Towards the „new normal” after COVID-19 – a post-transition economy perspective最新文献

{"title":"The impact of Covid-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions","authors":"Monika Andrzejczak","doi":"10.18559/978-83-8211-061-6/i8","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/i8","url":null,"abstract":"Purpose: The analysis of the impact of the Covid-19 pandemic on the finances of economic entities from the perspective of the structure of financing, investments and dividend policy. Design/methodology/approach: The research covered the countries of the EU, due to the specific type of ties between these countries. Research stages: 1. Classification of countries in terms of the selected IIP and the BP statistics and macroeconomic data in 2018–2019 (pre-pandemic period), average levels for 2018–2019 in relation to GDP; 2. Presentation of the development of selected monthly BP statistics during the pandemic period (from January 2020), in terms of: (i) changes in the share of GDP (first half of 2020 in relation to the first half of 2019); (ii) year on year changes. Research methodology: data source: Eurostat, annual, quarterly, and monthly data in million EUR, the collected statistics were adjusted to the Harmonised Index of Consumer Prices (HICP). Findings: At the end of November 2020, it is difficult to identify the pattern of changes to the flows of the discussed categories based on the analysis of information from the pre-pandemic period. Practical implications: The creation of a“new” division between the EU countries as a result of Covid-19 may result in a change in the priorities of functioning within the entire Union and in a change in the rules of redistribution of the EU funds. Originality and value: An original way of framing decisions on capital structure, investment decisions and dividend policy through the prism of the Balance of Payments flows.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121829026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Internal substitution in the tourism market: Effects of the Covid-19 pandemic","authors":"A. Niezgoda, E. Markiewicz, K. Kowalska","doi":"10.18559/978-83-8211-061-6/ii1","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/ii1","url":null,"abstract":"Purpose: The effects of the global COVID-19 pandemic are difficult to estimate, but the impact on the tourism industry is undeniable. This also applies to consumers’ behavior in the tourism market, whose attitudes towards travel may change radically. The aim of this chapter is to analyze substitution processes in the tourism market caused by the COVID-19 pandemic. Design/methodology/approach: This paper is a review in nature and includes papers on tourism economics, particularly the tourism market, as well as secondary data on changes in tourism (tourism participation and consumer behavior) due to the COVID-19 pandemic. Findings: The Covid-19 pandemic does not have to be the factor slowing travels, as it may affect internal substitution on the tourism market. In the situation of the Covid-19 pandemic, all internal substitution options listed in the chapter were noticed on the tourism market in Poland. Research limitations/implications: As long as the emergency situation restricting the functioning of the tourism market continues, the results of the study cannot be definitive. Practical implications: The results can be useful for tour operators, especially in the process of planning tourism development after the crisis caused by the pandemic. Social implications: The chapter indicates changes in consumer behavior on the tourism market caused by COVID-19 pandemic, which may characterize tourists after the end of the pandemic. Originality and value: The article identifies types of internal substitution that occurred in the tourism market in Poland as a result of the COVID-19 pandemic.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127773613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Future competences in times of an economic crisis","authors":"Anna Łupicka","doi":"10.18559/978-83-8211-061-6/iii2","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/iii2","url":null,"abstract":"Purpose: The aim of the chapter is to present the competence patterns before and during the economic crisis and to determine the importance of individual competences for doing business in a turbulent environment. In many sectors of the economy, global changes triggered by Covid-19 called into question the use of existing sets of competences needed to run businesses effectively in supply chains. The continuous improvement of supply chains – or lean and agile management – will no longer work in current conditions. Faced with an increasingly unstable economy triggered by a global pandemic, many economists ask whether the existing competence patterns in companies or supply chains remain appropriate and proper for the current economic situation. Design/methodology/approach: In 2017, a survey was conducted among selected experts in the pharmaceutical sector. The same questionnaire distributed in September 2020, during the Covid-19 pandemic. The experts were highly qualified managers employed in transnational companies. The 10 respondents were asked to indicate selected competencies. The choice of the pharmaceutical sector was motivated primarily by its specific characteristics as it is particularly important not only economically but also socially, by providing life-saving medicines. Findings: Technical competences are becoming the necessary ones. This is due to the need for self-sufficiency in lockdown situations, when it is difficult to find external employees and the possibility of outsourcing skills. In the case of managerial competence, it is clear that creativity and entrepreneurial thinking have increased in importance. When analyzing social competences, what comes to the fore is diversity of intercultural skills: foreign language skills, the ability to compromise, the ability to transfer knowledge, and finally, the ability to adapt to change. Originality and value: This chapter answer what competences seem necessary for future managers in the pharmaceutical industry in a turbulent environment, which is crucial for research and teaching centers who seek to educate future managers at the highest level of specific competences and skills. Due to the dynamic development of the industry, the text identifies the needs in the areas of technical, managerial, and social skills.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116299006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Consumer acceptance of AR Technology in e-commerce in the light of the Covid-19 pandemic: A conceptual perspective","authors":"Ma³gorzata Bartosik-Purgat, T. Grzegorczyk, Wiktoria Rakowska","doi":"10.18559/978-83-8211-061-6/ii6","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/ii6","url":null,"abstract":"Purpose: The main objective of the chapter is threefold: to conduct literature review, to develop a model of consumer acceptance of augmented reality (AR) in e-commerce, and research hypotheses. The model will emphasize the factors (motives and risks) affecting the acceptance of AR technologies by e-commerce consumers. Design/methodology/approach: The study used inductive research approach whose results will be the key basis for primary research. The main research method was literature review: the meta-synthesis method. Findings: We developed a model of factors influencing the acceptance of AR technology in e-commerce based on the Unified Theory of Acceptance and Use of Technology (UTAUT2). The following factors were included into the proposed model as predictors of acceptance: performance expectancy, effort expectancy, hedonic motivation, perceived AR risk, privacy risk. Research limitations/implications: The main limitation of this research is its conceptual character. Future research should aim to empirically verify the proposed model. Practical implications: By showing the possibilities and actual acceptance of AR’s use in selected countries, the research might contribute to the development of a set of guidelines for enterprises in the e-commerce branch and, eventually, improve their international competitiveness, e.g. by guiding product and promotion strategies. Originality and value: Based on the literature review, this chapter proposes anovel research model of consumer acceptance of AR in e-commerce, which can be verified in the future research.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128641331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The adoption of Industry 4.0 solutions as a remedy against the pandemic crisis– the case of Polish companies","authors":"B. Jankowska, Ewa Mińska‐Struzik","doi":"10.18559/978-83-8211-061-6/iii1","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/iii1","url":null,"abstract":"Purpose: The authors aim to briefly present the adoption of Industry 4.0 technologies among Polish companies in the realm of the VUCA world. These solutions may work as measures that increase the resilience of companies against the Covid-19 crisis and support the recovery in “the new normal” reality. Design/methodology/approach: The paper combines literature studies with an empirical investigation in the form of computer-assisted telephone interviews conducted among 400 Polish manufacturing companies. Findings: Polish industrial manufacturing firms lag in implementing I4.0 technologies compared to their Western European counterparts. Research limitations/implications: The empirical part of the study was conducted among Polish companies. Similar studies among firms from other CEE countries will be necessary to conclude about this part of the world’s readiness to adopt 4.0 technologies. Practical implications: The pandemic era and increasing I4.0 adoption pose particular tasks for companies. They should revise their contractual arrangements with IT service providers and focus on data privacy and security topics, but also industry-specific regulations. Triggered by the Covid-19 crisis, these actions may contribute to developing companies’ comprehensive digital strategy in the “new normal” reality. Originality and value: The chapter contributes to the discussion on the readiness of companies and economies to adopt the Industry 4.0 technologies. It also provides the level of the adoption of these solutions in the context of a post-transition economy.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125966386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Challenges for innovation cooperation in the biopharmaceutical industry during the Covid-19 pandemic","authors":"Łukasz Puślecki","doi":"10.18559/978-83-8211-061-6/ii7","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/ii7","url":null,"abstract":"Purpose: This chapter seeks to verify the development of new partnerships and R&D alliances in the biopharmaceutical industry during the Covid-19 pandemic, but also to present the related challenges for innovation cooperation. Design/methodology/approach: The main method applied in this research was scientific study, meaning that the study applied descriptive, comparative, documentation, and desk research methods, along with deductive and inductive forecasting. Findings: The text presents new partnerships undertaken by biopharma companies (in and outside the industry) in order to face the pandemic and to discover and deliver anew vaccine for SARS-CoV-2 to the market. Moreover, the chapter describes the research projects in the European Union focused on the Covid-19 pandemic defeating. Thanks to more flexible and open cooperation, companies will greatly support the possibility to defeat the Covid-19 pandemic faster. Practical Implications: We should consider that due to the current situation caused by the Covid-19 pandemic, the cooperation of companies and all entities in the biopharmaceutical R&D innovation ecosystem is even more challenging than before. Moreover, we should remember that the organizational fluidity of open innovation initiatives and multiparty relations increases the complexity of alliance management. The use of an open innovation model can significantly hasten the production process of new drugs and vaccines. Originality and value: Biopharma-university alliances can significantly increase the likelihood of creating better medical therapies for patients. Results of such cooperation enable a number of innovative projects, given the significant pressure on innovativeness and challenges caused by the pandemic. Using the latest IT technologies will allow physicians to even better monitor, diagnose, and care for patients with afocus on the patient-centered approach.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125444418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of the crisis on the maintenance of sustainable development initiatives: A comparative analysis of local and international companies","authors":"Łukasz Małys","doi":"10.18559/978-83-8211-061-6/iii3","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/iii3","url":null,"abstract":"Purpose: The aim of the chapter is to compare the declarations of local and international companies regarding the maintenance of sustainable development initiatives during acrisis. Design/methodology/approach: The article presents the results of a survey conducted in September 2020 on a sample of 500 enterprises located in Poland. Respondents were asked to declare if they will maintain or abandon sustainable development initiatives in a crisis situation. The examples presented a pandemic similar to the one caused by Covid-19, an economic crisis, or a significant decrease in company revenues. Findings: The research showed that the largest group of companies in acrisis situation will completely abandon their initiatives in the field of sustainable development. Another group will give up those initiatives that generate the highest cost. There are some small differences in responses of local and international companies. Companies with foreign entities in the ownership structure seems less likely to give up all initiatives in the field of sustainable development. International companies more often than local companies declare that they do not know which initiatives they will abandon and which will they keep. Research limitations/implications: Factors other than international involvement (e.g. company size, strategic approach to sustainable development) may have a decisive impact on decisions regarding the maintenance of sustainable development initiatives in acrisis. Originality and value: The chapter illustrates the approach to sustainable development by companies classified into various categories: local and international.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"114 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131942480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Donation crowdfunding as a source of relief for small businesses","authors":"Marcin Wieczerzycki","doi":"10.18559/978-83-8211-061-6/iii6","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/iii6","url":null,"abstract":"Purpose: The purpose of this chapter is to examine advantages and limitations of donation crowdfunding as away of providing relief for small businesses and assessing its potential development in that field in the post-pandemic future. Design/methodology/approach: The chapter is based on critical literature analysis, supported by empirical examples for illustrative purposes. Findings: Donation crowdfunding can be aviable way of providing relief to small companies during the times of crisis, by positioning companies as beneficiaries of charitable endeavors carried out by consumers. Practical implications: Companies ability to trigger altruistic responses in their consumers is an important information in times of crises. Moreover, the information serves as an additional argument for building meaningful relationships with consumers and establishing locally embedded or virtual communities, which make securing relief through donation crowdfunding easier. Originality and value: The subject of using donation crowdfunding by companies to secure relief funds has seen very limited elaboration in the current literature.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126549123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"International portfolio diversification during the Covid-19 onset: A study of correlations among CEE post-transition and developed countries","authors":"P. Śliwiński","doi":"10.18559/978-83-8211-061-6/i6","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/i6","url":null,"abstract":"Purpose: The chapter examines the hypothesis that during the Covid-19 onset, the higher positive correlations between stock exchange indices persist, preventing the use of international diversification to reduce the volatility of global portfolio. Design/methodology/approach: The study focuses on CEE post-transition countries and their main stock exchange indices’ correlations with developed markets stock exchange indices. The data cover the period starting from January 8, 2004, until the end of October, 2020. The bivariate relationship between stock indices and VIX was measured by the Pearson coefficient of correlation. Findings: The findings of correlations estimation in three periods (long-term, Covid-19 on-set, and recovery) indicate that except for a period of large volatility measured by the VIX index lower relationships between developed and emerging stock markets persist. However, the results of the study concerning the shaping of correlation between the stock indices and the global risk shows a significant negative relationship between them, approaching very high levels close to 1 during the Covid-19 onset. All the CEE stock exchanges – even those low correlated in the longer term – behaved very similarly during the stock exchange crunch with its epicenter in March 2020. Practical implications: The answer to the research questions concerning the shaping of correlations on international markets is important for the portfolio theory itself in its international aspect, but also from the viewpoint of its applicability in practice. Huge market synchronization in terms of comovements in stock indices is troubling. It significantly reduces or even eliminates the benefits of international diversification during market crashes.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132865446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Challenges in currency derivatives management in the OTC market in Poland during the Covid-19 pandemic","authors":"Piotr Wybieralski","doi":"10.18559/978-83-8211-061-6/iii5","DOIUrl":"https://doi.org/10.18559/978-83-8211-061-6/iii5","url":null,"abstract":"Purpose: The aim of the chapter is to analyze the impact of the Covid-19 pandemic and market volatility increase on risk management in the OTC derivatives market in Poland. Design/methodology/approach: The chapter describes the legal background of derivatives trading with non-financial enterprises, then identifies the main risks, and discusses possible actions of market participants. In this regard, the study conducts volatility analysis based on selected market data. Findings: Due to volatility increase and the resulting negative valuation of non-matured currency derivatives by Polish exporters, margin call clauses were triggered, entailing the need to post additional collateral or prematurely close contracts. The described situation is particularly difficult when the pre-settlement limit is fully utilized on deal date, usually in the case of long-lasting large open exposures in non-flexible transactions. Research implications: To determine market risk, studies often apply the VaR approach. Inthis way, the specific amount of risk is analyzed on adaily basis and used by banks both to determine the maximum amount of the contract and to control pre-settlement risk. Apart from many advantages of the VaR approach, there are some drawbacks, especially related to volatility estimation, which usually relies on historical market fluctuations. It may cause that the risk will not be properly valued under crisis conditions. In such situations, supplementary methods should be also implemented (stresstests). Practical implications: Under high market volatility, preventive actions should be prepared in advance, including treasury limit increase, additional funds for collaterals, or contracts modification (flexible products should be considered).Originality and value: The study covers a challenge that banks face, which is rarely described in professional literature but very serious for bank management. Under normal market conditions, if the margin call clause appears and no additional collateral is posted, the transaction should be closed to limit the counterparty’s loss. However, this type of action during the pandemic may impose the risk of force majeure. From the company perspective, using such instruments threatens their early settlement and the need to finance closeout amount.","PeriodicalId":369336,"journal":{"name":"Towards the „new normal” after COVID-19 – a post-transition economy perspective","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116955594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}