Managerial Economics
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ISSN 1898-1143
e-ISSN: 2353-3617
Issue Date
2022
Volume
Vol. 23
Number
No. 2
Description
Journal Volume
Managerial Economics
Vol. 23 (2022)
Projects
Pages
Articles
Spillovers between European markets
(Wydawnictwa AGH, 2022) Choczyńska, Agnieszka
Financial integration has been proven to benefit European economies. However, it may obstruct diversification attempts, and so attracts the attention of investors and researchers. The aim of this paper is to analyze changes in spillovers between European markets, the European Index, and the World Index, over a period of two decades (2000-2021), with regard to the level of development. Mature markets have higher spillovers than emerging and frontier ones. The main finding is that non-developed markets' spillover levels in tranquil periods did not substantially increase in the last two decades, despite ongoing integration with developed European markets. However, spillover rises in time of global or regional crisis (e.g. Great Financial Crisis, Eurozone Debt Crisis, COVID-19 pandemic) for all markets, regardless of economic development, which can undermine diversification attempts just when they are most needed. Afterwards, the transmission of shocks falls back to the pre-crisis level, with the exception of the spillover between Eurozone markets and European Index, which remained very high even after the end of the particular crisis.
The usefulness of big data in creating innovations - the example of Google Trends
(Wydawnictwa AGH, 2022) Hernik, Joanna
A huge amount of data is collected by search engines. According to estimates, the Google search engine, which is dominant on the market, receives billions of search requests daily. Of particular note is that a large part of the collected data is available through the Google Trends service. As a consequence, various types of data can be used by enterprises for their development but they often do not take advantage of this opportunity. Therefore, the purpose of this article is to prove the suitability of the big data concept for creating and implementing product innovations, using the example of Google Trends. Discovering human needs and searching for answers to them is not only the domain of entrepreneurs, therefore this study may have a fairly broad practical applications. By adopting general assumptions, i.e. ones that do not refer to specific products or industries, the author has shown that the presented path may be recreated by both entrepreneurs and creators of political programs, as well as leaders of non-governmental organizations who need to implement innovations. The results revealed the selection of specific ways of entering queries in Google Trends and certain periods of analysis which are the most useful for creating innovations. Descriptive statistics (such as median) clearly show that the results typed in Google Trends are better when taken from a user perspective and can be used to create innovations. Despite substantial differences, the results do not allow for the conclusion that these differences were statistically significant. Thus, preliminary data supports the hypothesis, but more research is needed.
Tightening tax policy and changes to tax efficiency on the example of companies listed on the Warsaw Stock Exchange
(Wydawnictwa AGH, 2022) Kowalski, Michał Jerzy; Nesterak, Janusz
The article presents an analysis of changes in the tax efficiency of companies listed on the Warsaw Stock Exchange. After 2017, some changes to the tax law aimed at tightening the regulations on an unprecedented scale were introduced. The research conducted showed that since 2018 there has been a decrease in tax efficiency measured with effective tax rate (ETR) and current effective tax rate (CETR). On average, in 2018-2019, the efficiency measured with CETR dropped by 17.7%, the median by 14.8% compared to the previous years. In 2018 and 2019, the value of the CETR was the highest in the entire analyzed period, i.e. from 2012 to 2019. At the same time, the propensity of companies to create deferred tax assets is declining, and the effective tax rate is also growing. The changes mainly concern companies with average tax efficiency, large entities forming capital groups, and companies implementing capital investments. The article presents a discussion on the observed trends and formulates directions for further research.