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EN
In this paper, we study the export performance determinants of firms in selected MENA countries, both jointly and separately, as well as compare them with the performance of firms from countries in Central and Eastern Europe (CEE). The analysis is based on information about individual firms found in the European Bank for Reconstruction and Development (EBRD) and World Bank Business Environment and Enterprise Performance Survey (BEEPS) V database, covering the period 2011-2014. We estimate the probability of exports, while controlling for country- and sector-specific effects, using the probit model. We find that, in both groups of countries, similar variables affect firm export performance. Our empirical results obtained for Middle East and North Africa (MENA) and CEE countries indicate that the probability of exporting is positively related to the level of productivity, firm size, spending on research and development (R&D), the share of university graduates in productive employment and the internationalization of firms. State ownership and the perception of corruption by firms are mostly not statistically significant. The results obtained for the two groups of countries are statistically not very different, but enough to have some policy implications, while results for particular countries and subgroups of countries reveal a large degree of heterogeneity.
EN
The research topic follows, firstly, from the fact that there is a need to examine the scientific schools of the 21st century. Secondly, the general tendency towards the re-ideologization of political science requires a critical interpretation of the state of affairs in the Russian Federation and Ukraine. Thirdly, in Ukraine and in the countries that are its allies, the theoretical analysis of historiography should be particularly helpful in offering a more clear definition of the former and current ideological positions of the aggressor country (the Russian Federation). The article compares the Russian and Ukrainian schools of political science, which have explored the impact on CEE of such actors as the EU, NATO, the USA, and Germany, as well as the economic, political, and ideological components of the systemic transformation.
EN
The turn of the century brought significant changes in the regional structure of Central and Eastern Europe (CEE). Rationale, objectives, principles and factors of development in this part of the continent underwent a fundamental reorientation. The transformation caused what previously were strengths in some countries to became a hard to overcome barriers, causing underdevelopment and lack of prospects. On the other hand, decentralization of management and freeing of initiative on the part of the populations created an important stimulus which reinforces the development dynamics. Great expectations, but also fear accompanied the process of accession to the European Community, which - accepting as its members economically backward, post-communist countries - undertook to support their development in accordance with the principle of economic, social and territorial cohesion. This task proved difficult, and controversial from the standpoint of both the "old" and "new" European Union. The analysis of statistical data indicates that the region of Central and Eastern Europe is not homogeneous. CEE countries differ not only in the size of their economies, but also in the level of economic development. This was seen especially during the economic crisis the first decade of the XXI century.
EN
This special section opens a two-part collection of articles, to be published in two consecutive issues of CEEMR in 2019, looking at various aspects of migration from and into CEE that address the links between mobility and political and economic transition in the region. Its goal is to discuss, on the one hand, the contribution of the migration research conducted in CEE to the broader migration literature and, on the other, to demonstrate region-specific topics. An important inspiration for the preparation of this issue is the 25th anniversary of the Centre of Migration Research (CMR) at the University of Warsaw; this is accompanied by some reflections on how migration studies have developed in Poland and other CEE countries during these years of transition. Since the very beginning, the idea that guided research conducted in the CMR was to analyse migration in a broad socio-economic context and to develop cooperation with the best international teams of migration scholars. Therefore, for this special collection, we invited contributions which demonstrate the development of scientific collaboration between CMR researchers and outstanding European and non-European scholars, as well as articles by international researchers from all over Europe which focus on specific migration topics intersecting with post-communist transition in the CEE region.
PL
Artykuł opisuje rozwój finansowania typu private equity w Polsce i w innych krajach Europy Środkowo-Wschodniej w ciągu ostatnich 10 lat. W pierwszej części artykułu autorzy omawiają główne determinanty rozwoju rynku PE, takie jak wielkość i dynamika krajowej gospodarki, stopień rozwoju lokalnego rynku kapitałowego, regulacje prawne (zwłaszcza w zakresie inwestycji zagranicznych), system podatkowy i kultura przedsiębiorczości. Druga część opisuje rozwój rynku PE w Polsce i innych krajach EŚW oraz strukturę tego rynku. Polska stała się wiodącym rynkiem PE w EŚW, skupiającym ponad 40% ogólnej wartości transakcji tego typu zawieranych w tym regionie. Fundusze PE stanowią rosnącą część rynku kapitałowego w Polsce, a ich łączna wartość jest także dość znacząca w porównaniu z wartością PKB. Niemniej jednak istnieje nadal wiele miejsca na dalszy wzrost inwestycji dokonywanych w tym segmencie rynku kapitałowego, tym bardziej że gospodarka polska rozwija się dość pomyślenie.
EN
The paper describes the development of private equity fi nance in Poland and in other CEE countries during the last 10 years. The fi rst part of the paper discusses the main determinants of the development of the PE market, such as size and growth of the domestic economy, the development stage of the local capital market, legal regulations (notably as regards foreign investors), tax system, and corporate culture. The second part describes the development of the PE market in Poland and in other CEE countries as well as its structure. Poland has become the leading PE market in CEE, representing more than 40% of the total transaction value in the region. The PE funds represent a rising part the Polish capital market and their total value is also quite signifi cant as compared with the value of GDP. Nevertheless, there is still much room for a further growth of investments made within this capital market segment, the more so because Polish economy is growing quite well.
RU
В статье описывается развитие финансирования типа private equity в Польше и в других странах Центрально-восточной Европы на протяжении последних 10 лет. В первой части статьи авторы анализируют главные детерминанты развития рынка РЕ, такие как объемы и динамикa отечественной экономики, степень развития местного фондового рынка, юридические урегулирования (особенно в области иностранных инвестиций), систему налогообложения и культуру предпринимательства. Во второй части описывается развитие рынка РЕ в Польше и в других странах Центрально-Восточной Европы, а также структура этого рынка. Польша стала ведущим рынком РЕ в этом регионе – здесь заключается свыше 40% от общей стоимости сделок этого типа. Фонды РЕ являются растущей частью фондового рынка Польши, а их общая стоимость также довольно значительна пo сравнению со стоимостью ВВП. Тем не менее, рынок еще далек от насыщения и существуют хорошие перспективы для дальнейшего роста инвестиций, совершаемых в этом сегменте фондового рынка, тем более, что польская экономика развивается довольно успешно.
EN
This paper studies the transmission of German industrial confidence shocks to industrial confidence, industrial production, and price and interest rate level in nine Central and Eastern European (CEE) countries (Czech Republic, Croatia, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia). The main questions the paper aims to answer are: (i) Do shocks in German industrial confidence affect economies in CEE? (ii) Which CEE economies are more susceptible to these shocks? (iii) Separating different groups of industrial production goods (capital goods, intermediate goods, and durable consumption goods), which production group is more sensitive to the shocks? We apply impulse response and forecast error variance decomposition analysis and find a heterogeneous response across CEE. The results imply confidence transmission running from Germany to several CEE countries, most notably Slovenia, Slovakia, and the Czech Republic.
EN
The paper examines the unconditional sigma and time-series convergence of a real GDP per capita (measured in national currencies and euros) for CEE8 countries during the 1995 : Q1 – 2011 : Q1 period by applying the unit root framework using the DF-GLS test and the Lee and Strazicich (2003; 2004) test, which allows for endogenous breaks in trends and constants. We selected Germany as a benchmark country for relative real GDP per capita because of its geographical and economical position relative to all CEE8 countries. We have found that both sigma convergence and time-series convergence were present for most of the CEE8 countries prior to the breaks in trends, but after the breaks, the convergence slowed or reversed and thus indicated divergence.
EN
Our article considers social remittances and social change in Central and Eastern Europe. We show how migration scholarship can be embedded into the wider study of social processes and relations. ‘Social remitting’ sometimes seems to be little more than a slippery catchphrase; however, this article defends the concept. If it is defined carefully and used cautiously, it should help the researcher to think about what, in addition to money, is sent from one society to another and exactly how, thus shedding light on important and insufficiently studied aspects of migration. A close-up view of the processes by which ideas, practices, norms, values and, according to some definitions, social capital and social skills are transferred by migrants across international borders helps researchers to understand more precisely how migration contributes to social change or, in some cases, prevents it from occurring. Our article reviews some of the most interesting arguments and findings presented recently by other scholars and discusses aspects of social remitting which particularly interested us in our own research. The context of our research is social change in Poland: we attempt to understand how migration has contributed to wider patterns of social change since 1989 and exactly how it intertwines with other social trends and globalisation influences. This entails a careful focus on both structural conditions and agency and therefore on social remittances.
EN
The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009–2014, which were collected from from the Bankscope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.
EN
In this article, we analyse the conditions behind the formation of the tenant initiative Moje Písnice, which existed in Prague between 2016 and 2020. In the theoretical part, we explain the concepts of urban movements and tenant movements in Central and Eastern Europe and emphasise the role of everyday life and emotions in the genesis of a collective actor. We use qualitative methodology based on an analysis of 12 in-depth semi-structured interviews with members and one supporter of the Moje Pisnice Initiative. This initiative provides an illustration of the formation of collective actors in the urban space in Central and Eastern Europe. We focus specifically on the historical and social conditions behind the initiative’s development and the emergence of a shared identity and shared housing expectations and the disappointment resulting from unfulfilled hopes. Other important factors that we discuss are the intersubjectivity of emotions and the emancipatory potential of the initiative’s organisational structure, which enabled the participation of people with no prior experience with activism. We also focus on the public’s sense of disillusionment with civic engagement and with the political system in general since 1989. This research contributes to the study of tenant movements in postsocialist countries, which are often an overlooked actor in one of the most important processes in the post-1989 transformation – privatisation. In contrast to previous research, we focus on the role of shared emotions and the subjective experience of historical processes.
EN
The paper deals with the problem of the discrepancy between fundamental values of shares in the stock market and their market prices. In particular it discusses the problem of the excessive volatility of stock prices compared with changes in their fundamental value determined as the present value of dividends paid by the company. The results of research on this issue for the US market initiated and popularized by Robert Shiller provided strong arguments against the hypothesis of capital market efficiency stating that stock prices immediately account for any new information affecting the fundamental value of assets. This problem has been studied neither for the Polish stock market nor for other post-communist countries in Central and Eastern Europe. The paper presents preliminary results of research into these stock markets.
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2016
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vol. 11
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issue 2
327-341
EN
The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the previous research. Applying descriptive statistics, relevant local developments are analysed first before being compared with leading European markets (London Stock Exchange and Deutsche Börse). We also investigated the assumption that a growing market has an explanatory power for the accelerating IPO activity. For this purpose we performed a Spearman correlation analysis. The data were evaluated at the significance level of α = 5 %. All CEE capital markets recorded strong dynamism over the observed period. All fundamental capital market parameters increase the attractiveness of individual capital markets, although their values lag behind developed European capital countries. The sole leader in the region is Poland with a flourishing IPO market. Our assumption that a growing market has a positive impact on IPO activities could not be supported by empirical evidence.
EN
This article presents the findings of the ‘European Employee Engagement Survey’, which is a bi-annual research that was executed in 2010 and 2012 with the participation of almost 300 European Human Resource (HR) professionals. The main objective of the research was to explore a comprehensive picture concerning the state of employee engagement within the European region with special attention to the Central and Eastern European (CEE) region. By introducing descriptive statistics of survey responses the paper provides an interesting overview about various approaches to employee engagement as well as the variety of HR and engagement management practices applied in the CEE and European region. Furthermore, through multi-variable statistical analyses it also reveals deeper coherences of HR and engagement practices with demographic data as well as certain employee aspects, such as employee morale, engagement and organizations’ talent attraction and retention ability. The research confirmed that employee engagement had become a widely recognized concept among European HR professionals. Growing importance was attributed to employee engagement across European organizations with the intention to more deliberately manage employee engagement and link engagement measures to business results. Interestingly, however, the research findings did not fully support the generally agreed notion that improved HR and engagement practices would remarkably contribute to the improvement of employee aspects.
EN
The expectations of Indian masses have skyrocketed since the new election results. There is excitement and anticipation in the air from all factions of society and industry. Will it be resurgent India taking giant strides towards a vibrating economy or will there be strategic moves on consolidation and then acceleration? The New Prime Minister has a proven record of doing things differently and has results to show that it worked for him at the state level. Will it work for the nation as a whole? What can Central Europe expect in terms of bilateral trade with India? This paper takes a look at some crucial factors.
EN
It has been said that Central and Eastern Europe can be seen as an interesting direction for Indian political and economic expansion. Both the data on diplomatic activity and India’s trade with the countries of CEE, however, prove that the region is not of key importance for New Delhi’s foreign policy. On the other hand, a steadily growing trade turnover allows assuming that the current situation will gradually change. The conclusions may be confirmed by the analysis of New Delhi’s diplomacy directions in the region. The Indian leaders (not the most important figures, taking into account symbolism and real significance) visited in the years 2014-2019 the CEE countries with the highest trade turnover with India, namely Poland, the Czech Republic, Hungary and Romania. They also paid visits to Bulgaria, Croatia and Serbia, that is countries with which India’s trade turnover is relatively low, but steadily growing. It may indicate a desire to establish more active diplomatic and economic involvement in this region than previously.
PL
Celem opracowania jest określenie kierunków i skali zmian w poziomie rozwoju społeczno-gospodarczego regionów NUTS 3 w EŚW, jakie zaszły w latach 1999–2011. Wykorzystano do tego metodę analizy danych statystycznych (PKB per capita, realny wzrost PKB). Uzyskane wyniki wskazują, że w latach 1999–2011 we wszystkich krajach EŚW powiększyły się międzyregionalne dysproporcje w poziomie rozwoju, głównie za sprawą dynamicznego rozwoju regionów stołecznych i uprzemysłowionych. W tym okresie, mimo pewnych perturbacji spowodowanych światowym kryzysem gospodarczym, które zaburzyły procesy rozwojowe w tym regionie świata w latach 2008–2011, zdecydowana większość regionów charakteryzowała się wzrostem, niekiedy bardzo znaczącym, realnego PKB per capita. W EŚW istnieją jednak również regiony, w których realny PKB per capita w 2011 r. był mniejszy niż w 1999 r., co może świadczyć o pogorszeniu się ich poziomu rozwoju, a co za tym idzie, poziomu życia ich mieszkańców. Wśród priorytetów polityki spójności realizowanej w krajach EŚW powinno więc znaleźć się nie tylko zmniejszanie skali przestrzennych zróżnicowań w poziomie rozwoju społeczno-gospodarczego, ale także poprawa poziomu życia w regionach, zwłaszcza najsłabiej rozwiniętych.
EN
The aim of this paper is to identify the direction and the scale of changes in the level of socio-economic development of NUTS 3 regions in CEE in the years 1999-2011. This was examined on the basis of analyses of statistical data (GDP per capita, real GDP growth). The results indicate that in the years 1999-2011 in all CEE countries interregional disparities in the level of socio-economic development increased, mainly due to the dynamic development of metropolitan regions and industrialized areas. During this period, despite some turbulences caused by the global economic crisis, which disturbed the processes of development in CEE in 2008-2011, the vast majority of regions characterized by an increase of, sometimes very significant, real GDP per capita. In CEE, however, there are also regions where real GDP per capita in 2011 was less than in 1999, which may indicate a deterioration of their level of development, and thus, the standard of living of their inhabitants. Among the priorities of the cohesion policy implemented in the CEE countries should, therefore, be found not only reducing the spatial disparities in socio-economic development, but also improving the standard of living in the regions, in particular the least developed
EN
Supporting democracy or, in other words, a special kind of foreign aid aiming to promote democratic ideas and attitudes, has been the domain of western democracies. Therefore, the studies on aiding democracy have typically focused on the programs of international organizations, governmental and non governmental organizations and foundations from the United States and Western Europe. Recently, the circle of benefactors widened to include also the young democracies from Central and Eastern Europe – Poland, the Czech Republic, Slovakia and Hungary – the former recipients of a similar support. The case study of Polish involvement in Ukraine and Belarus allows the author of this paper to analyze the activities of Polish NGOs aiming to support democracy in partner countries from 1990 to 2015. The objective is to examine the reasons for Polish NGOs involvement in supporting democracy, the methods applied to promote democratic ideas and attitudes and the nature of collaboration with civilsocieties of partner countries.
PL
Wspieranie demokracji, czyli szczególny rodzaj pomocy zagranicznej mający na celu promowanie idei i postaw demokratycznych, było dotychczas domeną demokracji zachodnich. Dlatego badania w dziedzinie wspierania demokracji zazwyczaj koncentrowały się na programach prowadzonych przez międzynarodowe organizacje, bądź rządowe i pozarządowe organizacje, fundacje ze Stanów Zjednoczonych, jak również z Europy Zachodniej. Jednakże niedawno do grona darczyńców dołączyły również młode demokracje z Europy Środkowo-Wschodniej takie jak Polska, Czechy, Słowacja bądź Węgry, które same tak niedawno były odbiorcami tego typu pomocy. Biorąc jako studium przypadku działania Polski na Ukrainie i Białorusi niniejszy artykuł analizuje działania polskich organizacji pozarządowych na rzecz wspierania demokracji w krajach partnerskich w latach 1990–2015. Celem badań było zbadanie przyczyn zaangażowania się polskich organizacji pozarządowych we wspieranie demokracji, metod promowania idei i postaw demokratycznych oraz charakteru współpracy ze społecznością obywatelską z krajów partnerskich.
PL
Banki w swej działalności narażone są na wiele czynników, które mogą mieć negatywny wpływ na ich funkcjonowanie. Obawy przed negatywnymi skutkami ryzyka, które może doprowadzić do upadłości banku, spotęgowane zostały po upadku banku Lehman Brothers w 2008 roku. Przykład Lehman Brothers pokazuje, jak istotne są kwestie nadzoru, zarządzania bankiem oraz zarządzania ryzykiem. Celem niniejszego artykułu było zidentyfikowanie głównych determinant, które mają wpływ na ryzyko adekwatności kapitałowej banków komercyjnych z Europy Środkowo-Wschodniej. Badanie to wydaje się być istotne, ponieważ długotrwała utrata wypłacalności banku, może w konsekwencji prowadzić do jego upadłości. W niniejszym artykule ryzyko wypłacalności reprezentowane jest przez współczynnik kapitału Tier 1. Do badanych zmiennych, które podejrzewa się, że mogą wpływać istotnie statystycznie na zmienną zależną wybrano: rozmiar banku (logarytm naturalny wartości aktywów), stosunek kapitałów do sumy aktywów, stosunek odpisów kredytowych to sumy udzielonych kredytów, stosunek udzielonych kredytów do sumy aktywów, udział kredytów niepracujących w sumie aktywów, stopę zwrotu z kapitałów własnych, stosunek aktywów płynnych do sumy aktywów oraz stosunek udzielonych kredytów do depozytów.
EN
Banks in their operations are exposed to many factors that may have a negative impact on their functioning. Fears of negative consequences of the risk that could lead to the bank’s bankruptcy were compounded after the collapse of Lehman Brothers in 2008. The Lehman Brothers example shows how important the issues of supervision, bank management and risk management are. The purpose of this article was to identify the main determinants that affect the capital adequacy risk of commercial banks from Central and Eastern Europe. This research seems to be significant due to the fact that a long-term loss of bank solvency may result in its bankruptcy. In this article, the solvency risk is represented by the capital Tier1 ratio. For the examined variables, which are suspected to have a statistically significant impact on the dependent variable, the following were selected: the size of the bank (natural logarithm of the value of assets), the ratio of equity to total assets, the ratio of loan allowances to total loans, the ratio of loans to total assets, the ratio of loans to non-working assets, total return on equity, the ratio of liquid assets to total assets and the ratio of loans to deposits.
EN
This paper explores the convergence of financial systems in selected CEE countries, by examining the typical capital structure, and its convergence, of their non-financial companies. It examines the sigma convergence of ratios of the most important financial liabilities to total financial liabilities. It focusses on those liabilities that constitute a significant part of total liabilities. These are equity and investment fund shares, bank loans, debt securities and trade credit. Using the Eurostat database, there is strong evidence for sigma convergence of equity and bank loans. This confirms the banking sector’s key role in continental Europe. In contrast, debt securities and trade credit show only moderate convergence. The 2008 crisis led to increased variance for debt securities and trade credit.
20
63%
PL
Artykuł przedstawia trudności, z jakimi zmagają się spółki, aby zapewnić swoim klientom niską cenę i wysoką jakość swoich usług. Outsourcing i offshoring pomagają przedsiębiorcom osiągnąć znaczącą przewagę konkurencyjną poprzez ekonomię skali, dostęp do wykwalifikowanej kadry oraz redukcję i stabilizację dodatkowych kosztów. Badanie przedstawia ówczesną pozycję Polski, aby pokazać, iż jest to dobre miejsce dla inwestycji offshoringowych. Autorka przedstawia korzyści, jakie mogą czerpać przedsiębiorcy z wyboru kraju. Przestudiowane zostały czynniki, które mają wpływ na offshoring dla inwestycji zagranicznych. Wykorzystano metodę jakościową oraz ilościową, opierając się na pojedynczym studium przypadku.
EN
The article shows that companies find difficulties to satisfy their customers with services quality and competitive price. Outsourcing and offshoring have been used by entrepreneurs in order to obtain significant cost advantages through the creation of economies of scale, access to the unique expertise of a third party, and the reduction or stabilization of additional costs. The study outlines the current position of Poland as an example of destination for entrepreneurs deciding to offshore their services and describes the benefits of offshore outsourcing to Poland for companies. This article examines the factors that influence effectiveness of offshoring for FDI. The author used the qualitative approach based on the single case study method followed by the quantitative research. The findings show that Polish market is acknowledged as one of the best destinations for the foreign companies for outsourcing and indicates what influences the choice. The paper concludes with implications and recommendations for future studies.
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