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":null,"pages":null},"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: 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":null,"pages":null},"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}
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":null,"pages":null},"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: Excessive credit expansions have an important role in the generation and amplification of business cycles in emerging market (EM) economies. Macroprudential policies can be beneficial in restraining excessive credit growth and safeguarding financial stability. Despite recent theoretical advances in understanding of the benefits of macroprudential policies, empirical evidence on their effect on the credit cycle is still scarce. Purpose of the article: This paper studies the effectiveness of macroprudential measures in the sample of major EM economies focusing on the broad credit measure and using an empirical framework which aims to alleviate several concerns in the previous literature. We examine the effectiveness of four categories of measures which are granular enough to provide relevant policy perspectives, whilst mitigating data sparsity issues. By exploiting both time-series and cross-country variation in the tightness of macroprudential regulation in the construction of policy variables we also mitigate some of the common reverse causality concerns. Methods: We use panel data and employ several (fixed effect, bias corrected LSDV and dynamic interactive fixed effect) estimators to ensure that the results are not sensitive with respect to the estimation method while, together with our construction of the policy variables, alleviating other endogeneity concerns. Findings & value added: We uncover the heterogeneity in the effects of macroprudential measures on the credit cycle. While measures related to bank capital and credit activity are found to be effective in leaning-against the credit cycle, the measures targeting bank liquidity and FX exposures fail to have statistically significant effect. Our results provide the rationale for mixed evidence in the empirical literature studying the effectiveness of the broadly defined macroprudential measures. From the policy perspective, our findings provide evidence that the measures which address excessive credit expansion and strengthen the resilience of the financial system are effective in the EM economies.
{"title":"Credit cycles and macroprudential policies in emerging market economies","authors":"J. Lazarević, Tanja Kuzman, M. Nedeljkovic","doi":"10.24136/oc.2022.019","DOIUrl":"https://doi.org/10.24136/oc.2022.019","url":null,"abstract":"Research background: Excessive credit expansions have an important role in the generation and amplification of business cycles in emerging market (EM) economies. Macroprudential policies can be beneficial in restraining excessive credit growth and safeguarding financial stability. Despite recent theoretical advances in understanding of the benefits of macroprudential policies, empirical evidence on their effect on the credit cycle is still scarce.\u0000Purpose of the article: This paper studies the effectiveness of macroprudential measures in the sample of major EM economies focusing on the broad credit measure and using an empirical framework which aims to alleviate several concerns in the previous literature. We examine the effectiveness of four categories of measures which are granular enough to provide relevant policy perspectives, whilst mitigating data sparsity issues. By exploiting both time-series and cross-country variation in the tightness of macroprudential regulation in the construction of policy variables we also mitigate some of the common reverse causality concerns.\u0000Methods: We use panel data and employ several (fixed effect, bias corrected LSDV and dynamic interactive fixed effect) estimators to ensure that the results are not sensitive with respect to the estimation method while, together with our construction of the policy variables, alleviating other endogeneity concerns.\u0000Findings & value added: We uncover the heterogeneity in the effects of macroprudential measures on the credit cycle. While measures related to bank capital and credit activity are found to be effective in leaning-against the credit cycle, the measures targeting bank liquidity and FX exposures fail to have statistically significant effect. Our results provide the rationale for mixed evidence in the empirical literature studying the effectiveness of the broadly defined macroprudential measures. From the policy perspective, our findings provide evidence that the measures which address excessive credit expansion and strengthen the resilience of the financial system are effective in the EM economies.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46158661","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: Inflation has always been the core issue of economic research and there are many academic research achievements in this field. In recent years, global inflation has intensified, and many scholars focus on research in this field again, providing certain reference value for countries around the world to formulate corresponding macro policies. Purpose of the article: The five-year impact factors are used as the evaluation criteria in this paper, and 1,637 high-quality documents on inflation from 1906 to 2022 are collected from the Web of Science Core Collection database. Using bibliometrics, a comprehensive review of influential literature in the field of inflation is conducted to reveal the evolution and trends of the field. Methods: First, we focus on these high-quality documents about the descriptive statistical characteristics, high cited documents and high impact factor journals. Then, based on the visualization tool, the cooperative network of countries/regions, authors and institutions is depicted and the cooperative relationship between them is determined. At the same time, the most influential countries/regions, authors and institutions are identified by analyzing the citation structure. In addition, through thematic and keyword analysis, the topic hotspots and future research trends of high-quality literature in the field of inflation are deduced. Findings & value added: On the whole, the research on inflation in the United States is relatively mature, and has produced a large number of influential academic cooperation results. Finally, we have a series of discussions on the history of inflation in the United States and policy suggestions. In the future, governments of various countries, especially the United States, will still face certain challenges in how to formulate policies and measures to mitigate the impact of inflation.
研究背景：通货膨胀一直是经济学研究的核心问题，在这一领域有许多学术研究成果。近年来，全球通货膨胀加剧，许多学者再次关注这一领域的研究，为世界各国制定相应的宏观政策提供了一定的参考价值。文章目的：本文以五年影响因素为评价标准，从Web of Science核心收藏数据库中收集了1637篇关于1906年至2022年通货膨胀的高质量文献。利用文献计量学，对通货膨胀领域有影响力的文献进行了全面综述，以揭示该领域的演变和趋势。方法：首先，我们重点研究这些高质量的文献，包括描述性统计特征、高引用文献和高影响因子期刊。然后，基于可视化工具，描述了国家/地区、作者和机构的合作网络，并确定了它们之间的合作关系。同时，通过分析引文结构，确定最具影响力的国家/地区、作者和机构。此外，通过主题和关键词分析，推断出通货膨胀领域高质量文学的主题热点和未来研究趋势。研究成果与附加值：总体而言，美国对通货膨胀的研究相对成熟，并产生了大量有影响力的学术合作成果。最后，我们对美国通货膨胀的历史和政策建议进行了一系列讨论。未来，各国政府，尤其是美国政府，在如何制定政策和措施以减轻通货膨胀的影响方面，仍将面临一定的挑战。
{"title":"A review of inflation from 1906 to 2022: a comprehensive analysis of inflation studies from a global perspective","authors":"Xindi Wang, Zeshui Xu, Xinxin Wang, M. Škare","doi":"10.24136/oc.2022.018","DOIUrl":"https://doi.org/10.24136/oc.2022.018","url":null,"abstract":"Research background: Inflation has always been the core issue of economic research and there are many academic research achievements in this field. In recent years, global inflation has intensified, and many scholars focus on research in this field again, providing certain reference value for countries around the world to formulate corresponding macro policies.\u0000Purpose of the article: The five-year impact factors are used as the evaluation criteria in this paper, and 1,637 high-quality documents on inflation from 1906 to 2022 are collected from the Web of Science Core Collection database. Using bibliometrics, a comprehensive review of influential literature in the field of inflation is conducted to reveal the evolution and trends of the field.\u0000Methods: First, we focus on these high-quality documents about the descriptive statistical characteristics, high cited documents and high impact factor journals. Then, based on the visualization tool, the cooperative network of countries/regions, authors and institutions is depicted and the cooperative relationship between them is determined. At the same time, the most influential countries/regions, authors and institutions are identified by analyzing the citation structure. In addition, through thematic and keyword analysis, the topic hotspots and future research trends of high-quality literature in the field of inflation are deduced.\u0000Findings & value added: On the whole, the research on inflation in the United States is relatively mature, and has produced a large number of influential academic cooperation results. Finally, we have a series of discussions on the history of inflation in the United States and policy suggestions. In the future, governments of various countries, especially the United States, will still face certain challenges in how to formulate policies and measures to mitigate the impact of inflation.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49136384","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}
Ana León-Gómez, J. Santos‐Jaén, Daniel Ruiz-Palomo, Mercedes Palacios-Manzano
Research background: The literature on the effects of Information and Communication Technologies (ICT) on performance is extensive and shows a significant positive effect. Likewise, the use of ICT to facilitate and report on Corporate Social Responsibility (CSR) practices implemented by Small and Medium Enterprises (SMEs) contributes to improve business performance. Moreover, through innovative activities, firms also obtain competitive advantages that impact positively on their performance, even more so when they are impacted by CSR. For this reason, it is expected that the adoption of ICTs in companies through a CSR-oriented strategy will increase their impact on business performance. Purpose of the article: This article tries to examine how ICT affects SMEs? performance through CSR and innovation. Methods: We tested our hypotheses using a sample of 2,825 Spanish SMEs and by applying a Partial Least Squares Path Modeling (PLS-PM) with a double confirmatory and predictive purpose: to identify the causal relationships between latent variables, and to evaluate the ability of the model to make predictions for individual cases. Findings & value added: The results show that CSR-oriented ICT impacts innovation by changing strategies and business model in companies. Moreover, the implementation of CSR practices gave them competitive advantages to increase their performance. We highlight how innovation gives companies greater capacity to respond to changes in their environment and how innovation positively impacts the link between CSR and performance. Finally, our research makes two significant contributions to the literature by incorporating two sequential mediating effects into the model. On the one hand, the indirect effect of ICT on innovation through CSR. On the other hand, the indirect effect of CSR on SME performance through innovation.
{"title":"Disentangling the impact of ICT adoption on SMEs performance: the mediating roles of corpo-rate social responsibility and innovation","authors":"Ana León-Gómez, J. Santos‐Jaén, Daniel Ruiz-Palomo, Mercedes Palacios-Manzano","doi":"10.24136/oc.2022.024","DOIUrl":"https://doi.org/10.24136/oc.2022.024","url":null,"abstract":"Research background: The literature on the effects of Information and Communication Technologies (ICT) on performance is extensive and shows a significant positive effect. Likewise, the use of ICT to facilitate and report on Corporate Social Responsibility (CSR) practices implemented by Small and Medium Enterprises (SMEs) contributes to improve business performance. Moreover, through innovative activities, firms also obtain competitive advantages that impact positively on their performance, even more so when they are impacted by CSR. For this reason, it is expected that the adoption of ICTs in companies through a CSR-oriented strategy will increase their impact on business performance. \u0000Purpose of the article: This article tries to examine how ICT affects SMEs? performance through CSR and innovation.\u0000Methods: We tested our hypotheses using a sample of 2,825 Spanish SMEs and by applying a Partial Least Squares Path Modeling (PLS-PM) with a double confirmatory and predictive purpose: to identify the causal relationships between latent variables, and to evaluate the ability of the model to make predictions for individual cases.\u0000Findings & value added: The results show that CSR-oriented ICT impacts innovation by changing strategies and business model in companies. Moreover, the implementation of CSR practices gave them competitive advantages to increase their performance. We highlight how innovation gives companies greater capacity to respond to changes in their environment and how innovation positively impacts the link between CSR and performance. Finally, our research makes two significant contributions to the literature by incorporating two sequential mediating effects into the model. On the one hand, the indirect effect of ICT on innovation through CSR. On the other hand, the indirect effect of CSR on SME performance through innovation.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44083469","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}
A. Ključnikov, M. Civelek, V. Krajčík, P. Novák, Michal Červinka
Research background: Due to having lack of financial power and low amount of revenues, most of SMEs? major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions. Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not. Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test. Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural-linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs? perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill.
{"title":"Financial performance and bankruptcy concerns of SMEs in their export decision","authors":"A. Ključnikov, M. Civelek, V. Krajčík, P. Novák, Michal Červinka","doi":"10.24136/oc.2022.025","DOIUrl":"https://doi.org/10.24136/oc.2022.025","url":null,"abstract":"Research background: Due to having lack of financial power and low amount of revenues, most of SMEs? major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions.\u0000Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not.\u0000Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test.\u0000Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural-linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs? perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49022531","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}
E. Boateng, Emmanuel Asafo-Adjei, J. Gatsi, Ș. C. Gherghina, L. Simionescu
Research background: The contagious impact of the COVID-19 pandemic has heightened financial market's volatility, nonlinearity, asymmetric and nonstationary dynamics. Hence, the existing relationship among financial assets may have been altered. Moreover, the level of investor risk aversion and market opportunities could also alter in the pandemic. Predictably, investors in the heat of the moment are concerned about minimizing losses. In order to determine the level of hedge risks between implied volatilities in the COVID-19 pandemic through information flow, it is required to take into account the increased vagueness of economic projections as well as the increased uncertainty in asset values as a result of the pandemic. Purpose of the article: The study aims to examine the transmission of information between the VIX-implied volatility index for S&P 500 and fifteen other implied volatility indices in the COVID-19 pandemic. Methods: We relied on daily changes in the VIX and fifteen other implied volatility indices from commodities, currencies, and stocks. The study employed the improved complete ensemble empirical mode decomposition with adaptive noise which is in line with the heterogeneous expectations of market participants to denoise the data and extract intrinsic mode functions (IMFs). Subsequently, we clustered the IMFs based on common features into high, low, and medium frequencies. The analysis was carried out using Rényi transfer entropy (RTE), which allowed for the evaluation of both linear and non-linear, as well as varied distributions of the market dynamics. Findings & value added: Findings from the RTE revealed a bi-directional flow of negative information amid the VIX and each of the volatility indices, particularly in the long term. We found this behavior of the markets to be consistent at varying levels of investors' risk aversion. The findings help investors with their portfolio strategies in the time of the pandemic, which has resulted in fluctuating levels of risk aversion. Our findings characterize global financial markets to be ?non-linear heterogeneous evolutionary systems?. The results also lend support to the emerging delayed volatility of market competitiveness and external shocks hypothesis.
{"title":"Multifrequency-based non-linear approach to analyzing implied volatility transmission across global financial markets","authors":"E. Boateng, Emmanuel Asafo-Adjei, J. Gatsi, Ș. C. Gherghina, L. Simionescu","doi":"10.24136/oc.2022.021","DOIUrl":"https://doi.org/10.24136/oc.2022.021","url":null,"abstract":"Research background: The contagious impact of the COVID-19 pandemic has heightened financial market's volatility, nonlinearity, asymmetric and nonstationary dynamics. Hence, the existing relationship among financial assets may have been altered. Moreover, the level of investor risk aversion and market opportunities could also alter in the pandemic. Predictably, investors in the heat of the moment are concerned about minimizing losses. In order to determine the level of hedge risks between implied volatilities in the COVID-19 pandemic through information flow, it is required to take into account the increased vagueness of economic projections as well as the increased uncertainty in asset values as a result of the pandemic.\u0000Purpose of the article: The study aims to examine the transmission of information between the VIX-implied volatility index for S&P 500 and fifteen other implied volatility indices in the COVID-19 pandemic.\u0000Methods: We relied on daily changes in the VIX and fifteen other implied volatility indices from commodities, currencies, and stocks. The study employed the improved complete ensemble empirical mode decomposition with adaptive noise which is in line with the heterogeneous expectations of market participants to denoise the data and extract intrinsic mode functions (IMFs). Subsequently, we clustered the IMFs based on common features into high, low, and medium frequencies. The analysis was carried out using Rényi transfer entropy (RTE), which allowed for the evaluation of both linear and non-linear, as well as varied distributions of the market dynamics.\u0000Findings & value added: Findings from the RTE revealed a bi-directional flow of negative information amid the VIX and each of the volatility indices, particularly in the long term. We found this behavior of the markets to be consistent at varying levels of investors' risk aversion. The findings help investors with their portfolio strategies in the time of the pandemic, which has resulted in fluctuating levels of risk aversion. Our findings characterize global financial markets to be ?non-linear heterogeneous evolutionary systems?. The results also lend support to the emerging delayed volatility of market competitiveness and external shocks hypothesis.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45964483","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}
Dan-Cristian Dabija, Veronica Cȃmpian, Anna-Rebeka Pop, R. Băbuț
Research background: Faced with multiple media scandals concerning the pollution resulting from manufacturing activities, and encouraging the overconsumption of clothing, international fast fashion retailers have often had to resort to the elaboration and implementation of sustainable strategies aimed at environmental protection and reducing resource consumption. Generating customer satisfaction and loyalty depends increasingly on the extent to which retailers manage to employ socio-environmental responsibility besides the traditional retail store attributes. The purpose of this article: The objective of the paper is to evaluate the influence of consumer-oriented store attributes in generating satisfaction and loyalty towards the fast fashion store, highlighting the influence of socio-environmental responsibility on the two constructs. Methods: Based on the literature review, a conceptual model considering the effects of stores? attributes on store satisfaction and store loyalty and influenced by socio-environmental responsibility is proposed. Data were collected with the help of face-to-face administrated questionnaires before the outbreak of the COVID-19 pandemic in an emerging market (Romania). The data were analyzed via structural equation modeling in SmartPLS, for the three considered consumer generations: Generation X, Millennials and Generation Z. Findings & value added: For all consumer generations, all store attributes contribute to the direct generation of fast fashion store satisfaction and store loyalty; nevertheless, the intensity varies in levels of significance. Socio-environmental responsibility does not significantly determine store satisfaction, but does have a strong influence on fast fashion store loyalty. The results detailed according to the generations indicate a similar situation: each store attribute influences the satisfaction of one or other generation, apart from socio-environmental responsibility. This work makes an essential contribution to the extension of the generational theory, highlighting the various individualities, perceptions, and behaviors. This cross-generational research broadens knowledge on how different consumer generations behave when shopping from fast fashion stores. The research also extends the S-O-R model, which is used to understand the relationship between store attributes (stimulus), consumer satisfaction (organism), and consumer loyalty (response) towards fast fashion stores.
{"title":"Generating loyalty towards fast fashion stores: a cross-generational approach based on store attributes and socio-environmental responsibility","authors":"Dan-Cristian Dabija, Veronica Cȃmpian, Anna-Rebeka Pop, R. Băbuț","doi":"10.24136/oc.2022.026","DOIUrl":"https://doi.org/10.24136/oc.2022.026","url":null,"abstract":"Research background: Faced with multiple media scandals concerning the pollution resulting from manufacturing activities, and encouraging the overconsumption of clothing, international fast fashion retailers have often had to resort to the elaboration and implementation of sustainable strategies aimed at environmental protection and reducing resource consumption. Generating customer satisfaction and loyalty depends increasingly on the extent to which retailers manage to employ socio-environmental responsibility besides the traditional retail store attributes.\u0000The purpose of this article: The objective of the paper is to evaluate the influence of consumer-oriented store attributes in generating satisfaction and loyalty towards the fast fashion store, highlighting the influence of socio-environmental responsibility on the two constructs.\u0000Methods: Based on the literature review, a conceptual model considering the effects of stores? attributes on store satisfaction and store loyalty and influenced by socio-environmental responsibility is proposed. Data were collected with the help of face-to-face administrated questionnaires before the outbreak of the COVID-19 pandemic in an emerging market (Romania). The data were analyzed via structural equation modeling in SmartPLS, for the three considered consumer generations: Generation X, Millennials and Generation Z.\u0000Findings & value added: For all consumer generations, all store attributes contribute to the direct generation of fast fashion store satisfaction and store loyalty; nevertheless, the intensity varies in levels of significance. Socio-environmental responsibility does not significantly determine store satisfaction, but does have a strong influence on fast fashion store loyalty. The results detailed according to the generations indicate a similar situation: each store attribute influences the satisfaction of one or other generation, apart from socio-environmental responsibility. This work makes an essential contribution to the extension of the generational theory, highlighting the various individualities, perceptions, and behaviors. This cross-generational research broadens knowledge on how different consumer generations behave when shopping from fast fashion stores. The research also extends the S-O-R model, which is used to understand the relationship between store attributes (stimulus), consumer satisfaction (organism), and consumer loyalty (response) towards fast fashion stores.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49317243","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 rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China?s A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.
{"title":"Enterprise digital transformation and debt financing cost in China?s A-share listed companies","authors":"C. Sun, Zixin Zhang, M. Vochozka, I. Vozňáková","doi":"10.24136/oc.2022.023","DOIUrl":"https://doi.org/10.24136/oc.2022.023","url":null,"abstract":"Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life.\u0000Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy.\u0000Methods: Taking China?s A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression.\u0000Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2022-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49332465","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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