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THE IMPACT OF CULTURAL DISTANCE ON THE PERFORMANCE OF FOREIGN SUBSIDIARIES: EVIDENCE FROM THE KOREAN MARKET

Author(s): Hyunjun Park,Kyungsu Han,Woojin Yoon / Language(s): English Issue: 17/2018

This study investigates whether the cultural distance between Korea and the home countries of foreign subsidiaries in Korea affects the subsidiaries’ financial performance. It contributes to the literature on international business in that it sheds light on cultural distance, a well-established but somewhat neglected concept in international business. Unlike most of the previous studies that have used cultural distance as a control or moderating variable, this study uses it as an independent variable in the context of globalization through foreign direct investments in Korea. Focusing on the possible positive side of broad cultural distance, we hypothesize that the performances of foreign subsidiaries are likely to be better when the cultural distance between their home countries and Korea increases. To test our hypothesis, we have conducted an empirical analysis, using data collected from 472 foreign subsidiaries doing business in Korea. The results support our argument that cultural distance has a positive impact on financial performance. This study finds that having cultural similarities with a foreign market does not guarantee success. Instead, it shows that firms can gain opportunities when incorporating in a foreign national market with broad cultural distance.

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Does Corruption Act as a Deterrent to Foreign Direct Investment in Developing Countries?

Author(s): Sanjib Guha,Niazur Rahim,Bhagaban Panigrahi,Anh D. Ngo,David Simmonds / Language(s): English Issue: 21/2020

Developing countries institute policies to attract Foreign Direct Investment (FDI) that promotes growth and development. Corruption disrupts and complicates the implementation of policies that govern the inflows of FDI and the operations of foreign firms; such interference with policies is more than likely to disrupt and lower the inflows of FDI. This paper evaluates whether or not corruption reduces inflows of FDI into each and every developing country. Our study shows that developing countries with high growth rate (> 6% annual GDP growth) attract more FDI than countries with low growth rates although they are both steeped in corruption. Multi-national Corporations (MNCs) seem willing to cope with corruption in countries with high growth rates.

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An Institutional Approach to Trade Union Density. The Case of Legal Origins and Political Ideology

Author(s): Jacek Lewkowicz,Anna Lewczuk / Language(s): English Issue: 49/2017

Which institutions may be important in terms of trade union density and how significant they are? Although the status of trade unions may be very different among states, unions are still a very meaningful component of labour markets. In this paper, we contribute to the debate about the institutions that may affect the outcome of trade unions in different legal systems. Firstly, we draw on the theoretical underpinnings of trade union activity and density. Then, we conduct an empirical analysis of the relationships between trade union density in a particular country, country’s legal origins and government’s ideology. In this way, the paper enriches an underexploited niche in institutional research devoted to labour market issues.

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Poland’s Economic Performance in Global and Long-term Perspective: Surprises so far and Risks in the Years Ahead

Author(s): Stanisław Gomułka / Language(s): English Issue: 52/2018

The paper is focused on economic and institutional developments in Poland during the last 30 years of transition from its centrally planned socialist economy to a market-based capitalist economy. The main purposes of the paper are three. One is to identify and explain the developments that were either surprising or specifically Polish. The second purpose is to note and explain the differences between the rate of growth of the Polish economy and that of the other emerging economies, in particular to explain ‘the green island’ phenomenon during the global financial crisis 2008-2009. The third purpose is to note and discuss the new risks that may prevent Poland to reduce further the development gap to technologically most advanced economies.

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Sovereign default and the structure of private external debt

Author(s): Joanna Siwińska-Gorzelak,Michał Brzozowski / Language(s): English Issue: 52/2018

While the literature on determinants of sovereign default is voluminous, the links between private indebtedness and the probability of public bankruptcy have not been studied extensively. In this paper we aim to fill this gap and to shed more light on the influence of the size and structure of private debt on sovereign default probability. We focus on developing and emerging market economies over the years 1970–2012. The main conclusions are that both the size and the structure of private borrowings affect the probability of a sovereign default.

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Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

Author(s): Justyna Zalewska,Natalia Nehrebecka / Language(s): English Issue: 53/2019

The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity and solvency on the rates of return on the shares of companies listed on the Warsaw Stock Exchange. In the context of developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is still not clear. Poland is the most economically developed country in Central and Eastern Europe. A thorough analysis is necessary to take appropriate action and introduce adequate regulations in the country, as well as to create the foundation for researching other economies in this region. In addition, this article includes new estimators that have not yet been taken into account but that may affect the rates of return, which will contribute to the literature on the subject and to the development of knowledge on the volatility of returns on shares. In the study, we have calculated the time-varying beta coefficients of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency ratios, which were computed using the CAPM, Fama–French and Carhart models. The empirical study described in the article focuses on companies listed on the Warsaw Stock Exchange in the period from 1 January 1999 to 30 June 2013. Regressions were estimated by the least-squares method and by quantile regression. Based on the results, it was found that listed companies at risk of bankruptcy are able to meet their short-term liabilities. Liquidity and solvency measured by financial ratios significantly affect the sensitivity of the rate of return on shares to the risk factors expressed in the CAPM, Fama––French and Carhart models.

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Uzaktan çalışmanın iş güvencesizliğine etkisinde iş-yaşam dengesi ve psikolojik güvenliğin düzenleyici-aracılık rolü

Author(s): Orkun Demirbag,Hale Cide Demir,Uğur Yozgat / Language(s): Turkish Issue: 1/2021

Remote work, which was seen as a fashionable word in the pre-Covid-19 periods, has been the main focus of their lives as a flexible working arrangement, which has been introduced as the "new normal" that millions of employees had to pass overnight since March 2020, and employees must adapt quickly. People who work in the uncertain and chaotic environment created by the epidemic are faced with increasing levels of job insecurity, which indicates not only the loss of one's job but also the loss of various job characteristics that they want to protect with remote working arrangements. In this direction, event systems, boundary and conservation of resource theories constitute the theoretical background of the study. This study, based on the relevant theories, examines the moderating role of work-life balance and the mediating role of psychological security in the effect of remote work effectiveness on job insecurity. As a result of the survey study, 444 white-collar employees from the service and manufacturing sector have shown that they have psychological security mediating role in the relationship between remote work efficiency and job insecurity, and that the work-life balance has a moderator role on the relationship between remote work effectiveness and psychological security. Finally, the psychological security mediation model has also yielded meaningful results; The relationship between remote work effectiveness and job insecurity, mediated by psychological security, was found to be significant in the condition of work-life balance.

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Державне регулювання аграрного кредитування в Наддніпрянській Україні в ХІХ – на початку ХХ ст.: сучасний науковий дискурс

Author(s): Volodymyr Zaichenko,Volodymyr Popov / Language(s): Ukrainian Issue: 6 (39)/2021

The purpose of the article is to consider the modern scientific discourse on agricultural lending in Naddnieper Ukraine in the second half of the 19th and early 20th centuries and to identify promising areas for further research on this issue. The authors used empirical and theoretical methods of scientific research in particular methods of analysis and synthesis, the method of scientific abstraction, and others characteristic methods of research on economic history to achieve this goal and implement the corresponding research tasks.In recent years, a body of diverse scientific research of historians, economists and lawyers has appeared in Ukraine in which these problems are considered. These works differ both in the depth of study of the problem of agricultural lending and in the range of studied issues. The entire body of works of modern Ukrainian scientists, which forms the modern scientific discourse on the history of agricultural lending in Naddnieper Ukraine in the second half of the 19th - early 20th century, consists of three groups including in particular : 1) research, which are devoted to outstanding economists and theorists of lending of the 19th - early 20th century; 2) works on the history of the Peasant and Noble banks, branches and offices of which operated on the territory of the Ukrainian governorates; 3) research of cooperative crediting.We are obliged to note that despite a significant amount of scientific research on the history of lending (including agricultural lending) in Naddnieper Ukraine in the second half of the 19th and beginning of the 20th century, today prevail works devoted only to certain aspects of this complex and important scientific problem, without proper cooperation between representatives of various branches of knowledge. In the authors' view, synectics that is scientific cooperation of representatives of various specialties: economists, historians and lawyers, should become promising in studying the history of agricultural lending in Naddnieper Ukraine in the second half of the 19th and early 20th centuries. It allows to solve such a complex scientific problem comprehensively and considering the economic component (determination of the most optimal scientifically grounded lending methods) and the historical as well as anthropological approach and the study of the legal regulation of credit relations. In our opinion, it is exactly the kind of approach, that allows not only to study the problem of the history of agricultural lending in Naddnieper Ukraine in the second half of the 19th and early 20th century comprehensively, but also to offer modern lenders a mechanism for developing balanced and affordable credit products that will stimulate the development of the agricultural sector and the economy of Ukraine as a whole.

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Кооперативне кредитування: перспективи застосування підходів Ф. В. Райффайзена в аграрному секторі України

Author(s): Andriy Panteleimonenko,Vladyslav Honcharenko,Svitlana Kasyan / Language(s): Ukrainian Issue: 6 (39)/2021

It is emphasized that at the beginning of the XXI century application of cooperative lending experience of F.W. Raiffeisen cooperatives model in Ukrainian practice allowed credit unions to abandon collateral as the main form of credit security. For many small agricultural producers, especially farmers, signing of a group agreement on joint and several liability (formation of the so-called loan circle) was almost the only opportunity to obtain loans. The main reason for stopping this practice is indicated. It was caused by the consequences of the global financial and economic crisis, the first appearances of which have been felt in Ukrainian economy since 2008.It is discovered that the content of publications presented in scientific professional journals of Ukraine only to some extent reveals the essence of F.W. Raiffeisen approaches on lending to small rural producers. The need for in-depth study of such experiences is emphasized. It is proposed to establish rural credit societies in Ukraine, which are based on the experience of F.W. Raiffeisen credit cooperatives. The important role of state and local governments in the financial support of this process is emphasized. The external financing mechanism for such cooperatives, especially at the initial stage of their activity, with the use of F.W. Raiffeisen loan circles practice is described. Establishing rural credit societies to finance peasants and farmers are indicated as promising.A model of a rural credit society is proposed. It was successfully functioning in Germany, as well as on the territory of other European countries, including Ukrainian provinces, starting from the end of the 19th century. And provided that appropriate changes are made to current Ukrainian legislation, these rural credit societies can become a source of affordable loans for the development of farming. The expediency of detailing the proposed model of a credit cooperative is indicated, taking into account all the principles typical for cooperatives of F.W. Raiffeisen model.

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Are corporate social responsibility active firms less involved in earnings management? Empirical evidence from China

Author(s): Oleh Pasko,Fuli Chen,Nelia Proskurina,Rong Mao,Viktoriia Gryn,Iryna Pushkar / Language(s): English Issue: 2/2021

This paper investigates whether corporate social responsibility active (CSR active) firms operate dissimilarly from other firms in their financial reporting. Specifically, we examine whether the corporate social responsibility (CSR) attitude of a firm sways its reporting incentives, in respect of the extent of earning management. To test our predictions, we use a sample of 25,861 year-company observations, corresponding to 3538 Chinese listed companies, for the period 2009–2019. We find a significant positive association between CSR activity and earning management assessed by the level of discretionary accruals in Chinese listed companies. Moreover, we document that Chinese CSR active firms engage more in earnings management through discretionary accruals than CSR inactive firms. These findings are consistent with the opportunistic financial reporting hypothesis: advances in CSR used by managers to safeguard their position by evading scrutiny from stakeholder activists. This study contributes to the growing awareness among investors, stakeholders and researchers that we should distinguish between CSR active firms and socially responsible firms and that being the latter entail something more than just mechanically produce CSR reports.

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COVID-19 Pandemic: Health Challenges and a Critical Study of the Structure of the Nigeria Economy

Author(s): Samuel Daniel Ugochukwu,Ekene Samuel Odo,Oluwatosin Miracle Atewologun,Adetola Abiodun Adeyeye,Tosin David Olaegbe / Language(s): English Issue: 11/2021

Sub-Saharan Africa has been characterized as having a high prevalence of malaria and HIV. The present COVID-19 outbreak compounds and complicates Nigeria’s health and socio-economic problems that require stringent public health measures, improved health facilities and achievable economic policies to tackle. The impact of COVID-19 on national economies depends on the level of preparedness and responsiveness to shocks. This perspective dissected the structure of the Nigerian economy and the effect of the pandemic on Nigeria’s economy, having given mild health implications. The study adopted an exploratory research design and thus, relied on the past socio-economic situation in Nigeria to explain how Nigeria was affected by the pandemic. This perspective concludes that the socio-economic foundation in Nigeria is weak. These weak socio-economic settings have made the economy vulnerable to external and internal shocks. This study recommends that the Nigerian government provide adequate and internationally standard training facilities for her health workers and ensure that they are paid well and as when due. To build a resilient economy that can survive external and internal shocks, there is a need to diversify the economy’s economic base fully. Alongside achieving economic diversification, there is the need to improve the existing agricultural-industrial link. The Central Bank should adopt effective monetary policy measures to facilitate credit to private sectors to promote investment in key sectors in the economy. There is a need to increase stimulus package for all industries and households to sustain and improve employment and consumption levels. There is a need to improve efficiency in government spending. The government should sincerely invest in infrastructures to reduce the cost burden on the private sector. Furthermore, there is a crucial need to increase government investment in the health and education sector to prepare the nation for any other health emergency and build its human capital.

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INTERESTS PROTECTED UNDER THE POLISH LAW ON COMBATING UNFAIR COMPETITION

Author(s): Jakub Kępiński / Language(s): English Issue: 2/2020

The article concerns the problem of determining the relationship between the Polish Act on Combating Unfair Competition of 1993 and the Polish Act on Combating Unfair Market Practices of 2007. The problem arose when the Unfair Commercial Practices Directive was implemented in the Polish system in 2007. The Directive is based on the division, which was not known in the Polish Act on Combating Unfair Competition, relating to business-to-business (B2B) and business to-consumer (B2C) relationships. The adoption of such an artificial division has raised numerous problems of interpretation. A better solution would be to adopt in subsequent legislative works the criterion of protected interests, which are the basis of each of the analysed legal acts. Consequently, it will be necessary to introduce legislative changes to the Polish Law on Combating Unfair Competition.

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Finansal Planlama ve İşletmelerin Nakit Kararlarında Finansal Planlama Kullanılması

Author(s): Mikail Erol,Mehmet Hanifi Ayboğa / Language(s): Turkish Issue: 10/2021

Financial planning is an important phase of business plans prepared to determine the resources required for a business to achieve its goals and to show how these resources will be used. Financial planning shows when and with which resources the production factors, energy and machinery required to produce the work included in the business plan of an enterprise will be obtained. If the business plan is prepared correctly, financial planning is equally successful. The aim of this study is to reveal the importance of financial planning for businesses because the plans made are used in determining the financial decisions of the enterprise. Planning is an important part of the finance manager's job in businesses. Within the scope of the study, the increasing necessity of restructuring in planning is explained due to the fact that global economic crises occur in countries with good control mechanisms and have more negative effects in developed economies. As a result, in the globalization process, with the effect of the 2009 financial crisis in the USA, the crisis became global and it is revealed that the financial plans organized are not suitable for globalization conditions. At the same time, it is explained that due to the economic effects encountered in the COVID-19 process, first of all, multinational companies should make changes in their financial plans. While this study explains the importance of financial planning with examples, it also proves the importance of considering possible crisis processes.

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Teknik Göstergeleri Makine Öğrenimi Modellerine Entegre Ederek Şehir Endeksi Hareketinin Yönünü Tahmin Etmeye Yönelik Bir Yaklaşım

Author(s): Öyküm Esra Yiğit,Merve Karaköse / Language(s): Turkish Issue: 2/2021

City indexes that have been calculated by Borsa Istanbul provides a deeper understanding to investors who are interested on making investments to a specific region. Financial performances of 13 cities in Turkey are reflected by these indexes from the beginning of the year 2009. This study differs from the earlier ones mostly focused on the volatility by integrating the technical indicators into different machine learning models for the purpose of forecasting the direction of movement in the daily city indexes. The proposed procedure was applied to the Istanbul city index (XSIST) series, which has the highest number of stocks traded in BIST. 38 different technical indicators based on volume, volatility, trend and momentum were calculated and the most effective indicators in the daily change of XSIST series were selected as inputs to 6 different machine learning models. The performance of the learning models was compared with the help of metrics based on confusion matrices.

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The Central and Eastern European natural gas market 2013 – 19. Trends and implications

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The Central and Eastern European natural gas market 2013 – 19. Trends and implications

Author(s): Dwight Nystrom,Geoffrey Lyon / Language(s): English Issue: 06 (49)/2021

Over the last decade, the natural gas market in Central and Eastern Europe (CEE) has changed dramatically. Today, we are seeing more cross-border pipeline routes that are bi-directional and the possibility of greater LNG imports. These changes will bring increased economic opportunities for the full market chain under EU rules. Hungary, Slovakia and Ukraine are emerging as key players in these developments.

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Pay Senedi Getirileri ile Finansal Performans Arasındaki İlişki: BIST İmalat Sektörü Örneğ

Author(s): Fatma Öztürk,Erkan Alsu / Language(s): Turkish Issue: 16/2021

The aim of this study is to examine the relationship between stock returns and the financial performance of the business. The data of 52 companies operating in the manufacturing sector registered in Borsa Istanbul and whose data can be accessed regularly, between 2008 and 2018, were analyzed by creating different models with the panel GMM technique. The independent variables used in the study are profitability ratios, liquidity ratios, productivity ratios and indebtedness ratios. The dependent variable is the stock return of the companies. According to the findings of the study, it has been determined that the changes in the financial performance of the enterprises in the different models established are effective on the stock returns of the enterprises. In all the models established, it has been seen that the return on equity, productivity ratios and the ratio of market value and book value have a positive effect on stock returns. However, it is seen that there are both positive and negative relationships between the liquidity ratios of the enterprise and the stock returns. While there is a positive relationship between current ratio and stock returns, there is a negative relationship between liquidity rate and stock returns. The results of the analysis show that there is mostly a positive relationship between the stock returns and the financial performance of the business. For this reason, when investing in any stock, investors should consider the financial performance ratios as a leading indicator for stock returns and take financial statements into account. This study provides important information to portfolio investors, business owners and foreign investors.

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COVİD-19’UN DÜNYA VE TÜRKİYE DIŞ TİCARETİ ÜZERİNDEKİ ETKİLERİ

Author(s): İbrahim Bora Oran,Ahmet Münir Gökmen / Language(s): Turkish Issue: 10/2021

Covid-19 crisis firstly started in China but in a short time having impacts on the strongest economies of the world like European Union countries and USA, has adverse impacts particularly on international trade field. It is seen that the impacts on the foreign trade activities of the countries have been experienced after the closure of international borders with the outbreak of Covid-19 pandemic in the world. The aim of this study is to contribute into the assessment of impacts of pandemic crisis on the foreign trade of Turkey as a result of globalization and identification of future strategies. Method of this study is the comparison using causal modeling one of the types of quantitative research methodology. For this purpose, analyses of changes on Turkey’s exportation and importation and the analysis about the foreign trade activities in the world were compared. Countries where the most adverse impacts of Covid-19 pandemic are currently experienced and changes experienced in Turkey having previous exportation and importation activities with these countries are being consideration. Although regional differences are experienced, a downward trend is generally seen in the exportation and importation activities. However, it is seen that only the changes in the foreign trade of medicinal products are different.

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Prognozowalność długookreosowych stóp zwrotu na polskim rynku akcji

Author(s): Jerzy Gajdka,Piotr Pietraszewski / Language(s): Polish Issue: 1/2020

The article discusses the ability of market valuation ratios and the ratios of share prices to GDP to predict future stock returns on the Polish capital market. Although some controversy remains, stock return predictability in the United States and other industrialized countries appears quite well established. The results of an investigation for two broad market indices: WIG and MSCI Poland over the period January 1995 – December 2019 and a broad set of valuation ratios show that such ratios as price to sales, price to book value, price to EBITDA, price to earnings averaged over past ten years and price to forecasted earnings have strong predictive power for mainly long-horizon cumulative returns. Also the ratio of index levels to GDP tracks a large fraction of the variation over time in future returns on the aggregate stock market. On the other side, divided yield and price to earnings proves to be quite poor predictors. Heteroskedasticity and autocorrelation consistent estimators were used to track the problem of overlapping data in regressions.

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Assessment of Feldstein’s ‘Global Imbalance’

Author(s): Paweł Młodkowski / Language(s): English Issue: 1/2021

This note is a systematic review of arguments provided by Feldstein (2008) on the necessity for global readjustments, both in the U.S. and in main trading partners. The purpose is to address the main arguments in the scientific and political debate on persistent To date, there has been no publication that challenged the opinions leading to totally wrong forecasts concerning the global imbalance. With a perspective of more than 10 years of post-2008-crisis developments, and together with empirical evidence one can easily see how erroneous were the arguments formulated in 2008. The tasks included a systematic review of all arguments formulated by Martin Feldstein in 2008, and casting them against empirical evidence. The U.S. current account (CA) deficit has continued for many years, since 1982, and has not changed, as foreseen by Feldstein. The primary method is a simple comparative analysis, supported by basic macroeconomic data. They allow to reveal multiple processes leading to further deterioration of the U.S. trade balance. Neither savings rate domestically nor abroad adjusted to give a basis for solving the global imbalance. In the same time, all traditional arguments presented on global imbalances seem undeniable. However, an alternative interpretation of the imbalance does not recognize the CA deficit as “a gift to the U.S. economy”. This paper sheds new light on the “global imbalance”, suggesting that increasing domestic absorption by China may be an important factor in resolving the U.S. problematic and persistent trade deficit. Disaster-scenarios may be not there in the U.S. to experience. Future developments may be far from those announced, and previously expected by Feldstein in his seminal paper. A careful reader may conclude that all coming changes and adjustments will be slow, gradual, and will not cause any major issues in the global economy. Such conclusions seem most justified by hard data and therefore encouraging. As the topic remains central to open economy empirical macroeconomics, continuation of studies on this issue seems natural. The U.S. and China will remain the biggest economies, and, as such, they are central to the global situation.

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Do Business Booms Trigger Corruption?

Author(s): Kouramoudou Keïta,Hannu Laurila / Language(s): English Issue: 1/2021

In the literature, the nexus between economic growth and corruption is well covered, but there are only few studies on cyclical variations of corruption. For example, Galbraith (1997) claims that embezzlement flourishes in business booms and withers in recessions, and Gokcekus and Suzuki (2011) support the claim by finding a positive correlation between transitory income and corruption. This paper retests the argument and produces conflicting results. It is found that corruption shrinks as transitory income increases meaning that economic booms foster integrity rather than corruption. Moreover, the negative correlation is strong in high-income countries and in those with sound rule of law which points to developed countries, whereas the effect remains relatively weak in countries with low income or poor rule of law which points to developing countries. The finding is relevant also from the perspective of the European Union.

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