SciPap, Volume 31 (2023)

Open Access Article SciPap-1812

by Alena Mojsejova, Alisha Marcinová

Abstract: The paper deals with household wealth and its determinants. The attention is drawn to the main causes and determinants which affect wealth and wealth inequality. The comparison between the particular CEE countries is based on the relationship between net wealth and the determinants. The paper emphasizes the impact of the particular determinants on the net wealth of households in Slovakia, Poland, Hungary, and neighboring Austria according to HFCS data. Quantile regression describes an influence of the value of the household's main residence, the value of the household's vehicles, total financial assets, total household gross income, the outstanding balance of mortgage debt, the amount spent on consumer goods and services, substantial inheritance/gift received and gender of the reference person. The results of quantile regression indicate the statistical significance of value of household's main residence as the most significant factor across all observed countries and all quantiles of the population supported by an impact of received inheritance and gifts in the countries apart from Austria. Value of household's vehicles, total financial assets, and outstanding balance of mortgage debt play significant roles. The paper compares the results not only between the countries but also between the determinants, supplementing a picture of the current trends of household wealth in the CEE countries.

Keywords: HFCS, Inequality, Wealth, Cee Countries, Quantile Regression

JEL classification: D14, D31, P52

Open Access Article SciPap-1755

by Bertha Silvia Sutejo, Sumiati -, Risna Wijayanti, Candra Ananda

Abstract: The purpose of this study was to investigate the influence of positive aand negative emotions on investment decisions during the Covid-19 pandemic, as well as to test risk tolerance as a intervening variable between basic emotions and investment decisions. This study uses endogenous variables, namely investment decisions and exogenous variables, namely positive and negative emotions including anger, sadness, hope, happiness, and fear. As well as the intervening variable, namely financial risk tolerance. Data collection was carried out by distributing questionnaires to 180 young investors in Surabaya, Indonesia. The questionnaire uses a 5-point Likert scale. Hypothesis testing uses a structural equation model. The results of the study indicate that there is a significant impact of positive emotions on investment decision-making. The association in question is mediated by financial risk tolerance. The regulation of the relationship between negative emotions and investment decisions by financial risk tolerance remains unclear. Furthermore, the impact of negative emotions on investment decisions appears to be insignificant. Practical implications of this research help young investors of generation z to manage their emotions, especially in the era of Covid-19. This is because emotions can affect their investment decision making. The originality of this research is a unique study of the positive and negative emotions associated with the investment decisions of young investors in the Covid-19 era. As well as risk tolerance which will strengthen the influence of emotions on investment decisions. The results of the research strengthen the theory of emotional intelligence and the dual process theory.

Keywords: Covid-19, Positive Emotions, Negative Emotions, Investment Decision-Making, Generation Z Investors

JEL classification: G10, G11, G4, G40, G41

Open Access Article SciPap-1854

by Wolfgang Dieter Gerstlberger, Mike Franz Wahl, Bernhard Baumann

Abstract: Change processes always go through various stages. Regarding political change projects, there are specific continuative aspects that influence the decision-making behaviour of local politicians. This also applies to specific decisions relating to issues of inter-municipal cooperation. The intended gain in knowledge is to determine how council rep-resentatives decide towards inter-municipal destination management organizations as a form of inter-municipal cooperation, to what extent experiences already exist in this field, how open they are towards them, and which possible influencing factors have an impact on this decision behaviour. Action research is the chosen research strategy for the study, including a mixed method. The research is categorized as an explanatory, cross-sectional. Semi-structured focus group interviews (Step 1) are followed by constructing the initial research model. Then written survey of council representatives (Step 2) was conducted. This study finds that the openness of local politicians on inter-municipal cooperation, using the example of destination management organisations, is significantly dependent on location issues, legal form, information (weighing up the advantages and disad-vantages) and its origin (internal/external to the parliamentary group). Building on the findings and reference to theoretical framework models, a six-phase change management model was constructed specifically for the decision-making behav-our of local politicians regarding inter-municipal projects, which includes the phases of initiation (1), persuasion (2), political decision-making (3), implementation (4), evaluation (5), and resolution amendment (6).

Keywords: Change Management, Local Political Decision-Making Behaviour, Inter-Municipal Coopera-Tion, Destination Management, Tourism Development

JEL classification: D8

Open Access Article SciPap-1696

by Alia Khalaf, Wan Nur Syahida Wan Ismail, Ahmad Marei, Mohammed W.A. Saleh, Marwan Mohammad Mansour

Abstract: This paper aims to investigate the extent to which System Trust's framework was utilized in the Jordanian government sector and its impact on organizational commitment (OC). A quantitative approach was used for data collection and achieving the study goals. In particular, the responses were collected through a survey instrument from 260 internal auditors and accountants of 14 governmental institutions in Jordan. After obtaining the desired responses the primary data were analyzed using the Partial Least Square Structural Equation Model (PLS-SEM). The outcomes showed that AIS reliability factors positively influence OC Further, System Trust has played a vital role in affecting business sustainability and confidence in the Jordanian Public sector. Future research can build on these results and be focused on other national and cultural conditions. The research confirms that management must realize how essential going to adopt the System Trust’s principles for ensuring the reliability of AIS within their firms and are aware of which of these standards is appropriate for their sector and size as well as how it affects OC.

Keywords: Pls-Sem., Ais Reliability, System Trust, Organizational Commitment(Oc), Jordanian Governmental Sector

JEL classification: M, M15

Open Access Article SciPap-1719

by Le Thanh Tung, Pham Nang Thang

Abstract: This article aims to determine the impact of international tourism on poverty in 28 developing and emerging countries from 2005-2020. The Driscoll-Kraay standard errors method was used in the quantitative analysis. Unlike previous studies, this study provides concrete answers to conflicting debates about tourism development and poverty reduction. Our results robustly conclude that international tourism helps to reduce poverty perspective in countries. Specifically, more enormous tourism revenues and higher numbers of international tourists will lead to lower poverty rates in host countries. In addition, the results also emphasize the role of institutional quality in poverty reduction. Research shows that good institutions in the host country help reduce poverty. These findings may provide policy implications regarding future tourism development and poverty reduction in developing countries and emerging economies.

Keywords: Developing Countries, International Tourist, Tourism Revenue, Poverty Reduction, Institutional Quality

JEL classification: I32, O11, O19

Open Access Article SciPap-1689

by Oanh Kim Thi Tran, Duong Binh Mai, Trang Thanh Thi Chu, Diep Van Nguyen

Abstract: This article aims to analyze the role of FDI and institutional quality in local economic growth in Vietnam. Using a dataset of 63 provinces in Vietnam between 2005 and 2020, the result of the Bayesian linear regression method cover that FDI has a negative effect on economic growth, while provinces have a negative effect on economic growth. High institutional quality (IQ) leads to high economic growth. Besides, the result of the article also shows that the interaction between FDI flows and institutional quality (FDIxIQ variable) positively impacts the economic growth of provinces in Vietnam. This implies that localities with good institutional quality will absorb FDI better. These findings suggest that policymakers should pay more attention to policies to attract FDI and improve institutional quality in order to promote sustainable GDP growth in the localities of Vietnam, thereby promoting the overall economic growth of Vietnam.

Keywords: Economic Growth, Fdi, Bayesian Linear Regression, Provinces Of Vietnam, Institutional Quality

JEL classification: C11, F21, F43, O11

Open Access Article SciPap-1746

by Ondřej Kuba, Beáta Mikušová Meričková

Abstract: Many democracies across the world are experiencing issues with declining voter turnout, and the Czech Republic is not exempt to this trend. Over the past 30 years, turnout has decreased in this country by almost 20 percentage points. The aim of this research is to identify the determinants that mobilize (or demobilize) citizens to vote in the context of the Czech political environment and to describe the relationships between them. Specifically, we focus on the mobilizing effect of political engagement, mainstream and alternative media, and citizen satisfaction in various aspects of life. The research is based on the responses of a representative sample of respondents (N = 807) and uses structural equation modelling to analyse the responses. Our results show that of all the determinants examined, turnout is particularly influenced by citizens' political engagement. Surprisingly, consumption of mainstream and alternative media content, and citizen satisfaction are not shown to mobilize citizens to vote. However, these determinants have been shown to be significantly related to political engagement and it can be suggested that political engagement is a mediating variable. Thus, we show that it is appropriate to pay attention not only to the direct effects of individual determinants on turnout when examining the determinants of turnout, but also to examine decision-making processes in a broader context.

Keywords: Media, Satisfaction, Election, Voter Turnout, Political Engagement

JEL classification: D72

Open Access Article SciPap-1736

by Tetiana But, Daria Mamotenko, Libor Lnenicka, Tetiana Pulina, Veronika Židová

Abstract: The modern 21st century makes developed countries introduce advanced IT technologies, such as smart solutions, which penetrate into the public administration environment and are used by municipalities to improve the life of citizens. Modern programs for developing and implementing “smart city” solutions are focused primarily on the interests and needs of the population. As a result, this trend directly affects the development of tourism by improving the quality of tourist services. The purpose of the study is to offer a conceptual model for creating “smart cities” in Czechia based on smart specialization in the tourism industry by introducing modern technologies and innovations, which will result in bettering the quality of tourism services, increasing the number of tourists and improving the image of the city as a tourist destination. The methodological approach to this study is a systematic literature review. The authors identifies which “smart cities” are effective, efficient, productive, sustainable and unsustainable, and the difference between effective and productive “smart cities”. The creation of “smart cities” in Czechia on the basis of smart specialization in the tourism industry is substantiated. It is noted that the size of the city and the number of its inhabitants do not affect the creation of a “smart city”. Increasing the tourist attractiveness of Czech cities will enable cities of any size to become “smart”. The authors have determined which components of the developed conceptual model will affect its effectiveness. The findings indicate that the impact of new technologies, thanks to the advanced implementation of information and communication technology (ICT) applications, play a crucial role in data collecting and sharing for the “smart cities” development. The article mentions examples of successful implementation of the concept in the Czech cities of Prague, Hradec Králové and Brno. In general, a “smart city” of Czechia can make the tourism industry more accessible and efficient for both tourists and locals, ensure the sustainability of tourism in the city and increase its competitiveness in the tourism market.

Keywords: Smart City, Tourism Industry, Smart Strategy, Concept

JEL classification: Z32

Open Access Article SciPap-1693

by Mahirun Mahirun

Abstract: This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on dependent variables. The objects in this study are companies incorporated in LQ45 for the period 2013 - 2021. The reason for choosing LQ45 is because it is a type of index used to measure the price performance of stocks that have high liquidity and large market capitalization and are supported by good firm fundamentals. The results of the study found that the capital structure with indicators debt to equity ratio has a significant negative effect on stock return. Profitability with indicators return on equity and investment opportunity set with indicators price earning ratio have a positive and significant effect on stock return. While other findings from our study are firm value with price to book value indicators, profitability from the investor's point of view represented by earning per share indicators, and dividend policy with dividend payout ratio indicators have no effect on stock return.

Keywords: Profitability, Capital Structure, Firm Value, Stock Return, Investment Opportunity Set, Earning Per Share, Dividend Policy

JEL classification: O16, P45, B26, G32, I22

Open Access Article SciPap-1709

by Iryna Kornilova, Iryna Horbas, Alona Alona Poltoratska, Iryna Netreba, Oksana Derkach, Tetiana Ovcharenko

Abstract: This article puts forward an approach to systemic understanding of innovation outsourcing types based on the dialectical combination of the general and the specific in outsourcing practice. The study involved synthesis, systematisation, and development of theoretical and applied approaches to identifying types of innovation outsourcing in order to establish a theoretical and methodological foundation for organisations to create their own unique models of innovation outsourcing. The article suggests a classification of innovation outsourcing based on various characteristics, including the nature of the services provided, type of business processes, scope of management function, level of change, nature and organisational form of collaboration, source of resourcing, subjects involved, degree of cooperation, stage of the innovation process, and location of outsourcing service providers. The study demonstrates the cross-functional and multi-faceted nature of outsourcing and possibilities of various combinations of innovation outsourcing types, which should be considered when developing innovation strategies of organisations. The main purpose of the article is to shape a comprehensive understanding of various issues related to making effective managerial decisions regarding possible optimisation perspectives of innovation activities for economic entities through collaboration with outsourcers, determining the form, nature, terms, scale, depth, and other critical elements of such collaboration, and considering a range of their advantages and limitations.

Keywords: Management, Outsourcing, Innovations, Innovation Process, Core Competencies, Business Process, Outsourcing Service Provider

JEL classification: O32, O31, F20

Open Access Article SciPap-1681

by Daniel Cardona Valencia, Carola Calabuig Tormo

Abstract: This study aims to empirically assess the impact of green banking activities on banks' green financing and environmental performance. Likewise, it seeks to identify the mediating effect of green financing on the relationship between banks’ environmental performance and green banking activities. It also examines the trends and challenges on the topic. Structural equation modeling was used to evaluate the relationship between the variables identified from primary data collected through a structured questionnaire administered to 321 Colombian bankers, who were selected using convenience sampling. According to the results, green banking activities have a positive impact on banks’ environmental performance, and banks' sources of green financing significantly influence their environmental performance. Notwithstanding, green banking is regarded as a promising strategy for banks because it enhances their competitiveness and reputation, helps them reduce their carbon footprint and costs in the long term, and enables them to be included in sustainability indexes.

Keywords: Sustainability, Environmental Performance, Green Banking, Financial Inclusion, Green Finance, Green Financing

JEL classification: A1, F64

Open Access Article SciPap-1735

by Sofiane Laradi, Roucham Benziane, Abdelhak Lefilef, Salwa Alghamdi, Ramzi Bouderdja, Youcef Souar

Abstract: This research investigates the factors influencing the adoption of mobile banking services in the Arab region, focusing mainly on a case study from Algeria. A conceptual model integrating the Technology Acceptance Model (TAM), Diffusion of Innovations (DOI), and Trust Theory is proposed to gain comprehensive insights. Empirical validation was conducted through a survey of 285 users of BaridiMob, a mobile banking application by Algeria Post, with data analysis conducted using structural equation modelling. The results showed that perceived usefulness, Ease of use, Trust, and attitude towards technology are vital determinants influencing adoption intention. Among these, perceived usefulness had the strongest impact, underscoring the importance of functional value in technology acceptance. Trust was also highlighted as crucial in shaping user attitudes and adoption intentions. These findings have significant implications for promoting mobile banking adoption in the Arab region and emerging economies. However, the study's limitations, including its cross-sectional design and use of convenience sampling, may affect the generalizability of the findings. Future research should employ probability sampling, longitudinal designs, and qualitative approaches to deepen understanding. Exploring additional variables affecting mobile banking adoption and testing the model in various cultural contexts within the Arab region is also recommended to comprehend technology acceptance and adoption nuances, thereby contributing to more effective strategies for promoting mobile banking adoption.

Keywords: Perceived Usefulness, Mobile Banking Adoption, Arab Region, Technology Acceptance Model (Tam), Trust Theory, Structural Equation Modelling

JEL classification: G24, O14, M13

Open Access Article SciPap-1680

by Olga Sych, Vira Kruhliakova

Abstract: European structural funds and financial institutions are the primary funding sources for strategic development initiatives, achieving sustainable development goals and implementing the Green Deal strategy in Europe. As Ukraine moves towards EU membership, it has the potential to use these new financial instruments to support its development projects, drawing on the experience of neighbouring countries such as Poland and the Czech Republic. The article evaluates the effectiveness of EU funding in Poland, the Czech Republic, and Ukraine. We built a regression model that assessed the impact of EU financial instruments on economic growth in Ukraine, Poland and the Czech Republic over ten years. A regression analysis of the relationship between financing through EBRD, EIB loans and indicators of GDP per capita, and foreign direct investment, showed a high level of correlation between these indicators in each country. The most significant impact on GDP is indicated by EBRD project financing in Ukraine. In addition, the growth of financing through European banks is a good sign for foreign investors. It contributes to their involvement in the country's economy, which is crucial for the recovery of Ukraine after the war. The study is of practical importance for improving Ukraine's reconstruction programs using diversified sources of financing.

Keywords: Cohesion Policy, Ukraine., Eu Programs, Grants, Eib Loans, Ebrd Loans

JEL classification: O19, R11, G28

Open Access Article SciPap-1691

by Sainath A R, Gnanendra M, Mohanasundaram T, Leena James, Sheelan Misra

Abstract: This study employs the DCC-GARCH model to investigate the dynamic connectedness between the Indian stock market and major global stock markets. Specifically, we examine daily log returns data of the National Stock Exchange (NSE) index and several international indices, including the United States, Australia, China, Germany, England, Japan, and Taiwan. Our analysis indicates a significant level of volatility spillover between the Indian stock market and the international stock market. Notably, we observe a significant positive spillover effect from the S&P 500 and FTSE 100 to the Indian stock market, suggesting the presence of contagion effects. Additionally, we find bidirectional spillover between the Indian stock market and the Nikkei 225 and Hang Seng, indicating a high level of interdependence between these markets. Our research contributes to the growing literature on the dynamic connectedness of stock markets and has important implications for policymakers and investors in emerging economies such as India. Overall, this study provides valuable insights into the nature and extent of spillover effects between the Indian and international stock markets.

Keywords: Dynamic Connectedness, Volatility Spillover, Indian Stock Market, International Stock Market, Dcc-Garch, Contagion Effects, Interdependence, Emerging Economies.

JEL classification: G01, G15, G17, G18, G32

Open Access Article SciPap-1711

by Miloš Hitka, Jozef Ďurian, Lenka Ližbetinová, Eva Nedeliaková

Abstract: The aim of the thesis is to define the level of employee motivation and its development in public administration of the Slovak Republic in the years 2017-2023 in terms of gender. The research sample consisted of 3571 respondents. Relational and financial factors are the most significant for public administration employees in Slovakia, given the fact that they are statistically at the same level of importance each year. In 2020 and 2022, there is a significant preference for relational factors over financial factors. Based on the ANOVA test results, the test identified significant changes for the group of relational, financial career and social factors at the 5% significance level. The Eta-squared test results indicate that in the case of the financial group of factors, these changes are of negligible significance and in the case of relational factors, there is a low substantive significance of these changes. Based on the results, it is possible to conclude that the needs of public administration employees are stable in the long run. By further analysing the results, it is possible to define the motivational factors influencing the needs of public administration employees in the form of an incentive programme.

Keywords: Human Resource Management, Slovak Republic, Public Administration, Employee Motivation, Anova

JEL classification: J24, O15

Open Access Article SciPap-1624

by Yunita Budi Rahayu Silintowe, I Made Sukresna

Abstract: This study investigates the effects of green knowledge, green self-identity, and green attitudes on green buying behavior. This study also examines the role of green self-identity in mediating the relationship between green knowledge and green buying behavior, as well as green attitudes as a mediating variable of the effect of green self-identity on green buying behavior. There has been little research investigating the green self-identity variable in the context of green marketing grounded on social identity theory. This study was analyzed using partial least squares structural equation modeling, involving 762 respondents in Indonesia selected using a purposive sampling technique. The results document positive associations between green knowledge and green self-identity, green self-identity and green attitudes, and green self-identity and green attitudes with green buying behavior. Moreover, green self-identity mediates the relationship between green knowledge and green buying behavior, and green attitudes mediate the relationship between green self-identity and green buying behavior. Lastly, green knowledge and green self-identity are crucial in influencing consumers' buying behavior. Individuals with a more comprehensive understanding of the environment will develop a more positive self-perception of the environment. This study contributes to the social identity theory by highlighting the impact of customers' green self-identities on their green purchasing decisions.

Keywords: Environment, Structural Equation Modeling, Green Buying Behavior, Green Self-Identity, Social Identity Theory, Green Knowledge, Green Attitudes

JEL classification: F64, M30, M31, Q50

Open Access Article SciPap-1671

by Tran Hoang Vu, Ninh Phuc Lu, Nga Thi Phuong Le, Khoa Dang Duong

Abstract: This article estimates how economic growth and foreign direct investment affect environmental pollution. Our motivation is that less developed nations must make trade-off decisions between economic growth and environmental pollution. Thus, we employ the Autoregressive Distributed Lag Model (ARDL) to analyze a sample of 47 middle-income countries from 1991-2018. The ARDL is a suitable estimation method because it helps analyze the short-term and long-term impacts of economic growth and foreign direct investment on environmental degradation. Our result shows in the long term that a percentage increase in FDI inflows reduces CO2 emissions by 0.006% in the long-term period. A percentage increase in economic growth also decreases environmental pollution by 0.01%. Our findings support Porter's hypothesis, pollution halo hypothesis, and Environmental Kuznets Curve hypothesis. Finally, this study contributes practical implications for policymakers to sustain economic growth and reduce environmental pollution in middle-income nations.

Keywords: Economic Growth, Ardl, Fdi, Middle-Income Countries, Pollution

JEL classification: F30, F40

Open Access Article SciPap-1650

by Septian Wahyudi, Moris Adidi Yogia, Muhammad Faisal Amrillah

Abstract: Abstract This study addresses a research gap in the impact of partnerships on marketing performance in B2B digital start-ups in Indonesia. Although partnerships have been extensively studied from an innovation theory perspective, there still needs to be more research on how combining the advantages of the two, technology and partnerships, can increase the impact of innovation, such as user-driven innovation. The study proposes to explore user-driven innovation as a mediating variable from the perspective of open innovation theory, which can facilitate the relationship between partnerships and marketing performance in B2B digital start-ups in Indonesia. Structural Equation Modeling tests four hypotheses and uses a sample of 262 digital start-ups on Java Island-Indonesia. The result demonstrates two strategic pathways to enhance marketing performance, user-driver innovation and sustainable competitive advantage. This study introduces the role of user-driven innovation in enhancing marketing performance.

Keywords: Partnership, Open Innovation, User-Driven Innovation, Start-Up Performance

JEL classification: M13, M31

Open Access Article SciPap-1690

by Renata Halásková, Martina Halásková, Marek Pomp

Abstract: The aim of the study is to examine the effect of government expenditures on institutional and economic dimensions of governance from the standpoint of selected indicators. We evaluate the effect of government expenditures on selected governance indicators (government effectiveness, regulatory quality and the control of corruption) according to two dimensions (institutional and economic dimension of governance). The research covers the period 2002-2021, applying a panel data analysis and the fixed effects method on the sample of 29 European countries. For the purposes of further examination, the European countries are divided into two groups (by GDP per capita in PPS). The results confirmed the effect of differing categories of government expenditures on the evaluated indicators of governance between European countries with higher and lower economic levels. European countries with a higher economic level manifested the strongest positive effect of government expenditures on secondary education and expenditures on police services in relation to the economic dimension of governance (government effectiveness and regulatory quality). The results of countries with a lower economic level show that the control of corruption is affected, both positively and negatively, by government expenditures on education. Government expenditures on pre-primary and primary education had the largest impact in the economic dimension of governance in relation to the reduction of government effectiveness and government expenditures on sporting and recreational services in terms of the reduction of regulatory quality. The reached findings can be beneficial to creators of public policies at all levels of public administration in the creation of concepts and strategic goals.

Keywords: Governance, Panel Data Analysis, Government Expenditures, Economic Dimension Of Governance, Institutucional Dimension Od Governance

JEL classification: C23, H50, H75, H76

Open Access Review SciPap-1611

by Armanu Armanu, Risna Wijayanti, Ananda Sabil Hussein, Lisan Sediawan

Abstract: Patient Experiential Quality is an important dimension in the quality of care in hospitals, because poor quality cause visible and invisible cost. With this respect, the present study aims at identifying the dimensions of patient experiential quality and examining the interrelationships among patient experiential quality, patient satisfaction, patient trust, revisit intention, and word of mouth. It also examines the scale’s ability to forecast experiential quality outcomes. The data are collected from mix method study and three different field studies of healthcare patients in two different health care contexts, namely maternity and pediatric clinics. Patient experiential quality is found to conform to the structure of the hierarchical model in all three phaeses. This study identifies five primary dimensions, perceived service quality, interpersonal quality, technical quality, environment quality and administrative quality, which in turn are found to drive experiential quality perceptions. The findings also support that patient experiential quality has a significant impact on revisit intention and word of mouth and that experiential quality mediates the relationship between patient satisfaction and trust. In addition, the results indicate that outcome quality is identified as the most primary dimension of patient experiential quality perceived by maternity and pediatric clinics.

Keywords: Patient Experiential Quality, Patient Satisfaction, Patient Trust, Patient Loyalty

JEL classification: A10