<abstract><title style='display:none'>Abstract</title><bold>Research background:</bold> Although a number of studies have been conducted on the relationship between public expenditure and economic growth, it is difficult to tell with certainty whether or not an increase in public expenditure is good for economic growth. This lack of consensus on the results of the previous empirical findings makes this study of paramount importance as we take stock of the available empirical evidence from the 1980s to date.<bold>Purpose:</bold> In this paper, theoretical and empirical literature on the relationship between government expenditure and economic growth has been reviewed in detail. Focus was placed on the review of literature that assessed the impact of government spending on economic growth.<bold>Research Methodology:</bold> This study grouped studies on the impact of public expenditure on economic growth based on their results. Three groups emerged – positive impact, negative impact and no impact. This was followed by a review of each relevant study and an evaluation of which outcome was more prevalent among the existing studies on the subject.<bold>Results:</bold> The literature reviewed has shown that the impact of government spending on economic growth is not clear cut. It varies from positive to negative; with some studies even finding no impact. Although the impact of government spending on economic growth was found to be inconclusive, the scale tilts towards a positive impact.<bold>Novelty:</bold> The study provides an insight into the relationship between public expenditure and economic growth based on a comprehensive review of previous empirical evidence across various countries since the 1980s.</abstract>

The Impact of Public Expenditure on Economic Growth: A Review of International Literature

<abstract><title style='display:none'>Abstract</title> This paper aims to determine the influence of selected variables on residential property price indices for the European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial neural networks. Additionally, the overall analysis for each European country is presented.Quarterly time series data constituted the material for testing and empirical results. The developed models show that the economic and financial situation of European countries affects residential property markets. Residential property markets are connected, despite the fact that they are situated in different parts of Europe.The economic and financial crisis of countries has variable influence on prices of real estate. The results also suggest that methodology based on the rough set theory and a committee of artificial neural networks has the ability to learn, generalize, and converge the residential property prices index.</abstract>

The Impact of Macroeconomic Factors on Residential Property Price Indices in Europe

<abstract xml:lang="en"><title style='display:none'>Innovation Process Models With Emphasis on Open Innovation Model</title>This article presents different models of innovation processes and focuses in particular on the open innovation. The empirical part is based on the findings on the innovation cooperation of enterprises in the EU and OECD (these data, among others, determine the open innovation). At the end of the article there is a case study of Nokia which implements the open innovation in its innovation activity. The aim of this article is to present the paradigm of the open innovation processes. This approach concentrates on sharing knowledge, i.e. making new solutions available to other units by means of e.g. license sale. The open innovation business model takes advantage of both internal and external sources of ideas without a fear that a company's own ideas when transferred to another organization will lead to the company's loss of profits coming from this idea. The formal framework of an organization is just a symbolic one and makes the flow of knowledge between the organization and its environment possible. The enterprises that adopt the open innovation strategy both enthusiastically develop ideas which were created by others as well as make their own ideas available to other organizations that find them more interesting.</abstract>

Faculty of Economics and Management, University of Szczecin, Mickiewicza 64, 71-101 Szczecin, Poland

University of Zielona Góra, Podgórna 50, 65-246 Zielona Góra, Poland

Innovation Process Models With Emphasis on Open Innovation Model

<abstract><title style='display:none'>Abstract</title>Item Response Theory (IRT) is a modern statistical method using latent variables designed to model the interaction between a subject’s ability and the item level stimuli (difficulty, guessing). Item responses are treated as the outcome (dependent) variables, and the examinee’s ability and the items’ characteristics are the latent predictor (independent) variables. IRT models the relationship between a respondent’s trait (ability, attitude) and the pattern of item responses. Thus, the estimation of individual latent traits can differ even for two individuals with the same total scores. IRT scores can yield additional benefits and this will be discussed in detail. In this paper theory and application with R software with the use of packages designed for modelling IRT will be presented.</abstract>

Latent Variable Modelling and Item Response Theory Analyses in Marketing Research

<abstract xml:lang="en"><title style='display:none'>Manufacturing SMEs' Credit Collection Period and its Determinants: Some Evidence from Malaysia</title>Collection period is the length of time taken by a company's credit customers to pay their debts. During this time, company resources are tied up as it is effectively financing its customers' purchases out of its own funds. Credit collection period is, therefore, an important factor that might have an impact on the cash flows, and hence, the survival of a company. An attempt has been made in this paper to explore the profile of credit collection period among small and medium-sized manufacturing enterprises in Malaysia. Besides that, we also identify some determinants of this credit collection period. The study is based primarily on secondary data derived from financial statements of manufacturing SMEs from 2001 through 2004. The findings of this study indicate that liquidity, efficiency, profitability, industry sub-sector and size have some influence over the credit collection period.</abstract>

Manufacturing SMEs' Credit Collection Period and its Determinants: Some Evidence from Malaysia

<abstract xml:lang="en"><title style='display:none'>The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market</title>The classical approach to the SML assumes that it is a straight line, which means that an investor is willing to accept lower return on the negative beta assets than on the risk-free assets. However, Cloninger, Waller, Bendeck and Revere (2004) challenged this commonly accepted approach. The author of the paper decided to verify the approach using empirical data for years 1999-2006 obtained from the Warsaw Stock Exchange. Finance theoreticians believe that the SML is linear, which means that an investor buying negative beta assets is willing to accept lower return than in the case of a risk-free asset. Cloninger et al. (2004) formulated a hypothesis stating that the SML is V-shaped and that it is not a straight line. It was concluded that an investor had no reason to accept lower return of the negative beta assets; quite the contrary, the investor would expect the same return as on the positive beta ones. The author of this article performed an investigation for the Polish market, taking advantage of companies quoted at the Warsaw Stock Exchange. The investigation demonstrated that between 1999 and 2006, the SML had a V-like shape and thus the research hypothesis formulated in the article was positively verified.</abstract>

The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Income and prices are important factors that determine and decide households consumption decisions and behavior.
</sec>
<sec><title style='display:none'>Purpose and research methodology</title>
This paper aims to examine fruits’ demand elasticities in Pakistan by using the Linear Approximate Almost Ideal Demand System (LA/AIDS). For this purpose, data from the Household Integrated Economic Survey (HIES) 2018–2019 part of Pakistan Living Standard and Measurement is used for the selected fruits.
</sec>
<sec><title style='display:none'>Results</title>
Marshallian, Hicksian, and expenditures elasticities were calculated through the estimated parameter from the Linear Approximate Almost Ideal demand system. The results show that all the estimated expenditure elasticities of the selected fruits for Pakistan are positive. The magnitude of expenditure elasticities for bananas, malta, apple, grapes, watermelon, plum, and almonds, is less than unity, and are thus categorized as normal food items. The estimated uncompensated own price demand elasticities for all fruits are less than unity (inelastic) for Pakistan and thus categorized as necessities. Based on the cross-price uncompensated demand elasticities eighteen fruits are reported as gross complements and three fruits are gross substitutes. Most of the fruits are categorized as neutral fruits having no cross-price effect on each other’s demand as their estimated elasticities are closer to zero. Only apples with grapes and almonds are found to be notable substitutes. As most of the price elasticities of fruits are inelastic, any change in their price would result in a massive increase in expenditure on these fruits. As a result, the government may adopt policies for the stabilization of fruit prices to meet the minimal daily food requirements of the lower segments of society.
</sec>
<sec><title style='display:none'>Novelty</title>
This study is an attempt to estimate demand elasticities for individual fruit as very little research is available in the study area for individual commodities.
</sec>
</abstract>

Examining Fruit Demand Elasticities In Pakistan

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
An analysis of the similarity of countries’ economic developments can provide an important premise for both the assessment of current international economic relations and the long-term prediction of their economic development potential.
</sec>
<sec><title style='display:none'>Purpose</title>
The paper presents research results on the paths of economic performance of the countries of Central and Eastern Europe in 2000–2022. As a reference object the EU-27 aggregate has been considered. A supplementary analysis of the impact of the last crises on the economic situation of the CEE countries was provided.
</sec>
<sec><title style='display:none'>Research methodology</title>
The analysis is carried out based on the authors’ method of multivariate analysis, where two positioning criteria are applied: an object’s distance from the optimal point and an object’s heterogeneity. A comparative analysis of economic performance paths dependency is provided using a first-order correlation coefficient for time series.
</sec>
<sec><title style='display:none'>Results</title>
It has been found that there has been a significant improvement in the macroeconomic situation of the CEE countries over the last two decades. Changes of economic performance in these countries were very similar, while the heterogeneity of their macroeconomic indicators was diminishing, due to nominal, real and institutional convergence. The CEE countries reacted in a similar way both to the worldwide economic crisis in 2009 and to the economic downturn caused by the COVID-19 coronavirus in 2020. It has been confirmed that the first of these crises had a greater negative impact on the economic situation of these countries.
</sec>
<sec><title style='display:none'>Novelty</title>
The originality of the study carried out lies, on the one hand, in the use of the author’s research method and, on the other hand, in the presentation of the impact of economic crises on the economic situation of a selected group of countries in the long term. The added value of the study is an analysis of the correlations of paths describing the economic situation of individual countries.
</sec>
</abstract>

Economic Performance Paths of CEE Countries and the EU-27 in 2000–2022

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Emotional intelligence (EI) has been shown in earlier research to be crucial in determining how people proceed through life. Emotional intelligence (EI) is one of the most important determinants of how people relate to one another and feel.
</sec>
<sec><title style='display:none'>Purpose</title>
The study’s main aim is to comprehend in detail the assessment of Behavioural components and better understand the decision-making process of Information Technology Professionals, interrelationship and impact of emotional intelligence.
</sec>
<sec><title style='display:none'>Research methodology</title>
438 Information Technology Professionals provided the data for this study. The study conducted in a tri-city area in India consisting of Chandigarh, Mohali, and Panchkula. This investigation used the purposive testing technique and a conceptual framework developed to outline an empirical assessment of the impact of emotional intelligence on the behavioural biases of IT professionals.
</sec>
<sec><title style='display:none'>Results</title>
Individual investors’ investment selections connected to information technology professionals’ conduct predispositions and emotional intelligence insights. Information Technology Professionals take investing selections that have an impact of Emotional Intelligence.
</sec>
<sec><title style='display:none'>Novelty</title>
Knowledge of behavioural biases while making an investment choice will be useful for financial advisers, who can then advise investors on how to counteract such biases.
</sec>
</abstract>

Empirical Assessment of How the Impact of Emotional Intelligence and Behavioural Biases Determine the Investment Decisions of Information Technology Professionals

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Innovations are of great interest to scientists, practitioners, and decision-makers as a key instrument for achieving sustainable development, the existing literature indicates theoretical and methodological gaps in this area.
</sec>
<sec><title style='display:none'>Purpose</title>
The main objective of this article is to examine whether innovation positively impacts sustainable development in enterprises in the SME sector.
</sec>
<sec><title style='display:none'>Research methodology</title>
the study was conducted among enterprises from the SME sector in Poland. In the field of research, the electronic questionnaire technique (Google Forms) was used. Partial square inclusion equation (PLS) structural modeling was used to analyze the data.
</sec>
<sec><title style='display:none'>Results</title>
The ability of enterprises to achieve the desired result, create and improve products and services, high-quality products, and quick processes of transforming an idea into a product/service affect the development of enterprises towards sustainable development.
</sec>
<sec><title style='display:none'>Novelty</title>
Compared to previous studies, this article contains significant novelties. First, the measure of innovation and sustainable development was analyzed. Secondly, the contribution of innovation to sustainable development is shown. The article is a contribution to further research, as it formulates selective conclusions from empirical research.
</sec>
</abstract>

The Impact of Innovation on the Sustainable Development of Enterprises

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Deciding to trade in financial markets is psychologically difficult and wearing. Investors want to find rational justifications for the correctness of their decisions. However, there is uncertainty in financial markets. This uncertainty does not allow for mathematical calculations. In such case, feelings get involved in the decision process.
</sec>
<sec><title style='display:none'>Purpose</title>
This study aimed to investigate the mediating effect of two motivational systems (loss aversion and pleasure-seeking) on the effect of phantasy, which is fantasies that are based on an individual’s early infancy, that develop and exist throughout life, but are not consciously aware of by the individual, on financial risk tolerance, and to analyze the moderating effect of confidence in the effect of these two motivational systems on financial risk tolerance.
</sec>
<sec><title style='display:none'>Research methodology</title>
Data were collected from 1,643 subjects from Turkey in November–December 2021 using a questionnaire. The link to the survey prepared by the researchers was created using Google Survey and shared by our graduates’ students on their social networks.
</sec>
<sec><title style='display:none'>Results</title>
According to the results, phantasy had a positive and significant effect on both motivational systems and financial risk tolerance. Simultaneously, two motivational systems have a mediating effect on the relationship between phantasy and financial risk tolerance. Confidence, on the other hand, has a moderating effect on the effect of these two motivational systems on financial risk tolerance. In addition, as expected, phantasy showed its effect on all individuals without differing according to demographic variables. Despite this, loss aversion and low financial risk tolerance were higher in female and married individuals. While pleasure-seeking is higher in males, it does not differ according to marital status.
</sec>
<sec><title style='display:none'>Novelty</title>
Modeling unconscious processes, motivational systems and individual characteristics such as confidence together will provide important and useful findings for both investors and market authority in terms of showing the effect of unconscious and cognitive factors on financial risk tolerance.
</sec>
</abstract>

Mediating Effect of Pleasure-Seeking and Loss Aversion in the Relationship Between Phantasy and Financial Risk Tolerance and the Moderating Role of Confidence

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
By launching a war against Ukraine, Russia changed the entire world system and demonstrated the ineffectiveness of the global security system. Today it is necessary to look for effective solutions to support the adoption of security decisions and develop effective strategies for the formation of a new architecture of the international security system.
</sec>
<sec><title style='display:none'>Purpose</title>
The paper aims to obtain preliminary approximate estimates of the state commitments of the countries of the world that support Ukraine in the war with Russia and to reveal non-obvious connections and regularities in the provision of various types of aid.
</sec>
<sec><title style='display:none'>Research methodology</title>
The data were collected on the rough refugee cost estimate, quantitative assessment of the government-to-government commitments, and preliminary data on non-bilateral aid transferred by governments to Ukraine of 40 countries. We used the FP-Growth algorithm to identify non-obvious connections and patterns between different types of support for Ukraine.
</sec>
<sec><title style='display:none'>Results</title>
We created an associative rules model to detect non-obvious patterns and relationships between the different types of bilateral commitments of the countries, that support Ukraine.
</sec>
<sec><title style='display:none'>Novelty</title>
Preliminary estimates were obtained between various types of international support for Ukraine in the war against Russia covering February 24 to November 20, 2022, the number of Ukrainian refugees accepted by the respective countries, and the sale of arms to Russia by some of them after the ban.
</sec>
</abstract>

Associative Rules for Modeling International Security Decisions in the Context of the Ukrainian-Russian War. Preliminary Evaluations

<abstract><title style='display:none'>Abstract</title>When making choices and decisions, very seldom does the situation arise that a decision-maker very seldom bases their assessment of the options available on only one criterion. Frequently, many aspects of the available solutions are considered – both in terms of potential benefits and costs. In order to support decision makers, the Multiple-Criteria Decision Analysis (MCDA) is used for selecting the solution which is the best in several respects.There are many methods of multi-criteria decision-analysis such as AHP, ELECTRE, PROMETHEE, VIKOR or TOPSIS. In the article a modification of the last of these methods is used. With the use of TOPSIS method with interval arithmetic the analysis of the level of information society (IS) development in the European Union countries between 2005 to 2010 is performed and its results are presented.</abstract>

Multiple-Criteria Decision Analysis Using Topsis Method For Interval Data In Research Into The Level Of Information Society Development

<abstract><title style='display:none'>Abstract</title>The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article. In this way a new modified formal model of a behavioural present value is obtained. New model of the behavioural present value is used to explain the phenomenon of market equilibrium on the efficient financial market remaining in the state of financial imbalance. These considerations are illustrated by means of extensive numerical case study.</abstract>

Behavioural Present Value Defined as Fuzzy Number – a New Approach

<abstract><title style='display:none'>Abstract</title>The variables used in statistical research can be measured on different scales. According to Stevens the most common division of measurement scales distinguish four main types: nominal, ordinal, interval and ratio. The chosen scale of measurement implies further the possibility of applying certain statistical methods. For socio-economic research it is frequent that among independent variables appear variables of a qualitative nature. This study presents the idea of the application of the Likert and Osgood scales for the evaluation and quantification of qualitative variables in the real estate valuation process.Taking into account the fact that the property features used in the process of estimating its value are very often measured on weak scales, this research attempted to apply the aforementioned scales to measure the qualitative features of real estate property. Additionally, all the qualitative data can be expressed only on nominal or ordinal scales. This means that they cannot be uncritically treated as metrical variables and their measurement scale implies the possible application of mathematical operations and statistical instruments. On the other hand, by analysing the type and the character of the qualitative features of the property, we can observe a substantial connection of such features with the assessment of their level of intensity expressed as a semantic interval or the acceptance level of a given phenomenon. This paper attempts to show how to apply the scales developed to measure attitudes in order to quantify the qualitative features of real estate property in the valuation process and shows the interval character of the data measured by the Osgood scale through comparison among three correlations specific for the mentioned type of scale.</abstract>

University of Szczecin, Faculty of Economics and Management, Institute of Econometrics and Statistics, Mickiewicza 64, 71-101 Szczecin,

BBN Domator, Gdańska 5/3a, 85-005 Bydgoszcz,

Application of the Likert and Osgood Scales to Quantify the Qualitative Features of Real Estate Properties

<abstract>
<title style='display:none'>Abstract</title>
<bold>Research background:</bold> Corporate governance plays an important role in companies’ financial performance and its true importance and relevance are revealed during an economic shock, such as the COVID-19 pandemic. In the past, research regarding corporate governance and financial variables focused solely on performance variables such as Tobin’s Q and ROA. This assessment completely ignores that corporate governance principles have a broader implication on financial variables than only performance.
<bold>Purpose:</bold> Our research aimed to determine whether companies with good corporate governance practices were more resilient during the COVID-19 pandemic, measured by the deterioration of various financial variables.
<bold>Research methodology:</bold> To achieve the aim, in the empirical part of the article, information on companies’ corporate governance and financial variables was collected, and based on them, correlation, regression and scatter plot analyses were conducted.
<bold>Results:</bold> Our correlation, regression, and scatter plot analyses revealed that on both group and individual company levels, companies with higher levels of corporate governance would have their financial variables deteriorate significantly more compared to companies with low levels of compliance.
<bold>Novelty:</bold> This is the first publication on the given topic. While few publications are assessing the impact of the pandemic on companies using corporate governance, none of these publications have focused on financial variables.
</abstract>

The Deterioration of Financial Ratios During the Covid-19 Pandemic: Does Corporate Governance Matter?

<abstract><title style='display:none'>Abstract</title> When we analyse the employment seeking process, an event that ends the observation of a given individual is their employment. The remaining observations are considered to be censored: the observations concluded before the end of the study or the cases of deregistering for other causes (e.g. old-age pension, taking up residence in a foreign country, starting further education). The act of taking up income-generating work can take various forms: taking up a job, setting up a business or taking advantage of subsidised job programmes. Jobseekers are often deregistered from poviat labour offices because they refuse to take up an offered job or fail to report to the office in due time. All the above events are forms of competing risk. The purpose of this paper is to use the cumulative incidence function to assess the probability of the unemployment exit with regard to different types of the competing risk. When competing-risk events occur, a solution sometimes is used where the remaining endpoint events are considered censored observations. Such a solution leads to an overestimation of probability. The results implicate that the beneficiaries’ will to find employment was not a principal reason for a registering decision. The study is based on the individual data of jobseekers registered in the Poviat Labour Office in Szczecin.</abstract>

Cumulative Incidence Function in Studies on the Duration of the Unemployment Exit Process

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Folia Oeconomica Stetinensia

The Journal of University of Szczecin

 Folia Oeconomica Stetinensia (FOS) is a journal that publishes research results in all economic fields. The aim of this journal is to become the source of high quality research related to...

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 Folia Oeconomica Stetinensia (FOS) is a journal that publishes research results in all economic fields. The aim of this journal is to become the source of...