Equilibrium最新文献

{"title":"The evaluation of competitive position of EU-28 economies with using global multi-criteria indices","authors":"Dana Kiseľáková, Beáta Šofranková, Erika Onuferová, Veronika Čabinová","doi":"10.24136/eq.2019.021","DOIUrl":"https://doi.org/10.24136/eq.2019.021","url":null,"abstract":"Research background: Under the current conditions of increasing competitiveness and interdependence, national economies are more influenced by the global business environment and its development. Constantly changing economic, social, political aspects, and many other factors, cause the differences in the global competitiveness of economies, so the economies are forced to analyze their competitive level more complexly. Despite that, there is a lack of research studies analyzing the international competitiveness of EU-28 economies from the point of view various multi-criteria indices. \u0000Purpose of the article: The paper investigates the relations between the Global Competitiveness Index (GCI) and other selected multi-criteria indices, namely the Global Innovation Index (GII), the Doing Business Index (DBI), the Economic Freedom Index (EFI) and the Corruption Perceptions Index (CPI) in the case of EU–28 economies. \u0000Methods: In order to investigate the relations between the global competitiveness and selected multi-criteria indices affecting the EU–28 economies, the multiple linear regression analyses were applied. The multiple regression model was quantified for every single year, as well as, the regression model using the average score of all analyzed indices. The secondary data concerning the scores of individual indices were collected based on annually published online reports over the period of 2014–2018. \u0000Findings & Value added: The research confirmed that there is a statistically significant dependence between the global competitiveness, corruption and the level of innovation potential within the EU–28 economies. Besides, we identified the worst results in the context of competitiveness evaluation especially in the area of corruption and innovation activities. In this regard, the issue of insufficient innovation development and inappropriate corruption perception is considered to be key determinants influencing the assessment of the global competitiveness of the EU–28 member states. In our opinion, to improve the competitiveness of these countries, targeted activities should be implemented in the frame of national competitive strategies, programs, and policies.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41681605","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":"Sectoral determinants of sub-federal budget tax revenues: Russian case study","authors":"M. Malkina, R. Balakin","doi":"10.24136/EQ.2019.011","DOIUrl":"https://doi.org/10.24136/EQ.2019.011","url":null,"abstract":"Research background: The research is based on the assumption that the sectoral structure of economy has a significant impact on the level and dynamics of sub-federal budget tax revenues. It distinguishes the following sectoral determinants of tax revenues in regions: the levels of tax return and tax absorption, inflation and economic growth in various economic activities. \u0000Purpose of the article: We aimed at assessment of contribution of economic activities and their determinants to the increase in tax revenues of sub-federal budgets of the Russian Federation in 2011–2015 compared to 2006–2010. \u0000Methods: Development of a four-factor additive-multiplicative model of the tax revenue formation in regions, application of the proportional and logarithm methods of factor analysis to assessment of contribution of various activities and their determinants to increase in tax revenues of sub-federal budgets, evaluation of inter-regional inequality of tax revenues growth based on the weighted coefficient of variation, and decomposition of this inequality using the A. Shorrocks technique. \u0000Findings & Value added: We identified activities that made the largest contribution to the increase in tax revenues of the Russian sub-federal budgets. We found that the inflation factor had a predominant positive effect on the growth of tax revenues, while the contribution of the economic growth factor was 4 times less; however, the situation in various activities differed significantly. Generally, changes of sectoral levels of tax return and tax absorption influenced negatively the regional tax revenues. In addition, they moved in opposite direction in the regions. Ultimately, the uneven change in tax returns and price levels in the mining and manufacturing activities of Russian regions made the greatest contribution to inter-regional inequality of the growth of sub-federal budgets tax revenues.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43235475","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":"Determinants of outward FDI from emerging economies","authors":"A. Cieślik, Giang Hien Tran","doi":"10.24136/EQ.2019.010","DOIUrl":"https://doi.org/10.24136/EQ.2019.010","url":null,"abstract":"Research background: The last four decades have witnessed an upsurge of multi-nationals from emerging markets alongside a narrowed gap in growth prospects between developed and emerging economies. UNCTAD statistics show that FDI flows from emerging economies have gone steady since 1980 and occupied more than one fifth of global FDI stock in 2015. Japan led the reverse FDI trend when it started to invest abroad in the 1960s and 1970s. Two decades later, in the 1980s-1990s, the reverse FDI trend was continued by so-called Asian tigers, then recently by those rapidly-industrializing economies in Southeast Asia as well as China and India in East and South Asia. \u0000Purpose of the article: The main goal of this paper is to contribute empirically to the study of the determinants of FDI outflows from emerging economies. \u0000Methods: In order to derive empirically testable hypotheses this paper refers to theoretical Knowledge-Capital model developed by Markusen (2002). The model is estimated using the Poisson-Pseudo Maximum Likelihood estimation technique. The specific research hypotheses derived from the theory are verified using a panel dataset of 38 home emerging countries and 134 host countries over the period 2001–2012. \u0000Findings & Value added: In this paper, we distinguish between horizontal and vertical reasons for FDI. Our estimation results support the hypothesis that main-stream theory of multinational enterprise can explain FDI flows from emerging economies, implying the significant roles of total market size, skilled-labor abundance, investment cost, trade cost as well as geographical distance between two countries.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47265901","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":"Sustainable development of regions in Ukraine: before and after the beginning of the conflict","authors":"I. Semenenko, R. Halhash, K. Sieriebriak","doi":"10.24136/EQ.2019.015","DOIUrl":"https://doi.org/10.24136/EQ.2019.015","url":null,"abstract":"Research background: Sustainable development is the agenda for many countries including Ukraine, which adopted it at the national level and promoted through its regions. As the country is constantly struggling with the results of the military conflict and the impact of the occupation of its part by separatists, which led to economic decrease and emergence of numerous social and environmental issues, the transition of Ukraine to sustainable development path becomes especially important. At the same time, there is no official methodology adopted by the Ukrainian government, how to assess sustainable development of its regions. Availability of objective assessments would contribute to development of the relevant policy recommendations. \u0000Purpose of the article: The purpose of the article is to assess sustainable development of the regions in Ukraine and to show the dynamics of performance of the regions before and after the beginning of the military conflict in the East of Ukraine. \u0000Methods: We suggest the methodology of calculation of the integral index of sustainable development of the regions in Ukraine. This methodology takes into account the three pillars of sustainable development concept (economic, social and environmental) and uses the data available for all Ukrainian regions from the official statistics source. In order to determine the position of individual regions in the development of the Ukrainian economy and to identify certain groups of regions according to their level of sustainable development, we apply the method of statistical grouping. \u0000Findings & Value added: The conducted analyses showed the dynamics of indicators of sustainable development of the Ukrainian regions, the performance of the regions and their affiliation to the corresponding attributive groups. The situation and interrelation of the regions in Ukraine totally changed after the beginning of the military conflict in the East of Ukraine. The Luhansk and Donetsk regions, which are directly affected by the military conflict, became the outsiders among other regions in Ukraine, though before the conflict the values of sustainable development indicators had been above the average values in Ukraine. The leaders among the regions also changed, and the difference between the leaders and the following groups became significant. The results of the analyses allowed to visualize the dynamics of sustainable development of the regions in Ukraine and define the key directions for future development.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46044955","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":"Macroeconomic stability as the condition for Bulgaria to join the euro area","authors":"A. Moździerz","doi":"10.24136/EQ.2019.014","DOIUrl":"https://doi.org/10.24136/EQ.2019.014","url":null,"abstract":"Research background: The subject of research is the macroeconomic situation of Bulgaria in the context of the country's preparations for joining the euro area. In 2018, the Bulgarian government approved a plan of preparations covering the period until the end of June 2019, which assumes that the country will join the ERM II mechanism in July 2019, and the euro area on 1 January 2022. Bulgaria meets four nominal convergence criteria regarding inflation, long-term interest rate, budget deficit and public debt. The national currency is pegged to the euro under the currency board arrangement. Despite this, the implementation of this optimistic scenario may be difficult because since the 2007 crisis, the European institutions pay more attention to macroeconomic stability and the sustainability of convergence. \u0000Purpose of the article: The aim of the article is to identify the factors destabilising macroeconomic equilibrium in Bulgaria, which are a potential obstacle to the adoption of the euro by Bulgaria on schedule. \u0000Methods: The research was based on the changes in selected macroeconomic indicators, as well as on the method used by the European Commission to detect macroeconomic imbalances. The observation and analysis covered the 2007–2018 period.  \u0000Findings & Value added: The research results indicate that the low level of socio-economic convergence of Bulgaria and macroeconomic imbalances may delay its membership in the monetary union. Therefore, while respecting the country's aspirations to join the euro area, one cannot ignore the risk of another destabilisation of the euro area. ","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46966211","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":"Intra-market commonality in liquidity: new evidence from the Polish stock exchange","authors":"J. Olbryś","doi":"10.24136/EQ.2019.012","DOIUrl":"https://doi.org/10.24136/EQ.2019.012","url":null,"abstract":"Research background: Empirical market microstructure research has recently shifted its focus from the examination of liquidity of individual securities towards analyses of the common determinants and components of liquidity. The identification of commonality in liquidity emerged as a new and fast growing strand of the literature on liquidity. However, the results around the world are ambiguous and rather depend on a specific stock market. \u0000Purpose of the article: The aim of this study is to explore intra-market commonality in liquidity on the Warsaw Stock Exchange (WSE) by using daily proxies of six liquidity estimates: percentage relative spread, percentage realized spread, percentage price impact, percentage order ratio, modified turnover, and modified version of the Amihud measure. The sample covers a period from January 2005 to December 2016. The database contains the group of eighty-six WSE-listed companies. \u0000Methods: The research hypothesis that there is commonality in liquidity on the Polish stock market is tested. The OLS with the HAC covariance matrix estimation and the GARCH-type models are employed to infer the patterns of liquidity co-movements on the WSE. Moreover, because the sample period is quite long, the stability of the empirical results by time period is examined. Seven 6-year time windows are utilized in the study. \u0000Findings & Value added: The regression results reveal weak evidence of co-movements in liquidity on the WSE, regardless of the choice of the liquidity proxy. Furthermore, the robustness tests based on the time rolling-window approach do not unambiguously support the research hypothesis that there is commonality in liquidity on the Polish stock market. To the best of the author’s knowledge, the empirical findings presented here are novel and have not been reported in the literature thus far.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49659763","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":"Evaluation of interaction between chosen indicators of development of regions in Ukraine","authors":"E. Horská, S. Moroz, Z. Poláková, Ľ. Nagyová, I. Paska","doi":"10.24136/EQ.2019.016","DOIUrl":"https://doi.org/10.24136/EQ.2019.016","url":null,"abstract":"Research background: In recent years, special attention has been given to the research direction regarding the study of economic, social, and demographic aspects of regional development. This direction is especially important for transition countries, including Ukraine. Despite that, there is a lack of research studies in which interdependencies of economic and demographic indicators of Ukraine’s regions are investigated. \u0000Purpose of the article: The paper assesses the relationships between the selected indicators of Ukrainian regions (export of goods per capita, foreign direct investment per capita, and the average resident population) and gross regional product per capita. \u0000Methods: Research results were compared in the periods before and during the military conflict in the eastern part of the country, based on regional data for 2010 and 2015. We used a multiple linear econometric model and tested multicollinearity. \u0000Findings & Value added: The analysis confirms that there is a positive correlation between export of goods and gross regional product and between foreign direct investment and gross regional product. That is why it is necessary to pay attention to the effective use of existing trade opportunities, especially within the framework of the Ukraine — EU Association Agreement, and to elaborate directions for further expansion of export activities. It is important to provide simpler and more understandable conditions in order to attract foreign investments in Ukrainian regions. \u0000Our study also shows that there is no influence of the average resident population on gross regional product. In many aspects, the interaction between demographic and economic components takes place through the labour market. This situation indicates that insufficient attention is given to regional employment issues, and the quantitative and structural imbalance is observed on the labour market at the regional level. In our opinion, to improve the situation, targeted activities should be elaborated on in the frame of regional development programmes.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45779923","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":"Being an outlier: a company non-prosperity sign?","authors":"Lucia Švábová, M. Durica","doi":"10.24136/EQ.2019.017","DOIUrl":"https://doi.org/10.24136/EQ.2019.017","url":null,"abstract":"Research background: The state of financial distress or imminent bankruptcy are very difficult situations that the management of every company wants to avoid. For these reasons, prediction of company bankruptcy or financial distress has been recently in a focus of economists and scientists in many countries over the world. \u0000Purpose of the article: Various financial indicators, mostly financial ratios, are usually used to predict the financial distress. In order to create a strong prediction model and a statistically significant prediction of bankruptcy, it is advisable to use a deep statistical analysis of the data. In this paper, we analysed the real financial ratios of Slovak companies from the year 2017. In the phase of data preparation for further analysis, we checked the existence of outliers and found that there are some companies that are multivariate outliers because are significantly different from other companies in the database. Thus, we deeply focused on these outlying companies and analysed whether to be an outlier is a sign of financial distress. \u0000Methods: We analysed whether there are much more non-prosperous companies in the set of outlier companies and if their financial indicators are significantly different from those of the prosperous companies. For these analyses, we used testing of the statistical hypotheses, such as the test for equality of means and chi-square test. \u0000Findings & Value added: The ratio of non-prosperous companies between the outliers is significantly higher than 50 % and the attributes of non-prosperity and being an outlier are dependent. The means of almost all financial ratios of prosperous and non-prosperous companies among outliers are significantly different.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46586412","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":"Assessing impact of base erosion and profit shifting on performance of subsidiaries of multinational corporations in Baltic countries","authors":"Egidijus Kundelis, Renata Legenzova","doi":"10.24136/EQ.2019.013","DOIUrl":"https://doi.org/10.24136/EQ.2019.013","url":null,"abstract":"Research background: The problem of base erosion and profit shifting by multi-national corporations has been debated from different perspectives because of its multiple impact on the key actors in the economy. Studies refer to its positive impact on companies via corporate taxes saved, but its negative impact on governments via reduced tax collection. A number of empirical studies conducted in different countries support the substantial BEPS impact on company performance, but report differences in its magnitude. Other authors claim that, despite a wide range of tax avoidance opportunities available, tax avoidance is limited due to institutional measures imposed (tax audits, penalties for non-compliance) and high implementation costs. A majority of the previous empirical research covered large countries (USA, Germany) or regions (e.g. Europe), but there is a gap in the re-search assessing the BEPS impact on multinational corporations’ subsidiaries’ performance in countries with lower corporate income tax rates such as the Baltic countries. \u0000Purpose of the article: To assess the impact of base erosion and profit shifting on multinational corporations’ subsidiaries’ performance in the Baltic countries. \u0000Methods: Empirical research is conducted based on the framework employed by Hines and Rice (1994) to measure BEPS impact on company performance. Regression analysis with fixed effects was applied to a sample of 3,422 Latvian, Lithuanian and Estonian subsidiaries of multinational corporations, which are characterized by low corporate tax rates.  The data for the period of 2007–2015 was retrieved from the Amadeus database. \u0000Findings & Value added: The research revealed that Baltic countries’ tax differentials between multinational corporations’ parent and subsidiary countries might have a significant impact on the subsidiary’s financial performance. When the tax rate differences between Baltic and the foreign countries decrease by 1%, reported profits in Baltic countries increase by 2.3%, indicating profit-shifting behaviour. This is in line with the empirical literature and practices applied by multinational corporations. It is also in favour of anti-tax avoidance measures introduced by the EC to be adopted by Baltic and other EU countries.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43272233","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":"Mutual relationships between the unemployment rate and the unemployment duration in the Visegrad Group countries in years 2001–2017","authors":"K. Dmytrów, Beata Bieszk-Stolorz","doi":"10.24136/EQ.2019.006","DOIUrl":"https://doi.org/10.24136/EQ.2019.006","url":null,"abstract":"Research background: The most important indicators that describe the situation on the labour market are the unemployment rate and the unemployment duration. If both these indicators are high, then the human capital deteriorates. Therefore, it seems justified to analyse the mutual relationships between them. \u0000Purpose of the article: The article aims at finding the relationships between the unemployment rate and the unemployment duration, and checking if the mutual courses of these two indicators in the Visegrad Group countries are connected with each other. \u0000Methods: The business cycle clock methodology will be used to analyse the relationship between the unemployment rate and the median unemployment duration. Next, the similarity of the course of these two indicators will be analysed by means of the Pearson product-moment correlation coefficient and the Dynamic Time Warping (DTW) technique. \u0000Findings & Value added: Amongst the analysed countries, Czechia, Poland and Slovakia were, to a certain degree, similar with respect to the mutual course of the unemployment rate and the unemployment duration. Until the peak of the financial crisis in 2009, the unemployment rate and the unemployment duration decreased. During the next years, the unemployment rate was increasing and after 2-3 years it was followed by the increase of the unemployment duration. The situation improved after the year 2013 — both indicators were decreasing. In Hungary, on the contrary, the unemployment rate was increasing or steady until 2012, and during the following years it started to decrease. However, the course of the unemployment duration was completely different than in remaining countries. The value added of the article is application of the business clock cycle and the Dynamic Time Warping technique in finding the relationships and similarity of courses between the unemployment rate and the unemployment duration.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44070072","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}