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28 pages, 854 KiB

Open AccessArticle

Comparative Analysis of Business Environment Dynamics in Central and Eastern Europe: A Multi-Criteria Approach

by Dominika Gajdosikova and Simona Vojtekova

Economies 2024, 12(12), 320; https://doi.org/10.3390/economies12120320 - 26 Nov 2024

Viewed by 657

The COVID-19 pandemic has negatively impacted the world economy and global society. However, small- and medium-sized enterprises are among the most vulnerable and affected groups of businesses, and in some cases, life-saving interventions have resulted in serious existential implications. The difficulties of insufficient [...] Read more.

The COVID-19 pandemic has negatively impacted the world economy and global society. However, small- and medium-sized enterprises are among the most vulnerable and affected groups of businesses, and in some cases, life-saving interventions have resulted in serious existential implications. The difficulties of insufficient demand, non-negligible fixed costs, and inadequate financing are unsustainable for many firms. Thus, the main aim of this study is to evaluate the variables influencing business activities, apply macroeconomic variables to compare the business environments in fifteen European countries, and utilize appropriate statistical techniques to confirm the results. Significant differences exist in the business climate across selected European countries, as identified by the TOPSIS method, CPI, and GCI. Low levels of corruption, strong economic stability, and high competitiveness make countries like Germany and Austria attractive for business environments. Estonia is also a leader in technological innovation and low corruption. Conversely, Bulgaria and Romania are struggling with higher levels of corruption and reduced competitiveness, potentially impeding business endeavours. The Visegrad Group countries are in the middle of the spectrum, scoring average to good but with opportunities for improvement in corruption and innovation. Overall, the business climate in these countries is diverse, reflecting their unique economic, political, and social circumstances. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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21 pages, 2862 KiB

Open AccessArticle

Survival Analysis of Small Business during COVID-19 Pandemic, a Brazilian Case Study

by Jorge Luis Tonetto, Josep Miquel Pique, Adelar Fochezatto and Carina Rapetti

Economies 2024, 12(7), 184; https://doi.org/10.3390/economies12070184 - 11 Jul 2024

Cited by 3 | Viewed by 2050

Abstract

The impact of COVID-19 on the economy was devastating. Small businesses typically have few resources to fight against such adversity. Many businesses remained closed for some time during the pandemic period, resulting in significant consequences for people in terms of jobs, income and [...] Read more.

The impact of COVID-19 on the economy was devastating. Small businesses typically have few resources to fight against such adversity. Many businesses remained closed for some time during the pandemic period, resulting in significant consequences for people in terms of jobs, income and life. The objective of this research is to identify the factors that contributed to increasing company failures during the pandemic. Furthermore, this study aims to verify whether the size of the companies, the sectors of economic activity in which they operate and their geographic location influence enterprise failure. This article analyzes the survival of 8931 small businesses from 2017 to 2023, in Rio Grande do Sul, Brazil. The study applied a survival analysis using the Kaplan–Meier procedure, complemented with the Cox procedure, to determine the effects of the size of companies, sector activity and location on the survival time. The results indicate that survival is much higher in small companies with large revenues that are located in the Campaign and West Frontier regions, as well as in the Northeast, North, Production, South, Taquari, and Rio Pardo Valleys regions, whereas the survival rates were extremely lower in the commercial sector and in financial intermediation activities. In the second analysis restricted to the commerce sector, the data highlighted the retail activities, accommodation and food activities sectors as the most affected in terms of overall survival. The results indicated that the survival of small business remained relatively strong during the COVID-19 pandemic, signaling the pertinent support from the government. The smallest business with revenues under USD 15,576 (BRL 81,000) per year were the most affected, with only 39% survival after 7 years. Some activities and some regions suffered more than others, emphasizing the need for special attention from authorities in future catastrophes. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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18 pages, 2677 KiB

Open AccessArticle

Mapping EU Member States’ Quality of Life during COVID-19 Pandemic Crisis

by Zacharias Dermatis, Charalampos Kalligosfyris, Eleni Kalamara and Athanasios Anastasiou

Economies 2024, 12(7), 158; https://doi.org/10.3390/economies12070158 - 24 Jun 2024

Viewed by 1665

Abstract

This study proposes an integrated methodology for the assessment and mapping of quality of life (QoL) among European Union member states in the period before and after the pandemic crisis of COVID-19. The assessment of quality of life was based on the development [...] Read more.

This study proposes an integrated methodology for the assessment and mapping of quality of life (QoL) among European Union member states in the period before and after the pandemic crisis of COVID-19. The assessment of quality of life was based on the development of composite criteria and Geographical Information Systems or GIS technology, using variables that assess quality of life. The composite criteria relate to the socioeconomic environment, employment conditions, economic conditions and health services. Each criterion was evaluated by a set of variables, and each variable was weighted based on relevant research by Greek experts. Criteria were also weighted and combined to assess overall quality of life. The methodology was applied in 27 EU member countries, and mapping led to the identification of countries with low and high quality of life. The results showed a change in the level of overall quality of life in the EU countries before and after the pandemic period, although on a limited scale, since there is a slight reclassification of the countries’ positions. The analysis also revealed the highest level of quality of life in four EU countries [Sweden, Denmark, the Netherlands and Luxembourg] that show an increased GDP per capita, combining a low level of arrears and a low level of inability to make ends meet, whereas four countries showed the lowest level of quality of life [Greece, Bulgaria, Romania and Croatia] in both periods. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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17 pages, 638 KiB

Open AccessArticle

Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives

by Imalka Wasana Rathnayaka, Rasheda Khanam and Mohammad Mafizur Rahman

Economies 2024, 12(6), 154; https://doi.org/10.3390/economies12060154 - 18 Jun 2024

Viewed by 1963

Abstract

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, [...] Read more.

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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19 pages, 643 KiB

Open AccessArticle

The Opportunity Cost of COVID-19 Deaths in the USA

by Tuyen Pham, Anirudh V. S. Ruhil and G. Jason Jolley

Economies 2024, 12(6), 146; https://doi.org/10.3390/economies12060146 - 12 Jun 2024

Viewed by 1011

Abstract

The U.S. is currently the country with the highest number of COVID-19 deaths. By the second week of October 2021, over 700,000 people in the U.S. had died after contracting the virus. When estimating the cost and benefit of a COVID-19 prevention measure, [...] Read more.

The U.S. is currently the country with the highest number of COVID-19 deaths. By the second week of October 2021, over 700,000 people in the U.S. had died after contracting the virus. When estimating the cost and benefit of a COVID-19 prevention measure, the value of a statistical life (VSL) has been widely used as an approximation for the value of a lost life. However, VSL arguably overstates the costs of deaths caused by COVID-19 because VSL captures the private individual’s benefit, and it is the same for everyone regardless of where they live, their productivity, their age, and their gender. In this study, rather than looking at the cost of life loss due to COVID-19, we focus on the opportunity costs of COVID-19 deaths to society. The opportunity cost of COVID-19 deaths is defined as the combination of direct medical costs and the costs of lost potential lifetime earnings. Our analysis focuses on the period from March 2020 to October 2021. We then quantify the average opportunity cost of COVID-19 deaths across the U.S. and by state level. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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16 pages, 1878 KiB

Open AccessArticle

Impact of the COVID-19 Pandemic on the Economic Development of the Mining and Construction Industry: Case Study in Slovakia

by Beátka Stehlíková, Marcela Taušová and Katarína Čulková

Economies 2024, 12(5), 119; https://doi.org/10.3390/economies12050119 - 15 May 2024

Viewed by 1399

Abstract

Due to the present worldwide economic development, there is an increasing need to follow the financial health of companies in individual sectors to avoid possible decline and bankruptcy. The goal of this contribution is to find out the influence of the pandemic on [...] Read more.

Due to the present worldwide economic development, there is an increasing need to follow the financial health of companies in individual sectors to avoid possible decline and bankruptcy. The goal of this contribution is to find out the influence of the pandemic on the economic situation in the mining industry as the primary sector, in connection with the construction industry as the secondary sector. The research is carried out through economic and financial indicators, which mostly influence the potential crisis of companies. The results show that the mining industry and construction sectors managed to avoid the heavy decline and bankruptcy of certain organizations in the industries. Such results can be used for forecasting and modeling the socio-economic development of regions and countries. The growth of the analyzed industries could contribute to the sustainable development in the country. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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25 pages, 2060 KiB

Open AccessArticle

The Impact of the Stimulus Packages on the Economy during COVID-19 in Bangladesh: A Mixed-Method Approach

by Ruhul Amin, Nahian Rahman, Samira Tasnim, Sima Rani Dey and Mohammad Tareque

Economies 2024, 12(5), 108; https://doi.org/10.3390/economies12050108 - 5 May 2024

Viewed by 3890

Abstract

With the unexpected onset of COVID-19, governments across the world responded with a range of preventive measures, including the imposition of lockdowns. To mitigate the adverse effects of lockdowns arising from supply chain shocks and employment loss, governments worldwide chose to implement policies [...] Read more.

With the unexpected onset of COVID-19, governments across the world responded with a range of preventive measures, including the imposition of lockdowns. To mitigate the adverse effects of lockdowns arising from supply chain shocks and employment loss, governments worldwide chose to implement policies to stimulate their economies and keep them working. This study assesses the impact and effectiveness of four of these packages in Bangladesh, employing a mixed-method approach. These packages include “salary support for workers in export-oriented RMG industries”, “working capital loans for affected industries and service sectors”, “working capital loans for cottage, micro, small, and medium enterprises”, and initiatives for “revitalizing the rural economy and job creation”. Each package was examined individually because of their differences in beneficiary groups, implementation methods, and individual objectives. Quantitative analysis involved propensity score matching (PSM), the difference in difference model (DID), and structural equation modelling (SEM). Stakeholders, including policy implementers, Bangladesh Bank officials, policy analysts, academics, workers, and beneficiaries, contributed to the qualitative analysis through extensive key-informant interviews, providing a comprehensive assessment of intervention outcomes. Ultimately, the results show that the packages achieved their socio-economic relief objectives for beneficiaries. The research examined both positive impacts and challenges in their implementation. It suggests that all four packages successfully achieved their goals, such as providing social and economic support, sustaining livelihoods, addressing marginalized groups’ needs, ensuring survival for large industries and small businesses, and promoting employment. In order to better address future shocks, establishing a beneficiary database integrated with the national system is recommended for smoother policy rollout. Despite acknowledged limitations, including challenges in beneficiary identification, data availability, and time constraints, the study’s unbiased estimations provide valuable insights to guide future policy directions in similar situations. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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32 pages, 7303 KiB

Open AccessArticle

Influence of the Russia–Ukraine War and COVID-19 Pandemic on the Efficiency and Herding Behavior of Stock Markets: Evidence from G20 Nations

by Bilal Ahmed Memon, Faheem Aslam, Hafiz Muhammad Naveed, Paulo Ferreira and Omonjon Ganiev

Economies 2024, 12(5), 106; https://doi.org/10.3390/economies12050106 - 1 May 2024

Viewed by 2727

Abstract

Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for [...] Read more.

Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed and emerging markets to provide a comparative examination using the latest data and by employing the robust multifractal detrended fluctuation (MFDFA) method. In addition to the full sample, the analysis uses sub-sample periods to reveal the hidden features and efficiencies of the G20 markets during the Russia–Ukraine War and COVID-19 for the first time. The findings show the availability of varied multifractality among all G20 stock markets during the overall and crisis periods, exhibit long-range correlations, and may support the fractal market hypothesis. In addition, Italy remains the least efficient, while Germany remains the most efficient stock market. The sub-sample results further reveal unevenness in the local fluctuations and resultant higher inefficiency considering the sheer magnitude and impact of crises on the G20 stock markets. However, the efficiency of developed stock markets performed better as compared to emerging markets. The study of G20 stock markets is useful and provides several implications for a wider audience. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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18 pages, 383 KiB

Open AccessArticle

Assessing the Impact of COVID-19 on Capital Structure Dynamics: Evidence from GCC Economies

by Amanj Mohamed Ahmed, Deni Pandu Nugraha and István Hágen

Economies 2024, 12(5), 103; https://doi.org/10.3390/economies12050103 - 26 Apr 2024

Viewed by 2199

Abstract

This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering [...] Read more.

This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering 208 non-financial listed firms across five GCC countries, with data spanning the years 2010 to 2022. Capital structure is a dependent variable and is measured by total debt to equity, equity multiplier, and short-term debt ratios, while the COVID-19 pandemic, firm size growth, return on assets, tangibility, and growth were applied as independent variables. Using the generalized least squares (GLS) method, findings demonstrated that COVID-19 has a significant and positive influence on debt-to-equity and equity multiplier ratios but a negative one on short-term debt ratio. Thus, non-financial firms increased their debt financing and transferred debt from short-term to long-term funding. In addition, firm-specific factors, such as firm size, tangibility, and macroeconomic factors, such as GDP growth, positively and significantly impact capital financing. Conversely, profitability has a negative relationship with financial leverage. There is a lack of empirical research on how COVID-19 affects the financial structure of non-financial listed companies in GCC nations. Consequently, by filling the previously specified gaps, this study provides proof to support the idea of using debt financing to raise capital for economic recovery. GCC policymakers need to give priority to ensuring that firms have convenient access to inexpensive finance in light of the financial consequences caused by COVID-19. This will guarantee that companies have the resources necessary to bounce back and support economic growth. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

15 pages, 954 KiB

Open AccessArticle

The Impact of the COVID-19 Pandemic on the Economy of the Slovak Republic

by Anna Tomková, Jaroslav Gonos, Katarína Čulková and Martin Rovňák

Economies 2024, 12(2), 27; https://doi.org/10.3390/economies12020027 - 23 Jan 2024

Viewed by 2400

Abstract

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia [...] Read more.

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected EU countries, considering the effects of previous global crises, with a focus on the impacts on small and medium-sized enterprises. The economies of European countries are mentioned to illustrate the ideas of the presented paper, with an emphasis on the economic dimension of the COVID-19 pandemic and its subsequent impact on the Slovak Republic. This research is conducted through basic analytical tools and an analysis of the development of macroeconomic indicators, and by addressing the issue through data from a globally available database. The results in this paper serve as proposals and recommendations for the mitigation of negative economic impacts. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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22 pages, 4938 KiB

Open AccessArticle

Economic Shocks and Perceptions of Efficiency Changes: The Cases of Lithuania and Latvia

by Rasa Subačienė, Ramunė Budrionytė, Jolanta Žemgulienė, Ivita Faituša and Kristina Rudžionienė

Economies 2024, 12(1), 14; https://doi.org/10.3390/economies12010014 - 4 Jan 2024

Viewed by 2306

Abstract

In recent years, economic uncertainty has been heightened, including as a result of the economic shocks generated by the COVID-19 pandemic, the Russia–Ukraine War, and the unstable international political situation. These had a global impact on various spheres and influenced all economic processes. [...] Read more.

In recent years, economic uncertainty has been heightened, including as a result of the economic shocks generated by the COVID-19 pandemic, the Russia–Ukraine War, and the unstable international political situation. These had a global impact on various spheres and influenced all economic processes. However, the lack of available data has made it difficult to investigate the latest global events and their consequences. The latest studies continue to concentrate on the COVID-19 economic crisis. This study investigates accounting specialists’ perceptions of the changes in employee and company efficiency and changes in the main performance indicators during the economic crisis provoked by the COVID-19 pandemic. The research employed an online questionnaire administered to accountants at various levels. Descriptive statistical data analysis methods were used for the evaluation of the survey results. The results show that 86% of respondents had the possibility of working online before the quarantine period, around 30% of respondents indicated an increase in work efficiency when working online, and more than 40% of respondents indicated that the company’s main performance indicators (revenue, cost of sales, profit) remained stable under the quarantine regime. During the pandemic, Latvia experienced greater fluctuations than Lithuania in the main performance indicators, but overall, both countries maintained a positive tendency toward stability and recovery. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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19 pages, 1735 KiB

Open AccessArticle

EU Diversity in Terms of Digitalization on the Labor Market in the Post-COVID-19 Context

by Georgiana-Alina Crisan, Madalina Ecaterina Popescu, Eva Militaru and Amalia Cristescu

Economies 2023, 11(12), 293; https://doi.org/10.3390/economies11120293 - 1 Dec 2023

Cited by 3 | Viewed by 2504

Abstract

Digital technologies are being integrated into everyday life worldwide, constantly transforming our society and labor markets. The EU requires digitally smart people in the labor market and has promoted this through the Digital Agenda. In this context, our paper aims to investigate the [...] Read more.

Digital technologies are being integrated into everyday life worldwide, constantly transforming our society and labor markets. The EU requires digitally smart people in the labor market and has promoted this through the Digital Agenda. In this context, our paper aims to investigate the diversity of the EU member states in terms of the digitalization of the labor market in the post-pandemic context. Using a multidimensional perspective, we considered indicators reflecting not only labor market specificities but also the degree of digitalization and the impact of the COVID-19 pandemic. First, the strength of the association between digitalization and the labor market indicators was quantified through a Pearson test, while the cluster analysis highlighted some patterns for the high-tech EU economies compared to the medium- and low-tech EU economies. Among the high-tech economies cluster, Finland stands out as the frontrunner in the EU’s digital transformation, with the most digitally skilled workers. At the opposite pole are the South-Eastern countries, which have the most to do to recover and still lack an effective digital policy framework to support youth workers’ access to digital training. The practical implications of our study consist mostly of providing decision-makers with directions on issues to tackle when implementing EU digital policies. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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29 pages, 8360 KiB

Open AccessArticle

A Bibliometric Analysis of Collective Bargaining: The Future of Labour Relations after the COVID-19 Pandemic

by Ramón Rueda-López, María F. Muñoz-Doyague, Jaime Aja-Valle and María J. Vázquez-García

Economies 2023, 11(11), 275; https://doi.org/10.3390/economies11110275 - 3 Nov 2023

Viewed by 3174

Abstract

This research presents a bibliometric analysis of the scientific literature on collective bargaining between 2012 and 2021. The main objective of this research is to analyze how scientific research on collective bargaining has evolved during this period and to identify current trends and [...] Read more.

This research presents a bibliometric analysis of the scientific literature on collective bargaining between 2012 and 2021. The main objective of this research is to analyze how scientific research on collective bargaining has evolved during this period and to identify current trends and future lines of research on the institution of governance of labor relations. For this purpose, 1676 documents collected in the Web of Science Core Collection and 1971 in Scopus have been analyzed. This analysis has made it possible to determine which have been the scientific papers with the greatest impact, the most relevant researchers, and the most used keywords. As a contribution, note the classification made in relation to which are the most relevant scientific journals, the most cited papers, or the most influential researchers in the field of collective bargaining. As conclusions and future lines of research identified, this research points out the need to delve into studies related to the promotion of dialogue between human resources management and the legal representation of workers about working conditions that positively affect workplace well-being, as well as investigations related to the power and legitimacy of negotiation by social and economic agents. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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