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Evaluating the Nexus Between Financial Deepening and Economic Growth: Evidence from Ukraine

Abstract

In this paper systemic problems of Ukrainian banking sector are reviewed and the solutions are offered. The main objective of the study is to examine the relationship between a financial deepening and economic growth in Ukraine by estimating several multiple regression models over the 1993 to 2015 period. A real GDP growth per capita was used as an indicator for the economic growth. The domestic credit to private sector (% of GDP) was used as an index of financial depth. The study concludes that financial deepening causes a slight impact on the economic growth of Ukraine. A low level of impact is an indicator of a limitedness of lending to the real economy. This means that banking sector has not become the real driving force of the economic growth in Ukraine yet. The study suggests a statement that policy makers should design the policies which will encourage lending especially high tech production, small and mid-size business, micro financing to the real economy to promote economic growth and increase employment.

Open access
How do we study crowdfunding? An overview of methods and introduction to new research agenda

Abstract

Purpose: Crowdfunding is a global phenomenon of rising significance and impact on different areas of business and social life, investigated across many academic disciplines. The goal of the article is to present the variety of methods applied in crowdfunding research, assess their strengths and weaknesses, offer the typology of methodological approaches, and suggest the most promising direction for further studies.

Design/methodology: The paper is based on the review of the most recent academic and industry literature on crowdfunding and own analysis of data presented by crowdfunding platforms’ operators.

Findings: The article incorporates interrelations of methods, goals of inquiries, and types of results propose a typology of methodological approaches that researchers currently apply to crowdfunding: from platform-centred to multi-sited. The authors discuss the advantages and limitations of the identified approaches with the use of multiple examples of recent and most influential studies from the field and propose the most urgent direction of future inquiries.

Research limitations/implications: The overview renders crowdfunding studies more accessible for potential newcomers to the field and strengthens transdisciplinary discussion on crowdfunding. Despite the broad variety of the analyzed articles that reflect the newest trends, the sample is not representative in the statistical meanings of the term.

Originality/value: The article offers the first review of methodologies applied in the transdisciplinary area of crowdfunding studies and connects it to broader methodological discussions about transdisciplinary research on the digital phenomena. The review strengthens the transdisciplinary dialog on crowdfunding.

Open access
Impact of the January Effect on Return Rates in the Markets of the 2004 EU Enlargement

Abstract

Purpose: The article presents the results of a study conducted for the January effect. This anomaly is best recognized in the capital markets. In this case, we find explanation of its appearance based on both fundamental analysis and heuristics used by investors. The research focuses on the markets of the European Union enlargement countries of 2004. There are three hypotheses stated in the article:

Hypothesis 1: The January Effect occurs in the analyzed markets.

Hypothesis 2: The January Effect weakens over time.

Hypothesis 3: The January Effect weakens with the development of a market.

Methodology: Three methods verified the hypotheses: tests of differences, average and median rate of return, and dynamic models paneled with the estimation of parameters and the generalized method of moments.

Findings: The January Effect exists in the analyzed markets. The anomaly weakens over time but, after accession to the European Union, January return rates increase significantly.

Limitation: The definite verification was difficult due to the available methods and data. Further research in this field is, therefore, needed.

Originality: The originality of the paper stems from the construction of the sample – new evidence from post-communist countries – which became the European Union members in 2004. The next important issue is the period of twenty years after the economic transformation – ten before and ten after the enlargement of the EU.

Open access
Imperfections of Supervisory Prudential Regulations Related to Credit Exposures Secured by Mortgages

Abstract

The credibility of economic information provided by banks is one of the key elements of building trust between the institutions and the economic environment. The activities of the national banking sector, due to the special responsibility for the entrusted deposits, is subject to restrictive legal regulations and is controlled by the banking supervision. The legal act binding the banks and regulating, among others, the rules of credit risk measurement derived from mortgage-secured loans is the S Recommendation which was issued by the Financial Supervision Commission. The publication discusses the imperfections of this supervisory regulation with regard the defined concepts and recommended methods for the measurement of credit exposure, the interpretation and the method of determining the value of mortgage security and LtV.

Open access
Role of Banks in Sustainable and Digital Transition

Abstract

The purpose of this study is to identify how the sustainability and digital transition influence banks. The main thesis can be expressed as follows: sustainability transition and digital transition are changing the role and function of banks, especially the products and services offered by banks. Banks are one of main actors of a broader, multi-level governance designed to support the transition to smart, efficient and low carbon economy. The framework’s structure is based upon the multi-level perspective on socio-technical transitions created by F.W. Geels. The first section of this paper presents the most popular approaches to the problem at hand, as reported in professional literature. Section two presents characteristics of the various actors involved in the anticipated transformation of the economy. The third section discusses the changing roles and frameworks of banks associated with the notion of the broader concept of sustainability and digitalization.

Open access
Snobbish Bandwagoners: Ambiguity of Luxury Goods’ Perception

Abstract

Purpose: The article explores the grounds of possible interrelations of snob and bandwagon consumers’ inclinations in the luxury fashion sector. The reason to investigate this comes from the growth of inconsistent evidence among analyses of this subject. Consumers’ perception of luxury goods seems not only compound but also quite ambiguous at the same time. One of its reasons may be the wrong assumption that snob and bandwagon inclinations are opposite trends that cannot co-exist among individual motives of luxury purchases.

Methodology and findings: The mixed method research – in the form of international consumers’ e-survey and semi-structured interviews with affluent consumers – reveals that mutual relations of these two trends are clearly visible and can both motivate purchase at the same time.

Open access
Social value added (SVA) as an adaptation of economic value added (EVA) to the specificity of cultural institutions

Abstract

Purpose: The purpose of this article is to present the concept of social value added (SVA) as a tool for measuring the effectiveness of the activity of not-for-profit cultural institutions.

Methodology: A direct application of the measure of economic value added (EVA) in the case of evaluation of non-profit activity of cultural institutions would be impossible because of the specificity of such organizations, which – as distinct from standard enterprises – are not oriented on generating financial gains. The article covers several successive modifications of EVA, which lead eventually to the measure of social value added (SVA). This parameter represents the difference between the social impact of an evaluated institution and the social cost of capital involved in the conducted activity. A positive SVA means that the activity carried out by the institution subject to evaluation is socially viable. The method of SVA calculation presented in the article has been supported by a numerical example.

Findings: The modifications presented in this article make it possible to adapt economic value added (EVA) to the needs and specificity of not-for-profit public cultural institutions. Applying a modified EVA parameter, that is SVA, in cultural institutions may facilitate the process of management and the measurement of effective utilization of resources of these entities.

Originality/value: Published sources seldom tend to cover the tools improving management process or making it possible to measure the effects achieved by public cultural institutions. The solution discussed in this paper is a contribution to the body of reference literature in the said scope.

Open access
Transformation of Ownership of the Banking System in Poland and Ukraine: Problems and Prospects

Abstract

The article deals with the issues of transformation of ownership of the banking system in Ukraine and Poland. Poland’s experience of successful privatization of the state banks has also been discussed. The place of the state banks preparing for privatization in the banking system of Ukraine has been analysed. By using the method of calculating the concentration of capital by the indicators of the share of the entity in the market (Pj), concentration ratio CRn and the Herfindahl-Hirschman Index (HHI), it has been found that the concentration level of the banking system in Ukraine in recent years is growing. Given the unstable situation, we can assume that the increased concentration within the normal range is a form of consolidation. However, given the current problem of hidden monopolies in Ukraine today, the transformation of ownership in the banking sector needs special attention of banking regulators to assess the possible socio-economic consequences of concentration.

Open access
Behavioural Economics in the Context of Social Science Methodology

Abstract

Purpose: The article discusses selected methodological issues of natural and social sciences with particular consideration of behavioural economics to highlight the significance of experimental research. Design approach: The order of the issues covered is as follows: (a) science as a product of a research community, (b) basic cognitive activities in science, (c) a short description of social sciences, (d) a discussion on the methods applied in behavioural economics. Findings: The article offers a description of research procedure, its objectives and the methods applied therein; it has been stressed that testing theories and hypotheses involves exposing them to falsification; it has been emphasised that research conducted within the framework of social sciences is more difficult than in the case of natural sciences because of the large number of independent variables and the possible interaction between the researcher and research participants. Practical implications: The content presented in the article highlights the value of scientific findings as opposed to common-sense knowledge adopted with the disregard of the principles of proper methodology. Value: The authors believe that the emergence of behavioural economics was an attempt to overcome certain deficiencies in the methodology of classical economics by means of experimental research.

Open access
Creating and Delivering Value for Consumers of Healthy Food – a Case Study of Organic Farma Zdrowia S.A.

Abstract

Purpose: This paper aims to analyse selected aspects of the marketing strategy of the first and biggest network of self-service shops with organic products in Poland - Organic Farma Zdrowia. Methodology: The adopted methodology involves a qualitative approach. The case study is based on an analysis of company documents and marketing communication, especially that offered on its website and in its social media channels. Findings: The company specializes in distribution of organic products in Poland. It has gone through organic growth, acquisitions, attracting a Dutch investment fund, and entering the NewConnect stock exchange. It operates based on the model of multichannel distribution, combining physical and online retailing. The assortment consists of 4,000 products, including organic food, cosmetics, and cleaning aids. The company has managed to create 3 own label product lines. The online retailer belonging to the company (organic24.pl) is organized in a professional way, although some improvements are possible. In 2015, the company engaged in ambitious marketing projects. Practical implications: The findings may be useful for the Organic Farma Zdrowia company as certain modifications in its marketing communication are recommended. Other companies operating in the sector may also benefit from the analysis of the strengths and weaknesses of the business in question. Furthermore, our case study may offer a framework of reference for researchers interested in this area. Originality: This is the first study to examine the strategy and marketing activities of Organic Farma Zdrowia, a major player in the sector of organic food distribution in Poland.

Open access