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Economies, Volume 10, Issue 9 (September 2022) – 28 articles

Cover Story (view full-size image): This article attempts to identify the main reason for the profitability of Czech food processing companies. For this purpose, an analysis of the profitability of the food industry was carried out in the framework of the structure–conduct–performance (SCP) paradigm. The analysis used data at the micro-economic level of six Nomenclature of Economic Activities (NACE) sub-sectors of the Czech food processing industry in the period 2016–2020. Based on the research carried out, it can be concluded that companies with relatively larger market shares do not have greater market power and thus do not achieve higher profitability. View this paper
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21 pages, 2167 KiB  
Article
Effect of Investment Promotion through the Special Economic Zone Mechanism on the Distribution of FDI in Cambodia
by Chuop Theot Therith
Economies 2022, 10(9), 231; https://doi.org/10.3390/economies10090231 - 16 Sep 2022
Cited by 1 | Viewed by 3002
Abstract
This study examines the effect of investment promotion through the special economic zone (SEZ) mechanism on foreign direct investment (FDI) inflow across Cambodia. We applied generalized methods of moments (GMM) to panel data constructed from 19 Cambodian provinces during 2015–2019. Our results show [...] Read more.
This study examines the effect of investment promotion through the special economic zone (SEZ) mechanism on foreign direct investment (FDI) inflow across Cambodia. We applied generalized methods of moments (GMM) to panel data constructed from 19 Cambodian provinces during 2015–2019. Our results show that the number of SEZs positively affects both FDI inflow and diversification across the country, while capital invested in developing SEZs increases only the latter. Other SEZ variables, including the presence of SEZ, its intensity, and the age of the first established SEZ in a province, are mostly found to be positively associated with FDI and diversified FDI but not notably significant. Supportably, the existence of SEZ is confirmed to be significant by the t-test method, meaning that the SEZ province can attract more FDI than the non-SEZ one. Some provincial efforts and characteristics, including annual government expenditure, number of public relations, population density, population 18 years old and up, deep-sea ports, and international gates, likely significantly influence FDI inflow into the provinces of Cambodia. All in all, the SEZ mechanism attracts more diversified foreign investment activities, and it has a significant effect on the distribution of FDI in Cambodia. Full article
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12 pages, 289 KiB  
Article
Misuse of Deferred Taxes in Portugal
by Alexandre Moniz, Gualter Couto and Pedro Pimentel
Economies 2022, 10(9), 230; https://doi.org/10.3390/economies10090230 - 16 Sep 2022
Cited by 1 | Viewed by 1686
Abstract
Financial transparency is essential for stakeholders to make decisions, ensuring a correct amount of tax is paid to the state. Many companies have opted for the recognition of deferred tax assets to present a different result, but there is scant literature. This study [...] Read more.
Financial transparency is essential for stakeholders to make decisions, ensuring a correct amount of tax is paid to the state. Many companies have opted for the recognition of deferred tax assets to present a different result, but there is scant literature. This study investigates the impact of recognizing deferred tax assets and their contribution to earnings manipulation, together with the effect of the 2008 global financial crisis. Using data from 29 companies listed on the stock exchange and headquartered in Portugal between 2007 and 2012, formalize correlation tests and a linear regression model were used, concluding that more indebted companies tend to recognize more deferred tax assets, paying less tax to the state and that for the sample size and study period, it was not possible to conclude the impact of the 2008 financial crisis. Full article
(This article belongs to the Special Issue Nexus between Politics and Economics in the Emerging Countries)
20 pages, 3098 KiB  
Article
Inter-District Road Infrastructure and Spatial Inequality in Rural Indonesia
by Ribut Nurul Tri Wahyuni, Mohamad Ikhsan, Arie Damayanti and Khoirunurrofik Khoirunurrofik
Economies 2022, 10(9), 229; https://doi.org/10.3390/economies10090229 - 16 Sep 2022
Cited by 1 | Viewed by 2689
Abstract
Road quality plays an important role, especially in rural areas where most poor households are situated. This study aims to calculate the Rural Access Index (RAI), an indicator of rural road quality (SDG indicator 9.1.1), at the district level, to evaluate the implementation [...] Read more.
Road quality plays an important role, especially in rural areas where most poor households are situated. This study aims to calculate the Rural Access Index (RAI), an indicator of rural road quality (SDG indicator 9.1.1), at the district level, to evaluate the implementation of the Nawacita programme in Indonesia from 2014–2020. The RAI describes the proportion of rural residents who live within 2 km of an all-season road. This study recommends the utilisation of road network maps, urban–rural boundary maps, three road network condition datasets, and WorldPop data to calculate the RAI. The results show that during this period, the RAI increased and its inequality decreased, specifically in the regions of priority for this programme (Papua and West Papua). The results also capture a strong pattern of regional convergence. To ensure the future success of this implementation, the government can create regulations to designate several road infrastructure projects as a national strategy, as well as increase tax collection and private sector investment as sources of road infrastructure development funding. Full article
(This article belongs to the Section International, Regional, and Transportation Economics)
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12 pages, 293 KiB  
Article
An Analysis of the Performance of Regional Development Banks (RDB) in Indonesia: Stochastic Frontier Analysis Approach
by Ferdian Timur Satyagraha, Rudi Purwono and Dyah Wulan Sari
Economies 2022, 10(9), 228; https://doi.org/10.3390/economies10090228 - 15 Sep 2022
Cited by 1 | Viewed by 2286
Abstract
The dominance of the banking sector shows that the banking industry plays an important role in driving the economy in Indonesia. As part of the national banking industry, Regional Development Banks (RDB) are required to contribute to the economy through optimal performance. One [...] Read more.
The dominance of the banking sector shows that the banking industry plays an important role in driving the economy in Indonesia. As part of the national banking industry, Regional Development Banks (RDB) are required to contribute to the economy through optimal performance. One of the important indicators in measuring company performance, including in the banking industry, is the level of efficiency. Efficiency in the banking industry can be observed from a micro and macro perspective, which leads to the ability of banks to survive in conditions of increasingly fierce competition in technology-based products and services, as well as the ability of banks to allocate financial resources to increase investment activities that can stimulate the economy. Therefore, this study examined the level of cost and profit efficiency of the RDB industry in Indonesia for the 2011–2020 period, as well as the internal and external variables that affect RDB inefficiency using Stochastic Frontier Analysis (SFA). The results show that there are no RDB’s efficient in cost and profit. Furthermore, the variables capital adequacy ratio and technology investment impact on increasing cost and profit efficiency, opposite with non-performing loan. Therefore, to optimize the xRDB’s cost and profit efficiency, the main thing that must be done includes managing and improving good quality loans as well as optimizing idle funds. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
16 pages, 663 KiB  
Article
The Spatial Spillover Effects of Fiscal Expenditures and Household Characteristics on Household Consumption Spending: Evidence from Taiwan
by Hao-Chen Huang, Chen-Lin Yuan and Ting-Hsiu Liao
Economies 2022, 10(9), 227; https://doi.org/10.3390/economies10090227 - 15 Sep 2022
Cited by 2 | Viewed by 1294
Abstract
The main purpose of this study is to explore the determinants of average household consumption spending in counties and cities from the two aspects of government fiscal expenditure and household characteristics. A spatial econometric model, the spatial Durbin model, was used to analyze [...] Read more.
The main purpose of this study is to explore the determinants of average household consumption spending in counties and cities from the two aspects of government fiscal expenditure and household characteristics. A spatial econometric model, the spatial Durbin model, was used to analyze Taiwan’s county-level and municipal panel data from 2000 to 2020. Global spatial autocorrelation and local spatial autocorrelation were applied to examine the overall degree of spatial agglomeration of average household consumption spending in Taiwan and the agglomeration status of specific counties and cities. The empirical results show that the average consumption spending per household of all counties and cities in Taiwan presents spatial autocorrelation, and the agglomeration of specific counties and cities is affected by different ruling parties of the central government. In terms of direct effects, the average consumption spending per household in local counties and cities is influenced by household characteristics, including average disposable income per household, average number of employees per household, and average living area per capita. In terms of the spatial spillover effect, the average consumption spending per household in local counties and cities is influenced by household characteristics of the neighboring counties and cities, including the average disposable income per household and the average living area per capita. Surprisingly, local economic development expenditure and local expenditure on education, science, and culture have no significant impact on the average consumption spending per household in counties and cities. The results of this study can be taken as a reference for government policymaking. Full article
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23 pages, 700 KiB  
Article
Does Social Investment Influence Poverty and Economic Growth in South Africa: A Cointegration Analysis?
by Kanayo Ogujiuba and Ntombifuthi Mngometulu
Economies 2022, 10(9), 226; https://doi.org/10.3390/economies10090226 - 15 Sep 2022
Cited by 6 | Viewed by 3784
Abstract
Despite having a middle-income status, many South African households are either already in or are about to fall into poverty. The income and wealth distribution in South Africa is among the most uneven in the world, and many households lack even the most [...] Read more.
Despite having a middle-income status, many South African households are either already in or are about to fall into poverty. The income and wealth distribution in South Africa is among the most uneven in the world, and many households lack even the most basic access to healthcare, clean energy, and clean water. Although it has increased government spending, South Africa’s government has made significant steps to combat poverty and inequality and encourage economic growth. Understanding the connection between social investment, poverty, inequality, and economic growth is, therefore, necessary to comprehend the ambiguity that currently prevails. In order to analyze the effects of social investment on poverty and economic growth in South Africa between 1990 and 2020, this paper uses the cointegration technique. The cointegration estimates indicate that there is no correlation between social investment, poverty, inequality, and economic development. According to study findings, South Africa’s macroeconomic policies, which seem to be more urban-focused, need to be modified and redirected into inclusive policies with strict constraints to assure their implementation. The transformation of rural and township life will be aided by this plan. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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24 pages, 2494 KiB  
Article
Analysis of Citizen Satisfaction in Municipal Services
by José Fernando Romero-Subia, Juan Antonio Jimber-del Rio, María Salomé Ochoa-Rico and Arnaldo Vergara-Romero
Economies 2022, 10(9), 225; https://doi.org/10.3390/economies10090225 - 14 Sep 2022
Cited by 14 | Viewed by 4432
Abstract
Citizen demand for quality public services is increasing, and improvements in the provision of public services affect citizen satisfaction and loyalty. This research is to evaluate citizens’ loyalty to municipal officials on the quality of public services provided by the municipality. The measurement [...] Read more.
Citizen demand for quality public services is increasing, and improvements in the provision of public services affect citizen satisfaction and loyalty. This research is to evaluate citizens’ loyalty to municipal officials on the quality of public services provided by the municipality. The measurement is made through a household-level survey, with a sample of 428 valid questionnaires, in a rural parish of Tengel in Guayaquil, following the American Customer Satisfaction Index (ACSI). This study used the Warp-PLS 7.0 software with a structural equation model to evaluate the seven hypotheses raised. A new component is included in this research: the effect of perceived quality in the provision of municipal services in rural areas on the value ratio perceived by the citizen and overall satisfaction. The results obtained allowed us to observe that the loyalty of the citizen to the elected municipal officials depends on citizen satisfaction with the public services provided by the municipal administration in rural areas. In addition, the quality perceived by the citizen modulates at different levels the relationships between the perceived value and the citizen satisfaction. Areas of improvement in the provision of public services such as municipal police, firefighters, veterinary services, parking services and address information were identified. The findings would allow local public administrators to take action to improve the services provided in rural areas in order to maintain the loyalty of citizens. Full article
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23 pages, 822 KiB  
Article
Trade Policy Uncertainty and Medical Innovation: Evidence from Developing Nations
by Muhammad Nadir Shabbir, Wang Liyong and Muhammad Usman Arshad
Economies 2022, 10(9), 224; https://doi.org/10.3390/economies10090224 - 14 Sep 2022
Viewed by 1709
Abstract
This study explores the influence of trade policy uncertainty on medical innovation investment in developing nations from 1980 to 2020, with a focus on the period of COVID-19. We used exogenous and heterogeneous exposure to trade-policy-uncertainty resolutions from developing countries’ trade policy adjustments, [...] Read more.
This study explores the influence of trade policy uncertainty on medical innovation investment in developing nations from 1980 to 2020, with a focus on the period of COVID-19. We used exogenous and heterogeneous exposure to trade-policy-uncertainty resolutions from developing countries’ trade policy adjustments, which reduced tariff hikes on imported goods in a double difference-in-differences method. ARDL with PVAR has been studied for long-run and short-run analyses. The findings revealed that reducing tariff uncertainty boosts innovation beyond patent filings and margin reaction and exports. Long-term impacts of sectoral innovation patterns, governmental changes, and foreign technology entering developing nations have little effect on the findings. This paper also shows a long-term link between medical innovation, trade policy uncertainty, and research-and-development spending. Innovation’s negative response to the innovation shock and research and development’s positive response corroborates bidirectional and unidirectional causality. This study contributes to medical innovation and policy uncertainty in terms of developing countries and, most importantly, in trends of medical innovation, contemporaneous policy uncertainty given the inflow of foreign technology, and the importance of that technology recent times. Full article
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19 pages, 725 KiB  
Article
The Impact of Remittances on Saving Behaviour and Expenditure Patterns in Vietnam
by Thanh Xuan Hua, Roselinde Kessels and Guido Erreygers
Economies 2022, 10(9), 223; https://doi.org/10.3390/economies10090223 - 14 Sep 2022
Cited by 2 | Viewed by 3723
Abstract
We examine the effects of receiving remittances on household saving behaviour and expenditure patterns in Vietnam. We consider the amount of saving, the saving rate, and the share of expenditure, as well as per capita expenditure on education, health, assets, house repairs, food, [...] Read more.
We examine the effects of receiving remittances on household saving behaviour and expenditure patterns in Vietnam. We consider the amount of saving, the saving rate, and the share of expenditure, as well as per capita expenditure on education, health, assets, house repairs, food, non-food, and utilities. We apply propensity score matching to data from the Vietnam Household Living Standard Survey (VHLSS) of 2012. We find that remittances have a positive impact on household savings and increase both the amount of saving and the saving rate. As far as expenditure patterns are concerned, our results indicate that receiving households spend more on health, assets, and house repairs, and less on food. This finding suggests that households tend to use remittances productively, with receiving households increasing their investments in human and physical capital. For the economy as a whole, remittances can create more opportunities for the development of services provided by banks, financial institutions, hospitals and healthcare centres, and give incentives to the production of building materials and tangible assets. Full article
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16 pages, 321 KiB  
Article
Kindergarten Proximity and the Housing Market Price in Italy
by Angela Stefania Bergantino, Antonella Biscione, Annunziata de Felice, Francesco Porcelli and Riccardo Zagaria
Economies 2022, 10(9), 222; https://doi.org/10.3390/economies10090222 - 13 Sep 2022
Cited by 1 | Viewed by 1263
Abstract
This paper investigates the impact of kindergarten proximity on housing market prices in the eleven major Italian Municipalities over the period 2004–2017. For this purpose, we employ a hedonic property price model. We also differentiate the impact of kindergarten proximity on houses’ market [...] Read more.
This paper investigates the impact of kindergarten proximity on housing market prices in the eleven major Italian Municipalities over the period 2004–2017. For this purpose, we employ a hedonic property price model. We also differentiate the impact of kindergarten proximity on houses’ market price between state and non-state premises. The findings highlight that (i) the level of housing price depends on kindergarten proximity; (ii) some quality school characteristics played a crucial role and (iii) the distinction between public and non-state kindergartens shows that the vicinity of the latter generates a more significant capitalization effect. Finally, the empirical evidence could be useful to several actors involved in urban planning when developing plans for the construction of new kindergartens in order to create a more homogeneous city. Full article
22 pages, 845 KiB  
Article
Does Country Risk Influence Foreign Direct Investment Inflows? A Case of the Visegrád Four
by Adewale Samuel Hassan
Economies 2022, 10(9), 221; https://doi.org/10.3390/economies10090221 - 9 Sep 2022
Cited by 4 | Viewed by 4646
Abstract
The determinants of FDI inflows have been a subject of unremitting debate in the economic literature over the years. However, the role of country risk has received inadequate attention, especially in the context of the Visegrád countries, which comprise the Czech Republic, Hungary, [...] Read more.
The determinants of FDI inflows have been a subject of unremitting debate in the economic literature over the years. However, the role of country risk has received inadequate attention, especially in the context of the Visegrád countries, which comprise the Czech Republic, Hungary, Poland and Slovakia. Hence, this study examined whether country risk matters for FDI inflows into the Visegrád Four for the period 1991–2020. This study accounted for cross-sectional dependency, structural breaks and heterogeneous slopes in the panel of the four countries by employing the dynamic common correlated effect estimator. Additionally, country-wise fully modified least-squares regression was conducted for each country to test the robustness of the estimates. The empirical results revealed that country risk matters for the FDI inflows into the Visegrád countries, as it has a negative effect on the FDI inflows. Furthermore, both the overall panel and country-wise regressions established that economic and political risks are essential determinants of the FDI inflows, as both have a negative relationship with the FDI inflows. However, financial risk had weak and mixed impacts on the FDI inflows in the overall panel and country-wise regressions, respectively. These research outcomes highlight the need for appropriate macroeconomic and government authorities in the Visegrád economies to enhance the market capabilities of their economies by improving and upholding the social, institutional, corporate and macroeconomic structures, and as a way of achieving better country risk attributes. Full article
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15 pages, 513 KiB  
Article
Do Regional Heads Utilize Capital Expenditures, Grants, and Social Assistance in the Context of Elections?
by Chanif Rizqiyati and Doddy Setiawan
Economies 2022, 10(9), 220; https://doi.org/10.3390/economies10090220 - 9 Sep 2022
Viewed by 1299
Abstract
This study empirically analyzes the alleged existence of political budget cycles in Indonesian local governments. Using panel data, this quantitative study concentrates on capital expenditures, grant expenditures, and social assistance expenditures in the election year and the year before the election. The purposive [...] Read more.
This study empirically analyzes the alleged existence of political budget cycles in Indonesian local governments. Using panel data, this quantitative study concentrates on capital expenditures, grant expenditures, and social assistance expenditures in the election year and the year before the election. The purposive sampling method is used to take the sample—a local government that experienced two election cycles from 2012 to 2018. The sample consists of 1306 observational data points on capital expenditures and grants, and 636 observational data points on social assistance. The study tests its hypothesis using multiple regression analysis. The results indicate that the election year negatively affects capital expenditures, positively affects grants, and has no effect on social assistance. The year before the election negatively affects capital expenditures, but positively affects grants and social assistance. The incumbent positively affects social assistance but does not affect capital expenditures and grants. Transfers have a negative effect on capital expenditures, a positive effect on grants, and no effect on social assistance. The interactions of the election year and year before the election with the incumbent is not proven in this study. Full article
(This article belongs to the Special Issue Nexus between Politics and Economics in the Emerging Countries)
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28 pages, 1154 KiB  
Review
Taxation of the Digital Economy and Direct Digital Service Taxes: Opportunities, Challenges, and Implications for African Countries
by Favourate Y. Mpofu
Economies 2022, 10(9), 219; https://doi.org/10.3390/economies10090219 - 8 Sep 2022
Cited by 12 | Viewed by 6335
Abstract
Digitalization has intensified globalization and economic interactivity between countries both developed and developing, increasing the complexity and lack of transparency in economic activities. The increase in digital transactions poses a remarkable challenge for tax authorities yet the digital economy is slowly replacing traditional [...] Read more.
Digitalization has intensified globalization and economic interactivity between countries both developed and developing, increasing the complexity and lack of transparency in economic activities. The increase in digital transactions poses a remarkable challenge for tax authorities yet the digital economy is slowly replacing traditional commercialization and transactions. Conventional international tax legislation has not kept abreast with the growth and complexity of the digital economy and its accompanying challenges with respect to taxation. In view of the infant nature of digital tax legislation in African countries as well as the auspicious possibility of increasing tax revenue to fund public expenditure together with the probability of contradictory outcomes of digital tax policy, through a critical literature review this paper assesses digital taxation through direct digital service taxes (DSTs) in Africa. The findings were mixed. While the possibility of tax revenue maximization and improved economic growth were persuasive, the arguments pointing to negative externalities emanating from poor digital service tax policy design were equally pragmatic. Full article
(This article belongs to the Special Issue Service Innovation and Digital Economy)
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15 pages, 533 KiB  
Article
Cox Proportional Hazards Regression for Interval-Censored Data with an Application to College Entrance and Parental Job Loss
by HeeJin Kim, Sunghun Kim and Eunjee Lee
Economies 2022, 10(9), 218; https://doi.org/10.3390/economies10090218 - 7 Sep 2022
Viewed by 1678
Abstract
This study involved conducting a survival analysis by fitting a Cox proportional hazards model to Korea Labor Panel data to analyze the impact of parental job loss on children’s delayed admission to colleges and universities in South Korea, using 376 subjects whose parental [...] Read more.
This study involved conducting a survival analysis by fitting a Cox proportional hazards model to Korea Labor Panel data to analyze the impact of parental job loss on children’s delayed admission to colleges and universities in South Korea, using 376 subjects whose parental education levels were college-level or higher. Since Korea Labor Panel data are interval- and right-censored, we compared three imputation methods: simple omission, imputation as the average of the left and right values of the interval, and multiple imputation. Their integrated areas under the ROC curve (AUC) and mean square errors (MSE) were compared to assess their predictive and estimation performances. It was found that, within the simulation, the multiple imputation method exhibited a lower MSE than the other two methods. However, no difference was observed in the iAUC values. In the group where each householder had at least a college degree, parental job loss was significantly related to the delayed college or university admission of the first-born child regardless of the use of the interval censoring imputation method. In particular, when the first-born children experienced their parents’ unemployment at the age of 18, the probability of college admission was reduced nearly by 53% compared to cases where they did not. This analysis implies that the government should develop a policy in the education system offering psychosocial support for adolescents who cannot expect parental help. Full article
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19 pages, 3500 KiB  
Article
A Growing Light in the Lagging Region in Indonesia: The Impact of Village Fund on Rural Economic Growth
by Nurlatifah Hartojo, Mohamad Ikhsan, Teguh Dartanto and Sudarno Sumarto
Economies 2022, 10(9), 217; https://doi.org/10.3390/economies10090217 - 7 Sep 2022
Cited by 6 | Viewed by 4439
Abstract
Narrowing the development gap has long been and continues to be a key element of government aspiration worldwide. Since 2015, the Government of Indonesia has implemented the village fund (VF) transfer to enhance its rural economy, especially in remote areas. The impact of [...] Read more.
Narrowing the development gap has long been and continues to be a key element of government aspiration worldwide. Since 2015, the Government of Indonesia has implemented the village fund (VF) transfer to enhance its rural economy, especially in remote areas. The impact of the VF on village development may vary greatly depending on the village’s location. This study examines the causal effects of VF transfer on the rural economic growth of underdeveloped villages in Indonesia. Using a nighttime light dataset at the village level as a proxy for rural economic growth and a regression discontinuity design in time, we found a significant improvement in rural economic growth in underdeveloped villages after the implementation of VF transfer. Our study confirms that the underdeveloped villages in East Indonesia are growing faster than those in West and Central Indonesia. The average growth of nightlight after the implementation of VF is approximately 156% in East Indonesia, 141% in Central Indonesia, and 98% in West Indonesia compared to the growth of pre-VF. Therefore, there is a strong argument to review the current formula of the VF to narrow the rural development gap in Indonesia. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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23 pages, 1604 KiB  
Article
International Migration of Human Resources in the Conditions of Social Transformations
by Blendi Lami, Iryna Tarasenko, Olha Shyshova, Tatiana Voropayeva and Antonina Verhun
Economies 2022, 10(9), 216; https://doi.org/10.3390/economies10090216 - 7 Sep 2022
Cited by 1 | Viewed by 2657
Abstract
The complexity and multidimensionality of international migration, as a form of international economic relations in the current conditions of the global economy, requires a review of scientific approaches to its study and understanding. The paper aims to develop a systematic study of the [...] Read more.
The complexity and multidimensionality of international migration, as a form of international economic relations in the current conditions of the global economy, requires a review of scientific approaches to its study and understanding. The paper aims to develop a systematic study of the international migration of human resources under conditions of social transformation, by analyzing the positive and negative economic consequences for labor-exporting and labor-importing countries. The methods of cognition used in this study included statistical methods and comparative analysis, to assess the geo-economic risks facing countries and regions; economic–mathematical modeling with correlation–regression to build a model for assessing the attractiveness of migration, and for verification and testing of the model; and a graphic–analytical approach to illustrate the examined processes. As a result, a system of determinants of the formation of motives for migration is suggested. These include economic, socio-demographic, political–security, linguistic–cultural, and ecological–natural determinants. The suggested mechanism for parameterizing the migration attractiveness of countries is the identification of which indicators should be taken into account when studying and formalizing the preconditions of migration processes. Based on the identified need to compare countries according to factors of “attraction–repulsion”, using the proposed list of determinants of migration motives, a model of a country’s migration attractiveness was formalized. The model was tested using EU indicators for 2014–2020. The relationship between migration attractiveness and the number of asylum applications in the EU was analyzed, and a high inverse relationship density was established. As a result, the use of the developed model makes it possible to explain and predict migration flows between countries, through the prism of the migratory attractiveness of countries for potential migrants. Full article
(This article belongs to the Section International, Regional, and Transportation Economics)
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22 pages, 1582 KiB  
Article
Is Market Power or Efficiency behind Economic Performance? The Case of the Czech Food Processing Industry
by Zdeňka Žáková Kroupová, Gabriela Trnková and Monika Roman
Economies 2022, 10(9), 215; https://doi.org/10.3390/economies10090215 - 6 Sep 2022
Cited by 1 | Viewed by 2165
Abstract
This article attempts to identify the main reason for the profitability of Czech food processing companies. For this purpose, an analysis of the profitability of the food industry was carried out in the framework of the Structure–Conduct–Performance (SCP) paradigm; specifically, the relative market [...] Read more.
This article attempts to identify the main reason for the profitability of Czech food processing companies. For this purpose, an analysis of the profitability of the food industry was carried out in the framework of the Structure–Conduct–Performance (SCP) paradigm; specifically, the relative market power (RMP) hypothesis versus the efficiency hypothesis was tested. The analysis used data at the micro-economic level of six Nomenclature of Economic Activities (NACE) sub-sectors of the Czech food processing industry in the period 2016–2020. The final dataset consisted of 2639 observations of 623 companies. The data came from the database of Bisnode Albertina and the Czech Statistical Office. Stochastic frontier analysis (SFA) and a regression model were used in the study. Based on the research carried out, performance does not seem to be explained by a greater market power represented by a firm’s market share. Only one sub-sector was proven to have a higher marginal effect of market power on profitability than technical efficiency. Thus, it can be concluded that companies with relatively larger market shares do not have greater market power and thus do not achieve higher profitability. Full article
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16 pages, 322 KiB  
Article
National Governance Quality, COVID-19, and Stock Index Returns: OECD Evidence
by Hamza Almustafa
Economies 2022, 10(9), 214; https://doi.org/10.3390/economies10090214 - 6 Sep 2022
Cited by 2 | Viewed by 1806
Abstract
This research argues that national governance quality may moderate the relationship between COVID-19 and stock returns across markets. Building on the well-established relationship between COVID-19 shock and stock returns, we focus on how the quality of a country’s governance system affects the relationship [...] Read more.
This research argues that national governance quality may moderate the relationship between COVID-19 and stock returns across markets. Building on the well-established relationship between COVID-19 shock and stock returns, we focus on how the quality of a country’s governance system affects the relationship between the COVID-19 crisis and stock returns. Using data from the World Governance Indicators, the World Bank, and the John Hopkins University Coronavirus Resource Centre (JHU-CRC) for 29 OECD markets from 23 January to 31 December 2020, our findings confirm this hypothesis. Our results suggest that, the estimated coefficient on the interaction term is negative (−0.004) and statistically different from zero at the 5% level of significance. This result can be inferred that the higher the national governance quality is, the weaker the effect of COVID-19 on stock returns will be. Specifically, the negative impact of COVID-19 on stock market returns was more pronounced in countries where the national governance quality index is lower. Our results also show a strong negative association between COVID-19 and stock market returns across the sample. The results are robust to changes in governance quality measures, estimation methods, and explanatory variables. The results have several policy implications such that better institutions may partially offset the adverse impact of the COVID-19 shock on stock market returns. Full article
27 pages, 1240 KiB  
Article
A Comparative Analysis of the Choice of Mother Wavelet Functions Affecting the Accuracy of Forecasts of Daily Balances in the Treasury Single Account
by Alan K. Karaev, Oksana S. Gorlova, Vadim V. Ponkratov, Marina L. Sedova, Nataliya S. Shmigol and Margarita L. Vasyunina
Economies 2022, 10(9), 213; https://doi.org/10.3390/economies10090213 - 6 Sep 2022
Cited by 2 | Viewed by 1328
Abstract
Improving the accuracy of cash flow forecasting in the TSA is key to fulfilling government payment obligations, minimizing the cost of maintaining the cash reserve, providing the absence of outstanding debt accumulation and ensuring investment in financial instruments to obtain additional income. This [...] Read more.
Improving the accuracy of cash flow forecasting in the TSA is key to fulfilling government payment obligations, minimizing the cost of maintaining the cash reserve, providing the absence of outstanding debt accumulation and ensuring investment in financial instruments to obtain additional income. This study aims to improve the accuracy of traditional methods of forecasting the time series compiled from the daily remaining balances in the TSAbased on prior decomposition using a discrete wavelet transform. The paper compares the influence of selecting a mother wavelet out of 570 mother wavelet functions belonging to 10 wavelet families (Haar;Dabeshies; Symlet; Coiflet; Biorthogonal Spline; Reverse Biorthogonal Spline; Meyer; Shannon; Battle-Lemarie; and Cohen–Daubechies–Feauveau) and the decomposition level (from 1 to 8) on the forecast accuracy of time series compiled from the daily remaining balances in the TSA in comparison with the traditional forecasting method without prior timeseries decomposition. The model with prior time series decomposition based on the Reverse Biorthogonal Spline Wavelet [5.5] mother wavelet function, upon the eighth iteration, features the highest accuracy, significantly higher than that of the traditional forecasting models. The choice of the mother wavelet and the decomposition level play an important role in increasing the accuracy of forecasting the daily remaining balances in the TSA. Full article
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12 pages, 538 KiB  
Article
Problems of Tourist Mobility in Remote Areas of Natural Value—The Case of the Hajnowka Poviat in Poland and the Zaoneshye Region in Russia
by Elzbieta Szymanska
Economies 2022, 10(9), 212; https://doi.org/10.3390/economies10090212 - 5 Sep 2022
Cited by 3 | Viewed by 1640
Abstract
Tourist destinations are often inaccessible due to mobility problems. The purpose of this paper is to identify the mobility problems of tourist destinations in remote areas of natural value. The research was carried out in the following two tourist destinations with the above-mentioned [...] Read more.
Tourist destinations are often inaccessible due to mobility problems. The purpose of this paper is to identify the mobility problems of tourist destinations in remote areas of natural value. The research was carried out in the following two tourist destinations with the above-mentioned values: in the Zaoneshye Region in Russia and the Hajnówka Poviat, which includes the priceless resources of the Polish part of the Białowieża Forest. The research was conducted using a survey method. Respondents could download the survey questionnaire onto their mobile devices (smartphone, tablet) by scanning a QR code or provide their answers to the questionnaire on paper or to an interviewer, who recorded them in an electronic version. The respondent group consisted of tourists visiting both regions for tourism purposes. The survey was carried out between 2019 and 2021. The results showed that the car is the preferred means of transport in both regions, and that road works are somewhat or completely necessary. Additionally, tourists in the Hajnowka Poviat travel a lot on foot or by bicycle, as there are more cycling and pedestrian paths available. In contrast, tourists visiting the Zaoneshye Region suggest providing more facilities for tourism and better and more efficient communication. Full article
(This article belongs to the Special Issue Tourism Economics)
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15 pages, 404 KiB  
Article
The Impact of Environmental Uncertainty on Accounting Information Relevance and Performance: A Contingency Approach
by Rui Pires and Maria-Ceu G. Alves
Economies 2022, 10(9), 211; https://doi.org/10.3390/economies10090211 - 2 Sep 2022
Cited by 7 | Viewed by 2847
Abstract
This paper examines the association between environmental uncertainty, accounting information relevance, and organizational performance. From a contingency approach, this paper attempts to contribute to a stream of research that investigates the relationship between accounting information relevance and organizational performance. The presence of environmental [...] Read more.
This paper examines the association between environmental uncertainty, accounting information relevance, and organizational performance. From a contingency approach, this paper attempts to contribute to a stream of research that investigates the relationship between accounting information relevance and organizational performance. The presence of environmental uncertainty in this relationship has not been fully established. This paper contributes to this area by suggesting a framework to study and explain this connection. An online questionnaire-based survey was conducted, which produced 119 valid responses (a response rate of 23%) from large manufacturing companies operating in Portugal. The results suggest that in contexts of environmental uncertainty, the relevance of non-financial information increases. However, the relevance of financial information continues to outstrip that of non-financial information. The results also suggest that financial information and non-financial information are complementary, and not substitutes, and can be used simultaneously in different situations. These results have several implications for professionals involved in decision-making activities. It offers findings which are potentially useful for both theory and practice. The study addresses an identified gap in the literature and adds to the existing body of work analyzing the association between environmental uncertainty, accounting information relevance for decision-making purposes, and organizational performance. Full article
17 pages, 1355 KiB  
Article
Accelerated Growth of Peer-to-Peer Lending and Its Impact on the Consumer Credit Market: Evidence from Lithuania
by Kamilė Taujanskaitė and Eugenijus Milčius
Economies 2022, 10(9), 210; https://doi.org/10.3390/economies10090210 - 2 Sep 2022
Cited by 2 | Viewed by 3600
Abstract
The paper analyses development and drivers of accelerated growth of peer-to-peer (P2P) lending in Lithuania and its impact on the consumer credit market with a focus on related sustainability issues. Legislative discrepancies between the P2P and banking segments are analysed and their role [...] Read more.
The paper analyses development and drivers of accelerated growth of peer-to-peer (P2P) lending in Lithuania and its impact on the consumer credit market with a focus on related sustainability issues. Legislative discrepancies between the P2P and banking segments are analysed and their role in predetermining the different development trends within the segments is highlighted. The research is composed of several steps, where each step analyses a certain problem with the aim to compare the processes in both segments, and is using two different approaches based on macroeconomic data and legislative environment analysis. The applied setup of the research allows for distinguishing and quantitative evaluation of the impact on the segments caused by various internal and external factors, such as macroeconomics, technological advantages of P2P platforms, and discrepancies within business regulation. The obtained results could fill in the scientific literature gaps by providing quantitative evidence of the influence the analysed internal and external drivers have on the growth rate of the consumer credit market segments in Lithuania and how this could affect the performance of the whole market, including its sustainability. Conclusions made could be of interest to researchers and practitioners in other countries too, especially those which have similar legislation and regulations within the consumer credit market. Methods used: a scientific literature analysis and generalisation, comparative analysis, statistical data analysis, correlation–regression analysis, mathematical modelling. Full article
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34 pages, 682 KiB  
Article
University Rankings and Goals: A Cluster Analysis
by Roba Elbawab
Economies 2022, 10(9), 209; https://doi.org/10.3390/economies10090209 - 30 Aug 2022
Cited by 4 | Viewed by 3034
Abstract
Nowadays, university rankings are used to assess all aspects of universities. Due to the impact of university rankings on assessing the performance of universities, this research aims to explore university rankings in depth. University rankings are considered contributors to assessing university performance. Previous [...] Read more.
Nowadays, university rankings are used to assess all aspects of universities. Due to the impact of university rankings on assessing the performance of universities, this research aims to explore university rankings in depth. University rankings are considered contributors to assessing university performance. Previous literature showed different types of goals, such as output and support goals, where the literature advised to align between these two types of goals. Universities have different goals, but still, university rankings measure all universities on the same criteria. Subsequently, this research has used the most used university rankings in the literature, QS world ranking dataset. Then unsupervised machine learning was performed to cluster the universities. The results divided universities among four clusters. This study helps in allocating the university in the adequate cluster. This study helps university managers define the goals of their universities. The study recommends universities align their support goals with their output goals. The study recommends universities to develop international goals and strategies, and support the research in the universities by supporting the scholars. This study’s novelty lies in connecting the university rankings and goals using management analytics in education. Full article
(This article belongs to the Special Issue Advances in Economics of Education)
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13 pages, 286 KiB  
Article
Island Development Model Specialisation: A Panel Data Analysis Comparing Evolutionary Tourism Model, Industrial to Community-Based (2010–2019)
by Giovanni Ruggieri, Marco Platania and Julian Zarb
Economies 2022, 10(9), 208; https://doi.org/10.3390/economies10090208 - 30 Aug 2022
Cited by 1 | Viewed by 1776
Abstract
Islands are frequently characterised by an economic structure centred on tourism and the service sector. This specialisation has taken different forms and characterisations concerning the chosen or spontaneously developed model. To understand the development choices and patterns, this article analyses sixteen islands and [...] Read more.
Islands are frequently characterised by an economic structure centred on tourism and the service sector. This specialisation has taken different forms and characterisations concerning the chosen or spontaneously developed model. To understand the development choices and patterns, this article analyses sixteen islands and archipelagos in the European Union over ten years from 2010 to 2019. A panel data analysis was based on critical variables identifying the tourism industry model from those that could represent a proxy of the community-based tourism model. The principal component analysis was adopted to compare the evolutionary trends of these two different ways of choosing the island’s tourism model. Findings identified before the COVID-19 pandemic crisis include two island clusters. One group of islands followed a spontaneous tourism model based on the local community and small or micro hospitality systems, with auto-entrepreneurship in tourism. The second group of islands followed a planning and industry-based tourist model with an employment system and a relevant hospitality industry. Both paradigms have limitations and identify two different tourism evolutionary scenarios useful for the EU’s future island tourism policies. Full article
(This article belongs to the Special Issue Tourism Economics)
21 pages, 942 KiB  
Article
Labour Share Convergence in the European Union
by Anatolijs Prohorovs and Julija Bistrova
Economies 2022, 10(9), 207; https://doi.org/10.3390/economies10090207 - 29 Aug 2022
Cited by 3 | Viewed by 1848
Abstract
The article examines the issue of labour share convergence between Western Europe (EU15) and Central and Eastern Europe (EU11). The results of our research show that for the period of 2009–2018, the convergence of labour share between the EU11 and the EU15 at [...] Read more.
The article examines the issue of labour share convergence between Western Europe (EU15) and Central and Eastern Europe (EU11). The results of our research show that for the period of 2009–2018, the convergence of labour share between the EU11 and the EU15 at the aggregate level was almost 40%. At the sectoral level, convergence of labour share between the EU11 and the EU15 occurred in three of the four main sectors—manufacturing, services, and construction—while there was a divergence in the trade sector. At the sectoral level, the highest level of convergence occurred in manufacturing—over 89.7%. In the service sector, the convergence of labour share was almost 45%, but this was mainly due to the fact that in the information and communication industry, the convergence was almost 87.8%. We have determined that for a number of sectors and industries there is an inverse relationship between the level of labour share and its dynamics, which influences the convergence of labour share between the EU11 and the EU15. We also determined that during the period under review, the level of convergence of labour share between the EU11 and the EU15 was five times higher than the level of convergence of the economy and ascertained the main reasons for the labour share convergence being higher than the economy convergence. Full article
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20 pages, 872 KiB  
Article
Exploratory Analysis of Blockchain Platforms in Supply Chain Management
by Éva Réka Keresztes, Ildikó Kovács, Annamária Horváth and Krisztina Zimányi
Economies 2022, 10(9), 206; https://doi.org/10.3390/economies10090206 - 24 Aug 2022
Cited by 7 | Viewed by 4297
Abstract
The spread of blockchain technology is gaining ground worldwide, including in the supply chain and logistics sector. Its proliferation is expected to transform supply chains. Academic research is needed to investigate the reasons for and barriers to adoption. The objective of this study [...] Read more.
The spread of blockchain technology is gaining ground worldwide, including in the supply chain and logistics sector. Its proliferation is expected to transform supply chains. Academic research is needed to investigate the reasons for and barriers to adoption. The objective of this study is to explore the blockchain (BC) platform and its inputs as technological solutions. In addition, the application of blockchain technology in managing supply chain (SC) business processes like shipment tracking, authenticity, and identification is also a focus of research. This research was carried out in three ways to explore the issue. Expert interviews were used to develop a research framework for the comparative analysis of BC platforms to find out the benefits and the barriers of blockchain adoption. In association with the diffusion of the technology, a qualitative comparative analysis was applied to benchmark blockchain platform providers. We analysed the blockchain-supply chain market by component, provider, type, and the conditions of usage. As part of this research, the Forbes TOP 50 companies were analysed by business area, country of origin, application area, and benefits in order to see in which area they applied blockchain technology and what improvements they have achieved. The results revealed that blockchain use in supply chains of selected industries has outstanding benefits of transparency, trustworthiness, traceability, and cost efficiencies which give businesses an advantage in terms of implementation costs, technology needs, human resources, legal environments, volatile costs, and security. In the supply chain, Hyperledger Fabric and Ethereum are the most widely used blockchain platforms. For practical implication, the application and benefits of BC in SC were analysed, and the results indicate the traceability, sustainability-related, cost, and time-saving benefits. Full article
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17 pages, 813 KiB  
Article
The Impact of Government Expenditure in Agriculture and Other Selected Variables on the Value of Agricultural Production in South Africa (1983–2019): Vector Autoregressive Approach
by Etian Ngobeni and Chiedza L. Muchopa
Economies 2022, 10(9), 205; https://doi.org/10.3390/economies10090205 - 24 Aug 2022
Cited by 7 | Viewed by 5316
Abstract
South African agriculture has the potential to stimulate growth in other economic sectors, but dwindling budgetary allocations to agriculture over time and the nature of other impacting factors on the value of agricultural production have not received much attention in recent times. Therefore, [...] Read more.
South African agriculture has the potential to stimulate growth in other economic sectors, but dwindling budgetary allocations to agriculture over time and the nature of other impacting factors on the value of agricultural production have not received much attention in recent times. Therefore, the present study examined the effects of government expenditure in agriculture, annual average rainfall, consumer price index, food import value, and population on the value of agricultural production with a specific focus on government expenditure in agriculture for the period 1983 to 2019. Using the Johansen cointegration test, the results reveal that there is a long-run relationship among the variables. The Granger causality test results suggest that government expenditure in agriculture does not Granger cause the value of agricultural production. However, the two variables are linked through other variables in the model, such that an increase in government expenditure in agriculture, average annual rainfall, and population were shown to ultimately increase the value of agricultural production based on vector autoregressive (VAR) model analysis. In contrast, an increase in the consumer price index and food import value is detrimental to the value of agricultural production. These studies’ findings have policy implications for increased government expenditure. Full article
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14 pages, 613 KiB  
Article
Fiscal Policy and Economic Growth in South Africa
by Simbarashe Tendengu, Forget Mingiri Kapingura and Asrat Tsegaye
Economies 2022, 10(9), 204; https://doi.org/10.3390/economies10090204 - 24 Aug 2022
Cited by 6 | Viewed by 12614
Abstract
Several fiscal policy strategies have been implemented in South Africa since 1994, starting from the Reconstruction and Development Programme (RDP), Growth Employment and Redistribution (GEAR), Broad-Black Economic Empowerment strategy (BEE), AsgiSA (Accelerated and shared growth initiative for South Africa), and the New Growth [...] Read more.
Several fiscal policy strategies have been implemented in South Africa since 1994, starting from the Reconstruction and Development Programme (RDP), Growth Employment and Redistribution (GEAR), Broad-Black Economic Empowerment strategy (BEE), AsgiSA (Accelerated and shared growth initiative for South Africa), and the New Growth Path framework (NGP) with the aim of boosting economic growth. However, the rate of economic growth in the country over the years is not convincing. It is also important to note that poverty still remains prevalent and persistent, predominantly in the poverty-stricken areas of provinces such as Eastern Cape, Limpopo, North West, and Mpumalanga. In light of this, the main aim of the study was to examine the effect of fiscal policy instruments on economic growth in South Africa for the period from 1988 to 2018, utilising the autoregressive distributed lag model, mainly due to the order of integration of the variables. Empirical results revealed that there is a positive relationship between fiscal policy instruments (public sector expenditure, public consumption spending, and taxation) and economic growth. Based on the findings, the study recommends that the government should distinguish between productive and unproductive spending and increase spending on productive sectors. The implication of these findings is that South Africa’s economy is likely to perform better if more resources are diverted from government consumption to investment spending. Full article
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