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":"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}

{"title":"Sectoral patterns of innovation cooperation in Polish industry","authors":"A. Świadek, Piotr Dzikowski, M. Tomaszewski, Jadwiga Gorączkowska","doi":"10.24136/EQ.2019.009","DOIUrl":"https://doi.org/10.24136/EQ.2019.009","url":null,"abstract":"Research background: Contemporary research on industry concentrates on the relations between enterprises and their environment. Research on industrial structures conducted throughout the world, including Poland, are not extensive and limited due to the confidentiality of statistics. K. Pavitt (1984) was the first researcher who evaluated the relationship between industry structure and innovation activity. According to Pavitt, innovation dynamics and trajectory depend on the structure of domestic industry and is unique. In Poland T. Rachwal (2010) determined that over the studied years, changes in the indicator defining diversification in industrial divisions were minimal, but at the same time there was an observable fall in the importance of traditional divisions, such as the production of clothing, textiles, and the leather. In contrast, divisions as the production of metal, rubber, and plastic goods increased their share in terms of employees, as did furniture and vehicle manufacturing. \u0000Purpose of the article: The purpose of the paper is to identify sectoral patterns of innovation cooperation as revealed by data on about 5209 Polish enterprises. The authors attempt to find the answer to the following three questions: (1) Is the domestic aggregation sufficient for stimulating innovation cooperation in the Polish industry? (2) Is there any sectoral heterogeneity in innovation cooperation? (3) Are enterprises representing high technology industries the most involved in innovation cooperation? The main goal of the study was an attempt to seek out the directions and influence of various industries on the innovation cooperation of enterprises in Poland. \u0000Methods: Empirical data that served as the basis for conducting calculations were collected with the help of a questionnaire survey sent to industrial companies throughout Poland. A total of 5,209 properly completed forms were collected. The average rate of return was 11,6%. The collection was held over the years 2008–2013. The methodological part of the study was developed using the logistic regression method based on probability theory of the study. \u0000Findings & Value added: The study has shown that the higher the technology, the more often enterprises cooperate in the area of innovation. The research has not only shown the specifics of the domestic industrial system as well its level of technological advancement, but it has also taken into account the significance and input into the analyzed system.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48905978","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":"Absolute value and diversity of household spending: analysis on International Comparison Program (ICP) 2011 data","authors":"D. Verba, A. Kudinova","doi":"10.24136/EQ.2019.005","DOIUrl":"https://doi.org/10.24136/EQ.2019.005","url":null,"abstract":"Research background: This article investigates the connection between consumer’s budget growth and diversification of household spending. The main question of research is “are there new drivers of modern processes of consumer spending's diversification, at a time when spending on food has reached the minimum share in the consumer budget. \u0000Purpose of the article: The objective of the article is to clarify the hypothesis about the existence of a certain limit of income (and consumer spending) after which the growing of consumer’s purchasing capacity loses power of influence on spending diversity. \u0000Methods: Theil entropy index was used for measuring the diversity of household spending. This index was defined as a sum of within-group and between-group entropy, which allows for comparing the diversification of household spending in two aggregate groups of expenditure, which were formed by the authors. The Workings’ equation was used for modeling the spending entropy’s dependence on their absolute value. Two categories of household spending were regrouped (consolidated) by us through forming a group more related to the development of human economic potential (SMRHD) and less related to these processes (SLRHD). The research was done on the basis of ICP (2011) data, which covers 178 countries and refers to 2011 year — the latest available on the moment of the article was completed. \u0000Findings & Value added: The results obtained in this research confirmed that there is a limit of household spending’s size, beyond which further increasing of consumers’ economic opportunities loses a significant impact on the diversity of consumption spending. However, the weakening of the link between size of spending and its entropy reflects impact of two qualitative differenced factors. The first is relatively much more radical decrease of spending growth influence on within-group entropy for SLRHD. The second — is relatively much less significant decrease of entropy’s sensitivity to spending growth for SMRHD. Such results reflect the increase in the importance of \"non-functional demand components\", which reduces the capacity of data on functional distribution of household expenditures to characterize the extent of their diversification.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46848448","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}