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Abstract

This paper analyses the influence of financial development on income inequality. Throughout this work, one may find the overview of theoretical and empirical literature as well as the empirical model using fixed panel data method. This research paper tries to disentangle the opposing views on the relationship between finance and income distribution, by evaluating the impact of the different dimensions of financial development on the level of income inequality. The important added value of this research is the usage of quintiles of income distribution as a dependent variable that may help to recognise the effect of financial development on the poorest and richest. Another novelty of the paper is the consideration of the effects of financial variables on Gini coefficient in the long and short run. The main results of the analysis using dataset from 2003 to 2014 indicate that financial access decreases income inequality.

Abstract

The article is devoted towards the application of managerial accounting for deliverology development at the local government level in countries and comparing them to the stage of fiscal decentralisation implementation in Ukraine. The aim of the article is to show how the application of the managerial accounting approach in the public sector can contribute to the introduction of deliverology at the local level using Ukraine as an example. The methodology is based on the application of Difference in Difference method for the implementation of deliverology at the local government level. It has been proved that the use of multi-criteria decision-making methods in the analysis of the performance of budget programmes at the local level will contribute to the improvement of public services delivery. The main contribution of this study is to provide the basis for developing recommendations for the use of a single or uniform standard of electronic databases on regional development indicators and local budgets. This will help to ensure operational control over deviations of actual indicators from planned ones, as well as identify regions where local authorities are using resources inefficiently.

Abstract

Macroeconomic forecasters are often believed to idealistically work on improving the accuracy of their estimates based on for example the Root Mean Squared Error (RMSE). Unfortunately, reality is far more complex. Forecasters are not awarded equally for each of their estimates. They have their targets of acquiring publicity or to earn prestige. This article aims to study the results of Parkiet's competitions of macroeconomic forecasting during 2015–2019. Based on a logit model, we analyse whether more accurate forecasting of some selected macroeconomic variables (e.g. inflation) increases the chances of winning the competition by a greater degree comparing to the others. Our research shows that among macroeconomic variables three groups have a significant impact on the final score: inflation (CPI and core inflation), the labour market (employment in the enterprise sector and unemployment rate) and financial market indicators (EUR/PLN and 10-year government bond yields). Each group is characterised by a low disagreement between forecasters. In the case of inflation, we found evidence that some forecasters put a greater effort to score the top place. There is no evidence that forecasters are trying to somehow exploit the contest.

Abstract

In this paper, cryptocurrencies are analysed as investment instruments. The study aims to verify whether they can be classified as an asset class and what kind of benefits they may bring to the investor's portfolio. We used 6 indices as proxies for the major asset classes, including the cryptocurrency index CRIX, for all cryptographic assets.

Cryptocurrencies relatively fully satisfied 7 asset class requirements, namely stable aggregation, investability, internal homogeneity, external heterogeneity, expected utility, selection skill and cost-effective access. It was found that crypto assets have diversification properties. Portfolio optimisation with the Modern Portfolio Theory showed an increase in the Sharpe ratio of tangency portfolios with the inclusion of CRIX. However, the Post-Modern Portfolio Theory identified significant deterioration of the downside risk and the Sortino ratio.

Abstract

The article addresses the issue of stress testing based on the probability of bankruptcy and a rating migration matrix. The analysis is conducted on a sample of listed companies in Poland in the years 1998–2016, and the forecasts are made for the years 2016–2018. Particular attention is paid to how the variable on which rating migration matrices are developed is defined. Stress tests are carried out on variables derived from rating migration matrices and economic indicators. The study provides information on the methodology for stress testing.

Abstract

This paper examines the relationship between the voting behaviour of European Parliament members on the Common Consolidated Corporate Tax Base (CCCTB) proposal and economic characteristics of their respective countries. We are concerned about the political and economy factors behind policy and decision making of CCCTB in European Parliament. The analysis is conducted with Logit model identifying factors affecting the voting consultation decision of the Parliament of the European Union in 2018. Particularly, we investigate the impact of four components taken from tax benefit index proposed by W. Orłowski. We have found that economic factors alone are responsible the voting behaviour of the European Union deputies, not their personal characteristics.

Abstract

This article offers an empirical analysis of determinants of inflation in 28 European economies that belonged to the transition group of countries in the end of the last century. We rely on dynamic panel methodology and find that economic and structural variables, including economic openness, unemployment, real wages, institutional effects, as well as external factors, such as prices of food and oil, determine the short-run inflationary dynamics in these countries. The obtained results also indicate that inflation rate is autoregressive in the observed period (2005-2015), confirming that contemporaneous inflation rate is determined by the entire history of these determinants. Our further investigation reveals long- term effects of the majority of these variables on price dynamics. Interestingly, distinction between the current EU and transition countries in the model does not lead to different conclusions.

Abstract

Purpose The main objective of this study is to expand the technology acceptance model (TAM) by examining the factors affecting the adoption of mobile banking services by the customers of Palestinian banks and to design a comprehensive model based on TAM and TPB and additional constructs.

Design/methodology/approach This study used the quantitative approach with cross sectional research design and a questionnaire as a data tool. From the six big cities in Palestine, we surveyed 1000 banking consumers. The samples include different characteristics. For construct relationship analysis this study applied partial least squares (PLS).

Findings The study framework provides a complete view of mobile banking services. This framework takes into consideration more determinants for prediction than other studies on the adoption of innovations. The results of using this model managed to clarify nearly 77.4 percent of the dependent variable (intention to adopt mobile banking service) variation. This is a much greater value than those of the previous studies. Moreover, this study found that the perceived risk has a negative effect on consumers’ intention to use mobile banking services. Attitude, facilitating conditions, perceived ease of use, website usability, and perceived trust were identified as the important variables that have a significant positive effect on the consumers’ intention to use mobile banking services in Palestine.

Originality/value – the findings can be used by financial institutions and banks to enhance the usage rate of consumers’ adoption and to develop their strategies.

Abstract

The article focuses on the phenomenon of financial literacy of students. Financial literacy is treated as a combination of financial knowledge and the decision-making process where one has to make a choice based on experience and theory. The aim of this paper is to draw attention to the essence of financial literacy, including knowledge of banking (especially of young people). For this purpose, a literature review was used. Own research complements the topic as a case study, where the author verifies whether students assess their knowledge in a way that corresponds to reality and verifies whether students need to expand their financial knowledge sorely necessary nowadays. The survey was completed by 380 students from University of Information Technology and Management in Rzeszów, of both economic and non-economic field of studies. There are some unexpected results, for example the most important is that students from a financial field of studies end up with worse results than their peers from the non-financial degree programs.

Abstract

The objective of this paper is to speak about the issue of independence. To reach this goal corporate governance was considered as an example of good practices that may help organizations prevent fraud. Fraud was considered under a perspective of financial engineering - dedicated to building, enabling and displaying high dividends to shareholders that were non-existent. These events defrauded public opinion on the trust in the auditor and the confidence in the companies and showed the lack of independence of the different players. It must be said that the participation in these frauds was shared, at least, by the top management, the auditors and the accounting personnel. As an immediate consequence some ethical issues and guidelines for the reinforcement of the organization′s internal control arose. As concerns the factor of independence, particular stress on the supervising and inspecting functions of the Portuguese Stock Commission –CMVM - was considered. This entity is responsible for the supervision of the listed companies but at the same time it inspects the auditor′s work for the companies in its portfolio.

A benchmarking analysis with the Nordic countries of Norway, Sweden and Finland was done. This was undertaken because these countries show some relevant cultural and ethical differences and a peculiar cultural/organizational approach that should be considered.