Showing papers in "Oeconomia Copernicana in 2022"

Stability of profits and earnings management in the transport sector of Visegrad countries

Abstract: Research background: Business profit and its stable development are key performance indicators. Many enterprises performed earnings manipulation, either upward or downward, according to the current business and macroeconomic situation, as well as time. These activities may interrupt the stationarity of time series. This article focuses on the transport enterprises, and the assessment of bonds in their earnings. Purpose of the article: The target of the article was to identify the occurrence of non-stationary and its unit root in the EBITDA of transport enterprises for each country in V4 during the period of 2010?2019. Methods: The stationarity and unit roots in time series were tested by the Kwiatkowski, Phillips, Schmidt, and Shin tests and the Augmented Dickey-Fuller based on the samples of 470 Slovak, 405 Czech, 774 Polish, and 1,056 Hungarian. The behavior of earnings manipulation (the first cause of non-stationarity) was indicated by the Modified Jones model. Additional causes for non-stationarity were confirmed by the regression analysis, including factors such as the GDP, unemployment rate, average monthly gross wage, and the Ease of doing business index. Findings & value added: The non-stationarity in the time series of EBITDA was disclosed for each country in the V4 region. Earnings management was discovered to be the cause of this erratic development. Thus, the value-added for the authorities and auditors is to show the association between non-stationary and creative accounting. In addition, purposeful downward manipulation in the transport sector occurs, not upward, which is typical in general. The methodology used in the study may be applied cross-sectorally in emerging countries. The labelling of specific macroeconomic variables depending on the country offers enterprises the opportunity to focus on factors with a crucial influence on their existence and activities.

Neuromanagement decision making in facial recognition biometric authentication as a mobile payment technology in retail, restaurant, and hotel business models

Abstract: Research background: With growing evidence of biometric identification techniques as authentication, there is a pivotal need for comprehending contactless payments by use of facial recognition algorithms in retail, restaurant, and hotel business models. Purpose of the article: In this research, previous findings were cumulated showing that harnessing facial recognition payment applications as software-based contactless biometric algorithms results in remarkably qualitative enhancement in purchasing experience. Methods: Throughout March and November 2021, a quantitative literature review of the Web of Science, Scopus, and ProQuest databases was carried out, with search terms including ?facial recognition payment technology?, ?facial recognition payment system?, ?facial recognition payment application?, ?face recognition-based payment service?, ?facial authentication for mobile payment transactions?, and ?contactless payment through facial recognition algorithms.? As the analyzed research was published between 2017 and 2021, only 187 articles satisfied the eligibility criteria. By removing questionable or unclear findings (limited/nonessential data), results unsubstantiated by replication, too general content, or having quite similar titles, 38, mainly empirical, sources were selected. The Systematic Review Data Repository was harnessed, a software program for the gathering, processing, and analysis of data for our systematic review. The quality of the selected scholarly sources was assessed by employing the Mixed Method Appraisal Tool. Findings & value added: Harnessing facial recognition payment applications as software-based contactless biometric algorithms results in remarkably qualitative enhancement in purchasing experience. Subsequent attention should be directed to whether perceived value and trust shape customers? adoption of biometric recognition payment devices.

Economic growth and labour market in the European Union: lessons from COVID-19

Abstract: Research background: The world has been fighting the new pandemic caused by COVID-19 since March 2020. The subsequent restrictions on economic activity resulted in a supply shock, accompanied by a supply chain disruption, job layoffs, reduced work time and wages and decreased disposable incomes and taxes, which led to a demand shock. However, whether a close link exists between the number of confirmed cases, deaths and economic indicators during the COVID-19 pandemic remains uncertain. Purpose of the article: The current study aims to analyse the impact of the number of infections and deaths on economic growth and labour market indicators in the member states of the European Union. Methods: To achieve the main research goal, we conduct a panel data analysis on the quarterly data of 2020. Specifically, we developed three random-effects panel data econometric models to estimate the significance of infection and mortality rates for economic growth as well as employment and unemployment rates. Findings & value added: This study contributes to the existing literature by analysing the link between the infection and mortality rates of COVID-19 and selecting macro-economic indicators within the European Union. The results show that the infection rate is not a significant variable for economic growth and labour market indicators. However, an increase in the number of confirmed deaths has a significantly negative impact on the economy. Moreover, an increase in the mortality rate has a worse impact on the labour market than on economic growth in general. These results can serve as a theoretical basis for future research on the interconnections between pandemics and macro-economic indicators. The findings can also contribute to developing efficient policy instruments for mitigating the negative impact of pandemics in the future, thereby ensuring the cooperation of fiscal, monetary and health policy authorities.

How do SMEs from different countries perceive export impediments depending on their firm-level characteristics? System approach

Abstract: Research background: The differences in the legal structures, tax rates, and cultural-linguistic issues of various countries have always been a significant concern for SMEs in their exporting activities and internationalization processes. However, since firm-level characteristics might provide some advantages or disadvantages in their operations, their perceptions of export impediments might vary across size, age, and sector groups. Purpose of the article: This paper investigates the perceptions of export impediments by 408 larger-smaller, older-younger, and manufacturing-nonmanufacturing Czech, Slovakian and Hungarian SMEs in a country-based perspective. Methods: The researchers use the random sampling method to create research samples and employ an internet-mediated questionnaire to collect the research data. The researchers use both Independent Sample T-test and ANOVA analyses to find differences between size, age, and sector groups. Findings & value added: While the differences exist between the perceptions of Slovakian larger-smaller and manufacturing-nonmanufacturing SMEs regarding cultural differences, the perceptions of legal and tax-related export impediments by SMEs do not differ depending on their age, size, and sector. This paper contributes to the literature by confirming various perceptions of SMEs in different countries and different characteristics regarding export obstacles and providing an entity-specific and international scope that policymakers and SMEs can benefit from. Awareness of the policymakers regarding the results of this paper that includes differences and similarities in SMEs? perceptions of export barriers might make them have close interactions with SMEs to reduce SMEs? concerns regarding their export risks. On the other hand, SMEs that are aware of the results of this paper can be more interested in having a broader network that includes close relationships not only with intermediary firms, but also with governments to overcome the export impediments.

Disentangling the impact of ICT adoption on SMEs performance: the mediating roles of corpo-rate social responsibility and innovation

Abstract: Research background: The literature on the effects of Information and Communication Technologies (ICT) on performance is extensive and shows a significant positive effect. Likewise, the use of ICT to facilitate and report on Corporate Social Responsibility (CSR) practices implemented by Small and Medium Enterprises (SMEs) contributes to improve business performance. Moreover, through innovative activities, firms also obtain competitive advantages that impact positively on their performance, even more so when they are impacted by CSR. For this reason, it is expected that the adoption of ICTs in companies through a CSR-oriented strategy will increase their impact on business performance. Purpose of the article: This article tries to examine how ICT affects SMEs? performance through CSR and innovation. Methods: We tested our hypotheses using a sample of 2,825 Spanish SMEs and by applying a Partial Least Squares Path Modeling (PLS-PM) with a double confirmatory and predictive purpose: to identify the causal relationships between latent variables, and to evaluate the ability of the model to make predictions for individual cases. Findings & value added: The results show that CSR-oriented ICT impacts innovation by changing strategies and business model in companies. Moreover, the implementation of CSR practices gave them competitive advantages to increase their performance. We highlight how innovation gives companies greater capacity to respond to changes in their environment and how innovation positively impacts the link between CSR and performance. Finally, our research makes two significant contributions to the literature by incorporating two sequential mediating effects into the model. On the one hand, the indirect effect of ICT on innovation through CSR. On the other hand, the indirect effect of CSR on SME performance through innovation.

Should risk-averse investors target the portfolios of socially responsible companies?

Abstract: Research background: Companies are required to implement Corporate Social Responsibility (CSR) policies to mitigate the adverse social and environmental effects of their activities and gain legitimacy in the eyes of society. Sustainability initiatives are costly for companies but, at the same time, they are important value-creation drivers. Retail and institutional investors are increasingly choosing portfolios based on CSR performance. However, the relationship between CSR and market beta has hardly been studied at all in the literature, and no direct comparison of the U.S. and European markets has been conducted. Purpose of the article: The two fundamental variables that define an investment are return and risk, and the appropriate risk-return combination depends on the profile of the investors. This research aims to analyze the relationship between CSR and market risk, understood as price volatility and measured by market beta in the U.S. and European markets. Methods: Companies listed in the S&P 500 and Euro Stoxx 300 indexes from 2015 to 2019 were examined using OLS regressions with instrumental variables (IV) and fixed effects panel data. Findings & value added: The results show that those companies with higher CSR have betas below the market index in the U.S. market as well as lower volatility, and are, therefore, more appropriate choices for risk-averse investors. However, this relationship was not confirmed in the European market. This difference may be justified by two reasons: 1) The non-adherence of the United States to the Kyoto Protocol, resulting in less strict legal regulations than in Europe; 2) In the U.S. market, betas are more aggressive, while in the European market they are more defensive, with little margin for reduction. This research contributes to the current state of knowledge by providing empirical evidence that social, environmental, and corporate governance sustainability practices reduce stock volatility in the U.S. capital market, which is highly relevant for private and institutional investors who make their investments based on moral criteria. The results are current and reliable since they cover a broad and recent period for two of the most important stock market indexes.

Artificial intelligence-based decision-making algorithms, Internet of Things sensing networks, and sustainable cyber-physical management systems in big data-driven cognitive manufacturing

Abstract: Research background: With increasing evidence of cognitive technologies progressively integrating themselves at all levels of the manufacturing enterprises, there is an instrumental need for comprehending how cognitive manufacturing systems can provide increased value and precision in complex operational processes. Purpose of the article: In this research, prior findings were cumulated proving that cognitive manufacturing integrates artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production. Methods: Throughout April and June 2022, by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines, a quantitative literature review of ProQuest, Scopus, and the Web of Science databases was performed, with search terms including ?cognitive Industrial Internet of Things?, ?cognitive automation?, ?cognitive manufacturing systems?, ?cognitively-enhanced machine?, ?cognitive technology-driven automation?, ?cognitive computing technologies,? and ?cognitive technologies.? The Systematic Review Data Repository (SRDR) was leveraged, a software program for the collecting, processing, and analysis of data for our research. The quality of the selected scholarly sources was evaluated by harnessing the Mixed Method Appraisal Tool (MMAT). AMSTAR (Assessing the Methodological Quality of Systematic Reviews) deployed artificial intelligence and intelligent workflows, and Dedoose was used for mixed methods research. VOSviewer layout algorithms and Dimensions bibliometric mapping served as data visualization tools. Findings & value added: Cognitive manufacturing systems is developed on sustainable product lifecycle management, Internet of Things-based real-time production logistics, and deep learning-assisted smart process planning, optimizing value creation capabilities and artificial intelligence-based decision-making algorithms. Subsequent interest should be oriented to how predictive maintenance can assist in cognitive manufacturing by use of artificial intelligence-based decision-making algorithms, real-time big data analytics, sustainable industrial value creation, and digitized mass production.

Financial performance and bankruptcy concerns of SMEs in their export decision

Abstract: Research background: Due to having lack of financial power and low amount of revenues, most of SMEs? major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions. Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not. Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test. Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural-linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs? perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill.

Economic competitiveness vs. green competitiveness of agriculture in the European Union countries

Abstract: Research background: Many scientists have researched the economic competitiveness of agriculture. At the same time, considerably less attention is paid to the so-called green competitiveness. Considering a global trend searching for solutions to reduce the environmental impact of the agricultural sector, it seems reasonable to explore the overlap between economic competitiveness and green competitiveness. Purpose of the article: This study aims to answer the following questions: What is the level of economic and green competitiveness of agriculture in respective countries? What is the level of the comprehensive competitiveness of agriculture in EU member states? Do the economic competitiveness outcomes of respective countries coincide with their green competitiveness rankings? Methods: Taxonomic methods were applied to design synthetic indices of economic, green and comprehensive competitiveness of 27 member states of the European Union, based on multi-criteria sets of specific indicators from 2018. Findings & value added: The results of analyses imply that, in general, the level of green competitiveness of agriculture is higher than the level of its economic competitiveness in EU member states. Simultaneously, the developed rankings show that respective countries' economic and green competitiveness are not linked. In other words, economic competitiveness outcomes do not match green competitiveness outcomes for EU agriculture. This work is a genuine contribution to studies on the methods for measuring and evaluating the competitiveness of agriculture as it designs separate synthetic measures for economic and green competitiveness and confronts both types of competitiveness in EU member states. The research findings for the first time provide clear answers to questions about the mutual relationship between economic and green competitiveness in agriculture. Furthermore, an added value of this study is that it introduces and attempts to define the notion of green competitiveness.

Gender-generation characteristic in relation to the customer behavior and purchasing process in terms of mobile marketing

Abstract: Research background: Today, it is an m-commerce platform that provides brands with the opportunity to foster their sustainable image and communicate with environmentally and socially conscious consumers. Proper communication that respects the customer's interests, conducted through mobile marketing tools, can be a key to creating a competitive advantage. Therefore, it is essential, at the level of scientific research, to broaden the knowledge base in the field of consumer behavior. Purpose of the article: The research was aimed at assessing ten purchasing behavior constructs in terms of gender and generation characteristics, as well as inferring impact on and assessing the difference between generations (Generation X and Y) and gender in terms of purchasing behavior. Methods: The sample consisted of 765 Slovak respondents. The Wilcoxon Test was used for differences testing. Partial Least Squares ? Path Modeling (PLS-PM) was used to determine the general impact and the permutations-based method was used to assess the difference in impact between gender and generation characteristics. Findings & value added: The difference in purchasing behavior patterns between the categories of gender and generation was significant in most cases, with the most significant difference being seen in the Visual Appeal of an e-shop. The most striking general influences were recorded between Hedonic Browsing and Urge to Buy, also the impact of Portability on Hedonic Browsing and Utilitarian Browsing. These findings indicate the potential of retailers to communicate effectively with their customers not only about products, but also about sustainable practices and values while engaging consumers in purchasing processes. Proper optimization of marketing processes, in terms of impulsive and thought-through purchases too, positively influences the user experience and the satisfaction with the purchase process. These facts may positively influence the sale and, in a broader perspective, increase the competitiveness and overall value of the e-commerce entity. It is also worth emphasizing the long-term value for the customer, as the application of the model leads to better satisfaction of customer needs, thus to a stable growth not only of the organizations, but ultimately of the economy as a whole.

Assessing the organizational commitment, subjective vitality and burnout effects on turnover intention in private universities

Abstract: Research background: Faculties of private universities are under immense working pressure, which causes stress and burnout. The job burnout triggers the psychological pressure, which increases the turnover intention. Purpose of the article: The undertaken study aims to evaluate the scale of burnout with its three-element model, which affects faculty members of private universities of Pakistan. This research also aims to examine the mediating effect of organizational commitment (e.g., affective, normative & continuance commitments), and moderating influence of subjective vitality in a relationship of job burnout and its constituents, for example exhaustion, efficacy & cynicism, and the turnover intention. Methods: The 712 responses were collected through a structured questionnaire from the junior and senior faculty members of private universities of Pakistan. The data was examined by using second order partial least square ? structural equation approach ? PLS-SEM. Findings & value added: The research findings exhibited that emotional exhaustion, cynicism, and professional efficacy have a direct significant influence on job burnout. The findings further demonstrated that the job burnout has a cogent and negative impact on faculty turnover intention. The findings demonstrated that elements of organizational commitment (e.g., normative, affective & continuance commitments) have a forceful serial mediating influence between burnout & its constituents for example exhaustion, efficacy & cynicism, and turnover intention. Finally, the findings have revealed that subjective vitality has a significant and positive impact as a moderating variable in a relationship between job burnout and turnover intention. This research has a long-term theoretical contribution, as it provides a novel conceptual framework, which can be replicated in different industries. Thus, this unique model provides the solution to reduce employees? turnover for other industries as well.

Generating loyalty towards fast fashion stores: a cross-generational approach based on store attributes and socio-environmental responsibility

Abstract: Research background: Faced with multiple media scandals concerning the pollution resulting from manufacturing activities, and encouraging the overconsumption of clothing, international fast fashion retailers have often had to resort to the elaboration and implementation of sustainable strategies aimed at environmental protection and reducing resource consumption. Generating customer satisfaction and loyalty depends increasingly on the extent to which retailers manage to employ socio-environmental responsibility besides the traditional retail store attributes. The purpose of this article: The objective of the paper is to evaluate the influence of consumer-oriented store attributes in generating satisfaction and loyalty towards the fast fashion store, highlighting the influence of socio-environmental responsibility on the two constructs. Methods: Based on the literature review, a conceptual model considering the effects of stores? attributes on store satisfaction and store loyalty and influenced by socio-environmental responsibility is proposed. Data were collected with the help of face-to-face administrated questionnaires before the outbreak of the COVID-19 pandemic in an emerging market (Romania). The data were analyzed via structural equation modeling in SmartPLS, for the three considered consumer generations: Generation X, Millennials and Generation Z. Findings & value added: For all consumer generations, all store attributes contribute to the direct generation of fast fashion store satisfaction and store loyalty; nevertheless, the intensity varies in levels of significance. Socio-environmental responsibility does not significantly determine store satisfaction, but does have a strong influence on fast fashion store loyalty. The results detailed according to the generations indicate a similar situation: each store attribute influences the satisfaction of one or other generation, apart from socio-environmental responsibility. This work makes an essential contribution to the extension of the generational theory, highlighting the various individualities, perceptions, and behaviors. This cross-generational research broadens knowledge on how different consumer generations behave when shopping from fast fashion stores. The research also extends the S-O-R model, which is used to understand the relationship between store attributes (stimulus), consumer satisfaction (organism), and consumer loyalty (response) towards fast fashion stores.

The mediating role of students' ability to adapt to online activities on the relationship between perceived university culture and academic performance

Abstract: Research background: The COVID-19 pandemic has affected higher education globally and disrupted its usual activities, according to differing perspectives. The ability to adapt to online activities was an important factor for many researchers during the pandemic period. Purpose of the article: In this article, the authors are studying the ability of the students to adapt to online activities, and also the direct and indirect effect on their academic performances. Methods: The data was collected with a questionnaire and the respondents are students from Romanian Universities. The analysis was made with an econometric model by using the PLS-SEM methodology. The goal of the paper was to find and analyse the factors used to perform academic online activities during the pandemic period. Findings & value added: The results of the paper validate the research hypotheses formulated in the introductory part and confirm that the students? academic performances are a direct result of many factors, such as: system parameters, personal demand, personal commitment, and regulatory environment. The identification of the exogenous variables with significant impact on the students? performances through online activities could help the management of the universities to implement the positive aspects and to reward them for their efforts while preventing from resilience to change. The higher education system has to acknowledge that flexible online learning opportunities are needed by students to fit their coursework around their employment and family responsibilities.

Enterprise digital transformation and debt financing cost in China?s A-share listed companies

Abstract: Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China?s A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.

Hysteresis and stochastic convergence in Eurozone unemployment rates: evidence from panel unit roots with smooth breaks and asymmetric dynamics

Abstract: Research background: Studying the dynamic characteristics of unemployment rate is crucial for both economic theory and macroeconomic policies. Despite numerous research, the empirical evidence about stochastic behaviour of the unemployment rate remains disputable. It has been widely agreed that most economic variables, including unemployment rates, are characterized by both structural breaks and nonlinearities. However, a little work is done to examine both features simultaneously. Purpose of the article: In this paper, we analyse the stationarity properties of unemployment rates of Euro area member countries. Also, we aim to test stochastic convergence of unemployment rates among member countries. Our empirical procedures explicitly allow for simultaneous gradual breaks and nonlinearities in the series. Methods: This paper develops a new unit root test procedure for panel data, allowing for both gradual structural breaks and asymmetric adjustment towards equilibrium. We carry out Monte Carlo simulations to examine small sample performance of the proposed test procedure and compare it to the existing test procedures. We apply the newly proposed test to examine the stochastic properties of the unemployment rates of Euro-member countries as well as relative unemployment rates vis-?-vis the Eurozone unemployment rate. Findings & value added: We find that the newly developed test procedure outperforms existing tests in highly nonlinear settings. Also, these tests reject the null hypothesis of unit root in more cases when compared to the existing tests. We find stationarity in the series only after allowing for structural breaks in the data generating process. Allowing for nonlinear and asymmetric adjustment in addition to gradual breaks provides evidence of stationarity in more cases. Furthermore, our results suggest that relative unemployment rate series are stationary, providing evidence in favour of stochastic convergence in unemployment rates. Overall, our results imply a limited room for coordinated economic policy to fight unemployment in the Eurozone.

A novel advertising media selection framework for online games in an intuitionistic fuzzy environment

Abstract: Research background: The critical role of online games in e-commerce and the great competition among providers to enhance market share has significantly increased the need to use effective advertising patterns, techniques, and tools to attract users. There are two significant challenges to planning online media game selection. The first challenge is that there is no agreement on media selection criteria for online game advertising. The second challenge relates to the complexity of choosing advertising media. Purpose of the article: Given the multidimensionality and uncertainty in evaluating and selecting advertising media, especially in the case of online games, the need to provide a systematic framework for evaluating and selecting media is critical. Methods: The present study aims to provide a systematic framework based on multi-attribute decision-making (MADM) methods to evaluate and select the appropriate media for online game advertising. For this purpose, first, by reviewing the literature, a relatively comprehensive list of media selection criteria for online game advertising was extracted and then provided to experts in online game marketing and advertising in the fuzzy Delphi questionnaire. Then, based on their opinions, a localized decision model was obtained. Also, the Step-wise Weight Assessment Ratio Analysis (SWARA) method helped to determine the criteria? importance. In the next step, a preliminary list of online game advertising media was prepared and evaluated by experts based on the criteria obtained in the previous step. Finally, the media was ranked using the Additive Ratio ASsessment (ARAS) method. Findings & value added: Awareness of the criteria affecting the selection of online game advertising media and having a systematic framework for applying these criteria in advertising media selection decisions play a vital role in practical decisions. This research addresses one of the main gaps in the field of study by proposing a quantitative methodology for integrating information based on the knowledge of experts in the decision-making processes select advertising media for online games. Most traditional media selection processes are based solely on experience and estimation, and in practice, they are unable to systematically prioritize the alternatives due to the multiplicity of media available and the complexity of the decision-making process Interval-valued triangular fuzzy numbers (IVTFNs) can address the shortcomings of previous research while considering the uncertainties in this decision-making process. The findings of this framework can be good support for e-commerce managers and online game advertising practitioners.

Assessing the energy security of European countries in the resource and economic context

Abstract: Research background: In recent years, much attention in the literature has been paid to the economic and environmental conditions of energy development as a key sector for the development of national economies. The issue of availability of individual energy resources and related energy security is receding into the background, most often due to the strong globalization of economies and the associated assumption of free international flow of goods and services, and thus practically unlimited possibilities of buying on the international commodity markets and energy exchanges. Nevertheless, the importance of energy security increases significantly in crisis situations. Purpose of the article: Bearing in mind the circumstances indicated above, the main objective of this article is to assess the energy security of European countries carried out in the context of resource and economic conditions. Methods: The article proposes its own methodological approach to the assessment of energy security based on the analysis of the energy mixes of 32 European countries and the availability of their own internal energy sources. In the process of classifying the studied economies into homogeneous groups in terms of resource and economic determinants (GDP per capita), principal component analysis was used. Findings & value added: The theoretical and methodological added value of the article results from the development of the author's approach to the assessment of energy security using individual and aggregated energy sufficiency index. Empirical added value is related to the results of energy security assessment in European countries, which can be used in shaping energy policies. Therefore, most of the 32 European countries assessed have a low level of energy security, which is due to the dominant use of non-renewable energy resources in their energy mixes. Countries with a high level of energy security have their own non-renewable resources or use alternative energy carriers in the form of renewable sources, hydropower or nuclear energy.

In search of key determinants of innovativeness in the regions of the Visegrad group countries

Abstract: Research background: Discussions on the state of the economy in times of crisis focus not only on maintaining or improving innovativeness, but also on the emergence of new dimensions of this phenomenon and changing the significance of individual determinants of innovativeness. Innovativeness is a complex, multidimensional and difficult to measure phenomenon, which implies the need to select various indicators and methods for its assessment. Synthetic measures of innovativeness are widely used in comparative analyses, in particular presenting results in international or interregional cross-sections. The degree of innovativeness should also be assessed at different levels of economic aggregation. The lower the level of aggregation, the easier it becomes to capture the specific determinants of the increase in innovativeness of a given area. Purpose of the article: The main aim of the paper is to attempt to measure the relationship between expenditures and results of innovative activities for NUTS-2 regions of the Visegrad Group countries. Three variables were adopted to describe the effects of innovative activity: PCT patent applications per billion GDP (in PPS), trademark applications per billion GDP (in PPS) and public-private co-publications per million of population. Methods: The study covered 37 NUTS-2 regions of the Visegrad Group countries in the years 2014?2021. From the point of view of the purpose of the paper and the need to search for the relationship between expenditures on innovative activity and the results of this activity, it is worth emphasizing that the use of static and dynamic econometric models proved to be a substantively correct solution leading to the formulation of clear conclusions. Findings & value added: The conducted research confirmed that business R&D expenditure on GDP has a positive effect on inventions expressed by patents and trademarks, especially in the long run. In addition, the literature review and empirical analyses indicate that the main determinants of innovativeness (both before and during the pandemic) are the expenditures of economic entities on R&D, competences expressed by the level of education or participation in tertiary education, as well as the number of ICT specialists and the percentage of people employed in science and technology. Despite the deterioration of many macroeconomic indicators in the countries of the Visegrad Group, the expenditures of the business sector on R&D in most regions did not decrease between 2019 and 2021. The added value of the paper is the presented research procedure, which can be used in analyses of innovativeness also for other groups of regions.

A new database on Green GDP; 1970-2019: a framework for assessing the green economy

Abstract: Research background: Numerous modern indicators are attempting to integrate better economic, political, social, and environmental ambitions to uncover potential synergy, trade-offs, and future views that center around the notion of a so-called green economy. As long as the various indicators are not bounded in one comprehensive measurement, utilizing knowledge of relevant information and statistics that are crucial for monitoring the progress will not give us answers on the progress towards green growth either. Without an adequate measurement framework and robust statistics, the evaluation of the green economy is open to subjective reasoning. Purpose of the article: This paper aims to offer a strong standpoint for green topics by exploring the concept of Green GDP. The paper introduces a new, updated database on Green GDP for the set of 160 countries from 1970?2019. Methods: This database is distinctive due to its balanced coverage of two components of the green economy: quantitative feature (standard methodological algorithm) and qualitative feature (opportunity costs) within a common Green GDP accounting framework. Findings & value added: Standardizing new methodologies and procedures for estimating environmental costs with a statistical foundation provides added value, which we hope will support the creation of reliable accounting and valuation systems for the green economy on a developing "green platform."

Artificial intelligence in predicting the bankruptcy of non-financial corporations

Abstract: Research background: In a modern economy, full of complexities, ensuring a business' financial stability, and increasing its financial performance and competitiveness, has become especially difficult. Then, monitoring the company's financial situation and predicting its future development becomes important. Assessing the financial health of business entities using various models is an important area in not only scientific research, but also business practice. Purpose of the article: This study aims to predict the bankruptcy of companies in the engineering and automotive industries of the Slovak Republic using a multilayer neural network and logistic regression. Importantly, we develop a novel an early warning model for the Slovak engineering and automotive industries, which can be applied in countries with undeveloped capital markets. Methods: Data on the financial ratios of 2,384 companies were used. We used a logistic regression to analyse the data for the year 2019 and designed a logistic model. Meanwhile, the data for the years 2018 and 2019 were analysed using the neural network. In the prediction model, we analysed the predictive performance of several combinations of factors based on the industry sector, use of the scaling technique, activation function, and ratio of the sample distribution to the test and training parts. Findings & value added: The financial indicators ROS, QR, NWC/A, and PC/S reduce the likelihood of bankruptcy. Regarding the value of this work, we constructed an optimal network for the automotive and engineering industries using nine financial indicators on the input layer in combination with one hidden layer. Moreover, we developed a novel prediction model for bankruptcy using six of these indicators. Almost all sampled industries are privatised, and most companies are foreign owned. Hence, international companies as well as researchers can apply our models to understand their financial health and sustainability. Moreover, they can conduct comparative analyses of their own model with ours to reveal areas of model improvements.

Competitiveness, fiscal policy and corruption: evidence from Central and Eastern European countries

Abstract: Research background: The transformations induced by global challenges call for new approaches towards competitiveness and thus require a consistent rethinking of strategies and mechanisms so that they could be better adapted to the constantly changing context. Prior to the European Union (EU) accession, the Central and Eastern European (CEE) states began a broad process of economic reforms, including trade liberalization, mass privatization, exchange rate liberalization, all of which led to a wider opening to new markets, the creation of new opportunities for production and to ensuring the competitiveness of companies on foreign markets. By far, the most important step in the post-communist period was joining the EU, achieved after 2004. Over time, these states have faced, on the one hand, issues related to addressing systemic vulnerabilities, and on the other hand, finding the most appropriate measures to induce competitiveness. The influence of public policies on competitiveness is still an issue that needs to be debated, our study proposing to examine the reaction of external competitiveness to the increase of government spending and corruption. Purpose of the article: The aim of this paper is to analyze the impact of fiscal policies and corruption on the external competitiveness of the eleven countries from Eastern Europe (Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) for the period 1995?2020. The choice of this time interval is to better capture the trinomial relationship between competitiveness, fiscal policy and corruption before and after the process of integration of the CEE states into the EU. Methods: The methodology chosen is based on ARDL (Autoregressive Distributed Lag) with structural breaks, the period taken into account being 1995?2020. The Unit root test of augmented Dickey?Fuller ADF (2016) was used to assess the time series stationarity. The test developed by Bai and Perron (2003) is applied to detect structural breaks, by resorting to the LM test. The tests for the cointegration between the considered variables, using the ARDL model, proposed by Pesaran et al. (2001), were also part of the research. The causality test of Granger et al. (2000) was used to assess the conditionality between the indicators. By applying these methods, it was highlighted that, especially after 2007, in the states under analysis, expansionary fiscal policies have led to internal devaluations of the currency, which ultimately increased external competitiveness, measured as real effective exchange rate. Instead, corruption has a negative impact on competitiveness. Findings & value added: The obtained results point out the relationship between competitiveness, fiscal policy and corruption in CEE countries. In the case of those that have a high competitiveness, even if there are large government expenditures, there is also an economic environment conducive to the implementation of measures that generate added value on a large scale. Conversely, in countries where corruption is high, the impact of government fiscal policies on competitiveness is reduced due to the negative effects caused by this phenomenon. Our study brings at least two contributions to the literature. First of all, the research shows how a growth in public spending affects the competitiveness of CEE economies through the real exchange rate. Secondly, it takes into account the phenomenon of corruption applied to Eastern countries, emphasizing a decrease in the external competitiveness of these economies in response to the manifestation of corruption.

Earnings management model for Visegrad Group as an immanent part of creative accounting

Abstract: Research background: Creative accounting practices do not frequently violate the law and are not considered illegal; however, accounting managers may exploit legal ambiguities to portray the company's financial standing in accordance with management preferences. Therefore, the analysis is focused on the detection of earnings management in companies operating in the Visegrad Group, which represents one of the most commonly used techniques for revealing creative accounting. Purpose of the article: The aim of the presented study is to reveal the presence of creative accounting through the detection of earnings management in the countries of the Visegrad Group and, based on the detected results, to propose a regression model of earnings management in the Visegrad Group. Methods: To reveal the use of creative accounting in the Visegrad Group, ten selected models of earnings management were applied during the period 2016?2020 to a set of 8,134 companies. The Mann-Whitney test and multiple linear regression were used to verify the existence of earnings management. These findings served as the basis for the creation of the linear regression model of earnings management in the Visegrad Group. Findings & value-added: The presence of earnings management was best captured by the Hribar and Collins model in companies operating in the Visegrad Group in the period 2016?2020. The findings also confirmed that positive discretionary accruals acquired higher values over the entire period when compared to negative discretionary accruals, confirming that companies in the surveyed group manage their profits primarily by increasing them. Therefore, we created a regression model, that can serve as a unique basis and is capable of revealing the use of earnings management in the Visegrad Group, as until now nothing like this has been implemented in these countries. In conclusion, this study offers insights for academicians and researchers on creative accounting in the selected period. Lastly, the study contributes to the existing theory by conducting new research on the earnings management determinants of the countries studied.

Multifrequency-based non-linear approach to analyzing implied volatility transmission across global financial markets

Abstract: Research background: The contagious impact of the COVID-19 pandemic has heightened financial market's volatility, nonlinearity, asymmetric and nonstationary dynamics. Hence, the existing relationship among financial assets may have been altered. Moreover, the level of investor risk aversion and market opportunities could also alter in the pandemic. Predictably, investors in the heat of the moment are concerned about minimizing losses. In order to determine the level of hedge risks between implied volatilities in the COVID-19 pandemic through information flow, it is required to take into account the increased vagueness of economic projections as well as the increased uncertainty in asset values as a result of the pandemic. Purpose of the article: The study aims to examine the transmission of information between the VIX-implied volatility index for S&P 500 and fifteen other implied volatility indices in the COVID-19 pandemic. Methods: We relied on daily changes in the VIX and fifteen other implied volatility indices from commodities, currencies, and stocks. The study employed the improved complete ensemble empirical mode decomposition with adaptive noise which is in line with the heterogeneous expectations of market participants to denoise the data and extract intrinsic mode functions (IMFs). Subsequently, we clustered the IMFs based on common features into high, low, and medium frequencies. The analysis was carried out using Rényi transfer entropy (RTE), which allowed for the evaluation of both linear and non-linear, as well as varied distributions of the market dynamics. Findings & value added: Findings from the RTE revealed a bi-directional flow of negative information amid the VIX and each of the volatility indices, particularly in the long term. We found this behavior of the markets to be consistent at varying levels of investors' risk aversion. The findings help investors with their portfolio strategies in the time of the pandemic, which has resulted in fluctuating levels of risk aversion. Our findings characterize global financial markets to be ?non-linear heterogeneous evolutionary systems?. The results also lend support to the emerging delayed volatility of market competitiveness and external shocks hypothesis.

Implementing artificial intelligence in forecasting the risk of personal bankruptcies in Poland and Taiwan

Abstract: Research background: The global financial crisis from 2007 to 2012, the COVID-19 pandemic, and the current war in Ukraine have dramatically increased the risk of consumer bankruptcies worldwide. All three crises negatively impact the financial situation of households due to increased interest rates, inflation rates, volatile exchange rates, and other significant macroeconomic factors. Financial difficulties may arise when the private person is unable to maintain a habitual standard of living. This means that anyone can become financially vulnerable regardless of wealth or education level. Therefore, forecasting consumer bankruptcy risk has received increasing scientific and public attention. Purpose of the article: This study proposes artificial intelligence solutions to address the increased importance of the personal bankruptcy phenomenon and the growing need for reliable forecasting models. The objective of this paper is to develop six models for forecasting personal bankruptcies in Poland and Taiwan with the use of three soft-computing techniques. Methods: Six models were developed to forecast the risk of insolvency: three for Polish households and three for Taiwanese consumers, using fuzzy sets, genetic algorithms, and artificial neural networks. This research relied on four samples. Two were learning samples (one for each country), and two were testing samples, also one for each country separately. Both testing samples contain 500 bankrupt and 500 nonbankrupt households, while each learning sample consists of 100 insolvent and 100 solvent natural persons. Findings & value added: This study presents a solution for effective bankruptcy risk forecasting by implementing both highly effective and usable methods and proposes a new type of ratios that combine the evaluated consumers? financial and demographic characteristics. The usage of such ratios also improves the versatility of the presented models, as they are not denominated in monetary value or strictly in demographic units. This would be limited to use in only one country but can be widely used in other regions of the world.

Factors influencing structural power dynamics in buyer-supplier relationships: a power sources framework and application of the critical incident technique

Abstract: Research background: Although the literature on power asymmetry and power dynamics has recognized the issue of factors that cause power shifts in business-to-business relationships, a more systematic approach and research framework regarding the identification of these factors is lacking. There are attempts in business-to-business literature to use the critical incident technique to study dynamic phenomena, but there are no studies on the factors that increase and decrease the power of suppliers in their relationships with dominant buyers. Purpose of the article: The aim of this paper is to identify the factors that influence the most significant changes in suppliers? power in relationships with dominant buyers. An important objective is also to determine to which power sources the identified factors are assigned. This is crucial for business practitioners, who will be able to adjust their actions when managing a relationship with a dominating partner through knowledge of their own strengths as well as weaknesses. Methods: The study is based on analysis of questionnaires with open-ended questions, and uses the critical incident technique to investigate the behaviour of dyadic parties at key moments in buyer-seller relationships. We have focused on investigation of manufacturing companies mainly from the furniture, construction, energy and printing industries. The analysis of the data was based on the abductive approach as a combination of inductive and deductive coding. Findings & value added: In comparison to previous studies, which did not distinguish the level of importance of each factor, we have obtained only those factors with the greatest impact on power dynamics. We have also obtained factors which can decrease suppliers? power, whereas the literature focuses mostly on factors increasing suppliers? power. The research results reveal the factors that affect an increase and decrease in the power of weaker suppliers in relationships with dominant buyers. First- and second-order factors were identified, and subsequently 3 overarching dimensions for each increase and decrease in supplier power were deduced from the results. The most important overall dimension for the increase in power was the building of suppliers' power capabilities, while the decrease in suppliers' power was most influenced by transactional changes and changes in buyer's expectations. The results can be helpful for managers in focusing their attention on expert power in order to gain knowledge and prepare a practical background for managing asymmetric relationships. It is important to mention that the critical incident technique used in this study has not yet been used to represent power dynamics in B2B relationship literature.

The National Innovation System in a catching-up country: empirical evidence based on micro data of a Triple Helix in Poland

Abstract: Research background: There are two main directions for the research of the national innovation system (NIS): the international comparison of macro data from national statistic offices or specific micro research restricted mostly to analysing selected issues. There is a lack of empirical studies regarding the national innovation system as a whole based on micro raw data and using statistical models. Purpose of the article: To identify and evaluate the impact of the triple helix (an input and output approach) on the NIS in Poland, including internal interactions between industry, science and government. Methods: A questionnaire surveys were conducted by the authors over the past five years in 6,284 manufacturing enterprises. The multifactor stepwise logistics regression forward was used to evaluate what, where and how effectively the NIS institutions in catching-up and medium-sized countries such as Poland are working. Findings & value added: The NIS of Poland is a complicated and non-mature system. Some parts of the network are effective, while others are not. It is noted that cooperation between enterprises stimulates innovation to a greater extent than cooperation with scientific institutions and public administration. The vertical supply chain is the main driver of NIS in Poland. Domestic scientific institutions have an impact that is often short-term, fragmented, and non-continuous, though it can be strong from time to time. Strangely, organizations with low knowledge potential support industry innovation activity more efficiently and in a more organised way than science institutes, excluding foreign ones. For catching-up countries, this is an important bridging of the knowledge gap - it turns out that the quantity and quality of domestic knowledge in the national innovation system is inefficient. Scientific institutions need to achieve sufficient critical mass to stimulate innovative activity. The value of the conclusions is underlined by the fact that the analyses were based on micro data, which allowed to capture the relationships between the different elements of the triple helix.

The effect of international opportunity recognition processes on problem-solving competence: how does past negative entrepreneurial experience matter?

Abstract: Research background: Little research addresses how identifying an opportunity in the international market, whether through active search or serendipitous discovery, may have implications for the subsequent gestation behaviors. An emerging body of research suggests addressing this deficiency by focusing on the cognitive and experience-based factors that international entrepreneurs use to develop an opportunity in the foreign market once identified. Purpose of the article: The aim of this study is to explore the role of active and serendipitous international opportunity recognition (IOR) in entrepreneurs? problem-solving skills (problem-solving speed and creativity), as well as the moderating effect of past negative entrepreneurial experience (PNE) on such relationships. Methods: This study used the survey data collection method through an online self-administered questionnaire. Partial least square structural equation modeling (PLS-SEM) method was used to analyze the results over a sample of Spanish international entrepreneurs. Findings & value added: The results show that entrepreneurs that have identified an international opportunity (IO) actively are better equipped to solve problems speedily than those that have discovered an IO serendipitously. In contrast, entrepreneurs who identified an IO serendipitously are better equipped to solve problems creatively. Furthermore, the impact of active search on problem-solving speed is greater for entrepreneurs without PNE, and the impact of active search on problem-solving creativity is greater for entrepreneurs with PNE. Also, it is found that PNE does not moderate serendipitous IOR relationship with problem-solving competence. These findings are relevant as they indicate that the IOR processes have implications for the subsequent gestation behaviors. Thus, the value added of this study is the combination of cognitive and experience-based factors of the international entrepreneur to enrich the link between IOR processes and IO development. These are two intertwined and interdependent processes, which, however, have been scarcely studied as a whole. The results of this research help international entrepreneurs to understand how and why the way they recognized an IO and having or not PNE influence their problem-solving skills during the IO development phase.

Factors affecting SMEs growth: the case of the real estate valuation service industry

Abstract: Research background: Based on the literature, several ways of assessing the conduct of business and a number of factors influencing the growth and development of the companies can be identified. However, the diversity of business entities and their business environment raises the importance of considering the unique nature of the industry in the selection of performance measures. Our research focuses on real estate valuation firms that provide information and consulting services to real estate markets. Purpose of the article: As professional practice shows, there are different business models for property valuation. These businesses differ in their organisational and legal form and the type of valuations performed, the type of client served, or the scope of services provided. The main purpose of the research is to identify factors that significantly affect the development odds of valuation companies in Poland, especially the growth of income. Methods: The study was based on data collected from the survey of Polish real estate valuers. The analysis was conducted on a sample of 277 professionals who own valuation companies and were certified no later than the end of 2014. A quantitative analysis using a logistic regression model was conducted to identify the factors that influence the prospects for valuation business growth. Findings & value added: The research confirms the relationship between the way of conducting real estate valuation activities and its development chances. The most important factors are a spatial and substantive range of services, cooperation and employment, and clients' profile. Demographic characteristics were also found to be significant. Although the results presented here are based on data from the real estate valuation industry, their relevance is much broader. The findings provide a better understanding of the factors that influence the performance and success of SMEs, particularly in the information and consulting industry.

Digital transformation and corporate cash holdings in China's A-share listed companies

Abstract: Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms? operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms? operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China?s A-share listed companies. The sample covers 19,337 observations from 2007?2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings & value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms? cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective.

Credit cycles and macroprudential policies in emerging market economies

Abstract: Research background: Excessive credit expansions have an important role in the generation and amplification of business cycles in emerging market (EM) economies. Macroprudential policies can be beneficial in restraining excessive credit growth and safeguarding financial stability. Despite recent theoretical advances in understanding of the benefits of macroprudential policies, empirical evidence on their effect on the credit cycle is still scarce. Purpose of the article: This paper studies the effectiveness of macroprudential measures in the sample of major EM economies focusing on the broad credit measure and using an empirical framework which aims to alleviate several concerns in the previous literature. We examine the effectiveness of four categories of measures which are granular enough to provide relevant policy perspectives, whilst mitigating data sparsity issues. By exploiting both time-series and cross-country variation in the tightness of macroprudential regulation in the construction of policy variables we also mitigate some of the common reverse causality concerns. Methods: We use panel data and employ several (fixed effect, bias corrected LSDV and dynamic interactive fixed effect) estimators to ensure that the results are not sensitive with respect to the estimation method while, together with our construction of the policy variables, alleviating other endogeneity concerns. Findings & value added: We uncover the heterogeneity in the effects of macroprudential measures on the credit cycle. While measures related to bank capital and credit activity are found to be effective in leaning-against the credit cycle, the measures targeting bank liquidity and FX exposures fail to have statistically significant effect. Our results provide the rationale for mixed evidence in the empirical literature studying the effectiveness of the broadly defined macroprudential measures. From the policy perspective, our findings provide evidence that the measures which address excessive credit expansion and strengthen the resilience of the financial system are effective in the EM economies.