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Central European Journal of Economic Modelling and Econometrics最新文献

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Financial development and income inequality 金融发展与收入不平等
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0006
Ewa Weychert
{"title":"Financial development and income inequality","authors":"Ewa Weychert","doi":"10.2478/ceej-2020-0006","DOIUrl":"https://doi.org/10.2478/ceej-2020-0006","url":null,"abstract":"Abstract This paper analyses the influence of financial development on income inequality. Throughout this work, one may find the overview of theoretical and empirical literature as well as the empirical model using fixed panel data method. This research paper tries to disentangle the opposing views on the relationship between finance and income distribution, by evaluating the impact of the different dimensions of financial development on the level of income inequality. The important added value of this research is the usage of quintiles of income distribution as a dependent variable that may help to recognise the effect of financial development on the poorest and richest. Another novelty of the paper is the consideration of the effects of financial variables on Gini coefficient in the long and short run. The main results of the analysis using dataset from 2003 to 2014 indicate that financial access decreases income inequality.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86325935","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}
引用次数: 20
Financial liability stress tests: an approach based on the use of a rating migration matrix 金融负债压力测试:一种基于使用评级迁移矩阵的方法
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0002
Klaudia Kleszcz, Natalia Nehrebecka
{"title":"Financial liability stress tests: an approach based on the use of a rating migration matrix","authors":"Klaudia Kleszcz, Natalia Nehrebecka","doi":"10.2478/ceej-2020-0002","DOIUrl":"https://doi.org/10.2478/ceej-2020-0002","url":null,"abstract":"Abstract The article addresses the issue of stress testing based on the probability of bankruptcy and a rating migration matrix. The analysis is conducted on a sample of listed companies in Poland in the years 1998–2016, and the forecasts are made for the years 2016–2018. Particular attention is paid to how the variable on which rating migration matrices are developed is defined. Stress tests are carried out on variables derived from rating migration matrices and economic indicators. The study provides information on the methodology for stress testing.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86086833","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}
引用次数: 1
Cash flow sensitivity of investment: Evidence from the Polish listed companies 投资的现金流敏感性:来自波兰上市公司的证据
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0009
Marian Nehrebecki
{"title":"Cash flow sensitivity of investment: Evidence from the Polish listed companies","authors":"Marian Nehrebecki","doi":"10.2478/ceej-2020-0009","DOIUrl":"https://doi.org/10.2478/ceej-2020-0009","url":null,"abstract":"Abstract The paper focuses on assessment of the sensitivity of investment on cash flow (ICFS) made by listed companies in Poland. Achieving this goal will also involve analysing and drawing conclusions about the balance-sheet channel of monetary transmission. An empirical part uses data from financial statements for Poland derived from Emerging Markets Information Services (EMIS), related to companies listed on the Warsaw Stock Exchange and NewConnect. Estimations were made using the Ordinary Least Squares method with robust standard errors, and results made it clear that cash flow has a positive significant impact, indicating that most companies operate on the imperfect and incomplete market, and with constrained or costly access to external financing. Further, it is found that the impact is significantly strong in the slowdown, as financial constraints are more binding. These results seem to confirm that the balance-sheet channel of monetary transmission is operative in Poland.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79879248","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}
引用次数: 2
Are the European Commission's forecasts of public finances better than those of national governments? 欧盟委员会对公共财政的预测比各国政府的要好吗?
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0013
Jakub Rybacki
{"title":"Are the European Commission's forecasts of public finances better than those of national governments?","authors":"Jakub Rybacki","doi":"10.2478/ceej-2020-0013","DOIUrl":"https://doi.org/10.2478/ceej-2020-0013","url":null,"abstract":"Abstract The academic literature in the past has frequently highlighted that the European Commission (EC) tends to provide more accurate public finance forecasts compared with national governments, thanks to its neutrality. The recent conflicts regarding the excessive deficit procedure with Romania and Italy and rule of law with Hungary and Poland raises the question of whether such conclusions are still binding. Therefore, we analysed a panel of forecasts submitted by the national governments with an annual update of Convergence programmes and corresponding EC predictions. Our dataset contains predictions of the general government deficit, revenues and expenditures for EU27 economies and the United Kingdom in the years 2014–2019. First, the analysis shows no meaningful discrepancies between both estimates when the horizon is set at the current year. Forecasts for the next year have equal accuracy in the case of government revenues and expenditures. However, the EC performs worse in the case of the final deficit. Second, cross-country effects are present, but the accuracy is different mainly in the very small economies, that is, the Baltic countries, Cyprus, Malta and Luxembourg. Amongst the more populated states, the EC outperforms the Slovakian and Denmark governments but has worse performance than the Irish, Portuguese and Spanish governments. We also do not see evidence of any political bias in the forecasts.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75740003","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}
引用次数: 1
Working Conditions and Satisfaction of Transport Service Employees 运输服务人员的工作条件和满意度
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0019
E. Wawer
{"title":"Working Conditions and Satisfaction of Transport Service Employees","authors":"E. Wawer","doi":"10.2478/ceej-2020-0019","DOIUrl":"https://doi.org/10.2478/ceej-2020-0019","url":null,"abstract":"Abstract The transition of the Polish economy has brought about profound changes in the nature of contracts between employees and employers. These changes have been affected by the process of globalisation and dynamic technological progress. In particular, the characteristics of the contracts and the work itself have changed, which has affected the utility derived from employment by employees. The article attempts to identify the factors providing job satisfaction using the example of railway service employees. In particular, factors such as the position held, levels of tension and stress at work, level of autonomy, opportunities for personal development, the level of accordance between employees’ skills and job requirements, convenient working hours, length of vacation and the level of social respect enjoyed are important. In the study, an innovative discrete choice experiment method and econometric analysis were used to make a comprehensive examination of the factors providing satisfaction to transport service employees. Conclusions from the study indicate that although remuneration is an important element influencing job satisfaction, other non-wage factors also affect the satisfaction. The most important factors include managerial position, opportunities for personal development and the level of social respect related to the given occupation/position.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78378116","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}
引用次数: 0
Do local governments use municipal companies for off-balance-sheet financing? 地方政府是否利用市政公司进行表外融资?
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0014
Weronika Stobieniecka, Anna Białek-Jaworska
{"title":"Do local governments use municipal companies for off-balance-sheet financing?","authors":"Weronika Stobieniecka, Anna Białek-Jaworska","doi":"10.2478/ceej-2020-0014","DOIUrl":"https://doi.org/10.2478/ceej-2020-0014","url":null,"abstract":"Abstract This paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83603019","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}
引用次数: 1
Determinants of corporate R&D expenditures: the role of taxes 企业研发支出的决定因素:税收的作用
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0007
Dorota Wasiluk, Anna Białek-Jaworska
{"title":"Determinants of corporate R&D expenditures: the role of taxes","authors":"Dorota Wasiluk, Anna Białek-Jaworska","doi":"10.2478/ceej-2020-0007","DOIUrl":"https://doi.org/10.2478/ceej-2020-0007","url":null,"abstract":"Abstract The paper aims to find the relationship between corporate expenditures on R&D and tax burdens comparing German with French R&D incentives. We use the OLS method for the financial and patent cross-sectional data retrieved from the Amadeus database. The results confirm that firms with higher tax spread (the difference between the nominal and effective tax rates) spend less on R&D. These are in line with findings of a positive relationship between corporate R&D investment and tax burdens. Thus, firms that invest in R&D more pay higher taxes. However, they are less profitable as the return on R&D investment is visible only in the long run. German corporate expenditures on R&D are significantly sensitive to internal funds (proxied by cash flow) and depend on debt, contrary to French. The results indicate that the French firm's age (a phase of life cycle) has a significant impact on spending on R&D compared to German. Whereas in both countries, corporate expenditures on R&D are sensitive to the number of obtained patents. The capability of reducing the level of tax burdens below the nominal tax rate in the case of older German firms stimulates them to increase their R&D expenditures. However, German firms can decrease tax due to the use of R&D grants (revenues without taxation) in the absence of other tax incentives related to R&D.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81650313","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}
引用次数: 0
Tax revenue and economic growth in developing country: an autoregressive distribution lags approach 发展中国家的税收与经济增长:一种自退分配滞后方法
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0018
M. H. Maganya
{"title":"Tax revenue and economic growth in developing country: an autoregressive distribution lags approach","authors":"M. H. Maganya","doi":"10.2478/ceej-2020-0018","DOIUrl":"https://doi.org/10.2478/ceej-2020-0018","url":null,"abstract":"Abstract Tanzania, like most other developing countries, faces numerous economic challenges in striving to achieve sustainable economic growth and development through taxation. In the literature, the debate on how effective taxes are as a tool for promoting economic growth and economic development remains inconclusive, as various research have reported mixed effects of tax on economic growth. This article investigates the effect of taxation on economic growth in Tanzania using the recently developed technique of autoregressive distributed lag model (ARDL) bounds testing procedure for the period from 1996 to 2019. Various preliminary tests were conducted including stationary tests as well as the pair-wise Granger causality test. According to the results obtained, domestic goods and services (TGS) taxes are positively related to GDP growth and are statistically significant at 1% level. Income taxes, on the other hand, were found to be negatively related to GDP growth and to be statistically significant at 5% level. The pair-wise Granger causality results indicated that there is bidirectional Granger causality between TGS and GDP growth at 1 % significance level. The government should aim at growing, nurturing and sustaining tax base to positively drive economic growth even further.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74832614","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}
引用次数: 15
Factors Determining the Survival of New Companies 决定新公司生存的因素
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0021
Marlena Cegiełka
{"title":"Factors Determining the Survival of New Companies","authors":"Marlena Cegiełka","doi":"10.2478/ceej-2020-0021","DOIUrl":"https://doi.org/10.2478/ceej-2020-0021","url":null,"abstract":"Abstract This article discusses the determinants of the survival of new companies, with particular emphasis on their sources of financing. We have analysed the impact of experience in the same focal industry, of having a competitive advantage and intellectual property rights (patents and trademarks) and of debt financing on the probability of a start-up's survival, using a logit model based on the Kauffman Firm Survey (KFS) database data covering 4,928 American companies which operated from 2004 to 2011. Additionally, we can demonstrate that start-ups that use debt financing have a better chance of staying in business. Factors such as intellectual capital and competitive advantage are also positively correlated with the prospects for start-up survival.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90579228","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}
引用次数: 1
Economic analysis of corruption at the company level 公司层面腐败的经济分析
IF 0.2
Central European Journal of Economic Modelling and Econometrics Pub Date : 2020-01-01 DOI: 10.2478/ceej-2020-0015
Paulina Bąk
{"title":"Economic analysis of corruption at the company level","authors":"Paulina Bąk","doi":"10.2478/ceej-2020-0015","DOIUrl":"https://doi.org/10.2478/ceej-2020-0015","url":null,"abstract":"Abstract Corruption is a factor that affects a company severely either directly or indirectly. It may have a positive or negative impact on the economic situation of the company. This article verifies the hypothesis about the corporate perception of corruption as an obstacle to business performance. It also identifies which factors do have a substantial effect on the perception of corruption by companies. The study was carried out using the logit model. The data used were obtained from the Business Environment and Enterprise Performance Survey (BEEPS) database for 2016.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79504467","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}
引用次数: 0
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