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Abstract

The functional principal components analysis joins the advantages of the principal components analysis and provide analysis of dynamic data. The main difference in both methods is the type of data the PCA is based on multivariate data, whereas the FPCA on the functional data including curves and trajectories, i.e. a series of individual observations, not a single observation, as usual. The functional principal components analysis with functional data, will be used in the analysis. This method allows the analysis of dynamic data. The purpose of the article is to apply of functional principal components analysis to the problem of student’s achievements. The article was compared the level of students’ knowledge during different stages of education in 2009-2017. The analysis covers the average exam results after the II, III and IV stage of education.

Abstract

This article provides empirical evidence that the demand for ethyl alcohol in Lithuania is price elastic and the root cause of this elasticity is the competition between Lithuanian and Polish sellers. The basis for the emergence of competition lies in the price differences between the countries, which arise as a direct consequence of the Lithuanian government’s policy in the alcohol sector, which is directed towards reckless increases in excise duties. The increase in Lithuanian excise duties leads to a wider price gap between countries and in the first months after the increase results increases in prices. In subsequent months, Lithuanian importers and manufacturers tend to revise the assortment and costs, replacing more expensive goods with cheaper ones or slightly alter the markups. These changes are the main reason why demand in the domestic market gradually recovers. The price elasticity of demand predetermines the gradual recovery of the ethyl alcohol market, but each increase in excise duty reduces the manufacturers’ markups and (or) leads to the changes in product range, where higher-costs products are displaced by lower-cost products.

Abstract

The impact of external and internal factors on organization of operation at company level is studied. The necessity for implementing strategic management of innovation processes at company level is substantiated. The structural interactions of external and internal factors on the organization of company operation are determined; a classification of factors of external and internal environment in the context of strategic management of innovation processes at company level is constructed.

Abstract

EU strategy documents, including the Europe 2020 Strategy, emphasise the priority role of industry in the growth of EU economies. The aim of the presented research is to measure and assess the impact of expenditure on research and development (R&D) activities on the competitiveness of manufacturing divisions in Poland. Labour productivity, expressed as (1) a quotient of gross value added and employment, and (2) a quotient of sold production and employment in the analysed manufacturing divisions, was adopted as the measure of competitiveness. The empirical part of the paper is based on data published by the Central Statistical Office. The analysis covers the period 2009-2017 and provides a contribution to determining the role and importance of research and development as well as innovative activities in shaping competitive advantages of manufacturing enterprises. The obtained results for panel models confirm that R&D expenditure is a secondary factor in changes occurring in the Polish manufacturing industry.

Abstract

The objective (aim) of this paper is to explore the impact of the Ease of Doing Business Indicators on FDI on transition economies in Europe. Authors have used the dynamic panel methodology, by using three methods: Pooled Ordinary Least Square (POLS), Fixed Effect (FE), and Two Step-System Generalised Method of Moments (GMM) estimation techniques. By referring to the GMM technique, it can be seen that variables such as: Starting a Business, Registering property, Getting electricity and Resolving insolvency have a positive and significant impact in attracting FDI in 16 European transition countries, while variables as: Dealing with construction permits, Getting credit, Paying taxes, Protecting minority investors, have shown negative impact, whereas Trading Across Border and Enforcing contracts have not shown any impact on attracting FDIs in European transition countries. This paper contributes to the enrichment of existing literature in this field by using these three methods.

Abstract

The new audit regulation came into force in Poland in 2017 and imposed mandatory audit rotation. The new regulation aims to strengthen the auditor’s independence but it might also affect concentration on the audit market. The aim of this paper was to analyse whether mandatory audit rotation has a potential to reduce the audit market concentration in Poland. The sample included 198 capital groups with the parent company listed on the Warsaw Stock Exchange. The own compilation was prepared based on the audit opinions which included information about appointed audit firms in the period 2011-2017 (1,386 observations in total). The paper includes the analysis of audit tenures, their length, frequency of changing the audit firm and direction of the changes (to Big-4 or to Non-Big-4). The results showed that the biggest capital groups tend to appoint Big-4 audit firms and if they change auditor—they choose another firm from the Big-4. Additionally, the high number of short-term tenures (up to five years) suggests that Big-4 firms have strong bargaining power and they benefit more from the rotation of the clients rather than from their retention. The findings significantly contribute to the hypothesis that mandatory audit rotation will not reduce the concentration on the audit market in Poland. The findings might be valuable for the regulators and supervisory authorities responsible for the monitoring of the concentration level on the audit market.

Abstract

This article concerns research conducted on the casual connections between modern global migratory processes and basic socio-economic and safety indexes for countries around the world countries. On the basis of new official dataset there was developed a cluster model of countries distributed according to the basic indicators which characterize migratory streams (emigration/immigration), safety and macroeconomic indexes, related to the international migration. It is established that, in general, people are moving to safer countries that can provide them with better opportunities and social guarantees. The factor models for emigration and immigration processes, and international migration in general have been constructed. The main factors that prompt people to change their place of residence and the economic and safe effects of unprecedented levels of international migration are revealed. The empirical research examined in this paper confirmed the causal link between the volumes of international migration flows and the growth of Foreign Direct Investment in home countries and the reduction of security in host countries. The lack of statistical connection between immigration and emigration flows has been established.

Abstract

The article presents the risk of occupational burnout observed in health care, as well as possibilities of prevention in this regard. Its authors used their knowledge and experience obtained during the implementation of the international Time2Grow project financed from the European Social Fund. The project was dedicated to developing a burnout prevention model mainly in the area of broadly understood health care. The project was implemented in the Polish-Belgian-Finnish partnership, thanks to which it provided great opportunities to benefit from good European practices. The article presents the results of quantitative primary research carried out on Poland in the group of nurses and midwives, as well as selected results of quantitative and qualitative research conducted in Finland on a group of practicing nurses caring for elderly people.

Abstract

Art is increasingly perceived as an investment asset among investors in Poland. In order to achieve high rates of return it is crucial to identify the main factors affecting the value of the works of art in the art market. Death of the artist seems to be one of the essential determinants influencing art market prices. The main aim of the study is to examine if the artist’s living status (i.e. information whether the artist did or did not live when the transaction was held) affects the prices of the works of art. According to the findings the largest percentage of the works of art that showed a price increase between the first and second auction was in the group of artists alive at the time of the first sale and deceased at the time of the second sale in comparison with artists alive and deceased at the time of both transactions.

Abstract

Almost two decades after the war, Kosovo is an import-based consumption economy. Its weak export does not get any closer to imports, and this makes the country dependent on foreign assistance and remittances. The structure of the economy, with trade as a dominating undertaking, a sustenance-based agriculture and very limited production facilities, is a very fragile ground for economic development. Incentives to attract FDI were not competitive with neighboring countries and the country development is still lagging behind. In this respect, the lack of a proper marketing and business approach is present too. Theory and practice from developed countries show that firms that want to increase sales produce what is needed or/and wanted from costumers. In most of the market economy countries, when one wants to engage in business, the first step to start is market research; this rarely happens in Kosovo, people go in business almost ad hoc. Evidence shows that firms do neglect marketing by being mainly sales-oriented; they do produce what they think is good for the costumers and then use lots of resources to convince them that this is what they need. In general, this paper analyses the dynamics of economic development in Kosovo in post-conflict time, the government efforts to change the economic structure, its constraints with emphasis on perception of marketing and the role of consumers for SMEs in the country. In particular, the paper tries to explain why companies need to change their way of doing business; hence, it recommends the change of their business approach. The research, done with 200 small and medium enterprises (SMEs) in Kosovo, shows there are rather few firms that understand marketing and through it fight competition and strive to establish long-term relationships with their customers.