Template-Type: ReDIF-Article 1.0
Author-Name: Jindřich Špička
Author-Name: Markéta Arltová
Author-Name: Petr Boukal
Title: Selected Socioeconomic Determinants of the Size of the Nonprofit Sector Serving Households in the OECD Countries
Abstract: The article investigates the differences in socioeconomic determinants of the size of the nonprofit sector serving households in the wealthy and less wealthy OECD countries. Based on panel data modelling of 22 wealthy OECD countries and 17 less wealthy OECD countries in the longterm period 2000-2014, authors revealed distinctive determinants of the size of the nonprofit sector serving households in the wealthy and less wealthy countries. The model identified GDP per capita, government health care expenditures per capita, number of refugees per hundred thousand inhabitants and unemployment rate as significant long-term determinants of the size of the nonprofit sector in the wealthy OECD countries. Alternatively, GDP per capita, age and educational structure are significant long-term determinants of the size of the nonprofit sector in the less wealthy OECD countries. Authors found opposing effect of GDP per capita on the size the nonprofit sector between the two groups of countries.
Keywords: government failure, econometric modelling, nonprofit sector serving households, wealth
Classification-JEL: H50, L31
Pages: 276-295
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=671.pdf
File-URL: http://www.vse.cz/pep/671
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilhan Dalci
Author-Name: Cem Tanova
Author-Name: Hasan Ozyapici
Author-Name: Murad A. Bein
Title: The Moderating Impact of Firm Size on the Relationship between Working Capital Management and Profitability
Abstract: This study investigates whether firm size moderates the relationship between cash conversion cycle and profitability over 8-year period for 285 German non-financial firms. The moderated regression results reveal that the relationship between cash conversion cycle and profitability is moderated by firm size. As the firm size gets smaller and the cash conversion cycle gets longer, the returns on assets decreases. When the firm size gets bigger and the cash conversion cycle gets longer, on the other hand, the returns on assets increases. In this context, reducing the length of cash conversion cycle has a positive impact on profitability for only small and medium-sized firms. Accordingly, this study concludes that small and also medium-sized firms, contrary to big firms, should reduce the length of cash conversion cycle in order to increase profitability.
Keywords: profitability, cash conversion cycle, firm size, small firms, working capital management
Classification-JEL: M10, M41
Pages: 296-312
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=681.pdf
File-URL: http://www.vse.cz/pep/681
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Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:681:p:296-312
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Plaček
Author-Name: Martin Schmidt
Author-Name: František Ochrana
Author-Name: Milan Půček
Title: Factors Affecting the Length of Procedure in Public Procurement: The Case of the Czech Republic
Abstract: The article deals with the issue of the length of procedure in public procurement. Our analysis focuses on construction contracts in 2010-2015. We apply hierarchical linear regressions to these data to identify factors that affect the length of procedure. According to our results, the duration of a public contract does not affect the standard contract price. The nature of the contracting authority, the expected value, the openness of the procurement procedure, and the method of evaluation have a statistically significant impact on the length of the contract. As for other factors regarding the length of awarding time, the use of the subcontractor, the division of a contract into parts, and a review by the Office for the Protection of Competition due extend the time required. By contrast, contracting time can be reduced by the use of outsourcing. In the end of the article, we have put forward recommendations for economic policy and further research.
Keywords: accountability, decentralization, public procurement, delays
Classification-JEL: H57, H72, H77
Pages: 313-329
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=692.pdf
File-URL: http://www.vse.cz/pep/692
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Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:692:p:313-329
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Template-Type: ReDIF-Article 1.0
Author-Name: Arlette Beltran
Title: Female Leadership and Firm Performance
Abstract: This study explores whether companies´ experience benefits when the firm’s CEO and owner are both women. It employs data from the 2009-2014 World Bank Enterprise Surveys (WBES) to measure firms’ performance through growth in sales and productivity. Potential endogeneity was corrected by using the UN Gender Development Index and the average fertility rate as they comply with the exclusion restrictions. The paper uses the Control Function method with a Probit first stage estimation and an OLS main equation. The findings suggest that a female owner strengthens the female CEO’s business skills and leads to better firm performance than when the CEO is a woman and the owner is a man.
Keywords: gender, firm performance, statistical discrimination, cross-country data
Classification-JEL: J16, L25, M51, O10
Pages: 363-377
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=695.pdf
File-URL: http://www.vse.cz/pep/695
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Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:695:p:363-377
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Template-Type: ReDIF-Article 1.0
Author-Name: Mara Madaleno
Author-Name: Nicoleta Bărbuţă-Mişu
Author-Name: Fitim Deari
Title: Determinants of Net Trade Credit: A Panel VAR Approach Based on Industry
Abstract: This paper aims to study the dynamic relationship between dependent variables of trade credit (net trade credit to total assets and net trade credit to sales), and six independent variables (profit margin, liquidity ratio, and the dummies collection, credit, size, and crisis) using panel vector autoregression during the period 2004−2013 considering data from eight European countries. The results indicate that net trade credit is negatively influenced by crises, forcing firms to use it less due to survival effects but imposing higher trade restrictions. Notwithstanding, net trade credit to sales is positively influenced by the liquidity ratio and profit margin, and vice-versa, but has a negative relationship with credit and collection dummies, imposing credit shortenings and forcing reliance on short-term credit. For the overall period, firms seem to have sold more than having bought on credit due to tightening trade credit, an effect of the financial crisis.
Keywords: financial crisis, panel vector autoregression, profit margin, liquidity ratio, collection period, credit period
Classification-JEL: G01, G30, G32
Pages: 330-347
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=696.pdf
File-URL: http://www.vse.cz/pep/696
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:696:p:330-347
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrii Boiar
Title: Optimizing the Structure of the European Union Budget Expenditure
Abstract: The article discusses which policies and to what extent should be financed from the EU budget and/or from the national budgets of the EU member states to satisfy the rationale and efficiency point of view. To answer these questions we discuss the existing approaches and apply the most relevant ones (in particular the theory of fiscal federalism and public sector economics) to examine the current structure of the EU budget expenditures. We conclude that there are few EU policies that would be more efficient if they were more fiscally centralized and there is a policy that should be brought down to national (regional) level.
Keywords: structure, budget, EU, international union, budget expenditures, optimal, member state
Classification-JEL: F36, F55, G28
Pages: 348-362
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=698.pdf
File-URL: http://www.vse.cz/pep/698
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:698:p:348-362
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Template-Type: ReDIF-Article 1.0
Author-Name: Magdalena Szyszko
Author-Name: Aleksandra Rutkowska
Title: Macroeconomic Forecast Relevance in the Central Bank’s Decisions. The Case of European Economies
Abstract: We examine central banks’ involvement in inflation forecast targeting by means of an index-based analysis and ordered logistic regression. The research encompasses the Bank of England, the Czech National Bank, the National Bank of Poland and the Sveriges Riksbank. They produce conditional or unconditional macroeconomic forecasts. Hence, two paths have been used to examine them. We examine whether the four central banks follow their forecasts to some extent. We have found that the CNB and SR are highly consistent in terms of compatibility of their decisions with the forecasts, timing of decisions, and communication by means of forecasts. The NBP follows its forecast much less consistently, while the BoE ignores it altogether. As some of the results for the BoE and NBP are unambiguous, we remain cautious while interpreting them. This paper contributes to the literature on the empirical evaluation of inflation forecast targeting.
Keywords: inflation forecast targeting, macroeconomic forecasts, central bank decision rules
Classification-JEL: C25, E52, E58
Pages: 257-275
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=711.pdf
File-URL: http://www.vse.cz/pep/711
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Template-Type: ReDIF-Article 1.0
Author-Name: Dagmar Brožová
Title: The Future of Economics in the Sociological Point of View
Pages: 378-381
Volume: 2019
Issue: 3
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=716.pdf
File-URL: http://www.vse.cz/pep/716
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:3:id:716:p:378-381