EJIST - European Journal of Interdisciplinary Studies

Studies and researches

Vol. 14 Issue 2 - 12/2022

Blanket Restrictive Measures in the Czech Republic During the COVID-19 Pandemic – A Trade-Off Concept Application

Miroslav ŠEVČÍK

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In early 2020, many widespread restrictive measures were introduced worldwide in response to the COVID-19 pandemic. These measures entailed high socio-economic costs, which have been largely overlooked due to political motivations and the difficulty of their measurement. One of them is the negative impact of widespread restrictive measures on life expectancy due to the limited school attendance and the negative impact of restrictions on the population's health status. In this paper, we use our own structural model based on the trade-off analysis method. The research compares the lost years of life in the situation of the existence of restrictive measures and, on the contrary, the situation of a complete absence of these measures. We use data from the Czech Republic between February 2020 and October 2021. Our article concludes that the number of lost years of life is many times higher when widespread restrictive measures are implemented in all considered scenarios. These findings should be considered when making further decisions on applying widespread restrictive measures in the Czech Republic. Read more

Keywords:
COVID-19, Czech Republic, government responses, nationwide restrictive measures, trade-off analysis
JEL:
H12, I18, J10

Studies and researches

Vol. 14 Issue 2 - 12/2022

Fake News and Foreign Direct Investment Inflows: Is there a Relationship?

Marko SELAKOVIĆ

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CHD triad – capitalism, human and digitalization is considered as critically important aspect of the inflow of foreign direct investments. Synergy of systemic, human, and technological factors established within CHD triad redefined the pattern of foreign direct investments. Nowadays, they are not created solely by the international investors, but rather developed in interaction of the investors with governments and the local population. Knowing the ability of fake news to influence human attitudes and behavior, the aim of the research was to analyze whether fake news can annulate the positive impact of three key aspects of CHD triad and negatively influence the efforts of the countries related to the FDI attraction. Using an interdisciplinary approach, the existence of key elements of CHD triad, as well as existence and impact of the fake news, were analyzed on the sample of the European countries with the above average percentage of FDI contribution to their total gross domestic product. Based on the document analysis, it has not been identified that fake news has relevant impact on the FDIs inflow, if all pillars of CHD triad are at place within the country that attempts to attract foreign direct investments. Read more

Keywords:
Foreign Direct Investment (FDI), CHD triad, fake news, digital economy, political system
JEL:
F21, F23, D83

Studies and researches

Vol. 14 Issue 2 - 12/2022

The Mandate Relationship in the Corporate Governance of Romanian State-Owned Enterprises

Dana - Lucia TULAI

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After two decades of uncertainties and legislative instability, following the anti-communist Revolution of December 1989, the reform of Romanian state-owned enterprises' management to a system of corporate governance was imperative. The Government Emergency Ordinance no. 109/2011, subsequently amended by the Law no. 111/2016, has modernized their management and administration system, ensuring greater transparency and increased control over the operations of public enterprises. At the base of these entities' relationship with their administrative and executive management structures there are mandate contracts, which impose specific obligations on the agents, as well as a system of accountability meant to ensure that the state is permanently informed on the operations of the enterprise, that the acts concluded on its behalf are correct and legal and that, should the public authority loose trust in the management, it could immediately hold them accountable, in order to recover the losses and put the activity of the enterprise on the right and lawful path again. In our study, we shall analyse the content and the juridical nature of this mandate relationship, with its national specificity, given by the incidental regulations from Romanian legislation. Read more

Keywords:
corporate governance, state-owned enterprises, autonomous enterprises, joint-stock companies, mandate
JEL:
L22, K12, K15, K22

Studies and researches

Vol. 14 Issue 2 - 12/2022

Quantification of Economic, Ecological and Social Impacts of Climate Change in the EU

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The article focuses on the current, urgent, and much discussed global issue of climate change, the impacts of which are expansive and involve a wide range of expertise. The base forms the evaluation of a sample of European Union member states using the quantification of threats and intensity of two key factors. The main objective of this article is to evaluate EU countries the INFORM assessment tool and to highlight the link between the effects of climate change (environmental, social, and economical) as quantified by respective threats posed by emission volume and poverty. In the present research, we relied on the new INFORM Risk Index assessment indicator because it represents a completely new but also globally applicable, reliable, and transparent tool to understand the risk of humanitarian crises and disasters. The significant results of the performed quantitative analysis suggest that security risk, poverty, and pollution levels operate as closely linked areas. It can be expected that recent changes (the COVID-19 pandemic, state of war) will mean that these influences will increase in severity. Read more

Keywords:
climate change, environment, national economy, poverty, emissions
JEL:
F01, Q56, Q01

Studies and researches

Vol. 14 Issue 2 - 12/2022

Consumers´ Perception of Responsible Companies and Using of Cause-Related Marketing in their CSR Practice

Zdenka MUSOVA

Eva POLIACIKOVA

Simona BARTOSOVA

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The importance to integrate principles of social responsibility has also penetrated the field of marketing. The paper focuses on the topic of cause-related marketing (CrM), an innovative tool of corporate social responsibility (CSR), that allows for a balance between the company´s interest, consumer satisfaction, and the long-term prosperity of society as well. The main aim is to examine consumers´ perceptions of using cause-related marketing as a part of the socially responsible activities of companies in Slovakia. This aim is preceded by a partial aim – to examine the consumers´ perception of socially responsible companies in general. The selected results of the pilot questionnaire survey are presented. The obtained data from a sample of 415 respondents were evaluated by selected statistical methods (Chi-Square, Spearman´s correlation coefficient). Generally, consumers positively perceive the importance of socially responsible behavior of companies. According to research results, CSR is a differentiation point on market, when socially responsible companies are perceived as more trustworthy and attractive than competitors. Engagement in cause-related marketing is relatively high when almost 80 % of the respondents indicated that they have already participated in a campaign of this type. On the other hand, skepticism towards CrM exists. Research results indicated that CrM can create a competitive advantage for companies that adopt it and help enhance better image and reputation of a socially responsible company. Read more

Keywords:
corporate social responsibility (CSR), cause-related marketing (CrM), consumers, perception, Slovakia
JEL:
M31, M39, M14

Studies and researches

Vol. 14 Issue 2 - 12/2022

The Health and Socio-Economic Crisis of COVID-19 ‘State of Shock’: A Case Study in Greece

Xanthippi CHAPSA

Persefoni POLYCHRONIDOU

Athanasios ATHANASENAS

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The COVID-19 pandemic caused a continuous health crisis from March 2020 until today. The health crisis due to the imposed restrictions caused socio-economic crisis and disorders in almost all over the world. Greece is not an exception in these new conditions that the health crisis has imposed. Through a structured questionnaire, distributed to young people, we investigate how the health crisis affected Greek people. Specifically, we study the respondents’ opinions regarding the anti-dispersion prevention measures, their feeling of security and who is responsible for the pandemic. By means of descriptive statistics and more advanced statistical techniques, we aim to verify or disprove the view of Naomi Klein that a society in deep crisis is in a ‘state of shock’, unable to react. Read more

Keywords:
Health crisis, socio-economic crisis, COVID-19, State of Shock
JEL:
O52, R11, C10, I19

Studies and researches

Vol. 14 Issue 2 - 12/2022

Determinants of House Prices and Housing Affordability Dynamics in the Czech Republic

Eduard HROMADA

Klára ČERMÁKOVÁ

Marian PIECHA

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The property market in Central European Region countries share a number of common features among which privatization, restitution of property, massive regulation or underdeveloped financial market all of which contributed on persisting property market imbalances and continuous dynamic changes. These changes have recently been significantly exacerbated by the presence of the Covid-19 pandemic, the war in Ukraine and a significant increase in energy prices (heating of apartments and houses, production of building materials, etc.). It is currently difficult for investors and people looking for their own housing to predict the future development of housing prices and housing affordability. This article analyses the housing market trends in this region taking the example of the Czech Republic using unique primary statistical data. It offers a deeper insight into the trends present on this market, identifies significant determinants of housing prices and evaluates changes in housing affordability. Our research reveals why the property market trends may contribute to opening inequality scissors and thus economic stability. This research is based on primary statistical data mined by EVAL software which allows to gather information about the development of the real estate market from real estate advertising. Read more

Keywords:
real estate, investing, availability of housing, inflation, mortgage loans, energy prices
JEL:
E31, R21, R31

Studies and researches

Vol. 14 Issue 2 - 12/2022

Using Embossed QR Codes on Product Packaging for People with Visual Impairments

George TERZOPOULOS

Ioannis KAZANIDIS

Avgoustos TSINAKOS

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Vision impairment severely impacts quality of life among adult populations. People with vision impairment often have to deal with a number of problems in their every-day life. One of them is related with their shopping and after sales experience. They need assistive tools so that they can get information about the products they shop and store in their home. QR codes is a well-known technology that contains a link and directs mobile users to a specified website. This website can include various and multimodal information related to a product that can easily be received through audio from peopled with visual impairments. In this paper we propose a solution for people with visual impairments in order to improve the way they shop. From the company’s side, QR code labels are printed and placed on the product’s packaging while on the same time a mobile application that supports QR code reading has been implemented. The users, scanning the QR code of a product using the mobile application, can seamlessly be redirected to the product-related audio information. The proposed approach and the implemented mobile application were tested by a group of people with vision impairment in order to assess its usability, satisfaction and intention to use. The evaluation results revealed that people with vision impairment find the provided mobile application useful and easy to use, while they are totally satisfied with the proposed approach, and they intend to use it in the future. Read more

Keywords:
vision impairment, QR code, products, shopping
JEL:
M37, I12, M51

Studies and researches

Vol. 14 Issue 2 - 12/2022

Internet of Things (IoT) as an Instrument to Improve Business and Marketing Strategies. A Literature Review

Raluca CONSTANTINESCU

Tudor EDU

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Creative destruction used by German sociologist Werner Sombart in 1913, and later known as Schumpeter’s gale, could be considered the first conceptual stage of what happens nowadays in all industries “forced” to use the digital environment. First three industrial revolutions experienced by the humanity happened in over three centuries with tangible results that improved immensely the day-to-day life of people. The fourth one happened in decades, and it was characterized by the use of information and communication technology in various industries. As the literature review has revealed, Internet of Things (IoT) is part of Industry 4.0., linking industries and consumers in a smarter way through sensors and other devices, collecting valuable data and helping companies. This article proposes a navigation throughout the literature to demonstrate that IoT is a new and modern solution that has a big potential for development to help businesses to take smarter and swifter decisions from data gathered indirectly from consumers. Given that the papers analyzed are quite recent, we would say that this topic of IoT is only lightly investigated, and it opens many subjects of discussions, not only on the business and marketing side, but also economically, socially, and of course, technically. Various questions have arisen during the research: Is there a limitation in using this instrument in business and marketing strategies? Either technical or legal? The ethics of this process is under question and both companies and governments dedicated a lot of time to understand the implications of IoT in the future. Read more

Keywords:
Internet of Things (IoT), Industrial Revolution, Industry 4.0, marketing strategies, consumer behaviour
JEL:
O30, M31, M15

Studies and researches

Vol. 14 Issue 2 - 12/2022

How Much Can the Monetary Policies of Small Open Economies Neighbouring the Eurozone Be Independent?

Ondřej BEDNÁŘ

Božena KADEŘÁBKOVÁ

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This paper examines the argument that a small open economy with goods and service markets integrated into a major currency block has decreased autonomy over its monetary policy. The idea is derived from Optimum Currency Area theory (OCA), which tries to answer the question of what economic area is supposed to share one common currency. The main cost of joining a common currency area is a loss of independent monetary policy of the economy. Independence of monetary policy can be interpreted as the ability to set interest rates autonomously of the international interest rates. The de facto independence of an economy is strongly influenced by its size and market integration as R. McKinnon famously noted. Therefore, the paper's question is: do the countries abstaining from joining the Eurozone have a truly independent monetary policy? If the independence of their monetary policy is low, then the cost of joining the Eurozone is also low. The topic is highly relevant for the examined countries as five of them are legally bound to accept Euro. Therefore, the costs of losing "not so independent" monetary policy should not be so high. We analyze the data if the European countries with sovereign currency follow the monetary policy of the Eurozone and the United States. As previous literature stated, the independent monetary policy sets the interest rates to impact the economy's internal balance. On the other hand, if the central bank uses its interest rate tool to affect the exchange rate, then the monetary policy is not so independent. The results show that the monetary authorities of the United Kingdom, Sweden, and Denmark follow the lead of the European Central Bank much more evidently than the Czech Republic, Hungary, Poland, and Romania. Read more

Keywords:
monetary policy, OCA, common currency, market integration
JEL:
E50, E47, E02

Studies and researches

Vol. 14 Issue 2 - 12/2022

Globalization, Energy Mix, Renewable Energy, and Emission: Romanian Case

Magdalena RĂDULESCU

Seyed Mohammadreza MAHDAVIAN

Ștefana MARINESCU

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Europe reaffirmed its commitment to become world first climate-neutral continent by 2050. Eastern European countries should pursue these renewable sources as a policy priority in order to cope with this target. In Eastern Europe, the transition to renewable energy sources was slow. Adopting tight regulations in this region in order to comply with the environmental European requirements benefited of important exemptions in time. In this study, we aim to investigate the existence of the Environmental Kuznets Curve in Romania and its shape during 1990-2019, based on an ARDL model with short-run and long-run estimations, considering total energy consumption, renewable energy share, FDI and trade openness. Findings suggest a U-shaped curve, a positive linkage between total energy consumption or FDI and CO2 emissions/capita in the long-run, a negative relation between renewable energy share of total energy mix and emissions, and a negative relation between trade openness and CO2 emissions/capita. Based on these findings, some policy recommendations can be designed to stimulate the renewable energy usage and trade openness in Romania for decreasing CO2 emissions. Read more

Keywords:
EKC, FDI, renewable energy, total energy consumption, trade openness
JEL:
F21, F43, F18, Q50

Studies and researches

Vol. 14 Issue 2 - 12/2022

Investigating Technology Transfer Gaps Through Farmers Field School

Evropi-Sofia DALAMPIRA

Ioannis TSOUKALIDIS

Dimitra LAZARIDOU

Smaragda NIKOULI

Anastasios LIVADIOTIS

Anastasios MICHAILIDIS

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Technology transfer is one of the core elements in a rapidly changing agricultural sector. However, the booming of agricultural innovation is not followed by the generation of methodological tools able to diffuse innovation in farmers and other stakeholders. For the last decades, Farmers Field School (FFS) approach is offering technology transfer and co-generation, infused by agricultural extension. Traditional FFS form is a learning by doing method and farmers are learning from other experienced farmers. Even though FFS has various forms which are trying to cover gaps between science and practice, there are still different methodological challenges in each FFS form. In this research, we propose a Hybrid FFS strategy, assembled by the strengths of various FFS forms and trying to close these gaps. We review and implement a meta-analysis of FFS forms, investigating these gaps. Afterwards, a comprehensive, holistic and dynamic conceptual and methodological model, derived from meta-analysis is proposed to cover the technology transfer methodological gaps. Our Hybrid FFS strategy highlight strategic questions which offer the appropriate background for establishing a strong educational strategy and overcome possible challenges. “Learning by doing” is supported from farmers to farmers as well as from experts to experts. Various stakeholders from value chain are promoted to use and be familiarized with new technologies, practical tools and the internet, as well as develop their managerial skills in value chain products. Modules cover the gaps of recent FFS approaches, by incorporating issues of sustainability and certification of value chain products, with business and entrepreneurship. Flexibility of a hybrid (virtual and physical) environment resolve complex situations (i.e. COVID-19). This methodology can be useful to policy makers managers or agricultural extension researchers, in order to construct, implement and evaluate an FFS agricultural program. Hybrid FFS strategy describes how agricultural education approaches of the past can create educational environments of the future and lead learning accelerators in agricultural sector. Read more

Keywords:
Agricultural extension, applied research, CIPP model, evaluation, Farmers Field School, technology transfer
JEL:
I21, I25

Studies and researches

Vol. 14 Issue 2 - 12/2022

Corporate Governance Compliance in Alternative Markets. The Case of the Alternative Market of ATHEX

Ioannis KALIALAKIS

Chris GROSE

Michail FYGKIORIS

Dimitrios KOUFOPOULOS

Alexandros SIKALIDIS

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In the current economic and social environment, companies are called upon to maintain their smooth operation, as well as to adopt practices that ensure their viability. One of the central pillars of sustainable development of listed companies in the alternative market, today, is the adoption of a strong corporate governance system. In the Greek financial sector, there are limited references to the companies that trade on the Alternative Market of the Athens Stock Exchange, as well as to the companies' approach to the Hellenic Corporate Governance Code. The aim of this work is to cover a part of the incomplete literature that exists in the scientific community for the companies on the alternative market of ATHEX, because the provisions of Hellenic Corporate Governance Code are considered crucial for the business strategy and for the creation of corporate value. The purpose of this paper is primarily to deepen the understanding on the new corporate governance code of ATHEX as well as on the application of the code practices in the selected sample of listed companies in the alternative market of the Athens Stock Exchange. From a theoretical perspective, extensive reference is made to the practices and legal framework of the corporate governance code in Greece. For the analysis and description of the data regarding corporate governance in the alternative market of ATHEX, and specifically, the adoption or not, of an effective corporate governance system. Information was collected from the financial reports of the sample companies for the period 2008 - 2021. The present study shows that listed companies in the alternative market are trying to adopt a framework of principles in line with the respective companies trading in the ATHEX main market. However, compared to the companies trading in the main market of ATHEX, there are huge differences in the degree of compliance for companies in the alternative market. Therefore, significant improvements should be made as the limited adoption of the corporate governance code is still very characteristic for the firms of the alternative market. Read more

Keywords:
Corporate governance, alternative market, ATHEX, Greece
JEL:
G34, G30, O16

Studies and researches

Vol. 14 Issue 2 - 12/2022

Solidarity and political narratives in crises – responses to deviant communication during the COVID-19 pandemic

Kerstin WÜSTNER

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Solidarity is still important in modern societies, and it gains even more relevance during crises, such as ecological crises, health crises or during armed conflicts. This paper focuses on political narratives on solidarity and measures to overcome the crises during the COVID-19 pandemic. Referring to four examples, it describes cases that contradict or call political narratives into question. As a result, this paper demonstrates how strong political narratives can be. This goes along with a reduced acceptance of deviating communication and a desire to correct or sanction people whose statements deviate from political narratives. Finally, several social implications of this pressure to conform are discussed. Read more

Keywords:
Communication, COVID-19, crises, political narratives, punitive attitudes, social representations, solidarity