Acta Oeconomica最新文献_第3页

Large firm effect in enterprise risk management 企业风险管理中的大企业效应

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00023

Barbara Dömötör

{"title":"Large firm effect in enterprise risk management","authors":"Barbara Dömötör","doi":"10.1556/032.2023.00023","DOIUrl":"https://doi.org/10.1556/032.2023.00023","url":null,"abstract":"Abstract Micro-level risk awareness affects macro-level financial stability as well. Thus, the corporate risk management practice impacts the exposures and the potential fragility of an economy. While corporate risk management is accepted to create value in an imperfect market, the effect of the firm size is not straightforward. Smaller, financially constrained firms can benefit more by engaging in risk management programs, but larger corporations face more complex risks and have more resources for this activity. Empirical studies on risk management focusing mainly on the US market, highlight a positive relation between the firm size and the quality of risk management that includes not just the hedging of financial risks, but the concept of integrated risk management as well. The aim of this paper is two-fold: first, to summarize the existing literature on corporate risk management with a special focus on the effect of corporate size; second, to contribute to the existing literature by investigating a Central European market, Hungary. The findings are similar to those of the existing global literature, as derivatives usage, and applications of an integrated risk management concept increase with firm size. Although all firms in the sample manage their foreign exchange risk, interest rate hedging and more sophisticated derivatives, like options, are much less widespread in Hungary, compared to the US and Asian peers. The size effect is proven for the objective criteria of risk management quality by comparative analysis and a structured modelling framework, however, the subjective self-evaluation was uncorrelated to the size.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863058","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}

引用次数: 0

Inflation measurement in times of large consumption shifts – Evidence of the CPI bias from Poland 大规模消费变动时期的通货膨胀测量——来自波兰的CPI偏差证据

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00022

Aleksandra Hałka, Agnieszka Leszczyńska-Paczesna

{"title":"Inflation measurement in times of large consumption shifts – Evidence of the CPI bias from Poland","authors":"Aleksandra Hałka, Agnieszka Leszczyńska-Paczesna","doi":"10.1556/032.2023.00022","DOIUrl":"https://doi.org/10.1556/032.2023.00022","url":null,"abstract":"Abstract The paper addresses the problem of inflation measurement and the way it is affected by the choice of CPI weights. We focus on the bias resulting from using weights reflecting the past structure of consumption and the choice of the plutocratic index. The study is based on a comparison of the official consumer price index in Poland with superlative indices. Contrary to most literature, our findings indicate an understatement of the CPI. Additionally, in 2020 due to large changes in the pattern of household consumption, the underestimation increased. This results from the increase in the expenditure on the relatively more expensive goods which could not be accounted for in real time. In general, the lack of overstatement in the Polish CPI may result from frequent adjustments in the weights used for the calculation of CPI and a faster-than-CPI rise in the prices of those goods and services for which demand is relatively inelastic. Additionally, we deliver the estimates of the plutocratic gap, which indicates that the use of the plutocratic weights in the calculation of CPI leads to a lower price index than its democratic equivalent.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864681","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}

引用次数: 0

Multiscale interdependence between economic policy uncertainty and industrial production of Central and Eastern European countries 经济政策不确定性与中东欧国家工业生产的多尺度相互依存关系

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00021

Dejan Živkov, Slavica Manić, Jasmina Đurašković, Mirela Momčilović

{"title":"Multiscale interdependence between economic policy uncertainty and industrial production of Central and Eastern European countries","authors":"Dejan Živkov, Slavica Manić, Jasmina Đurašković, Mirela Momčilović","doi":"10.1556/032.2023.00021","DOIUrl":"https://doi.org/10.1556/032.2023.00021","url":null,"abstract":"Abstract This paper shows how the three economic policy uncertainties (EPUs), namely global economic uncertainty, US economic policy uncertainty and German economic policy uncertainty, impact the industrial production of 8 Central and Eastern European countries. The investigation is done in both time and frequency domains, using the wavelet coherence and wavelet correlation approaches. The US EPU has the strongest effect on all industrial productions, while this effect was recorded during the global financial crisis and the corona virus pandemic. The most intense effect was found in the time-horizon between 4 and 8 months. The Czech Republic and Hungary suffer the strongest impact from EPU, probably because these two economies have relatively high ratio of export (import) vis-à-vis GDP. We fail to find very strong and wide areas of coherence in the Slovakian plot, although Slovakia has the highest level of export (import) to GDP. However, the wavelet correlation findings indicate that Slovakia has relatively high negative correlation at third wavelet scale, which is perfectly in compliance with its high export (import) share in GDP.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863061","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}

引用次数: 0

Behavioural finance in emerging markets: A bibliometric analysis 新兴市场的行为金融学:文献计量学分析

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00025

Chirstian Espinosa, Yadín Heraldo, João Paulo Vieito

引用次数: 0

What drives global competitiveness in the European Union countries? 是什么推动了欧盟国家的全球竞争力?

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00020

Milja Marčeta, Štefan Bojnec

{"title":"What drives global competitiveness in the European Union countries?","authors":"Milja Marčeta, Štefan Bojnec","doi":"10.1556/032.2023.00020","DOIUrl":"https://doi.org/10.1556/032.2023.00020","url":null,"abstract":"Abstract This paper examines the effect of factors of national competitiveness measured by the Global Competitiveness Index (GCI). It aims to identify the key factors that determine GCI of the European Union (EU-28) countries. We observe the composite indicator of GCI and the 12 factors of competitiveness in the period of 2008–2019 focusing on the links between the GCI and the factors of institutions, infrastructure, macroeconomic environment and its stability and market size. The GCI is determined using correlation and regression analyses and Structural Equation Model. A significantly positive relationship with the GCI is confirmed for institutions, infrastructure, macroeconomic environment and stability, labour market efficiency, market size, technological readiness in terms of information and communication technologies, and business sophistication and dynamism, but not for higher education and training and financial market development. The quality institutions are confirmed as a fundamental positive factor for the GCI together with macroeconomic environment and stability and market size. The study contributes with an empirical analysis that confirms the relationship between the selected factors of competitiveness and the GCI in the EU-28 countries.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864679","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}

引用次数: 0

The economic and social determinants of vaccine hesitancy in Romania during the COVID-19 pandemic COVID-19大流行期间罗马尼亚疫苗犹豫的经济和社会决定因素

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00024

Balázs Boga, Balázs Markó, Béla-Gergely Rácz

{"title":"The economic and social determinants of vaccine hesitancy in Romania during the COVID-19 pandemic","authors":"Balázs Boga, Balázs Markó, Béla-Gergely Rácz","doi":"10.1556/032.2023.00024","DOIUrl":"https://doi.org/10.1556/032.2023.00024","url":null,"abstract":"Abstract The COVID-19 pandemic affected all countries both in social and economic dimensions. Currently, vaccination is considered to be one of the most efficient solutions which can stop the further spread of the virus. Therefore, the paper aims to understand the factors that determined the social approval of the COVID-19 vaccines in Romania. To get a detailed picture on the situation, we looked not only at economic variables, but also at social and demographic components. Accordingly, the findings of the analysis list the variables that significantly influence the vaccination rate nationwide. The social approval (or the refusal) of these shots is a complex issue, thus it is essential that policymakers make decisions based on scientific evidence. The practical relevance of the paper lies in the two policy implications suggested (i.e., transparent and predictable policymaking and adjustments on the level of the education system in the long run for similar situations), which also highlight the importance of evidence-based decision-making processes in public health. Our analysis method consists of multivariate cross-sectional OLS regressions.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"2013 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863059","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}

引用次数: 0

Determinants of advertising expenditures: Role of stock prices in an emerging market 广告支出的决定因素:股票价格在新兴市场中的作用

4区经济学

Acta Oeconomica Pub Date : 2023-09-25 DOI: 10.1556/032.2023.00026

Omar Farooq, Neveen Ahmed

引用次数: 0

Polish and European Union economy in 2011–2019 and under the Covid pandemic: Application of macroeconomic condition index 2011-2019年及新冠疫情下波兰和欧盟经济:宏观经济状况指数的应用

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2023-06-20 DOI: 10.1556/032.2023.00013

P. Błaszczyk, S. Stępień, J. Polcyn

引用次数: 0

Periodical measurement of multidimensional phenomena 多维现象的周期性测量