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Active Ageing Index, New Emphasis Within the Same Methodology. The Role of the Internet

Abstract

Our paper focuses on the role of the Internet in older people’s lives and suggests that the weighting given to Internet usage should be increased when calculating the Active Ageing Index (AAI). We analyse the results of two weighting systems, which differ from the original one created by an expert group. First, we use the coefficients calculated by Djurovic et al. (2017), then create our own system in which the Internet usage component is given a very high coefficient value, ceteris paribus. Evaluations are done for AAI 2010, 2012, 2014, 2016 and 2018. The rank order of countries differs in the alternative weighting systems, but these differences are slight, and decrease year by year, suggesting the robustness of the original weighting system. This also shows that older EU citizens are using the Internet more and more, and that Internet usage is becoming a category similar to basic literacy. Finally, we recommend that AAI include a more sophisticated indicator of Internet usage instead of just asking respondents if they have used the Internet at least once a week in the previous three months.

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Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange

Abstract

The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.

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Effects of Energy Use on Socioeconomic Predictors in Africa: Synthesizing Evidence

Abstract

The paper examined the effects of energy use on socioeconomic predictors in Africa. The Gary Becker hypothesis and the Michael Grossman demand for healthcare model were used to interact with energy related predictors on socioeconomic essentials. Our experimented model foretold the urgent need for government intervention programmes to resolve the energy misery in the African region.

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The Impact of Gender on Food Waste at the Consumer Level

Abstract

Food waste is one of the main contributors to economic disparities, social inequalities and environmental pollution. Numerous studies have sought to understand the drivers of food waste at various stages in the food supply chain, including the consumption stage. Based on a quantitative analysis of 252 Romanian consumers, the present study shows that gender is an important factor that affects the individuals’ attitudes and behaviours in regard to food and a potential factor that could affect the amount of food wasted. The study found that attitudes towards food waste evolve as individuals age, and that, at each stage, women tend to be more concerned about the negative impact of food waste on social equity or the family budget than men. In addition, women were found to display behaviours in regard to food acquisition and preparation that can result in higher food waste in a larger degree than men, even though the study found no differences in the actual amount of food wasted by the two genders. The results of the study are important because they show the need to adapt the public awareness campaigns on food waste on the particularities of each gender across several age groups.

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Editorial
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Investigating the effect of governance on unemployment: a case of South Asian countries

Abstract

This study aims to investigate the short-run and long-run relationship between economic variables and the unemployment rate in South Asian countries. A panel vector error correction model is used to establish the long-run and the short-run relationship between the unemployment rate and the selected economic variables. Data were collected from WDI, WGI, and FDSD for the years 1994–2016. In order to determine the direction of the relationship, the Granger causality test was used. Impulse response functions (IRFs) and forecast error variance decomposition were used to assess the stability of the relationship between the unemployment rate and economic variables over time. The finding of the study showed a negative and significant relationship at the 5% level of significance between governance, internet users, mobile cellular subscriptions, fixed broadband subscriptions, and human capital and the unemployment rate of South Asian economies. On the other hand, financial activity (credit) and population growth had a positive and significant relationship with the unemployment rate. Finally, the Granger causality test showed bidirectional causality between governance and unemployment rate, while internet users and fixed broadband subscriptions showed unidirectional causality with the unemployment rate; furthermore, population growth, financial activity (credit), mobile cellular subscriptions, and human capital showed no causality in the short run.

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Legal and institutional aspects of public forms of electricity or gas fuel trading in Poland versus the conditions in the common energy market

Abstract

This study aims at presenting the legally, technically, and economically empowered suggestion for a clear definition of a competitive market of gas fuels and electricity of a Member State in order to be utilized within trans-border trade of these utilities, as required by the European Union (EU) legislation. Thus, this study addresses, first of all, the issue of the division of the national gas fuel and electricity market into sections and separating these market segments that are more susceptible to the existence of competition in the trans-border dimension. This division is a model that reflects every internal market that is self-sufficient and distinguished in technical terms which has been established and is functioning within one or more Member States. The suggested structural, subject-related division of the market into sections, a competitive one (with its segments), a balancing one, and a technical one, makes it possible to determine which fragments of the market prevail over merely the technical security of ensuring continuity and quality of electricity supplies at the national level. Public forms of electricity and gas fuel trading take first place. Thus, second, the issues of legal and business conditions for operation in the energy section of the commodity exchange, regulated market, or open tenders for purchase of energy and interdependence between public forms of electricity or fuel gas trading and standards in the common electricity market have become the subject of this study. The advantage of a commodity exchange that establishes transparent conditions for public trading transactions involving these goods and provides pricing information for actors in the market cannot be overestimated. A commodity exchange enhances competition and is instrumental in the reduction of prices for ultimate clients. The completed analysis aims at reviewing public forms of trading as the instruments for achievement of the objectives of the national energy law and a component for a common energy market in the perspective of development of trans-border transmission capabilities. Legal multi-centricity and multi-aspectual nature of the addressed issues form a structure of relations that has affected the selection of the research methodology. Three research methods were adopted as the main principles that, bearing in mind a different context in which they are used, are treated to be complementary. The first one is an interdisciplinary research analysis, taking account of the context of functioning in the EU law environment in the interpretation of the national law provisions and technical sciences (and thus, e.g., laws of physics, properties of energy, technical aspects of functioning of the power industry as a system of interdependent relations of installations and grids) and economic sciences (e.g., a concept of the market, competition, operation of the commodity exchange). References to technical or economic sciences allowed to maintain the clarity of the above considerations and render the addressed issues better in practice. The legal and dogmatic method is an indispensable supplement of the above method; in this method, the process of interpretation of legal regulations is based on the jurisprudence and case law which should be referred, in particular, to the national law; it is made complete by the analysis of the economic practice. The selection of the concept analysis method (a linguistic one) as the third method should be justified by the undertaken attempts to define in a precise manner the content and the scope of meaning of general, generic concepts making references, as a rule, to a broad spectrum of business operations, the application of which in the EU legislation is a feature of this legal order established on the basis of the elements of the continental (established, statute) law and flexible common law.

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Empowerment Rights and Happiness Gap in Post-socialist Countries

Abstract

In this paper, we contribute to the debate on life-satisfaction gap between the citizens of post-socialist countries of Europe and Asia and their highly developed OECD counterparts, by examining the influence of de jure and de facto respect for empowerment rights. We mainly focus on the measure of rights protection called de jure - de facto rights protection gap. The empowerment rights included in the analysis are: the freedom of association, the freedom of expression, the freedom of religion, the freedom of foreign movement. Our results imply that government’s respect for these rights plays the role in diminishing happiness gap. We base the conclusions on an empirical study conducted on the sample of more than 59,000 observations. The data used for the study consist of World Values Survey database (waves 3–6) and a number of socio-economic indicators for 44 countries.

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The relations between the quality of financial statements and corporate governance

Abstract

Business entities operated in the form of capital companies, to maintain reliability and transparency of the activities conducted, should observe general supervisory framework of legal nature. The primary objective of the information policy is to provide stock market participants with appropriate standards of company transparency which through the corporate governance regulations should lead to the improvement in the quality of financial reporting. Financial statements should be reliable as it is only then that their aims and targets are met, and the image of business they depict should be created according to the true and fair principle, invoking the responsibility of individuals supervising the process of drawing up a financial statement. The aim of the paper is to indicate the essence of the relationship between the quality of financial statements and the application of corporate governance principles. The paper uses the analysis of regulations and review of literature in the field of corporate governance and reporting of listed companies. The results of the analysis confirm that the quality of reported information determines the effectiveness of corporate supervision; that integrated reporting (IR) is a tool enabling organizations to communicate their value to investors; and that corporate supervision allows said organizations to adopt the comprehensive approach in developing sustainable value.

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Hypothetical bias and framing effect in the valuation of private consumer goods

Abstract

In a laboratory experiment, I examined two behavioural effects: hypothetical bias and the framing effect. I elicited willingness to pay (WTP) for a cosmetic product, and manipulated framing conditions (positive vs. negative attribute framing) and incentives to reveal the actual valuation (hypothetical vs. real). I demonstrated that hypothetical bias has a significant impact on WTP values; however, the framing effect has no effect on the valuation of the product. Similarly, I found no interaction between the two effects. This observation contributes to claims that hypothetical research methods lead to equally reliable data as those based on consequential choices.

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