The aim of this paper is to determine the regional convergence process in Visegrad (V4) economies after their accession to the EU at the NUTS3 level. The study uses kernel density estimation for 114 regions in V4 countries. The research period covered the years 2004-2015. The results show that all V4 economies except for Hungary reduced the distance to the EU-28 average over the period considered. The external convergence process was accompanied by an increase in income inequalities at the regional level. In all the countries, the estimated distributions of regional income were bimodal, with the clearly marked second mode related to the capital region. The obtained research results should be an indication of economic decisions in the context of regional (also known as cohesion) policy and economic competitiveness. This paper contributes to the existing literature in three ways. First, the study was conducted at the NUTS3 level, which is currently the lowest possible level of disaggregation. Second, the analysis covered both the period before and after the global financial crisis. Third, the results of the internal convergence study are not biased by the method used, as this method has already been tested in previous research for a group of large European economies.
Growing income disparities, affecting developing and developed countries alike, are a fact and, at the same time, one of the greatest economic challenges of modern times. Empirical studies in various areas usually compare countries using the Gini coefficient or the relationship between external and internal convergence. To a lesser extent, those analyses concern the long-term formation of the level of regional inequalities and the impact of major political or economic events on their course. The main objective of this work is to examine the direction of changes in income distribution in large European economies at NUTS2 level in 2000-2015. That period was marked by the occurrence of two non-standard events: the largest enlargement of the European Union to date and 2008 financial crisis, which, regardless of their positive or negative nature, put the studied countries in a new economic situation on each occasion. Therefore, the question arises whether those tipping points exerted an influence on the distribution of income in large European economies such as Germany, United Kingdom, France, Italy, Spain, and Poland. The results of the study indicate various directions of the changes in regional income disparities over the researched period.
In turbulent times of crisis the variability of both EBIT and operating revenue increase in comparison to a relatively stable post crisis period. The main aim of this paper is to investigate this relationship across these two periods. The hypothesis is that the degree of operating leverage (DOL) is significantly higher during the crisis period (2007-2010) than in the post-crisis period (2011-2015). Additionally the authors checked whether there were significant differences across defined industries and also verified whether all industries had responded in the same way to Financial Crisis as far as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008-2009 significantly influenced the DOL of Polish stock companies; (b) There are substantial differences of the DOL across industries; (c) The DOL in the case of all industries investigated changed in the same direction when comparing two selected subperiods.
Abstract. Since the 1970s and 1980s mergers and acquisitions (M&A) have been a regular part of the American capital market. As the American capital market is considered to be the most developed one in the world, processes that take place there started to occur at other markets, including the Polish market. One of the most interesting aspect of M&A is the issue of hostile takeover, which is a situation when the takeover occurs against the will of existing company's board of directors and its current shareholders. Th e aim of this article is to present the possible strategies, which can be used by resisting companies against hostile takeovers, and the assessment of their infl uence on a company in the context its restructurisation. In the part devoted to the analysis of cases, description of three processes of hostile takeovers is presented. Each of these took place at a diff erent market and, which is the most important feature, each of these ended with diff erent result. Th e discussed cases encompass the unsuccessful takeover of Gillette company at the American market, the attempt at takeover of Th yssen by Krupp-Hoesch, which resulted in a merger, and the history of the hostile takeover of Kruk company by Vistula. Th e below analysis enabled to assess the defensive strategies in the context of restructuring results, which occur in the situation of hostile takeovers.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.