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Revista y Edición

Volumen 9 (2022): Edición 56 (January 2022)

Volumen 8 (2021): Edición 55 (January 2021)

Volumen 7 (2020): Edición 54 (January 2020)

Volumen 6 (2019): Edición 53 (January 2019)

Volumen 5 (2018): Edición 52 (January 2018)

Volumen 4 (2017): Edición 51 (December 2017)

Volumen 3 (2017): Edición 50 (December 2017)

Volumen 2 (2017): Edición 49 (December 2017)

Volumen 1 (2017): Edición 48 (November 2017)

Detalles de la revista
Formato
Revista
eISSN
2543-6821
Publicado por primera vez
30 Mar 2017
Periodo de publicación
1 tiempo por año
Idiomas
Inglés

Buscar

Volumen 9 (2022): Edición 56 (January 2022)

Detalles de la revista
Formato
Revista
eISSN
2543-6821
Publicado por primera vez
30 Mar 2017
Periodo de publicación
1 tiempo por año
Idiomas
Inglés

Buscar

12 Artículos
access type Acceso abierto

Taxation, Inequality, and Poverty: Evidence from Ukraine

Publicado en línea: 27 Jan 2022
Páginas: 1 - 18

Resumen

Abstract

The aim of the article is to assess the impact of taxes on poverty and inequality in Ukraine and provide recommendations on how taxation should be used to address problems of inequality and poverty. The research methodology is based on a combination of linear regression and commitment to equity (CEQ) methodology, which was designed by Lustig to analyse the impact of taxation and social spending on inequality and poverty in individual countries. The dataset consists of data from the World Inequality Data Base and data from State Statistic Service of Ukraine.

The analysis shows that income tax reform in Ukraine should not take place in the context of changing tax rates and tax periods but in the context of shifting the tax burden from the poor to the rich and preventing aggressive tax planning. Also, the results of the analysis show that the Ukrainian government’s policy of reducing free education and health services may contribute to poverty if the government does not change its redistributive policies.

The article contributes to the academic literature on the impact of taxation on poverty and inequality in developing countries. The practical results obtained in the paper are useful for developing countries’ governments to design poverty- and inequality-sensitive tax policies.

Palabras clave

  • fiscal policy
  • inequality
  • poverty
  • taxation
  • well-being
  • Gini coefficient
  • Ukraine

JEL Classification

  • E00
  • E62
  • H21
  • H30
  • I14
  • I24
access type Acceso abierto

Sources of Finance for Public-Private Partnership (PPP) in Poland

Publicado en línea: 27 Jan 2022
Páginas: 19 - 37

Resumen

Abstract

This paper aims to present and discuss the already existing studies and try to uncover possible potential for further research on the topic of financial resources in public–private partnership (PPP) projects. The article presents the main relevant papers regarding financial resources and examines how deep the topic of financial sources has been explored in both academic and practical literature. Moreover, the article reviews Poland’s PPP market and, particularly, types of used financial sources. The ‘Literature review’ results show that there is a gap in studying the private sector and financial resources, especially in Polish PPPs. We attempt to close this gap by summarising the main factors that influence the choice of the source of financing PPPs. The Polish case shows that the main source of financing of PPP projects in Poland is bank loans and many projects have partial funding from various European Union (EU) programmes. Policymakers should pay attention to other financial resources in PPPs. Moreover, it would be fruitful to extend the Polish database of PPP projects with new factors that can simplify ex-post and ex-ante analysis.

Palabras clave

  • public-private partnership
  • financing source
  • capital market
  • finance
  • source of finance

JEL Classification

  • G10
  • G15
  • G29
access type Acceso abierto

How to create an engagement-friendly environment in reward-based crowdfunding?

Publicado en línea: 01 Mar 2022
Páginas: 38 - 55

Resumen

Abstract

Crowdfunding appears to be an innovative way of fundraising various projects. Although it is a relatively new and unique way of financing, competition for potential backers increases every year. While recent works have explored the role of engagement and involvement in crowdfunding, there is still a lack of understanding of how creators can stimulate backers’ activity. Therefore the aim of this paper is to identify and classify the methods used for crowdfunding by the top creators to boost and maintain backer engagement. Drawing from the Theoretical Model of Customer Engagement and Theory of Intrinsically Motivating Instruction, we propose a theoretical model that is backer engagement-based. It presents the unique role of involvement and participation in engagement and its interrelationship with value and community involvement. We investigate the top 30 most funded campaigns on Kickstarter in the tabletop games category. Based on our cross-case study, we identify and categorise tactics that create engagement-friendly environments. Our findings suggest that over time creators tend to focus on shorter but more dynamic campaigns with the higher engagement of backers. The creators of the best campaigns use similar tactics that affect both engagement and involvement. The important but often ignored factor that influences engagement is social interaction.

Palabras clave

  • crowdfunding
  • entrepreneurship
  • involvement
  • crowdsourcing
  • engagement

JEL Classification

  • G21
  • G41
  • D81
access type Acceso abierto

Home Advantage Revisited: Did COVID Level the Playing Fields?

Publicado en línea: 25 Apr 2022
Páginas: 56 - 67

Resumen

Abstract

The COVID-19 pandemic swept fans out of the stadiums, but matches continued to be played in most major football leagues. We make use of this natural experiment to investigate if home field advantage disappears when the home team is not supported by the fans. Focusing on four top European football leagues, we find such an effect in the Bundesliga only. We propose that this singularity may be related to the special role that the fan associations play in German football.

Palabras clave

  • football
  • home-field advantage
  • COVID-19
  • supporters
  • fans

JEL Classification

  • D91
  • M50
  • L83
  • Z2
access type Acceso abierto

Public Debt Sustainability and the COVID Pandemic: The Case of Poland

Publicado en línea: 20 May 2022
Páginas: 68 - 75

Resumen

Abstract

This paper aims to analyse and assess the impact of the COVID pandemic effect on the public debt sustainability level in Poland. We put the following research hypothesis in our study: the pandemic period disallowed the production of primary fiscal surpluses and increased the level of fiscal unsustainability in Poland. We took the data from Eurostat and the European Commission databases. We used the Primary gap indicator and no-Ponzi condition as the research methods (for the short-term and the long-term analyses, respectively). Both methods derive from the theory of the intertemporal budget constraint. The results of the empirical studies did not allow us to reject the research hypothesis.

Palabras clave

  • COVID
  • public debt
  • sustainability
  • Poland

JEL Classification

  • H63
  • H68
access type Acceso abierto

Has Economic Growth in Balkan Countries Been Pro-Poor in the 2012–2017 period?

Publicado en línea: 20 May 2022
Páginas: 76 - 92

Resumen

Abstract

The study investigates whether economic growth in the Balkan countries was pro-poor in the most recent period. We also try to establish to what extent various measures of pro-poorness of economic growth produce consistent and comparable results. Firstly, concepts of pro-poor growth are defined and corresponding approaches toward measuring pro-poor growth are presented. We distinguish between measures based on a general class of pro-poor indices and a dominance-based techniques. In the empirical part of the study, we verified whether economic growth in six Balkan countries (Greece, Bulgaria, Romania, Slovenia, Croatia and Serbia) was pro-poor in the 2012–2017 period. The analyses is based on the latest available panel data of the European Union Survey on Income and Living Conditions (EU-SILC). Growth was pro-poor in Croatia, Romania and Slovenia during the whole analysed period. The growth pattern was non pro-poor in Bulgaria, Greece and Serbia in certain years, mainly during periods of economic downfall. Various measures of pro-poor growth patterns do not produce consistent results in all instances. The results of the conducted comparative analysis suggest that the level of social benefits does not directly influence the pro-poor nature of the economic growth.

Palabras clave

  • economic growth
  • poverty
  • inequality

JEL Classification

  • D31
  • D63
  • I32
access type Acceso abierto

Expectations of older workers regarding their exit from the labour market and its realization

Publicado en línea: 13 Jul 2022
Páginas: 93 - 112

Resumen

Abstract

The objective of the paper is to analyse the labour market behaviour of older workers, specifically cross-country differences in expectations regarding the exit from the labour market and subsequent realization. Using longitudinal Survey of Health, Ageing and Retirement in Europe (SHARE) data and econometric analysis, we provide an international comparison of the situation of older workers in the Czech Republic with the other countries of Europe. The data show that although expectations about work activity at the age of 63 are quite similar in the Czech Republic from an international perspective, the work activity realized differs significantly between the Czech Republic and other countries. Our principal finding is that the Czech Republic has a high rate of unexpected retirements compared to all other European countries included in this analysis, even if we control for the socioeconomic background of respondents. The econometric analyses further show that up to about one-third of this difference can be explained by the lower retirement age set by the institutional environment in the Czech Republic, which is anticipated by employees at preretirement age. Conversely, the health status of older workers, and even the different allocation of employees to physically demanding occupations, does not have a significant impact on these cross-country differences in unexpected retirements.

Palabras clave

  • labour supply
  • expectations
  • retirement age
  • SHARE

JEL Classification

  • J14
  • J 26
  • J32
access type Acceso abierto

Professionalisation of Family Firms and Accounting Function: Empirical Evidence

Publicado en línea: 25 Jun 2022
Páginas: 113 - 131

Resumen

Abstract

An increasing influence of families in firms is associated with lower professionalisation. A less professionalized firm might not be able to exploit the benefits of elaborate accounting functions that are fundamental for effective decision-making and control. Yet, it is unclear to date if higher family influence leads to less differentiated and professionalized accounting functions and hence less effective decision-making and control. We test this proposition based on survey data with Bayesian regressions and interaction effects. We find evidence that the impact of family on professionalisation is particularly pronounced in smaller firms, and the effect decreases with the firm's size. This indicates that family influence and professionalisation have more significant impact on the use of accounting instruments and less impact on the differentiaiton of accounting functions, except for smaller family firms.

Palabras clave

  • accounting function
  • empirical evidence
  • family firms
  • financial accounting
  • management accounting

JEL Classification

  • M21
  • M41
access type Acceso abierto

Can People Trust What They Don‘t Understand? Role of Language and Trust for Financial Inclusion

Publicado en línea: 30 Jul 2022
Páginas: 132 - 157

Resumen

Abstract

The aim of this paper is to look at determinants of financial inclusion through the lens of comprehension of financial concepts and financial language. Specifically, we are interested in which factors are important should this comprehension be absent. We show that, in the context of finance, communication is an important transmission channel through which individuals are encouraged or discouraged to participate in the financial system. We argue that the unfamiliarity with products and the complexity of language used in the banking sector tend to limit trust granted to financial institutions. We test the hypothesis that linguistic diversity is a strong instrument for the impact of the lack of communication on trust.

Applying Ordinary Least Squares and probit regression, quantile regression, and instrumental variables to cross country and individual-level data, we show the importance of individual and cultural characteristics and demonstrate the role of trust and communication for financial inclusion. The outcome is consistent for different model specifications.

Palabras clave

  • Financial inclusion
  • financial literacy
  • trust
  • linguistic diversity

JEL Classification

  • O12
  • G29
access type Acceso abierto

Covid-19 Pandemic and Day-of-the-week Anomaly in Omx Markets

Publicado en línea: 30 Jul 2022
Páginas: 158 - 177

Resumen

Abstract

This paper aims to discuss market efficiency due to the changes that appeared in this field after the COVID-19 outburst. The OMX exchange and its indices are taken into consideration because they represent markets not analysed in such a context before (a) Baltic: Estonia, Latvia and Lithuania; (b) Scandinavian: Denmark, Finland, Iceland, Norway and Sweden). Two periods before and during the COVID-19 pandemic are considered (January 2009 to January 2020 and February 2020 to February 2021), and the efficient market hypothesis is tested together with the day-of-a-week effect anomaly to recognize the differences in market efficiency that could appear under special conditions, such as a pandemic. The results indicated that the impact of this pandemic on market efficiency was positive in most of the OMX markets studied. The added value of the article is related to supplementing the theory of market efficiency and showing that in difficult times investors make more rational decisions.

Palabras clave

  • COVID-19
  • market efficiency
  • day-of-a-week anomaly

JEL Classification

  • G14
  • G10
  • G12
access type Acceso abierto

COVID-19 Pandemic and the Situation of Immigrants in Enterprises

Publicado en línea: 23 Aug 2022
Páginas: 178 - 190

Resumen

Abstract

During the first (spring 2020) and second wave (autumn 2020) of the COVID-19 pandemic, Poland was among the countries with the strictest regulation, lockdown, and national quarantine. The pandemic has significantly influenced the situation of enterprises, especially for immigrants. The main aim and contribution of this paper is the analysis of the immigrant’s situation during the pandemic from the perspective of companies. The research goal is the identification of strategies adopted by the firms employing immigrants, so as to providing additional help to their foreign workforce during the pandemic. For the purpose of this research, a multilevel model of the triangulation design was chosen. The qualitative research included seven in-depth-interviews with purposefully selected enterprises. The quantitative study was conducted on a sample of n=894 employers. For the purpose of the second round of research, 17 interviews with companies employing immigrants were conducted. The research showed that during the first wave of the pandemic, employers most often terminated employment with immigrants, which, however, in some cases, was the initiative of the immigrant. Some firms recognizing special needs of their foreign workforce developed strategies that manifested themselves in offering additional help to their foreign workers. The paper contributes to the literature on the situation of immigrants in terms of special treatments of immigrants as vulnerable workers and the knowledge of strategies enterprises adopted in order to help their foreign workforce during the pandemic by presenting the perspective of employers.

Palabras clave

  • COVID-19
  • immigration
  • organisational strategies
  • foreign workforce
  • labour market
  • diversity management

JEL Classification

  • J01
  • J15
  • J61
access type Acceso abierto

Identity and Private Transfers of Time and Money

Publicado en línea: 07 Sep 2022
Páginas: 191 - 218

Resumen

Abstract

We introduce the perspective of identity economics to a formal model of rational choice of private transfers to examine the impact of geographical proximity on optimal time and money transfers within and outside of families. We argue that identities affect private transfers through the internalization of social norms governing informal support and incorporate in the formal model the fact that time, unlike money transfers, demands face-to-face presence. We solve the utility maximization problem and derive propositions concerning factors affecting transfers. Then we test them empirically using longitudinal and cross-sectional data from the Survey on Health, Ageing and Retirement in Europe. We address the possible endogeneity with instrumental variables. Empirical results based on transfers from family members and unrelated individuals are suggestive of a significant role of identity in private transfers in line with the theoretical model. We find that geographical proximity enhances time, but not money, transfers. Our results yield evidence for a stronger role of emotional rather than genetic proximity in interhousehold transfers.

Palabras clave

  • private transfers
  • intergenerational transfers
  • emotional proximity
  • confidant network
  • kinship

JEL Classification

  • D64
  • J14
  • J19
12 Artículos
access type Acceso abierto

Taxation, Inequality, and Poverty: Evidence from Ukraine

Publicado en línea: 27 Jan 2022
Páginas: 1 - 18

Resumen

Abstract

The aim of the article is to assess the impact of taxes on poverty and inequality in Ukraine and provide recommendations on how taxation should be used to address problems of inequality and poverty. The research methodology is based on a combination of linear regression and commitment to equity (CEQ) methodology, which was designed by Lustig to analyse the impact of taxation and social spending on inequality and poverty in individual countries. The dataset consists of data from the World Inequality Data Base and data from State Statistic Service of Ukraine.

The analysis shows that income tax reform in Ukraine should not take place in the context of changing tax rates and tax periods but in the context of shifting the tax burden from the poor to the rich and preventing aggressive tax planning. Also, the results of the analysis show that the Ukrainian government’s policy of reducing free education and health services may contribute to poverty if the government does not change its redistributive policies.

The article contributes to the academic literature on the impact of taxation on poverty and inequality in developing countries. The practical results obtained in the paper are useful for developing countries’ governments to design poverty- and inequality-sensitive tax policies.

Palabras clave

  • fiscal policy
  • inequality
  • poverty
  • taxation
  • well-being
  • Gini coefficient
  • Ukraine

JEL Classification

  • E00
  • E62
  • H21
  • H30
  • I14
  • I24
access type Acceso abierto

Sources of Finance for Public-Private Partnership (PPP) in Poland

Publicado en línea: 27 Jan 2022
Páginas: 19 - 37

Resumen

Abstract

This paper aims to present and discuss the already existing studies and try to uncover possible potential for further research on the topic of financial resources in public–private partnership (PPP) projects. The article presents the main relevant papers regarding financial resources and examines how deep the topic of financial sources has been explored in both academic and practical literature. Moreover, the article reviews Poland’s PPP market and, particularly, types of used financial sources. The ‘Literature review’ results show that there is a gap in studying the private sector and financial resources, especially in Polish PPPs. We attempt to close this gap by summarising the main factors that influence the choice of the source of financing PPPs. The Polish case shows that the main source of financing of PPP projects in Poland is bank loans and many projects have partial funding from various European Union (EU) programmes. Policymakers should pay attention to other financial resources in PPPs. Moreover, it would be fruitful to extend the Polish database of PPP projects with new factors that can simplify ex-post and ex-ante analysis.

Palabras clave

  • public-private partnership
  • financing source
  • capital market
  • finance
  • source of finance

JEL Classification

  • G10
  • G15
  • G29
access type Acceso abierto

How to create an engagement-friendly environment in reward-based crowdfunding?

Publicado en línea: 01 Mar 2022
Páginas: 38 - 55

Resumen

Abstract

Crowdfunding appears to be an innovative way of fundraising various projects. Although it is a relatively new and unique way of financing, competition for potential backers increases every year. While recent works have explored the role of engagement and involvement in crowdfunding, there is still a lack of understanding of how creators can stimulate backers’ activity. Therefore the aim of this paper is to identify and classify the methods used for crowdfunding by the top creators to boost and maintain backer engagement. Drawing from the Theoretical Model of Customer Engagement and Theory of Intrinsically Motivating Instruction, we propose a theoretical model that is backer engagement-based. It presents the unique role of involvement and participation in engagement and its interrelationship with value and community involvement. We investigate the top 30 most funded campaigns on Kickstarter in the tabletop games category. Based on our cross-case study, we identify and categorise tactics that create engagement-friendly environments. Our findings suggest that over time creators tend to focus on shorter but more dynamic campaigns with the higher engagement of backers. The creators of the best campaigns use similar tactics that affect both engagement and involvement. The important but often ignored factor that influences engagement is social interaction.

Palabras clave

  • crowdfunding
  • entrepreneurship
  • involvement
  • crowdsourcing
  • engagement

JEL Classification

  • G21
  • G41
  • D81
access type Acceso abierto

Home Advantage Revisited: Did COVID Level the Playing Fields?

Publicado en línea: 25 Apr 2022
Páginas: 56 - 67

Resumen

Abstract

The COVID-19 pandemic swept fans out of the stadiums, but matches continued to be played in most major football leagues. We make use of this natural experiment to investigate if home field advantage disappears when the home team is not supported by the fans. Focusing on four top European football leagues, we find such an effect in the Bundesliga only. We propose that this singularity may be related to the special role that the fan associations play in German football.

Palabras clave

  • football
  • home-field advantage
  • COVID-19
  • supporters
  • fans

JEL Classification

  • D91
  • M50
  • L83
  • Z2
access type Acceso abierto

Public Debt Sustainability and the COVID Pandemic: The Case of Poland

Publicado en línea: 20 May 2022
Páginas: 68 - 75

Resumen

Abstract

This paper aims to analyse and assess the impact of the COVID pandemic effect on the public debt sustainability level in Poland. We put the following research hypothesis in our study: the pandemic period disallowed the production of primary fiscal surpluses and increased the level of fiscal unsustainability in Poland. We took the data from Eurostat and the European Commission databases. We used the Primary gap indicator and no-Ponzi condition as the research methods (for the short-term and the long-term analyses, respectively). Both methods derive from the theory of the intertemporal budget constraint. The results of the empirical studies did not allow us to reject the research hypothesis.

Palabras clave

  • COVID
  • public debt
  • sustainability
  • Poland

JEL Classification

  • H63
  • H68
access type Acceso abierto

Has Economic Growth in Balkan Countries Been Pro-Poor in the 2012–2017 period?

Publicado en línea: 20 May 2022
Páginas: 76 - 92

Resumen

Abstract

The study investigates whether economic growth in the Balkan countries was pro-poor in the most recent period. We also try to establish to what extent various measures of pro-poorness of economic growth produce consistent and comparable results. Firstly, concepts of pro-poor growth are defined and corresponding approaches toward measuring pro-poor growth are presented. We distinguish between measures based on a general class of pro-poor indices and a dominance-based techniques. In the empirical part of the study, we verified whether economic growth in six Balkan countries (Greece, Bulgaria, Romania, Slovenia, Croatia and Serbia) was pro-poor in the 2012–2017 period. The analyses is based on the latest available panel data of the European Union Survey on Income and Living Conditions (EU-SILC). Growth was pro-poor in Croatia, Romania and Slovenia during the whole analysed period. The growth pattern was non pro-poor in Bulgaria, Greece and Serbia in certain years, mainly during periods of economic downfall. Various measures of pro-poor growth patterns do not produce consistent results in all instances. The results of the conducted comparative analysis suggest that the level of social benefits does not directly influence the pro-poor nature of the economic growth.

Palabras clave

  • economic growth
  • poverty
  • inequality

JEL Classification

  • D31
  • D63
  • I32
access type Acceso abierto

Expectations of older workers regarding their exit from the labour market and its realization

Publicado en línea: 13 Jul 2022
Páginas: 93 - 112

Resumen

Abstract

The objective of the paper is to analyse the labour market behaviour of older workers, specifically cross-country differences in expectations regarding the exit from the labour market and subsequent realization. Using longitudinal Survey of Health, Ageing and Retirement in Europe (SHARE) data and econometric analysis, we provide an international comparison of the situation of older workers in the Czech Republic with the other countries of Europe. The data show that although expectations about work activity at the age of 63 are quite similar in the Czech Republic from an international perspective, the work activity realized differs significantly between the Czech Republic and other countries. Our principal finding is that the Czech Republic has a high rate of unexpected retirements compared to all other European countries included in this analysis, even if we control for the socioeconomic background of respondents. The econometric analyses further show that up to about one-third of this difference can be explained by the lower retirement age set by the institutional environment in the Czech Republic, which is anticipated by employees at preretirement age. Conversely, the health status of older workers, and even the different allocation of employees to physically demanding occupations, does not have a significant impact on these cross-country differences in unexpected retirements.

Palabras clave

  • labour supply
  • expectations
  • retirement age
  • SHARE

JEL Classification

  • J14
  • J 26
  • J32
access type Acceso abierto

Professionalisation of Family Firms and Accounting Function: Empirical Evidence

Publicado en línea: 25 Jun 2022
Páginas: 113 - 131

Resumen

Abstract

An increasing influence of families in firms is associated with lower professionalisation. A less professionalized firm might not be able to exploit the benefits of elaborate accounting functions that are fundamental for effective decision-making and control. Yet, it is unclear to date if higher family influence leads to less differentiated and professionalized accounting functions and hence less effective decision-making and control. We test this proposition based on survey data with Bayesian regressions and interaction effects. We find evidence that the impact of family on professionalisation is particularly pronounced in smaller firms, and the effect decreases with the firm's size. This indicates that family influence and professionalisation have more significant impact on the use of accounting instruments and less impact on the differentiaiton of accounting functions, except for smaller family firms.

Palabras clave

  • accounting function
  • empirical evidence
  • family firms
  • financial accounting
  • management accounting

JEL Classification

  • M21
  • M41
access type Acceso abierto

Can People Trust What They Don‘t Understand? Role of Language and Trust for Financial Inclusion

Publicado en línea: 30 Jul 2022
Páginas: 132 - 157

Resumen

Abstract

The aim of this paper is to look at determinants of financial inclusion through the lens of comprehension of financial concepts and financial language. Specifically, we are interested in which factors are important should this comprehension be absent. We show that, in the context of finance, communication is an important transmission channel through which individuals are encouraged or discouraged to participate in the financial system. We argue that the unfamiliarity with products and the complexity of language used in the banking sector tend to limit trust granted to financial institutions. We test the hypothesis that linguistic diversity is a strong instrument for the impact of the lack of communication on trust.

Applying Ordinary Least Squares and probit regression, quantile regression, and instrumental variables to cross country and individual-level data, we show the importance of individual and cultural characteristics and demonstrate the role of trust and communication for financial inclusion. The outcome is consistent for different model specifications.

Palabras clave

  • Financial inclusion
  • financial literacy
  • trust
  • linguistic diversity

JEL Classification

  • O12
  • G29
access type Acceso abierto

Covid-19 Pandemic and Day-of-the-week Anomaly in Omx Markets

Publicado en línea: 30 Jul 2022
Páginas: 158 - 177

Resumen

Abstract

This paper aims to discuss market efficiency due to the changes that appeared in this field after the COVID-19 outburst. The OMX exchange and its indices are taken into consideration because they represent markets not analysed in such a context before (a) Baltic: Estonia, Latvia and Lithuania; (b) Scandinavian: Denmark, Finland, Iceland, Norway and Sweden). Two periods before and during the COVID-19 pandemic are considered (January 2009 to January 2020 and February 2020 to February 2021), and the efficient market hypothesis is tested together with the day-of-a-week effect anomaly to recognize the differences in market efficiency that could appear under special conditions, such as a pandemic. The results indicated that the impact of this pandemic on market efficiency was positive in most of the OMX markets studied. The added value of the article is related to supplementing the theory of market efficiency and showing that in difficult times investors make more rational decisions.

Palabras clave

  • COVID-19
  • market efficiency
  • day-of-a-week anomaly

JEL Classification

  • G14
  • G10
  • G12
access type Acceso abierto

COVID-19 Pandemic and the Situation of Immigrants in Enterprises

Publicado en línea: 23 Aug 2022
Páginas: 178 - 190

Resumen

Abstract

During the first (spring 2020) and second wave (autumn 2020) of the COVID-19 pandemic, Poland was among the countries with the strictest regulation, lockdown, and national quarantine. The pandemic has significantly influenced the situation of enterprises, especially for immigrants. The main aim and contribution of this paper is the analysis of the immigrant’s situation during the pandemic from the perspective of companies. The research goal is the identification of strategies adopted by the firms employing immigrants, so as to providing additional help to their foreign workforce during the pandemic. For the purpose of this research, a multilevel model of the triangulation design was chosen. The qualitative research included seven in-depth-interviews with purposefully selected enterprises. The quantitative study was conducted on a sample of n=894 employers. For the purpose of the second round of research, 17 interviews with companies employing immigrants were conducted. The research showed that during the first wave of the pandemic, employers most often terminated employment with immigrants, which, however, in some cases, was the initiative of the immigrant. Some firms recognizing special needs of their foreign workforce developed strategies that manifested themselves in offering additional help to their foreign workers. The paper contributes to the literature on the situation of immigrants in terms of special treatments of immigrants as vulnerable workers and the knowledge of strategies enterprises adopted in order to help their foreign workforce during the pandemic by presenting the perspective of employers.

Palabras clave

  • COVID-19
  • immigration
  • organisational strategies
  • foreign workforce
  • labour market
  • diversity management

JEL Classification

  • J01
  • J15
  • J61
access type Acceso abierto

Identity and Private Transfers of Time and Money

Publicado en línea: 07 Sep 2022
Páginas: 191 - 218

Resumen

Abstract

We introduce the perspective of identity economics to a formal model of rational choice of private transfers to examine the impact of geographical proximity on optimal time and money transfers within and outside of families. We argue that identities affect private transfers through the internalization of social norms governing informal support and incorporate in the formal model the fact that time, unlike money transfers, demands face-to-face presence. We solve the utility maximization problem and derive propositions concerning factors affecting transfers. Then we test them empirically using longitudinal and cross-sectional data from the Survey on Health, Ageing and Retirement in Europe. We address the possible endogeneity with instrumental variables. Empirical results based on transfers from family members and unrelated individuals are suggestive of a significant role of identity in private transfers in line with the theoretical model. We find that geographical proximity enhances time, but not money, transfers. Our results yield evidence for a stronger role of emotional rather than genetic proximity in interhousehold transfers.

Palabras clave

  • private transfers
  • intergenerational transfers
  • emotional proximity
  • confidant network
  • kinship

JEL Classification

  • D64
  • J14
  • J19

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