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Innovation in the Financial Sector (FinTech): Paradigms, Causes, Effects and Perspectives

Author(s): Ruxandra RÎMNICEANU / Language(s): English Publication Year: 0

The changes and evolution of the international and domestic financial-banking system, in the context of globalization, after the financial crisis of 2008, determined the emergence of global, virtual banks, megabanks, financial groups that use disruptive technologies and technological innovations. The first FinTech Action Plan (technology-based innovation in the field of financial services or financial technological innovations) of the European Union mark, as well, the first step circumscribed to the EU Digital Finance Strategy, in order to allow the expansion of innovative business models, but without forgetting to strengthen cyber security and to increase the degree of integrity of the financial system. In this context, however, it is important to take into account the variety of the institutions and the technologies in the countries participating in the Single Supervisory Mechanism (SSM), because the FinTech banks capture the different activities of the credit institutions in different jurisdictions to be closer to the customers and the investors and, in the same time, to expand the area of supervision of the problems related to the emergence of FinTech, because they exceed a sector of the economy or a geographical area and involves multiple financial-banking supervisory and regulatory institutions, belonging to various sectors.

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Market Concentration and Stability in European Banking

Author(s): Kristína Kočišová / Language(s): English Publication Year: 0

Using aggregate balance sheet data from banking sectors across the European Union (EU) countries over the period from 2004 to 2014 this paper provides empirical evidence on the testing the links between the concentration and stability. The paper contains a theoretical definition of approaches used to test the relation between these two characteristics of the banking sector. We used selected methods to estimate the concentration and stability and to test the presence of concentration-stability or concentration-fragility paradigm in conditions of EU. The stability was estimated with Banking Stability Index (BSI) and Z-score and the market concentration was evaluated with Herfindahl-Hirschman Index (HHI) and Concentration Ratio (CR5). The presence of the paradigm was verified with the test of the Granger causality for panel data. As the result of our analysis, we can say, that in our study the only one-way relationship running from stability to market concentration was estimated.

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How do remittances react to business cycle in receiving countries? Evidence from transition countries

Author(s): Cristina Procházková Ilinitchi,David Procházka / Language(s): English Publication Year: 0

There are two main views on remittances. The first one implies that remittances increase dependency of receiving countries and distort economic development, serving as a transfer mechanism for business cycles. The second view claims that remittances serve as an important mechanism for internal development through various channels and that on the contrary remittances reduce volatility of economic growth in receiving countries due to their stability and size. The paper assesses the association of remittances with the aggregate output in receiving countries. The analysis consists of 11 transition countries over the period 1993-2015. The findings reveal that remittances towards transition countries seem to be rather procyclical as in 4 countries there is a downturn in remittances when GDP decreases and vice-versa. Only in one country remittances are found to be countercyclical. For the remaining 6 countries, no pattern of cyclicality is found, the character of remittances being assessed as acyclical. The paper discusses possible explanations for these findings.

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MALÁ OBEC JAKO PÓL ROZVOJE: ODRAZ PRŮMYSLOVÉ ZÓNY V KVASINÁCH V REGIONU

Author(s): Ondřej Konečný,Michal Ševčík,Milan Damborský / Language(s): Czech Publication Year: 0

The paper focuses on the industrial zone in Kvasiny (Hradec Kralove), where one of the most important companies operating in the Czech Republic - Skoda Auto, is located. Although Kvasiny is rather a small village, the industrial zone has become an important source of jobs in the region. Therefore, the aim of the presented paper is to capture the importance and impact of the zone on selected socio-economic characteristics of the territory. Local importance (the municipalities of Kvasiny and Solnice) and also regional importance is evaluated. The territory of regional importance is set with regard to workers commuting to the factory, and is evaluated in two areas - the core and extended area. The development of selected characteristics is monitored in the years 2010-2016. The results have revealed that both the actual scope of the enterprise at the local level and the automotive industry in the region can be considered as elements constituting a pole of development and driving industries. On the other hand, despite the situation of the territory in the labour market is very positive, statistics on housing development and the dynamics of population and its structure do not support such positive trends. It is therefore impossible to speak of the positive image of the region as regards the residential function of the area.

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Impact of Macroeconomic Factors on the Value of Loans Granted to Non-Financial Enterprises by Monetary Financial Institutions in the Euro Area Countries

Author(s): Agnieszka Anna Huterska,Robert Huterski,Justyna Łapińska / Language(s): English Publication Year: 0

The use of low interest rates by the European Central Bank as an instrument to counteract the effects of the financial crisis in 2008 seemed to create favorable conditions for a significant increase in demand from non-financial corporations for loans granted by monetary financial institutions. Indeed, the demand for loans in individual euro area countries reported by non-financial corporations is shaped by both conditions common for the entire euro area and numerous factors reflecting the specificity of a given national economy. The aim of the article is to assess the impact of key macroeconomic factors on the size of lending to non-financial enterprises by monetary financial institutions in the euro area countries. The macroeconomic factors examined include GDP growth rate, unemployment rate, wage growth, inflation and the long-term interest rate according to the Maastricht criterion. The survey covers the euro area countries in 2008-2015, without Estonia and Latvia due to incomplete data for these countries for the above period. The data comes from the databases of the European Central Bank and Eurostat. For the purpose of assessing the above-mentioned factors, an econometric model based on panel data will be created.

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The Use of Backtesting in Assessment of the Value-at-Risk on Unites States, Great Britain and German Capital Markets

Author(s): Tomáš Meluzín,Marcin Fałdziński,Michał Bernard Pietrzak,Adam P. Balcerzak,Marek Zinecker / Language(s): English Publication Year: 0

For many years, a progressive globalization process has been observed, which translates into an increase in interdependencies between world economies. This growing level of interdependence affects the functioning of economies significantly. The greatest impact of mutual connections can be observed on the world capital markets. Therefore, the issue of the identification and measurement of market risk becomes an important problem related to the functioning of capital markets. Value at Risk is a metric that allows the risk of loss for selected assets to be assessed. The research objective of this article is to assess the quality of Value at Risk applied to measure the risk of the DJIA, DAX, and FTSE stock indices. The VaR estimation was carried out in the time period 2000-2012, where the DCC-GARCH model with the conditional Student’s t-distribution was used. To evaluate VaR quality, the backtesting procedure was used, within which we used the Juc, Jind, and Jcc tests.

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Banking System Development and Economic Growth: Evidence from a Sample of High Income Countries and Low & Middle Income Countries

Author(s): Lukáš Vodička / Language(s): English Publication Year: 0

This paper evaluates the relationship between banking system development and economic growth using data from 141 countries over the 1998 – 2015 period. Observed countries are also divided into two groups: high income countries and low & middle income countries. The set of explaining determinants describes three characteristics of the banking system – depth, efficiency and stability. The data is collected from following databases: World Development Indicators, Global Financial Development, KOF Index of Globalization and Financial Access Survey. Two-step system GMM estimator is used to address the issue of endogeneity. Robustness of the obtained results is tested with fixed-effects estimator. Using these methods we find that bigger banking system per se does not foster economic output, however its quality does. In case of high-income countries greater effect of banking sector instability on economic growth is observed.

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Foreign Capital Inflows and Domestic Savings in Turkey

Author(s): Özcan Karahan / Language(s): English Publication Year: 0

Since a high level of financial funding is needed to stimulate investment and thus enhance economic growth, most of the developing countries have sought to attract foreign capital to their financial system. Accordingly, after the implementation of different policies aiming the country to be attractive for foreign funds, Turkey have attracted huge financial capital to the own economy over the last decades. This study aims to determine the impact of capital inflows on total saving in Turkey by using ARDL Bound Testing Approach for quarterly data between 2002 and 2018. Empirical findings indicated that capital inflows to Turkey could not create the positive effect on total saving as much as expected from them. This is because foreign funds provided by capital inflows to Turkey had a substitution effect rather than completing domestic savings in the Turkish Economy. This result also shows that external dependence and thus fragility of financial markets in Turkey have significantly increased. Therefore, it is necessary to give priority to policies related to the management of capital inflows in order to ensure financial stability and achieve sustainable growth in Turkey.

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IMPLEMENTACE INTEGROVANÝCH NÁSTROJŮ ÚZEMNÍ DIMENZE V PROGRAMOVÉM OBDOBÍ 2014 – 2020

Author(s): Jana Kostalova,Marie Bednarikova / Language(s): Czech Publication Year: 0

The article deals with the impact of public policies co-financed by the European Structural and Investment Funds in the programming period 2014 – 2020 on the development of municipalities, cities and regions. Based on the experience of the programming period 2007 – 2013, the territorial dimension was also included into the Partnership Agreement between the European Union and the Czech Republic in the current period. The territorial dimension is understood as an opportunity to support the competitiveness of specific types of territories and also as a tool for balancing territorial disparities. The territorial dimension links the sectoral and regional focus of support tools and activities. The fulfilment of the territorial dimension in the programming period 2014 - 2020 takes place through integrated projects and integrated tools. Integrated tools used in this programming period are integrated territorial investments, integrated territorial development plans and community-led local development. Despite the delays in the start of the programming period, all integrated instruments are used in the second half of the programming period and their impact can be analyzed. The article specifies the range and the benefits of integrated tool implementation and recommendations for the preparation of the next period based on the current implementation process.

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DŮVODY NEATRAKTIVITY NĚKTERÝCH OBCÍ V LIBERECKÉM KRAJI Z HLEDISKA BYDLENÍ

Author(s): Emil Drápela / Language(s): Czech Publication Year: 0

The existence of new housing construction is one of the characteristics of a prosperous community. If there are no new apartments in the municipality, it is a result of its stagnation or decline. The article maps the geographical distribution of the number of completed flats in municipalities in the Czech Republic, focusing on the reasons for the unattractiveness of some municipalities in the Liberec Region in terms of housing. The indicator used is the housing construction intensity (IBV) in the 20-year period 1998-2017, per 1 km2. For municipalities that have reached extremely low values of the indicator were examined qualitative geographic parameters of the area, or the historical development leading to this state. Furthermore, the correlation between IBV indicator values in all municipalities in the Liberec Region and 15 selected geographical, demographic, social and economic indicators was analysed. Five areas were identified in the Liberec Region that can be described as unattractive in terms of housing construction. Significant correlations were documented for indicators: the number of inhabitants, number of legal entities per 1000 inhabitants, and for 4 other indicators describing civic amenities in municipalities, availability of services and technical infrastructure. On the contrary, none of the demographic indicators has shown a close relationship.

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VPLYV CESTOVNÉHO RUCHU NA ROZVOJ MESTA PIEŠŤANY

Author(s): Miroslava Trembošová,Alena Dubcova,Hilda Kramáreková,Peter TREMBOŠ / Language(s): Slovak Publication Year: 0

Tourism is an important phenomenon that shapes human society. It affects not only the economy but also has significant social, cultural and political implications. In specific cases, it also has an important center-making function. This is also confirmed by the story of the Piešťany Town which, thanks to the development of spa tourism, has changed from a small rural settlement with a dominant agricultural activity to a world-famous spa town with a wide range of economic activities. The aim of the paper is to evaluate the impact of tourism on the social and economic development of the town based on the study of historical materials, statistical data processing, field research and evaluation of the questionnaire survey of the enterprise environment. The stagnation in the number of overnight stays, long-term decline in the number of foreign visitors and changes in their composition and preferences result in a decrease in the number of accommodation facilities and beds. There has been a decline in employment in tourism facilities. The proportion of inhabitants leaving for work has increased. Along with the intense suburbanization process, these changes has led to a decline in the population of the town and its aging. Therefore, the town has to seek also other economic activities which would reverse this unfavorable development.

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Yeşil Psikolojik İklim ve Yeşil Davranış Niyeti İlişkisi

Author(s): Ali Erbaşı / Language(s): Turkish Publication Year: 0

İnsanoğlunun çevre üzerindeki tahrip edici etkileri, çevreyi odak noktasına alan tüm çalışmaları önemli hale getirmeye başlamıştır. Bu bağlamda örgütler de çevre odaklı yapılar oluşturmanın adımlarını incelemeye ve uygulamaya başlamışlardır. Örgütlerdeki çalışanların davranışlarını inceleyen örgütsel davranış alan yazını ise, örgüt içindeki çalışanların çevre dostu davranışlar sergilemesine odaklanmıştır. Son yıllarda örgütsel davranış alan yazınında yeşil konsepti üzerine yapılan araştırmaların önemli bir yere sahip olduğu görülmektedir.

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Geleneksel Pazarlamadan Yeşil Pazarlamaya Geçiş Süreci: Tüketicinin Yeşil Ürün Tercihini Etkileyen Faktörler

Author(s): Necmiye Kapusuz,Cihat Kartal,Tülin Durukan / Language(s): Turkish Publication Year: 0

In this study, a literature review on the process that transforms from traditional marketing to green marketing has been made and the green marketing classification has been evaluated comparatively. For this purpose, a wide range of national and international articles published in marketing, business and management journals between 1992-2022 were scanned. The findings obtained from the review constitute the main theme of this study.

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Örgütsel Özdeşleşme, İşe Bağlılık ve İş Performansı Arasındaki İlişkiler: Savunma Sanayii Sektöründe Bir Araştırma

Author(s): Cenk TUFAN / Language(s): Turkish Publication Year: 0

This study, which was prepared based on Social Identity Theory and Self Classification Theory, examines the relationships between organizational identification, job involvement, and job performance variables in a sector such as the defense industry, which hosts a qualified workforce and highly educated employees. It also examines the mediating role of job involvement in the relationship between organizational identification and job performance. In this study, it is assumed that employees who identify with their organizations will cause an increase in individual job performance through positive behaviors and attitudes such as job involvement. For this reason, a survey was conducted on the employees of small-scale private enterprises operating in the defense industry in Ankara. According to the findings, organizational identification affects job performance positively and significantly. In addition, organizational identification positively and significantly affects job involvement; It has been found that job involvement has a positive and significant effect on job performance. The study also concluded that job involvement has a mediating role in the relationship between the organizational identification of the employees in the defense industry and their job performance. From these findings obtained from the research, it is concluded that organizational identification and job involvement are the antecedents of individual job performance.

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Çalışma Yaşamında Bilgi Uçurma (Whistleblowing)

Author(s): Gül Bilen / Language(s): Turkish Publication Year: 0

Whistleblowing is defined as the conscious revealing and disclosure of unethical or criminal situations occurring within the organization by the member or members of the organization (Cross and Tiller, 1998). The concept of whistleblowing has gained importance with the emergence of scandals in large and powerful enterprises, institutions and organizations, especially in recent years. Organization members who engage in whistleblowing behavior may naturally conflict with their organizations, other organization members and managers and remain silent. In this silence, unjust, unfair and illegal situations in the organization can become widespread (Near and Miceli, 2013). Therefore, whistleblowing is protected by different laws in different countries in order to support the members of the organization to take action without hesitation (Kaptein, 2011). However, in order for whistleblowing to be implemented and carried out effectively in the organization, the members of the organization must know the internal politics and ethical rules well and be knowledgeable and conscious about this issue (Miceli and Near, 1992). As a result, the concept of whistleblowing is an extremely important concept in terms of revealing unfair and erroneous situations in organizations and ensuring justice within the organization. However, members of the organization must be careful and act in accordance with the law when deciding whether or not to engage in whistleblowing. In this book chapter, information about the emergence of the concept of whistblowing, its reasons and its importance in terms of working life will be given.

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Yeşil Organizasyonlar

Author(s): Deniz Yildiz / Language(s): Turkish Publication Year: 0

Since organizations are social systems that interact with the environment, the development of green environmental awareness among the organization is inevitable in order to make natural resources sustainable. Regardless of the sector, organizations must develop an awareness of environmental problems. Today, environmental awareness is very important in order to provide competitive advantages and to make this superiority sustainable. Therefore, green organization functions have taken the place of classical functioning in organizations. Green organizations have a strategic importance in terms of using resources economically, developing green awareness towards nature and making this awareness sustainable. In this way, while the costs of the organizations decrease, the corporate image is also positively affected. While the main purpose of the top management in traditional management approaches was to produce and market the needed product or service, today, in addition to this purpose, environmental awareness has been added as an extension of corporate social responsibility. In this direction, in addition to the basic objectives of the organizations, it is ensured that they use their resources economically with green environmental awareness, reduce their costs and contribute to the sustainability of the resources. In this section, under the title of green organization, it is emphasized the place and importance of some functions in the management of organizations such as human resources management, production and marketing. At the same time, it is aimed to investigate the current studies on green organizations in the literature. According to the result, green environmental policies come first among the corporate social responsibilities of organizations. A green organization with environmentally friendly strategies, sustainability and green behavior is a beacon of hope for future generations. Sustainable green strategies give organizations a competitive advantage.

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İş Hayatında Temaruz

Author(s): Ebrar Ilıman Yaltagil / Language(s): Turkish Publication Year: 0

The concept of malingering, which means false illness, is not only an issue that should be addressed by the field of psychiatry, but also an important issue that should be examined for businesses. This concept, which is difficult to detect, is seen as a situation where employees take shelter in order to escape from work. The concept of malingering, which is defined as consciously pretending to be sick, exaggerating or triggering the disease for an identifiable secondary gain, has become an important problem in business life within the framework of its causes and effects. Malingering in business life can be due to personal reasons as well as to reasons arising from the business environment. Many empirical studies show that malingering; health complaints, perceived workload, working conditions, ergonomic defects, negative employee-manager and employee-employee relations, health status of individuals, age, migration history, job and income satisfaction, size of the institution they work for, and existence of a fixed-term employment contract. reported to be significantly related to its properties. The effects of malingering are manifested in the form of turnover, continuous payment of absent employees, inadequate use of labor, productivity losses, customer dissatisfaction, increased administrative costs, high turnover costs, reductions in workforce morale, and heavier workloads. The increase in malingering is not only harmful to organizations in the long run, but also brings a burden to the state and society. Despite all this importance of the subject, it is seen that studies in the field of health are intensively carried out, although scientific statistics on malingering in enterprises cannot be reached. In this context, it is thought that it is important to know the concept in detail.

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Unveiling the Influence of Leader Narcissism on Workplace Stress and Organizational Communication: Insights from the Information Technology Sector

Author(s): Begüm Al / Language(s): English Publication Year: 0

This study delves into the intricate relationship between leader narcissism, stress levels, and organizational communication, providing insights into the dynamics of contemporary workplaces. Utilizing a sample survey conducted within an information technology department, participants assessed leader narcissism, job stress, and organizational communication through comprehensive questionnaires. The findings illuminate the positive correlation between the "exploitativeness" dimension of leader narcissism and the "work-family conflict" sub-dimension of job stress, as well as the "feedback" sub-dimension of organizational communication. Similarly, a positive association emerged between the "superiority" dimension of leader narcissism and the "critical communication" sub-dimension of organizational communication. Conversely, a negative relationship was observed between the "self-sufficiency" dimension of leader narcissism and the "information sharing" sub-dimension of organizational communication. Moreover, a statistically significant negative correlation was identified between the "authority" dimension of leader narcissism and the "role ambiguity" sub-dimension of job stress, while a positive relationship was detected with the "role stress" sub-dimension. These empirical findings underscore the nuanced effects of leader narcissism on job stress and the quality of organizational communication within the workplace. These significant insights offer valuable implications for leadership practices and organizational communication strategies, empowering organizations to address the challenges associated with leader narcissism. The scholarly contribution of this study advances the field of organizational behavior, providing actionable recommendations for leaders and managers striving to cultivate a conducive work environment.

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Sosyal Değişim Teorisi Bağlamında Örgütsel Vatandaşlık Davranışına Tarihsel ve Politik Bir Bakış

Author(s): Özge Mehtap / Language(s): Turkish Publication Year: 0

In today's post-modern world, where uncertainty and chaos prevail, rule-based hierarchical organizations are giving their place to businesses where expert power and knowledge, and therefore people, are more important. In these new structures, where continuous change is required, the effect of individuals' behaviors within the organization on performance and the importance of directing these behaviors in a positive way increase even more in order to manage individuals and institutions. In this study, the concepts of organizational citizenship behavior and organizational politics, which are two important research areas of the organizational behavior literature, are discussed over the relationship between each other and on the basis of Social Exchange Theory. Although research on politics in the management literature has increased in recent years, it does not receive the importance it deserves. Researches generally associate politics only with manipulation and behavior aimed at protecting the interests of managers or management. This negative perception leads to an incomplete understanding and explanation of the organizational politics. But political behavior includes both positive and negative behaviors. The policies implemented by the managers and the political behaviors they exert are closely related to the potential and existing organizational citizenship behaviors of the employees. In the context of the Social Exchange Theory, it is seen that the citizenship behaviors of the employees increase to the extent that the managers meet the expectations and needs of the employees.

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The Importance of Interest System Approaches in a Modern Management System

Author(s): Parviz Rustamov Haji / Language(s): English Publication Year: 0

As is well known, interest is an economic fact that has been known and practiced since time immemorial and is subject to positive or negative assessments. This fact, which has not lost its significance throughout the history of the economy, is still considered one of the most important indicators that distinguish political and economic regimes. Due to this importance, since its inception, interest has been among the research topics of philosophers and economists, especially celestial religions. Islam, the last of the heavenly religions, has taken up this problem, which is of great interest to society, in a form of law based on its own moral laws, and has taken a religious-legal approach to interest. Thus, the Holy Qur’an states: “O you who believe! Do not consume one another’s property illicitly, and do not kill yourselves, except by mutual consent. Surely Allah is Merciful to you. Whoever commits aggression and oppression, We will cast him into the Fire of Hell. That is easy for God. If you avoid the major sins, We will cover your sins and admit you to a beautiful place. “(Surat an-Nisa, verses 29-31) From this point of view, scientific-research work is relevant from the point of view of research of scientific approaches in the importance of interestbased system approaches in the modern management system.

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