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Wyświetlanie 1-5 z 5
Tytuł:
The role of foreign-owned entities in building economic resilience in times of crisis: The case of European digital and technologically-intensive firms during the Covid-19 pandemic
Autorzy:
Umiński, Stanisław
Nazarczuk, Jarosław M.
Borowicz, Aleksandra
Powiązania:
https://bibliotekanauki.pl/articles/22392135.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
foreign direct investments
pandemic
technological intensity
resilience
corporate performance
Opis:
Research background: Over the decades, foreign-owned entities (FOEs) have become an important part of the economic landscape considered as behemoths of globalisation, but also transmitters of positive effects such as technology or know-how spillovers. In times of volatility and uncertainty, firms’ contribution to building a resilient economy is at the top of the public agenda. Purpose of the article: The purpose of the article is two-fold. Firstly, we test, how FOEs perform in this stressful time of volatility and uncertainty. Secondly, we examine the contribution to resilience by digital and technologically intensive sectors.  Methods: The study utilises the Bureau van Dijk (BvD) Orbis firm-level database as a primary data source. The results are derived with the use of two econometric approaches. Firstly, we estimate a static model utilising the ordinary squares estimator. Secondly, we re-estimate the equations using a two-step System GMM estimator. It introduces a lagged dependent variable into the model and implements a correction for endogeneity among covariates by including instruments (in levels and differences). Findings & value added: We use size, age, ownership, gearing, and intangibility as firms’ financial performance determinants, together with the sector-, country- and time-fixed effects. FOEs compared to domestic ones generated a higher revenue growth rate. In times of crisis high-tech and digital firms are more resilient. However, ownership does not matter in this respect. We contribute to the discussion about functions performed by FOEs in crisis and turbulent times, in which resilience issues are on top of the agenda. Our research intends to bridge the gap between the performance of FOEs, micro-level analysis, and resilience.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 3; 751-777
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Does withholding tax on interest limit international profit-shifting by FDI?
Autorzy:
Białek-Jaworska, Anna
Klapkiv, Lyubov
Powiązania:
https://bibliotekanauki.pl/articles/22444350.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
withholding tax
foreign direct investments
inter-company loans
profit shifting
Opis:
Research background: Poland is a significant recipient of intercompany loans as a part of foreign direct investment (FDI) debt instruments reported in the Balance of Payments. Most of them come from the developed West European countries ? Netherlands, Luxembourg, France, Germany, and Belgium. Igan et al. (2020) confirm debt-based FDI inflows to emerging markets had a higher impact on the industries? growth in the pre-crisis period 1998?2007 than after (till 2010). Purpose of the article: We aim to identify withholding tax (WHT) impact on intercorporate loans inflow to Poland and analyse the relationship between trade credit and intercompany loans to assess the importance of the profit-shifting role of FDI after 2010. Methods: To reflect the impact of withholding tax and trade credit on inter-company loans (inward debt-based FDI) in 2011?2017 to Poland, we use Arellano-Bond and random effects panel model estimators. The estimated specification is derived from the knowledge-capital model and includes two types of capital: human and physical. Findings & value added: We show that WHT on interests reduces profit-shifting by multinational companies? intercompany lending to Poland. But intercompany loans are positively related to foreign trade credit. Unlike in the case of total FDI inward to Poland (Cieślik, 2019), we identified that vertically integrated multinational enterprises are more likely to provide loans to Polish firms. This study is the first to confirm that withholding tax of interests reduces international profit-shifting by FDI and to provide evidence on the relation-ship between foreign trade credit and intercompany loans provided by multi-national companies.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 1; 11-44
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Labor indicators and manufacturing companies ownership patterns in Russia and its regions: results of quantitative analysis
Autorzy:
Spitsin, Vladislav
Mikhalchuk, Alexander
Pavlova, Irina
Spitsina, Lubov
Powiązania:
https://bibliotekanauki.pl/articles/18811726.pdf
Data publikacji:
2018
Wydawca:
Instytut Badań Gospodarczych
Tematy:
foreign direct investments (FDI)
manufacturing industry
employment effects
economic productivity
economic crisis
Opis:
Research background: There has been an extensive process of foreign and joint ownership enterprises establishment in the Russian economy since 2006. Domestic manufacturing industry has been experiencing certain pressure on behalf of foreign direct investment bringing new technologies and higher labor requirements. Purpose of the article: The aim of this paper is to investigate differences in employment strategies and labor indicators in the case of enterprises in foreign and joint ownership (FJO) and domestic enterprises in Russian ownership (RO). We analyze the manufacturing industry in Russia and its regions under conditions of stable and crisis periods. Methods: The study enhances the analysis of Rosstat's statistical data for 2005-2016 and applies ANOVA method to compare the employment results for companies with different ownership patterns. The research is carried out both at the national level of the Russian Federation and at the regional level according to the regions. Findings & Value added: The study identifies significant decline in employment and in-crease in productivity for the period of 2005-2016. In contrast to the crisis of 2008-2009, in 2014-2016 there has been no sharp drop in employment. However, there is a substantial decline in real salaries which is comparable to the crisis of 2008-2009. According to ANOVA, statistically significant differences in labor indicators between FJO and RO companies are manifested. RO companies dominate in employment and payroll funds, while FJO enter-prises have better productivity results with a higher average salary. FJO companies demonstrated faster growth in employment and payroll fund in relatively stable conditions (2012-2013). However, they reacted with a significant reduction in employment for a new crisis (2014-2016), although the creation of new FJO enterprises continued in separate regions of Russia. The results can be used in social policy to regulate the employment and earnings of industrial workers in the current economic conditions.
Źródło:
Oeconomia Copernicana; 2018, 9, 2; 261-285
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wsparcie regionalne a inwestycje zaawansowane technologicznie: ocena oddziaływania „Programu wspierania inwestycji o istotnym znaczeniu dla gospodarki polskiej na lata 2011–2023” na decyzje inwestorów
Regional support and technologically advanced investments: assessment of the impact of the ‚Program of supporting investments with significant importance for the Polish economy for 2011–2023’ on investors’ decisions
Autorzy:
Kasprowicz, Paweł
Pietraszko, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/449276.pdf
Data publikacji:
2018-12-31
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bezpośrednie inwestycje zagraniczne
Polska
pomoc publiczna
teoria lokalizacji
foreign direct investments
Polska
public aid
location theory
Opis:
Motywacja: W 2011 roku Rada Ministrów wprowadziła Program wspierania inwestycji o szczególnym znaczeniu dla gospodarki polskiej na lata 2011–2020. Głównym jego celem jest zachęcanie inwestorów zagranicznych do lokowania w Polsce inwestycji zaawansowanych technologicznie. Jednocześnie zawarto w nim kryteria lokalizacyjne mające zachęcać do inwestycji w słabiej rozwiniętych regionach. Motywem wyboru tematu jest zbadanie, w jaki sposób oba aspekty programu wpływają na decyzje lokalizacyjne inwestorów zagranicznych. Cel: Celem artykułu jest próba oceny wpływu czynników lokalizacyjnych, powiązanych ze specyfiką wspieranych przez program typów inwestycji oraz bezpośrednich zachęt w nim zawartych na decyzje inwestorów zagranicznych. Materiały i metody: Pozyskano informacje dotyczące projektów z publicznie dostępnych źródeł, jak również instytucji zaangażowanej w obsługę inwestorów zagranicznych. Dane powiązano ze sobą oraz poddano analizie z wykorzystaniem pakietu ekonometrycznego. Wyniki: Analiza wskazała zróżnicowany wpływ programu na inwestycje w poszczególne typy projektów w zależności od lokalizacji, jednak w ograniczonym zakresie.
Motivation: In 2011, the Council of Ministers introduced the ‘‚Program of supporting investments with significant importance for the Polish economy for 2011–2020’. Its main objective is to encourage foreign investors to locate high-tech investments in Poland. At the same time, it includes location criteria to encourage investment in less developed regions. The motive for choosing the topic is to explore how both of the aspects of the Program affect the location decisions of foreign investors. Aim: The aim of the articles is an attempt to assess the impact of location factors related to the specificity of investment types supported by the program and direct incentives included in the program on investors’ decisions. Materials and methods: Information about projects was obtained from publicly available sources as well as from the institution involved in servicing foreign investors. The acquired data was related to each other and analyzed using the econometric software. Results: The analysis indicated the varied impact of the program on investments in particular types of projects depending on the location, but to a limited extent.
Źródło:
Catallaxy; 2018, 3, 2; 69-79
2544-090X
Pojawia się w:
Catallaxy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Multi-dimensional analysis of regional investment attractiveness in Poland
Autorzy:
Roszko-Wójtowicz, Elżbieta
Grzelak, Maria M.
Powiązania:
https://bibliotekanauki.pl/articles/22444346.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
entities with foreign capital
foreign direct investments
spatial diversity of Poland
investment attractiveness of voivodeships
cluster analysis
Ward's method
silhouette index
Opis:
Research background: A given region's investment attractiveness is a set of conditions that depend primarily on the policy of the country that is the recipient of direct foreign investment, encouraging or discouraging foreign investors from making decisions about locating investments in a given area. These conditions include the economic conditions, the infrastructure, the political and legal system, the business environment, and the sociocultural environment.  a foreign investor, the motive for exporting capital abroad is the search for benefits that can be derived from the business activity conducted there, including easier entry into new markets. Purpose of the article: The main aim of the paper is to distinguish groups of voivodeships (NUTS 2 level) that are relatively homogeneous in terms of investment attractiveness, which is conducive to the inflow of foreign capital and the implementation of investment projects involving foreign capital. Methods: Distinguishing groups of voivodeships similar to each other in terms of the level of investment attractiveness is made by applying hierarchical cluster analysis. The dendrogram illustrates the hierarchical structure of clusters of similar objects according to the analysed set of variables. The quality of the clustering result is also assessed by determining the silhouette index. Comparative and descriptive analysis of CSO statistics are additional methods used that have contributed to the achievement of the aim of the paper. The research period covers the years 2000?2018. Findings & value added: The investment attractiveness of a voivodeship is closely related to the level of its economic development. Therefore, the following voivodeships are listed at the top of the investment attractiveness rankings: Mazowieckie, Dolnośląskie, Śląskie, Małopolskie, and Pomorskie. The conducted study has confirmed that the creation of special economic zones and the development of regional smart specialisations contribute to the inflow of foreign capital. It is worth noting that the assessment of investment attractiveness is relative. The comparison of the innovative attractiveness of voivodeships is based on the use of the average value, overestimated by cities, i.e. central hubs, attracting investors. The regional perspective on investment attractiveness using multi-dimensional statistical analysis methods is the added value of the article.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 1; 103-138
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
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