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A method for the gender disaggregation of Okun's law
(Springer Nature : Heidelberg, 2026) Boďa, Martin; Tichá, Michaela
For the case of a slowly time-varying Okun’s law, the paper proposes a method to identify male and female Okun coefficients based upon the trajectory of the economy-wide Okun coefficient. The method rests upon a disaggregation principle that requires that gender-specific Okun coefficients be in “accounting” agreement with economy-wide Okun coefficients, which is not recognized in conventional applications. Albeit equally applicable also for the difference version of Okun’s law, the method is demonstrated with the more general gap version for the Group of Seven (G7) economies over a period 1991–2022. The demonstration reveals that the conventional approach often leads to implausible trajectories of Okun coefficients and that the unemployment-output nexus for the past three decades did not have constant features. Furthermore, male unemployment need not be universally more exposed to the business cycle, but gender sensitivity may alternate over time with a little difference between males and females.
Úroveň digitalizácie daňových správ a jej vnímanie daňovníkmi v krajinách EÚ
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2026) Huňady, Ján; Vrábľová, Tereza Michaela
The paper aims to examine the digitalisation of tax administrations in economically developed countries and taxpayers’ perceptions of digital tax services. The study compares the adoption of digital technology in tax administrations and analyses tax players' attitudes toward these tools. Our findings confirm that a large share of countries is using a set of emerging digital technologies, including robotic process automation, machine learning, network analytics, artificial intelligence, and blockchain. Socio-economic factors appear to play an important role in supporting digital tax administration. Younger respondents, respondents with higher income, and those with better tax knowledge show greater support for fully digital tax filing systems and mobile tax apps. A successful digital transformation of tax administration requires policies that support digital literacy and trust in digital public services.
The impact of the war in Ukraine on the development of wheat and rye prices: An analysis for the period 2018 - 2024
(Vysoká škola technická a ekonomická v Českých Budějovicích, 2025) Kaplanová, Beata; Kovač, Vilém; Ištok, Michal
The aim of the work is to assess the long-term development of wheat and rye prices in the period from 1 December 2018 to 1 April 2024 and to analyse the impact of the war in Ukraine on these prices. Analyses of the price development of these commodities are important for assessing economic stability and food availability. The prices are obtained by content analysis and then plotted in graphs. Using linear regression, it was found that the prices were not time dependent, Also, the prices of both commodities are found to be stable and very similar until the period of war in Ukraine. The latter had a significant impact on wheat and rye prices, with prices doubling after the start of the conflict. Subsequently, prices started to fall again, indicating market adaptation to the new conditions. Limitations of the study include the limited scope of the available data and the potential bias of the results due to the effects of other factors. Further research would benefit from including an extension of the analysis to include other influencing factors and increasing the frequency of data collection for more detailed analysis.
Analysis of life insurance contract cancellations using the accelerated failure time model
(Český statistický úřad : Praha, 2026) Mucha, Vladimír; Ďuďák Teplanová, Patrícia; Gogola, Ján; Špirková, Jana
The aim of this paper is to analyse the cancellation of life insurance contracts on death using an accelerated failure time (AFT) model. The study focuses on identifying risk factors that influence the time to cancellation, with the objective of determining which to identify those insureds who cancel their policies the fastest. The analysis revealed several notable findings regarding the impact of premium payment frequency on contract cancellation. Specifically, yearly premium payments were found to extend the time to cancellation by 27% compared with monthly payments, holding all other factors constant. For contracts with monthly premiums, 10% of clients cancel within approximately 376 days, whereas for yearly premiums, the corresponding period is 476 days. Additionally, the results indicate that clients who did not conclude their contracts through the tied agent distribution channel tend to cancel their policies sooner. The AFT model was constructed using established R packages for survival analysis.
Building trust in municipal environmental data through participatory open data ecosystem
(Forester Communications : Santa Barbara, 2026) Seberíni, Andrea; Vaňová, Anna; Vitálišová, Katarína
Trust is a fundamental precondition for effective governance in municipalities, enabling meaningful citizen participation and legitimate decision-making. Yet theoretical frameworks that systematically connect trust-building with participatory open data ecosystems remain scarce. Existing models tend to focus either on technical infrastructure or on governance mechanisms but rarely integrate both with community engagement in a comprehensive manner. This paper addresses this gap by asking: How can participatory open data ecosystems be designed and governed to build and sustain trust between municipalities and citizens in the domain of environmental data? Through a comparative theoretical analysis of municipal open data initiatives and drawing on insights from the Smart Transformation and Innovation Consortium Slovakia (STICS) project, we analyse three interconnected dimensions: technical infrastructure, governance mechanisms, and stakeholder engagement, and their relationship to different forms of trust. Building on the psychological literature on trust (particularly Mayer, Davis, and Schoorman, 1995; Lewicki and Bunker, 1996), the Trust-Centred Participatory Open Data Ecosystem (T-PODE) framework is proposed. The framework identifies three pillars of trust-building: data trust through technical transparency, institutional trust through participatory governance, and social trust through community co-creation. Contextualised within the STICS living laboratories operating in three Slovak regions, this paper contributes to the growing body of literature on open data ecosystems by explicitly positioning trust as both the central objective and the binding mechanism of participatory data governance at the municipal level.
Decoding regional dynamics: Institutions, innovation, and regional development in the EU
(Wiley Publishing : Hoboken, 2026) Borseková, Kamila; Koróny, Samuel; Rodríguez-Pose, Andrés; Styk, Michal; Westlund, Hans
The importance of institutions and innovation for regional development is well established. How these two factors interact under different historical legacies and urban-regional contexts remains, however, insufficiently understood. This paper identifies which combinations of institutional and innovation indicators most effectively classify regions into distinct developmental archetypes, revealing critical thresholds that redirect regional trajectories. Employing decision-tree analysis on 233 EU NUTS-2 regions, we analyse 15 indicators spanning institutional quality, technological readiness, business sophistication, and innovation. This methodology uncovers non-linear relationships that traditional approaches cannot capture. The findings demonstrate that institutional quality acts as a necessary condition for innovation-led growth. High-performing regions, predominantly in Western and Northern Europe, benefit from robust institutions and strong innovation outputs. Many lower-performing regions, particularly in Central and Eastern Europe, exhibit innovation potential but are constrained by governance deficits. By integrating institutional and innovation indicators within a single analytical framework, we underscore how addressing governance and innovation in tandem can result in balanced and sustainable growth across Europe.
ESG performance and bank financial stability: Global evidence
(Institute of Economic Research : Olsztyn, 2026) Musa, Hussam; Rech, Frederik; Grofčíková, Janka; Cúg, Juraj
Research background: The link between environmental, social, and governance (ESG) performance and bank financial stability is of high academic and regulatory interest, yet global evidence is mixed. Clarifying this relation is important for resilient banking systems under rising sustainability pressures. Purpose of the article: To examine the association between ESG performance and bank financial stability, assessing both composite scores and the individual pillars, and documenting heterogeneity across bank financial stability, ESG profiles, and economic conditions. Methods: The analysis draws on a global panel of 4,466 bank-year observations from 688 banks across 84 countries over 2013–2024. ESG data come from MSCI ESG Ratings, and bank financial stability is measured using the natural logarithm of the Z-score. Baseline estimates use fixed effects with bank, country, and year effects. To account for persistence and potential endogeneity in bank financial stability, we additionally estimate dynamic panel models using the two-step Arellano–Bond GMM estimator. Findings & value added: The composite ESG score is positively associated with bank financial stability, but the effect is economically and statistically negligible in fixed effects models. Pillars diverge: governance is positive and significant, social is negative, and environmental shows no clear link. Heterogeneity is pronounced, with ESG aligning with higher bank financial stability mainly among already stable banks, while fragile banks face adverse associations. During the COVID‑19 period, the social pillar improves toward neutral or mildly beneficial, while the governance effect weakens. Dynamic GMM yields a stronger positive composite association and uniformly positive pillar effects, suggesting static models understate benefits due to endogeneity and persistence. The central contribution of this paper lies in its reconceptualization of the ESG–bank financial stability relationship as fundamentally state‑ and capacity‑contingent. By demonstrating that ESG functions not as a universal remedy but as a conditional strategic asset that benefits financially robust institutions, and by revealing how pillar‑specific effects exhibit distinct shifts during systemic crises, this paper provides a novel dynamic framework that advances both theoretical understanding and the practical design of risk management and prudential supervision in an era of escalating global uncertainty.
Pôžička konateľovi z pohľadu transferového oceňovania
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2026) Ištok, Michal; Chromčíková, Sandra
This article addresses the issue of transfer pricing with a focus on financial transactions between related parties. The aim is to define the basic theoretical and legislative framework, in particular the arm’s length principle and the international OECD standards. The practical part determines the interest rate range for an intra-group loan granted to the managing director. The interest rate was established using an economic modelling approach, primarily based on Chapter X (Transfer pricing aspects of financial transactions) of OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. When determining the interest rate interval, publicly available materials and data are primarily used.
ESG výkonnosť vybraných podnikov z odvetvia automobilového priemyslu
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2026) Kovács, Oliver; Musa, Hussam
The paper deals with the analysis of ESG performance of selected companies from the automotive industry. The aim of the paper is to evaluate the ESG performance of companies from the automotive industry in the environmental, social and governance areas based on the analysis of non-financial reporting from the period 2021–2023 and subsequently propose recommendations where individual companies should improve based on a comparison of ESG performance with companies from the same industry. The subject of the paper is the ESG performance of selected companies and the object of the paper are selected companies from the automotive industry that are affected by the legal obligation to publish sustainability reports. The paper uses both qualitative and quantitative research. The literary and historical-logical methods were used in the processing of theoretical foundations. In the next part of the paper, methods such as analysis, synthesis, comparison, deduction, abstraction, generalization and graphical methods were used. The paper used secondary sources, mainly annual reports, sustainability reports, codes of ethics and remuneration reports. The paper identifies differences in the ESG performance of the companies studied, identifies their weaknesses and presents recommendations for individual companies to improve performance in individual areas - environmental, social and governance.
Age management implementation in the workplace: Trends, contributing factors, and implications for organizational performance
(Technická univerzita v Liberci, 2026) Seberíni, Andrea; Kaščáková, Alena; Tokovská, Miroslava; Šolcová, Jana
This study investigates age management implementation and its impact on employment patterns in Slovak organizations between 2021–2024. The research examines organizational responses to workforce aging challenges in a post-transition economy through a mixed-methods approach. Quantitative workforce analysis of Statistical Office data (n = 2,503) was combined with qualitative organizational assessment through key informant interviews (n = 6) to analyze employment trends across age cohorts and evaluate organizational responses. Findings reveal significant increases in older worker participation, with the 50–64 age group showing a 5.8% increase in employment rates (66.8% to 72.6%). Qualitative analysis identified six critical dimensions of successful age management implementation: technology adaptation, workplace flexibility, bidirectional knowledge transfer, professional development, health-conscious adaptations, and career continuation support. Organizations implementing comprehensive age management strategies demonstrated improved workforce retention among older employees. The findings provide empirical evidence supporting Slovakia’s active aging initiatives while highlighting challenges in gender equity and technology adaptation. This work aligns with the journal’s focus on contemporary workforce development challenges in transitional economies and contributes valuable insights for both practitioners and policy makers seeking to address the demographic shift in labor markets.
Nudging medicine users to proper handling unused medicines: The case of Slovak Republic
(SAGE Publications : London, 2026) Jakuš Muthová, Nikoleta; Mikušová Meričková, Beáta; Kovács, Radek; Ochrana, František
This article focuses on the application of behavioural economics and its nudge theory in unused medicine disposal. Although regulated by law, some users ignore these regulations, which brings social losses, resulting in increased consumption, excessive accumulation and negative externalities due to environmental contamination. The research examines the impact of nudging by additional information on the return of unused medicines to the pharmacy in the Slovak Republic. Based on the empirical analysis, this article concludes that nudging had a positive impact on users’ behaviour. Respondents who were provided with additional information on drug handling showed a 10% increase in the claimed return on unused and expired medicine compared to the control group, which was not nudged. The outcomes show that nudging by additional information can be a supporting instrument how to increase the efficient handling of unused medicines.
Tomáš Akvinský a jeho dielo z pohľadu ekonómie
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2025) Kuráková, Ivana; Šagúl, Timotej
Exploring perceptions and utilization of biometric technologies from consumer perspective
(EconJournals : Mersin, 2025) Húšťava Šipulová, Marta; Táborecká Petrovičová, Janka; Valová, Henrieta
In recent decades, the use of information and communication technologies has become widespread among users. The use of biometric technologies brings benefits, such as fast login, increased security, convenience, and fraud prevention. However, for the successful adoption of this technology by users it is essential to examine their attitudes, opinions, preferences, habits, experiences, and other aspects. In Slovakia and CEE region, there is still a lack of studies that examines consumers’ perspectives on the use of biometric technologies. Our paper presents partial results of a broader research project focused on the awareness, willingness and real use of biometric technologies by Slovak consumers. Data was collected by a questionnaire survey on a sample of n = 615 respondents, representative by gender and age. Using the Friedman test, we found differences in respondents’ willingness, awareness, and use of biometric technologies. The most well-known biometric methods identified and used included fingerprints, facial biometrics, or signatures. Consumers were mostly willing to use biometric technologies to unlock personal devices, use them in healthcare, transportation, or at the workplace. Respondents are least likely to use them for marketing purposes, which is interesting given the growing potential of this area, especially in the retail sector. This could pose a challenge for businesses to overcome this barrier. Appropriate communication about the benefits and risks is important to increase trust and acceptance of biometric technologies.
Reevaluating capital structure theories: The impact of stock yield maximization on leverage in European firms
(Centre of Sociological Research : Ternopil, 2025) Musa, Hussam; Medzihorský, Juraj; Krištofík, Peter; Musová, Zdenka; Škvareninová, Dagmar
Several capital structure theories typically consider firm value maximization as the primary goal. In this paper, we propose a shift in this aim to stock yield maximization and investigate its implications. We address two specific issues: first, the redefined primary aim of stock yield maximization; second, the use of adjusted leverage measurement tools to explore the negative correlation between profitability and leverage, which similarly affects the relationship between stock yield and leverage. We verify the validity of capital structure theories under this new aim through an analysis of the relationship between stock yield and leverage, using both standard and adjusted measures. Our study focuses on European listed non-financial firms and reveals a negative correlation between stock yield (both capital and overall) and leverage with standard measures, contradicting existing theories. However, applying adjusted leverage measures confirms capital structure irrelevancy under the new aim, supporting the classical theory and the MM model. Notably, dividend yield positively correlates with leverage, aligning with investor expectations in more leveraged firms, as supported by several theories.
Unpacking cybersecurity in financial research: a systematic mapping approach
(Association of Economists and Managers of the Balkans : Belehrad, 2025) Šafár, Leoš; Mešťan, Michal; Sopko, Jakub
This study presents a comprehensive bibliometric and content analysis of cybersecurity research in financial institutions covering the period from 2000 to 2025. By applying the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) methodology, we systematically identified and screened 2,005 peer-reviewed articles indexed in the Web of Science Core Collection. The review focuses on cybersecurity within the financial system, particularly in the banking and insurance sectors, and maps research trends, innovation gaps, and thematic evolutions in this domain. Thematic analysis on the basis of keyword co-occurrence identified three distinct clusters. The first cluster focuses on cybersecurity and artificial intelligence, including keywords such as cyber security, phishing, malware, and machine learning, highlighting AI-driven threat detection and digital defense mechanisms. The second cluster focuses on institutional risk management and information security, emphasizing governance, authentication, and systemic controls within financial institutions. The third cluster involves emerging digital technologies, such as blockchain, cloud computing, and FinTech, underscoring the technological innovations that shape financial services and data protection frameworks. Despite growing research output and increasing attention to cyber risk from both academic and regulatory perspectives, the field remains fragmented, with limited empirical evaluation of cybersecurity investment effectiveness. By combining PRISMA guidelines with bibliometric mapping, this study offers a structured and interdisciplinary overview of cybersecurity research in financial institutions. It highlights key research frontiers and calls for deeper empirical inquiry, particularly on systemic financial risk, cross-sector governance, and cybersecurity policy design.
Blockchain-based financial systems: Trust, transparency, and the future of decentralized finance
(Institute of Economic Research : Olsztyn, 2025) Chatterjee, Sheshadri; Musa, Hussam; Klieštik, Tomáš
Tourism competitiveness and cultural resources in the EU: Travel and tourism development index-based analysis
(Multidisciplinary Digital Publishing Institute : Basel, 2026) Maráková, Vanda; Očkaik, Branislav
Cultural heritage is central to tourism competitiveness, yet its role as a competitive asset remains unclear in many heritage-rich destinations. This paper uses the Travel and Tourism Development Index (TTDI) as a proxy framework to examine cultural resource intensity and indicators associated with event-related activation capacity in relation to tourism performance across EU member states. Through cluster analysis, we identify cultural resource profiles, and via regression-based normalization, we evaluate tourism performance while controlling for population size and cultural intensity. Within the TTDI, cultural activation is captured indirectly through indicators which capture the intensity and structural capacity of cultural assets relevant for tourism performance, treating events as channels that transform cultural endowments into measurable tourism outcomes. This method allows the identification of systematic patterns of relative over- and under-performance. The findings reveal a competitiveness paradox: destinations with abundant cultural assets lead in absolute tourism volumes, but those with more modest cultural stocks often exceed expectations once scale is considered. Some destinations with fewer yet more effectively used cultural resources perform above expectations, suggesting that observed competitiveness is more closely associated with the effective activation of cultural assets than on sheer cultural richness. The paper also shows that regression-based normalization is methodologically valuable for exposing structural competitiveness differences that per capita indicators can obscure.
Net performance and alpha of EU equity mutual funds: a cross-country analysis
(Rajesh K. Deshmukh : Raipur, 2026) Mešťan, Michal; Ščerba, Kamil; Ištok, Michal; Šafár, Leoš; Sopko, Jakub
This paper examines whether equity mutual funds domiciled across European Union countries deliver systematically different outcomes for individual investors. Using a cross-country dataset, we analyze performance through quarterly fund returns and benchmark-adjusted alpha, focusing on full distributions rather than averages. Results show that raw returns differ across countries, with larger markets exhibiting more stable distributions and smaller or peripheral markets displaying higher volatility and downside risk. After adjusting for benchmarks, however, cross-country differences compress markedly. Alpha distributions cluster around zero, indicating that persistent outperformance is uncommon. A small group of Northern and core countries shows a slightly higher incidence of positive alpha, though effects remain modest. Overall, findings suggest that EU quity mutual funds can generate positive returns, but consistent market beating is rare and concentrated. Common market exposure and implementation costs dominate investor outcomes, implying that country domicile matters less for alpha than for raw return volatility across markets.
From waste to health: Integrating zero waste and circular economy principles in healthcare sustainability
(Wydawnictwo Uniwersytetu Kardynała Stefana Wyszyńskiego : Warszawa, 2026) Seberíni, Andrea; Khalil, Omnia; Tokovská, Miroslava
Contemporary environmental and healthcare sustainability challenges have driven the evolution of zero waste systems from simple waste reduction strategies into comprehensive frameworks that prioritise public health alongside ecological protection and social equity. This transformation is critical within healthcare sustainability contexts, where environmental policy frameworks, public health imperatives, circular economy principles, and sustainable healthcare delivery must be systematically integrated. This article investigates the transformation of zero waste frameworks toward health-centred approaches and develops an integrated theoretical model through evolutionary analysis. Based on the conceptual systematic review (CSR) framework, the study employs dual analytical and prescriptive methodologies, examining theoretical developments through the systematic analysis of conceptual frameworks from economy, sustainable environments, and public health domains. Analysis reveals that zero waste frameworks have evolved through multiple pathways that incorporate health-centred approaches: reducing toxic exposures, improving infectious disease control, enhancing community wellbeing, creating economic opportunities, and promoting environmental justice. Effective implementation requires multisectoral collaboration, adaptive governance mechanisms, and inclusive community engagement for systemic transformation. The proposed integrated theoretical framework leverages evolutionary insights to guide the development of zero-waste systems that simultaneously prioritise health protection while advancing sustainability dimensions.
Analyzing the complexities of export: a heterogeneous analysis of BRICS economies and product types
(Springer : New York, 2026) Kafeel, Kafeel; Hronec, Martin; Hroncová Vicianová, Jana; Khan, Sher; Šuplata, Marian
This study examines the determinants of export sophistication across BRICS countries (Brazil, Russia, India, China, and South Africa) from 2000 to 2022. It focuses on the heterogeneous effects of macroeconomic variables economic growth (GDP), foreign direct investment (FDI), human capital, and research and development (R&D) as well as the impact of the COVID-19 pandemic on export sophistication. The study employs the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) approach, which effectively captures cross-sectional dependence and slope heterogeneity, improving upon traditional panel estimation techniques. The empirical findings indicate that GDP growth, FDI inflows, human capital, and R&D expenditures positively influence export sophistication in BRICS economies, while the COVID-19 pandemic exerts a negative effect. These insights offer important policy implications for enhancing export quality and economic resilience in emerging markets.

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