Papers by Contemporary Economics
Contemporary Economics, 2023
Climate change mitigation pledges require decarbonization of the economy and the creation of a ca... more Climate change mitigation pledges require decarbonization of the economy and the creation of a carbon-neutral society. Men and women contribute differently to climate change and have different roles in low-carbon energy transition. Gender roles influence career choices, abilities to invest in low-carbon solutions, power of decision-making, dissimilar mobility and energy consumption demands, and different values and consumption profiles, shaping the individual carbon footprint and behavior. A feminist methodology in gender- just low-carbon energy transformation goes beyond the introduction of certain gender-equal redistribution measures and aims to deal with the core roots of the different unequal practices in all fields of society life. It seeks to rebalance prevailing power arrangements, centering the most marginalized individuals and groups. There are various frameworks developed for the analysis of linkages between climate change and women following the feminist theory, like gender impact assessment (GIA); gender equality training (GET) model, and so on. The paper applies the feminist theory approach to the analysis of low-carbon energy transitions. The main purpose of using a feminist lens in this study is to enable the discovery of how people interact within energy systems and to offer solutions to confront and eradicate oppressive structures for just low-carbon energy transition in the EU.
Contemporary Economics, 2023
Insurance is based on specific assumptions, including a “perfect performance” model. The principl... more Insurance is based on specific assumptions, including a “perfect performance” model. The principle of indemnification, mentioned in almost all insurance textbooks for non-life insurance, is nevertheless far more complicated than economists’ perception. This complexity is a consequence of actuarial fairness and legal rules often being violated in practice. Thanks to the development of the methodology, the assumption of perfect performance has never been closer to reality. If we add the consumer’s perspective, the outlook of insurance performance becomes interesting. The paper examines assumptions related to the performance of insurance contracts made as part of economic insurance models, namely the legal indemnification principle and the theoretical concept of uncertain indemnity, both seen from a consumer’s angle. The discussion further relates to the concept of probabilistic insurance. The main goal is to measure under- and overperformance of insurance coverage. This paper invokes many qualitative and quantitative studies performed since 2012 to find evidence of the subjective perspective of under- and overperformance and full performance, within non-life voluntary comprehensive car insurance. Detailed research on comprehensive car insurance in Poland revealed the simultaneous presence of full performance, under- and overperformance. This phenomenon is known to practitioners, but its scale is unknown. A statistically significant difference exists between the more likely underperformance and the less likely overperformance. Underperformance is an outcome of inadequate coverage. Furthermore, the research outcomes suggest that uncertain indemnity should not be considered “random” as there is an asymmetry toward underperformance, at least from the subjective perspective of policyholders.
Contemporary Economics, 2023
The paper focuses on investigating the correlation and volatility of fuel markets in four countri... more The paper focuses on investigating the correlation and volatility of fuel markets in four countries of the Visegrad region, namely Hungary, the Czech Republic, Poland, and Slovakia. The primary objective of the paper is to explore regional fuel markets and retail prices in these countries by employing VAR models and Johansen procedures to analyze the interrelationships between Visegrad fuel markets. Additionally, the paper uses multivariate dynamic conditional GARCH (DCC GARCH-M) models to examine the volatility and covariance of fuel prices in these nations. The results of the study indicate that there are no long-term connections between Visegrad gasoline prices. The performance of the domestic price is independent of other markets. The research also shows long-term relations of diesel prices only among some countries. Overall, the size of these relations is small and mostly statistically insignificant. These findings provide valuable insights into the fuel markets of the Visegrad countries and can be useful in formulating policies related to energy and fuel price regulation. Overall, the study contributes to the literature on fuel markets in the Visegrad region and provides policymakers and stakeholders with essential information necessary for making informed decisions.
Contemporary Economics, 2023
This comprehensive study delves into the Harmonised Consumer Price Index (HCPI) behavior across E... more This comprehensive study delves into the Harmonised Consumer Price Index (HCPI) behavior across European economies from the early 2000s to the post-pandemic period. By analyzing the patterns of convergence and divergence in HCPI persistence, the study aims to uncover the common external and country-specific factors driving these dynamics. Utilizing the local Whittle estimation method, the research examines the long-memory properties of headline inflation through monthly data from January 1996 to January 2023. The study expands upon existing knowledge of inflation persistence by exploring its changes and the various patterns of inflation persistence in Europe. The findings reveal significant differences in the persistence of inflation and the underlying factors behind it. As such, the study emphasizes the need for tailored policy approaches and a deeper understanding of inflation's true nature, expectation formation, price-setting behavior, and monetary policy in shaping inflation persistence. Given its important policy implications, this research is highly relevant to the European Central Bank (ECB) and national governments within the Eurozone.
Contemporary Economics, 2023
Firms play a vital role in the transition towards a circular economy (CE). However, the number of... more Firms play a vital role in the transition towards a circular economy (CE). However, the number of firms implementing CE initiatives, or circular business models (CBMs—economic models based on CE principles), is currently small. In light of this, this study quantitatively assesses the critical factors that influence firms' intentions to adopt CBMs, with the theories of Planned Behavior and the Resource-based View providing the theoretical background. We applied the PLS-SEM to 321 firms and found that attitude and perceived behavioral control of firm owners/managers, as well as long-term orientation and social pressure of firms, significantly influence the intention to adopt CBMs, with perceived behavioral control emerging as the most influential factor. The findings also confirm that finance and knowledge have a crucial influence on firm owners'/managers' perceptions of the conditions necessary to undertake CBMs. Overall, then, the study provides sound policy implications and scholarly evidence to fill the relevant research gap, and in so doing contributes to ensuring a better transition towards a CE.
Contemporary Economics, 2023
This paper aims to investigate the effect of the gross domestic product growth rate on inflation ... more This paper aims to investigate the effect of the gross domestic product growth rate on inflation in these four selected ASEAN countries. This study is worthy as there is a need to understand the variance of national inflation for these ASEAN countries, particularly when Singapore’s inflation rate is the lowest among them. The Keynesian Theory and Static Panel Data analysis are put to the test in this empirical study. The investigation is carried out on yearly balanced panel data involving four ASEAN member countries. The secondary data is extracted from the World Bank database over a study period of sixty years from 1961 to 2020. The methodology is based on static panel data analysis involving both Fixed Effect and Random Effect models. The empirical results show that there is a negative significant relationship between economic growth and inflation within the four countries sampled. As such, the policy implication from this study may suggest that it is important for ASEAN-4 governments to continue beefing up their economic growth in order to curb inflationary pressure.
Contemporary Economics, 2023
Although enterprises make significant contributions to the GDP of countries, bank credit access i... more Although enterprises make significant contributions to the GDP of countries, bank credit access is one of the biggest obstacles for them to survive. However, businesses can signal their entrepreneurial behaviors that are included in the Theory of Planned Behavior (TPB) to reduce banks’ concerns about their credit default. However, firms can have various entrepreneurial attitudes depending on their international activities that increase their innovativeness, and financial performance enabling credit access. Thus, the impact of TPB on credit access can differ depending on firms’ internationalization status and this is the main of this study to examine. For this purpose, this paper analyzes 1175 firms from various countries. The researchers apply a purposive sampling method to create a research sample and direct an internet-mediated questionnaire to the selected respondents. Binary Logistic Regression analyses have been performed by the researchers to investigate the impact of TPB on credit access. The results show that the components of TPB, personal attitude, personal behavioral control, and subjective norms have different impacts on the credit access of international and domestic companies. Personal attitude and subjective norms negatively affect bank credit access of international and domestic firms, respectively while they do not determine credit access of domestic and international firms, respectively. Moreover, personal behavioral control positively affects credit access of domestic and international companies. The reason for these results might be related to firm-level and country-level characteristics. Relationship lending and the educational and financial support of academicians and policymakers can provide solutions for credit access problems of firms.
Contemporary Economics, 2023
The barriers of climate change mitigation and mechanisms to overcome these barriers and achieve t... more The barriers of climate change mitigation and mechanisms to overcome these barriers and achieve transformative changes towards carbon neutral society need to be investigated in order to define the main drivers and barriers of transformative change towards carbon neutrality and how policies and measures can be developed to overcome barriers and to support drivers. The main drivers of transformative change that include various types of institutions including social norms and rules, governance schemes, cultural values, demographic, social, economic, technical and technological elements are analysed and systematized based on literature review. Transformative change towards carbon neutral society necessitates systematic changes as simple scaling-up is not enough. These important roles are the levers or main pathways for achieving transformative change towards a carbon neutral society.
Contemporary Economics, 2023
As gender equality is a priority for 17 sustainable development goals, it is appropriate to estab... more As gender equality is a priority for 17 sustainable development goals, it is appropriate to establish a correlation between the Gender Gap Index (GGI), economic efficiency and governance. Three hypotheses have been investigated. It is established that there is no general direct relationship between the level of GGI and GDP per capita growth (annual) for all countries, regardless of their level of development. In the UK, small fluctuations in GDP per capita growth (annual) do not affect GGI levels; however, the Covid-19 pandemic does have its impact. In Germany, any fluctuations in GDP per capita growth (annual) do not affect the level of GGI, yet it is affected by changes in population, in particular by increasing migration. In Ukraine, significant fluctuations in GDP per capita growth (annual) do not affect the level of GGI, although this index is reduced by the effects of the pandemic a year after its onset. In addition, the relationship between the population, civil servants, their distribution by sex, average wages and GDP per capita growth (annual) and, consequently, the welfare of the population of these countries was established. The obvious efficiency of the UK's and Germany's strategic governance systems has different implications for achieving gender equality and well-being. It is proposed to use the Windmill economic model to achieve gender equality among civil servants in the developing country.
Contemporary Economics, 2023
This study investigates the effect of the financial development index (FD) on foreign direct inve... more This study investigates the effect of the financial development index (FD) on foreign direct investment inflows (FDI) in Vietnam from 1996 to 2021. Time series data are used in the model to assess the influence of six indicators standing for FD. Financial institution assessment (FA), financial depth of institution (FDE), financial efficiency of the institution (FE), financial assessment of market (FM), financial efficiency of the market (FEM), domestic loans for the private sector (DLP) was collected from 1996 to 2021. As a result of the analysis, when FA, FE, and FEM increase, Vietnam's FDI inflow also increases while FDE and FM decrease FDI. The effect of DLP is unclear, and this study has no significant association. It is found that the selected financial development index has a significant impact on attracting inward FDI. It is also necessary for the government and officials to make appropriate policies in the future.
Contemporary Economics, 2023
The study addresses the issue of students' attitudes toward remote learning in a post-COVID-19 re... more The study addresses the issue of students' attitudes toward remote learning in a post-COVID-19 reality. It presents the results of a survey conducted in 2023 among students of a Polish university offering online and blended approaches. The analysis of the survey reveals that variables, such as the field of study, the mode of study, the age of the students, and their professional activity, differentiate the frequency of participation in online classes and attitudes towards remote learning. The most conscientious participants in remote classes are part-time students, those working full-time, and those enrolled in legal, political and philological studies. Remote classes were rated highest by students of computer science. In contrast, psychology students and students from the youngest age group were the least active students. Psychology students also rated remote learning the lowest. Respondents' nationality did not differentiate students' attitudes toward remote learning or the frequency of participation.
Contemporary Economics, 2023
Financial performance is an important indicator in a company in measuring the level of viability ... more Financial performance is an important indicator in a company in measuring the level of viability of the company. This study aims to analyze the effect of CEO power (proxied by CEO ownership), and characteristics (CEO educational background and work experience) on firm performance as proxied by ROA with the moderating variable of the percentage of the number of independent commissioners. The population in this study were all companies officially listed on the Indonesia Stock Exchange in 2015-2019. Then the sampling system used purposive sampling and obtained 16 state-owned companies listed on the Indonesia Stock Exchange. The results show that in model 1, CEO ownership variable has no effect on company performance, while the educational background variable has a significant negative effect and work experience variable has a significant positive effect on firm performance. In model 2, only the educational background variable has a significant effect, and the moderating variable does not strengthen the relationship between all independent variables on the company's financial performance.
Contemporary Economics, 2023
The article is devoted to the study and modeling of the behavior of Ukrainian consumers in the to... more The article is devoted to the study and modeling of the behavior of Ukrainian consumers in the tourist services market in the context of the Russian military invasion of Ukraine. The authors conducted a study of current global market trends in the aspect of the functioning of the industry in the conditions of war in Ukraine. The authors identified prospects for the restoration and development of the tourist services market in the context of further stabilization and improvement of the situation in Ukraine. The article analyzes the potential and realized consumer demand in the market of tourist services in Ukraine. The authors analyzed the results of a survey of tourism business professionals, as well as consumer requests, in order to establish changes in consumer preferences over the past 5 years. Based on the use of the SARIMA model, the authors calculated the forecast values of the frequency of consumer requests for specific tourist destinations 12 steps ahead. The results obtained in the course of the study confirmed the hypothesis of stable consumption of tourist services by Ukrainian consumers.
Contemporary Economics, 2023
In an Initial Public Offering (IPO) process, it is expected that there will be different share pr... more In an Initial Public Offering (IPO) process, it is expected that there will be different share price valuations by professionals, due to market flaws, meaning information asymmetry among investors. For stockholders – who previously formed the corporate structure of the company – an IPO opens up possibilities of immediate gains, as they can purchase at prices lower than established by the structuring agent. On the other hand, underpricing is an indirect cost for the company, as, part of the offer is not collected. Identifying these determinants thus becomes relevant, as this information may be essential for defining the most appropriate share price. Consequently, the purpose of this study is to perform a bibliometric analysis (including the Zipf, Bradford and Lotka Laws), followed by a systematic review of papers analyzing this theme. This analysis uses the VOSviewer and Biblioshiny software packages. As a result, informational asymmetry is confirmed as the main theory clarifying the underpricing event. Noteworthy among the determinants are the reputations of the underwriter and share issuer, the presence of corporate governance mechanisms, and the offering size. Among the knowledge gaps opening up opportunities for further studies on this topic are: investigation of the phenomenon in companies in Latin America or comparatively in emerging countries worldwide, use of a behavioral approach to analyze investor motivations, and the presence of institutional investors as IPO inducers.
Contemporary Economics, 2023
The researchers aim to examine the firm-specific variables that impact the financial performance ... more The researchers aim to examine the firm-specific variables that impact the financial performance of general insurance firms in India. The study’s scope is limited to India’s insurance industries from 2010-2011 to 2019-2020. The research considers 21 insurance firms in India out of 35 general insurers. We obtain statistical data from the financial statements of insurance companies. The research used correlation analysis and panel data regression to evaluate financial performance and its impacts. Panel data techniques were employed in the analysis to study the impact of eleven micro factors on the monetary performance of general insurers in India. The influence of micro (internal) variables such as capital adequacy ratio, firm size, age of the firm, retention, liquidity, loss ratio, investment ratio, reinsurance dependence, financial leverage, tangibility, and premium growth rate on the financial performance has been determined using econometric findings in this research. The fixed-effect model results reveal that firm’s age, loss ratio, size, premium growth, and retention ratio are vital in affecting the financial performance of Indian general insurance firms. On the other hand, liquidity and financial leverage are insignificant in determining the financial performance of general insurance firms in India.
Advances in Cognitive Psychology, 2023
The objective of this research is to analyze the trade prospect of Latin America countries’ expor... more The objective of this research is to analyze the trade prospect of Latin America countries’ exporting agricultural products to China combining the dimensions of competitiveness and trade potential, and using the Boston Matrix. Based on the agricultural product trade data from 2000 to 2019, three categories are analyzed based on Harmonized System: animal, plant, and food processing product. The results show there are 4 LA countries in the zone of bright prospect trading agricultural products with China, which are Mexico, Brazil, Uruguay and Argentina. And 16 countries in the zone of promising prospect, 6 countries in the zone of bottleneck prospect, 5 countries in the zone of dark prospect. From the perspective of the category of agricultural products, plant agricultural product is the category in which there are the most countries with bright prospect. From the perspective of trading region, South America is the area in which countries with bright prospect concentrate. Countries with dark prospect mainly concentrate in Central America and South America. Countries with bottleneck prospect evenly distribute in different regions. Countries with promising prospect mainly concentrate in the West Indies. To promote Sino-LA agricultural trade, trade categories should be expanded and trade potential should be improved. Plans could be made for cooperation according to local conditions. LA should improve the quality control of exported agricultural products. China and LA should promote regional integration and strengthen technology cooperation in agricultural industry.
Contemporary Economics, 2023
The main aim of this study is to present the basic principles of taxing revenue derived from acti... more The main aim of this study is to present the basic principles of taxing revenue derived from activities carried out by farmers in Poland, resulting from the regulations of tax law in Poland, and propose solutions concerning that law as it should stand. These are revenues derived from agricultural activities as defined in the provisions of the Polish Act on Agricultural Tax as well as in the provisions of the Polish Act on Goods and Services Tax, regardless of whether they are carried out by farmers acting as individuals or utilizing agricultural cooperatives with legal personality or commercial law companies without legal personality for their activities. This revenue is not subject to either forestry tax or income tax (only revenue from special sections of agricultural production may be subject to income tax, but this is treated as revenue generated by farmers). The rationale for the study stems from the scarcity of scientific publications on the subject - probably due to low interest among the entities conducting this type of activity. The method adopted involved the analysis of legal material and the views presented in the legal scholarship and in the case-law of administrative courts. Comparative analysis of Polish and EU law was applied. Moreover, currently applicable law was analyzed by employing a method of interpretation of both Polish and EU regulations, to the extent necessary to conduct comparative legal investigation.
The particular nature of agricultural activity in Poland, dating back to the previous economic system, has influenced the decision to perform research on two levels. The first consists of the provisions of the agricultural tax law in Poland, dating back to 1984. The second level is the EU acquis, consisting in both EU legislation and Court of Justice of the European Union case-law relating to this type of activity in connection with its inclusion in the scope of value-added tax regulations. Each Member State, including Poland, is obliged to harmonize its law with the EU law in the examined scope. The results of the conducted comparative analyses indicate that identified deficiencies in the construction of the agricultural tax need to be amended.
Contemporary Economics, 2023
The circular economy is a core approach driving innovative economic solutions. Although the legal... more The circular economy is a core approach driving innovative economic solutions. Although the legal system should support the development of such an economy, scientific methods to assess the environmental impact of legal rules are lacking. Legislators and scholars have highlighted consumer law as an area requiring ecologically efficient solutions. This research aims to design a method to calculate environmental costs related to the exercise of remedies for nonconforming goods under a consumer sales contract.
Various environmental impact assessment approaches are reviewed to identify those which can be used when designing a method for calculating the environmental impact of legislative provisions. The Life Cycle Thinking is applied and the Life Cycle Assessment method is chosen and used to compare different remedy-scenarios, that is, when the consumer chooses repair, replacement, price reduction or termination. A formula is devised to determine which remedies should be prioritized and whether it is possible to design an eco-friendly hierarchy of remedies in consumer sales law. Though it proved impossible to design a rigid hierarchy of remedies, which would be optimal in every scenario from the perspective of environmental costs generated as a result of the consumer exercising the rights for non-conforming goods, the environmental costs of exercising each of the rights under the remedies available to the consumer can be assessed not only in concreto but also in abstracto allowing for formulation of specific recommendations for legislator.
Contemporary Economics, 2023
The outbreak of war in Ukraine raises questions about its impact on the economies and financial s... more The outbreak of war in Ukraine raises questions about its impact on the economies and financial systems of countries directly and indirectly involved in the war, but also on the economies of non-participating countries. The article aims to identify the channels through which the war in Ukraine has affected commercial banking in Poland. The original contribution of this paper to the literature dedicated to the impact of the outbreak of war on financial sector consists in the identification of channels of direct and indirect effects of war on commercial bank performance, adoption of unique empirical strategy to point out features of banks determining their sensitivity to the materialisation of geopolitical risk as well as groups of banks whose shares move along similar trajectories during the war. The conclusions emphasize that the long-term negative indirect effects of the war outweigh the short-term indirect ones. The policy implications consist in the benefits of introduction of new reporting standards for banks that focus on the exposure of their clients to the geopolitical risk, augmentation of scope of risks to be covered by regulatory capital by geopolitical risk as well as creation scenarios of stress tests that would include geopolitical risk. Facing war, the implications for commercial banks’ managers come down to the necessity to prioritize cyber risk management and implement a new paradigm of credit and market risk assessment, taking into account the impact of geopolitical factors.
Contemporary Economics, 2023
The agri-food sector is the world’s largest economic sector having the biggest impact on environm... more The agri-food sector is the world’s largest economic sector having the biggest impact on environment. According to the Food and Agriculture Organization of the United Nations (FAO), sustainable agriculture must meet the needs of present and future generations while ensuring profitability, environmental health and social and economic equity. Therefore, agricultural systems need transition to become more sustainable. The use of renewables in agriculture allows to reduce energy costs and GHG emissions and implement cyclic economy principles. Sustainability assessment of agriculture can be done by applying various sets of indicators. The sustainability assessment of agriculture can be performed on country and micro level. The paper presents assessment of agricultural sustainability of Baltic States based on indicators framework and applies MCDA tool for ranking of Baltic States in terms of agriculture sustainability.
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Papers by Contemporary Economics
The particular nature of agricultural activity in Poland, dating back to the previous economic system, has influenced the decision to perform research on two levels. The first consists of the provisions of the agricultural tax law in Poland, dating back to 1984. The second level is the EU acquis, consisting in both EU legislation and Court of Justice of the European Union case-law relating to this type of activity in connection with its inclusion in the scope of value-added tax regulations. Each Member State, including Poland, is obliged to harmonize its law with the EU law in the examined scope. The results of the conducted comparative analyses indicate that identified deficiencies in the construction of the agricultural tax need to be amended.
Various environmental impact assessment approaches are reviewed to identify those which can be used when designing a method for calculating the environmental impact of legislative provisions. The Life Cycle Thinking is applied and the Life Cycle Assessment method is chosen and used to compare different remedy-scenarios, that is, when the consumer chooses repair, replacement, price reduction or termination. A formula is devised to determine which remedies should be prioritized and whether it is possible to design an eco-friendly hierarchy of remedies in consumer sales law. Though it proved impossible to design a rigid hierarchy of remedies, which would be optimal in every scenario from the perspective of environmental costs generated as a result of the consumer exercising the rights for non-conforming goods, the environmental costs of exercising each of the rights under the remedies available to the consumer can be assessed not only in concreto but also in abstracto allowing for formulation of specific recommendations for legislator.