Argumenta Oeconomica最新文献

{"title":"Tax competitiveness as a significant factor in attracting foreign investment – the case of Serbia","authors":"Darko Marjanović, Ivana S. Domazet","doi":"10.15611/aoe.2021.2.04","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.04","url":null,"abstract":"Tax competitiveness signifies a strategy that the government uses to attract foreign investment through appropriate, privileged tax measures. It most commonly occurs between neighbouring countries, with significant tax reforms taking place in terms of the competitiveness of their tax systems. A high degree of a state’s competitiveness allows for a greater inflow of foreign investments, which, to a certain extent, can significantly affect its economic growth and development. Tax competition in itself means that one jurisdiction attempts to attract foreign capital by offering favourable tax treatment to foreign investors, most often through tax relief and tax exemptions, while at the same time reducing the tax base and/or tax rate. The main goal of this paper was to determine the degree of tax competitiveness of Serbia in relation to other European countries, classified both by region and globally. Based on the goals set, the authors conducted empirical research which allowed to reach the viewpoints of foreign investors in terms of tax competitiveness, based on their opinions and future expectations. The research involved the largest foreign investors who invested capital in Serbia in the past 20 years, and who carried out their business activities in other European countries or regions. The methodology of the research was based on a quantitative approach, allowing to obtain numerical data, their mutual comparability, and to determine the connection that exists between them. The results clearly indicate that the largest number of foreign investors believe that Serbia’s tax competitiveness is essentially the same compared to other European countries from the observed regions. These results can be of interest to fiscal policy makers, and it is very important that in the coming period there will be an increase in competitiveness, which can have positive effects both on the inflow of foreign investment and the economic growth and development of the country.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Elements of environmental management systems according to iso 14001 relevant from the point of view of an insurance company – the results of empirical research","authors":"Malwina Lemkowska, Dorota Wiśniewska","doi":"10.15611/aoe.2021.2.12","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.12","url":null,"abstract":"The following paper presents the findings of the research concerning environmental insurance and environmental management systems in conformity with ISO 14001, and is a part of a broader research project. It shows the interrelation between the attributes of organisations managed according to ISO 14001 and the implementation therein of RSS (relevant systemic solutions). RSS refer to elements of environmental management systems (EMS) relevant from the point of view of an insurance company which provides environmental insurance. The RSS were divided into four groups of dependent variables (personal integration variables, project variables, informative potential variables and volume of risk variables). The attributes of the organisations managed according to ISO 14001 were catalogued in three sets of independent variables (systemic, organisational and awareness-related features). The research comprised statistical analysis in order to identify the interrelations between the above variables. The analysis has shown that the largest number of correlations was obtained in the area of the informative potential variables and selected scope of volume of risk variables (especially these referring to monitoring of the aspects affecting the volume of insurance risk, taking preventive and repressive actions and planning the response procedures to potential emergency situations). Simultaneously, statistically significant relations were most frequently identified between the above RSS and the awareness-related attributes of organisations. The higher in the respondents’ opinion was the likelihood of the damage occurrence, the likelihood and severity of its particular consequences, as well as the impact of both the legal acts and particular regulation categories in environmental area, the more frequently they implemented the systemic solutions essential to provision of insurance cover.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The essence and sources of opportunism in business activity","authors":"S. Rudolf","doi":"10.15611/aoe.2021.2.01","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.01","url":null,"abstract":"As observed in recent years, the increased interest in the problem of opportunism in business activity is mainly attributable to the new institutional economics, according to which limiting this phenomenon has become the basic means of reducing transaction costs, and consequently also improving efficiency. The relations between opportunism and transaction costs are discussed in this study, which also addresses the very essence of opportunism, but the author’s attention was mainly focused on the sources of opportunism. The most important ones, namely specific assets and turbulent environment, were analysed in detail. The purpose of the article was to determine how and to what extent these sources contribute to the opportunistic behaviour displayed by parties to a transaction. The author also described the relations between specific assets and a turbulent environment.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"27 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Changes in the structure of trade between China and the countries of central and eastern Europe in the period after the initiation of format 17+1","authors":"G. Nikolić","doi":"10.15611/aoe.2021.2.03","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.03","url":null,"abstract":"The paper discusses the consequences of cooperation between China and CEE countries, also known as 17+1, an initiative founded in 2012 by Beijing to promote business and investment relations between China and those economies. The main hope of CEE countries was that they would be able to reduce their strong trade deficits, but today the question arises whether their expectations were unrealistic. After calculating the quantitative indicators of cumulative CEE trade with China in 2011-2018, the author tested the first hypothesis, i.e. whether structures of merchandise exports from CEE countries have become better adjusted to the commodity imports structure of China. In order to prove that hypothesis, the study used four indicators of similarity: Cosines and the Finger-Kreinin similarity index, as well as the Bray-Curtis and Integrated Similarity Index. To improve the analysis, the author controlled for additional factors such as changes in CEE countries’ export structures through tendencies of shares of medium and high-tech products in their total exports. The second hypothesis is that in the observed period major CEE economies detected positive qualitative changes in their merchandise exports to China. The qualitative changes in CEE economies’ exports to China are measured through tendencies in the shares of skill-intensive manufacturing, whose eventual increase would create important conditions for their sustainable and stronger growth. The findings show that with a modest growth of CEE exports to China from 2011 and with a lack of structural improvements, there is no doubt that the scales of economic benefits seem to be tipping in favour of China.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Total factor productivity growth in upper middle income Balkan countries from 2000-2017, total economy and sectoral approach: the growth accounting method","authors":"Maja Baćović, Maja Baćović","doi":"10.15611/AOE.2021.1.04","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.04","url":null,"abstract":"The author estimated TFP in the total economy and at sectoral level (agriculture, industry and services) in seven upper middle-income Balkan countries (Albania, Bulgaria, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia and Romania) from 2000 to 2017, applying the growth accounting approach. This is the first study presenting estimates on TFP on a sectoral level for a selected group of countries, and also the first study presenting estimates on TFP in the total economy for a selected time period. The sample was selected based on income level and geographic criteria. All countries are ex-centrally planned economies. Although several studies presented growth accounting for Central and Eastern European countries for earlier years, very few presented it for Balkan countries, and none for this time frame and using a sectoral approach. In addition, the time frame was split into two subperiods, 2000-2009 and 2010-2017, to gain a better insight into TFP growth in the earlier transitional phase in each country, and including changes which may occur as the country is moving towards a higher income level. Although some countries from the sample, such as Bulgaria and Romania, made transitional progress earlier than others, the economies of all countries from the sample experienced negative trends during the global financial crisis (2007-2009), so the study included that period in the first subperiod. Other than this, the contribution to the literature is the presented methodology for sectoral TFP computation. The research confirmed the importance of sectoral TFP analysis and subperiod analysis, as variations between TFP in the total economy and at sectoral level are significant, but also between two sub periods.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"331 1","pages":"79-97"},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Theorizing about global imbalances: an inequality perspective","authors":"Yechang Yin, Li Sheng","doi":"10.15611/AOE.2021.1.08","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.08","url":null,"abstract":"Current acc ount imbalances, now manifested as intensified trade wars between countries, have recently received much attention from researchers. This article reviewed this global issue from a new perspective complementary to the existing research. The study proposed a simple economic model and discovered that the current account balance is inversely proportional to the ratio of income to consumption inequality. This ratio combines all consumption smoothing schemes that depend on political interventions that can alleviate increases in income inequality. In the long run, however, current accounts could be consequently affected by a short-sighted policy.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"29 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Macro and bank specific determinants of nonperforming loans in polish commercial banks","authors":"Mihail Petkovski, Jordan Kjosevski, Kiril Jovanovski","doi":"10.15611/aoe.2021.2.06","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.06","url":null,"abstract":"The aim of this paper was to examine the determinants of non-performing loans (NPLs) in Polish commercial banks, and investigate the bank specific and macroeconomic determinants of NPLs for a panel of 18 banks from Poland, using annual data for the period 2005-2018. The authors applied four alternative estimation techniques: the fixed effects model, the random effects model, the difference Generalized Method of Moments and the system Generalized Method of Moments. The analyses show the bank-specific determinants, with the impact on the amount of NPLs including greturn on equity and growth of gross loans, while from the macroeconomic determinants the most important factors are: GDP growth, domestic credit to private sector, public debt and unemployment. and NPLs 0.12 and 0.27.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Estimating accrual-based models in Poland: the time series data approach and the cross-sectional data approach","authors":"Michał Comporek","doi":"10.15611/AOE.2021.1.10","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.10","url":null,"abstract":"The analysis of accruals can be considered as an important tool for examining the level and the patterns of earnings management phenomenon in an enterprise. This paper compares the empirical features of different accrual-based models within industrial public companies listed on the Warsaw Stock Exchange in the period 2002-2017. The conducted research is focused not only on examining the empirical validity of the original Jones model, the modified Jones model and the ROA-matched Jones model. It also submits the alternative regression model used for the detection of earnings management practices, taking into account the following independent variables: operational expenses as a proxy for the current components of nondiscretionary accruals, as well as intangible assets as a proxy for the noncurrent components of non-discretionary accruals. Then, the authorexamined the probability of occurrence of small increases in net income or big bath charges in companies reporting specific values of discretionary accruals. The conclusions drawn in this paper are part of practical research concerning the use of informational and decision-making features of accruals analysis in the Polish post-transitional capital market, acting simultaneously as a prerequisite for further research in this field. This paper compares the empirical features of different accrual-based models within industrial public companies listed on the Warsaw Stock Exchange (WSE) in the period 2002-2017.The study presents an analysis of the essential methodical measurement of the processes of the intentional stimulation of financial results based on the estimation of operational and discretionary accruals. However, it focused not only on examining the empirical validity of the Jones model, the modified Jones model and the ROA-matched Jones model, but also submits an alternative regression tool used to detect EM practices. Consequently, the research proposes a new approach in extracting discretionary accruals, by taking into account the operating expenses as a variable for current components of non-discretionary accruals, as well as the intangible assets as a proxy for the non-current components of normal accruals. The research considered both the time-series and cross-sectoral dimension, thereby making it possible to examine whether the average values of discretionary accruals in companies implementing EM practices","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimization model for sustainable food supply based on consumer behaviour typology. The case of the Chisinau urban area","authors":"C. Cosmulese, M. Socoliuc, M. Ciubotariu, Rozalia Kicsi, V. Grosu","doi":"10.15611/AOE.2021.1.11","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.11","url":null,"abstract":"","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"2021 1","pages":"239-280"},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does the risk matter? The study of the effect of earnings risk on employee mobility in the labour market","authors":"Olena Shelest-Szumilas","doi":"10.15611/aoe.2021.2.11","DOIUrl":"https://doi.org/10.15611/aoe.2021.2.11","url":null,"abstract":"This paper attempts to evaluate some implications of the risk of investment in human capital on employee mobility in the United Kingdom. Previous empirical studies showed that the earnings risk affects individual educational and occupational choices. However, the focus was not on the risk associated with investment in job-related training. Given the fact that training benefits for the employee (return on investment) can hardly be predicted accurately, it was hypothesized that financial (earnings) risk has a significant impact on employee labour market mobility. Using the rich panel data from the eighteen waves of the British Household Panel Survey, the study investigated the effect of the risk on employees’ voluntary job changes. The results indicate that the higher risk of investment in job-related training leads to a higher probability of prom otion or finding a new job.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}