|
on Transition Economics |
| By: | Kick, Andreas; Rottmann, Horst |
| Abstract: | Sustainable investments remain popular, attracting investors and researchers alike. Especially the tail-risk properties seem to differ between sustainable stocks and common stocks. Empirically, this can be observed in particular during extreme events. On February 24, 2022 Russian forces invaded Ukraine, thereby marking the beginning of a major historical event. Using standard event study methodology, we analyze if and how Refinitiv's environmental, social, and governance (ESG) ratings, as well as carbon dioxide (CO2) intensity, influence cumulative abnormal returns during different event windows. We find that the abnormal returns of companies with high ecological scores exhibit a protective effect in the pre- and post-event windows. However, this effect did not materialize in all observed event windows. Therefore, our results do not fully support the hypothesis of an 'ESG hedge' against such extreme events. |
| Keywords: | abnormal returns, war, Ukraine, ESG, Russia |
| JEL: | G11 G14 M14 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hawdps:283004&r=tra |
| By: | M. Koubková (Department of Applied Economics and Economy, Faculty of Economics, University of South Bohemia In České Budějovice) |
| Abstract: | The aim is to find out the relation between the sharing and shadow economy and how influence each other. The partial goal is to analyse a situation in the selected countries. The partial aim is also to summarise the current state of knowledge in the sharing economy services in relation with shadow economy and to suggest possibilities for further research in this area. The partial aim is analysing situation of the shadow and sharing economy in providing accommodation services through Airbnb in the Czech Republic. The aim is also to identify the share of Airbnb accommodation in total accommodation capacity in the Czech Republic.Several methods are used to achieve the goals, such as forming hypothesis, secondary data analysis, questionnaire survey, theoretical output in the form of proposals for further investigation and correlation analysis. Based on the overview study, two hypotheses were established. The first hypothesis is focused on connection between sharing and shadow economy. The second hypothesis is focused on share of Airbnb accommodation in total accommodation capacity in the Czech Republic. The result of correlation analysis is that sharing, and shadow economy has strong negative correlation. These two topics has common influence. The result shows that non-payment of local tax authorities in the Czech Republic perceive as a significant problem. However, there is no communication between the city and the providers. |
| Keywords: | sharing economy, Airbnb, shadow economy, tourism, accommodation |
| JEL: | L83 Z32 O17 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:boh:wpaper:05_2023&r=tra |
| By: | Attila Havas (Institute of Economics, HUN-REN Centre for Economic and Regional Studies, AIT Austrian Institute of Technology, Center for Innovation Systems and Policy) |
| Abstract: | This paper compares the evolution of CE4 countries’ (Czechia, Hungary, Poland, and Slovakia) national innovation systems, as well as their innovation performance. Its analytical framework draws on evolutionary (and institutional) economics of innovation. Given the structural features and the level of socio-economic development in the CE4 countries, as well as the dominant way of thinking since the cold war, Western politicians, business people, analysts and journalists tend to share a ‘block’ view of these countries. Further, there is a noticeable – and certainly understandable – ‘drive’ also from the academic community to produce findings that can be generalised across the new EU member states, but at least for the CE4 countries, that is, to focus on identifying shared or similar features. Yet a closer look at the structure of the national innovation systems in these countries, as well as at their innovation performance, points to a different direction. While the structural composition of the research sub-systems of the CE4 countries showed a great diversity already in 2000, fairly significant changes have occurred since then almost in all countries, adding more colours to the observed diversity. Neither a similar structural composition of the research sub-system can be observed, nor a move towards a similar structure. Their innovation performance is also diverse. Given the diversity among innovation systems, one should be very careful when trying to draw policy lessons from the ‘rank’ of a country as ‘measured’ by a composite indicator. The CE4 countries, therefore, need to avoid the trap of paying too much attention to simplifying ranking exercises. Instead, it is of utmost importance to conduct detailed, thorough comparative analyses, identifying the reasons for a reasonable or disappointing performance. |
| Keywords: | Keywords: Models of innovation; Economics paradigms; National innovation systems; STI policy rationales; Measurement of innovation; Composite indicators; Scoreboards and league tables; Czechia; Hungary; Poland; Slovakia |
| JEL: | B52 O30 O38 O39 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:has:discpr:2338&r=tra |
| By: | Michał Gradzewicz (Narodowy Bank Polski); Janusz Jabłonowski (Narodowy Bank Polski); Michał Sasiela (Narodowy Bank Polski); Zbigniew Żółkiewski (Narodowy Bank Polski) |
| Abstract: | Our study presents a comparison of the results of several methods of including mixed income in the measurement of the labor share based for Poland in the period 2000-2021. We account for the heterogeneity of labor input in the measurement of labor share. Moreover, we introduce an original method, accounting for heterogeneity of labor tax rates between employed and self-employed. All the methods considered are consistent with the national accounts. We apply the labor share measurement methods for Poland, an emerging economy with a particularity high prevalence of self-employment. We show that the corrections of the payroll labor share are substantial and range from 8 to 13 pp. None of the methods applied show a remarkable downward trend in labor share, frequently found in the advanced countries. Instead, labor share in Poland declines clearly up to 2004, but then rises by about 2-5 pp. by the end of 2021. There are diverse patterns on a sectoral level - downward tendencies of labor share in manufacturing and other industries, and increasing tendencies in services. A shift-share analysis shows that the overall change of labor share is mainly due to within industry changes. A positive contribution to labor share of a rising importance of services is neutralized by a negative reallocation effect. |
| Keywords: | labor share, Poland, wage heterogeneity, self-employment, labor tax, shift share |
| JEL: | D24 D33 E01 E25 J31 O40 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:368&r=tra |
| By: | Hoang, Trung Xuan; Nguyen, Cuong Viet |
| Abstract: | This study investigates the long-term effect of the density of the elite - the highest educated - during the period 1075-1919 on today's educational attainment and economic performance in Vietnam. Using nearly 20, 000 elites, including 17, 061 junior bachelors and bachelors, and 2, 895 doctors who passed the imperial examination (1075-1919), and the distance to the nearest examination centers as an instrumental variable, we find that elite density has persistent effects on the present-day educational attainment, income, poverty, and night-time light intensity. The impact of the elite density on schooling years tends to be higher in urban areas than in rural areas. Our findings are robust to a variety of model specifications. |
| Keywords: | Human capital, historical legacy, economic growth, household income |
| JEL: | I25 O12 E24 N35 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1389&r=tra |
| By: | Fihel, Agnieszka; Janick, Anna; Buschner, Andrea; Ustinavičienė, Rūta; Trakienė, Aurelija |
| Abstract: | Background: In Central Europe, the increase in mortality during the COVID-19 pandemic exceeded the number of deaths registered due to coronavirus disease. Miscertification of COVID-19 has been suggested as one of the possible explanations. Analysis of all mentions from death certificates allows us to identify cases where COVID-19 was reported as a contributing rather than the underlying cause of death (UCoD). Methods: Analysis of 187, 000 death certificates with a COVID-19 mention from Austria, Bavaria, Czechia, Lithuania and Poland, 2020–2021. Cause of Death Association Indicators (CDAIs) and Contributing CDAIs were calculated to identify and measure the strength of associations between COVID-19, reported as UCoD or not, and all other medical mentions. Results: Death certificates reporting COVID-19 included on average more medical information than other death certificates. In 171, 600 deaths with COVID-19 as the UCoD, ten groups of comorbidities and ten types of complications revealed significant and strong association with COVID-19. Further 15, 700 deaths were certified with COVID-19 only as a contributing condition, of which almost 20% were assigned to typical coronavirus complications, such as cerebral infarction, Acute Myocardial Infarction, renal failure. In Austria, Bavaria, Czechia and Lithuania the reported scale of COVID-19 mortality would have been 18-27% higher had COVID-19 been coded as the UCoD in all the cases. Conclusions: Complete death certificate information allows us to assess the scale of COVID-19 miscertification and the burden of COVID-19. Deaths registered with a coronavirus comorbidity were equivalent to the total estimated excess mortality in Austria and Czech Republic, and a large proportion of in Lithuania and Bavaria. |
| Date: | 2024–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:hy9zn&r=tra |
| By: | Miroslav Němec (Department of Management, Faculty of Economics, University of South Bohemia In České Budějovice) |
| Abstract: | Sustainable development is based on the historical human need not only to exploit but also to protect the environment necessary for life. However, in the context of the current approach, sustainability encompasses much more than this; it covers a wide range of areas where efficiency in management, approach and governance is required, and the national economy is no exception. Sustainable management and maintenance can help reduce the environmental impacts of individual activities and also reduce, eliminate or recycle waste from individual activities within the circular economy. Sustainable management and maintenance are important because they allow to increase the performance and efficiency of business activities, both in terms of the environment, society and economic efficiency. If the societal goal is to have a quality infrastructure, it is necessary to deal methodologically with the way it is maintained, i.e. the choice of approach, but also the risks involved. There are undoubtedly many of these, which is why it is necessary to concentrate on 'risk management', to carry out a risk analysis and to focus on the most serious risks. It is not about the concept of risk within the function of the organisation itself, where the actual system is implemented, but about the level of risk above the organisation itself, in which external factors are also considered. The intention is to apply Risk Management to the specific conditions of an organization operating in the area of management and maintenance of lower category communications and to find ways to make the organization's activities more efficient so that they meet the conditions of sustainability and therefore can lead to social responsibility. The basic hypothesis in this contribution is Using risk management tools can achieve efficiency and thus contribute to the sustainability of social responsibility in the conditions of an organization dealing with road management. The aim of the thesis is to find a tool for setting up a support system for the implementation of sustainable development in roads sector and intensification of sustainability management at the level of regional roads authorities in the Czech Republic. |
| Keywords: | Sustainable development, circular economy, road management, risk management, infrastructure maintenance |
| JEL: | O18 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:boh:wpaper:04_2023&r=tra |
| By: | Jiří Homan (Faculty of Economics, University of South Bohemia In České Budějovice) |
| Abstract: | This article aims to explain the features of the cloud computing platform and the possible deployment modes of these services. It further explains the concept of big data. Because these phenomena could have a positive benefit in the case of implementation for small and medium-sized Czech companies (SMEs), we devote ourselves to the description and use of existing methodologies that explain the penetration of new technologies towards their users. To form a broader view of the current situation, we, in this paper, provide an overview of the current use of individual services provided through the cloud computing platform by small and medium-sized enterprises. From this overview, it is evident that small and medium-sized enterprises use more and more applications based on cloud computing. Our overview also showed that the field of big data processing is not relevant for SMEs. They do not use cloud solutions aimed at processing big data. This area may be relevant in the future in the future by purchasing Internet of Things services. Among the implemented cloud computing services, services that implementation is not too demanding stand out. It is not yet clear what leads SEMs businesses to this behavior. In our research, we propose to find out, with the help of semi-structured interviews, how the decision-making process takes place in SMEs. We propose a series of questions for these interviews with individual investigated factors. When designing them, we are based on the preliminary research and existing research articles dealing with this topic. |
| Keywords: | Cloud computing, SME, cloud adoption, cloud application usage, IaaS, PaaS, SaaS |
| JEL: | A30 C40 O33 |
| Date: | 2023–05 |
| URL: | http://d.repec.org/n?u=RePEc:boh:wpaper:01_2023&r=tra |
| By: | Porreca, Zachary |
| Abstract: | Bride kidnapping is a form of forced marriage in which a woman is taken against her will and coerced into accepting marriage with her captor. Post-Soviet Kyrgyzstan has seen a large increase in the prominence of this practice alongside a revitalization of traditional values and culture. As part of this resurgence of Kyrgyz identity and culture, the central government has formalized the authority of councils of elders called aksakals as an arbitrator for local dispute resolution- guided by informal principles of tradition and cultural norm adherence. Bride kidnapping falls within the domain of aksakal authority. In this study, I leverage data from a nationally representative survey and specify a latent class nested logit model of mens' marriage modality choice to analyze the impacts that aksakal governance has on the decision to kidnap. Based on value assessment questions on the survey, men are assigned to a probability distribution over latent class membership. Utility function parameters for each potential marriage modality are estimated for each latent class of men. Results suggest that living under aksakal governance makes men 9% more likely to obtain a wife through bride capture, with men substituting kidnapping for choice marriage modalities such as elopement and standard love marriages. |
| Keywords: | Bride Kidnapping, Forced Marriage, Informal Institutions, Kyrgyzstan |
| JEL: | J12 K42 N35 P37 O17 J16 Z10 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1391&r=tra |
| By: | Fisnik Bajrami (Charles University, Institute of Economic Studies, Faculty of Social Sciences, Prague, Czech Republic.) |
| Abstract: | Macroprudential policy has gained prominence for promoting financial stability. In this paper, we assess the effectiveness of macroprudential policy in reducing credit growth over a 22-year period across 129 countries. Additionally, we investigate the interaction between macroprudential policy, dollarisation, and various exchange rate regimes, examining their impact on different financial stability indicators. Our findings indicate that macroprudential policy significantly reduces credit growth within a quarter of implementation, though this is not evident in the case of soft peg exchange rate regimes. Furthermore, our analysis reveals that dollarised countries exhibit superior outcomes in financial stability when compared to alternative exchange rate regimes. |
| Keywords: | macroprudential policy, dollarisation, exchange rate, credit growth, non-performing loans, inflation, interest rates, empirical evaluation |
| JEL: | E42 E52 E58 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2024_07&r=tra |
| By: | Christian Enz (Department of Applied Economics and Economy, Faculty of Economics, University of South Bohemia In České Budějovice) |
| Abstract: | Technological progress ensures a growing number of communication channels. National and international corporations use the new tools for intensive customer communication. SMEs therefore are in danger of disappearing from their consumers' field of vision. This paper examines the current communication behavior of SMEs. Future developments also are identified. The analysis of a large-scale survey of companies shows that the number of communication channels used depends on the size of a company. It is found that SMEs currently use fewer communication channels than large companies. Marketing communication is also much less professionalized in small companies. For example, this paper shows that only 25% of companies with an annual turnover of less than 2 million euros have their communication budgets. For SMEs with an annual turnover of 10 to 50 million euros, the share is already 58%. The importance of communication channels, on the other hand, depends on the regional context of the company's headquarters. Thus, the prioritization of certain communication channels is significantly dependent on the region in which a company is located. However, the research shows that SMEs across regions and size categories are aware of changes in the media use of their target groups. Nevertheless, many SMEs do not want to or cannot use all communication channels considered relevant in the future. This is equally evident among Czech and German SMEs, although German companies use more communication channels on average than Czech ones. This study also shows that SMEs are generally not willing to increase their marketing communication staff at present. This means that SME management faces the challenge of setting the correct priorities in customer communication. On the German side, the focus is on weighting. For Czech companies, the focus is on channel selection. This paper thus shows that there is potential for optimization for Czech and German SMEs. If it is possible to optimally reflect regional peculiarities in the use of media in the communication mix, efficiency increases and even the development of a competitive advantage over large companies is possible. |
| Keywords: | Training system, Corporate culture, Czech enterprises, New economy, Industry 4.0, Diagnosis of corporate culture, Relation between corporate culture and training |
| JEL: | M12 M14 M53 |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:boh:wpaper:03_2022&r=tra |
| By: | , Le Thanh Tung |
| Abstract: | In recent times, the notion of relationship quality has attracted a lot of interest in the domains of consumer behavior and marketing. This research aims to investigate the influence of service quality, intimacy, and ethics as antecedents on the elements of relationship quality (satisfaction, trust, and commitment) and loyalty in the Vietnamese banking business. Utilizing the mediating function of relationship quality, this research seeks to enhance the understanding of the factors influencing customer loyalty. A survey of 302 bank customers in Vietnam was conducted. The findings show that service quality and ethics have a substantial impact on customer trust, satisfaction, and commitment, resulting in greater loyalty. Furthermore, the study provides managerial implications for Vietnamese banks to improve their service quality and ethical standards to develop customer trust and commitment, resulting in increased customer loyalty in Vietnam's banking industry. |
| Date: | 2024–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:qzpxk&r=tra |
| By: | Bui, Dzung; Dräger, Lena; Hayo, Bernd; Nghiem, Giang |
| Abstract: | Using representative household surveys conducted in Thailand and Vietnam during the COVID-19 pandemic, we find that the marginal propensity to consume is signicantly larger for positive than for negative income shocks. Moreover, we discover that the savings position plays a crucial role, as the effects are especially pronounced for households that experienced a decline in savings. This result contradicts a prediction from the life-cycle permanent income model with borrowing constraints as well as empirical evidence from industrialized countries. However, our ending is consistent with Kahneman and Tversky's prospect theory, according to which the combination of income uncertainty and loss aversion can lead households to react more strongly to positive shocks than to negative ones. |
| Keywords: | Marginal propensity to consume (MPC), Households' savings position, Unanticipated income shocks, COVID-19, Thailand, Vietnam |
| JEL: | D12 D14 E21 H31 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:han:dpaper:dp-717&r=tra |
| By: | Andre Groeger; Yanos Zylberberg |
| Abstract: | This paper studies how social networks (might fail to) shape agricultural practices. We exploit (i) a unique census of agricultural production nested within delineated land parcels and (ii) comprehensive social network data within four repopulated villages of rural Vietnam. In a first step, we extract exogenous variation in network formation from home locations within the few streets that compose each village (populated through staggered population resettlement), and we estimate the return to social links in the adoption of highly-productive crops. We find a large network multiplier, in apparent contradiction with lowadoption rates. In a second step, we study the structure of network formation to explain this puzzle: social networks display large homophily, and valuable links between heterogeneous households are rare. Due to the clustered nature of networks and the dynamic, endogenous propagation of agricultural practices, there are decreasing returns to social links, and policies targeting “inbetweeners” are most able to mitigate this issue. |
| Keywords: | technology adoption, social networks |
| JEL: | D85 O13 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1426&r=tra |
| By: | Phu Nguyen-Van; Tuyen Tiet; Quoc Tran-Nam |
| Abstract: | Although numerous studies examine the impacts of environmental compliance and innovation on a firm's economic performance, the role of export activities in this nexus has remained unanswered. In this study, we revisit the Porter hypothesis by investigating synergy strategies of dierent environmental and economic practices (i.e., environmental compliance, product innovation, process innovation and having export activities) on total factor productivity (TFP) of Vietnamese manufacturing SMEs. Our results suggest that while encouraging either product or process innovation is also essential in the environment-promoting policy, joint implementation of these two practices should be carefully considered by managers. Moreover, entering export markets positively impacts rms' productivity; complying with the domestic/local environmental standards could signicantly increase the chances for SMEs to enter the export markets |
| Keywords: | Environmental compliance; Export; Product innovation; Process innovation; Productivity; SMEs |
| JEL: | L25 M11 O12 Q55 Q56 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2024-1&r=tra |