Countries can check the performance of their logistics’ activities to determine their competitiveness in trade logistics. One way to check these performances is to analyze the country’s LPI value in detail which is released by the WB every two years. When calculating the LPI, six indicators (criteria) are taken into account. The weights (importance level) of these criteria are important for countries which would like to focus more on the most important criteria and move their ranking up in the LPI list. However the WB takes into account indicators (criteria) weights equally when calculating LPI values. In order to overcome this problem some studies have used subjective weighting methods and others have used objective weighting methods. Both methods have advantages and disadvantages. The aim of this study is to integrate two weighting methods (subjective (SWARA) and objective (CRITIC)) in determining the weights of criteria in order to balance the two weighting methods. Unlike other studies in the literature this study combines two weighting methods. Additionally the PIV method, which is seldom used to address any MCDM problem, is used in this study and a new integrated MCDM model is introduced to literature. In this respect this study contributes to the literature.
This study aims to investigate the impact of savings and foreign direct investment on economic growth in Poland. Savings play an important role in achieving sustainable growth. High saving rates are also an important tool to increase resilience to financial shocks. The economic climate that emerged following the financial crisis revealed problems with the economy of Poland to obtain foreign financing. The decrease in foreign direct investment has led to an unpredictable economic environment for developing countries such as Poland. The decrease in foreign direct investment has led to lower growth rates for an emerging market such as the economy of Poland. The relationship economic growth rate, saving and foreign direct investment are examined for Poland over the period 1992-2016 by using the Autoregressive Distributed Lag (ARDL) bounds testing approach. According to this approach there is a cointegration relationship between the series and a 1% increase in savings which leads to a 0.81% increase on economic growth rate. Also a 1% increase in foreign direct investment (FDI) leads to a 1.52% increase in the economic growth rate.
Corporate Governance (CG) in India has undergone major transformation in the recent past with the enactment of Companies Act, 2013 and revision of SEBI’s Listing Agreement. Though some studies were undertaken in the Indian context few conventional aspects of CG have been repetitively addressed with conflicting results. The aim of this study is to examine the impact of some prominent CG attributes such as board size, board independence, role duality, board’s gender diversity, ownership concentration and audit committee independence on both market as well as accounting based measures of firm performance (FP). To this end the study uses a sample of top 100 non-financial and non-utility firms listed on the Bombay Stock Exchange (BSE) for the period of 2014-2018 and employs two stage least square with instrumental variables technique of estimation which takes into account potential endogeneity in CG-FP relationship. The findings reveal a significant positive impact of board size, ownership concentration and audit committee independence on market based measure of FP while board independence is found to have a significant negative impact on accounting based measure of FP. Moreover role duality and gender diversity are not associated with FP. The outcome of this study highlights how the relationship between CG and FP works in the unique institutional setting of India and it should be of interest to regulators, practitioners and other market participants.
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.
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.
This paper argues that provision of industrial commons (IC), might be considered as a crucial factor of a cluster’s attractiveness in digital transformation, e.g. in Industry 4.0 (I4.0) time. By drawing on the qualitative case study method of Hamburg Aviation cluster (HAv), it aims at exploring the nature of IC in the leading German I4.0 cluster. Proximity emerges, even if sometimes not explicitly, as the recurring topic facilitating the provision of IC, along with the advancement of I4.0. As Industry 4.0 stipulates much uncertainty, the closeness featuring in clusters, seems to bring various benefits, which can help address challenges associated with I4.0, and faced mainly by small and medium firms (SMEs). The vicinity to key actors and the gains of networking, reflect the importance of (un)articulated proximity.3
The concept of competitiveness has been addressed by economic theorists and policy makers for several hundreds of years, with both groups trying to understand the drivers of economic prosperity and social welfare. This contribution does not aim to address all theoretical thoughts that may contribute to understanding the roots of the competitiveness of locations. The goal is to address the major useful theoretical contributions that permit to identify the main drivers of a territory’s competitiveness and therefore to assess the competitiveness of a specific location according to strong criteria. The first section presents the major contributions found in the classical and neo-classical theories. The second section and the third section concentrate on two majors schools providing significant thoughts on the competitiveness of locations: the Economic Geography (EG) School and the International Business (IB) School.
The aim of the paper is to identify and assess the role of economic sciences in relation to competitiveness and globalisation, two basic concepts of the market economy. This role is to explain and interpret their essence but also to determine their potential practical usefulness, primarily in the context of economic policy development. The considerations mentioned in the article are, as a rule, of a general and universal nature and do not relate especially to any particular countries or groups of countries. The basic method employed in the study is a critical analysis of the subject literature. The paper consists of an introduction, three sections, and conclusions. Section 1 contains a basic discussion of the subject of economic sciences and describes their four features: cognitive productivity, practical usefulness, dismal nature and beauty. Section 2 presents the contribution of economic sciences to understanding and interpreting the phenomenon of competitiveness. Section 3 focuses on defining and elucidating the idea of globalisation and an examination of its most important aspects. The paper ends with eight conclusions formulated on the basis of this discussion.
The aim of this research is to determine the minimum number of uncorrelated dimensions which can describe national competitiveness (NC). NC is thought of as the ability of a nation to provide a conducive environment for its firms to prosper. It is shown that the environment affects national productivity catalytically through the interactions with the production factors while itself remaining unchanged. Selected World Economic Forum’s indicators are used for determining the components of the environment. The Principal Component Analysis has revealed three orthogonal dimensions of NC. Countries are represented by the points in the three-dimensional space. The weighted Euclidean distance from the origin to the ith point is proposed as a novel measure of the ith country’s level of NC.