Oeconomia Copernicana最新文献

{"title":"Quo Vadis, earnings management? Analysis of manipulation determinants in Central European environment","authors":"K. Valaskova, P. Adamko, Katarina Frajtova Michalikova, Jaroslav Macek","doi":"10.24136/oc.2021.021","DOIUrl":"https://doi.org/10.24136/oc.2021.021","url":null,"abstract":"Research background: The paper investigates the earnings management phenomenon in the context of Central European countries, attempting to identify the factors and incentives that can influence earnings management behavior on a sample of 8,156 enterprises from Slovakia, the Czech Republic, Hungary, and Poland. \u0000Purpose of the article: The main purpose of the manuscript is to prove that there are significant differences in earnings management practices (measured by discretionary accruals) across the countries and to find the firm-specific features that influence the way enterprises manage their earnings. \u0000Methods: The modified Jones model was used to calculate the discretionary accruals, which are further analyzed across the countries. The statistically significant differences were confirmed across the countries. Thus, the impact of the economic sector, firm size, firm age, legal form, and ownership structure on earnings management behavior is studied by the Kruskal-Wallis test. The Dunn-Bonferroni post hoc tests then revealed the significant differences across the categories of the investigated earnings management determinants. To find the association between the particular earnings management practice (income-increasing or income-decreasing manipulation), correspondence analysis was used to visualize the mutual relations. \u0000Findings & value added: The results of the realized investigation revealed that the economic sector is one of the most important earnings management determinants, as its statistical significance was confirmed in each analyzed country. The correspondence analysis determined specific sectors, where income-increasing manipulation with earnings is practiced (NACE codes F, J, K, M, N), and vice versa, income-decreasing earnings management is characteristic for enterprises in sectors A, C, D, G or L. In specific economic conditions, firm size is also a relevant indicator (Hungary), or firm age and legal form and ownership structure (Poland). The recognition of crucial earnings management incentives may be helpful for authorities, policymakers, analysts and auditors when identifying various techniques and practices of earnings manipulation which could vary across the sectors and taking necessary measures to mitigate potential financial risks.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45076420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Separating aggregate discouraged and added worker effects: the case of a former transition country","authors":"E. Congregado, Ewa Gałecka-Burdziak, A. Golpe, R. Pater","doi":"10.24136/oc.2021.024","DOIUrl":"https://doi.org/10.24136/oc.2021.024","url":null,"abstract":"Research background: We analyse the added worker effect (AWE) and the discouraged worker effect (DWE) from an aggregate perspective. The first effect refers to an increase in labour force participation in response to a decrease in the wage rate. The second effect refers to the decision by workers who have been unsuccessful in their job search to leave the labour market or to decrease their labour force participation. For our analysis, we use the case of Poland, a country with a persistently low labour force participation rate. \u0000Purpose of the article: While previous studies focused on the net of the two effects, we aim to analyse the two effects both separately and simultaneously. We propose a new approach for analysing the two effects. We generalise and model them as resulting from different shocks: (i) the AWE as the result of a negative wage income shock, and (ii) the DWE as the result of a positive job search time shock. The underlying assumption is that both shocks have at least a transitory effect on the labour force participation rate. However, we also track the potential long-lasting effects of these shocks, and we analyse the reactions of gender and age groups to them. While this approach demonstrates the robustness of our results, it also provides the range of the sensitivity, as it shows that there are large differences in the magnitude of the AWE and the DWE for different labour market cohorts. \u0000Methods: We use the multivariate unobserved component model to extract the AWE and the DWE, and we then use VAR models, applying sign and exclusion restrictions to model the underlying shocks. We use quarterly data for Poland in 1995?2019. Most of these data come from the Labour Force Survey, while the rest come from Statistics Poland. \u0000Findings & value added: In contrast to previous literature, which analysed only the net effect of the two effects, we model the AWE and the DWE separately. Contrary to the findings of previous research, our approach seems to confirm that both effects are simultaneously present in the labour market, and both effects influence the labour force participation rate. Thus, we find that both effects are significant. Specifically, we show that the AWE is stronger, but transitory; while the DWE is weaker, but long-lasting.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48347823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"What drives the dividend decisions in BRICS countries?","authors":"Urszula Mrzygłód, S. Nowak, Magdalena Mosionek-Schweda, Jakub M. Kwiatkowski","doi":"10.24136/oc.2021.020","DOIUrl":"https://doi.org/10.24136/oc.2021.020","url":null,"abstract":"Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS? stock exchanges is scarce.  \u0000Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. \u0000Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995?2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. \u0000Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends? levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47519311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The use of the dynamic time warping (DTW) method to describe the COVID-19 dynamics in Poland","authors":"J. Landmesser","doi":"10.24136/oc.2021.018","DOIUrl":"https://doi.org/10.24136/oc.2021.018","url":null,"abstract":"Research background: In recent times, the whole world has been severely affected by the COVID-19 pandemic. The influence of the epidemic on the society and the economy has caused a great deal of scientific interest. The development of the pandemic in many countries was analyzed using various models. However, the literature on the dissemination of COVID-19 lacks econometric analyzes of the development of this epidemic in Polish voivodeships. \u0000Purpose of the article: The aim of the study is to find similarities in time series for infected with and those who died of COVID-19 in Polish voivodeships using the method of dynamic time warping. \u0000Methods: The dynamic time warping method allows to calculate the distance between two time series of different lengths. This feature of the method is very important in our analysis because the coronavirus epidemic did not start in all voivodeships at the same time. The dynamic time warping also enables an adjustment of the timeline to find similar, but shifted, phases. Using this method, we jointly analyze the number of infected and deceased people in each province. In the next step, based on the measured similarity of the time series, the voivodeships are grouped hierarchically. \u0000Findings & value added: We use the dynamic time warping to identify groups of voivodeships affected by the epidemic to a different extent. The classification performed may be useful as it indicates patterns of the COVID-19 disease evolution in Polish voivodeships. The results obtained at the regional level will allow better prediction of future infections. Decision makers should formulate further recommendations for lockdowns at the local level, and in the long run, adjust the medical infrastructure in the regions accordingly. Policymakers in other countries can benefit from the findings by shaping their own regional policies accordingly.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"19 4","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41307531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 life cycle affect earnings management and bankruptcy?","authors":"P. Durana, Lucia Michalkova, Andrej Přívara, J. Maroušek, M. Tumpach","doi":"10.24136/oc.2021.015","DOIUrl":"https://doi.org/10.24136/oc.2021.015","url":null,"abstract":"Research background: Deteriorating economic conditions and a negative outlook increase the pressure on financial management and the need to show high financial performance. According to Positive Accounting Theory, the growing risk of bankruptcy is associated with the phenomenon of earnings management. Bankruptcy risk and the quality of reported profits, along with other aspects of financial performance, vary throughout the company's life cycle. Nevertheless, these factors or their interactions are investigated only to a very small extent. \u0000Purpose of the article: The aim of this study is to clarify the impact of corporate life cycle and bankruptcy on earnings management, in order to describe behaviour of companies at different stages of corporate life cycle. \u0000Methods: A hierarchical mixed model with a random time and industry effect was chosen as appropriate because it allows the investigation of multilevel data that is not independent. The sample covers the financial indicators of more than 33,000 Central European companies from 2015?2019. The non-sequential Dickinson model, company age, and three models of accrual earnings management were used as proxies for the company's life cycle and quality of reported profit. \u0000Findings & value added: Earnings management and bankruptcy risk have a U-shape, indicating that financially distressed firms reduce reported accounting profit at the Introduction, Decline and, to a lesser extent, at the Growth stage. Slovak and Czech companies manipulate profits to a similar extent, Hungarian companies increase accounting profit to a greatest extent than the surveyed countries by controlling bankruptcy ? life cycle effect; however, the variability of accounting manipulations across industries has not been demonstrated. These findings imply that start-ups and declining businesses provide crooked financial statements to obtain more favourable debt covenants, and estimating discretionary accruals using life-cycle subsamples can improve the predictive power of accrual earnings management models.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42144427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The nonlinear relationship between financial flexibility and enterprise risk-taking during the COVID-19 pandemic in Taiwan?s semiconductor industry","authors":"Bao-Guang Chang, Kun-Shan Wu","doi":"10.24136/OC.2021.011","DOIUrl":"https://doi.org/10.24136/OC.2021.011","url":null,"abstract":"Research background: Risk-taking is the basis for sustainable development of enterprise. It was clear that the influence COVID-19 epidemic on the global market economy has increased operational risks for businesses. The semiconductor industry has high operating risks and financial risks. Moderate financial flexibility (FF) can improve the ability of semiconductor enterprises to acquire financial resources in real time, calmly cope with the impact of uncertainties in operation, improve investment opportunities, and enhance sustainable operation. It is therefore interesting to study the influence of FF on enterprise risk-taking (ERT). Purpose of the article: The aim of the contribution is to explore the effect of FF on ERT within Taiwan?s semiconductor industry amid the COVID-19 pandemic period, and investigate whether ERT varies with semiconductor industry characteristic. Methods: Data from first three quarters of 2020, from multinational semiconductor firms listed on the Taiwan Stock Exchange (TSE), were collected and analyzed. Fixed effects regression with heteroscedasticity adjustment used to evaluate the influence of FF on the ERT of Taiwan?s semiconductor industry. Furthermore, in order to corroborate and support the reliability of the results, this research also used the different measures of ERT and Quantile regression (median regression) in the research model to check the robustness. Findings & value added: Empirical results indicate that FF has a U-shaped effect on ERT for multinational semiconductor firms listed on the TSE, particularly within the integrated circuits (IC) manufacturing industry. Additionally, FF also has a U-shaped effect on ERT for the asset-light semiconductor and IC manufacturing industries. This article also suggests that for the asset-light semiconductor and IC manufacturing industries, the optimal inflection points are 1.1397 and 0.9729, respectively. Based on the consequences of this study, it is suggested that Taiwan?s semiconductor industry should reasonably maintain FF and focus on the liquidity risk management for the long term value added, even after the COVID-19 pandemic period.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"12 1","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69085618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exhaustion while teleworking during COVID-19: a moderated-mediation model of role clarity, self-efficacy, and task interdependence","authors":"Loredana Mihalca, Lucia Lucia Ratiu, Gabriela Brendea, D. Metz, M. Dragan, F. Dobre","doi":"10.24136/OC.2021.010","DOIUrl":"https://doi.org/10.24136/OC.2021.010","url":null,"abstract":"Research background: The global COVID-19 pandemic created an unprecedented challenge not only for employees? well-being, but also for the nature of their work, as teleworking became the norm for many of them almost overnight. Thus, there is a need to a more fine-grained understanding of the specific job demands experienced while teleworking during COVID-19, and the specific resources that mitigate the detrimental effects of demands and help employees to adopt resilient responses during and beyond COVID-19. \u0000Purpose of the article: Drawing upon the job demands-resources model, the present study aims at investigating the link between work overload (a job demand) and employee well-being (i.e., burnout), considering role clarity (a job resource) as a mediator, and task interdependence and self-efficacy as two potential boundary conditions. \u0000Methods: In order to examine the link between work overload, role clarity and emotional exhaustion moderated by task interdependence and self-efficacy, we used survey data from 701 Romanian employees at a large information technology company, who worked from home during COVID-19. We employed regression-based path analysis to examine the hypothesized relations. \u0000Findings & value added: The results reveal that role clarity partially mediates the relation between work overload and emotional exhaustion while teleworking during COVID-19. Moreover, the results from the moderated mediation analysis show that role clarity, self-efficacy, and task interdependence interact in their effects on emotional exhaustion. This study has important theoretical and managerial implications for employee well-being that go beyond the pandemic. As this study shows, when high levels of workload and task interdependence cannot be avoided, employees? personal (self-efficacy) and job (role clarity) resources might be particularly useful to reduce their exhaustion while teleworking. Based on these results, managers can design better jobs for remote workers and more flexible work arrangements in the future.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":" ","pages":""},"PeriodicalIF":8.5,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41825097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"New patterns in the position of CEE countries in global value chains: functional specialisation approach","authors":"Aleksandra Kordalska, M. Olczyk","doi":"10.24136/OC.2021.002","DOIUrl":"https://doi.org/10.24136/OC.2021.002","url":null,"abstract":"Research background: High servitisation of manufacturing makes it impossible to separate services from manufactured goods properly, which implies difficulties in the assessment of the position of the country on the smile curve, i.e. in the proper assignment of products or services to one of the industrial process steps: pre-production, pure fabrication or post-production services. Therefore, we propose to use the business functions of industries identified with the aid of labour market data rather than the industrial classification of products in order to create a more appropriate measure of the position of countries in GVCs. Purpose of the article: We aim to identify and analyse the patterns of functional specialisation for eight Central and Eastern European Countries (CEECs) — the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia — both at the country and industry level. In addition, we analyse functional specialisation patterns for Germany, which serves as a reference country. Methods: To assess functional specialisation patterns, we employ the methodology proposed by Timmer et al. (2019a). It allows us to obtain functional specialisation indices for four different business functions — management, R&D, marketing, and fabrication. To compute them, we Oeconomia Copernicana, 12(1), 35–52 36 combine two sources of data — domestic value added from decomposed sectoral input-output tables (the World Input Output Database) and the Occupations Database built up by Timmer et al. (2019a). Findings & value added: Our research shows a very heterogeneous pattern in CEEC countries' position in GVCs by taking into account their functional specialisation at the countries and industries levels. Poland and Slovakia focus primarily on low value-added fabrication processes, the Baltic countries and Slovenia specialise in management services, Hungary and Latvia gain in marketing services, and the Czech Republic and Slovenia win in R&D activities. We indicate that some CEE countries (Poland, Slovakia) could be stuck in a functional trap, and our approach could be a valuable tool for assessing the process of coming out of it.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"12 1","pages":"35-52"},"PeriodicalIF":8.5,"publicationDate":"2021-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41759836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The integration of corporate social responsibility and marketing concepts as a business strategy: evidence from SEM-based multivariate and Toda-Yamamoto causality models","authors":"D. Štreimikienė, Rizwan Raheem Ahmed","doi":"10.24136/OC.2021.006","DOIUrl":"https://doi.org/10.24136/OC.2021.006","url":null,"abstract":"Research background: This paper integrates the marketing and corporate social responsibility concepts by investigating how the previous studies de-bated CSR as a business strategy. This discussion extended from academics to business practices. Hence, this study investigated the concept of CSR as a business strategy in a multifactorial fashion in the marketing field. Purpose of the article: This study evaluates the modified model of CSR initiatives as business and marketing strategy and their impact on customers' buying behavior. For this purpose, we have taken dimensions of Carroll's pyramid of CSR as marketing strategies. We have also examined the influence of brand loyalty and cause-related marketing as mediating variables and technology as a moderator between dimensions of Carroll's pyramid and customers' buying behavior. Methods: We employed modified theoretical & conceptual model for evaluating the direct and indirect hypothesized relationship. We have collected 693 responses from the structured and adapted questionnaire. The survey was done among marketing and senior managers of the Asian Oeconomia Copernicana, 12(1), 125–157 126 pharmaceutical industry. We employed SEM-based multivariate modeling to examine the hypothesized relationship. Findings & value added: The finding of this research exhibited that dimensions of Carroll’s pyramid of CSR have a positive and significant impact on customers' buying behavior. The results further demonstrated that brand loyal-ty and cause-related marketing positively and significantly impact mediators between CSR dimensions and customers’ buying behavior. Finally, the technology has a significant influence as a moderator between exogenous and endogenous factors. The undertaken study demonstrated important theoretical and practical implications. The modified conceptual framework has provided several new dimensions for future researchers to use and replicate in different economic sectors. On the other hand, practitioners of the pharmaceutical industry should incorporate Carroll's CSR pyramid as business strategies to gain the trust and respect of their customers.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"12 1","pages":"125-157"},"PeriodicalIF":8.5,"publicationDate":"2021-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43571383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is internationalisation beneficial for novice internationalisers? The performance effects of firm-specific advantages, internationalisation degree and firm size revisited","authors":"Krystian Barłożewski, Piotr Trąpczyński","doi":"10.24136/OC.2021.003","DOIUrl":"https://doi.org/10.24136/OC.2021.003","url":null,"abstract":"Research background: Research on the performance outcomes of different forms of internationalisation has attracted significant attention due to its theoretical and practical relevance. Still, the related findings have remained conflicting. Scholars have argued that companies need to possess or acquire firm-specific advantages (FSAs) to succeed internationalisation. However, a significant part of International Business (IB) research has treated FSAs as enablers of internationalisation, while some have argued that internationalisation in itself only helps firms translate the possessed resources into performance. \u0000Purpose of the article: The objective of this study, which is based on the resource-based view (RBV), is to explore the moderating effect of internationalisation on the relationship between FSAs and performance, considering internationalisation degree and firm size as boundary conditions for that relationship. \u0000Methods: We carry out statistical analyses on a longitudinal dataset containing 304 novice internationalisers from the post-transition economy of Poland and a total of 1167 firm-year observations. Thereby, we compare SMEs with large firms. \u0000Findings & value added: We find that while FSAs do positively affect firm performance, this relationship becomes weaker for higher levels of internationalisation. However, the negative moderating effect of the internationalisation degree becomes weaker for larger novice internationalisers, which are more able to handle the complexity of managing foreign operations.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":"12 1","pages":"53-75"},"PeriodicalIF":8.5,"publicationDate":"2021-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48741318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}