scholarly journals Determinants of crowdfunding success in central and eastern European countries

2021 ◽  
Vol 26 (2) ◽  
pp. 99-113
Author(s):  
Marija Šimić Šarić
Keyword(s):  
Financial Crisis ◽  
Project Success ◽  
European Countries ◽  
Success Factor ◽  
Eastern European ◽  
Project Duration ◽  
Factors Influencing ◽  
Probability Of Success ◽  
Eastern European Countries

As an alternative way of financing, crowdfunding has been growing rapidly since the last financial crisis in 2008. The number of launched projects has increased, but the number of successful projects remains low. Little is known about what leads to success in this field, especially in Central and Eastern European (CEE) countries where the determinants of crowdfunding campaign success for projects are not identified. Therefore, the article focuses on identifying determinants of crowdfunding campaign success for projects from CEE countries. Based on the dataset from Kickstarter, consisting of 473 projects from CEE countries, I examine factors influencing the probability of project success. The analyzed sample of projects shows that the number of backers and mean contribution are positively correlated with the probability of campaign success, while a higher project goal lowers the probability of success. Project duration is not a statistically significant success factor.

scholarly journals Do the burst of financial crisis and European Union membership impact Earnings Management. Evidence from emerging Eastern European countries

2020 ◽  
Vol 25 (4) ◽  
pp. 608-647
Author(s):  
Susana Callao ◽  
José I. Jarne ◽  
David Wroblewski
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Earnings Management ◽  
Global Financial Crisis ◽  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
The Czech Republic ◽  
Factors Influencing ◽  
Eastern European Countries

The paper studies earnings management in developing European countries. We investigated if membership in the European Union and the recent global financial crisis affected the decisions of managers in Eastern European countries to engage in earnings management. By analyzing a sample of 4,627 firms from four developing Eastern European countries (the Czech Republic, Poland, Hungary, and Slovakia) over the period of 2002-2009, our findings suggest there was a decrease in earnings management over the period leading up to the accession of these countries to the European Union. Additionally, we found that there was an increase in earnings management after the burst of the financial crisis. The results contribute to the debate in the accounting literature regarding the variations in earnings management related to the changes in environmental factors influencing companies. These results have several implications for standard setters and regulators; in particular, companies’ incentives are strongly influenced by the general conditions and circumstance of their home countries. Additionally, the study explores the still unexplored developing markets of Eastern European countries.

After 2008 Global Financial Crisis, Short-Term Dynamics of CDS, Bond, and Stock Markets in South Eastern European Economies

2013 ◽  
pp. 181-194
Author(s):  
Ali Sabri Taylan ◽  
Hüseyin Tatlidil
Keyword(s):  
Financial Crisis ◽  
Credit Risk ◽  
Stock Markets ◽  
European Countries ◽  
Stock Index ◽  
Bond Markets ◽  
Eastern European ◽  
South Eastern ◽  
Eastern European Countries

Credit risk pricing is perhaps an understudied topic in comparisons to its profound impact on the world’s financial markets and economies. This study uses established price discovery techniques to develop a method of price discovery for credit risk in three financial markets: equity, debt, and credit derivative. This chapter is motivated by the development of credit-related instruments and signals of stock price movements of South-Eastern European countries—Bulgaria, Croatia, Greece, Hungary, Romania, Slovenia, Slovakia, and Turkey—during the recent financial crisis. In this study, the authors evaluate the dynamics of fiscal risk or country risk measured by sovereign Credit Default Swap (CDS), liquidity risk measured bond markets, and stock markets for the monthly based September 2008 – February 2011 period. The study examines monthly data observing 38 months and 8 countries. A panel vector autoregression model is proposed for changes in Long-Term Interest Rate (LTIR), changes in CDS spreads (CDS), and changes in stock index. In conclusion, CDS markets and stock markets are more significant than bond markets in explaining the post-crisis relationship among developing South-Eastern European countries. The analysis displays that long-term monetary policy did not affect CDS premium and stock index level. A strong relationship is found between the CDS spread and stock market. During financial crisis and after the crisis, the correlations among CDS, stock, and bond markets are collapsed by panicked investors’ rapid movement and wild speculators. This risk perception can explain the difference between the finance theory and practices in the market.

scholarly journals Poradziecka oligarchizacja Ukrainy i Białorusi: procesy, mechanizmy, perspektywy

2020 ◽  
Vol 73 (4) ◽  
pp. 39-65
Author(s):  
Maxim Rust
Keyword(s):  
Political Development ◽  
Political System ◽  
Political Elite ◽  
European Countries ◽  
The Political ◽  
Eastern European ◽  
Factors Influencing ◽  
Systemic Transformation ◽  
Eastern European Countries

In Eastern European countries, the issue of the oligarchisation of the political system is one of the most important factors influencing the process of systemic transformation. In Ukraine, the phenomenon of oligarchisation took on the classic post-Soviet form of influencing the political elite. In Belarus, its importance is smaller and of a different character. When analysing the dynamics of the socio-political development of both republics after 1991, the vision of Ukraine without oligarchs, or inversely – Belarus with the established oligarchic system is not so obvious. The main goal of this article is to compare and evaluate the reforms and socio-political changes in Belarus and Ukraine in the context of the role played by the oligarchisation of these countries.

scholarly journals Consequences of Employing Different Exchange Rate Regimes in the Situation of Financial Crisis on the Example of Central-Eastern European Countries

Equilibrium ◽  
2010 ◽  
Vol 4 (1) ◽  
pp. 37-49
Author(s):  
Dorota Zbierzchowska
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Eastern Europe ◽  
Exchange Rate Regimes ◽  
European Countries ◽  
Eastern European ◽  
Negative Consequences ◽  
Central Eastern Europe ◽  
Central Eastern ◽  
Eastern European Countries

It is characteristic for the countries of Central-Eastern Europe to employ a great variety of exchange rate regimes: by resigning from their own currency and participating in monetary unions through the systems of currency board arrangement; by employing the systems of conventional fixed pegged arrangements; and by the floating systems. In the situation of global financial crisis and liberalization of capital flow in the Central-Eastern Europe countries profits and dangers of using certain solutions in the scope of exchange rate are clearly visible. The aim of this paper is to present theoretical profits and costs of utilizing various kinds of exchange rate regimes and their consequences for the autonomy of monetary policy. The paper also compares contemporary economical situation of the Central-Eastern European countries, what allows the author to indicate those countries, where the limitations stemming from the accepted system of exchange rate had negative consequences for the condition of their economy in general.

Factors influencing restaurant tipping behaviour – the case of Poland

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Iwona Kowalczuk ◽  
Jerzy Gębski
Keyword(s):  
European Countries ◽  
Computer Assisted ◽  
Eastern European ◽  
Food Services ◽  
Content Type ◽  
East European ◽  
Factors Influencing ◽  
Eastern European Countries ◽  
Average Size

Purpose This paper aims to contribute to the literature that discusses consumer tipping behaviour in eating establishments. Because there is no detailed research into this issue with regard to consumers in Central and East European countries, the authors conducted research aimed at learning about the tipping behaviour of the Poles. Design/methodology/approach This study was carried out in 2018, using the computer-assisted web interviewing method, for a sample of 1,000 people. Six research questions were asked: How often the Poles give tips in eating establishments? What is an average size of a tip? What determinants influence the frequency and magnitude of tips? Who is likely to give a tip every one to two visits? Who is likely to tip more than the standard 10%? What influences the reasons why Polish consumers tend to tip? Findings The findings show the strong relationships between both a consumers’ tipping frequency and magnitude and the frequency at which these consumers eat out. This study also implicates income and education as essential factors influencing tipping behaviour and the lack of gender effect on consumers’ decision to tip. It was also noticed that such reasons as the quality of service, a taste of the dishes and a belief that it is proper to tip have a significant impact on the frequency of giving the tips. A significant diversity of the reasons’ meaning for tipping among Polish consumers depending upon their age was also stated. Research limitations/implications It would be interesting to compare the results of the current study with studies concerning consumer tipping behaviours in other Central and Eastern European countries historically and culturally similar to Poland to investigate whether the specifics of tipping behaviour noticed in Poland apply elsewhere. Originality/value This study shows the specifics of Polish people’s tipping behaviour and partially fulfills the gap in the knowledge of this aspect of consumers’ from Central and Eastern Europe behaviour. The obtained results suggest that with the increasing incomes and the widespread use of food services, tipping is likely to become more common in Poland. Furthermore, the pragmatic reasons for tipping will become more important than social and psychological motivators.

scholarly journals Technical Efficiency of Banks in Central and Eastern Europe

2018 ◽  
Vol 6 (3) ◽  
pp. 66
Author(s):  
Eva Horvatova
Keyword(s):  
Financial Crisis ◽  
Eastern Europe ◽  
Technical Efficiency ◽  
Central And Eastern Europe ◽  
Positive Impact ◽  
Strong Association ◽  
European Countries ◽  
Eastern European ◽  
Balkan Countries ◽  
Eastern European Countries

The purpose of this article is to examine what affected the technical efficiency of banks in Central and Eastern European countries during the financial crisis. Firstly, this article analyzes the technical efficiency of banks in the selected countries in Central and Eastern Europe during the period 2006–2013. In this article, the technical efficiency of Central and Eastern European banks is explored in respect to the size of the banks (large or small) and their belonging in a specific group of countries. The results of the analysis show a strong association between the numbers of efficient banks and belonging of banks in the group of V4 countries (Visegrad countries are the Czech Republic, Hungary, Poland, and Slovakia). The banks in Balkan countries have a negative association with the number of efficient banks in the group; the banks in this group of countries have the highest average efficiency (when the output was net interest margin). There is a weak association between the number of efficient banks and their belonging in the group of Baltic countries. The bank efficiency and the size of the bank’s assets are also weakly associated. Secondly, the results of panel regression models for the specific groups of countries (V4, Baltic, and Balkan countries), as well as for the whole group of Central and Eastern European countries show that the customer deposits had a positive impact on the technical efficiency of banks during the financial crisis.

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