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1

DIFFERENCES OF PRIVATE EQUITY DETERMINANTS: COUNTRY-LEVEL EVIDENCE FROM EUROPE

100%
Štofa T., Šoltés M.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 8
827 – 845
EN
This paper deals with private equity determinants within the European Union, based on data covering 11 years and 20 countries. We investigate driving forces of private equity activity in terms of the level of country maturity. The cluster analysis using Ward’s method is performed suggesting three different clusters of countries with similar properties, to provide better country assessment than geographical distribution. We use panel data techniques to study 26 possible determinants of private equity activity. The study reveals the macroeconomic factors, labour market, and business environment have a significant impact on investment activity in countries, but the expected positive effect of the stock market was not confirmed. Furthermore, the differences between private equity determinants in individual clusters have been observed. While the positive impact of innovation prevails in the more developed countries, there is also a negative effect of the interest rate. The less developed countries tend to be more endangered by the crowding-out effect of government expenditures and strong property rights protection rather than socio-political stability and tax burden.
2

RELATIONSHIP BETWEEN FISCAL DECENTRALIZATION AND ECONOMIC GROWTH IN EUROPEAN UNION COUNTRIES AND SLOVAKIA

81%
Maličká L., Šuliková V., Šoltés M.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 9
856 – 875
EN
The results in the area related to fiscal decentralization and economic growth are frequently inconsistent and somewhat ambiguous, although the fiscal federalism theory clearly promotes the fiscal decentralization gains in favour of efficiency and economic growth. The paper focuses on investigating the inverted U-shaped relationship between fiscal decentralization and economic growth using the GMM model (Generalized Method of Moments). After these results were obtained, real values of Slovakia are compared to GMM – EU-26 trend. The results of GMM estimation include a threshold value of fiscal decentralization, revealing the point at which a positive relation between fiscal decentralization and economic growth turns into negative. GMM estimation of the EU-26 countries sample confirms the inverted U-shaped relationship in case of revenue and tax decentralization. Expenditure decentralization seems to be insignificant. The case of Slovakia shows the conformity with the EU trend, what is evident in the case of tax decentralization and less in revenue decentralization.
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