Research background: In recent years, much attention in the literature has been paid to the economic and environmental conditions of energy development as a key sector for the development of national economies. The issue of availability of individual energy resources and related energy security is receding into the background, most often due to the strong globalization of economies and the associated assumption of free international flow of goods and services, and thus practically unlimited possibilities of buying on the international commodity markets and energy exchanges. Nevertheless, the importance of energy security increases significantly in crisis situations. Purpose of the article: Bearing in mind the circumstances indicated above, the main objective of this article is to assess the energy security of European countries carried out in the context of resource and economic conditions. Methods: The article proposes its own methodological approach to the assessment of energy security based on the analysis of the energy mixes of 32 European countries and the availability of their own internal energy sources. In the process of classifying the studied economies into homogeneous groups in terms of resource and economic determinants (GDP per capita), principal component analysis was used. Findings & value added: The theoretical and methodological added value of the article results from the development of the author's approach to the assessment of energy security using individual and aggregated energy sufficiency index. Empirical added value is related to the results of energy security assessment in European countries, which can be used in shaping energy policies. Therefore, most of the 32 European countries assessed have a low level of energy security, which is due to the dominant use of non-renewable energy resources in their energy mixes. Countries with a high level of energy security have their own non-renewable resources or use alternative energy carriers in the form of renewable sources, hydropower or nuclear energy.
{"title":"Assessing the energy security of European countries in the resource and economic context","authors":"Izabela Jonek-Kowalska","doi":"10.24136/oc.2022.009","DOIUrl":"https://doi.org/10.24136/oc.2022.009","url":null,"abstract":"Research background: In recent years, much attention in the literature has been paid to the economic and environmental conditions of energy development as a key sector for the development of national economies. The issue of availability of individual energy resources and related energy security is receding into the background, most often due to the strong globalization of economies and the associated assumption of free international flow of goods and services, and thus practically unlimited possibilities of buying on the international commodity markets and energy exchanges. Nevertheless, the importance of energy security increases significantly in crisis situations.\u0000Purpose of the article: Bearing in mind the circumstances indicated above, the main objective of this article is to assess the energy security of European countries carried out in the context of resource and economic conditions.\u0000Methods: The article proposes its own methodological approach to the assessment of energy security based on the analysis of the energy mixes of 32 European countries and the availability of their own internal energy sources. In the process of classifying the studied economies into homogeneous groups in terms of resource and economic determinants (GDP per capita), principal component analysis was used.\u0000Findings & value added: The theoretical and methodological added value of the article results from the development of the author's approach to the assessment of energy security using individual and aggregated energy sufficiency index. Empirical added value is related to the results of energy security assessment in European countries, which can be used in shaping energy policies. Therefore, most of the 32 European countries assessed have a low level of energy security, which is due to the dominant use of non-renewable energy resources in their energy mixes. Countries with a high level of energy security have their own non-renewable resources or use alternative energy carriers in the form of renewable sources, hydropower or nuclear energy.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43522615","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: Many scientists have researched the economic competitiveness of agriculture. At the same time, considerably less attention is paid to the so-called green competitiveness. Considering a global trend searching for solutions to reduce the environmental impact of the agricultural sector, it seems reasonable to explore the overlap between economic competitiveness and green competitiveness. Purpose of the article: This study aims to answer the following questions: What is the level of economic and green competitiveness of agriculture in respective countries? What is the level of the comprehensive competitiveness of agriculture in EU member states? Do the economic competitiveness outcomes of respective countries coincide with their green competitiveness rankings? Methods: Taxonomic methods were applied to design synthetic indices of economic, green and comprehensive competitiveness of 27 member states of the European Union, based on multi-criteria sets of specific indicators from 2018. Findings & value added: The results of analyses imply that, in general, the level of green competitiveness of agriculture is higher than the level of its economic competitiveness in EU member states. Simultaneously, the developed rankings show that respective countries' economic and green competitiveness are not linked. In other words, economic competitiveness outcomes do not match green competitiveness outcomes for EU agriculture. This work is a genuine contribution to studies on the methods for measuring and evaluating the competitiveness of agriculture as it designs separate synthetic measures for economic and green competitiveness and confronts both types of competitiveness in EU member states. The research findings for the first time provide clear answers to questions about the mutual relationship between economic and green competitiveness in agriculture. Furthermore, an added value of this study is that it introduces and attempts to define the notion of green competitiveness.
{"title":"Economic competitiveness vs. green competitiveness of agriculture in the European Union countries","authors":"A. Nowak, A. Kasztelan","doi":"10.24136/oc.2022.012","DOIUrl":"https://doi.org/10.24136/oc.2022.012","url":null,"abstract":"Research background: Many scientists have researched the economic competitiveness of agriculture. At the same time, considerably less attention is paid to the so-called green competitiveness. Considering a global trend searching for solutions to reduce the environmental impact of the agricultural sector, it seems reasonable to explore the overlap between economic competitiveness and green competitiveness.\u0000Purpose of the article: This study aims to answer the following questions: What is the level of economic and green competitiveness of agriculture in respective countries? What is the level of the comprehensive competitiveness of agriculture in EU member states? Do the economic competitiveness outcomes of respective countries coincide with their green competitiveness rankings?\u0000Methods: Taxonomic methods were applied to design synthetic indices of economic, green and comprehensive competitiveness of 27 member states of the European Union, based on multi-criteria sets of specific indicators from 2018.\u0000Findings & value added: The results of analyses imply that, in general, the level of green competitiveness of agriculture is higher than the level of its economic competitiveness in EU member states. Simultaneously, the developed rankings show that respective countries' economic and green competitiveness are not linked. In other words, economic competitiveness outcomes do not match green competitiveness outcomes for EU agriculture. This work is a genuine contribution to studies on the methods for measuring and evaluating the competitiveness of agriculture as it designs separate synthetic measures for economic and green competitiveness and confronts both types of competitiveness in EU member states. The research findings for the first time provide clear answers to questions about the mutual relationship between economic and green competitiveness in agriculture. Furthermore, an added value of this study is that it introduces and attempts to define the notion of green competitiveness.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46747627","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 recent decades, services in international trade have been growing steadily in importance, and there has been strong growth in China?s trade in services as a result of the ?opening up? policy. China has become the European Union?s second biggest trading partner in services with the European Union (EU), being China?s largest trading partner. The EU is one of the addressees of the Chinese Belt and Road Initiative, which creates opportunities and threads to the European Internal Market in services. Purpose of the article: The aim of this paper is to contribute to the literature and fulfil the research gap on the position of China in intra-EU trade in services. Methods: We identified the most important types of services offered by China to purchasers from the EU countries. By using the Revealed Symmetric Comparative Advantage (RSCA) and trade balance (LFI) indices, we classified the Chinese exports to the EU Internal Market by types of services and by their trade position. Findings & value added: We found out that China might be perceived as a strong competitor for intra-EU trade in selected services, especially those concerning low-end service tasks, that use relatively low-skilled labour and are less knowledge- and capital-intensive. However, China?s attitude is changing towards more sophisticated services for example R&D. It creates a need for a new approach to the EU economic policies (in terms of both protectionism and interventionism) in trade relations in services with China.
{"title":"The position of China in trade in services within the European Union","authors":"Adam A. Ambroziak, J. Stefaniak","doi":"10.24136/oc.2022.010","DOIUrl":"https://doi.org/10.24136/oc.2022.010","url":null,"abstract":"Research background: In recent decades, services in international trade have been growing steadily in importance, and there has been strong growth in China?s trade in services as a result of the ?opening up? policy. China has become the European Union?s second biggest trading partner in services with the European Union (EU), being China?s largest trading partner. The EU is one of the addressees of the Chinese Belt and Road Initiative, which creates opportunities and threads to the European Internal Market in services.\u0000Purpose of the article: The aim of this paper is to contribute to the literature and fulfil the research gap on the position of China in intra-EU trade in services.\u0000Methods: We identified the most important types of services offered by China to purchasers from the EU countries. By using the Revealed Symmetric Comparative Advantage (RSCA) and trade balance (LFI) indices, we classified the Chinese exports to the EU Internal Market by types of services and by their trade position.\u0000Findings & value added: We found out that China might be perceived as a strong competitor for intra-EU trade in selected services, especially those concerning low-end service tasks, that use relatively low-skilled labour and are less knowledge- and capital-intensive. However, China?s attitude is changing towards more sophisticated services for example R&D. It creates a need for a new approach to the EU economic policies (in terms of both protectionism and interventionism) in trade relations in services with China.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45284000","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}
T. Kliestik, A. Novák Sedláčková, M. Bugaj, A. Novák
Research background: Business profit and its stable development are key performance indicators. Many enterprises performed earnings manipulation, either upward or downward, according to the current business and macroeconomic situation, as well as time. These activities may interrupt the stationarity of time series. This article focuses on the transport enterprises, and the assessment of bonds in their earnings. Purpose of the article: The target of the article was to identify the occurrence of non-stationary and its unit root in the EBITDA of transport enterprises for each country in V4 during the period of 2010?2019. Methods: The stationarity and unit roots in time series were tested by the Kwiatkowski, Phillips, Schmidt, and Shin tests and the Augmented Dickey-Fuller based on the samples of 470 Slovak, 405 Czech, 774 Polish, and 1,056 Hungarian. The behavior of earnings manipulation (the first cause of non-stationarity) was indicated by the Modified Jones model. Additional causes for non-stationarity were confirmed by the regression analysis, including factors such as the GDP, unemployment rate, average monthly gross wage, and the Ease of doing business index. Findings & value added: The non-stationarity in the time series of EBITDA was disclosed for each country in the V4 region. Earnings management was discovered to be the cause of this erratic development. Thus, the value-added for the authorities and auditors is to show the association between non-stationary and creative accounting. In addition, purposeful downward manipulation in the transport sector occurs, not upward, which is typical in general. The methodology used in the study may be applied cross-sectorally in emerging countries. The labelling of specific macroeconomic variables depending on the country offers enterprises the opportunity to focus on factors with a crucial influence on their existence and activities.
{"title":"Stability of profits and earnings management in the transport sector of Visegrad countries","authors":"T. Kliestik, A. Novák Sedláčková, M. Bugaj, A. Novák","doi":"10.24136/oc.2022.015","DOIUrl":"https://doi.org/10.24136/oc.2022.015","url":null,"abstract":"Research background: Business profit and its stable development are key performance indicators. Many enterprises performed earnings manipulation, either upward or downward, according to the current business and macroeconomic situation, as well as time. These activities may interrupt the stationarity of time series. This article focuses on the transport enterprises, and the assessment of bonds in their earnings.\u0000Purpose of the article: The target of the article was to identify the occurrence of non-stationary and its unit root in the EBITDA of transport enterprises for each country in V4 during the period of 2010?2019.\u0000Methods: The stationarity and unit roots in time series were tested by the Kwiatkowski, Phillips, Schmidt, and Shin tests and the Augmented Dickey-Fuller based on the samples of 470 Slovak, 405 Czech, 774 Polish, and 1,056 Hungarian. The behavior of earnings manipulation (the first cause of non-stationarity) was indicated by the Modified Jones model. Additional causes for non-stationarity were confirmed by the regression analysis, including factors such as the GDP, unemployment rate, average monthly gross wage, and the Ease of doing business index.\u0000Findings & value added: The non-stationarity in the time series of EBITDA was disclosed for each country in the V4 region. Earnings management was discovered to be the cause of this erratic development. Thus, the value-added for the authorities and auditors is to show the association between non-stationary and creative accounting. In addition, purposeful downward manipulation in the transport sector occurs, not upward, which is typical in general. The methodology used in the study may be applied cross-sectorally in emerging countries. The labelling of specific macroeconomic variables depending on the country offers enterprises the opportunity to focus on factors with a crucial influence on their existence and activities.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46882610","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}
Eduardo Terán-Yépez, David Jiménez-Castillo, Manuel Sánchez-Pérez
Research background: Little research addresses how identifying an opportunity in the international market, whether through active search or serendipitous discovery, may have implications for the subsequent gestation behaviors. An emerging body of research suggests addressing this deficiency by focusing on the cognitive and experience-based factors that international entrepreneurs use to develop an opportunity in the foreign market once identified. Purpose of the article: The aim of this study is to explore the role of active and serendipitous international opportunity recognition (IOR) in entrepreneurs? problem-solving skills (problem-solving speed and creativity), as well as the moderating effect of past negative entrepreneurial experience (PNE) on such relationships. Methods: This study used the survey data collection method through an online self-administered questionnaire. Partial least square structural equation modeling (PLS-SEM) method was used to analyze the results over a sample of Spanish international entrepreneurs. Findings & value added: The results show that entrepreneurs that have identified an international opportunity (IO) actively are better equipped to solve problems speedily than those that have discovered an IO serendipitously. In contrast, entrepreneurs who identified an IO serendipitously are better equipped to solve problems creatively. Furthermore, the impact of active search on problem-solving speed is greater for entrepreneurs without PNE, and the impact of active search on problem-solving creativity is greater for entrepreneurs with PNE. Also, it is found that PNE does not moderate serendipitous IOR relationship with problem-solving competence. These findings are relevant as they indicate that the IOR processes have implications for the subsequent gestation behaviors. Thus, the value added of this study is the combination of cognitive and experience-based factors of the international entrepreneur to enrich the link between IOR processes and IO development. These are two intertwined and interdependent processes, which, however, have been scarcely studied as a whole. The results of this research help international entrepreneurs to understand how and why the way they recognized an IO and having or not PNE influence their problem-solving skills during the IO development phase.
{"title":"The effect of international opportunity recognition processes on problem-solving competence: how does past negative entrepreneurial experience matter?","authors":"Eduardo Terán-Yépez, David Jiménez-Castillo, Manuel Sánchez-Pérez","doi":"10.24136/oc.2022.017","DOIUrl":"https://doi.org/10.24136/oc.2022.017","url":null,"abstract":"Research background: Little research addresses how identifying an opportunity in the international market, whether through active search or serendipitous discovery, may have implications for the subsequent gestation behaviors. An emerging body of research suggests addressing this deficiency by focusing on the cognitive and experience-based factors that international entrepreneurs use to develop an opportunity in the foreign market once identified.\u0000Purpose of the article: The aim of this study is to explore the role of active and serendipitous international opportunity recognition (IOR) in entrepreneurs? problem-solving skills (problem-solving speed and creativity), as well as the moderating effect of past negative entrepreneurial experience (PNE) on such relationships.\u0000Methods: This study used the survey data collection method through an online self-administered questionnaire. Partial least square structural equation modeling (PLS-SEM) method was used to analyze the results over a sample of Spanish international entrepreneurs.\u0000Findings & value added: The results show that entrepreneurs that have identified an international opportunity (IO) actively are better equipped to solve problems speedily than those that have discovered an IO serendipitously. In contrast, entrepreneurs who identified an IO serendipitously are better equipped to solve problems creatively. Furthermore, the impact of active search on problem-solving speed is greater for entrepreneurs without PNE, and the impact of active search on problem-solving creativity is greater for entrepreneurs with PNE. Also, it is found that PNE does not moderate serendipitous IOR relationship with problem-solving competence. These findings are relevant as they indicate that the IOR processes have implications for the subsequent gestation behaviors. Thus, the value added of this study is the combination of cognitive and experience-based factors of the international entrepreneur to enrich the link between IOR processes and IO development. These are two intertwined and interdependent processes, which, however, have been scarcely studied as a whole. The results of this research help international entrepreneurs to understand how and why the way they recognized an IO and having or not PNE influence their problem-solving skills during the IO development phase.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44854056","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}
M. C. V. Valls Martínez, Rafael Soriano Román, Pedro Antonio Mart´ín-Cervantes
Research background: Companies are required to implement Corporate Social Responsibility (CSR) policies to mitigate the adverse social and environmental effects of their activities and gain legitimacy in the eyes of society. Sustainability initiatives are costly for companies but, at the same time, they are important value-creation drivers. Retail and institutional investors are increasingly choosing portfolios based on CSR performance. However, the relationship between CSR and market beta has hardly been studied at all in the literature, and no direct comparison of the U.S. and European markets has been conducted. Purpose of the article: The two fundamental variables that define an investment are return and risk, and the appropriate risk-return combination depends on the profile of the investors. This research aims to analyze the relationship between CSR and market risk, understood as price volatility and measured by market beta in the U.S. and European markets. Methods: Companies listed in the S&P 500 and Euro Stoxx 300 indexes from 2015 to 2019 were examined using OLS regressions with instrumental variables (IV) and fixed effects panel data. Findings & value added: The results show that those companies with higher CSR have betas below the market index in the U.S. market as well as lower volatility, and are, therefore, more appropriate choices for risk-averse investors. However, this relationship was not confirmed in the European market. This difference may be justified by two reasons: 1) The non-adherence of the United States to the Kyoto Protocol, resulting in less strict legal regulations than in Europe; 2) In the U.S. market, betas are more aggressive, while in the European market they are more defensive, with little margin for reduction. This research contributes to the current state of knowledge by providing empirical evidence that social, environmental, and corporate governance sustainability practices reduce stock volatility in the U.S. capital market, which is highly relevant for private and institutional investors who make their investments based on moral criteria. The results are current and reliable since they cover a broad and recent period for two of the most important stock market indexes.
{"title":"Should risk-averse investors target the portfolios of socially responsible companies?","authors":"M. C. V. Valls Martínez, Rafael Soriano Román, Pedro Antonio Mart´ín-Cervantes","doi":"10.24136/oc.2022.014","DOIUrl":"https://doi.org/10.24136/oc.2022.014","url":null,"abstract":"Research background: Companies are required to implement Corporate Social Responsibility (CSR) policies to mitigate the adverse social and environmental effects of their activities and gain legitimacy in the eyes of society. Sustainability initiatives are costly for companies but, at the same time, they are important value-creation drivers. Retail and institutional investors are increasingly choosing portfolios based on CSR performance. However, the relationship between CSR and market beta has hardly been studied at all in the literature, and no direct comparison of the U.S. and European markets has been conducted.\u0000Purpose of the article: The two fundamental variables that define an investment are return and risk, and the appropriate risk-return combination depends on the profile of the investors. This research aims to analyze the relationship between CSR and market risk, understood as price volatility and measured by market beta in the U.S. and European markets.\u0000Methods: Companies listed in the S&P 500 and Euro Stoxx 300 indexes from 2015 to 2019 were examined using OLS regressions with instrumental variables (IV) and fixed effects panel data.\u0000Findings & value added: The results show that those companies with higher CSR have betas below the market index in the U.S. market as well as lower volatility, and are, therefore, more appropriate choices for risk-averse investors. However, this relationship was not confirmed in the European market. This difference may be justified by two reasons: 1) The non-adherence of the United States to the Kyoto Protocol, resulting in less strict legal regulations than in Europe; 2) In the U.S. market, betas are more aggressive, while in the European market they are more defensive, with little margin for reduction. This research contributes to the current state of knowledge by providing empirical evidence that social, environmental, and corporate governance sustainability practices reduce stock volatility in the U.S. capital market, which is highly relevant for private and institutional investors who make their investments based on moral criteria. The results are current and reliable since they cover a broad and recent period for two of the most important stock market indexes.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45988276","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 world has been fighting the new pandemic caused by COVID-19 since March 2020. The subsequent restrictions on economic activity resulted in a supply shock, accompanied by a supply chain disruption, job layoffs, reduced work time and wages and decreased disposable incomes and taxes, which led to a demand shock. However, whether a close link exists between the number of confirmed cases, deaths and economic indicators during the COVID-19 pandemic remains uncertain. Purpose of the article: The current study aims to analyse the impact of the number of infections and deaths on economic growth and labour market indicators in the member states of the European Union. Methods: To achieve the main research goal, we conduct a panel data analysis on the quarterly data of 2020. Specifically, we developed three random-effects panel data econometric models to estimate the significance of infection and mortality rates for economic growth as well as employment and unemployment rates. Findings & value added: This study contributes to the existing literature by analysing the link between the infection and mortality rates of COVID-19 and selecting macro-economic indicators within the European Union. The results show that the infection rate is not a significant variable for economic growth and labour market indicators. However, an increase in the number of confirmed deaths has a significantly negative impact on the economy. Moreover, an increase in the mortality rate has a worse impact on the labour market than on economic growth in general. These results can serve as a theoretical basis for future research on the interconnections between pandemics and macro-economic indicators. The findings can also contribute to developing efficient policy instruments for mitigating the negative impact of pandemics in the future, thereby ensuring the cooperation of fiscal, monetary and health policy authorities.
{"title":"Economic growth and labour market in the European Union: lessons from COVID-19","authors":"Andrej Přívara","doi":"10.24136/oc.2022.011","DOIUrl":"https://doi.org/10.24136/oc.2022.011","url":null,"abstract":"Research background: The world has been fighting the new pandemic caused by COVID-19 since March 2020. The subsequent restrictions on economic activity resulted in a supply shock, accompanied by a supply chain disruption, job layoffs, reduced work time and wages and decreased disposable incomes and taxes, which led to a demand shock. However, whether a close link exists between the number of confirmed cases, deaths and economic indicators during the COVID-19 pandemic remains uncertain.\u0000Purpose of the article: The current study aims to analyse the impact of the number of infections and deaths on economic growth and labour market indicators in the member states of the European Union.\u0000Methods: To achieve the main research goal, we conduct a panel data analysis on the quarterly data of 2020. Specifically, we developed three random-effects panel data econometric models to estimate the significance of infection and mortality rates for economic growth as well as employment and unemployment rates.\u0000Findings & value added: This study contributes to the existing literature by analysing the link between the infection and mortality rates of COVID-19 and selecting macro-economic indicators within the European Union. The results show that the infection rate is not a significant variable for economic growth and labour market indicators. However, an increase in the number of confirmed deaths has a significantly negative impact on the economy. Moreover, an increase in the mortality rate has a worse impact on the labour market than on economic growth in general. These results can serve as a theoretical basis for future research on the interconnections between pandemics and macro-economic indicators. The findings can also contribute to developing efficient policy instruments for mitigating the negative impact of pandemics in the future, thereby ensuring the cooperation of fiscal, monetary and health policy authorities.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43360505","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 global financial crisis from 2007 to 2012, the COVID-19 pandemic, and the current war in Ukraine have dramatically increased the risk of consumer bankruptcies worldwide. All three crises negatively impact the financial situation of households due to increased interest rates, inflation rates, volatile exchange rates, and other significant macroeconomic factors. Financial difficulties may arise when the private person is unable to maintain a habitual standard of living. This means that anyone can become financially vulnerable regardless of wealth or education level. Therefore, forecasting consumer bankruptcy risk has received increasing scientific and public attention. Purpose of the article: This study proposes artificial intelligence solutions to address the increased importance of the personal bankruptcy phenomenon and the growing need for reliable forecasting models. The objective of this paper is to develop six models for forecasting personal bankruptcies in Poland and Taiwan with the use of three soft-computing techniques. Methods: Six models were developed to forecast the risk of insolvency: three for Polish households and three for Taiwanese consumers, using fuzzy sets, genetic algorithms, and artificial neural networks. This research relied on four samples. Two were learning samples (one for each country), and two were testing samples, also one for each country separately. Both testing samples contain 500 bankrupt and 500 nonbankrupt households, while each learning sample consists of 100 insolvent and 100 solvent natural persons. Findings & value added: This study presents a solution for effective bankruptcy risk forecasting by implementing both highly effective and usable methods and proposes a new type of ratios that combine the evaluated consumers? financial and demographic characteristics. The usage of such ratios also improves the versatility of the presented models, as they are not denominated in monetary value or strictly in demographic units. This would be limited to use in only one country but can be widely used in other regions of the world.
{"title":"Implementing artificial intelligence in forecasting the risk of personal bankruptcies in Poland and Taiwan","authors":"Tomasz Korol, A. Fotiadis","doi":"10.24136/oc.2022.013","DOIUrl":"https://doi.org/10.24136/oc.2022.013","url":null,"abstract":"Research background: The global financial crisis from 2007 to 2012, the COVID-19 pandemic, and the current war in Ukraine have dramatically increased the risk of consumer bankruptcies worldwide. All three crises negatively impact the financial situation of households due to increased interest rates, inflation rates, volatile exchange rates, and other significant macroeconomic factors. Financial difficulties may arise when the private person is unable to maintain a habitual standard of living. This means that anyone can become financially vulnerable regardless of wealth or education level. Therefore, forecasting consumer bankruptcy risk has received increasing scientific and public attention. \u0000Purpose of the article: This study proposes artificial intelligence solutions to address the increased importance of the personal bankruptcy phenomenon and the growing need for reliable forecasting models. The objective of this paper is to develop six models for forecasting personal bankruptcies in Poland and Taiwan with the use of three soft-computing techniques.\u0000Methods: Six models were developed to forecast the risk of insolvency: three for Polish households and three for Taiwanese consumers, using fuzzy sets, genetic algorithms, and artificial neural networks. This research relied on four samples. Two were learning samples (one for each country), and two were testing samples, also one for each country separately. Both testing samples contain 500 bankrupt and 500 nonbankrupt households, while each learning sample consists of 100 insolvent and 100 solvent natural persons.\u0000Findings & value added: This study presents a solution for effective bankruptcy risk forecasting by implementing both highly effective and usable methods and proposes a new type of ratios that combine the evaluated consumers? financial and demographic characteristics. The usage of such ratios also improves the versatility of the presented models, as they are not denominated in monetary value or strictly in demographic units. This would be limited to use in only one country but can be widely used in other regions of the world.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47667773","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}
Jalil Heidary Dahooie, M. Estiri, M. Janmohammadi, E. Zavadskas, Zenonas Turskis
Research background: The critical role of online games in e-commerce and the great competition among providers to enhance market share has significantly increased the need to use effective advertising patterns, techniques, and tools to attract users. There are two significant challenges to planning online media game selection. The first challenge is that there is no agreement on media selection criteria for online game advertising. The second challenge relates to the complexity of choosing advertising media. Purpose of the article: Given the multidimensionality and uncertainty in evaluating and selecting advertising media, especially in the case of online games, the need to provide a systematic framework for evaluating and selecting media is critical. Methods: The present study aims to provide a systematic framework based on multi-attribute decision-making (MADM) methods to evaluate and select the appropriate media for online game advertising. For this purpose, first, by reviewing the literature, a relatively comprehensive list of media selection criteria for online game advertising was extracted and then provided to experts in online game marketing and advertising in the fuzzy Delphi questionnaire. Then, based on their opinions, a localized decision model was obtained. Also, the Step-wise Weight Assessment Ratio Analysis (SWARA) method helped to determine the criteria? importance. In the next step, a preliminary list of online game advertising media was prepared and evaluated by experts based on the criteria obtained in the previous step. Finally, the media was ranked using the Additive Ratio ASsessment (ARAS) method. Findings & value added: Awareness of the criteria affecting the selection of online game advertising media and having a systematic framework for applying these criteria in advertising media selection decisions play a vital role in practical decisions. This research addresses one of the main gaps in the field of study by proposing a quantitative methodology for integrating information based on the knowledge of experts in the decision-making processes select advertising media for online games. Most traditional media selection processes are based solely on experience and estimation, and in practice, they are unable to systematically prioritize the alternatives due to the multiplicity of media available and the complexity of the decision-making process Interval-valued triangular fuzzy numbers (IVTFNs) can address the shortcomings of previous research while considering the uncertainties in this decision-making process. The findings of this framework can be good support for e-commerce managers and online game advertising practitioners.
{"title":"A novel advertising media selection framework for online games in an intuitionistic fuzzy environment","authors":"Jalil Heidary Dahooie, M. Estiri, M. Janmohammadi, E. Zavadskas, Zenonas Turskis","doi":"10.24136/oc.2022.004","DOIUrl":"https://doi.org/10.24136/oc.2022.004","url":null,"abstract":"Research background: The critical role of online games in e-commerce and the great competition among providers to enhance market share has significantly increased the need to use effective advertising patterns, techniques, and tools to attract users. There are two significant challenges to planning online media game selection. The first challenge is that there is no agreement on media selection criteria for online game advertising. The second challenge relates to the complexity of choosing advertising media.\u0000Purpose of the article: Given the multidimensionality and uncertainty in evaluating and selecting advertising media, especially in the case of online games, the need to provide a systematic framework for evaluating and selecting media is critical.\u0000Methods: The present study aims to provide a systematic framework based on multi-attribute decision-making (MADM) methods to evaluate and select the appropriate media for online game advertising. For this purpose, first, by reviewing the literature, a relatively comprehensive list of media selection criteria for online game advertising was extracted and then provided to experts in online game marketing and advertising in the fuzzy Delphi questionnaire. Then, based on their opinions, a localized decision model was obtained. Also, the Step-wise Weight Assessment Ratio Analysis (SWARA) method helped to determine the criteria? importance. In the next step, a preliminary list of online game advertising media was prepared and evaluated by experts based on the criteria obtained in the previous step. Finally, the media was ranked using the Additive Ratio ASsessment (ARAS) method.\u0000Findings & value added: Awareness of the criteria affecting the selection of online game advertising media and having a systematic framework for applying these criteria in advertising media selection decisions play a vital role in practical decisions. This research addresses one of the main gaps in the field of study by proposing a quantitative methodology for integrating information based on the knowledge of experts in the decision-making processes select advertising media for online games. Most traditional media selection processes are based solely on experience and estimation, and in practice, they are unable to systematically prioritize the alternatives due to the multiplicity of media available and the complexity of the decision-making process Interval-valued triangular fuzzy numbers (IVTFNs) can address the shortcomings of previous research while considering the uncertainties in this decision-making process. The findings of this framework can be good support for e-commerce managers and online game advertising practitioners.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45176332","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: Today, it is an m-commerce platform that provides brands with the opportunity to foster their sustainable image and communicate with environmentally and socially conscious consumers. Proper communication that respects the customer's interests, conducted through mobile marketing tools, can be a key to creating a competitive advantage. Therefore, it is essential, at the level of scientific research, to broaden the knowledge base in the field of consumer behavior. Purpose of the article: The research was aimed at assessing ten purchasing behavior constructs in terms of gender and generation characteristics, as well as inferring impact on and assessing the difference between generations (Generation X and Y) and gender in terms of purchasing behavior. Methods: The sample consisted of 765 Slovak respondents. The Wilcoxon Test was used for differences testing. Partial Least Squares ? Path Modeling (PLS-PM) was used to determine the general impact and the permutations-based method was used to assess the difference in impact between gender and generation characteristics. Findings & value added: The difference in purchasing behavior patterns between the categories of gender and generation was significant in most cases, with the most significant difference being seen in the Visual Appeal of an e-shop. The most striking general influences were recorded between Hedonic Browsing and Urge to Buy, also the impact of Portability on Hedonic Browsing and Utilitarian Browsing. These findings indicate the potential of retailers to communicate effectively with their customers not only about products, but also about sustainable practices and values while engaging consumers in purchasing processes. Proper optimization of marketing processes, in terms of impulsive and thought-through purchases too, positively influences the user experience and the satisfaction with the purchase process. These facts may positively influence the sale and, in a broader perspective, increase the competitiveness and overall value of the e-commerce entity. It is also worth emphasizing the long-term value for the customer, as the application of the model leads to better satisfaction of customer needs, thus to a stable growth not only of the organizations, but ultimately of the economy as a whole.
研究背景：如今，它是一个移动商务平台，为品牌提供了塑造可持续形象的机会，并与有环保意识和社会意识的消费者进行沟通。通过移动营销工具进行的尊重客户利益的适当沟通可能是创造竞争优势的关键。因此，在科学研究的层面上，拓宽消费者行为领域的知识库是至关重要的。文章目的：本研究旨在从性别和世代特征的角度评估十种购买行为结构，并推断和评估世代（X和Y世代）和性别在购买行为方面的差异。方法：样本由765名斯洛伐克受访者组成。Wilcoxon检验用于差异检验。偏最小二乘法？路径建模（PLS-PM）用于确定总体影响，基于排列的方法用于评估性别和世代特征之间的影响差异。调查结果和附加值：在大多数情况下，性别和世代类别之间的购买行为模式差异显著，最显著的差异出现在电子商店的视觉吸引力上。最引人注目的一般影响记录在Hedonic浏览和Urge to Buy之间，以及便携性对Hedonic浏览器和功利主义浏览的影响。这些发现表明，零售商有潜力在让消费者参与购买过程的同时，不仅就产品，而且就可持续做法和价值观与客户进行有效沟通。在冲动和深思熟虑的购买方面，营销流程的适当优化也会对用户体验和购买流程的满意度产生积极影响。这些事实可能会对销售产生积极影响，并从更广泛的角度提高电子商务实体的竞争力和整体价值。同样值得强调的是，对客户的长期价值，因为该模型的应用可以更好地满足客户的需求，从而不仅使组织稳定增长，而且最终使整个经济稳定增长。
{"title":"Gender-generation characteristic in relation to the customer behavior and purchasing process in terms of mobile marketing","authors":"R. Štefko, R. Bačík, Richard Fedorko, M. Oleárová","doi":"10.24136/oc.2022.006","DOIUrl":"https://doi.org/10.24136/oc.2022.006","url":null,"abstract":"Research background: Today, it is an m-commerce platform that provides brands with the opportunity to foster their sustainable image and communicate with environmentally and socially conscious consumers. Proper communication that respects the customer's interests, conducted through mobile marketing tools, can be a key to creating a competitive advantage. Therefore, it is essential, at the level of scientific research, to broaden the knowledge base in the field of consumer behavior.\u0000Purpose of the article: The research was aimed at assessing ten purchasing behavior constructs in terms of gender and generation characteristics, as well as inferring impact on and assessing the difference between generations (Generation X and Y) and gender in terms of purchasing behavior.\u0000Methods: The sample consisted of 765 Slovak respondents. The Wilcoxon Test was used for differences testing. Partial Least Squares ? Path Modeling (PLS-PM) was used to determine the general impact and the permutations-based method was used to assess the difference in impact between gender and generation characteristics.\u0000Findings & value added: The difference in purchasing behavior patterns between the categories of gender and generation was significant in most cases, with the most significant difference being seen in the Visual Appeal of an e-shop. The most striking general influences were recorded between Hedonic Browsing and Urge to Buy, also the impact of Portability on Hedonic Browsing and Utilitarian Browsing. These findings indicate the potential of retailers to communicate effectively with their customers not only about products, but also about sustainable practices and values while engaging consumers in purchasing processes. Proper optimization of marketing processes, in terms of impulsive and thought-through purchases too, positively influences the user experience and the satisfaction with the purchase process. These facts may positively influence the sale and, in a broader perspective, increase the competitiveness and overall value of the e-commerce entity. It is also worth emphasizing the long-term value for the customer, as the application of the model leads to better satisfaction of customer needs, thus to a stable growth not only of the organizations, but ultimately of the economy as a whole.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45158231","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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