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Abstract

This research developed an analytical framework for industry-oriented leading cyclical indicators (CII), focusing on monitoring and forecasting economic cycles within the European Union (EU). Various methodologies for constructing these indicators were examined through an exhaustive sector analysis. A salient conclusion drawn is the non-feasibility of a one-size-fits-all composite leading indicator for all EU members. It underscores the imperative to tailor these indicators in congruence with the unique industrial characteristics of each country. The study provides empirical evidence that countries like Denmark, Germany, Austria, Estonia, Lithuania, Latvia, Finland and Sweden can benefit from high-caliber composite leading indicators tailored to their economies. Our analysis suggests that GDP is a more robust metric than the Industrial Production Index for predicting economic cycles for the EU countries.

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Abstract

This study examines the complexity in the Eastern European economies, with a focus on the role of foreign direct investment (FDI). Despite transitioning to market economies, these countries remain economically fragile and dependent. Their lower technological complexity and reliance on foreign capacity make them vulnerable. However, some countries like Austria and Poland demonstrate successful integration of production and innovation. The analysis shows FDI has a limited impact on developing complex knowledge but contributes positively to economic complexity. Results also indicate that in the long-term, economic and technological complexity does not lead to accelerated total factor productivity growth, contrary to complexity literature. Combining labour with innovation, safeguarding local industries, and prioritizing education and research are more effective approaches. The study clearly shows how Hungary is stuck in an “assembler trap.” It also finds that the gap between economic and technological complexity negatively affects liberal democracies.

Open access
Acta Oeconomica
Authors:
José Antonio Clemente-Almendros
,
Florin Teodor Boldeanu
,
Cristina Drumea
, and
Samer Ajour El Zein

Abstract

This paper investigates the use of redundancy procedures (RPs) by small and medium-sized enterprises (SMEs) in Spain during the COVID-19 pandemic. The novelty of this study is that it goes beyond the direct influence of the determinants of RPs on RP use, and analyses how the interactions among them moderate the direct effect. In contexts of rising uncertainty, businesses need to adapt their operations and fixed costs, including staffing. While teleworking is an alternative to RPs, our results show that it was not enough to deal with the negative impact of a worsening crisis. Moreover, when the survival of the business is at stake, the use of RPs increases further when the company is simultaneously affected by changes in demand and liquidity issues. We argue that our results reveal the need for flexible tools along with the policies that take into account the fact that businesses' reactions are contingent on their exposure to risk.

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Abstract

The dividend puzzle for private corporations has a long-lasting history. Six theories provide explanations to this puzzle. However, the dividend puzzle has not yet been discussed as an economic problem for state-owned enterprises (SOEs). The article addresses this issue based mainly on the experience of the Bulgarian SOEs.

In the paper all well-known six theoretical concepts of the dividend puzzle are presented and their strengths and weaknesses are analysed. Furthermore, the specific features of SOEs are brought out and the dividend puzzle for them is formulated. Presenting the experience of the dividend policy of SOEs, a confrontation with the theories is made. It is proved that only the theory of dividend payment preference is relevant to SOEs.

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Abstract

This research investigates the causal relationship between innovation, financial development and economic growth in Brazil, Chile, Colombia, Mexico and Peru between 2000 and 2019. Based on quantitative analysis, including vector autoregressive (VAR) models, it can be concluded that bidirectional Granger-causalities are present in the trivariate nexus in the five Latin American countries over the investigated times. Consequently, the three variables support forecasting and policy implications focusing on one of the three sectors that impacts the other two in the future. The paper concludes that imitation and innovation policies focusing on intellectual property rights protection, education, knowledge, institutional change and technological catch-up are necessary to foster economic growth and financial development.

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Abstract

This study aims to analyse the time series properties of the unemployment rates in 10 Central and Eastern European countries after joining the European Union. Three types of unit root tests were conducted: (1) linear unit root tests, namely ADF, PP, LM, and RALS-LM tests; (2) LM and RALS-LM unit root tests with two structural breaks; and (3) LM and RALS-LM unit root tests with Fourier function. The results reveal that the hysteresis hypothesis is valid for Bulgaria, Czechia, Hungary, Latvia, Lithuania, Romania and Slovenia, whereas the structuralist hypothesis is valid for Estonia and Poland. However, the natural rate hypothesis holds only for Slovakia.

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Abstract

This paper provides a comprehensive assessment of the total (market and non-market) gender-based production and consumption activities of Turkish men and women at different stages of their life-cycle. Turkey, one of the few emerging economies within the OECD, offers an interesting case-study as its female labour force participation rate is one of the lowest among OECD countries. Our results show that time spent by Turkish women on household activities is, on average, 30 h a week, basically three times as much as men. In fact, the women-to-men time use ratio for unpaid work is roughly twice as much as the OECD average. We estimate that the monetary value of women unpaid household production exceeds 29% of GDP, while the corresponding estimate for men is around 8%. Using the concept of life-cycle deficit, we also show that Turkish men are dependent on housework undertaken by women over their entire lifetime, which is an almost unique feature in comparison to the European and OECD countries. Finally, unlike other OECD countries that have introduced disincentives to early retirement, Turkish men continue to retire early but retain their acquired habits of not sharing the burden of household work.

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Society and Economy
Authors:
Krisztofer Szabó
and
Márta Aranyossy

Abstract

With an overall aim of providing insights into fostering an entrepreneurial mindset and promoting economic development, researchers have devoted notable attention to intentional and motivational factors for starting businesses, as well as those influencing processes from idea generation to the realisation of a new business. This research project aims to investigate the influence of family business background on entrepreneurial intention. One of the novel features of the approach is the rigorous statistical exploration of direct and moderating effects of family business background while accounting for other factors influencing entrepreneurial intention. The analysis is based on a survey of 590 active university students studying business and economics in the seven largest universities in Hungary. Hierarchical regression analysis was applied to examine how the existence of family business background can influence and moderate relationships between individual factors and entrepreneurial intention. Results confirm that family business background has a significant positive impact on entrepreneurial intention and is most likely to exert its impact through increased human capital levels, entrepreneurial knowledge, skills and experience. The findings not only contribute to accumulated knowledge of the interdisciplinary family entrepreneurship field, but also have policy and educational implications.

Open access
Society and Economy
Authors:
Srdana Táborosi
,
Jelena Rajković Avdija
,
Jasmina Poštin
,
Edit Terek Stojanović
,
Nemanja Berber
, and
Milan Nikolić

Abstract

The paper presents the results of research on the impact of national culture, Big Five personality traits, and emotional intelligence on job satisfaction in teleworkers. The impacts were also examined in conventionally employed, which enabled a comparison. The research was conducted in the countries of the Western Balkans and included 313 respondents. The job satisfaction of teleworkers is most positively influenced by humane orientation, performance orientation, agreeableness, conscientiousness, openness, self-regulation, and social skills. Self-awareness can act both positively and negatively, and neuroticism has a negative impact on job satisfaction. National culture has a greater impact on job satisfaction among conventionally employed rather than within teleworkers. Big Five personality traits work differently: extroversion has a greater impact on job satisfaction among conventionally employed, while agreeableness and conscientiousness have a greater impact on job satisfaction among teleworkers. Emotional intelligence has a greater impact on job satisfaction among conventionally employed rather than teleworkers. Teleworking employees are less influenced by the environment, and thus less influenced by national culture. Emotional intelligence helps conventionally employed work more, while teleworkers place higher value on the results of their work.

Open access

Abstract

In a recent pilot study, we examined the potential benefits and opportunities that ChatGPT can bring to higher education, particularly from the perspective of business students and educators. The study included 41 participants and aimed to explore their opinions on using ChatGPT in business language classes. Twelve students did not use ChatGPT during the course (control group), while 29 students used it actively (experimental group). Examining their experiences and comparing the two groups, it is evident that students see the benefits and disadvantages of ChatGPT and use it for tasks they find helpful. However, the practice and hands-on experience helped the experimental group members gain much more diverse and nuanced opinions about ChatGPT. These results underline that universities and their boards must embrace the technology and find reasonable areas to use ChatGPT. These may not only be connected to assignment forms and plagiarism, but can embrace more general topics, like equal eligibility to these new technologies or strengthening the students' social and emotional intelligence and skills to help their future lives.

Open access