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Détails du magazine
Format
Magazine
eISSN
1898-0198
Première publication
06 May 2008
Période de publication
2 fois par an
Langues
Anglais

Chercher

Volume 20 (2020): Edition 1 (June 2020)

Détails du magazine
Format
Magazine
eISSN
1898-0198
Première publication
06 May 2008
Période de publication
2 fois par an
Langues
Anglais

Chercher

31 Articles
Accès libre

Public Debt and Inflation: A Review of International Literature

Publié en ligne: 20 Aug 2020
Pages: 9 - 24

Résumé

Abstract

Research background: Public debt arises mainly from debt-financed deficits. More and more countries are resorting to additional public indebtedness to raise additional financial resources to meet government funding needs, which are unattainable by the usual tax means. As a result, increasingly, government spending is rising faster than revenue is received, and the excess is financed mainly through domestic and external borrowings. Expensive borrowings by a government (in an environment of increasing interest rates) may be harmful to inflation and the macroeconomic stabilisation process. This trend is raising concerns among policymakers as it undermines macroeconomic stability, especially in developing economies with relatively weak and dependent monetary authorities in the formulation and implementation of monetary policies. Hence, the association between public debt and inflation is of importance in the inflationary process of an economy.

Purpose: In this paper, theoretical and empirical literature on the link between public debt and inflation has been surveyed in detail. The focus of the paper was centred on the review of literature on the link between total public debt, external public debt, domestic public debt and inflation.

Research methodology: This paper presents an extensive review of scholarly studies on the link between public debt and inflation based on their results. The paper analysed, synthesised, and critically evaluated previous studies on the relationship between public debt and inflation on both the theoretical and empirical fronts.

Results: The literature reviewed revealed the association between public debt and inflation. The surveyed literature shows that the relationship between public debt and inflation varies from country to country, with either a positive or negative relationship. However, in the majority of the literature, the link between public debt and inflation tilts towards a positive relationship. This finding is more prominent in indebted countries with higher levels of public debt and a less-developed financial market. Although there is no consensus on the positive or negative relationship between public debt and inflation, the study found that a positive relationship between public debt and inflation tends to predominate among the studies reviewed.

Novelty: The study provides an insight into the relationship between public debt and inflation based on a detailed review of literature on the subject in both developed and developing economies.

Mots clés

  • public debt
  • inflation
  • fiscal and monetary policy
  • relationship

JEL Classification

  • E31
  • E51
  • E52
  • H63
Accès libre

Carbon Leakage Along with the Green Paradox Against Carbon Abatement? A Review Based on Carbon Tax

Publié en ligne: 20 Aug 2020
Pages: 25 - 44

Résumé

Abstract

Research background: Insufficient global cooperation in carbon pricing against global warming has the risk of global carbon emissions rise because of carbon leakage. The effect of a carbon tax on the present supply of fossil fuels is also valuable in regard to global carbon emissions.

Purpose: The purpose of this study is to gain more insights into the effects of carbon leakage along with the green paradox on global carbon emissions by reviewing the relevant literature.

Research methodology: We provide the problem linked to carbon leakage and the green paradox in the introduction. Then, the effects of carbon leakage and the green paradox on global carbon emissions are elaborated separately. Finally the mutual effects of carbon leakage and the green paradox are reviewed comprehensively.

Results: It is seen that various factors like interest rates, fossil fuel extraction costs, the fossil fuel reserves to be discovered in the future and carbon tax incidence are equally important determinants in regard to global carbon emissions.

Novelty: This study provides an insight into the mutual effects of carbon leakage and the green paradox on global carbon emissions by reviewing the primary literature in the field.

Mots clés

  • Global warming
  • carbon tax
  • carbon leakage
  • green paradox

JEL Classification

  • Q54
  • Q56
  • Q58
  • Q59
Accès libre

The Use of Multidimensional Statistical Analysis Methods in the Burnout Study of Teachers and Lecturers at Universities

Publié en ligne: 20 Aug 2020
Pages: 45 - 61

Résumé

Abstract

Research background: The study was conducted and based on the project The assessment of mental condition, financed by the Ministry of Health as part of the National Health Program for 2016–2020 (operational objective 3: Prevention of mental health problems and improvement of mental well-being of society). The article focuses on a group of teachers and university lecturers from eight voivodeships selected for the study, whereas burnout was selected from the areas of mental disorders.

Purpose: The main objective of the study was to identify the regularities in the relationship between the level of professional burnout and selected demographic characteristics in the group of teachers and university lecturers. Additionally, the spatial diversity of the percentage of respondents diagnosed with occupational burnout was examined.

Research methodology: Two methods from the multi-dimensional statistical analysis were used: a classification tree analysis, and a correspondence analysis.

Results: The methods used allowed to classify the studied professional group in terms of the degree of occupational burnout. The results obtained using both the classification trees and multidimensional correspondence analysis allowed the identification of similar regularities regarding the impact of demographic variables on the level of occupational burnout.

Novelty: The application of multidimensional statistical analysis methods to study mental health based on individual, unique data from eight Polish voivodeships.

Mots clés

  • the assessment of mental condition
  • teachers and lecturers at universities
  • burnout
  • multi-dimensional correspondence analysis
  • and classification trees

JEL Classification

  • C38
  • I12
Accès libre

Identification of Regional Smart Specialisations on the Basis of Aggregate Measures – A Case of the Dolnośląskie Voivodeship

Publié en ligne: 20 Aug 2020
Pages: 62 - 80

Résumé

Abstract

Research background: Strengthening endogenous potentials, enhancing competitive advantage based on research and innovation remains an important component of regional development policy. Over the years this task has been carried out through e.g. the identification and support focused on smart specialisations.

Purpose: The purpose of the assessment was to identify smart specialisations in the Dolnośląskie voivodeship and evaluate their competitiveness against the background of other voivodeships.

Research methodology: The set of diagnostic indicators as well as the dynamics and location measures calculated on their basis, and also linear ordering methods using a weights system (Synthetic Measure of Smart Specialisations – SMSS) were used to identify regional smart specialisations. A statistical analysis was conducted on the basis of data at the level of PKD divisions (Polish Statistical Classification of Economic Activities; NACE is the EU equivalent). The identification was carried out taking into account the period 2012–2017 and focused primarily on 2017.

Results: As a result, 4 RSSs were identified, of which the first two are the mining of non-ferrous metal ores and the production of motor vehicles.

Novelty: The study proposes, based on the example of the Dolnośląskie voivodeship, the possibility of using linear ordering methods in determining the region’s smart specialisations (RSS), i.e. unique regional qualities and assets, which may constitute its competitive advantage, supported by appropriate research and development facilities and essential for the development of modern and innovative sectors of the economy.

Mots clés

  • smart specialisations
  • Voivodeships
  • PKD (NACE) divisions
  • linear ordering methods

JEL Classification

  • O11
  • O18
  • O30
  • O38
Accès libre

Econometric Support of a Mass Valuation Process

Publié en ligne: 20 Aug 2020
Pages: 81 - 94

Résumé

Abstract

Research background: The issues undertaken in the paper include the specification of an econometric model in real estate mass appraisal. Advantages and disadvantages of using econometric models in real estate mass appraisal are discussed.

Purpose: The issue of aiding the valuation process with an econometric model based on the Szczecin algorithm of real estate mass appraisal is discussed in the paper. Such problems like multicollinearity, lack of coincidence and nonmonotonic influence of attributes are pointed out. Also, potential solutions to these problems are mentioned. Moreover, the paper features a discussion of cases in which econometric appraisal is not sufficient.

Research methodology: The base for constructing an econometric model is the so-called Szczecin algorithm of real estate mass appraisal. Based on the algorithm, the econometric model was created to enable determining the impact of real estate attributes and location on their value.

Results: problems related with specification, estimation and verification of the real estate mass appraisal econometric model are discussed in an empirical example.

Novelty: A non-linear model is proposed, which features explanatory variables introduced into the model, and by taking into consideration the scale of their measurement. The proposed model, by introducing dummy variables, also account for the impact of a location, which significantly improves the fit to empirical values.

Mots clés

  • econometric modelling
  • real estate mass appraisal algorithm
  • multicollinearity
  • qualitative variables

JEL Classification

  • R33
  • C10
  • C13
Accès libre

Socio-Economic Potential of Regions – Theory and Practice

Publié en ligne: 20 Aug 2020
Pages: 95 - 116

Résumé

Abstract

Research background: The paper refers to the social and economic potential of regions and their level of development. The crucial issue is not only how to measure the level of development but also their potential and what are the ways of defining this.

Purpose: The principal aim of this paper is an analysis and evaluation of the social and economic potential of poviats of the West Pomeranian Province through the prism of their level of development.

Research methodology: The measurements of the level of development were carried out using a synthetic measure of development. The level of poviats development was examined in aggregate for all specified factors and broken down into economic, socio-demographic, infrastructure and environmental protection factors. Data selection was made by using a factor analysis. As part of the study, a statistical analysis of potential factors was also carried out. The analysis refers to the following selected periods: 2008, 2014 and 2018 which allowed for an observation of phenomena over time in the investigated period. The research used the Central Statistical Office’s annual statistics for the specific districts.

Results: The research results confirm the complexity of the study of the phenomenon of the level of socioeconomic development of LGUs, the large diversity of surveyed units regardless of the study period and their low level of development.

Novelty: The novelty is that the analysis was conducted in stages, which allowed learning about the potential’s nature on the one hand and the factors forming it on the other.

A material element of the research was also identifying possible directions for the use of the findings.

Mots clés

  • social and economic potential
  • potential’s factors
  • level of districts’ social and economic development
  • measurement of potential

JEL Classification

  • C00
  • O10
  • R10
  • R11
Accès libre

Model of the Market Value of Apartments Including a Time Variable and Energy Features of a Building

Publié en ligne: 20 Aug 2020
Pages: 117 - 132

Résumé

Abstract

Research background: The implementation of EU directives in national legislations imposes an obligation to monitor energy efficiency in every sector of the economy, including construction. In the era of energy conservation, which results from environmental requirements, as well as from constantly increasing energy prices, the energy consumption of premises and buildings becomes an important prerequisite for decision-making processes in the real estate market. There have also been changes in the provisions of the Act on Real Estate Management, which impose an obligation on the professional group of property appraisers to incorporate energy performance certificates for buildings and premises into the valuation process. Energy intensity in terms of the demand for heating of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units.

Purpose: The article analyses the energy intensity of different types of buildings (e.g. low and high-rise buildings) and the diverse distribution of units in the building, especially with regard to their exposure to the different point of the compass. The research covered the Słoneczne housing estate in Szczecin, in a situation where the property appraiser does not have access to the energy performance certificates of the estimated apartments as well as apartments taken for comparison. The aim of the study is to identify the relationship between energy intensity and market value of residential units on the selected real estate market. The analysis will be based on data from the Price and Value Register of the County Office, a collection of statistics and public information as well as on the authors’ own databases and research.

Research methodology: A multidimensional analysis will be used to distinguish homogeneous groups of residential units due to their property attributes. The study will also employ a valuation model including energy intensity and time variables.

Results: The study showed that building type is one of the features determining energy consumption by a building. Depending on the period, the introduced attributes explained the evolution of the unit price at 78%, 75% and 24%. The parameters of the variables Size, Neighborhood and Time were found to be statistically significant. What is more, in all three periods, the value of the residential unit was significantly affected by the type of building which determined the energy performance of the building.

Novelty: Energy intensity in terms of the heating demand of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units. The article analyses the energy intensity of different types of buildings (e.g. low and high buildings) and the different location of units in a building, especially in relation to the directions of the world.

Mots clés

  • Real estate market analysis
  • energy intensity
  • market value

JEL Classification

  • C10
  • R31
Accès libre

Unravelling the Secrets of Inflation in the Euro Area – A Frequency Decomposition Approach

Publié en ligne: 20 Aug 2020
Pages: 133 - 162

Résumé

Abstract

Research background: The study contributes to the field of monetary economics. In the practice of monetary policy, all central banks have a vivid interest in distinguishing between signals and noise in the data.

Purpose: The study investigates from a frequency-domain perspective the interlinkages between money, loans, inflation and real GDP for the euro area.

Research methodology: The research methodology includes a combination of a time-series single-equation estimation approach with a frequency decomposition analysis.

Results: Broad monetary measures are found to add positively and significantly to euro area inflation over longer horizons and so do loan developments. Over medium-term horizons, real economic and exchange rate developments seem to exert a significant impact. Over shorter horizons, none of the variables under consideration affects inflation in a significant way. Robustness checks confirm the overall results. Monetary aggregates also seem to explain house price developments at lower frequencies. In addition, real GDP and exchange rate (possibly reflecting an income effect) exert a strong and significant impact, while stock prices show a substitution effect.

Novelty: The paper adds to the studies focusing on the driving forces of inflation and growth over various time horizons, with the conclusion that central banks should adopt medium-term orientation and always closely monitor real, monetary and exchange rate developments in conjunction.

Mots clés

  • Frequency decomposition
  • inflation
  • money
  • credit

JEL Classification

  • E31
  • E52
Accès libre

Impact of the Regularization of Regression Models on the Results of the Mass Valuation of Real Estate

Publié en ligne: 20 Aug 2020
Pages: 163 - 176

Résumé

Abstract

Research background: Mass appraisal is a process in which multiple properties are appraised simultaneously, with a uniform approach. One of the tools that can be used in this area are multiple regression models. In the valuation of real estate features are often described on an ordinal or nominal scale. Replacing them with dummy variables with an insufficient number of observations leads to multicollinearity. On the other hand, there is a risk of overfitting the model. One of the ways to eliminate or weaken these phenomena is to introduce regularization based on a model’s penalization for the high values of its weights.

Purpose: The aim of the study is to verify the hypothesis whether regularized regression reduces the errors of property valuation and which of the analyzed methods is the most effective in this context.

Research methodology: The article will present a study in which two ways of regularization will be applied – ridge and lasso regression, in the context of their impact on the errors of property valuation. The analyzed data set includes over 300 land properties valued by property appraisers. The key aspects of the study are the selection of optimal values of the regularization parameter and its influence on model’s errors with a different number of observations in the training sets.

Results: The study showed that regularization improves valuation results and, more specifically, allows for lower average absolute percentage errors. The improvement of model effectiveness was more pronounced in the case of ridge regression. An important result is also that regularization has provided a higher accuracy of valuation compared to multiple regression models for smaller training sets.

Novelty: The article confirms the effectiveness of regularization as a way to eliminate the problem of multicollinearity or overfitting of the model. The results showed that ridge regression can be an effective way of modelling the value of real estate. Especially in the case of a small amount of market data, which is an important conclusion in the context of the real estate market.

Mots clés

  • property valuation
  • market analysis
  • regularization

JEL Classification

  • C10
  • R30
Accès libre

Modelling Unpaid Housework Time in Poland on the Basis of a Time Use Survey

Publié en ligne: 20 Aug 2020
Pages: 177 - 189

Résumé

Abstract

Research background: The paper introduces an econometric analysis of unpaid household work in Poland.

Purpose: The purpose is a quantitative analysis of the relations between the time spent on unpaid housework and some selected demographic, economic and social variables.

Research methodology: In the survey, the respondents were grouped by gender and type of locality. It was hypothesized that there are strong differences in the determinants of housework time by gender and type of locality. Multiple regression models for housework time and 23 demographic, social and economic variables were estimated and verified. The analysis was conducted on the basis of individual data from the Time Use Survey conducted by the Statistics Poland in 2013.

Results: The empirical study found no differences in the key determinants of housework time between women and men depending on the type of locality. The main factors of influence were: paid work time, time spent meeting physiological needs (sleeping, eating, washing), time spent on learning, the number of children and, finally, economic activity.

Novelty: The theoretical part outlines barely known economic theories that addressed the issue of unpaid housework. The authors describe the care economy, humanistic economics, economics of happiness, time allocation theory as well as a two-dimensional approach to poverty research. Housework (which means the unpaid activity of household members aimed at satisfying the needs of individuals forming the household) has also been out of economic mainstream categories. Even though unpopular, it has an economic value and can be replaced by market goods and services or offered by the state. The authors have been persuaded that there are tangible and intangible benefits resulting from this type of work.

Mots clés

  • Unpaid household work
  • Time Use Survey
  • Multivariate Regression

JEL Classification

  • C30
  • J22
Accès libre

Dividend Aristocrats – A Comparative Analysis of Polish and American Dividend Companies During the Period of 2009–2017

Publié en ligne: 20 Aug 2020
Pages: 190 - 205

Résumé

Abstract

Research background: This article describes the issue of dividend companies that are components of the WIG index and S&P 500 during the period 2009–2017.

Purpose: The aim of the study was to identify similarities and differences in dividend payments by issuers during the period 2009–2017.

Research methodology: It describes the assessment of investments in companies on the basis of the continuity and variability of dividends paid (taking into account the rate of dividend growth and the cumulated rate of dividends, statistical measures – median and standard deviation), as well as the comparison of issuers from the Polish and US stock exchange.

Results: The results of the study confirm the existence of differences in dividend pay-outs by companies listed on both exchanges.

Novelty: First of all, Polish dividend companies are characterised by a higher average annual dividend growth rate and an average annual rate of return. What is more important, the average accumulated dividend (as well as its median) of companies from the WIG index is higher than the same group of companies belonging not only to the S&P 500 index companies, but also to American dividend aristocrats.

Mots clés

  • dividend companies
  • dividend aristocrats
  • dividend
  • investor

JEL Classification

  • G11
  • G30
  • G35
  • G41
Accès libre

The Role of Barriers to the Activity of Industrial Enterprises in the Evaluation of the Business Tendency in Poland

Publié en ligne: 20 Aug 2020
Pages: 206 - 220

Résumé

Abstract

Research background: Surveys of entrepreneurs regarding the assessment of conditions for conducting business activity are carried out by several institutions. They focus on business climate indicators but in parallel they report on numerous barriers to economic activity. The paper examines the barriers that hinder business operations to manufacturing enterprises in Poland.

Purpose: The purpose of the paper is to analyse the barriers to business activity and their role in entrepreneurs’ assessment of their general economic situation. It has been hypothesized that statistically significant barriers to economic activity that affect the assessment of the general economic situation by entrepreneurs can be determined.

Research methodology: The analysis was based on the Central Statistical Office data from the business tendency survey in manufacturing enterprises spanning the period 2003–2019, broken down into groups of small, medium-sized and large enterprises. Correlation measures and regression models were used.

Results: The results allow indicating several barriers that have a significant impact on the assessment of the current economic situation by entrepreneurs. This impact varies depending on the size of the enterprise. No significant relationship was found between the barriers and the assessment of the expected economic situation.

Novelty: The paper contributes to studies on business tendency surveys. It develops a detailed analysis of the barriers to economic activity, takes into account the size of enterprises and examines the influence of business barriers on the assessment of the economic situation by entrepreneurs.

Mots clés

  • business tendency survey
  • barriers to economic activity
  • business climate indicator
  • enterprise
  • economic situation

JEL Classification

  • C10
  • C20
  • L2
  • L6
Accès libre

An Assessment of the Reliability of Discriminatory Models on the Basis of the Bankruptcy of Comapanies in the Food Industry in Poland

Publié en ligne: 20 Aug 2020
Pages: 221 - 231

Résumé

Abstract

Research background: The widespread occurrence of the phenomenon of bankruptcy leads to an analysis of the scale and causes of this phenomenon in Polish conditions. It should be remembered that the features that inextricably accompany the conduct of any business are uncertainty and risk, hence the phenomenon of the bankruptcy of enterprises is not foreign and it is impossible to eliminate.

Purpose: Assessment of the credibility of Polish discriminatory models as a method of the early warning of bankruptcy of enterprises on a sample of enterprises from the Polish food industry.

Research methodology: Literature review and verification of 10 methods using a linear function of discrimination most frequently adopted by people dealing with bankruptcy issues and examination of the financial condition of companies. The food industry was subject to analysis and financial assessment regarding the forecast of the bankruptcy of companies in the process of empirical verification.

Results: The interpretation of the results was based on the financial statements of the survey sample consisting of 50 Polish companies (25 with a good financial condition and 25 that were bankrupt) which in the years 2005–2016 declared bankruptcy).

Novelty: The results are based on a sample of food industry companies point to the legitimacy of the research. The use of a linear discriminant function confirms the usefulness of early warning models (prognostic reliability around 70%). The study presents a classification of models according to prognostic reliability. Guided by the criterion of model credibility, one can use tools with high prognostic efficiency in assessing the financial situation.

Mots clés

  • discriminatory analysis
  • assessment of reliability
  • company
  • bankruptcy forecast
  • risk

JEL Classification

  • G33
  • G170
Accès libre

The Influence of Unbalanced Economic Data on Feature Selection and Quality of Classifiers

Publié en ligne: 20 Aug 2020
Pages: 232 - 247

Résumé

Abstract

Research background: The successful learning of classifiers depends on the quality of data. Modeling is especially difficult when the data are unbalanced or contain many irrelevant variables. This is the case in many applications. The classification of rare events is the overarching goal, e.g. in bankruptcy prediction, churn analysis or fraud detection. The problem of irrelevant variables accompanies situations where the specification of the model is not known a priori, thus in typical conditions for data mining analysts.

Purpose: The purpose of this paper is to compare the combinations of the most popular strategies of handling unbalanced data with feature selection methods that represent filters, wrappers and embedded methods.

Research methodology: In the empirical study, we use real datasets with additionally introduced irrelevant variables. In this way, we are able to recognize which method correctly eliminates irrelevant variables.

Results: Having carried out the experiment we conclude that over-sampling does not work in connection with feature selection. Some recommendations of the most promising methods also are given.

Novelty: There are many solutions proposed in the literature concerning unbalanced data as well as feature selection. The innovative field of our interests is to examine their interactions.

Mots clés

  • classifiers
  • class unbalance
  • sensitivity
  • feature selection
  • resampling

JEL Classification

  • C1
  • C38
  • C52
Accès libre

Differences in the Income Distribution of Households Run by Men and Women by Voivodeships

Publié en ligne: 20 Aug 2020
Pages: 248 - 265

Résumé

Abstract

Research background: Household income depends on its demographic composition, age and education of its members, place of residence and many other factors. In our work, we concentrate on the income distribution of Polish households.

Purpose: The study aims to compare the household income distributions in Polish voivodeships, taking into account the gender of the family head. We provide evidence on the magnitude and determinants of regional differences in gender-specific income disparities.

Research methodology: In order to move beyond estimation based on mean values, we apply the Residual Imputation Approach and extend the Oaxaca-Blinder decomposition procedure to different quantile points along the income distribution. To describe the differences between two income distributions we construct a counterfactual distribution and decompose the inequalities into explained and unexplained components.

Results: The regional variation of the gender income gap has been explained with individual and jobrelated characteristics. There exists an important diversity in the size of the gender income gap across the Polish provinces. The results obtained for 16 voivodeships allowed us to group them into four clusters: heavily industrialized voivodeships with a large income gap, weakly industrialized with a low income gap, voivodships with large agglomerations characterized by a low gap, and medium-developed voivodeships with a large, U-shaped gap.

Novelty: Our results provide novel insights into the regional dimension of the income gap.

Mots clés

  • income inequalities
  • gender pay gap
  • decomposition
  • regional labor markets

JEL Classification

  • D31
  • J31
Accès libre

An Analysis of Entrepreneurship in Family-Owned Stock Companies

Publié en ligne: 20 Aug 2020
Pages: 266 - 285

Résumé

Abstract

Research background: Family businesses are included in the functioning of each market transaction. testing their development and dissemination can be an interesting area of research from the point of view of hierarchy and from the point of view of the owners of these companies.

Purpose: The purpose of the article was to present an analysis of entrepreneurship of family-owned companies listed on the Warsaw Stock Exchange (WSE).

Researcher methodology: The quantitative analysis method, including also the descriptive statistics method, ratio analysis, and inference was incorporated. The study was based on the financial data of 38 family capital groups. The data analysis on entrepreneurship in the years 2009–2018 indicates that in the case of all of the studied companies most were in a stable situation. The analysis of entrepreneurship, which takes into account the rate of income growth and efficiency indicators, indicates that the examined group of family companies was characterized by a high level of entrepreneurship throughout the analysed period, thus showing a downward trend.

The results: The results of the research may form the basis for further research in the field presented in the article with an emphasis on sector diversification, the size of companies and the extension of the analysed time periods.

Novelty: Entrepreneurship research in family entities can be seen from the point of view of the rate of increase of revenues and efficiency of assets and cash efficiency.

Mots clés

  • dynamic sales
  • ROA
  • cash productivity assets

JEL Classification

  • G32
  • M21
Accès libre

Output Volatility and Government Size in Nigeria

Publié en ligne: 20 Aug 2020
Pages: 286 - 301

Résumé

Abstract

Research background: Output volatility has potentially adverse consequences on the economy and the stabilizing role of fiscal policy is linked to the share of government size in an economy. Hence, given the relative large share of government in developing countries, government size is expected to play an important role in stabilizing output volatility.

Purpose: This study examines the relationship between output volatility and government size in Nigeria. The study seeks to establish if government size mitigates output volatility in Nigeria.

Research methodology: The study employs the Autoregressive Distributed Lag (ARDL) technique after conducting stationarity and co-integration tests.

Results: The results of the ARDL estimate showed that government size lessens output volatility but the magnitude was insignificant. Further, the study found that volatility in aggregate government spending; international oil price and public debt were significant determinants of output volatility in Nigeria.

Novelty: This showed that the automatic stabilization role of government size on output volatility could not be established. The automatic stabilization role of fiscal policy can be improved by increasing social security transfers (pension payment), payments of unemployment benefits and increasing civil servants minimum wage.

Mots clés

  • Output Volatility
  • Government Size
  • Auto-regressive distributed lag
  • Nigeria

JEL Classification

  • E32
  • E62
Accès libre

Measures Implemented by Local Authorities, Particularly in the Sphere of Spatial Policy, and Its Impact on Setting Up and Developing Companies – Opinions Comparison

Publié en ligne: 20 Aug 2020
Pages: 302 - 318

Résumé

Abstract

Research background: The development of business on a local level depends on a variety of factors, which as is often the case are shaped by the local authorities. An example of activities carried out by local governments in order to help develop businesses is the management of the spatial resources in a given municipality in such a way as to facilitate starting and developing companies.

Purpose: The principal objective of this study has been to identify how local authorities and businessmen perceive the role of conditions associated with the municipality’s spatial policy in terms of starting and conducting a business.

Research methodology: The research results rely on primary data acquired by conducting a survey based on a questionnaire designed by the authors.

Results: The results permitted to demonstrate differences and similarities among the opinions of our respondents concerning factors linked to the spatial policy of a municipality that have an impact on decisions to set up and develop companies. Among the location factors, the most important ones, according to both local governments and businessmen, were the state of the local infrastructure, such as IT, transportation, communication, waterworks and sewers, power supply.

Novelty: The confrontation of the replies provided by local authorities and by entrepreneurs concerns spatial policy, and the territorial scope of the research covering the whole of Poland, the different types of enterprises from various branches are the innovative element of the study.

Mots clés

  • local development
  • entrepreneurship
  • business activity
  • local authorities
  • spatial policy

JEL Classification

  • O18
  • R11
  • R30
Accès libre

Clustering Poland Among Eu Countries in Terms of a Sustainable Development Level in the Light of Various Cluster Stability Measures

Publié en ligne: 20 Aug 2020
Pages: 319 - 340

Résumé

Abstract

Research background: Recently in the context of taxonomy methods a lot of attention has been paid to the issue of stability of these methods, i.e. the answer to the question: do the groups that were created as a result of clustering really occur (the structure is stable), or did they appear accidentally.

Purpose: The article is inspired by the Reviewers of the author’s previous publications on this subject and will be a summary of research to date which has followed two paths. On one hand, they recognize ways of measuring cluster stability proposed in the literature (e.g. Rozmus, 2017). On the other, they use these measures to cluster Poland among the EU members in terms of sustainable development level (e.g. Rozmus, 2019).

Research methodology: The literature proposes a number of different ways for measuring stability. Theoretical considerations have also led to the development of computer tools for the practical implementation of the proposed ways to study stability. The practical tools are available within several R packages, e.g.: clv, clValid, fpc, which are used in this research

Results: The results, however, showed that different measures of stability lead to different results.

Novelty: The innovation of this approach is the use of stability measures to such a problem (i.e. clustering EU members in terms of the sustainable development level). In addition, the article will report a synthesis and comparative analysis of the results obtained using various stability measures.

Mots clés

  • clustering
  • taxonomy
  • stability
  • sustainable development

JEL Classification

  • C38
Accès libre

Efficiency Frontiers in Treating Lifestyle Diseases

Publié en ligne: 20 Aug 2020
Pages: 341 - 359

Résumé

Abstract

Research background: Following a rational health policy by the state is tantamount to having knowledge of society’s health status and health affecting factors. It has become particularly important to focus on the 21st century diseases resulting in premature deaths. That objective dominated the 2016 Act on Public Health and the 2016–2020 National Health Programme connected with it.

Purpose: The aim of the paper is to present the results of an analysis concerning hospitals’ technical efficiency assessment in treating diseases of civilization in Poland by provinces. A BCC model with a changing effects of scale and the DEA method were applied, using linear programming.

Results: The received results of assessing the technical efficiency of patient treatment related to diseases of civilization from the temporal and spatial point of view may serve as a basis for decisions on regional policy creation.

Novelty: Interest in measuring production factors of healthcare activity and outcomes may be ascribed to increased care about costs borne in the sector and pressure on responsible management in the public sphere. Thus, planning appropriate actions aimed at maintaining and improving public health leads to the rational use of funds and improved lives of the population.

Mots clés

  • strategic management
  • regional analysis
  • public health
  • diseases of civilization
  • technical efficiency

JEL Classification

  • C61
  • G39
  • I18
  • I19
  • R13
Accès libre

Econometric Analysis of the Relationship Between Innovation and Foreign Trade Distance in Central and Eastern Europe Countries

Publié en ligne: 20 Aug 2020
Pages: 360 - 372

Résumé

Abstract

Research background: Posner’s technology gap theories and Vernon’s product life cycle assume that differences in innovation and technology levels are the cause of foreign trade. These theories are subject to empirical verification. To date, however, the analysis of the impact of innovation distance on a country’s export competitiveness is omitted. This article tries to fill this research gap. The author attempts to examine the relationship between the innovation gap and export competitiveness in industries with varying levels of technological advancement.

Purpose: The aim of the article is to research the direction and strength of the impact of the innovation gap on export competitiveness in 10 different industries in Central and Eastern Europe countries (CEECs).

Research methodology: Dynamic panel models were used in the research, which describe the impact of the technological gap on the export competitiveness of countries. To measure innovation, the indicator of innovative comparative advantage was constructed and based on the number of patents used. The technological gap in individual countries was calculated as the Euclidean distance indicators of the innovative advantage in a given country from other countries.

Results: In light of the presented results of the study, it can be concluded that innovation generally has a significant and positive impact on the competitiveness of exports in the high and medium-high technology industries of the CEECs, while it does not significantly affect the competitiveness of trade in low technology industries. In addition, the Visegrad countries in the high and medium-high technology industries generally have a low technological gap and a smaller distance in export competitiveness using the dynamic panel data model.

Novelty: The added value of this article is an innovative study on the impact of the technological gap on export competitiveness with the example of the CEECs using the dynamic panel data model.

Mots clés

  • export competitiveness
  • innovation gap
  • panel data model
  • technological gap theory

JEL Classification

  • B17
  • O3
  • C23
Accès libre

Instruments to Support Lifelong Learning – the Context of an Employee’s Career Development

Publié en ligne: 20 Aug 2020
Pages: 373 - 389

Résumé

Abstract

Research background: The need for lifelong learning should be considered for all categories of labor resources. This study takes into account the context of this process in relation to employees for whom the most important thing is to maintain employment, promotion in the workplace or professional promotion. Lifelong learning, enabling continuous updating of qualifications, ensures a better competitive position on the labor market.

Research methodology: The basis of the analyzes carried out in this research are studies conducted in Polish organizations by experts from the Institute of Labor and Social Affairs, including the author. The research was quantitative (interview questionnaire) and qualitative (group interviews).

Results: The research work hypothesis was: Most organizations in Poland do not apply statute defined methods of supporting employee careers. This hypothesis has been verified positively. Polish enterprises have a very limited scope, and in most cases do not use tools supporting employee education at all.

Novelty: An innovative approach in the development is to indicate the relationship between the possibility of supporting the process of employee education and the course of their professional career.

Mots clés

  • lifelong learning
  • professional career
  • career development
  • educational support instruments
  • workers

JEL Classification

  • D8
  • J2
  • M1
Accès libre

Methods of a Multivariate Analysis of Non-Metric Data in Evaluating the Generational Perception of Social Characteristics

Publié en ligne: 20 Aug 2020
Pages: 390 - 407

Résumé

Abstract

Research background: The search for factors influencing the evaluation of the quality of life in terms of subjective and objective socio-economic aspects was the background of the study. The search for perfect multivariate statistical methods in the describing of the assessments made by respondents in variable groups, as well as the categories was carried out.

Purpose: The aim of the study was to recognize the natural areas of transferring subjective satisfaction with the level of social factors in the three groups describing: household, country of residence, and the EU. The determined natural relations between the factors were then compared with the established sets of those factors. The characteristics of behaviour were compared in three generations of the EU.

Research methodology: The Standard Eurobarometer, autumn 2018, provided data describing adults from the generations Y, X, and BB. In the analysis a factor analysis and correspondence analysis were used.

Results: The effect of the used methods is a multidirectional image of the evaluations made by the EU Generations Y, X and BB in the areas of an individual’s functioning: direct (the household), close (the country of residence), and further (Europe and the EU).

Novelty: The conducted analysis indicates the need to use diverse methods in order that the assumed research objectives are thoroughly realized. The article indicates the possibility of modifying the approach in using the Burt matrix in connection with concatenated contingency tables.

Mots clés

  • generations Y, X, BB
  • correspondence analysis
  • factor analysis
  • quality of life

JEL Classification

  • C3
  • I31
  • R2
  • R5
Accès libre

The Influence of the Accuracy of Statistical Data on the Results of a Classification of Eu Countries in Terms of Innovation

Publié en ligne: 20 Aug 2020
Pages: 408 - 420

Résumé

Abstract

Research background: The article attempts to include the accuracy of statistical data in a synthetic evaluation and classification of EU countries in terms of innovation.

Purpose: The aim of the article is to evaluate an influence of the accuracy of statistical data on a classification of EU countries in terms of innovation.

Research methodology: The research employed diagnostic variables determining the innovation of EU countries and a methodology proposed by the European Commission in the European Innovation Scoreboard 2019. The influence of the uncertainty of the measurement of the diagnostic variables on the Summary Innovation Index of EU countries was evaluated. In order to do this, a procedure employing the Monte Carlo method was proposed.

Results: Taking into account the uncertainty of the measurement of variables in the evaluation of the innovation of EU countries resulted in qualifying one of the countries to another innovation group.

Novelty: The article draws attention to an important but often neglected problem related to the accuracy of statistical data used in research, and the evaluation of their influence on the calculation of a value of synthetic measure (based on the innovation of EU countries).

Mots clés

  • innovation of EU countries
  • Summary Innovation Index
  • accuracy of statistical data
  • uncertainty of statistical data
  • the Monte Carlo method

JEL Classification

  • C01
  • C15
  • O30
  • O52
  • O57
Accès libre

Analysis of Household Income in Poland Based on the Zenga Distribution and Selected Income Inequality Measure

Publié en ligne: 20 Aug 2020
Pages: 421 - 436

Résumé

Abstract

Research background: A lot of research has been directed at describing empirical distributions by using a theoretical model. In the literature there are proposals for various types of mathematical functions. In 2010 Zenga proposed a new three-parameter model for economic size distribution which possesses interesting statistical properties which can be used to model income, wealth and financial variables.

Purpose: The aim of this paper is to apply the Zenga model to income distributions in Poland by voivodeship.

Research methodology: The basis for the calculations presented in the paper has been based on the individual data coming from a random sample obtained within a Household Budget Survey conducted by the central Statistical Office in the year 2014. The parameters estimates of the Zenga distribution were obtained by means of the D’Addario’s invariants methods, mainly with the Pietra index.

Results: The results of the conducted approximations, presented in the paper confirmed the good consistency of the Zenga distribution with the empirical income distribution in Poland, both in total and for households.

Novelty: The study contributed to the application of a new three-parameter income distribution model to describe income distributions in Poland.

Mots clés

  • income distribution
  • Zenga distribution
  • the Gini income inequality index
  • the Zenga income inequality index

JEL Classification

  • C1
  • C10
  • C13
  • C15
Accès libre

Housing Poverty in Polish Households and its Diversity

Publié en ligne: 20 Aug 2020
Pages: 437 - 455

Résumé

Abstract

Research background: The European Housing Charter defines housing as a basic necessity, but also a fundamental social right underpinning the European social model as well as an element of human dignity. Housing conditions constitute a major element of the broader quality of life for individuals and society.

Purpose: The aim of this paper is to assess the level of housing poverty in general and in selected areas of an assessment of Polish households due to the selected socio-demographic characteristics of the respondent or household.

Research methodology: The study was conducted on the basis of micro-data from the Household Budget Survey of 2017. To determine the housing poverty risk for each household the Integrated Fuzzy and Relative approach was used, which allows for the aggregation of symptoms measured on different measuring scales into the one risk assessment of poor housing conditions. This assessment, overall and in specific areas of housing poverty, became the basis for the study of the factors differentiating this kind of poverty. For this purpose, regression trees were used.

Results: The greatest risk of housing poverty was observed in households living in rural areas, in families with many children, in the households of single mothers or fathers, as well as in households living on unearned sources of income.

Novelty: The use of the Integrated Fuzzy and Relative approach for housing poverty research is an innovative approach and is applied in the paper.

Mots clés

  • housing poverty
  • housing in Poland
  • Integrated Fuzzy and Relative
  • fuzzy set

JEL Classification

  • D19
  • I32
Accès libre

Competing Risks Models for an Enterprises Duration on the Market

Publié en ligne: 20 Aug 2020
Pages: 456 - 473

Résumé

Abstract

Research background: Enterprises are an important element of the economy, which explains that the analysis of their duration on the market is an important and willingly undertaken research topic. In the case of complex problems like this, considering only one type of event, which ends the duration, is often insufficient for full understanding.

Purpose: In this paper there is an analysis of the duration of enterprises on the market, taking into account various reasons for the termination of their business activity as well as their characteristics.

Research methodology: A survival analysis can be used to study duration on the market. However, the possibility of considering the waiting time for only one type of event is its important limitation. One solution is to use competing risks. Various competing risks models (naive Kaplan-Meier estimator, subdistribution model, subhazard and cause-specific hazard) are presented and compared with an indication of their advantages and weakness.

Results: The competing risks models are estimated to investigate the impact of the causes of an enterprises liquidation on duration distribution. The greatest risk concerns enterprises with a natural person as the owner (regardless of the reason of failure). For each of the competing risks, it is also indicated that there is a section of activity which adversely affects the ability of firms to survive on the market.

Novelty: A valuable result is considering the reasons for activity termination in the duration analysis for enterprises from the Mazowieckie Voivodeship.

Mots clés

  • competing risks
  • duration analysis
  • enterprises survival on the market
  • Fine-Gray model
  • subdistribution

JEL Classification

  • C40
  • C41
  • C46
  • C51
  • C55
  • M21
Accès libre

The Importance of the Efficiency of Mutual Life Insurers: A Comparison to Stock Life Insurers

Publié en ligne: 20 Aug 2020
Pages: 474 - 505

Résumé

Abstract

Research background: Mutual companies are a major component of the life insurance industry worldwide and moreover are growing in importance. Efficiency, potentially affected by whether a life insurer company is mutual or stock, can determine how well said companies perform.

Purpose: The aim of this paper is to demonstrate the importance of examining the efficiency of mutual and takaful (similar to mutuals) life insurance companies.

Research methodology: This research coordinates 1) ideas regarding the size and importance of the mutual and takaful life industries worldwide, 2) theoretical aspects concerning how the efficiency of mutual/takafuls is expected to compare to that of stock insurers and 3) the outcomes of germane life insurance efficiency studies.

Results: The outcomes of life insurance efficiency studies tend to show that, in total, stock insurers are more efficient than mutuals apart from one conspicuous element. As mutuals are substantial within several of the world’s largest life markets and the global life industry their being inefficient can be exceedingly negative. The overall conclusion is that such inefficiency can lead to dire economic problems so it is imperative to investigate the efficiency of mutuals/takafuls and perhaps the one element of stocks.

Novelty: This article is the first to investigate the results of mutual/takaful life insurer efficiency studies in concert with the abovementioned theory and draws a vital conclusion regarding mutual/takaful life insurer inefficiency.

Mots clés

  • life insurance
  • efficiency
  • mutual
  • takaful

JEL Classification

  • G22
  • G30
  • L22
Accès libre

An Analysis of Tourist Attractiveness of Poviats of the Lesser Poland Voivodeship

Publié en ligne: 20 Aug 2020
Pages: 506 - 518

Résumé

Abstract

Research background: Lesser Poland is one of the most visited regions in Poland. Among the reasons why it is so, there are a variety of attractions located in this voivodeship and also the activities taken by local government, for which the development of the tourism industry is one of the key goals.

Purpose: Building a ranking of poviats of Lesser Poland in terms of tourist attractiveness.

Research methodology: Selected multivariate analysis tools, i.e. three methods of linear ordering and cluster analysis.

Results: Using the Ward algorithm, poviats are grouped into four clusters of areas with similar characteristics due to tourist values. In addition, using three linear ordering techniques, poviats of the Lesser Poland voivodeship are ordered according to tourist attractiveness. The results of ordering are rather consistent and indicate that the most attractive poviats are: nowotarski, oświęcimski, tatrzański and the city of Kraków. Interestingly, these areas belong to three different groups obtained as part of a cluster analysis. This means that Lesser Poland is a diversified region in terms of the attractions that draw tourists’ to the area.

Novelty: The study of tourist attractiveness using linear ordering techniques is not an original topic. The thesis is of cognitive value and fills a gap in the literature, in which there are no studies based on data from Lesser Poland.

Mots clés

  • tourist attractiveness
  • linear ordering
  • cluster analysis

JEL Classification

  • C19
  • L83
Accès libre

The Use of the Incomplete Tetrad Method for Measuring the Similarities in Nonmetric Multidimensional Scaling

Publié en ligne: 20 Aug 2020
Pages: 519 - 530

Résumé

Abstract

Research background: So far, many methods of direct measurement of similarity in multidimensional scaling have been developed (e.g. ranking, sorting, pairwise comparison and others). The method selection affects the subjective feelings of the respondents, i.e. fatigue, weariness resulting from making numerous assessments, or difficulties in expressing similarity assessments.

Purpose: In the proposed method, for all four-element sets (tetrads) of objects a respondent is asked to pick out the most similar and the least similar pair. Because the number of tetrads increases very rapidly with the number of objects, the aim of the study is to indicate the possibility of measuring similarities based on the reduced number of tetrads.

Research methodology: In order to make scaling results independent from respondents’ subjective effects the analysis was made on the basis of the given distance matrix. To construct perceptual maps based on tetrads, multidimensional scaling with the use of the MINISSA program was performed. The quality of matching the resulting points configuration to the configuration determined based on the distance matrix was tested by a Procrustes statistic.

Results: It was demonstrated that the choice of the incomplete set of tetrads has no significant effect on the results of multidimensional scaling, even when all pairs of objects in tetrads cannot be presented equally frequently.

Novelty: An original method for calculating similarities in nonmetric multidimensional scaling.

Mots clés

  • measurement of similarities
  • method of tetrads
  • nonmetric multidimensional scaling

JEL Classification

  • C38
  • C63
  • M31
Accès libre

A Comparison of Variables Selection Methods and their Sequential Application: A Case Study of the Bankruptcy of Polish Companies

Publié en ligne: 20 Aug 2020
Pages: 531 - 543

Résumé

Abstract

Research background: Even though in recent decades, a lot of new techniques were developed, there is still a lack of studies aimed at comparing the performance of variable selection methods. Bankruptcy prediction is an excellent example of the conservative research field with the tendency to use classical approaches. Although the results of studies in this field are directly applied in banks and other financial institutions, variables selected for these models can be biased by the author’s preference for one technique.

Purpose: This work aims to compare different variable selection approaches and introduce a new methodology of sequential variable selection that can be applied when the low-dimensional model is preferred.

Research methodology: This study has been conducted on Polish companies’ insolvency data from the period of 2007–2013. The risk has been modeled with logistic regression; hence variables have been selected with approaches suitable for linear models.

Results: The one-step methods did not lead to sufficient dimensionality reduction, while the sequential approach provided compact models keeping the high-performance level. Also, this method allowed us to identify the main financial determinants of insolvency for studied companies, which are the volume of total assets and the ratio of profit to total assets.

Novelty: This paper compares different variable selection methods and demonstrates the effectiveness of their sequential application for dimensionality reduction.

Mots clés

  • Variable Selection
  • Ensemble Models
  • Bayesian Model Averaging
  • LASSO
  • Bankruptcy Prediction

JEL Classification

  • C51
  • C52
  • C53
  • G33
  • M21
31 Articles
Accès libre

Public Debt and Inflation: A Review of International Literature

Publié en ligne: 20 Aug 2020
Pages: 9 - 24

Résumé

Abstract

Research background: Public debt arises mainly from debt-financed deficits. More and more countries are resorting to additional public indebtedness to raise additional financial resources to meet government funding needs, which are unattainable by the usual tax means. As a result, increasingly, government spending is rising faster than revenue is received, and the excess is financed mainly through domestic and external borrowings. Expensive borrowings by a government (in an environment of increasing interest rates) may be harmful to inflation and the macroeconomic stabilisation process. This trend is raising concerns among policymakers as it undermines macroeconomic stability, especially in developing economies with relatively weak and dependent monetary authorities in the formulation and implementation of monetary policies. Hence, the association between public debt and inflation is of importance in the inflationary process of an economy.

Purpose: In this paper, theoretical and empirical literature on the link between public debt and inflation has been surveyed in detail. The focus of the paper was centred on the review of literature on the link between total public debt, external public debt, domestic public debt and inflation.

Research methodology: This paper presents an extensive review of scholarly studies on the link between public debt and inflation based on their results. The paper analysed, synthesised, and critically evaluated previous studies on the relationship between public debt and inflation on both the theoretical and empirical fronts.

Results: The literature reviewed revealed the association between public debt and inflation. The surveyed literature shows that the relationship between public debt and inflation varies from country to country, with either a positive or negative relationship. However, in the majority of the literature, the link between public debt and inflation tilts towards a positive relationship. This finding is more prominent in indebted countries with higher levels of public debt and a less-developed financial market. Although there is no consensus on the positive or negative relationship between public debt and inflation, the study found that a positive relationship between public debt and inflation tends to predominate among the studies reviewed.

Novelty: The study provides an insight into the relationship between public debt and inflation based on a detailed review of literature on the subject in both developed and developing economies.

Mots clés

  • public debt
  • inflation
  • fiscal and monetary policy
  • relationship

JEL Classification

  • E31
  • E51
  • E52
  • H63
Accès libre

Carbon Leakage Along with the Green Paradox Against Carbon Abatement? A Review Based on Carbon Tax

Publié en ligne: 20 Aug 2020
Pages: 25 - 44

Résumé

Abstract

Research background: Insufficient global cooperation in carbon pricing against global warming has the risk of global carbon emissions rise because of carbon leakage. The effect of a carbon tax on the present supply of fossil fuels is also valuable in regard to global carbon emissions.

Purpose: The purpose of this study is to gain more insights into the effects of carbon leakage along with the green paradox on global carbon emissions by reviewing the relevant literature.

Research methodology: We provide the problem linked to carbon leakage and the green paradox in the introduction. Then, the effects of carbon leakage and the green paradox on global carbon emissions are elaborated separately. Finally the mutual effects of carbon leakage and the green paradox are reviewed comprehensively.

Results: It is seen that various factors like interest rates, fossil fuel extraction costs, the fossil fuel reserves to be discovered in the future and carbon tax incidence are equally important determinants in regard to global carbon emissions.

Novelty: This study provides an insight into the mutual effects of carbon leakage and the green paradox on global carbon emissions by reviewing the primary literature in the field.

Mots clés

  • Global warming
  • carbon tax
  • carbon leakage
  • green paradox

JEL Classification

  • Q54
  • Q56
  • Q58
  • Q59
Accès libre

The Use of Multidimensional Statistical Analysis Methods in the Burnout Study of Teachers and Lecturers at Universities

Publié en ligne: 20 Aug 2020
Pages: 45 - 61

Résumé

Abstract

Research background: The study was conducted and based on the project The assessment of mental condition, financed by the Ministry of Health as part of the National Health Program for 2016–2020 (operational objective 3: Prevention of mental health problems and improvement of mental well-being of society). The article focuses on a group of teachers and university lecturers from eight voivodeships selected for the study, whereas burnout was selected from the areas of mental disorders.

Purpose: The main objective of the study was to identify the regularities in the relationship between the level of professional burnout and selected demographic characteristics in the group of teachers and university lecturers. Additionally, the spatial diversity of the percentage of respondents diagnosed with occupational burnout was examined.

Research methodology: Two methods from the multi-dimensional statistical analysis were used: a classification tree analysis, and a correspondence analysis.

Results: The methods used allowed to classify the studied professional group in terms of the degree of occupational burnout. The results obtained using both the classification trees and multidimensional correspondence analysis allowed the identification of similar regularities regarding the impact of demographic variables on the level of occupational burnout.

Novelty: The application of multidimensional statistical analysis methods to study mental health based on individual, unique data from eight Polish voivodeships.

Mots clés

  • the assessment of mental condition
  • teachers and lecturers at universities
  • burnout
  • multi-dimensional correspondence analysis
  • and classification trees

JEL Classification

  • C38
  • I12
Accès libre

Identification of Regional Smart Specialisations on the Basis of Aggregate Measures – A Case of the Dolnośląskie Voivodeship

Publié en ligne: 20 Aug 2020
Pages: 62 - 80

Résumé

Abstract

Research background: Strengthening endogenous potentials, enhancing competitive advantage based on research and innovation remains an important component of regional development policy. Over the years this task has been carried out through e.g. the identification and support focused on smart specialisations.

Purpose: The purpose of the assessment was to identify smart specialisations in the Dolnośląskie voivodeship and evaluate their competitiveness against the background of other voivodeships.

Research methodology: The set of diagnostic indicators as well as the dynamics and location measures calculated on their basis, and also linear ordering methods using a weights system (Synthetic Measure of Smart Specialisations – SMSS) were used to identify regional smart specialisations. A statistical analysis was conducted on the basis of data at the level of PKD divisions (Polish Statistical Classification of Economic Activities; NACE is the EU equivalent). The identification was carried out taking into account the period 2012–2017 and focused primarily on 2017.

Results: As a result, 4 RSSs were identified, of which the first two are the mining of non-ferrous metal ores and the production of motor vehicles.

Novelty: The study proposes, based on the example of the Dolnośląskie voivodeship, the possibility of using linear ordering methods in determining the region’s smart specialisations (RSS), i.e. unique regional qualities and assets, which may constitute its competitive advantage, supported by appropriate research and development facilities and essential for the development of modern and innovative sectors of the economy.

Mots clés

  • smart specialisations
  • Voivodeships
  • PKD (NACE) divisions
  • linear ordering methods

JEL Classification

  • O11
  • O18
  • O30
  • O38
Accès libre

Econometric Support of a Mass Valuation Process

Publié en ligne: 20 Aug 2020
Pages: 81 - 94

Résumé

Abstract

Research background: The issues undertaken in the paper include the specification of an econometric model in real estate mass appraisal. Advantages and disadvantages of using econometric models in real estate mass appraisal are discussed.

Purpose: The issue of aiding the valuation process with an econometric model based on the Szczecin algorithm of real estate mass appraisal is discussed in the paper. Such problems like multicollinearity, lack of coincidence and nonmonotonic influence of attributes are pointed out. Also, potential solutions to these problems are mentioned. Moreover, the paper features a discussion of cases in which econometric appraisal is not sufficient.

Research methodology: The base for constructing an econometric model is the so-called Szczecin algorithm of real estate mass appraisal. Based on the algorithm, the econometric model was created to enable determining the impact of real estate attributes and location on their value.

Results: problems related with specification, estimation and verification of the real estate mass appraisal econometric model are discussed in an empirical example.

Novelty: A non-linear model is proposed, which features explanatory variables introduced into the model, and by taking into consideration the scale of their measurement. The proposed model, by introducing dummy variables, also account for the impact of a location, which significantly improves the fit to empirical values.

Mots clés

  • econometric modelling
  • real estate mass appraisal algorithm
  • multicollinearity
  • qualitative variables

JEL Classification

  • R33
  • C10
  • C13
Accès libre

Socio-Economic Potential of Regions – Theory and Practice

Publié en ligne: 20 Aug 2020
Pages: 95 - 116

Résumé

Abstract

Research background: The paper refers to the social and economic potential of regions and their level of development. The crucial issue is not only how to measure the level of development but also their potential and what are the ways of defining this.

Purpose: The principal aim of this paper is an analysis and evaluation of the social and economic potential of poviats of the West Pomeranian Province through the prism of their level of development.

Research methodology: The measurements of the level of development were carried out using a synthetic measure of development. The level of poviats development was examined in aggregate for all specified factors and broken down into economic, socio-demographic, infrastructure and environmental protection factors. Data selection was made by using a factor analysis. As part of the study, a statistical analysis of potential factors was also carried out. The analysis refers to the following selected periods: 2008, 2014 and 2018 which allowed for an observation of phenomena over time in the investigated period. The research used the Central Statistical Office’s annual statistics for the specific districts.

Results: The research results confirm the complexity of the study of the phenomenon of the level of socioeconomic development of LGUs, the large diversity of surveyed units regardless of the study period and their low level of development.

Novelty: The novelty is that the analysis was conducted in stages, which allowed learning about the potential’s nature on the one hand and the factors forming it on the other.

A material element of the research was also identifying possible directions for the use of the findings.

Mots clés

  • social and economic potential
  • potential’s factors
  • level of districts’ social and economic development
  • measurement of potential

JEL Classification

  • C00
  • O10
  • R10
  • R11
Accès libre

Model of the Market Value of Apartments Including a Time Variable and Energy Features of a Building

Publié en ligne: 20 Aug 2020
Pages: 117 - 132

Résumé

Abstract

Research background: The implementation of EU directives in national legislations imposes an obligation to monitor energy efficiency in every sector of the economy, including construction. In the era of energy conservation, which results from environmental requirements, as well as from constantly increasing energy prices, the energy consumption of premises and buildings becomes an important prerequisite for decision-making processes in the real estate market. There have also been changes in the provisions of the Act on Real Estate Management, which impose an obligation on the professional group of property appraisers to incorporate energy performance certificates for buildings and premises into the valuation process. Energy intensity in terms of the demand for heating of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units.

Purpose: The article analyses the energy intensity of different types of buildings (e.g. low and high-rise buildings) and the diverse distribution of units in the building, especially with regard to their exposure to the different point of the compass. The research covered the Słoneczne housing estate in Szczecin, in a situation where the property appraiser does not have access to the energy performance certificates of the estimated apartments as well as apartments taken for comparison. The aim of the study is to identify the relationship between energy intensity and market value of residential units on the selected real estate market. The analysis will be based on data from the Price and Value Register of the County Office, a collection of statistics and public information as well as on the authors’ own databases and research.

Research methodology: A multidimensional analysis will be used to distinguish homogeneous groups of residential units due to their property attributes. The study will also employ a valuation model including energy intensity and time variables.

Results: The study showed that building type is one of the features determining energy consumption by a building. Depending on the period, the introduced attributes explained the evolution of the unit price at 78%, 75% and 24%. The parameters of the variables Size, Neighborhood and Time were found to be statistically significant. What is more, in all three periods, the value of the residential unit was significantly affected by the type of building which determined the energy performance of the building.

Novelty: Energy intensity in terms of the heating demand of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units. The article analyses the energy intensity of different types of buildings (e.g. low and high buildings) and the different location of units in a building, especially in relation to the directions of the world.

Mots clés

  • Real estate market analysis
  • energy intensity
  • market value

JEL Classification

  • C10
  • R31
Accès libre

Unravelling the Secrets of Inflation in the Euro Area – A Frequency Decomposition Approach

Publié en ligne: 20 Aug 2020
Pages: 133 - 162

Résumé

Abstract

Research background: The study contributes to the field of monetary economics. In the practice of monetary policy, all central banks have a vivid interest in distinguishing between signals and noise in the data.

Purpose: The study investigates from a frequency-domain perspective the interlinkages between money, loans, inflation and real GDP for the euro area.

Research methodology: The research methodology includes a combination of a time-series single-equation estimation approach with a frequency decomposition analysis.

Results: Broad monetary measures are found to add positively and significantly to euro area inflation over longer horizons and so do loan developments. Over medium-term horizons, real economic and exchange rate developments seem to exert a significant impact. Over shorter horizons, none of the variables under consideration affects inflation in a significant way. Robustness checks confirm the overall results. Monetary aggregates also seem to explain house price developments at lower frequencies. In addition, real GDP and exchange rate (possibly reflecting an income effect) exert a strong and significant impact, while stock prices show a substitution effect.

Novelty: The paper adds to the studies focusing on the driving forces of inflation and growth over various time horizons, with the conclusion that central banks should adopt medium-term orientation and always closely monitor real, monetary and exchange rate developments in conjunction.

Mots clés

  • Frequency decomposition
  • inflation
  • money
  • credit

JEL Classification

  • E31
  • E52
Accès libre

Impact of the Regularization of Regression Models on the Results of the Mass Valuation of Real Estate

Publié en ligne: 20 Aug 2020
Pages: 163 - 176

Résumé

Abstract

Research background: Mass appraisal is a process in which multiple properties are appraised simultaneously, with a uniform approach. One of the tools that can be used in this area are multiple regression models. In the valuation of real estate features are often described on an ordinal or nominal scale. Replacing them with dummy variables with an insufficient number of observations leads to multicollinearity. On the other hand, there is a risk of overfitting the model. One of the ways to eliminate or weaken these phenomena is to introduce regularization based on a model’s penalization for the high values of its weights.

Purpose: The aim of the study is to verify the hypothesis whether regularized regression reduces the errors of property valuation and which of the analyzed methods is the most effective in this context.

Research methodology: The article will present a study in which two ways of regularization will be applied – ridge and lasso regression, in the context of their impact on the errors of property valuation. The analyzed data set includes over 300 land properties valued by property appraisers. The key aspects of the study are the selection of optimal values of the regularization parameter and its influence on model’s errors with a different number of observations in the training sets.

Results: The study showed that regularization improves valuation results and, more specifically, allows for lower average absolute percentage errors. The improvement of model effectiveness was more pronounced in the case of ridge regression. An important result is also that regularization has provided a higher accuracy of valuation compared to multiple regression models for smaller training sets.

Novelty: The article confirms the effectiveness of regularization as a way to eliminate the problem of multicollinearity or overfitting of the model. The results showed that ridge regression can be an effective way of modelling the value of real estate. Especially in the case of a small amount of market data, which is an important conclusion in the context of the real estate market.

Mots clés

  • property valuation
  • market analysis
  • regularization

JEL Classification

  • C10
  • R30
Accès libre

Modelling Unpaid Housework Time in Poland on the Basis of a Time Use Survey

Publié en ligne: 20 Aug 2020
Pages: 177 - 189

Résumé

Abstract

Research background: The paper introduces an econometric analysis of unpaid household work in Poland.

Purpose: The purpose is a quantitative analysis of the relations between the time spent on unpaid housework and some selected demographic, economic and social variables.

Research methodology: In the survey, the respondents were grouped by gender and type of locality. It was hypothesized that there are strong differences in the determinants of housework time by gender and type of locality. Multiple regression models for housework time and 23 demographic, social and economic variables were estimated and verified. The analysis was conducted on the basis of individual data from the Time Use Survey conducted by the Statistics Poland in 2013.

Results: The empirical study found no differences in the key determinants of housework time between women and men depending on the type of locality. The main factors of influence were: paid work time, time spent meeting physiological needs (sleeping, eating, washing), time spent on learning, the number of children and, finally, economic activity.

Novelty: The theoretical part outlines barely known economic theories that addressed the issue of unpaid housework. The authors describe the care economy, humanistic economics, economics of happiness, time allocation theory as well as a two-dimensional approach to poverty research. Housework (which means the unpaid activity of household members aimed at satisfying the needs of individuals forming the household) has also been out of economic mainstream categories. Even though unpopular, it has an economic value and can be replaced by market goods and services or offered by the state. The authors have been persuaded that there are tangible and intangible benefits resulting from this type of work.

Mots clés

  • Unpaid household work
  • Time Use Survey
  • Multivariate Regression

JEL Classification

  • C30
  • J22
Accès libre

Dividend Aristocrats – A Comparative Analysis of Polish and American Dividend Companies During the Period of 2009–2017

Publié en ligne: 20 Aug 2020
Pages: 190 - 205

Résumé

Abstract

Research background: This article describes the issue of dividend companies that are components of the WIG index and S&P 500 during the period 2009–2017.

Purpose: The aim of the study was to identify similarities and differences in dividend payments by issuers during the period 2009–2017.

Research methodology: It describes the assessment of investments in companies on the basis of the continuity and variability of dividends paid (taking into account the rate of dividend growth and the cumulated rate of dividends, statistical measures – median and standard deviation), as well as the comparison of issuers from the Polish and US stock exchange.

Results: The results of the study confirm the existence of differences in dividend pay-outs by companies listed on both exchanges.

Novelty: First of all, Polish dividend companies are characterised by a higher average annual dividend growth rate and an average annual rate of return. What is more important, the average accumulated dividend (as well as its median) of companies from the WIG index is higher than the same group of companies belonging not only to the S&P 500 index companies, but also to American dividend aristocrats.

Mots clés

  • dividend companies
  • dividend aristocrats
  • dividend
  • investor

JEL Classification

  • G11
  • G30
  • G35
  • G41
Accès libre

The Role of Barriers to the Activity of Industrial Enterprises in the Evaluation of the Business Tendency in Poland

Publié en ligne: 20 Aug 2020
Pages: 206 - 220

Résumé

Abstract

Research background: Surveys of entrepreneurs regarding the assessment of conditions for conducting business activity are carried out by several institutions. They focus on business climate indicators but in parallel they report on numerous barriers to economic activity. The paper examines the barriers that hinder business operations to manufacturing enterprises in Poland.

Purpose: The purpose of the paper is to analyse the barriers to business activity and their role in entrepreneurs’ assessment of their general economic situation. It has been hypothesized that statistically significant barriers to economic activity that affect the assessment of the general economic situation by entrepreneurs can be determined.

Research methodology: The analysis was based on the Central Statistical Office data from the business tendency survey in manufacturing enterprises spanning the period 2003–2019, broken down into groups of small, medium-sized and large enterprises. Correlation measures and regression models were used.

Results: The results allow indicating several barriers that have a significant impact on the assessment of the current economic situation by entrepreneurs. This impact varies depending on the size of the enterprise. No significant relationship was found between the barriers and the assessment of the expected economic situation.

Novelty: The paper contributes to studies on business tendency surveys. It develops a detailed analysis of the barriers to economic activity, takes into account the size of enterprises and examines the influence of business barriers on the assessment of the economic situation by entrepreneurs.

Mots clés

  • business tendency survey
  • barriers to economic activity
  • business climate indicator
  • enterprise
  • economic situation

JEL Classification

  • C10
  • C20
  • L2
  • L6
Accès libre

An Assessment of the Reliability of Discriminatory Models on the Basis of the Bankruptcy of Comapanies in the Food Industry in Poland

Publié en ligne: 20 Aug 2020
Pages: 221 - 231

Résumé

Abstract

Research background: The widespread occurrence of the phenomenon of bankruptcy leads to an analysis of the scale and causes of this phenomenon in Polish conditions. It should be remembered that the features that inextricably accompany the conduct of any business are uncertainty and risk, hence the phenomenon of the bankruptcy of enterprises is not foreign and it is impossible to eliminate.

Purpose: Assessment of the credibility of Polish discriminatory models as a method of the early warning of bankruptcy of enterprises on a sample of enterprises from the Polish food industry.

Research methodology: Literature review and verification of 10 methods using a linear function of discrimination most frequently adopted by people dealing with bankruptcy issues and examination of the financial condition of companies. The food industry was subject to analysis and financial assessment regarding the forecast of the bankruptcy of companies in the process of empirical verification.

Results: The interpretation of the results was based on the financial statements of the survey sample consisting of 50 Polish companies (25 with a good financial condition and 25 that were bankrupt) which in the years 2005–2016 declared bankruptcy).

Novelty: The results are based on a sample of food industry companies point to the legitimacy of the research. The use of a linear discriminant function confirms the usefulness of early warning models (prognostic reliability around 70%). The study presents a classification of models according to prognostic reliability. Guided by the criterion of model credibility, one can use tools with high prognostic efficiency in assessing the financial situation.

Mots clés

  • discriminatory analysis
  • assessment of reliability
  • company
  • bankruptcy forecast
  • risk

JEL Classification

  • G33
  • G170
Accès libre

The Influence of Unbalanced Economic Data on Feature Selection and Quality of Classifiers

Publié en ligne: 20 Aug 2020
Pages: 232 - 247

Résumé

Abstract

Research background: The successful learning of classifiers depends on the quality of data. Modeling is especially difficult when the data are unbalanced or contain many irrelevant variables. This is the case in many applications. The classification of rare events is the overarching goal, e.g. in bankruptcy prediction, churn analysis or fraud detection. The problem of irrelevant variables accompanies situations where the specification of the model is not known a priori, thus in typical conditions for data mining analysts.

Purpose: The purpose of this paper is to compare the combinations of the most popular strategies of handling unbalanced data with feature selection methods that represent filters, wrappers and embedded methods.

Research methodology: In the empirical study, we use real datasets with additionally introduced irrelevant variables. In this way, we are able to recognize which method correctly eliminates irrelevant variables.

Results: Having carried out the experiment we conclude that over-sampling does not work in connection with feature selection. Some recommendations of the most promising methods also are given.

Novelty: There are many solutions proposed in the literature concerning unbalanced data as well as feature selection. The innovative field of our interests is to examine their interactions.

Mots clés

  • classifiers
  • class unbalance
  • sensitivity
  • feature selection
  • resampling

JEL Classification

  • C1
  • C38
  • C52
Accès libre

Differences in the Income Distribution of Households Run by Men and Women by Voivodeships

Publié en ligne: 20 Aug 2020
Pages: 248 - 265

Résumé

Abstract

Research background: Household income depends on its demographic composition, age and education of its members, place of residence and many other factors. In our work, we concentrate on the income distribution of Polish households.

Purpose: The study aims to compare the household income distributions in Polish voivodeships, taking into account the gender of the family head. We provide evidence on the magnitude and determinants of regional differences in gender-specific income disparities.

Research methodology: In order to move beyond estimation based on mean values, we apply the Residual Imputation Approach and extend the Oaxaca-Blinder decomposition procedure to different quantile points along the income distribution. To describe the differences between two income distributions we construct a counterfactual distribution and decompose the inequalities into explained and unexplained components.

Results: The regional variation of the gender income gap has been explained with individual and jobrelated characteristics. There exists an important diversity in the size of the gender income gap across the Polish provinces. The results obtained for 16 voivodeships allowed us to group them into four clusters: heavily industrialized voivodeships with a large income gap, weakly industrialized with a low income gap, voivodships with large agglomerations characterized by a low gap, and medium-developed voivodeships with a large, U-shaped gap.

Novelty: Our results provide novel insights into the regional dimension of the income gap.

Mots clés

  • income inequalities
  • gender pay gap
  • decomposition
  • regional labor markets

JEL Classification

  • D31
  • J31
Accès libre

An Analysis of Entrepreneurship in Family-Owned Stock Companies

Publié en ligne: 20 Aug 2020
Pages: 266 - 285

Résumé

Abstract

Research background: Family businesses are included in the functioning of each market transaction. testing their development and dissemination can be an interesting area of research from the point of view of hierarchy and from the point of view of the owners of these companies.

Purpose: The purpose of the article was to present an analysis of entrepreneurship of family-owned companies listed on the Warsaw Stock Exchange (WSE).

Researcher methodology: The quantitative analysis method, including also the descriptive statistics method, ratio analysis, and inference was incorporated. The study was based on the financial data of 38 family capital groups. The data analysis on entrepreneurship in the years 2009–2018 indicates that in the case of all of the studied companies most were in a stable situation. The analysis of entrepreneurship, which takes into account the rate of income growth and efficiency indicators, indicates that the examined group of family companies was characterized by a high level of entrepreneurship throughout the analysed period, thus showing a downward trend.

The results: The results of the research may form the basis for further research in the field presented in the article with an emphasis on sector diversification, the size of companies and the extension of the analysed time periods.

Novelty: Entrepreneurship research in family entities can be seen from the point of view of the rate of increase of revenues and efficiency of assets and cash efficiency.

Mots clés

  • dynamic sales
  • ROA
  • cash productivity assets

JEL Classification

  • G32
  • M21
Accès libre

Output Volatility and Government Size in Nigeria

Publié en ligne: 20 Aug 2020
Pages: 286 - 301

Résumé

Abstract

Research background: Output volatility has potentially adverse consequences on the economy and the stabilizing role of fiscal policy is linked to the share of government size in an economy. Hence, given the relative large share of government in developing countries, government size is expected to play an important role in stabilizing output volatility.

Purpose: This study examines the relationship between output volatility and government size in Nigeria. The study seeks to establish if government size mitigates output volatility in Nigeria.

Research methodology: The study employs the Autoregressive Distributed Lag (ARDL) technique after conducting stationarity and co-integration tests.

Results: The results of the ARDL estimate showed that government size lessens output volatility but the magnitude was insignificant. Further, the study found that volatility in aggregate government spending; international oil price and public debt were significant determinants of output volatility in Nigeria.

Novelty: This showed that the automatic stabilization role of government size on output volatility could not be established. The automatic stabilization role of fiscal policy can be improved by increasing social security transfers (pension payment), payments of unemployment benefits and increasing civil servants minimum wage.

Mots clés

  • Output Volatility
  • Government Size
  • Auto-regressive distributed lag
  • Nigeria

JEL Classification

  • E32
  • E62
Accès libre

Measures Implemented by Local Authorities, Particularly in the Sphere of Spatial Policy, and Its Impact on Setting Up and Developing Companies – Opinions Comparison

Publié en ligne: 20 Aug 2020
Pages: 302 - 318

Résumé

Abstract

Research background: The development of business on a local level depends on a variety of factors, which as is often the case are shaped by the local authorities. An example of activities carried out by local governments in order to help develop businesses is the management of the spatial resources in a given municipality in such a way as to facilitate starting and developing companies.

Purpose: The principal objective of this study has been to identify how local authorities and businessmen perceive the role of conditions associated with the municipality’s spatial policy in terms of starting and conducting a business.

Research methodology: The research results rely on primary data acquired by conducting a survey based on a questionnaire designed by the authors.

Results: The results permitted to demonstrate differences and similarities among the opinions of our respondents concerning factors linked to the spatial policy of a municipality that have an impact on decisions to set up and develop companies. Among the location factors, the most important ones, according to both local governments and businessmen, were the state of the local infrastructure, such as IT, transportation, communication, waterworks and sewers, power supply.

Novelty: The confrontation of the replies provided by local authorities and by entrepreneurs concerns spatial policy, and the territorial scope of the research covering the whole of Poland, the different types of enterprises from various branches are the innovative element of the study.

Mots clés

  • local development
  • entrepreneurship
  • business activity
  • local authorities
  • spatial policy

JEL Classification

  • O18
  • R11
  • R30
Accès libre

Clustering Poland Among Eu Countries in Terms of a Sustainable Development Level in the Light of Various Cluster Stability Measures

Publié en ligne: 20 Aug 2020
Pages: 319 - 340

Résumé

Abstract

Research background: Recently in the context of taxonomy methods a lot of attention has been paid to the issue of stability of these methods, i.e. the answer to the question: do the groups that were created as a result of clustering really occur (the structure is stable), or did they appear accidentally.

Purpose: The article is inspired by the Reviewers of the author’s previous publications on this subject and will be a summary of research to date which has followed two paths. On one hand, they recognize ways of measuring cluster stability proposed in the literature (e.g. Rozmus, 2017). On the other, they use these measures to cluster Poland among the EU members in terms of sustainable development level (e.g. Rozmus, 2019).

Research methodology: The literature proposes a number of different ways for measuring stability. Theoretical considerations have also led to the development of computer tools for the practical implementation of the proposed ways to study stability. The practical tools are available within several R packages, e.g.: clv, clValid, fpc, which are used in this research

Results: The results, however, showed that different measures of stability lead to different results.

Novelty: The innovation of this approach is the use of stability measures to such a problem (i.e. clustering EU members in terms of the sustainable development level). In addition, the article will report a synthesis and comparative analysis of the results obtained using various stability measures.

Mots clés

  • clustering
  • taxonomy
  • stability
  • sustainable development

JEL Classification

  • C38
Accès libre

Efficiency Frontiers in Treating Lifestyle Diseases

Publié en ligne: 20 Aug 2020
Pages: 341 - 359

Résumé

Abstract

Research background: Following a rational health policy by the state is tantamount to having knowledge of society’s health status and health affecting factors. It has become particularly important to focus on the 21st century diseases resulting in premature deaths. That objective dominated the 2016 Act on Public Health and the 2016–2020 National Health Programme connected with it.

Purpose: The aim of the paper is to present the results of an analysis concerning hospitals’ technical efficiency assessment in treating diseases of civilization in Poland by provinces. A BCC model with a changing effects of scale and the DEA method were applied, using linear programming.

Results: The received results of assessing the technical efficiency of patient treatment related to diseases of civilization from the temporal and spatial point of view may serve as a basis for decisions on regional policy creation.

Novelty: Interest in measuring production factors of healthcare activity and outcomes may be ascribed to increased care about costs borne in the sector and pressure on responsible management in the public sphere. Thus, planning appropriate actions aimed at maintaining and improving public health leads to the rational use of funds and improved lives of the population.

Mots clés

  • strategic management
  • regional analysis
  • public health
  • diseases of civilization
  • technical efficiency

JEL Classification

  • C61
  • G39
  • I18
  • I19
  • R13
Accès libre

Econometric Analysis of the Relationship Between Innovation and Foreign Trade Distance in Central and Eastern Europe Countries

Publié en ligne: 20 Aug 2020
Pages: 360 - 372

Résumé

Abstract

Research background: Posner’s technology gap theories and Vernon’s product life cycle assume that differences in innovation and technology levels are the cause of foreign trade. These theories are subject to empirical verification. To date, however, the analysis of the impact of innovation distance on a country’s export competitiveness is omitted. This article tries to fill this research gap. The author attempts to examine the relationship between the innovation gap and export competitiveness in industries with varying levels of technological advancement.

Purpose: The aim of the article is to research the direction and strength of the impact of the innovation gap on export competitiveness in 10 different industries in Central and Eastern Europe countries (CEECs).

Research methodology: Dynamic panel models were used in the research, which describe the impact of the technological gap on the export competitiveness of countries. To measure innovation, the indicator of innovative comparative advantage was constructed and based on the number of patents used. The technological gap in individual countries was calculated as the Euclidean distance indicators of the innovative advantage in a given country from other countries.

Results: In light of the presented results of the study, it can be concluded that innovation generally has a significant and positive impact on the competitiveness of exports in the high and medium-high technology industries of the CEECs, while it does not significantly affect the competitiveness of trade in low technology industries. In addition, the Visegrad countries in the high and medium-high technology industries generally have a low technological gap and a smaller distance in export competitiveness using the dynamic panel data model.

Novelty: The added value of this article is an innovative study on the impact of the technological gap on export competitiveness with the example of the CEECs using the dynamic panel data model.

Mots clés

  • export competitiveness
  • innovation gap
  • panel data model
  • technological gap theory

JEL Classification

  • B17
  • O3
  • C23
Accès libre

Instruments to Support Lifelong Learning – the Context of an Employee’s Career Development

Publié en ligne: 20 Aug 2020
Pages: 373 - 389

Résumé

Abstract

Research background: The need for lifelong learning should be considered for all categories of labor resources. This study takes into account the context of this process in relation to employees for whom the most important thing is to maintain employment, promotion in the workplace or professional promotion. Lifelong learning, enabling continuous updating of qualifications, ensures a better competitive position on the labor market.

Research methodology: The basis of the analyzes carried out in this research are studies conducted in Polish organizations by experts from the Institute of Labor and Social Affairs, including the author. The research was quantitative (interview questionnaire) and qualitative (group interviews).

Results: The research work hypothesis was: Most organizations in Poland do not apply statute defined methods of supporting employee careers. This hypothesis has been verified positively. Polish enterprises have a very limited scope, and in most cases do not use tools supporting employee education at all.

Novelty: An innovative approach in the development is to indicate the relationship between the possibility of supporting the process of employee education and the course of their professional career.

Mots clés

  • lifelong learning
  • professional career
  • career development
  • educational support instruments
  • workers

JEL Classification

  • D8
  • J2
  • M1
Accès libre

Methods of a Multivariate Analysis of Non-Metric Data in Evaluating the Generational Perception of Social Characteristics

Publié en ligne: 20 Aug 2020
Pages: 390 - 407

Résumé

Abstract

Research background: The search for factors influencing the evaluation of the quality of life in terms of subjective and objective socio-economic aspects was the background of the study. The search for perfect multivariate statistical methods in the describing of the assessments made by respondents in variable groups, as well as the categories was carried out.

Purpose: The aim of the study was to recognize the natural areas of transferring subjective satisfaction with the level of social factors in the three groups describing: household, country of residence, and the EU. The determined natural relations between the factors were then compared with the established sets of those factors. The characteristics of behaviour were compared in three generations of the EU.

Research methodology: The Standard Eurobarometer, autumn 2018, provided data describing adults from the generations Y, X, and BB. In the analysis a factor analysis and correspondence analysis were used.

Results: The effect of the used methods is a multidirectional image of the evaluations made by the EU Generations Y, X and BB in the areas of an individual’s functioning: direct (the household), close (the country of residence), and further (Europe and the EU).

Novelty: The conducted analysis indicates the need to use diverse methods in order that the assumed research objectives are thoroughly realized. The article indicates the possibility of modifying the approach in using the Burt matrix in connection with concatenated contingency tables.

Mots clés

  • generations Y, X, BB
  • correspondence analysis
  • factor analysis
  • quality of life

JEL Classification

  • C3
  • I31
  • R2
  • R5
Accès libre

The Influence of the Accuracy of Statistical Data on the Results of a Classification of Eu Countries in Terms of Innovation

Publié en ligne: 20 Aug 2020
Pages: 408 - 420

Résumé

Abstract

Research background: The article attempts to include the accuracy of statistical data in a synthetic evaluation and classification of EU countries in terms of innovation.

Purpose: The aim of the article is to evaluate an influence of the accuracy of statistical data on a classification of EU countries in terms of innovation.

Research methodology: The research employed diagnostic variables determining the innovation of EU countries and a methodology proposed by the European Commission in the European Innovation Scoreboard 2019. The influence of the uncertainty of the measurement of the diagnostic variables on the Summary Innovation Index of EU countries was evaluated. In order to do this, a procedure employing the Monte Carlo method was proposed.

Results: Taking into account the uncertainty of the measurement of variables in the evaluation of the innovation of EU countries resulted in qualifying one of the countries to another innovation group.

Novelty: The article draws attention to an important but often neglected problem related to the accuracy of statistical data used in research, and the evaluation of their influence on the calculation of a value of synthetic measure (based on the innovation of EU countries).

Mots clés

  • innovation of EU countries
  • Summary Innovation Index
  • accuracy of statistical data
  • uncertainty of statistical data
  • the Monte Carlo method

JEL Classification

  • C01
  • C15
  • O30
  • O52
  • O57
Accès libre

Analysis of Household Income in Poland Based on the Zenga Distribution and Selected Income Inequality Measure

Publié en ligne: 20 Aug 2020
Pages: 421 - 436

Résumé

Abstract

Research background: A lot of research has been directed at describing empirical distributions by using a theoretical model. In the literature there are proposals for various types of mathematical functions. In 2010 Zenga proposed a new three-parameter model for economic size distribution which possesses interesting statistical properties which can be used to model income, wealth and financial variables.

Purpose: The aim of this paper is to apply the Zenga model to income distributions in Poland by voivodeship.

Research methodology: The basis for the calculations presented in the paper has been based on the individual data coming from a random sample obtained within a Household Budget Survey conducted by the central Statistical Office in the year 2014. The parameters estimates of the Zenga distribution were obtained by means of the D’Addario’s invariants methods, mainly with the Pietra index.

Results: The results of the conducted approximations, presented in the paper confirmed the good consistency of the Zenga distribution with the empirical income distribution in Poland, both in total and for households.

Novelty: The study contributed to the application of a new three-parameter income distribution model to describe income distributions in Poland.

Mots clés

  • income distribution
  • Zenga distribution
  • the Gini income inequality index
  • the Zenga income inequality index

JEL Classification

  • C1
  • C10
  • C13
  • C15
Accès libre

Housing Poverty in Polish Households and its Diversity

Publié en ligne: 20 Aug 2020
Pages: 437 - 455

Résumé

Abstract

Research background: The European Housing Charter defines housing as a basic necessity, but also a fundamental social right underpinning the European social model as well as an element of human dignity. Housing conditions constitute a major element of the broader quality of life for individuals and society.

Purpose: The aim of this paper is to assess the level of housing poverty in general and in selected areas of an assessment of Polish households due to the selected socio-demographic characteristics of the respondent or household.

Research methodology: The study was conducted on the basis of micro-data from the Household Budget Survey of 2017. To determine the housing poverty risk for each household the Integrated Fuzzy and Relative approach was used, which allows for the aggregation of symptoms measured on different measuring scales into the one risk assessment of poor housing conditions. This assessment, overall and in specific areas of housing poverty, became the basis for the study of the factors differentiating this kind of poverty. For this purpose, regression trees were used.

Results: The greatest risk of housing poverty was observed in households living in rural areas, in families with many children, in the households of single mothers or fathers, as well as in households living on unearned sources of income.

Novelty: The use of the Integrated Fuzzy and Relative approach for housing poverty research is an innovative approach and is applied in the paper.

Mots clés

  • housing poverty
  • housing in Poland
  • Integrated Fuzzy and Relative
  • fuzzy set

JEL Classification

  • D19
  • I32
Accès libre

Competing Risks Models for an Enterprises Duration on the Market

Publié en ligne: 20 Aug 2020
Pages: 456 - 473

Résumé

Abstract

Research background: Enterprises are an important element of the economy, which explains that the analysis of their duration on the market is an important and willingly undertaken research topic. In the case of complex problems like this, considering only one type of event, which ends the duration, is often insufficient for full understanding.

Purpose: In this paper there is an analysis of the duration of enterprises on the market, taking into account various reasons for the termination of their business activity as well as their characteristics.

Research methodology: A survival analysis can be used to study duration on the market. However, the possibility of considering the waiting time for only one type of event is its important limitation. One solution is to use competing risks. Various competing risks models (naive Kaplan-Meier estimator, subdistribution model, subhazard and cause-specific hazard) are presented and compared with an indication of their advantages and weakness.

Results: The competing risks models are estimated to investigate the impact of the causes of an enterprises liquidation on duration distribution. The greatest risk concerns enterprises with a natural person as the owner (regardless of the reason of failure). For each of the competing risks, it is also indicated that there is a section of activity which adversely affects the ability of firms to survive on the market.

Novelty: A valuable result is considering the reasons for activity termination in the duration analysis for enterprises from the Mazowieckie Voivodeship.

Mots clés

  • competing risks
  • duration analysis
  • enterprises survival on the market
  • Fine-Gray model
  • subdistribution

JEL Classification

  • C40
  • C41
  • C46
  • C51
  • C55
  • M21
Accès libre

The Importance of the Efficiency of Mutual Life Insurers: A Comparison to Stock Life Insurers

Publié en ligne: 20 Aug 2020
Pages: 474 - 505

Résumé

Abstract

Research background: Mutual companies are a major component of the life insurance industry worldwide and moreover are growing in importance. Efficiency, potentially affected by whether a life insurer company is mutual or stock, can determine how well said companies perform.

Purpose: The aim of this paper is to demonstrate the importance of examining the efficiency of mutual and takaful (similar to mutuals) life insurance companies.

Research methodology: This research coordinates 1) ideas regarding the size and importance of the mutual and takaful life industries worldwide, 2) theoretical aspects concerning how the efficiency of mutual/takafuls is expected to compare to that of stock insurers and 3) the outcomes of germane life insurance efficiency studies.

Results: The outcomes of life insurance efficiency studies tend to show that, in total, stock insurers are more efficient than mutuals apart from one conspicuous element. As mutuals are substantial within several of the world’s largest life markets and the global life industry their being inefficient can be exceedingly negative. The overall conclusion is that such inefficiency can lead to dire economic problems so it is imperative to investigate the efficiency of mutuals/takafuls and perhaps the one element of stocks.

Novelty: This article is the first to investigate the results of mutual/takaful life insurer efficiency studies in concert with the abovementioned theory and draws a vital conclusion regarding mutual/takaful life insurer inefficiency.

Mots clés

  • life insurance
  • efficiency
  • mutual
  • takaful

JEL Classification

  • G22
  • G30
  • L22
Accès libre

An Analysis of Tourist Attractiveness of Poviats of the Lesser Poland Voivodeship

Publié en ligne: 20 Aug 2020
Pages: 506 - 518

Résumé

Abstract

Research background: Lesser Poland is one of the most visited regions in Poland. Among the reasons why it is so, there are a variety of attractions located in this voivodeship and also the activities taken by local government, for which the development of the tourism industry is one of the key goals.

Purpose: Building a ranking of poviats of Lesser Poland in terms of tourist attractiveness.

Research methodology: Selected multivariate analysis tools, i.e. three methods of linear ordering and cluster analysis.

Results: Using the Ward algorithm, poviats are grouped into four clusters of areas with similar characteristics due to tourist values. In addition, using three linear ordering techniques, poviats of the Lesser Poland voivodeship are ordered according to tourist attractiveness. The results of ordering are rather consistent and indicate that the most attractive poviats are: nowotarski, oświęcimski, tatrzański and the city of Kraków. Interestingly, these areas belong to three different groups obtained as part of a cluster analysis. This means that Lesser Poland is a diversified region in terms of the attractions that draw tourists’ to the area.

Novelty: The study of tourist attractiveness using linear ordering techniques is not an original topic. The thesis is of cognitive value and fills a gap in the literature, in which there are no studies based on data from Lesser Poland.

Mots clés

  • tourist attractiveness
  • linear ordering
  • cluster analysis

JEL Classification

  • C19
  • L83
Accès libre

The Use of the Incomplete Tetrad Method for Measuring the Similarities in Nonmetric Multidimensional Scaling

Publié en ligne: 20 Aug 2020
Pages: 519 - 530

Résumé

Abstract

Research background: So far, many methods of direct measurement of similarity in multidimensional scaling have been developed (e.g. ranking, sorting, pairwise comparison and others). The method selection affects the subjective feelings of the respondents, i.e. fatigue, weariness resulting from making numerous assessments, or difficulties in expressing similarity assessments.

Purpose: In the proposed method, for all four-element sets (tetrads) of objects a respondent is asked to pick out the most similar and the least similar pair. Because the number of tetrads increases very rapidly with the number of objects, the aim of the study is to indicate the possibility of measuring similarities based on the reduced number of tetrads.

Research methodology: In order to make scaling results independent from respondents’ subjective effects the analysis was made on the basis of the given distance matrix. To construct perceptual maps based on tetrads, multidimensional scaling with the use of the MINISSA program was performed. The quality of matching the resulting points configuration to the configuration determined based on the distance matrix was tested by a Procrustes statistic.

Results: It was demonstrated that the choice of the incomplete set of tetrads has no significant effect on the results of multidimensional scaling, even when all pairs of objects in tetrads cannot be presented equally frequently.

Novelty: An original method for calculating similarities in nonmetric multidimensional scaling.

Mots clés

  • measurement of similarities
  • method of tetrads
  • nonmetric multidimensional scaling

JEL Classification

  • C38
  • C63
  • M31
Accès libre

A Comparison of Variables Selection Methods and their Sequential Application: A Case Study of the Bankruptcy of Polish Companies

Publié en ligne: 20 Aug 2020
Pages: 531 - 543

Résumé

Abstract

Research background: Even though in recent decades, a lot of new techniques were developed, there is still a lack of studies aimed at comparing the performance of variable selection methods. Bankruptcy prediction is an excellent example of the conservative research field with the tendency to use classical approaches. Although the results of studies in this field are directly applied in banks and other financial institutions, variables selected for these models can be biased by the author’s preference for one technique.

Purpose: This work aims to compare different variable selection approaches and introduce a new methodology of sequential variable selection that can be applied when the low-dimensional model is preferred.

Research methodology: This study has been conducted on Polish companies’ insolvency data from the period of 2007–2013. The risk has been modeled with logistic regression; hence variables have been selected with approaches suitable for linear models.

Results: The one-step methods did not lead to sufficient dimensionality reduction, while the sequential approach provided compact models keeping the high-performance level. Also, this method allowed us to identify the main financial determinants of insolvency for studied companies, which are the volume of total assets and the ratio of profit to total assets.

Novelty: This paper compares different variable selection methods and demonstrates the effectiveness of their sequential application for dimensionality reduction.

Mots clés

  • Variable Selection
  • Ensemble Models
  • Bayesian Model Averaging
  • LASSO
  • Bankruptcy Prediction

JEL Classification

  • C51
  • C52
  • C53
  • G33
  • M21

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