Proceedings of the 15th Economics & Finance Conference, Prague最新文献

{"title":"MODELLING THE INFLUENCE OF TOBIN'S Q AND CASH FLOWS ON THE CAPITAL INVESTMENTS OF RUSSIAN FIRMS","authors":"Stepan Bahteev, Sophia Turkanova, A. Pushkarev, O. Mariev","doi":"10.20472/efc.2021.015.001","DOIUrl":"https://doi.org/10.20472/efc.2021.015.001","url":null,"abstract":": The relationship between investment and cash flow has been extensively studied since the mid-20th century. The aim of our study is to assess the impact of Tobin's ratio and cash flows on the capital investments of Russian companies. For econometric estimation we data on 206 Russian public companies traded on the Moscow Exchange from 2011 to 2020. We apply quantile regression to obtain more detailed results. The results of our study confirm the significance of the Tobin ratio and cash flow on capital investments. We observe these effects in all quantiles however their magnitude varies. This research is valuable and can be utilized by companies to maximize efficiency of their capital expenditures.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115106992","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":"PERMANENT INCOME HYPOTHESES TESTING: EVIDENCE FROM RUSSIA","authors":"Monica Kolesova, Anna A. Gainetdinova, O. Mariev","doi":"10.20472/efc.2021.015.011","DOIUrl":"https://doi.org/10.20472/efc.2021.015.011","url":null,"abstract":"Consumption and income nexus is determined either by permanent income hypothesis or excess sensitivity hypothesis. Our study is based on the study Campbell and Mankiw (1989), who conducted analysis for the US. In our study, we test the aforementioned hypotheses in the context of Russia using quarterly data. Afterwards, we check whether sensitivity of consumption to disposable income depends on economic development of a country. Therefore, we test permanent and excess sensitivity hypotheses in the context of developed and developing countries. By employing Campbell-Mankiw model we use two-stage least squares method using instrumental variables. The results demonstrate that the best instruments for Russia are lags in income, oil price and interest rate. All Russian agents consume their temporary income, which is an indicator of a risky financial environment. When considering the groups of developed and developing countries, the results demonstrate that developing countries with relatively better financial system comprise two groups of agents: a group consuming permanent income and a group consuming temporary income. At the same time, in some developed countries having less stable financial system, all agents consume their temporary income.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134326776","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":"DEVELOPMENT OF THE REAL ESTATE MARKET IN THE CZECH REPUBLIC IN CONNECTION WITH THE COVID-19 PANDEMIC","authors":"E. Hromada","doi":"10.20472/efc.2021.015.014","DOIUrl":"https://doi.org/10.20472/efc.2021.015.014","url":null,"abstract":"The paper deals with the analysis of the current situation on the real estate market in the Czech Republic in connection with the COVID-19 pandemic. Selected pricing and technical parameters such as prices of apartments for sale, prices of apartments for rent, technical condition of the apartments and energy performance of the building are analysed. To obtain input data for the analysis was used software EVAL, which the author of the paper has been developing since 2007. The software EVAL collects, analyses and evaluates real estate advertising in the Czech Republic in a monthly period. All real estate advertising is continuously recorded in the software database and is carefully analysed for its credibility. EVAL software provides comprehensive and objective information on the actual development of the real estate market in the Czech Republic. The paper uses basic statistical methods of processing a large data set.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132179223","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":"WORK-LIFE BALANCE DURING THE COVID-19 PANDEMIC","authors":"A. Skorska","doi":"10.20472/efc.2021.015.013","DOIUrl":"https://doi.org/10.20472/efc.2021.015.013","url":null,"abstract":"The article is a discussion concerning the essence and importance of reconciliation between work and family life during the COVID-19 pandemic The lack of harmony between various spheres of life brings many negative consequences, both at the micro (individual, organizational) as well as macro (society) level. Too many hours spent at work can lead to employee fatigue, dissatisfaction and absenteeism. On the other hand, problems in private life can affect the efficiency of employees. Considering the above, the purpose of the article is to present the essence of the conflict between work and private life in the time of the COVID-19 pandemic as an important element of the quality of life. The implementation of the goal formulated in this way required the following research questions: Has the pandemic influenced the assessment of the work-life balance? Has the pandemic affected the satisfaction with the amount and way of spending free time? Are there any differences between women and men? Considering that the measurement of work life balance as well as the impact of this phenomenon on quality of life is problematic the research, using the diagnostic survey method, was conducted in Poland in December 2020. The survey questionnaire was developed by the employees of the Department of Forecasting and Labor Market Analysis at the University of Economics in Katowice. Due to the limited volume of the article, the author decided to analyze only some of the results with particular emphasis on the gender of the respondents. It should be emphasized that despite many changes during last decades, in many families the division of responsibilities and tasks remains unequal. That is why the conflict between work and family life is particularly felt by women and the consequences of this phenomenon have increased during the COVID-19 pandemic.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"9 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122344761","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 ECONOMIC GROWTH AND LABOR MARKET UNDER THE INFLUENCE OF GLOBALIZATION AND INNOVATION","authors":"S. Raychev, D. Stoyanova, B. Madzhurova","doi":"10.20472/efc.2021.015.007","DOIUrl":"https://doi.org/10.20472/efc.2021.015.007","url":null,"abstract":": The globalization reveals a number of socio-economic perspectives and challenges to the countries. The technological progress and innovation are essential elements of the globalization leaving their indisputable mark on the economic system. Because of this fact, the main objective of this study is to evaluate the effects of the innovation on the economic growth and the labor market (in particular on employment and the dynamics and nature of job positions) and to analyze the social and fiscal state policies. The research methodology includes time series analysis through descriptive, graphical and cross-correlation analyses by major macroeconomic indicators related to the labor market, economic growth and innovation. The results of the study indicate the changes in the nature of the work/ job positions at sectoral level in Bulgaria and the EU. Innovations demonstrate a significant positive link, both with employment and economic growth, and a negative such with unemployment. Specific features and general trends are reflected in changes in employment, innovation and economic growth in Bulgaria and the EU. This requires a reconsidering of the public policies in the social sphere and the tax policy.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130051937","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":"HOW THE CZECH GOVERNMENT GOT THE PANDEMIC WRONG","authors":"B. Kadeřábková, E. Jašová","doi":"10.20472/efc.2021.015.005","DOIUrl":"https://doi.org/10.20472/efc.2021.015.005","url":null,"abstract":"The aim of the article is to prove by econometric analysis the suitability of NAIRU and NARRU concepts to assess the adequacy of measures against Covid 19 to address the epidemiological and economic situation in the Czech Republic. The analysis confirmed that in the Czech Republic the economy was reduced together with the escalation of the epidemic. The same development was found in the period March, April, October, November and December 2020 and February 2021. The government was therefore to take the path of greater prevention of the disease (eg timely adequate respirators, tests and vaccines). On the contrary, in January, February, May, June, July, August and September 2020 and January 2021, a lower value of NAIRU indicates an epidemiological-economic balance in the economy even with a higher unemployment rate. This is a consequence of the hasty tightening of anti-epidemiological restrictions.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125119774","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":"MOTIVATIONAL ASPECTS OF PROFESSIONAL TRAINING OF PUBLIC SECTOR EXPERTS","authors":"V. Vybíhal, Barbora Blašková","doi":"10.20472/efc.2021.015.010","DOIUrl":"https://doi.org/10.20472/efc.2021.015.010","url":null,"abstract":": Abstract: Not only in economic theory, but also in social practice, it is evident that constantly increasing living standards and citizen’s security levels in various health, social and other spheres of society are associated not only with increase in the amount of funds regarding public budgets’ expenditures, but also with a rightful requirement for a certain education level of the public sector employees. The aim of this publication was to find out, identify, describe and evaluate motivation-al aspects of professional training of experts who are preparing to work in the public sector, to find out what motivates them, how they decide on what to study at university, how they imagine their post-gradual work will look like (including territory and charac-ter of a workplace) and how they evaluate their decision that they have chosen this field after a certain time. This issue opens the way for examining the specifics of professional training motivations, while its implementation can contribute to rectification and im-provement of the preparation of experts who are expected to meet very exacting re-quirements in the new economic conditions. The database necessary for evaluation of the motivational aspects of professional train-ing of public sector experts was obtained based on our own survey in a form of a ques-tionnaire which was answered by students attending the Faculty of Social Sciences at the University of Ss. Cyril and Methodius in Trnava (Slovak Republic) in the winter term of academic year 2019/2020. The decision to study at university unarguably belongs to fundamental life decisions. That is why it is possible to consider the given topic to be current. This decision is formed by a number of factors that can influence the student’s approach to learning and his attitude in applying his knowledge and skills into practice.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116153548","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":"OUTWARD FDI AND INTERNATIONAL TRADE: THE STUDY OF CAUSAL EFFECTS","authors":"O. Osabuohien-Irabor, I. Drapkin","doi":"10.20472/efc.2021.015.012","DOIUrl":"https://doi.org/10.20472/efc.2021.015.012","url":null,"abstract":": Numerous studies have examined whether the interrelationship between outward foreign direct investment (OFDI) and international trade are complementary or substitutive. However, one major concern of policymakers is the possibility of OFDI precipitating de-industrialization and jobs losses of domestic economy. This study critically addresses these views by examining the interaction between OFDI and disaggregate international trade based on world bank country income classification which includes, the low income, lower-middle income, upper-middle income, and High income for a panel of 179 countries for the period of 2003 – 2019. Based on dynamic panel data model for system-GMM, empirical findings show that OFDI has negative and significant effects on exports and imports of low-income countries, an indication of a substitutional relationship. Regarding the effects of exports on OFDI, and with exception of low-income countries, we found a positive and significant relationship for in all income cluster, an indication of a complementarity relationship. This shows that home country’s export is an important facilitator of OFDI. Overall, our empirical results support complementary effects on the dynamic interplay between OFDI and disaggregate international trade, suggesting a greater competitiveness in foreign markets as well as an increase in commercial integration.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132129819","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":"LABOUR COSTS IN SOCIALLY RESPONSIBLE ENTERPRISES AS EXEMPLIFIED BY BANKS LISTED ON STOCK EXCHANGE INDEX WIG ESG","authors":"Aneta Kuźniarska, Aleksander Prus","doi":"10.20472/efc.2021.015.006","DOIUrl":"https://doi.org/10.20472/efc.2021.015.006","url":null,"abstract":": Labour costs in Polish enterprises constitute the second largest group of costs generated and are intrinsically associated with their functioning in the national economy. Labour costs also encompass remuneration, as well as non-remuneration costs incurred by the employer with regard to the employment of a worker. In light of the international comparisons, the remuneration costs are first and foremost indicated, which consist of the level of the minimum wage, or average salary in the national economy, while also the level of the tax wedge payments, which illustrates the total labour costs and their structure. The aim of this paper is to present the structure of labour costs in banks that are listed on the Polish stock exchange index WIG ESG, which incorporates socially responsible organizations. Analysis was conducted on the level of remuneration while taking account of the equitable remuneration factor and the currently binding minimum wage in Poland. As illustrated in the research conducted, the level of remuneration in the analysed banks significantly exceeds both indicators. The research was conducted on the basis of consolidated reports from the analysed organizations.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"221 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116389924","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":"PLANNING AND BUDGETING PROCESS IN THE SECURITY SECTOR OF THE REPUBLIC OF NORTH MACEDONIA","authors":"Oliver Bakreski, Sergej Cvetkovski, Leta Bardjieva Miovska","doi":"10.20472/efc.2021.015.002","DOIUrl":"https://doi.org/10.20472/efc.2021.015.002","url":null,"abstract":": This paper aims to present the planning process in the security sector, which is complex, intricate, multi-phase and dynamic and is based on the design of budget requirements for the needs of the security sector. Planning counterpoises an activity in the creation of government draft budgets, which has a significant impact on the execution of budget projections. Hence, planning in the security sector is of great importance in providing the architecture of contemporary budgeting, setting and prioritizing goals and creating security policies. The initial premise in this paper refers to the hypothesis that planning is an essential element of security sector management and addresses the need for continuity in strategic and comprehensive planning in order to prepare and approve a budget that comprises the real needs of the security sector, as well as the necessity of implementation of the principles of cost effectiveness, budget transparency, system of control and balance and democratic oversight of budget implementation. The dependent variable in the context of this hypothesis alludes to the assessment of security risks and threats, the environment, etc., which is in function of achieving the planned goals based on a specific time frame, clear organizational designation and system of accountability. The methodology for this paper includes extrapolation, qualitative presentation and concrete interpretation of theoretical and empirical findings and available data on the specific topic through induction and deduction, analysis of formal government documents, strategies and plans, as well as laws governing this domain. The purpose of this paper is to emphasize the importance of planning as an initial stage in budgeting and the end result of the security resource planning process. of personal management, intelligence, counterintelligence, security and protection of forces; Organization, preparation and implementation of operational capabilities and combat readiness, logistical support, training, financial support and civil-military cooperation; Preparation and adoption of professional rules and instructions regarding the use of the Army units, internal order and relations in the performance of the service in the Army and other professional rules and instructions relevant for work in the Army; Preparation of draft plans for equipping and modernization of the Army. other Organization and preparation of Control Information System counterpoises planning and development of an information support and management system, development of liaison plans to support the command and control of the armed forces, as well as planning, coordination and control of the procedures and means for crypto protection in the Army.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133995951","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}