SciPap, Volume 31, Issue 2 (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, 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: O11, O19, I32

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: O31, O32, F20