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Abstract

The purpose of this paper is the estimation of a production function for retail stores in the Philippines. A generalized Cobb-Douglas production function is utilized for this purpose. Ordinary Least Squares is used in obtaining the coefficients for labor and capital. The results show that the marginal product of labor to be higher than the marginal product of capital and the hypothesis of constant returns to scale is not rejected.

Abstract

Slovenia has only one tier of sub-national government, that is, municipalities. Currently, there are 212 municipalities, and they exhibit the same responsibilities they need to provide to their residents, regardless of their size, and these differences in size are even in the range 1:100. The new national strategy for the development of local self-government has, therefore, stressed the necessity to promote cooperation among municipalities and even potential mergers, not just to ensure cost-effectiveness but also to increase the capacity of municipalities to perform various developmental tasks. Consequently, the aim of the article is to analyse the evolution and factors driving inter-municipal cooperation and municipal mergers, where Slovenia is taken as an example, and case study approach is used in this manner. The results of the analysis indicate that territorial fragmentation at the local level has been accompanied by the increase in the inter-municipal cooperation, although some time lag can be observed. Moreover, the increase in the cooperation can be observed in particular with the onset of economic slowdown and fiscal stress emergence. The results also portray that substantial territorial rescaling cannot be expected in the near future, as suggested by the analysis of driving factors that should contribute to this process, as well as by rather weak ability of central government to promote the process. Consequently, from the practical perspective, we might expect larger role of more in-depth trans-scaling strategies as a mechanism to overcome the problem of sub-optimal size of municipalities in Slovenia.

Abstract

The purpose of this paper is to study the standard firm-factor determinants on capital structure of small and medium-sized enterprises (SMEs). To this end, we analyzed small and medium sized firms in Kazakhstan, where all sectors were considered. We use panel data methods to investigate the determinants of capital structure for non-financial SMEs in Kazakhstan. This study examines the impact of key determinants such as asset tangibility, size, growth, profitability and tax rate of SMEs. The trade-off theory and the pecking order theory of capital structure guided this study. The results suggest that despite some differences in the influence of factors on the capital structure, most of the determinants presented by the theory of finance appear indeed to be relevant for the Kazakhstan small and medium business sector.

Abstract

The growth of total factor productivity (TFP) in advanced economies has slowed significantly after the 1970s. The global financial crisis (GFC) has resulted in the second productivity growth slowdown. This paper, on the basis of a broad literature review, identifies the structural forces and legacies of the financial crisis, explaining the productivity growth slowdown and providing possible policy solutions. The mismeasurement hypothesis is also discussed. The slowing pace of innovations, population aging, slowing human capital accumulation, limits of structural transformation, capital misallocation, and firm-level factors are identified as structural forces slowing TFP growth. Lack of capital deepening, financial frictions, and slowdown of international trade are the most important legacies of GFC affecting productivity growth.

Abstract

The aim of the work was to analyse the external costs for agriculture and agri-food industry related to the possible launch of lignite deposits in Wielkopolska, that is, on the Ościsłowo, Dęby Szlacheckie and Oczkowice deposits. The duration of the mine’s impact on the environment includes the period of drainage of the deposit, its exploitation and the time necessary for the reconstruction of water relations around the open pit. The level of losses in agricultural production was estimated based on the production results achieved by agriculture threatened by the occurrence of external costs based on the Central Statistical Office (CSO) data. The studies adopted two variants of the impact of open pitches on agriculture, including: the area of the estimated depression hopper, that is, the area in which the water table lowered by at least one meter and the entire impact area of the outcrop. In total, the external costs in agricultural production and processing, which may arise as a result of the launch of extraction from the three analysed deposits, were estimated at PLN 7.7–32.3 bn, losses in non-produced agricultural production at PLN 31.8–113.0 bn, while when the value of lignite is PLN 83.7–111.6 bn. Such high costs mean that the opening of new lignite deposits in Wielkopolska raises economic doubts. This also applies to each deposit separately.

Abstract

Intellectual capital is not sufficiently depicted in the annual reports of Polish companies, although it plays an important role in the operation and market valuation of enterprises. The aim of the paper is to evaluate the possibilities of using the KCETM method for depicting intellectual capital in the enterprise annual report – in particular, in the integrated reports. The KCE method developed by Lev has been modified in the area of normalized revenues, of which the evaluation method is not controlled by the audit, which results in its subjectivity. We adopted the category of gross profit generated by an enterprise from sales (including a large share of costs of earnings) which is reported by the enterprise. On the basis of the financial data from annual reports, we conducted the Knowledge Capital Earnings measurement of selected IT companies and this method was evaluated by comparing the results with the market and financials indicators of the companies and their Market-to-Book Values.

The conclusions from the analysis confirmed a strong correlation of intellectual capital (evaluated by modified KCETM method) with market indicators and return on equity. The method of intellectual capital evaluation of Market-to-Book Value did not give results related to market and financial indicators.

Therefore, based on the reported gross profit on sales, the KCETM method should be recommended as a measure in the integrated reporting of an enterprise.

Abstract

The aim of this article is to present Investment Crowdfunding (ICF) in a perspective wider than merely as a new form of financing a certain category of business ventures. Selected aspects of ICF as a phenomenon that is a manifestation of the conflict between economic freedom and regulations and financial market institutions will be emphasized. New concepts of the part of the modern economy in the period of digitization, referred to as the collaborative economy, mesh economy, or sharing economy, should also be taken into account. The issues of excessive and restrictive regulation of the financial market will be presented in this context, as well as the constraints and risk factors of ICF operation and the Polish ICF experience.

The study hypothesises that Investment Crowdfunding is a viable alternative for financing micro and small economic projects, if compared to the traditional and over-regulated forms of financing. The usefulness of Investment Crowdfunding concerns primarily economic projects of the start-up category. The study uses the following research methods: critical analysis of the literature of the issue, descriptive and comparative analysis, case study, and deduction.

The theoretical considerations and examples presented in the article should be treated with appropriate research caution. However, they make it possible to positively verify the hypothesis.

Abstract

The incorporation of new technologies to financial activities implies challenges and opportunities to financial authorities. They are reacting to the unavoidable trend towards digitalization of financial activities with the objective of preserving stable and efficient payment and financial systems. Uruguay, for instance, has promoted the use of electronic payment instruments and tested in the real economy a central bank digital currency called e-Peso. Digitalization of payment systems would reduce transaction costs by (partially) replacing less efficient means of payment, e.g. paper-cash and checks. In this paper we find that the cost of using cash in Uruguay is approximately 0.61% of GDP. Interestingly, 98.1% of this cost is borne by the private sector: banks and retailers 77.1% and households 21.0%. The cost of using checks is equivalent to 0.04% of GDP. Overall, replacing paper-cash and checks by other (electronic) means of payment would imply a transaction cost reduction for the private sector of the equivalent of up to 0.65% of GDP.

Abstract

This paper examines the role of main microeconomic factors on the stock prices of selected Swiss companies listed on the Six Swiss Exchange. Two basic theoretical approaches and interpretations of this relationship are frequently used. The efficient market hypothesis (Fama, 1970) assumes that stock prices already contain all the relevant information and the theory of arbitration (Ross, 1976, or Chen et al., 1986). The microeconomic factors are based on the financial situation in companies. Financial ratios, taken from the financial statements of the individual companies, are used for the analysis. In general, the study confirmed that profitability and debt ratios are the most important business factors from the prospective of impact on stock prices. The relationship between the observed variables is explored using panel regression analysis. The generalized method of moments for constructing a regression model is used. The sample period of the dataset is composed of annual data from 2006 to 2015.

Abstract

The aim of this research study is to test the effectiveness of the single-sectional integrated model, in which a neural network is applied to support a regression, as a consistent tool for short-term forecasting of hourly demand (in sec.) for telecommunications services. The theoretical part of the paper involves the idea of the single-sectional integrated model and differences between this model and a multi-sectional integrated model. Moreover, the research methodology is described, i.e. the elements used in the constructed model (the feedforward neural model and the regression with dichotomous explanatory variables), and the manner of their integration are discussed.

In the empirical part of this work, the results of the carried out experiments are included. The comparison of the obtained effectiveness (in terms of approximation and prediction) of the explored single-sectional integrated model with the effectiveness of the non-supported regression model and the multi-sectional integrated model are conducted. In this research work, it is proved that the single-sectional integrated model enables better results in comparison to the non-integrated regression and the mutli-sectional integrated model. The originality of this paper is based on: the created single-sectional integrated model in terms of the analysed phenomenon, the verification of the model effectiveness, and the comparison of the constructed model with other models and assessment.