An Exploratory Study of Financial Performance in CEE Countries

Our research investigates the performance of companies from Central and Eastern European (CEE) countries in the period after the Global Financial Crisis of 2007-2009 with the aim of identifying the driving factors behind accounting- and market-based performance. We include in the analysis companies from various industries in CEE countries that are European Union members and we study their performance between 2008-2016 over the following areas of performance:  liquidity,  solvency and indebtedness, operational profitability, global performance (through Return on assets and Return on equity), returns available to shareholders and market-based performance (through price/book value and Tobin Q ratio). Employing the hierarchical and non-hierarchical k-means cluster analysis companies are segmented into various homogeneous groups using various financial performance indicators as variables, Euclidian distances and the Ward amalgamation method. Furthermore, the resulting clusters have been grouped according to the country of origin and industry. Our findings show that specific groups of companies in these countries share common attributes, as evidenced by their performance indicators, which do not seem to be entirely based on their countries of origin and industry. Moreover, our exploration of CEE companies’ performance dynamics after 2008 evidences the increased competition in all industries particularly after 2009, as well as businesses’ need to adjust their activities after the losses incurred during the crisis period, but these phenomena is present with different intensities depending on country of origin and industry. At the same, we note the enhancement of global performance through improvements in the operational performance instead of financial leverage and indebtedness, which is a sound business approach by CEE companies. Keywords: financial performance, Central and Eastern Europe (CEE), statistical cluster analysis, return to investor

Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade

The European Union’s environmental goal by 2050 is to become the first climate-neutral continent in the world. This means specific efforts for diversifying the energy mix and investing in low-carbon energy. Our study investigates the nexus among carbon emissions, energy consumption and mix, and economic growth in a modified framework that includes the contribution of inward foreign direct investments and international trade to lowering air pollution. We have used a two-step approach to explore in more detail the links between these variables in 24 EU countries over the period 1995–2018, followed by a panel VECM analysis. Our results indicate that there is a unidirectional link between economic growth and CO2 emissions, which should imply a decoupling of environmental improvement measures from the pace of economic growth. We also find bidirectional causal relationships between low-carbon energy shares in consumption and CO2 emissions, as well as between low-carbon energy share in consumption and GDP per capita, which confirms both pollution haven and the halo effect hypotheses for FDI on gas emissions. However, in the long term, FDI, exports, and imports have positively impacted the reduction in CO2 emissions; therefore, stronger EU investment and trade integration should be promoted to improve the quality of the environment

Comparative analysis of taxation in 8 ex-communist countries in Europe

Research background: Having a similar background before the 1990, the ex-communist countries in Europe started to differentiate one from another in terms of social and economic development. Nowadays, in many aspects of the socio-economic environment, the differences between them are significant. There are many factors to be considered when analysing the patterns of evolution of each ex-communist country in Europe and one of them is taxation. The level of taxation can lead to structural changes in the economy, especially market economies that are not mature. Purpose of the article: The purpose of this article is to compare the level of taxation in 8 EU ex-communist countries: Bulgaria, Croatia, Czech Republic, Hungary, Romania, Poland, Slovakia, and Slovenia - in the context of globalization. Methods: We will do a comparative analysis of the indicators developed by European Commission, DG Taxation and Customs Union and Eurostat of the 8 EU ex-communist countries. Findings & Value added: This paper may add value to the economic and tax policies in the 8 EU ex-communist countries by identifying the policies that proved their effectiveness in generating higher labor productivity, policies that can be adapted and then adopted by the UE ex-communist countries that are less developed. Moreover, this paper can lead to more in-depth research concerning taxation as significant factor of development in these countries

Multidimensional Assessment of Job Satisfaction in Telework Conditions. Case Study: Romania in the COVID-19 Pandemic

Improving employee performance is one of the main levers for companies to achieve their goals. The detachment of work from place is a growing trend, affecting the performance levels of both employees and employers. The purpose of this research was to assess job satisfaction in telework conditions, based on areas considered decisive and evaluated by specific items. To this end, an opinion questionnaire was created, the information was processed with correlation analysis and regression analysis. This study showed that job satisfaction in telework is associated with higher skills, autonomy, and a favorable organizational climate, but also with a higher level of emotional exhaustion generated by constant access to work, as well as the lack of relationships and mentoring. We found a statistically significant positive link between competencies, autonomy, organizational climate, and job satisfaction. Significant differences were observed in the perception of job satisfaction with respect to the gender dimension, as well as between employees of various age categories

Telework: A Social and Emotional Perspective of the Impact on Employees’ Wellbeing in the COVID-19 Pandemic

The COVID-19 pandemic gives us the largest telework experiment ever conducted globally, that will most likely leave visible and lasting marks on the organization of the labor market in the future. The purpose of this approach is to investigate the wellbeing from the social and emotional perspective of the individual, considering relevant relational communication, emotional dimension, work intensity, organization, autonomy and work–life balance, customized in the context of teleworking. The information was collected using a semi-structured questionnaire. The wellbeing assessment was performed based on the correlation analysis and the regression analysis. The results of the studies reveal that the existence of adequate communication and work–life balance ensure the wellbeing of telework employees, while the increase in work intensity degrades it. Furthermore, good communication moderates the relationship between organizational skills and wellbeing. The comparative analysis of wellbeing in relation to the explanatory variables considered by including the gender and age perspective reveals the existence of different configurations, with specific signs and statistical meanings