Considering the role of foreign direct investment (FDI) inflows in the sustainable development of a country, the main aim of this paper is to identify some macroeconomic factors that positively or negatively influence FDI in Visegrad group countries after the European Union (EU) enlargement in 2004. We employed two types of approaches in our analysis: i) time series and ii) panel data approach. According to the generalized ridge regressions estimated in Bayesian framework, the perceived corruption was a factor that influenced FDI in all the countries. In Poland, Czech Republic and Slovakia corruption came through as a serious obstacle for FDIs since 2005, but this was not the case for Hungary. Even if Hungary is perceived as a country with high influence, foreign investors seem no to care about this fact and are more interested in the quality of human resources and the possibility to increase exports. Our panel approach based on a panel ARDL model identified a significant relationship between FDI, corruption index and labour force with advanced education however this causality was only detected in the long run. According to the Granger causality in panel, the attraction of FDI inflows succeeded in generating changes in total tax rate, but the issues related to corruption were not reduced at an acceptable level for foreign investors in Poland, Slovakia, and the Czech Republic.
Abstract:Purpose: Offer an alternative method to assess operational performance of companies in transport infrastructure of a region by making a comparison between transaction costs. The method is supposed to be a cross-functional and possibly applied to an analysis of economic entities of a different order (country, region, sector, companies) while evaluating "viscosity" / complexity of the outside and the inside.Design/methodology/approach: The paper includes an analysis of various methodological approaches to assess a development level of the transport infrastructure in a region. Within the author's approach and for purposed of the research, an index of transaction capacity or the transactionalness index is proposed, which determines a level of transaction costs calculated against the cost of production and revenue. The approach is piloted using the region-wise infrastructure (the transport one in the example given). Third, the transactionalness level may say of uncertainty and risks. As an addition to theoretical and methodological aspects of transaction costs, the authors justify an approach to their size estimation, as well as their differentiation dividing them into two groups: those of a natural type and a background type. In a course of their discussion, the authors have concluded that there are such transaction costs in place, which are standard in a manner of speaking. Originality/value:There is a discussion whether it is scientifically reasonable to use an index of transactionalness. There are reasons for applicability of the alternative approach to assess operational performance of companies in transport infrastructure as an indicative criterion of favouring external conditions to execute exchange transactions. According to the authors, a high level of transactionalness is associated with a low development level of transport infrastructure in a region. This says that their competitiveness is specifically less.
The article deals with modelling a competitive field of an enterprise and performs its empirical assessment. The methodological base includes the theory of industrial organization, the theory of organizational fields and the theory of competitive field. The author proves that an industrial market can be viewed as a competitive field defined by a firm (or imposed on it), where strategic interaction is realized within the framework of the status hierarchies of the participating firms. Such an approach allows looking at the market structure and behaviour of firm in more detail. To characterize a competitive field, the author uses indicators of the market structure, monopoly power and power asymmetry and substantiates the choice of the indicators for their evaluation. The modified Herfindahl-Hirschman index is applied for assessing the market structure; the Bain index is utilized to evaluate monopoly power; and its deviation is used to assess power asymmetry. Based on the combination of the selected indicators, we distinguish between four types of competitive fields and construct a matrix for determining them. The research presents the empirical testing of the proposed approach using the case study of eight industries. The findings of the empirical part unveil only three (out of four) competitive fields within the industries under study. A dynamic analysis shows that all the industries are sustainable oligopolies with a low level of competition. Competitive fields formed in the industrial markets are some sort of a trap, since they do not encourage industrial enterprises to develop technological and management innovations. The author's approach is versatile and can be used to determine a competitive field in other industrial markets.
Исследование отраслевой структуры рынка промышленной продукции: динамический подход 1 Исследование направлено на разработку динамического подхода к анализу структуры отраслевого рынка промышленной продукции. Авторы интегрируют два методологических подхода к анализу отраслевого рынка (структурного и микроэкономического) и дополняют структурный анализ динамическими показателями развития отраслевого рынка. Подробно описан процесс получения и отбора статистических данных с учетом специфики промышленных предприятий и отраслей. Предлагаемый подход позволяет выявлять поведенческие особенности в развитии промышленных отраслей, делать выводы, описывающие не только структуру, но и характер конкуренции, обозначать перспективы их стратегического развития. Используя предложенный подход и базу данных СПАРК, авторы проводят динамический анализ рынков пяти промышленных отраслей. Полученные результаты указывают на стагнирующее развитие олигополий на исследуемых отраслевых рынках.
Identification of priority areas for the development of industrial sectors of economy during the transition to a new technological mode is closely linked to the definition of determinants of their sustainable development. Using the theory of sustainable development is the methodological basis for the building of a new industrial policy. Empirical research is aimed at evaluating the determinant of sustainable development of machine building industry in Russia. The authors systematized the basic approaches to identifying and assessing the factors of sustainable development of the industry within the framework of the concept of structural economy. Using the Panzar-Rosse model the assessment of interest income elasticity of engineering enterprises is made at factor prices of productive resources. Advantage of this method is that the reliability of statistical sampling is used, the complexity of the model used, the possibility of using the proposed tools for further multivariate analysis. The results of the study indicate a low level of sustainable development, focusing on getting immediate results, lack of strategic and innovative prospects. This state is adaptive behavior of constant tweaking under the macroeconomic and institutional changes and crises. Despite the large number of strategic programmes and scenarios of the development of machine building industry depends more on not consistency overall economic policy, the impact of economic crises. We can say that in the short term for engineering industries determinant for further development must be development strategy focused on optimization, improving the quality, efficiency, management of major production resources.
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