rss_2.0Folia Oeconomica Stetinensia FeedSciendo RSS Feed for Folia Oeconomica Stetinensia Oeconomica Stetinensia 's Cover Binary Logistic Regression Model for Support Decision Making in Criminal Justice<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> The economics of incarceration is having an increasing impact on the economies of the world due to the rapid growth in the number of prisoners in the world The search for effective solutions that can help reduce government spending on prisoners in penitentiaries and at the same time ensure the safety of society is becoming increasingly important. These studies used the method of binary logistic regression to predict the probability of convicted criminal recidivism in the future.</p> <p><bold>Purpose:</bold> The aim of the paper is to build an effective forecasting model that, based on the statistical and dynamic data of convicts, will provide information for optimal post-trial decisions, such as the grounds for possible parole, probation or length of sentence.</p> <p><bold>Research methodology:</bold> The data were collected on the basis of statistical data of 13,010 convicts serving sentences in penitentiary institutions in Ukraine. To predict the probability of convicts committing criminal offenses binary logistic regression and ROC-analysis (Receiver Operator Characteristic analysis) were used.</p> <p><bold>Results:</bold> A qualitative binary logistic regression model has been constructed, with the help of which it is possible to predict the probability of criminal recidivism by each of the convicts on the basis of its individual values of the variables included in the model.</p> <p><bold>Novelty:</bold> For the first time in Ukraine, a model has been developed to predict the probability of convicts committing repeated criminal offenses.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00An International Analysis of Consumers’ Consciousness During the Covid-19 Pandemic in Slovakia and Hungary<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Due to the rapid spread of the COVID-19 virus and its pernicious effects on the economy, a great change can be observed in consumer attitudes towards shopping. Needless to say, the demand for necessities comes to the fore, and consumers need to face a lot of hindrances when it comes to the decision-making process. It should be emphasised that consumers have responsibilities and rights. One can legitimately raise the question. Are they familiar with either of the aforementioned facts?</p> <p><bold>Purpose:</bold> The main objective of the research is to analyse whether an increasing level of educational attainment affects consumer awareness in Hungary and Slovakia. Moreover, the paper investigates whether there are any significant differences in age groups regarding consumer awareness. Finally, the paper investigates whether there are any statistically significant interactions between the respondents’ gender, employment status and conscious saving attitudes.</p> <p><bold>Research methodology:</bold> Kendall’s tau-b correlation, the rank-based nonparametric Kruskal-Wallis H test, and the Loglinear analysis were used to examine the formulated hypotheses.</p> <p><bold>Results:</bold> It can be declared for both countries that an increasing level of educational attainment strongly affects consumers’ awareness. Furthermore, three major differences can be noticed in various age groups in the case of Hungary.</p> <p><bold>Novelty:</bold> Education and age affect consumers’ awareness, whilst gender and employment status affect saving attitudes.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Development of the Payment Cards Market in Poland in the Era of the Covid-19 Pandemic<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> In the era of the COVID-19 pandemic, the tendency of bank customers to use mobile banking is increasing. This is primarily due to the perceived ease and benefits of its use and the subjective assessment of the level of security of such a system. The main goal will therefore be to create such a mobile banking system, which in the era of pandemics, in addition to an easy-to-use interface, will also offer increasingly advanced technological solutions that will provide the customer with a high level of security. In order to meet the expectations of customers, banks will continue to develop and improve the most popular channels of distribution of their services, which are undoubtedly payment cards.</p> <p><bold>Purpose:</bold> The purpose of this article is to define and classify non-cash payment instruments on the Polish banking services market in the COVID-19 pandemic era.</p> <p><bold>Research methodology:</bold> To examine the current situation prevailing in the payment card market, as well as the factors determining the development of non-cash payments and the direction of future changes in the COVID-19 pandemic era. The research used models of development tendency (trend), and then applied them to forecast changes that will take place on the payment cards market in Poland at the end of 2021 and in 2022. The analysis was carried out using the STATISTICA 13.3 program.</p> <p><bold>Results:</bold> a payment card is one of the best options for obtaining cash and every year the traditional cash in the wallet is being displaced more and more by “plastic money”.</p> <p><bold>Novelty:</bold> Furthermore, technological advances will bring new solutions to the payment card market and at the same time the e-money market will develop.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00The Intensity of Perception of Selected Personnel Risk Factors in the V4 Countries<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> The intensity of the personnel risk perception in SMEs is a crucial factor contributing to the application of risk management practices.</p> <p><bold>Purpose:</bold> The objective of the study is to identify the intensity of perception of personnel risks and their manifestation in the form of staff turnover, error rate, and employee effort to improve their performance in SMEs in the V4 countries.</p> <p><bold>Research methodology:</bold> The 1,585 companies in the V4 countries were randomly selected and surveyed. The descriptive statistics and Pearson correlation coefficient (Chi-square and Z-score) were used for hypotheses verification.</p> <p><bold>Results:</bold> The results show heterogeneity in the perception of personal risks in the V4 countries. Compared to the Czech Republic, the intensity of perception of personal risks differs in Hungary and Slovakia (p-value &lt; 0.0001/0.0404). However, the perception of employee turnover is different in Hungary (p-value = 0.0078), but not in Slovakia and Poland (p-value = 0.5218/0.4268). Perceptions of employee skills differ in Hungary (p-value = 0.0253), while the differences in Slovakia and Poland are not statistically significant (p-value = 0.1104/0.2414). Performance improvement and competitiveness in the workplace differ in Slovakia and Hungary (p-value = 0.0134/&lt;0.0001).</p> <p><bold>Novelty:</bold> The study fills in the gap in the area of perceived personnel risks and their manifestations and provides valuable proposals for taking measures concerning the limitations of SMEs.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Inflation, Inflation Uncertainty and the Economic Growth Nexus: A Review of the Literature<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Price stability plays a crucial role in ensuring stabilities in the financial markets as well as the real sector. Despite this, questions are still raised, querying if it is either inflation, inflation uncertainty or a combination of both, which affects economic growth? The results obtained, both theoretically and empirically, differ. This paper seeks to revisit and provide both the theoretical and empirical review of literature on the inflation, inflation uncertainty and economic growth nexus.</p> <p><bold>Purpose:</bold> The focus of the paper is centred on the review of theoretical literature, investigating if the differences in findings are attributed to differences in the channels through which inflation and inflation uncertainty is passed over to economic growth; as well as a review of empirical literature, investigating if the source of differences in the findings lies in the separate or joint estimation of inflation and inflation uncertainty on economic growth.</p> <p><bold>Research methodology:</bold> This paper presents an extensive review of scholarly studies on the inflation, inflation uncertainty and economic growth nexus based on their results. The paper analysed, synthesised and critically evaluated previous studies on the inflation, inflation uncertainty and economic growth nexus on both the theoretical and empirical fronts.</p> <p><bold>Results:</bold> In theoretical literature, the study found that the impact of inflation and inflation uncertainty is passed over to economic growth mainly through two channels, which are the price-informative role and the investment spending channel. From the empirical front, studies which separately estimated the role of either inflation or inflation uncertainty on economic growth found mixed results. Studies which estimated the joint impact of both variables on economic growth, arrived at a conclusion that inflation harms economic growth while the literature still remains inconclusive on inflation uncertainty.</p> <p><bold>Novelty:</bold> The study provides an insight into the inflation, inflation uncertainty and economic growth nexus based on a detailed review of literature on the subject based on various transmission channels. Further, it enriches the literature through exploring possible reasons behind the lack of consensus on the impact of inflation and inflation uncertainty on economic growth.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00An Exploratory Study on Preparers’ Perception of ESEF Reporting: Evidence from the Warsaw Stock Exchange<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> This paper focuses on the preparers’ opinion on reporting in the European Single Electronic Format (ESEF).</p> <p><bold>Purpose:</bold> The goal of the paper is to examine the preparers’ perception of adopting Inline XBRL as a fundamental technology to report annual consolidated financial statements under International Financial Reporting Standards (IFRS) within the ESEF framework.</p> <p><bold>Research methodology:</bold> In the present work, Poland was considered as a case study. Using the survey, we obtained evidence from 25 issuers of securities listed on the Warsaw Stock Exchange, whose financial reports were complied with IFRS.</p> <p><bold>Results:</bold> The questionnaires were completed in the majority by issuers with no previous experience in XBRL utilisation. One of the more significant findings to emerge from this study is that respondents could not be able to judge the appropriateness of Inline XBRL selection as a digital reporting format, or they disagreed with it. Furthermore, over half of them saw no need to extend this technology to other business reports, including non-financial reporting.</p> <p><bold>Novelty:</bold> The paper can offer valuable pre-insights into preparers’ perception of introducing Inline XBRL in the context of ESEF reporting and ensure initial feedback to the policy-makers responsible for ongoing and forthcoming digital reporting standards initiatives in the European Union.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Modeling Distress in US High Yield Mutual Funds Before and During the Covid-19 Pandemic<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> In March 2020, when the US financial markets were in the grip of the COVID-19 crisis, the Fed instituted various policies and programs to alleviate stress in financial markets. One such program involved the Fed purchase of securities and ETFs in certain market segments, including high yield bonds. This buying action inspired investors to join the Fed (or front-run the Fed) in the high yield bond market, resulting in the tightening of spreads in that market to historically tight levels.</p> <p><bold>Purpose:</bold> In this research we investigate whether investors could have seen any signs of higher liquidity risk in US high yield mutual funds since the beginning of COVID-19 pandemic and avoid it. Theoretically, funds with heightened liquidity risk should have higher historical returns (adjusted for interest rate risk and credit risk) because borne risk requires return as compensation. But because of the unusual market conditions during the COVID-19 pandemic investors could look inside funds (to see what bonds the funds owned) and then avoid funds with holdings known to be less liquid.</p> <p><bold>Research methodology:</bold> The study is based on data on US mutual funds from the Morningstar Direct database. The authors made a serial correlation model with an AR(1) process and the lagged effects model vs CAPM model to measure two proxies for liquidity risk for each US high yield mutual fund in our fund universe, in order to identify those funds at particular risk for portfolio illiquidity since the beginning of the COVID-19 pandemic.</p> <p><bold>Results:</bold> it is found that the proposed measures may be an effective tool for selecting high yield funds against liquidity risk. Therefore, they should be considered by investors or analysts as a practical tool to identify funds that might be illiquid.</p> <p><bold>Novelty:</bold> The study focuses on the liquidity risk in US high yield bond mutual funds before and after the outbreak of the COVID-19 pandemic, which was a crisis situation with implications for liquidity risk. The methods used and results achieved may be a basis for studies of other types of funds and markets outside the USA.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00An Analysis of Household Income in Poland and Slovakia Based on Selected Income Models<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Studies of income distributions may focus on describing empirical distributions by theoretical models. This approach can be useful for many reasons. When choosing a statistical model, it is important both to find out a theoretical distribution function that would characterize empirical frequency distribution and to choose suitable methods to calculate the parameters of the model. In the literature, there are proposals for various types of mathematical functions. Very high accuracy with empirical distribution is characteristic for Dagum and log-normal models. In 2010 Zenga proposed a new three-parameter model for economic size distribution which possesses interesting statistical properties.</p> <p><bold>Purpose:</bold> The aim of this paper is to apply and compare Dagum, log-normal and Zenga models to income distributions in Poland and Slovakia.</p> <p><bold>Research methodology:</bold> The studies are based on research data from the European Quality of Life Surveys (EQLS), whose purpose is to measure both objective and subjective indicators of the standard of living of citizens and their households. The estimation parameters were obtained by means of the maximum likelihood method and D’Addario’s invariants method.</p> <p><bold>Results:</bold> The results of the conducted approximations, presented in the paper confirmed the good consistency of the Dagum and Zenga distributions with the empirical income distribution of households in Poland and Slovakia.</p> <p><bold>Novelty:</bold> The Zenga distribution was used for the first time to describe the income distribution of the Slovak population and it allows the best fit to the empirical data of this country.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00The Impact of Firm Size on Corporate Indebtedness: A Case Study of Slovak Enterprises<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Debt is considered a normal part of enterprises these days. If enterprises do not have enough equity, they will start to use a large amount of debt which is mainly associated with indebtedness. Rising indebtedness can be a difficult financial situation for business entities in the form of default and inability to meet their liabilities.</p> <p><bold>Purpose:</bold> The main aim of this paper is to perform a debt analysis of enterprises operating in sectors that are considered leading in the conditions of Slovakia, such as the manufacturing and construction sector, and subsequently, to examine whether the size of the enterprise has a significant impact on selected indebtedness ratios.</p> <p><bold>Research methodology:</bold> Firstly, the debt analysis was performed using the six selected indebtedness indicators on a sample of 846 enterprises. Secondly, a more detailed analysis, focused on examining the existence of statistically significant differences between individual indebtedness ratios concerning the size of the enterprise, was realized using the non-parametric Kruskal-Wallis test. At the end of the research, the Bonferroni corrections were used to identify where the stochastic dominance occurred.</p> <p><bold>Results:</bold> The impact of the enterprise’s size on the calculated indebtedness indicators is confirmed by the results of ANOVA, based on which it can be argued that statistically significant differences between the calculated indebtedness indicators exist between large and small enterprises, as well as an inequality of medians between large and medium-sized enterprises. As a result, the median values of the debt ratios of small and medium-sized enterprises are the same.</p> <p><bold>Novelty:</bold> The contribution of this paper is a new feature of the application of debt analysis for the evaluation of corporate performance. There are only a few papers in Slovakia that focus in detail on an analysis of the indebtedness of individual enterprises and with an examination of the determinants that affect this indebtedness, which is, however, an added value of our contribution.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Intangible Assets, Goodwill and Earnings Management: Evidence from France and the Uk<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> The literature has argued that accounting for intangible assets and goodwill provides a wide range for managers to manipulate earnings.</p> <p><bold>Purpose:</bold> This paper aims to investigate the impact of accounting treatment of intangible assets and goodwill on earnings management.</p> <p><bold>Research methodology:</bold> The study included 115 French companies and 100 UK companies, during 2011–2019, employing multiple regression, where earnings management was measured through discretionary accruals; while accounting for intangibles and goodwill was divided into the capitalization and decapitalization of intangible assets, recognition and derecognition of goodwill, and depreciation and impairment of intangible assets and goodwill.</p> <p><bold>Results:</bold> According to the results, accounting for intangible assets and goodwill has an impact on earnings management, while it is used differently between French and UK companies. In France, companies employ intangible assets capitalization to manipulate earnings, while UK companies use intangible assets capitalization and goodwill recognition.</p> <p><bold>Novelty:</bold> This study provides supplementary evidence for standards setters, managers, and auditors about the contribution of accounting for intangible assets and goodwill in the quality of financial reporting and explores the new tools and practices of earnings management.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Analyzing the Effects of Food Imports on Food Production and Balance of Payments in Nigeria<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Past measures to increase food production in Nigeria, were not effective enough to curb food imports and increase food production thus leading to a deficit balance of payment for the country and a total neglect of the agricultural sector.</p> <p><bold>Purpose:</bold> This study analyzes the effects of food imports on food production and Balance of Payments (BOP) in Nigeria from 1960 to 2020.</p> <p><bold>Research methodology:</bold> The Auto Regressive Distributed Lag (ARDL) bound cointegration test procedure is utilized.</p> <p><bold>Results:</bold> The empirical results show that food imports adversely affect food production both in the long and the short run. While for the BOP equations, food importation positively affected the country’s balance of payments in the long run. The short run error-correction term coefficients are signed negatively for both the food production and BOP equations. The results show that the gap between the equilibrium values and the actual value of the dependent variables are corrected with speed of adjustment equal to 40% and 85% annually. The stability test result on the food production equation showed that the null hypothesis of no stable residuals in both the short and long run are rejected, while the estimated model is not effective with stable recursive residuals for the BOP equation.</p> <p><bold>Novelty:</bold> The study therefore recommends that efforts should be geared towards boosting the country’s food production by encouraging foreign investors’ participation in the agricultural sector.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00The Deterioration of Financial Ratios During the Covid-19 Pandemic: Does Corporate Governance Matter?<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Corporate governance plays an important role in companies’ financial performance and its true importance and relevance are revealed during an economic shock, such as the COVID-19 pandemic. In the past, research regarding corporate governance and financial variables focused solely on performance variables such as Tobin’s Q and ROA. This assessment completely ignores that corporate governance principles have a broader implication on financial variables than only performance.</p> <p><bold>Purpose:</bold> Our research aimed to determine whether companies with good corporate governance practices were more resilient during the COVID-19 pandemic, measured by the deterioration of various financial variables.</p> <p><bold>Research methodology:</bold> To achieve the aim, in the empirical part of the article, information on companies’ corporate governance and financial variables was collected, and based on them, correlation, regression and scatter plot analyses were conducted.</p> <p><bold>Results:</bold> Our correlation, regression, and scatter plot analyses revealed that on both group and individual company levels, companies with higher levels of corporate governance would have their financial variables deteriorate significantly more compared to companies with low levels of compliance.</p> <p><bold>Novelty:</bold> This is the first publication on the given topic. While few publications are assessing the impact of the pandemic on companies using corporate governance, none of these publications have focused on financial variables.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Logistic Regression of Czech Luxury Fashion Purchasing Habits During the Covid-19 Pandemic – Old for Loyalty and Young for Sustainability?<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> The sustainability reflected by the CSR of luxury fashion businesses, should meet stakeholders´ expectations and lead to an increase in customers´ buying decisions.</p> <p><bold>Purpose:</bold> To analyze Czech luxury fashion purchasing habits during the COVID-19 pandemic and to achieve a deeper understanding with new propositions in this area.</p> <p><bold>Research methodology:</bold> A logistic regression is performed and based on data gained from an investigative survey employing a questionnaire of a homogenous Czech group of purchasers. The comparison of the resulting logistic models and field observations with a holistic and empiric Meta-Analysis allows one to heuristically achieve an understanding of such an inclination.</p> <p><bold>Results:</bold> Seven unexpected propositions emerge and call for further research, such as those during the COVID-19 pandemic, older Czech luxury fashion customers stick even more with their brand loyalty while younger buyers focus on sustainability.</p> <p><bold>Novelty:</bold> The performed case study with a survey link sustainability perception and purchasing habits by relevant cohorts of luxury fashion stakeholders. The presented propositions about trends contributes to the development of the theory about purchase inclination determinants.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00The Nexus Between Bank Credit Risk and Liquidity: Does the Covid-19 Pandemic Matter? A Case of the Oligopolistic Banking Sector<abstract> <title style='display:none'>Abstract</title> <p><bold>Background:</bold> There is a raging debate on how the COVID-19 pandemic disrupted the financial market environments, affected the banks’ strength as the credit channel, and the nexus between market liquidity and credit risk. During the COVID-19 crisis in the banking sector, credit risk and liquidity risk cannot be ignored as they have a considerable bearing on the performance and survival of banks.</p> <p><bold>Purpose:</bold> Within the context of COVID-19, bank-specific and external factors were examined to determine the relationship between liquidity and the credit risk of South African domiciled banks.</p> <p><bold>Research methodology:</bold> Quarterly panel data from 13 South African domiciled banks from 2018 to 2021 were examined using panel data methodologies: fixed effects and the system GMM.</p> <p><bold>Results:</bold> In an analysis of the period between 2019Q1 to 2021Q1 the results suggest a positive relationship between liquidity and credit risk, the COVID-19 pandemic was found to have an implication on the nexus as the COVID-19 dummy variable was significant. Also, the results show that liquidity deteriorated with an increase in COVID-19 cases during the pandemic period. During the Pre-COVID-19 liquidity improved with a decrease in credit risk. Nevertheless, during COVID-19 liquidity was not influenced by credit risk. The results are contrary to the pre-COVID-19 period as the government interventions to support households and non-financial firms could have changed the dynamics of liquidity and loan losses.</p> <p><bold>Novelty:</bold> The pandemic has ushered in a novel set of responses whose lasting impacts are not yet certain. The originality of the article lies in the nature of the investigation, where the nexus between liquidity and credit risk under the COVID-19 shocks/pandemic set-up. This is a unique study as the study revealed that policymakers and researchers alike should pay particular attention to the vulnerabilities to shocks from within and outside of the financial system as COVID-19 was found to significantly affect liquidity and credit risk. Since the pandemic is still active, further research is necessary to examine the cointegrating and causal relationship in the long run.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00International Differences in the Perceptions of Export Obstacles By SMEs in the Same Firm-Level Characteristics: Evidence from European Countries<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Most of SMEs encounter many impediments when performing direct exporting activities. This is because various countries have different legislative and tax burdens and cultural-linguistic diversities that create export barriers for SMEs from other countries. Even SMEs that are the same size, age, from the same sector or legal form, their perceptions of export obstacles might differ depending on countries where they are located.</p> <p><bold>Purpose:</bold> This research investigates the differences between the export obstacle perceptions of SMEs from different countries but with the same firm-level characteristics</p> <p><bold>Research methodology:</bold> To achieve this aim, the researchers apply a random sampling method to determine the research sample. Moreover, the researchers created an online questionnaire to gather the research data. Finally, 408 SMEs from the Czech Republic, Slovakia and Hungary have been analyzed by performing a Kruskal-Wallis analyses with the Dunnett T3 Post Hoc Test to achieve the aims of the research.</p> <p><bold>Results:</bold> The empirical results express the differences and the similarities between the perceptions of export obstacles by SMEs. While the perceptions of Czech-Hungarian and Slovak-Hungarian SMEs do not differ in any same firm-level characteristics, the differences exist between Czech and Slovak SMEs that are smaller in size, older and, that have limited liability and sector categories. Compare with their Czech counterparts in these categories, Slovak SMEs perceive export obstacles less intensively. The approaches of a government on SMEs and investment freedom in a nation and the exporting patterns of SMEs might be the reasons for these similarities and differences among SMEs in various countries which are in the same age, size, sector and legal form categories.</p> <p><bold>Novelty:</bold> The significant results that this research proves in same firm-level characteristics and an international context makes this paper unique research in the literature. Therefore, policy makers, academicians, SMEs, and financing institutions might gain many benefits from the findings of this study.</p> </abstract>ARTICLE2022-06-18T00:00:00.000+00:00Ranking and Classification of Cryptocurrency Exchanges Using the Methods of a Multidimensional Comparative Analysis<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> The multidimensional assessment of the attractiveness of cryptocurrency exchanges seems to be an important issue, because the risk of the collapse of such an exchange or its use for illegal purposes is higher than in the case of traditional exchanges.</p> <p><bold>Purpose:</bold> The aim of the work is to create ranking and identify groups of cryptocurrency exchanges with a similar level of attractiveness.</p> <p><bold>Research methodology:</bold> 13 different composite indicators were considered. Finally, one of them was chosen as a representative according to the similarity of the obtained rankings. Clustering methods were used to identify groups of exchanges with a similar level of the constructed measure.</p> <p><bold>Result:</bold> The best according to the adopted criteria of rankings similarity was the taxonomic measure constructed using the standardized sum method with equal weights. Combining hierarchical clustering with the <italic>k-means</italic> algorithm allowed to improve the quality of clustering measured with the silhouette index.</p> <p><bold>Novelty:</bold> The originality of the paper lies in the use of different methods of a multidimensional comparative analysis on the cryptocurrency market.</p> </abstract>ARTICLE2021-11-26T00:00:00.000+00:00The Relationship Between Economic Growth, Energy Consumption and CO Emission in the Middle East and North Africa (MENA)<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> CO<sub>2</sub> emissions are considered to be the main reason for global warming, and for this reason, their regulation is a very important issue for governments. Due to the increasing use of energy, carbon dioxide emissions have increased dramatically over the past century, with a direct link to economic growth and development. The relationship between CO<sub>2</sub> emissions, growth and energy consumption is therefore at the heart of current economic issues.</p> <p><bold>Purpose:</bold> This study aimed at examining the relationship among economic growth, carbon dioxide (CO<sub>2</sub>) emissions and energy consumption in selected MENA countries, in the period 1995–2017.</p> <p><bold>Research methodology:</bold> To prove these relations, a stationary data panel methodology is used supported by unitary root and cointegration tests.</p> <p><bold>Results:</bold> The results indicated that there is a long-term relationship between CO<sub>2</sub> emissions, energy consumption and GDP. In addition, it is found that the elasticity of CO<sub>2</sub> emissions with respect to energy consumption is less than one (inelastic), and the elasticity of CO<sub>2</sub> emissions with respect to GDP suggests the existence of an Environmental Kuznets Curve. An important finding is that energy consumption has a positive but relatively low effect on CO<sub>2</sub> emissions. To reduce CO<sub>2</sub> emissions, the countries of the MENA region are being called upon to increase significantly the use of renewable energies and the establishment of a more efficient energy policy.</p> </abstract>ARTICLE2021-11-26T00:00:00.000+00:00Absorption Rate as a Tool for Assessing the Dynamics of Development Activity<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> An assessment of the dynamics of the development of the housing market is critical for development activity and the institutions that finance it. Due to the capital intensity of development projects, it seems necessary to perform detailed analyses to be sure that the investment will find buyers and to know how much time it will take for this undertaking to be sold. The absorption rate reports it.</p> <p><bold>Purpose:</bold> The aim of the article is, therefore, to verify the importance of the absorption rate in assessing the dynamics of property market development based on the example of housing development activity in Łódź.</p> <p><bold>Research methodology:</bold> To achieve the aim, in the empirical part of the article, information on developers’ investments in Łódź was independently collected, and based on them, absorption ratios for several periods were estimated.</p> <p><bold>Results:</bold> The study showed dynamic changes in the absorption rate, as well as its diversity depending on the type of building and location. That is why it is so important to analyze this indicator in developers’ activity, where the risk of recovering the capital engaged is very high.</p> <p><bold>Novelty:</bold> In Poland, there are few publications on the given topic, and the existing analyses of the absorption rate in Poland, prepared for the largest Polish cities, do not include the division into specific locations or the type of real estate, which is why they are not sufficiently reliable information for developers.</p> </abstract>ARTICLE2021-11-26T00:00:00.000+00:00An Analysis of the Effectiveness of Bankruptcy Prediction Models – an Industry Approach<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Bankruptcy prediction models are frequently used in research. However, an industry approach is not often carried out. Due to this, this study included trends observable between the number of bankruptcies and its prediction by models.</p> <p><bold>Purpose:</bold> The aim of the paper is to verify if changes in the number of actual bankruptcy in individual industries are properly predicted by the models. Also, if analyzed models are providing consistent information according to the risk of bankruptcy between industries.</p> <p><bold>Research methodology:</bold> The data were collected from the Orbis database and the Coface reports. The period included in the study is 2014–2019. 5 Polish bankruptcy prediction models were used: these by D. Hadasik, E. Mączyńska and M. Zawadzki, M. Pogodzińska and S. Sojak, D. Wierzba and the Poznan one.</p> <p><bold>Results:</bold> The analyzed models do not properly predict changes in the number of bankruptcy in individual industries, however, 3 out of 5 correctly predicted the trend for the entire sample. Analyzed models often provide inconsistent information. Hence, it seems sensible to use more than a few models in any further analyzes.</p> <p><bold>Novelty:</bold> In the literature of the subject, there are often carried out analyses focused on the effectiveness of bankruptcy prediction models regarding individual companies. This research is focused on the prediction of changes in the number of companies to be considered as at bankruptcy risk between industries, and also on comparing these models.</p> </abstract>ARTICLE2021-11-26T00:00:00.000+00:00What Can SVAR Models Tell us About the Impact of Public Expenditure Shocks on Macroeconomic Variables in Algeria? A Slight Hint to the COVID-19 Pandemic<abstract> <title style='display:none'>Abstract</title> <p><bold>Research background:</bold> Public spending is a generator of economic growth as well as its components; this reality is more depicted in the era of the COVID-19 world pandemic where a recession in economic activities has touched all countries.</p> <p><bold>Purpose:</bold> In this paper, we tried to study the impact of shocks in public expenditure on some macroeconomic variables in Algeria during the period (1970–2019).</p> <p><bold>Research methodology:</bold> The VAR Structural models were used to study the response of these variables to shocks in public spending in Algeria.</p> <p><bold>Results:</bold> The results of the modeling indicate a direct response of both exports and imports to a shock in the levels of public expenditure, but this response is relatively weak to the variable value of exports (especially in the short term), which is mainly due to the structure of the Algerian economy that is mainly dependent on the export of oil and gas, which in turn is mainly affected by international energy factors e.g. prices, supply, and demand. For the rate of inflation, there was an inverse response to shocks in the level of public spending. In the context of the global health and economic crisis, we will witness a further faltering of economic growth in Algeria.</p> <p><bold>Novelty:</bold> Our contribution is a new feature of the application of the SVAR model in the era of the COVID-19 pandemic that focused on analyzing the impacts of public expenditure on exports and imports</p> </abstract>ARTICLE2021-11-26T00:00:00.000+00:00en-us-1