AHEAD OF PRINT

We investigate the link between the rule of law and equity returns in post-transitional economies over the period January 2010–December 2020 by using panel data regressions. By applying several rule-of-law proxies for national legal frameworks and justice system quality as proxies for the rule-of-law principle, the data sets from the capital markets of Poland, Latvia, Lithuania, and Estonia showed that country-level judicial system quality is an important driver of company market performance, and that post-transitional countries with lower rule-of-law measures exhibit higher returns on equity than those with better measures. Our results support the idea that since poor governance and country instability increase agency and transaction costs, in addition to decreasing growth prospects and profitable projects available to companies, the risk premium demanded by investors increases, leading to higher equity returns.

The paper examines the convergence of tax systems in Central and Eastern European countries (CEECs) over the period 1995–2018. Due to the increasing impact of tax competition, we have focused on income taxes, in particular, corporate ones. We have identified the factors that influence the taxation system and trends in income taxation in the CEECs by adapting the hidden Markov model approach. We find that many CEECs have reduced income taxation in the analysis period, mainly by lowering tax rates. Corporate income taxes have also decreased in many CEECs in the same period; however, the reverse has been observed too. Both convergence and divergence have been identified among the CEECs over the period considered. The speed of these processes based on the used variables varied depending on both exogenous and endogenous factors. These factors have been diagnosed as being specific to the periods of tax reforms, i.e., before and after accession to the European Union (EU) and the global financial crisis.

The paper is theoretical and empirical. Its basic purpose is to examine the resilience of organizational startups during the post-COVID-19 pandemic. The basic research method used in the study was CAWI. The group of surveyed companies consisted of startups operating in Zachodniopomorskie, Wielkopolskie, and Lubuskie voivodeships. The survey covered 62 enterprises in 2022. The research revealed that owing to their organizational resilience the startups were able to adapt to the changes in the market. Thus, on the one hand, they were able to quickly tailor their offer to the current needs of customers, and on the other hand, they could modify the processes taking place inside the company. As a result of these measures, the startups increased their revenues, which may directly determine the future competitiveness of the surveyed companies.

This article aims to show the areas in which technological changes will take place to bring about energy security, and the prerequisites and costs. It has been assumed that technological progress will contribute to the development of energy markets and increase the level of energy security. Changes in energy markets are a necessity. Energy is a source of economic competitiveness. The ability to produce cheap energy and in quantities adequate to needs is a social and economic development factor. The opportunities for change will be the need for new energy sources, instability in the energy markets, as well as technological progress. New technological solutions allow for better energy demand and supply management and preparing forecasts for increases/decreases in the energy demand. The threats are high costs of introducing new technologies and the necessity of implementing many investments at the same time, which require changes in entire systems. Investments require a long period of time and anticipation of trends.