{"title":"An analysis of the Pollution Haven Hypothesis in the context of Turkey: A nonlinear approach","authors":"M. Temurlenk, Anıl Lögün","doi":"10.18559/ebr.2022.1.2","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.2","url":null,"abstract":"Abstract Foreign direct investment (FDI) is an important driver of countries’ economic development. Factors such as looser environmental regulations may cause dirty FDI to flow mainly to developing countries. This is explained by the Pollution Haven Hypothesis. The paper aims to investigate whether the Pollution Haven Hypothesis is valid in Turkey using the nonlinear autoregressive distributed lag (NARDL) approach for the period 1974–2017. The results show that FDI inflows and carbon emissions have asymmetric effects in both the short and long term for Turkey, supporting the Pollution Haven Hypothesis. Furthermore, there is a link between carbon emissions and trade openness, manufacturing and economic growth. Policymakers should develop the policies necessary to transfer clean technologies to Turkey by providing improvements and technical advances for a more efficient energy use.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78751556","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":"Political alignment and the allocation of the COVID-19 response funds—evidence from municipalities in Poland","authors":"P. Matuszak, Bartosz Totleben, Dawid Piątek","doi":"10.18559/ebr.2022.1.4","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.4","url":null,"abstract":"Abstract This paper aims to analyse the allocation of the COVID-19 response funds from the perspective of the political alignment hypothesis. The authors focus on the allocation of the second and third rounds of the Governmental Fund for Local Investments (part of the COVID-19 Response Fund) in Poland. Using the logit and OLS models and the regression discontinuity design the authors show that mayors aligned with the central government were significantly more likely to receive the funds, as well as in higher per capita values, than mayors aligned with the opposition or unaligned with any party in parliament when the allocation was based on a discretionary decision. The results support the political alignment hypothesis and highlight the danger of partiality in the allocation of the COVID-19 response funds.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80800296","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 perceived ethicality of banks in the era of digitalisation: The case of Poland","authors":"D. Piotrowski","doi":"10.18559/ebr.2022.1.","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.","url":null,"abstract":"Abstract Ethically conducted business has a positive impact on consumer trust, satisfaction and loyalty. The aim of this paper is to identify the bank activities that customers perceive as ethical and to what extent they affect consumer perceived ethicality. The binomial logit model applied in this study demonstrates that the honesty of financial advice, use of e-banking services and use of artificial intelligence technology to improve the quality of banking services have a significantly positive impact on consumers’ perception of banks in Poland as ethical institutions. Significant variables that negatively influence consumer perceived ethicality include gender, education, use of financial advisory services, banks’ manipulation of information about financial products and use of personal data against the will of customers.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89465047","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":"Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal","authors":"L. Czerwonka, J. Jaworski","doi":"10.18559/ebr.2022.1.3","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.3","url":null,"abstract":"Abstract The aim of the paper is to identify differences in enterprises’ capital structure and its determinants in Poland and Portugal. The research applies statistical methods to the financial data of 22,775 Polish enterprises and 36,625 Portuguese enterprises for the years 2010–2017. The research results show that: (i) despite several years of ongoing economic integration in the EU differences in enterprises’ capital structure in old and new countries of the community still exist, (ii) in Portugal representing the old EU enterprises are more likely to use debt than in Poland being an emerging EU economy, (iii) in Polish enterprises, tangibility, profitability, liquidity and non-debt tax shield exert a negative impact on debt; while growth and size have a positive impact; in Portugal tangibility and a non-debt tax shield show the opposite, (iv) in both countries industry growth decreases indebtedness of enterprises while financial risk results in higher debt; in addition, in Portugal the capital intensity of industry increases the share of debt in capital structure.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82682341","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":"Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies","authors":"Marta Kluzek, Katarzyna Schmidt-Jessa","doi":"10.18559/ebr.2022.1.5","DOIUrl":"https://doi.org/10.18559/ebr.2022.1.5","url":null,"abstract":"Abstract The main aim of this paper is to verify whether companies that received special state aid as part of anti-crisis help to mitigate the negative effects of the coronavirus pandemic decided to pay dividends in 2020. The probability of paying dividend was lower for companies that were granted state aid, the variable was statistically significant and the impact was relevant. Among Polish listed companies those ones that received state aid and paid dividends were of average size and age but had the highest level of cash ratio and the lowest level of debt. If a similar crisis occurs in the future the main task for policymakers will be to provide more directed and unambiguous aid for companies in order to avoid unproductive spending as well as to provide general rules that will restrict dividend payment for beneficiaries of any state-aid.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81495426","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":"Climate crisis, central banks and the IMF reform","authors":"A. Chmielewska, A. Sławiński","doi":"10.18559/ebr.2021.4.2","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.2","url":null,"abstract":"Abstract This paper explores some of the ways in which international central banking can contribute to containing the imminent worldwide climate crisis in a context in which the role of national central banks is important but effectively limited to employing two new stabilization policy tools: macroprudential policy and QE programmes. The authors argue in favour of institutional reform that would gradually transform the IMF into an international central bank and the SDR into a genuine international currency. Even its limited scope would substantially increase the IMF’s capacity to solve one of the key problems of the global climate policy, namely the shortage of funding for the decarbonization of developing economies.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77893999","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":"Agricultural commodities: An integrated approach to assess the volatility spillover and dynamic connectedness","authors":"A. Mishra, R. P. Kumar","doi":"10.18559/ebr.2021.4.3","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.3","url":null,"abstract":"Abstract In this article the dynamic connectedness between the five agricultural commodities is examined by implementing the Diebold and Yılmaz (VAR based) and Time--Varying Parameter Vector Autoregressions (TVP-VAR) measures for understanding the time-varying variance-covariance mechanism using daily data for the period of 2005 to 2019. The findings reveal that at an overall level all the commodity prices are less susceptible to significant volatility shocks from other commodities specifically before the introduction of the pan-India electronic trading portal (eNAM). Cotton prices do not show any variation due to spillover from others for the entire study period. The volatility spillover is visible post eNAM period particularly for the commodity stock prices. Whereas at an overall level the total directional connectedness has gone down in the post eNAM era. The network analysis suggests that the commodity stock prices show a stronger association as compared to market prices. Generally commodity prices show volatility connectedness but with respect to their own market which means strong spillover is missing among both the markets.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82407787","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 monitoring role of multiple large shareholders and the catering effect of dividends: Evidence from Poland","authors":"Aleksandra Pieloch-Babiarz","doi":"10.18559/ebr.2021.4.5","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.5","url":null,"abstract":"Abstract On the world capital markets, there is a lack of research on how multiple large shareholders (MLS) monitoring of the first largest shareholder affects the catering effect of dividends. To fill this research gap, one should ascertain whether MLS control the first largest shareholder to align pay-outs with investor sentiment for dividends. Therefore, the aim of this article is to assess the integrated MLS impact on the strength of the catering effect of dividends. The study covers Polish electrotechnical companies in 2009–2020 with the use of fixed effects models. The value added is that the paper presents the results of novel research concerning the impact of MLS on dividends. The main findings are: 1) the strongest catering effect is observed when the total number of shares held by MLS is large; 2) the catering effect weakens most when the first largest shareholder is a controlling shareholder and the second largest owner holds relatively many shares.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90827115","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 relationship between information and communication technologies and female labour force participation in Turkey","authors":"Samet Tüzemen, Özge Barış-Tüzemen, A. Çelik","doi":"10.18559/ebr.2021.4.7","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.7","url":null,"abstract":"Abstract The elimination of all forms of discrimination between the sexes is not only a fundamental human right but it also is very important to support all other areas of development, particularly sustainable development. The aim of this study is to empirically investigate the role of information and communication technologies on employment inequality in Turkey. Therefore, the relationship between ICT applications and female labour force participation is investigated with the auto regressive distributed lag (ARDL) model and impulse response analysis. The results showed that there is no association between information and communication technologies and the female labour force participation rate for the period 1988–2018. These findings may suggest that developing countries also need to have a certain level of development in other areas such as democracy, fundamental rights and freedoms and the rule of law to benefit from the opportunities that information and communication technologies offer to empower the whole society including women.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89343438","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}
E. Cichowicz, Małgorzata Iwanicz-Drozdowska, Łukasz Kurowski
{"title":"“Every knock is a boost”. Cyber risk behaviour among Poles","authors":"E. Cichowicz, Małgorzata Iwanicz-Drozdowska, Łukasz Kurowski","doi":"10.18559/ebr.2021.4.6","DOIUrl":"https://doi.org/10.18559/ebr.2021.4.6","url":null,"abstract":"Abstract The purpose of this study is to evaluate the safety of individuals’ behaviour in the cyber world, especially when using financial services. The article focuses on knowledge of cybersecurity issues, cyber risk awareness and respondents’ self-assessment as potential determinants of individual behaviour. The data obtained from a survey of a representative group of Polish citizens during the second wave of the COVID-19 pandemic was analysed. Ordinal logistic regression and instrumental variable analysis confirm the existence of a positive relationship between knowledge and awareness of cyber risk and safe behaviour in the cyber world. Older generations exhibit safer behaviour which may be linked to their life experience; however, the results do not confirm that experiencing a loss due to cyber risk convinces individuals to use Internet-based solutions in a safer manner. Therefore, educational campaigns should be expanded to include cyber risk issues and tailored to the needs of various users.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80686991","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}