliometric analysis to identify the main drivers of this line of research and its development trends. Secondly, a qualitative review was conducted through a systematic review focusing on the most commonly used valuation techniques in relation to the characteristics of the service, the geographical scope and the ecosystem analysed.\u0000Findings & value added: The main novelty of this work, compared to previous literature, is that the relationship between the study area, the type of ecosystem, the category of service and the economic valuation methodology are analysed for the first time. The results highlight the need to continue expanding knowledge in relation to the temporal and spatial scale in the economic value of ecosystem services, the subjective nature of the estimates and the heterogeneity between the different social sectors with respect to the benefit obtained.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48030052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Maja Kiba-Janiak, Katarzyna Cheba, Magdalena Mucowska, Leise Kelli de Oliveira
Research background: A rapidly developing e-commerce market and growing customer expectations regarding the speed and frequency of deliveries have made the last mile of the supply chain more challenging. The expectations of e-customers increase every year. They choose those companies that deliver goods faster and cheaper than others. A significant group of customers in Poland still selects home delivery. Many of them frequently return products to the retailer. These expectations and behaviour pose a challenge for the transport companies to deliver parcels to individual customers soon after the purchase, sometimes even on the same day. In addition, increasingly frequent deliveries contribute to environmental pollution, congestion, and accidents, as well as more expensive deliveries. Purpose of the article: The paper aims to identify e-customers? preferences and assess their impact on sustainable last-mile delivery (LMD) in the e-commerce market. The authors have also identified factors influencing e-customers? behaviour to make last-mile delivery more sustainable. Methods: The conjoint analysis was applied to evaluate a set of profiles defined by selected attributes in order to investigate the overall preferences for the profiles created by the respondents to the survey. Findings & value added: The segmentation of e-customers according to their preferences connected with last-mile delivery was presented. The added value of the paper is the presentation of the methodology to assess the impact of customer preferences on sustainable last-mile delivery. The obtained results may contribute to the formulation of recommendations for e-commerce and logistics companies regarding the preferences of e-customers to improve the sustainability of last-mile delivery.
{"title":"Segmentation of e-customers in terms of sustainable last-mile delivery","authors":"Maja Kiba-Janiak, Katarzyna Cheba, Magdalena Mucowska, Leise Kelli de Oliveira","doi":"10.24136/oc.2022.032","DOIUrl":"https://doi.org/10.24136/oc.2022.032","url":null,"abstract":"Research background: A rapidly developing e-commerce market and growing customer expectations regarding the speed and frequency of deliveries have made the last mile of the supply chain more challenging. The expectations of e-customers increase every year. They choose those companies that deliver goods faster and cheaper than others. A significant group of customers in Poland still selects home delivery. Many of them frequently return products to the retailer. These expectations and behaviour pose a challenge for the transport companies to deliver parcels to individual customers soon after the purchase, sometimes even on the same day. In addition, increasingly frequent deliveries contribute to environmental pollution, congestion, and accidents, as well as more expensive deliveries.\u0000Purpose of the article: The paper aims to identify e-customers? preferences and assess their impact on sustainable last-mile delivery (LMD) in the e-commerce market. The authors have also identified factors influencing e-customers? behaviour to make last-mile delivery more sustainable.\u0000Methods: The conjoint analysis was applied to evaluate a set of profiles defined by selected attributes in order to investigate the overall preferences for the profiles created by the respondents to the survey.\u0000Findings & value added: The segmentation of e-customers according to their preferences connected with last-mile delivery was presented. The added value of the paper is the presentation of the methodology to assess the impact of customer preferences on sustainable last-mile delivery. The obtained results may contribute to the formulation of recommendations for e-commerce and logistics companies regarding the preferences of e-customers to improve the sustainability of last-mile delivery.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48895060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Numerous modern indicators are attempting to integrate better economic, political, social, and environmental ambitions to uncover potential synergy, trade-offs, and future views that center around the notion of a so-called green economy. As long as the various indicators are not bounded in one comprehensive measurement, utilizing knowledge of relevant information and statistics that are crucial for monitoring the progress will not give us answers on the progress towards green growth either. Without an adequate measurement framework and robust statistics, the evaluation of the green economy is open to subjective reasoning. Purpose of the article: This paper aims to offer a strong standpoint for green topics by exploring the concept of Green GDP. The paper introduces a new, updated database on Green GDP for the set of 160 countries from 1970?2019. Methods: This database is distinctive due to its balanced coverage of two components of the green economy: quantitative feature (standard methodological algorithm) and qualitative feature (opportunity costs) within a common Green GDP accounting framework. Findings & value added: Standardizing new methodologies and procedures for estimating environmental costs with a statistical foundation provides added value, which we hope will support the creation of reliable accounting and valuation systems for the green economy on a developing "green platform."
{"title":"A new database on Green GDP; 1970-2019: a framework for assessing the green economy","authors":"Saša Stjepanović, D. Tomić, M. Škare","doi":"10.24136/oc.2022.027","DOIUrl":"https://doi.org/10.24136/oc.2022.027","url":null,"abstract":"Research background: Numerous modern indicators are attempting to integrate better economic, political, social, and environmental ambitions to uncover potential synergy, trade-offs, and future views that center around the notion of a so-called green economy. As long as the various indicators are not bounded in one comprehensive measurement, utilizing knowledge of relevant information and statistics that are crucial for monitoring the progress will not give us answers on the progress towards green growth either. Without an adequate measurement framework and robust statistics, the evaluation of the green economy is open to subjective reasoning.\u0000Purpose of the article: This paper aims to offer a strong standpoint for green topics by exploring the concept of Green GDP. The paper introduces a new, updated database on Green GDP for the set of 160 countries from 1970?2019.\u0000Methods: This database is distinctive due to its balanced coverage of two components of the green economy: quantitative feature (standard methodological algorithm) and qualitative feature (opportunity costs) within a common Green GDP accounting framework. \u0000Findings & value added: Standardizing new methodologies and procedures for estimating environmental costs with a statistical foundation provides added value, which we hope will support the creation of reliable accounting and valuation systems for the green economy on a developing \"green platform.\"","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43013684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms? operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms? operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China?s A-share listed companies. The sample covers 19,337 observations from 2007?2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings & value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms? cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective.
{"title":"Digital transformation and corporate cash holdings in China's A-share listed companies","authors":"C. Sun, Ziang Lin, M. Vochozka, Zuzana Vincúrová","doi":"10.24136/oc.2022.031","DOIUrl":"https://doi.org/10.24136/oc.2022.031","url":null,"abstract":"Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms? operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive.\u0000Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms? operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies.\u0000Methods: The text analysis method is used to measure the degree of digital transformation of China?s A-share listed companies. The sample covers 19,337 observations from 2007?2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test.\u0000Findings & value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms? cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48720206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
George Lăzăroiu, Armenia Androniceanu, I. Grecu, Gheorghe Grecu, Octav Neguriță
Research background: With increasing evidence of cognitive technologies progressively integrating themselves at all levels of the manufacturing enterprises, there is an instrumental need for comprehending how cognitive manufacturing systems can provide increased value and precision in complex operational processes. Purpose of the article: In this research, prior findings were cumulated proving that cognitive manufacturing integrates artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production. Methods: Throughout April and June 2022, by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines, a quantitative literature review of ProQuest, Scopus, and the Web of Science databases was performed, with search terms including ?cognitive Industrial Internet of Things?, ?cognitive automation?, ?cognitive manufacturing systems?, ?cognitively-enhanced machine?, ?cognitive technology-driven automation?, ?cognitive computing technologies,? and ?cognitive technologies.? The Systematic Review Data Repository (SRDR) was leveraged, a software program for the collecting, processing, and analysis of data for our research. The quality of the selected scholarly sources was evaluated by harnessing the Mixed Method Appraisal Tool (MMAT). AMSTAR (Assessing the Methodological Quality of Systematic Reviews) deployed artificial intelligence and intelligent workflows, and Dedoose was used for mixed methods research. VOSviewer layout algorithms and Dimensions bibliometric mapping served as data visualization tools. Findings & value added: Cognitive manufacturing systems is developed on sustainable product lifecycle management, Internet of Things-based real-time production logistics, and deep learning-assisted smart process planning, optimizing value creation capabilities and artificial intelligence-based decision-making algorithms. Subsequent interest should be oriented to how predictive maintenance can assist in cognitive manufacturing by use of artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production.
研究背景:随着越来越多的证据表明认知技术在制造企业的各个层面上逐渐整合，有一个工具需要理解认知制造系统如何在复杂的操作过程中提供更高的价值和精度。本文目的:通过对前人研究成果的积累，证明了认知制造集成了基于人工智能的决策算法、实时大数据分析、可持续产业价值创造和数字化批量生产。方法:在2022年4月和6月期间，采用系统评价和元分析首选报告项目(PRISMA)指南，对ProQuest、Scopus和Web of Science数据库进行了定量文献综述，搜索词包括认知工业物联网?认知自动化?认知制造系统?认知增强机器?认知技术驱动的自动化?认知计算技术;还有认知技术。我们利用了系统回顾数据存储库(SRDR)，这是一个用于收集、处理和分析我们研究数据的软件程序。所选学术来源的质量通过利用混合方法评估工具(MMAT)进行评估。AMSTAR(评估系统评论的方法学质量)部署了人工智能和智能工作流，并使用Dedoose进行混合方法研究。VOSviewer布局算法和Dimensions文献计量图作为数据可视化工具。发现与增值:认知制造系统基于可持续的产品生命周期管理、基于物联网的实时生产物流、深度学习辅助的智能流程规划、优化的价值创造能力和基于人工智能的决策算法。接下来的兴趣应该集中在预测性维护如何通过使用基于人工智能的决策算法、实时大数据分析、可持续工业价值创造和数字化大规模生产来协助认知制造。
{"title":"Artificial intelligence-based decision-making algorithms, Internet of Things sensing networks, and sustainable cyber-physical management systems in big data-driven cognitive manufacturing","authors":"George Lăzăroiu, Armenia Androniceanu, I. Grecu, Gheorghe Grecu, Octav Neguriță","doi":"10.24136/oc.2022.030","DOIUrl":"https://doi.org/10.24136/oc.2022.030","url":null,"abstract":"Research background: With increasing evidence of cognitive technologies progressively integrating themselves at all levels of the manufacturing enterprises, there is an instrumental need for comprehending how cognitive manufacturing systems can provide increased value and precision in complex operational processes.\u0000Purpose of the article: In this research, prior findings were cumulated proving that cognitive manufacturing integrates artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production.\u0000Methods: Throughout April and June 2022, by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines, a quantitative literature review of ProQuest, Scopus, and the Web of Science databases was performed, with search terms including ?cognitive Industrial Internet of Things?, ?cognitive automation?, ?cognitive manufacturing systems?, ?cognitively-enhanced machine?, ?cognitive technology-driven automation?, ?cognitive computing technologies,? and ?cognitive technologies.? The Systematic Review Data Repository (SRDR) was leveraged, a software program for the collecting, processing, and analysis of data for our research. The quality of the selected scholarly sources was evaluated by harnessing the Mixed Method Appraisal Tool (MMAT). AMSTAR (Assessing the Methodological Quality of Systematic Reviews) deployed artificial intelligence and intelligent workflows, and Dedoose was used for mixed methods research. VOSviewer layout algorithms and Dimensions bibliometric mapping served as data visualization tools.\u0000Findings & value added: Cognitive manufacturing systems is developed on sustainable product lifecycle management, Internet of Things-based real-time production logistics, and deep learning-assisted smart process planning, optimizing value creation capabilities and artificial intelligence-based decision-making algorithms. Subsequent interest should be oriented to how predictive maintenance can assist in cognitive manufacturing by use of artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45062867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Creative accounting practices do not frequently violate the law and are not considered illegal; however, accounting managers may exploit legal ambiguities to portray the company's financial standing in accordance with management preferences. Therefore, the analysis is focused on the detection of earnings management in companies operating in the Visegrad Group, which represents one of the most commonly used techniques for revealing creative accounting. Purpose of the article: The aim of the presented study is to reveal the presence of creative accounting through the detection of earnings management in the countries of the Visegrad Group and, based on the detected results, to propose a regression model of earnings management in the Visegrad Group. Methods: To reveal the use of creative accounting in the Visegrad Group, ten selected models of earnings management were applied during the period 2016?2020 to a set of 8,134 companies. The Mann-Whitney test and multiple linear regression were used to verify the existence of earnings management. These findings served as the basis for the creation of the linear regression model of earnings management in the Visegrad Group. Findings & value-added: The presence of earnings management was best captured by the Hribar and Collins model in companies operating in the Visegrad Group in the period 2016?2020. The findings also confirmed that positive discretionary accruals acquired higher values over the entire period when compared to negative discretionary accruals, confirming that companies in the surveyed group manage their profits primarily by increasing them. Therefore, we created a regression model, that can serve as a unique basis and is capable of revealing the use of earnings management in the Visegrad Group, as until now nothing like this has been implemented in these countries. In conclusion, this study offers insights for academicians and researchers on creative accounting in the selected period. Lastly, the study contributes to the existing theory by conducting new research on the earnings management determinants of the countries studied.
{"title":"Earnings management model for Visegrad Group as an immanent part of creative accounting","authors":"M. Kováčová, Lenka Hrosova, P. Durana, J. Horák","doi":"10.24136/oc.2022.033","DOIUrl":"https://doi.org/10.24136/oc.2022.033","url":null,"abstract":"Research background: Creative accounting practices do not frequently violate the law and are not considered illegal; however, accounting managers may exploit legal ambiguities to portray the company's financial standing in accordance with management preferences. Therefore, the analysis is focused on the detection of earnings management in companies operating in the Visegrad Group, which represents one of the most commonly used techniques for revealing creative accounting.\u0000Purpose of the article: The aim of the presented study is to reveal the presence of creative accounting through the detection of earnings management in the countries of the Visegrad Group and, based on the detected results, to propose a regression model of earnings management in the Visegrad Group.\u0000Methods: To reveal the use of creative accounting in the Visegrad Group, ten selected models of earnings management were applied during the period 2016?2020 to a set of 8,134 companies. The Mann-Whitney test and multiple linear regression were used to verify the existence of earnings management. These findings served as the basis for the creation of the linear regression model of earnings management in the Visegrad Group.\u0000Findings & value-added: The presence of earnings management was best captured by the Hribar and Collins model in companies operating in the Visegrad Group in the period 2016?2020. The findings also confirmed that positive discretionary accruals acquired higher values over the entire period when compared to negative discretionary accruals, confirming that companies in the surveyed group manage their profits primarily by increasing them. Therefore, we created a regression model, that can serve as a unique basis and is capable of revealing the use of earnings management in the Visegrad Group, as until now nothing like this has been implemented in these countries. In conclusion, this study offers insights for academicians and researchers on creative accounting in the selected period. Lastly, the study contributes to the existing theory by conducting new research on the earnings management determinants of the countries studied.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"228 ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41276571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
B. Gavurová, Sylvia Jenčová, R. Bačík, Marta Miskufova, Stanislav Letkovsky
Research background: In a modern economy, full of complexities, ensuring a business' financial stability, and increasing its financial performance and competitiveness, has become especially difficult. Then, monitoring the company's financial situation and predicting its future development becomes important. Assessing the financial health of business entities using various models is an important area in not only scientific research, but also business practice. Purpose of the article: This study aims to predict the bankruptcy of companies in the engineering and automotive industries of the Slovak Republic using a multilayer neural network and logistic regression. Importantly, we develop a novel an early warning model for the Slovak engineering and automotive industries, which can be applied in countries with undeveloped capital markets. Methods: Data on the financial ratios of 2,384 companies were used. We used a logistic regression to analyse the data for the year 2019 and designed a logistic model. Meanwhile, the data for the years 2018 and 2019 were analysed using the neural network. In the prediction model, we analysed the predictive performance of several combinations of factors based on the industry sector, use of the scaling technique, activation function, and ratio of the sample distribution to the test and training parts. Findings & value added: The financial indicators ROS, QR, NWC/A, and PC/S reduce the likelihood of bankruptcy. Regarding the value of this work, we constructed an optimal network for the automotive and engineering industries using nine financial indicators on the input layer in combination with one hidden layer. Moreover, we developed a novel prediction model for bankruptcy using six of these indicators. Almost all sampled industries are privatised, and most companies are foreign owned. Hence, international companies as well as researchers can apply our models to understand their financial health and sustainability. Moreover, they can conduct comparative analyses of their own model with ours to reveal areas of model improvements.
{"title":"Artificial intelligence in predicting the bankruptcy of non-financial corporations","authors":"B. Gavurová, Sylvia Jenčová, R. Bačík, Marta Miskufova, Stanislav Letkovsky","doi":"10.24136/oc.2022.035","DOIUrl":"https://doi.org/10.24136/oc.2022.035","url":null,"abstract":"Research background: In a modern economy, full of complexities, ensuring a business' financial stability, and increasing its financial performance and competitiveness, has become especially difficult. Then, monitoring the company's financial situation and predicting its future development becomes important. Assessing the financial health of business entities using various models is an important area in not only scientific research, but also business practice.\u0000Purpose of the article: This study aims to predict the bankruptcy of companies in the engineering and automotive industries of the Slovak Republic using a multilayer neural network and logistic regression. Importantly, we develop a novel an early warning model for the Slovak engineering and automotive industries, which can be applied in countries with undeveloped capital markets.\u0000Methods: Data on the financial ratios of 2,384 companies were used. We used a logistic regression to analyse the data for the year 2019 and designed a logistic model. Meanwhile, the data for the years 2018 and 2019 were analysed using the neural network. In the prediction model, we analysed the predictive performance of several combinations of factors based on the industry sector, use of the scaling technique, activation function, and ratio of the sample distribution to the test and training parts.\u0000Findings & value added: The financial indicators ROS, QR, NWC/A, and PC/S reduce the likelihood of bankruptcy. Regarding the value of this work, we constructed an optimal network for the automotive and engineering industries using nine financial indicators on the input layer in combination with one hidden layer. Moreover, we developed a novel prediction model for bankruptcy using six of these indicators. Almost all sampled industries are privatised, and most companies are foreign owned. Hence, international companies as well as researchers can apply our models to understand their financial health and sustainability. Moreover, they can conduct comparative analyses of their own model with ours to reveal areas of model improvements.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41429933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Through cross-border mergers and acquisitions (M&A), enterprises in China can improve their technological innovation and organizational management capabilities to make up for the disadvantages of outsiders and enhance their international competitiveness. However, due to the lack of experience, the success rate of cross-border M&A of China enterprises is low, and the performance changes after M&A differ. How to maximize the advantages of cross-border M&A in obtaining technical resources and how to improve the performance of cross-border M&A are important issues that China?s cross-border M&A enterprises and academic circles need to solve. Purpose of the research: The aim of this study is to analyze the mechanism and boundary conditions of firms? capability to exploit resources (RTC) and capability to explore resources (REC) with regard to cross-border M&A performance from the perspective of experience learning based on organizational learning theory and resource-based theory. Methods: With 173 China A-share listed companies with cross-border M&A events from 2010 to 2020 as samples, this study uses hierarchical regression analysis to test the impact of REC and RTC on cross-border M&A performance and its mechanism. In the robustness test, this study adopts the measures of changing dependent and independent variables lagged for one year for analysis. In the mechanism test, this study uses intermediary and mediation effect models. Findings & value added: The results show that RTC and REC have positive effects on the performance of cross-border M&A. Prior experience learning (PE) and vicarious experience learning (VE) increase the probability of companies making cross-border M&A decisions and have positive effects on cross-border M&A performance. Moreover, PE and VE play a partial mediating role in the positive impact of REC and RTC on cross-border M&A performance, respectively. Formal and informal institutional distance weaken the positive effects of REC and RTC on the performance of cross-border M&A. Enterprises in emerging economies should adapt to the institutional environment of the host country to reduce the negative impact of institutional distance while taking advantage of experience learning when carrying out cross-border M&A.
{"title":"Impact of enterprise ambidexterity capability and experience learning on cross-border M&A performance: evidence from China","authors":"Junshu Du, Yichen Peng, Yuansong Tong, Y. Bilan","doi":"10.24136/oc.2022.034","DOIUrl":"https://doi.org/10.24136/oc.2022.034","url":null,"abstract":"Research background: Through cross-border mergers and acquisitions (M&A), enterprises in China can improve their technological innovation and organizational management capabilities to make up for the disadvantages of outsiders and enhance their international competitiveness. However, due to the lack of experience, the success rate of cross-border M&A of China enterprises is low, and the performance changes after M&A differ. How to maximize the advantages of cross-border M&A in obtaining technical resources and how to improve the performance of cross-border M&A are important issues that China?s cross-border M&A enterprises and academic circles need to solve.\u0000Purpose of the research: The aim of this study is to analyze the mechanism and boundary conditions of firms? capability to exploit resources (RTC) and capability to explore resources (REC) with regard to cross-border M&A performance from the perspective of experience learning based on organizational learning theory and resource-based theory.\u0000Methods: With 173 China A-share listed companies with cross-border M&A events from 2010 to 2020 as samples, this study uses hierarchical regression analysis to test the impact of REC and RTC on cross-border M&A performance and its mechanism. In the robustness test, this study adopts the measures of changing dependent and independent variables lagged for one year for analysis. In the mechanism test, this study uses intermediary and mediation effect models.\u0000Findings & value added: The results show that RTC and REC have positive effects on the performance of cross-border M&A. Prior experience learning (PE) and vicarious experience learning (VE) increase the probability of companies making cross-border M&A decisions and have positive effects on cross-border M&A performance. Moreover, PE and VE play a partial mediating role in the positive impact of REC and RTC on cross-border M&A performance, respectively. Formal and informal institutional distance weaken the positive effects of REC and RTC on the performance of cross-border M&A. Enterprises in emerging economies should adapt to the institutional environment of the host country to reduce the negative impact of institutional distance while taking advantage of experience learning when carrying out cross-border M&A.\u0000 ","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46479507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The COVID-19 pandemic has affected higher education globally and disrupted its usual activities, according to differing perspectives. The ability to adapt to online activities was an important factor for many researchers during the pandemic period. Purpose of the article: In this article, the authors are studying the ability of the students to adapt to online activities, and also the direct and indirect effect on their academic performances. Methods: The data was collected with a questionnaire and the respondents are students from Romanian Universities. The analysis was made with an econometric model by using the PLS-SEM methodology. The goal of the paper was to find and analyse the factors used to perform academic online activities during the pandemic period. Findings & value added: The results of the paper validate the research hypotheses formulated in the introductory part and confirm that the students? academic performances are a direct result of many factors, such as: system parameters, personal demand, personal commitment, and regulatory environment. The identification of the exogenous variables with significant impact on the students? performances through online activities could help the management of the universities to implement the positive aspects and to reward them for their efforts while preventing from resilience to change. The higher education system has to acknowledge that flexible online learning opportunities are needed by students to fit their coursework around their employment and family responsibilities.
{"title":"The mediating role of students' ability to adapt to online activities on the relationship between perceived university culture and academic performance","authors":"A. Dima, Mihail Bușu, V. Vargas","doi":"10.24136/oc.2022.036","DOIUrl":"https://doi.org/10.24136/oc.2022.036","url":null,"abstract":"Research background: The COVID-19 pandemic has affected higher education globally and disrupted its usual activities, according to differing perspectives. The ability to adapt to online activities was an important factor for many researchers during the pandemic period.\u0000Purpose of the article: In this article, the authors are studying the ability of the students to adapt to online activities, and also the direct and indirect effect on their academic performances.\u0000Methods: The data was collected with a questionnaire and the respondents are students from Romanian Universities. The analysis was made with an econometric model by using the PLS-SEM methodology. The goal of the paper was to find and analyse the factors used to perform academic online activities during the pandemic period.\u0000Findings & value added: The results of the paper validate the research hypotheses formulated in the introductory part and confirm that the students? academic performances are a direct result of many factors, such as: system parameters, personal demand, personal commitment, and regulatory environment. The identification of the exogenous variables with significant impact on the students? performances through online activities could help the management of the universities to implement the positive aspects and to reward them for their efforts while preventing from resilience to change. The higher education system has to acknowledge that flexible online learning opportunities are needed by students to fit their coursework around their employment and family responsibilities.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44147222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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