A MULTIDIMENSIONAL AND DYNAMISED CLASSIFICATION OF POLISH PROVINCES BASED ON SELECTED FEATURES OF HIGHER EDUCATION IN 2002–2013

Author(s): Wojciech Łukaszonek / Language(s): English / Issue: 2/2017

For close to two decades after the fall of communism in 1989, Polish higher education enjoyed an unprecedented period of development. Favourable political, economic, social and demographic changes led to a fivefold increase in the number of students and the number of higher educational institutions. The dynamic changes and their effects did not occur uniformly, in either space or time. An attempt is made here to identify and analyse the regional differentiation between Polish provinces in terms of features relating to higher education. To investigate the changes in higher education in the period of economic and social transformation, observations were made of fundamental characteristics of higher education in the years 2002–2013. The applied procedure uses new statistical methods applicable to a space of doubly multivariate data. The covariance matrix used to construct principal components is given the structure of a Kronecker product. The results led to the identification of six groups of provinces, including two consisting of a single province – Mazowieckie and Małopolskie provinces – which contain the largest and the highest-ranked2 higher educational institutions in Poland: the University of Warsaw and Jagiellonian University.

A NEW ESTIMATOR OF MEAN USING DOUBLE SAMPLING

Author(s): Vadlamudi Kalyan Rao,Sedory Stephen A.,Singh Sarjinder / Language(s): English / Issue: 4/2017

In this paper, we consider the problem of estimation of population mean of a study variable by making use of first-phase sample mean and first-phase sample median of the auxiliary variable at the estimation stage. The proposed new estimator of the population mean is compared to the sample mean estimator, ratio estimator and the difference type estimator for the fixed cost of the survey by using the concept of two-phase sampling. The magnitude of the relative efficiency of the proposed new estimator has been investigated through simulation study.

A NEW METHOD FOR COVARIATE SELECTION IN COX MODEL

Author(s): Nader Ebrahimi,Ujjwal Das / Language(s): English / Issue: 2/2018

In a wide spectrum of natural and social sciences, very often one encounters a large number of predictors for time to event data. An important task is to select right ones, and thereafter carry out the analysis. The l1 penalized regression, known as “least absolute shrinkage and selection operator" (LASSO) became a popular approach for predictor selection in last two decades. The LASSO regression involves a penalizing parameter (commonly denoted by l) which controls the extent of penalty and hence plays a crucial role in identifying the right covariates. In this paper we propose an information theory-based method to determine the value of l in association with the Cox proportional hazards model. Furthermore, an efficient algorithm is discussed in the same context. We demonstrate the usefulness of our method through an extensive simulation study. We compare the performance of our proposal with existing methods. Finally, the proposed method and the algorithm are illustrated using a real data set.

A PANEL ARDL ANALSIS OF THE PRODUCTIVITY OF KEY ECONOMIC SECTORS CONTRIBUTING TO LOCAL ECONOMIC GROWTH IN AN EMERGING COUNTRY

Author(s): Rufaro Garidzirai,Paul-Francois Muzindutsi / Language(s): English / Issue: 1/2020

It has become precise and indisputable that the South African economic growth has been stagnant. Despite this stagnant growth, the productivity of key sectors is supposed to alleviate some of the challenges of the South African economy. The aim of this study is to identify the key sectors that may assist in boosting economic growth at a local level. This study employed three estimators (PMG, MG and DFE) of a panel autoregressive distributed lag model (ARDL) to analyse the short- and long-run effects of various sectors’ productivity on economic growth in a South African district. By employing annual data from 1996 to 2015, 6 sectors (construction, finance, trade, community service, manufacturing, transport, mining and tourism) from four municipalities in South Africa were analysed. Results show that the productivity of the construction, transport, trade, manufacturing and finance sectors influence economic growth positively in the long-run. However, the productivity of the mining and tourism sectors negatively affect economic growth in the long-run. Short-run results reveal that, in the short-run, the productivity of all sectors, except trade and transport, contribute positively to local economic growth. This study recommends that the government improves the production methods and invests in infrastructure and skills development to advance the productivity of the mining and tourism sectors.

A Pareto Inefficient Path to Steady State in Recession

Author(s): Taiji HARASHIMA / Language(s): English / Issue: 65/2019

In this paper, the focus is on the concept of Nash equilibrium of a Pareto inefficient path (NEPIP) to examine the nature of the transition path to steady state after a shock that generates a severe recession. Risk-averse and non-cooperative households strategically and rationally choose a NEPIP if a shock that widely shifts the steady state downwards occurs. Because NEPIPs are not Pareto efficient, an infinite number of transition paths can be NEPIPs, but a unique NEPIP is eventually selected from among many possible NEPIPs by households through a tug of war between their preference to avoid a worst-case scenario and the expected utility.

A Perspective on Industry Classification and Market Reaction to Corporate News: Evidence from India

Author(s): Nayanjyoti Bhattacharjee,Anupam De / Language(s): English / Issue: 1/2018

In this paper, we provide a cross-industry perspective on the market reaction to different corporate news in the context of Indian stock market. We have studied the price and volume movements associated with eight broadly defined news categories namely Analyst Calls, Earnings, Earnings Forecasts, Finance, Legal and Regulatory, Management, Operations and Restructuring. We have employed the standard event study methodology on a sample of stocks listed on the National Stock Exchange of India for the purpose of our study. We observe that the market reaction to firm specific corporate news varies according to the type of news across different industry groups. We also observe that the sentiment of the news is a critical factor which influences the market reaction to such news flow across industry groups. We also provide a cross- industry perspective on the relative importance of different corporate news categories after taking into account the sentiment of the news in the context of Indian stock market.

A RELATIVE ASSESSMENT OF THE CONTRIBUTIONS OF AGRICULTURE, OIL AND NON-OIL TAX REVENUES TO NIGERIA’S ECONOMIC EXPANSION

Author(s): Cordelia Onyinyechi OMODERO / Language(s): English / Issue: 2/2019

The decline in oil prices globally has led to diversification of economy in most oil enriched countries. In Nigeria, more attention is given to agriculture and non-tax revenue sources to ensure that the country overcomes a mono-economy syndrome which has affected the nation in the past. This study assesses the contributions of agriculture, oil and non-oil tax revenue to economic expansion in Nigeria using data that cover a period from 1981 to 2017. The regression results indicate that oil revenue has a significant negative impact on economic growth which is represented by gross domestic product. On the contrary, the study finds evidence that agriculture and non-oil tax revenue have a robust significant and positive influence on economic growth. Therefore, the study suggests that tax administration in Nigeria should be more business-growth conscious and that agriculture should be given a boost by creating an enabling environment that could attract foreign direct investments in the agricultural sector. The study also recommends that oil revenues should be utilized for reinvestments into other sectors of the economy.

A Research Study of Nonlinearity Experiencing in the Rate of Current Account Deficit to the Bulgarian Tourism National Product

Author(s): Stoyanka Petkova-Georgieva,Zlatina Karadzhova / Language(s): English / Publication Year: 0

The nonlinearity in any rate of current account deficit is an important task of research because of the so-called Regime Switching Models: TAR, SETAR, Markov Switching Model, etc. Usually, the behavior of time series exhibit breaks is associated with structural changes in government policy or financial crises. In the present research it is used as an example the calculated data about the rate of current account deficit to the Bulgarian Tourism National Product. The series are hard to be modelling because of the structural change of the government policy about the Bulgarian Tourism National Product. The basic hypothesis that is tested in the conducted research is that when there is a case of changes in the time series in their structure it is impossible the principles of linearity assumption to be applied. In the traditional econometrics as a science the linearity is an important assumption but there are practical evidences in which most of the time series do not provide this assumption. These cases of such time series behavior are called nonlinearity series. It is important to test the linearity assumption because of the differing between the ways of modelling the series in the case of linearity and nonlinearity using the date of the rate of current account deficit to the Bulgarian Tourism National Product. If any series do not provide the linearity assumption and also have change in the structure then the case can be modelling with TAR, SETAR or Markov Switching Model. We provided the research by questioning whether there is nonlinearity in the rate of proportion of current account deficit to the Bulgarian Tourism National Product and it is experienced with four nonlinearity tests: Kaplan Test, McLeodLi test, BDS Test and Tzay Test.

A simple model of developing countries: financing the current account deficit

Author(s): Özgür Bayram Soylu / Language(s): English / Issue: 1/2020

A stock flow consistent model provides a monetary and financial framework to macroeconomics. It clearly shows the sources of financing for investments and also answers the following questions: Where does the finance for investment come from? and How are budget and current account deficits financed? This paper presents a simple stock flow consistent model for the developing countries with current account deficits. Most of these countries seem to cover the current account deficit by public borrowing and private sector borrowing. For this purpose, the motivation of this paper is based on the state of these countries and the modelling of their position.

A STRATEGIC APPROACH TO THE KEY MODERN TOURISM TRENDS IN THE REPUBLIC OF SERBIA

Author(s): Milan Počuča,Jelena Matijašević-Obradović / Language(s): English / Publication Year: 0

One of the most important measures in creating a more competitive position in the tourism market is the adoption of the appropriate planning documents in the field of tourism and tourism development,in particular the adoption of a clear and responsible Strategy of tourism development, as wellas defining the key strategic goals and directions of tourism development. The current Strategy laysparticular emphasis on the key modern tourism trends: in the promotion and booking methods, in thefield of accommodation, and with regard to contemporary motives for travel in the global tourism market.Besides the relevant issues regarding tourism, special emphasis is placed on the strategic approachto the key modern tourism trends in the Republic of Serbia.

A Struggle for Survival: The Polish Agricultural Sector from Communism to EU Accession

Author(s): Silvia Borzutzky,Emmanuel Kranidis / Language(s): English / Issue: 04/2005

This article discusses the evolution of the Polish agricultural sector, its struggle for survival since 1945, and the effects of this struggle on the Polish economy. The article provides insights and conclusions about the flaws of the communist economic system and central planning policies, the successes and problems of the Polish transition to a free market system, the effects of EU policies on the agricultural sector, and the depth of the relationships between the agricultural sector and the national economy. The article concludes with a discussion of the impact of the Poland-EU Association Agreement and the effect of preaccession policies on the agricultural sector. The analysis indicates that EU accession has not solved the structural problems of the Polish agricultural sector such as overemployment, farm size, and lack of capital. However, EU accession provides the potential for a better future if a stable economic environment is created and if foreign capital is attracted.

A Study on the Chain of Cost Values – Online Trust: Applications in Mobile Commerce in Vietnam

Author(s): Ha Minh Nguyen,Bui Thanh KHOA / Language(s): English / Issue: 63/2019

Mobile commerce (m-commerce) is making a big difference in the perception of cost, value, and online customer trust in the business. Besides monetary cost, the spiritual cost also contributes to the change in not perceived value but also online trust. Based on qualitative and quantitative research with Structural Equation Model (SEM), the paper examines as well as confirms the negative relationship between perceived cost (monetary and spiritual) and perceived value; moreover, the study also explores perceived value that has a mediating role in the negative relationship between perceived spiritual cost and online customer trust to m-commerce business in Vietnam. Besides, some managerial implications are proposed for m-commerce business via electronic devices.

A Survey of the Autonomy, Accountability, Effectiveness and Governance of Slovak State-Owned Enterprises

Author(s): Zuzana Brinčíková,Marek Kálovec,Colin W Lawson / Language(s): English / Issue: 4/2018

Fourteen Slovak state-owned enterprises were studied, using published data and structured interviews with management. A novel methodology is used to assess SOE autonomy, effectiveness, accountability and governance. Variations in operating conditions reflect different government objectives and different ownership models. Mixed state-private firms performed more like competitive firms than did wholly state-owned SOEs. This information was fed into an assessment of Slovak SOEs’ compliance with the 2015 OECD Guidelines on SOE Corporate Governance. There are many differences between Slovak practice and the Guidelines. This may reflect a choice to favour government interests, rather than the OECD’s inclusion of a wider group of stakeholders. One cost is foregone efficiency gains. Another is the perception that the present highly opaque governance system hides corruption.

A THREE-PARAMETER WEIGHTED LINDLEY DISTRIBUTION AND ITS APPLICATIONS TO MODEL SURVIVAL TIME

Author(s): Rama Shanker,Kamlesh Kumar Shukla,A. Mishra / Language(s): English / Issue: 2/2017

In this paper a three-parameter weighted Lindley distribution, including Lindley distribution introduced by Lindley (1958), a two-parameter gamma distribution, a two-parameter weighted Lindley distribution introduced by Ghitany et al. (2011) and exponential distribution as special cases, has been suggested for modelling lifetime data from engineering and biomedical sciences. The structural properties of the distribution including moments, coefficient of variation, skewness, kurtosis and index of dispersion have been derived and discussed. The reliability properties, including hazard rate function and mean residual life function, have been discussed. The estimation of its parameters has been discussed using the maximum likelihood method and the applications of the distribution have been explained through some survival time data of a group of patients suffering from head and neck cancer, and the fit has been compared with a one-parameter Lindley distribution and a two-parameter weighted Lindley distribution.

Abbas, S. Ali, Alex Pienkowski, Kenneth Rogoff, eds. 2020. Sovereign Debt: A Guide for Economists and Practitioners

Author(s): Boris Begović / Language(s): Serbian / Issue: 2/2020

ABORDĂRI PRIVIND CICLUL DE VIAȚĂ AL ECHIPAMENTELOR MEDICALE

Author(s): George Udroiu,Toma Pleşanu / Language(s): Romanian / Issue: 03/2020

Medical equipment is the most expensive investment in the healthcare industry that helps ensure the safety, quality and efficiency of the medical care. In the context of the continuous development of technology and the limitation of available resources in the healthcare sector, as well as in order toincrease the potential of assets and their technical performance and for optimizing the costs associated with use, advancing robust equipment management is a managerial mustfor healthcare leaders. This multidisciplinary activity of health technology management is of fundamental importance in the development of the organization and requires an understanding of the life cycle of medical equipment and the associated processes. The current article provides an overview of the stages of equipment life and the interdependent functions of this chain, in order to improve the decision-making process and the rational use of resources.

Absolwenci kierunków ekonomicznych i zarządzania na rynku pracy

Author(s): Robert Menderak / Language(s): Polish / Issue: 11/2019

The purpose of this paper is to present key issues related to the entry of graduates of economic and management universities studies in labour market and the expectations of the supply side of the labour market against economists and managers educated by universities. In this moment graduates of the universities entering in labour market are representatives of the younger generation of Generation Y, millennials born between 1990 and 1997 and the first people of Generation Z, post-millennials born after 1998, only entering the labour market. As part of the paper, a review of the literature from the subject was made, outlining the main problems thatconstitute challenges in the context of the functioning of modern economic organizations. In the opinion of researchers, these are generations well educated and aware of their capabilities, not only material, developmental, but also psychological. On the other hand, economists and managers entering the market pose a big challenge for employers, because they require a significant change in the approach to managing the organization and human resources, changes in the organization culture and its value.

Absorpcja funduszy Unii Europejskiej a rozwój społeczno-ekonomiczny w ujęciu subregionalnym w Polsce

Author(s): Marcin Spychała / Language(s): English / Issue: 3/2020

The purpose of the article is to specify the interdependencies between the absorption of EU funds and the changes in socio-economic development. The research was conducted on subregional level in three stages. At the first stage, the level of development of 380 districts in Poland was specified. At the second stage, the differentiation in EU fund absorption in those districts was shown. At the third stage, the interdependencies between the size of the absorption and the changes in the level of development in the arrangement of factors of the said development based on the analysis of regression was specified.

Accounting systems in Croatia, Poland, and Slovakia – a comparative study

Author(s): Beata Zynarska-Dworczak,Ivana Mamić Sačer,Daša Mokošová / Language(s): English / Issue: 109/2020

Purpose: This paper provides a comparative analysis of accounting systems in three Central and Eastern European countries  Croatia, Poland, and Slovakia. The main goal of the paper is to contribute to the understanding of the main differences and their main economic, historical, and cultural reasons. Methodology/approach: The research based on a comparative analysis of Croatian, Polish, and Slovak accounting regulations allows for the identification of important differences in accounting standards, despite the geopolitical proximity of the analysed countries and their Slavic roots. Findings: The paper demonstrates that the economic differences between the countries may influence the development of their accounting systems. Our empirical research also reveals that accession to the European Union had a significant impact on the development of accounting in these countries. Moreover, our research verified whether cultural differences influence accounting systems and financial reporting in the analyzed countries. Originality/value: The similarities and differences in accounting systems indicated in this paper may help regulators assess real opportunities to harmonize accounting regulations in the member states of the European Union in the face of economic and cultural factors.

Accrual adjustment: applying the Modified Jones model to selected companies listed on the stock exchanges in Poland and Chile

Author(s): Fernando Morales Parada,Reinier Höllander Sanhueza,Małgorzata Anna Węgrzyńska / Language(s): English / Issue: 109/2020

Purpose: Information from the accounting system should secure the proper development o f business and the capital markets. On the other hand, fraud in the accounting sphere significantly distorts the image of an economic unit, which directly affects the level of social trust, as the trust of the interests of the recipients of financial statements is violated. On a global scale, such activities are developing rapidly. The aim of the article is to try to identify accrual adjustments as an accounting tool using the modified Jones model in Polish and Chilean listed companies. Methodology/approach: A modified Jones model was used to study accrual adjustments. The research sample consisted of 30 selected business entities listed on the stock exchange in Poland and Chile that published financial statements in accordance with IAS/IFRS between 2013 and 2017. In total, 60 listed companies were surveyed. Findings: Poland makes accrual adjustments to lower its operating result, while Chilean economic operators rely on accrual adjustments to increase their operating results. Chilean economic operators show a greater dispersion of discretionary accrual adjustments. Therefore, they show more cases of accounting manipulations than Polish companies. Research limitations: The main limitation of the study was the number of companies and the period covered by the study. Originality/value: In the authors' opinion, no studies have been conducted that compare the two countries, Poland and Chile