Equilibrium最新文献

{"title":"Regional eco-efficiency of the agricultural sector in V4 regions, its dynamics in time and decomposition on the technological and pure technical eco-efficiency change","authors":"E. Richterová, Martins Richter, Z. Sojková","doi":"10.24136/eq.2021.020","DOIUrl":"https://doi.org/10.24136/eq.2021.020","url":null,"abstract":"Research background: Agriculture plays a vital role in producing food to ensure food security, but it is one of the biggest contributors to environmental pollution. One of the main goals of the new CAP is to set higher ambitions for environmental actions, which brings into the front the concept of agricultural eco-efficiency. The notion of eco-efficiency includes the economic and also ecological dimensions of sustainable agriculture. \u0000Purpose of the article: The main goal of this paper is to evaluate the eco-efficiency of agricultural production and its dynamics during the years 2013, 2015, and 2017 of NUTS 2 regions within the Visegrad 4  (V4), i. e. The Czech Republic, Slovakia, Hungary, and Poland. The part of the main goal is to verify the research hypothesis that all the biggest agriculture producers are eco-efficient. \u0000Methods: V4 regional eco-efficiency of the agricultural sector is expressed by the Malmquist productivity index and is estimated using the output-oriented Data envelopment analysis (DEA) model, under the assumption of constant return to scale (CRS). The Malmquist index is decomposed to technical eco-efficiency change (EC) and technological change (TC). Based on the eco-efficiency, technological and pure technical eco-efficiency change, V4 regions are classified into three groups: the most progressive regions, the progressive regions, and the regressive regions. \u0000Findings & value added: CZ02: Central Bohemia, CZ04: Northwest, HU33: Dél-Alföld, HU31: Észak-Magyarország, HU32: Észak-Alföld, PL21: Malopolskie, PL41: Wielkopolskie, SK01: Bratislava region, and SK02: Western Slovakia have an eco-effective agricultural sector, the remaining V4 regions have eco-ineffective agricultural sector. The research hypothesis that all the biggest agricultural producers are eco-effective is not confirmed. During the analyzed years, 19 V4 regions improve their agricultural eco-efficiency. The main contributor to eco-efficiency improvement is technological progress, which indicates that producers implement innovations that lead to more eco-efficiency agricultural production.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46783929","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":"Does income inequality matter for CO2 emissions in Russian regions?","authors":"N. Davidson, O. Mariev, Sophia Turkanova","doi":"10.24136/eq.2021.019","DOIUrl":"https://doi.org/10.24136/eq.2021.019","url":null,"abstract":"Research background: Intensive economic growth in Russian regions during recent decades has been associated with numerous environmental issues, particularly increasing CO2 emissions, as well as income inequality. To achieve sustainable development, it is necessary to resolve these issues. \u0000Purpose of the article: To shed light on the impact of income inequality on CO2 emissions based on Russian regional data covering the years 2004?2018. \u0000Methods: Gini index and decile dispersion ratio are used to measure income inequality. To study the impact of income inequality on CO2 emissions in the Russian regions, we estimate econometric models with fixed and random effects and apply GMM method. We test the hypothesis of the environmental Kuznets curve to determine the impact of economic growth on CO2 emissions. \u0000Findings & value added: The results show that CO2 emissions increase in tandem with growth in income inequality between 10% of people with the lowest income and 10% of people with the highest income. Simultaneously, CO2 emissions decrease with growth of Gini coefficient. The hypothesis of the Environmental Kuznets Curve was confirmed based on GMM method. Our findings underscore that the activities of the extraction and manufacturing sectors, as well as energy consumption, increase CO2 emissions. The chief significance of this paper is the finding that large income gap between extremely rich and extremely poor population cohorts increases CO2 emissions. This implies that economic policy aimed at reducing income inequality in Russian regions will also reduce CO2 emissions, especially if accompanied by increased use of environmentally friendly technologies. From the international perspective, our research can be extended to study other countries and regions.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48301235","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":"Online grocery shopping: the customers´ perspective in the Czech Republic","authors":"Ottó Bartók, V. Kozák, Radka Bauerová","doi":"10.24136/eq.2021.025","DOIUrl":"https://doi.org/10.24136/eq.2021.025","url":null,"abstract":"Research background: Online shopping is becoming popular among most customers thanks to quickness and easy shopping, and also due the COVID pandemic. Companies are aware of the great interest of customers and, as a consequence, e-commerce is expanding. There has been a significant increase in online grocery purchases due to economic growth in the past few years. Online shopping attracts a lot of research interest, individual authors and this is a widely discussed topic. It should be borne in mind that online purchasing of food has its own peculiarities compared to the segment of electronics or fashion from the perspective of everyday needs. \u0000Purpose of the article: The aim of the study is to analyze specific consumer behaviour in online purchasing of groceries. This study takes into account the age and purchasing preferences of online grocery purchasers. \u0000Methods: The study was conducted using quantitative research. Data (n = 171) was obtained by using a questionnaire survey done in the Czech Republic. The questionnaire survey contained 17 questions. For the statistical evaluation, Chi-square test and Pearson's correlation test were used. For the statistical evaluation, Chi-square test and Pearson´s correlation test were used. \u0000Findings & value added: The results of the study indicate that there is a relationship between the age of customers and online purchase in the grocery field. However, customers who use the         e-shop for grocery purchase are still reluctant to buy perishable goods (meat, pastries) and prefer goods that are packed directly by the manufacturer. The study sheds light on understanding the customers? purchasing behaviour and their preferences in terms of quality of service, payment terms, delivery conditions, and range of assortment.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44890995","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":"Differences between determinants of men and women monthly wages across fourteen European Union states","authors":"Aleksandra Matuszewska-Janica, D. Witkowska","doi":"10.24136/eq.2021.018","DOIUrl":"https://doi.org/10.24136/eq.2021.018","url":null,"abstract":"Research background: There is a broad discussion in the literature on the situation of men and women in the labour market, especially about the differences in their remuneration. Due to the fact that females constitute a slightly different group of employees, certain factors have different impacts on the level of their remuneration in comparison to male employees. Hence, the question arises which factors cause these differences and how large the dissimilarities are. \u0000Purpose of the article: The aim of the presented study is to diagnose and evaluate differences in the impact of designated determinants on the level of monthly wages of women and men in selected European Union member states. The novelty of our approach consists in both comparison of the intensity of influence examined factors to men?s and women?s earnings, and a global approach to the remuneration of male and female employees. \u0000Methods: Due to the nature of the dependent variable (remuneration decile, which is a variable measured on an ordinal scale), the ordered logit model is applied in the analysis. The data comes from the Eurostat?s Labour Force Survey. \u0000Findings & value added: Presented results indicate that many factors have significantly different intensity of impact on the level of men and women wages. However, significant differences between parameters estimated for both genders are visible for the group of family variables the most often, then for variables describing the condition of work, the human capital variables, and characteristics of the workplace. This paper adds to the empirical literature a new approach to measure the intensity of factors influencing men and women wages. In addition, our investigation is a cross-country analysis.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41527077","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":"EU framework programmes: positive and negative effects on member states' innovation performance","authors":"Meda Andrijauskiene, Daiva Dumčiuvienė, A. Stundžienė","doi":"10.24136/eq.2021.017","DOIUrl":"https://doi.org/10.24136/eq.2021.017","url":null,"abstract":"Research background: Seeking to ensure competitiveness in the global market, the EU is constantly improving its innovation policy. Compared to other EU initiatives, the Framework Programs for Research and Innovation (FPs) act as the main instrument with the longest history and the largest budget to boost member states' innovation performance. Despite the initial presumptions that these financial inflows should bring positive and constructive effects, the results significantly diverge across the countries with highly uneven and incoherent progress. Therefore, complex and reliable tools must be adopted to evaluate the long-term influence of EU investment and the reasons which distort the innovation performance in separate member states. Purpose of the article: The purpose of this article is to evaluate the influence of EU investment on its member states? innovation performance by using a redeveloped national innovative capacity framework and including technological, non-technological and commercial innovative output. Methods: Panel unit root tests were used to assess the time series stationarity. Autoregressive distributed lag models helped in calculating the long-term influence of EU investment on member states? innovation performance. Finally, by employing dummies, it was analysed how this influence varied over time and across different countries. Findings & value added: The findings provide evidence that EU investment exerts positive long-term influence on the technological innovative output proxied as total, business and higher education institutions? patent applications, as well as product and process innovations. The effects were also positive on trademarks and marketing, and organisational innovations. However, small but negative influence was found in the case of patent applications by the government sector and the exports of hi-tech products and knowledge-intensive services. These insights may serve in the designing process of the specific instruments and the future innovation policies, which would bring the maximum benefit for the society and economy.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44399304","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":"Distinctive determinants of financial indebtedness: evidence from Slovak and Czech enterprises","authors":"K. Valaskova, T. Kliestik, Dominika Gajdosikova","doi":"10.24136/eq.2021.023","DOIUrl":"https://doi.org/10.24136/eq.2021.023","url":null,"abstract":"Research background: Indebtedness indicators are used to monitor the structure of corporate financial resources. The company's share of its own and foreign resources affects the financial stability of the company. A high share of own re-sources makes the company stable, and independent. With a low share, on the contrary, the company is unstable, market fluctuations and credit uncertainty can have serious consequences. However, foreign capital is cheaper, and too high indebtedness ratios can jeopardize the existence of enterprises. \u0000Purpose of the article: In general, the economic recession worsens the capital structure of enterprises, especially their debt management. Thus, the paper aims to apply the set of 13 indebtedness ratios to a sample of 779 Slovak and Czech enterprises from the construction sector to determine key microeconomic determinants that may influence the level of indebtedness. \u0000Methods: A non-parametric one-way analysis of variance ? the Kruskal-Wallis test ? was used to determine whether the set of indebtedness ratios is the same across countries, districts, and sizes. For analyzing the specific sample pair of stochastic dominance, the pairwise comparison was realized using the Dunn'stest with Bonferonni correction. The Mann-Whitney test was used to compare the differences in the set of indebtedness ratios between two independent groups of enterprises, based on their legal form and country. \u0000Findings & value added: The level of total indebtedness ratio and the self-financing ratio depends on the region as well as on the size of the enterprise and the legal form. In the case of credit indebtedness and debt-to-cash-flow indebted-ness, their dependence on the size of the enterprise and the legal form is obvious. The importance of the region and the legal form of enterprises, vice versa, affect the level of the financial independence ratio. These outputs are relevant for au-thorities, policy makers, or financial institutions to identify financial constraints that construction enterprises face and, as a result, make a long-term contribution to theory in this field.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48166376","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":"Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic","authors":"Krzysztof Waliszewski, Anna Warchlewska","doi":"10.24136/eq.2021.021","DOIUrl":"https://doi.org/10.24136/eq.2021.021","url":null,"abstract":"Research background: The outbreak of the COVID-19 pandemic, the reduction in income or the total loss of jobs have affected the financial behaviour of consumers worldwide. Managing the budget in times of turbulence and crisis has posed a challenge for households. \u0000Purpose of the article: The aim of the article is to determine to what extent the COVID-19 pandemic has affected the financial behaviour of the inhabitants of various countries and how Poland has stood out from the rest. \u0000Methods: Due to the orderly nature of the questions analysed, non-parametric tests were used in the analysis. The distribution of current expenditure in comparison with the period before the pandemic was analysed, as well as the results of comparative analyses with Mann-Whitney U tests for comparison of  Poland with Austria, Belgium, the Czech Republic, France (974), Germany, Italy, Luxemburg, the Netherlands, Romania, Spain, Turkey, the United Kingdom, the USA. A study was carried out on the relationship between planning for the future, having debts and savings and financial behaviour after the COVID-19 pandemic and the metric variables in the group of Poles via Chi square and a series of ? Kendall?s tests. \u0000Findings & value added: There has been a fall in expenditure compared to the period before the pandemic, which may explain the lack of opportunities to spend money, the fall in revenue and the freezing of expenditure for fear of an uncertain future. There has also been a change in the way payments are made. Payment cards and purchases made over the Internet are increasingly popular. In the face of the COVID-19 pandemic, consumers are trying to save more, but not everyone can afford to do so. Long-term value added of this paper is analysis of change in the model of financial behavior of households under the shock of the pandemic in international comparisons of the analysed countries.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47262630","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 credibility of earnings announced by new stock companies: accrual and real earnings management","authors":"Tomasz Sosnowski","doi":"10.24136/eq.2021.024","DOIUrl":"https://doi.org/10.24136/eq.2021.024","url":null,"abstract":"Research background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements. \u0000Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. \u0000Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements. \u0000Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company's operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42042040","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 board diversity policy implementation by companies listed on the Warsaw Stock Exchange","authors":"Anna Wawryszuk-Misztal","doi":"10.24136/eq.2021.022","DOIUrl":"https://doi.org/10.24136/eq.2021.022","url":null,"abstract":"Research background: Diversity management is one of the hot topic issues present in current public discussions. Board diversity requirements are quite new for Polish public companies. The companies listed on the Warsaw Stock Exchange have to publish a statement on the company's compliance with the corporate governance recommendations and principles included in ?Best Practice for GPW Listed Companies 2016?. This regulation is based on the 'comply or explain? principle, thus the company may decide whether to comply with every rule included in the code, but decision on not implementing one or more rules should be explained by the company. Some of the recommended rules regard the board (supervisory and management) diversity policy implementation, where diversity refers to such dimensions as gender, education, age and professional experience. \u0000Purpose of the article: This study aims to investigate determinants of board diversity policy implementation by domestic companies listed on the WSE. It also documents explanations provided by companies that do not apply board diversity policy. \u0000Methods: The research sample covers 268 non-financial domestic companies listed on the Warsaw Stock Exchange between 2016 and 30 November 2018. The companies? current reports on company compliance with the corporate governance codes and information issued on companies? websites were analyzed in order to identify those that announced implementation of board diversity policy. This study uses logistic regression analysis to identify the firm-level characteristics that may influence the implementation of board diversity policy. \u0000Findings & value added: This is the first study analyzing the drivers of board diversity policy implementation by Polish companies listed on the WSE. It shows that large companies, companies with larger management boards and companies with women acting as presidents of the supervisory boards are more likely to take actions seeking to achieve management and supervisory board diversity.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48780581","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":"Two component modified Lilliefors test for normality","authors":"P. Sulewski","doi":"10.24136/eq.2021.016","DOIUrl":"https://doi.org/10.24136/eq.2021.016","url":null,"abstract":"Research background: Commonly known and used parametric tests e.g. Student, Behrens? Fisher, Snedecor, Bartlett, Cochran, Hartley tests are applicable when there is an evidence that samples come from the Normal general population. What makes things worse is that testers are not fully aware in what degree of abnormality distorts results of parametric tests listed above and suchlike. So, it is no exaggeration to say that testing for normality (goodness-of-fit testing, GoFT) is a gate to proper parametric statistical reasoning. It seems that the gate opens too easily. In other words, most popular goodness-of-fit tests are weaker than statisticians want them to be. \u0000Purpose of the article: The main purpose of this paper is to put forward the GoFT that is, in particular circumstances, more powerful than GoFTs used until now. The other goals are to define a similarity measure between an alternative distribution and the normal one and to calculate the power of normality tests for a big set of alternatives. And, of course, to interest statisticians in using the GoFTs in their practice. \u0000Method: There are two ways to make GoFT more powerful: extensive and intensive one. The extensive method consists in drawing large samples. The intensive method consists in extracting more information from mall samples. In order to make the test method intensive, the test statistics, as distinct from all existing GoFTs, has two components. The first component (denoted by ?) is a classic Kolmogorov / Lilliefors test statistics i.e. the greatest absolute difference between theoretical and empirical cumulative distribution functions. The second component is the order statistics (r) at which the ?_max^((r) ) locate itself. Of course ?_max^((r) ) is the conditional random variable with (r) being the condition. Large scale Monte Carlo simulations provided data sufficient to in-depth study of properties of distributions of ?_max^((r) ) random variable. \u0000Findings & value-added: Simulation study shows that the Two Component Modified Lilliefors test for normality is the most powerful for some type of alternatives, especially for the symmetrical, unimodal and bimodal distributions with positive excess kurtosis, for symmetrical and unimodal distributions with negative excess kurtosis and small sample sizes. Due to the values of skewness and excess kurtosis, and the defined similarity measure between the ND and an alternative, alternative distributions are close to the normal distribution. Numerous examples of real data show the usefulness of the proposed GoFT.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44025758","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}