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The New Antireductionism: Its Components and Its Significance

The New Antireductionism: Its Components and Its Significance

The New Antireductionism: Its Components and Its Significance

Author(s): Pete A.Y. Gunter / Language(s): English / Issue: 2/2023

Keywords: antireductionism; complexity theory; fractals; nonlinearity;

Beginning in the 1970s and culminating in the first two decades of the 21st century, there has been a marked shift in the sciences from a predominantly reductionist and mechanistic approach to a broader and more holistic viewpoint. It goes without saying that such a shift in point of view will have significant implications, not only for the sciences but for our concepts of nature and of human beings. The present essay is an attempt to assess the significance of this change in the focus of the sciences and to describe the nature of its components. Originally, it had a far more limited scope, that of comparing two of the parts of the new nonreductionist stance: brain plasticity and biological systems theory. Unfortunately, my understanding of one of these factors (systems theory) turned out to be incorrect, while the section on brain plasticity was incomplete. The result of this dual realization is an essay of far greater scope, taking in both new developments in the sciences far beyond that of plasticity, and reassessing the content and impact of systems theory, which is greater than I had thought. I will begin with a study of systems theory, dealing first with the unexpected mathematics which made its present status possible. Then I will deal with its history, which reaches back over a century. One of the confusions into which we are liable to fall is to fail to distinguish the old systems theory from the new. This is even more likely because the two versions of the theory have many features in common.

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Ideological and Axiological Foundations of the National Identity of the Russian and Serbian Youth

Ideological and Axiological Foundations of the National Identity of the Russian and Serbian Youth

Идеолошке и аксиолошке основе националног идентитета руске и српске омладине

Author(s): Vladimir Boldin,Alexandra Yakovleva / Language(s): English / Issue: 1188/2023

Keywords: national identity; values; ideas; Russia; Serbia; youth; Slavs.

The article attempts to identify the ideological and value bases of the national identities of Russian and Serbian youth, two Slavic countries with strong ties. The phenomenon of the national identity of modern Russian and Serbian youth is of particular interest to comprehend. These two countries experienced the transit of power and the transformation of collective self-images in the early 1990s and have a lot in common: cultural and linguistic ties; the experience of living in the Soviet political system; the collective trauma of the statehood collapse; and the following growth of nationalism. On the other hand, it is clear that many of those factors are changing. Thus, at the current stage, the common Slavic identity is losing its former ideological-theoretical and value-semantic content. The hypothesis of the study is that the ideas, meanings, and values that form the basis of the Slavic identity can become one of the factors in the consolidation of Russian and Serbian society, especially in the context of the formation of the national-state identity of modern youth. In addition, the dominants of public consciousness and value-semantic matrices identified in the research will make it possible to build a productive dialogue between our countries that have a similar civilizational code. This is relevant in the current situation of international tension, which will have long-term consequences.

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ROLE OF ACADEMIA IN THE LIFE OF AN ACADEMIC CITY:
A CASE STUDY OF POZNAŃ, POLAND

ROLE OF ACADEMIA IN THE LIFE OF AN ACADEMIC CITY: A CASE STUDY OF POZNAŃ, POLAND

ROLE OF ACADEMIA IN THE LIFE OF AN ACADEMIC CITY: A CASE STUDY OF POZNAŃ, POLAND

Author(s): Agnieszka Stanowicka / Language(s): English / Issue: 2/2022

Keywords: academia; academic centres; development of a city; management of a city;

The aim of this study has been to evaluate how a city-academia cooperation model functions, using the city of Poznań as a case for this study. Several benefits were identified from having a college or university seated in a city, for instance: stimulation of the city’s economic growth and development and of its cultural life, positive influence on the labour market, shaping a positive image of the city. For these reasons, the city authorities have been making efforts to attract students to Poznań, to sustain their interest in the city while in academia, and to retain the graduates in the city. It is highly probable that the cooperation model identified in Poznań will work in other academic centres, generating a number of development benefits.

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PROFESSIONAL ACTIVATION AND SOCIAL INTEGRATION FROM THE PERSPECTIVE
OF THE SOCIAL ECONOMY SECTOR IN POLAND: THE EXAMPLE OF SOCIAL INTEGRATION CENTRES

PROFESSIONAL ACTIVATION AND SOCIAL INTEGRATION FROM THE PERSPECTIVE OF THE SOCIAL ECONOMY SECTOR IN POLAND: THE EXAMPLE OF SOCIAL INTEGRATION CENTRES

PROFESSIONAL ACTIVATION AND SOCIAL INTEGRATION FROM THE PERSPECTIVE OF THE SOCIAL ECONOMY SECTOR IN POLAND: THE EXAMPLE OF SOCIAL INTEGRATION CENTRES

Author(s): Majka Łojko / Language(s): English / Issue: 2/2022

Keywords: social integration centres; social economy; social reintegration; professional reintegration; social exclusion;

This paper examines the role and responsibilities of the social economy (SE) in Poland in promoting social and professional integration for individuals at risk of exclusion. It specifically focuses on Social Integration Centres as an example. The central argument is that these centres play a crucial role in providing multi-level support to at-risk individuals, enabling them to achieve social and professional integration.The paper provides an overview of the topic, drawing conclusions from relevant literature, data from Statistics Poland, reports from the Ministry of Family, Labour and Social Policy, and scientific studies related to the social economy. The analysis shows that Social Integration Centres in Poland assist in the restoration and enhancement of the abilities of those who are socially excluded to enable them to perform social and professional roles independently. They implement multifaceted reintegration efforts, helping individuals to acquire the necessary skills to reengage in professional and social activities.

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PERSPECTIVES FOR ENERGY DEVELOPMENT
IN POLAND AND IN THE EUROPEAN UNION
IN THE CONTEXT OF THE EUROPEAN GREEN DEAL:
RENEWABLE ENERGY AND ENERGY EFFICIENCY

PERSPECTIVES FOR ENERGY DEVELOPMENT IN POLAND AND IN THE EUROPEAN UNION IN THE CONTEXT OF THE EUROPEAN GREEN DEAL: RENEWABLE ENERGY AND ENERGY EFFICIENCY

PERSPECTIVES FOR ENERGY DEVELOPMENT IN POLAND AND IN THE EUROPEAN UNION IN THE CONTEXT OF THE EUROPEAN GREEN DEAL: RENEWABLE ENERGY AND ENERGY EFFICIENCY

Author(s): Grzegorz Szczubełek / Language(s): English / Issue: 2/2022

Keywords: European Green Deal; energy transition;

The European Green Deal is a development strategy which aims to transform the EuropeanUnion into a climate-neutral area by 2050. Due to the scale of reforms it envisages, it is consideredthe largest legislative initiative in the history of the European Union. The research aims to analysethe prospects for energy development in Poland and in the European Union in the context of theEuropean Green Deal, with a particular focus on potential ways to increase the share of renewableenergy sources and improve energy efficiency.Given the highly disparate environmental and socio-economic conditions, a number of EUcountries will find it challenging to meet the ambitious requirements of the European Green Deal.Additionally, considering the huge impact of the Coronavirus pandemic and the war betweenRussia and Ukraine, the use of a sustainable energy security concept seems justified, as it takesinto account the socio-technical specificities of individual states. A predictable energy and climatepolicy consistent with the EU’s objectives may facilitate Poland’s fair transition towards sustainabledevelopment.

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STRUCTURE OF ASSETS AND LIABILITIES
OF NON-FINANCIAL CORPORATIONS
BY SELECTED NACE SECTIONS

STRUCTURE OF ASSETS AND LIABILITIES OF NON-FINANCIAL CORPORATIONS BY SELECTED NACE SECTIONS

STRUCTURE OF ASSETS AND LIABILITIES OF NON-FINANCIAL CORPORATIONS BY SELECTED NACE SECTIONS

Author(s): Agnieszka Zawadzka / Language(s): English / Issue: 2/2022

Keywords: assets; liabilities; non-financial corporations; Median Weber; PROFIT;

Experience from nations with established market economies demonstrates that small andmedium-sized businesses are more inventive and able to respond to client demands and needs morequickly than giant businesses. Many publications produced by the EU institutions emphasize theircrucial function. Small- and medium-sized enterprises (SMEs) reflect a society’s entrepreneurialspirit and a sign of healthy competition in every economy. However, these businesses have numerousgrowth constraints in a setting that is changing quickly. At first, it is not simple. Due to the higherrisk that start-ups face compared to larger corporations, they have difficulty obtaining fundingfrom traditional sources and SME enterprises experience an equity gap. As a result, having accessto finance has become crucial to expanding and competing in a particular market. In accordancewith the accepted legal norms, the receiver is required to comply with the conditions set forth bythe capital donor-recipient to be able to access external sources.One of the most significant influences on a company’s ability to fulfil current obligations in fulland generate adequate financial results is adherence to the fundamentals of asset financing, whichhighlight, among other things, the structural relationships in a company’s balance sheet. The purposeof the analysis presented in this text is to identify differences in the structure of assets and liabilitiesbetween selected NACE sections of non-financial corporations in 2021 year. All analysed assetsand liabilities are characterized by very strong asymmetry. Therefore, the outlier effect has beenstandardized using Weber median. Further statistical analyses used Kruskal-Wallis non-parametricANOVA test to determine the similarity between assets and liabilities of selected NACE sections.The analysis showed that there are no significant differences in the assets and liabilities of thedifferent NACE sections.The PROFIT analysis allowed for a graphical representation of the structure of the similaritiesbetween the NACE sections analysed and their arrangement due to the intensity of the assets andliabilities. As regards the NACE sections analysed, three homogeneous groups can be distinguished,of which industry and trade constitute two of them and the others – the third. It has been shownthat the industry section is characterized by the highest intensity in both assets and liabilities.

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OPINION OF RESIDENTS ON LIGHTING
IN THE CITY OF PILA

OPINION OF RESIDENTS ON LIGHTING IN THE CITY OF PILA

OPINION OF RESIDENTS ON LIGHTING IN THE CITY OF PILA

Author(s): Piotr Gorzelańczyk,Miłosz Miśkowski / Language(s): English / Issue: 2/2022

Keywords: transport; city lighting; Pila;

The article analyzes the efficiency of street lighting in the city of Pila. For this purpose, a surveywas conducted to find out the opinions of residents about lighting in the city of Pila. For thispurpose, 167 residents of Pila were asked what they thought about lighting in the analyzed city.Based on the survey, some of the respondents believe that road lighting is good and effective,while the other part says that lighting does not fulfill its functions, tasks and something shouldbe changed in this regard. There are several streets that are well and poorly lit at the same time,so the effectiveness of street lighting in these places cannot be clearly determined. There is alsoa group of respondents who indicate that the lighting does not work properly, i.e. it is out of orderfor a long time. The last part of the article contains suggestions for upgrading city lighting in Pila.The article ends with a summary.

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FOREIGN DIRECT INVESTMENTS IN POLAND
AGAINST COUNTRIES OF VISEGRAD GROUP

FOREIGN DIRECT INVESTMENTS IN POLAND AGAINST COUNTRIES OF VISEGRAD GROUP

FOREIGN DIRECT INVESTMENTS IN POLAND AGAINST COUNTRIES OF VISEGRAD GROUP

Author(s): Wiesława Lizińska,Alina Danileviča,Karolina Idzikowska / Language(s): English / Issue: 2/2022

Keywords: foreign direct investment; Poland; Central and Eastern Europe; IDP theory;

In the period of scarcity of investment capital, foreign direct investment (FDI) is an importantsource of its acquisition. These investments flow to the host countries in various conditions andconsequences for the economy. The concept of linking the country’s position in terms of inflowand outflow of foreign direct investments with its economic development is the concept of theinvestment and development path – IDP (The Investment Development Path). The article diagnoseschanges in the value of foreign direct investment in Poland against economies of Visegrad Groupin 1995-2020, taking into account the effects of the pandemic on changes in FDI flows in 2016-2021. Against this background, the development of the Polish economy was diagnosed in the lightof the path theory (IDP).The analysis covers the years 1995-2020 and 2016-2021 and uses data from UNCTAD and theWorld Bank. In the periods selected for the analysis, one can notice definitely different dynamics of changes in the value of FDI liabilities. The reaction of foreign investors in selected locationmarkets varied during the pandemic. The diversification of the cumulative value of FDI receivablesfor individual countries is significant. During the pandemic, investors reacted to the situationin different ways. Among the selected countries, an increase in the value of FDI undertaken abroadwas recorded in Slovakia and the Czech Republic. Polish investors and investors from Hungarymade investments with lower values than in 2020. In all years, NOIP for Poland takes negativevalues, so the level of FDI undertaken in Poland exceeds the level of investments undertakenabroad. Identifying the transition to one of the most important stages on the IDP path – stage IIIis difficult. It is debatable to determine the period in which Poland entered such a stage. Thisresults, among others, from low FDI. It is indicated that this is a period from 2004 to even 2013.

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MODERN NEUROIMAGING METHODS
IN CONTEMPORARY NEUROECONOMICS
AND NEUROMANAGEMENT

MODERN NEUROIMAGING METHODS IN CONTEMPORARY NEUROECONOMICS AND NEUROMANAGEMENT

MODERN NEUROIMAGING METHODS IN CONTEMPORARY NEUROECONOMICS AND NEUROMANAGEMENT

Author(s): Anna Rutkowska / Language(s): English / Issue: 2/2022

Keywords: neuroeconomics; neuromanagement; neuromarketing; functional magnetic resonance imaging (fMRI); electroencephalography (EEG);

In the modern world, an interdisciplinary approach is required to study the psychological andeconomic underpinnings of market phenomena as well as the behaviors and attitudes of marketactors. Neuroscience plays an increasingly important role in the identification of brain correlatesof decision-making processes in research and business. The aim of this study was to present modernneuroimaging methods that are most widely used in economic sciences and management, andto determine their theoretical and practical relevance. The study provides a theoretical backgroundfor empirical research that can be conducted independently. Research into consumer behaviorshould involve an interdisciplinary approach, therefore selected literature on neuroeconomicsand neuromarketing was reviewed. The role of neuroimaging was synthetically described, theresults of selected research studies were presented, and the implications of functional magneticresonance imaging (fMRI) and electroencephalography (EEG) for neurofinance, neuromarketing,and neuromanagement were analyzed.The purpose of the literature review was to emphasize the growing significance of a holisticapproach to consumer research and to discuss the applicability of fMRI and EEG in economic research.In business, both neuroimaging methods can be applied to optimize products and services to ensurethat they meet customer needs and preferences. Neuroimaging techniques have many advantages,but attention should also be paid to ethical considerations in research and commercializationof research results.

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The attack on the protected legal interest: a criminalisation principle and an element of the criminal offence?

The attack on the protected legal interest: a criminalisation principle and an element of the criminal offence?

The attack on the protected legal interest: a criminalisation principle and an element of the criminal offence?

Author(s): JAVIER GÓMEZ LANZ / Language(s): English / Issue: 3 ENG/2023

Keywords: criminal law; protected legal interest; theory of criminalisation; material unlawfulness; teleological interpretation;

This paper analyses the role played by the notion of legal interest as a criterion for decisions on criminalisation and, according to some scholars, as an element of criminal offence. First, the analysis tallies the impact of legal interest on criminal policy, focusing on the correlation between this concept’s definition and underlying political theories. Subsequently, the article explores difficulties of using legal interest as an interpretative canon to determine whether the offender’s deed can be deemed materially unlawful.

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The paradox of democratic strengthening: Criminalisation of political terrorism as a legal discrediting mechanism

The paradox of democratic strengthening: Criminalisation of political terrorism as a legal discrediting mechanism

The paradox of democratic strengthening: Criminalisation of political terrorism as a legal discrediting mechanism

Author(s): ALEXIS COUTO DE BRITO,JENIFER MORAES / Language(s): English / Issue: 3 ENG/2023

Keywords: terrorism; democracy; democratic rule of law; constitutional principles;

This article explores the Brazilian legal system in light of recent proposals to amend the antiterrorism law, a move amplified by the country’s political instability, which culminated on 8th January 2023, when supporters of the former president invaded government buildings on the pretext of contesting election results. The essay examines whether these amendment proposals align with the principles of our constitutional democracy and their potential to foster genuine democratic reinforcement.

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Compliance and its contributions to safety at work

Compliance and its contributions to safety at work

Compliance and its contributions to safety at work

Author(s): PAULA ANDREA RAMIREZ BARBOSA / Language(s): English / Issue: 3 ENG/2023

Keywords: compliance; safety and health at work; responsibilities; company; employer; workers;

Labour compliance is essential to protect workers’ rights and promote sustainable, responsible and effective business development. It necessitates continuous preparation of preventive compliance reports on occupational risks, usually requiring studies and their timely updates, risk analysis, training oriented resource management, and training of workers and managers. Greater self-regulation, such as compliance, can help mitigate risk of penal sanctions for individuals who fail to comply with risk prevention regulations, seriously endangering health and safety at work. A robust and effective compliance programme in this area aims to ensure legal and contractual obligations are met, particularly with respect to protecting the life and health of workers. Compliance can also bolster company success, minimise reputational damage for corporations, avoid payment of hefty fines and suspension of permits and licenses that would halt operations, among others.

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Admissibility of reopening cassation and reopening proceedings concluded with a decision dismissing the extraordinary appeal measure

Admissibility of reopening cassation and reopening proceedings concluded with a decision dismissing the extraordinary appeal measure

Admissibility of reopening cassation and reopening proceedings concluded with a decision dismissing the extraordinary appeal measure

Author(s): MICHAŁ HUDZIK / Language(s): English / Issue: 3 ENG/2023

Keywords: cassation appeal; reopening of the proceedings; annulment of a court decision;

The article is aimed at examining the admissibility of reopening cassation and reopening proceedings concluded with a decision to dismiss the extraordinary appeal measure. To this end, the article explores provisions on proceedings reopening (Articles 540 and 542 § 3 CCP), with particular focus on the term ‘court proceedings concluded with a final decision’ used by the legislator, and juxtaposes this with provisions on cassation appeal (concerning terms used in Article 521 of the Code of Criminal Procedure – ‘a final decision concluding court proceedings’ and ‘a final court decision concluding the proceedings’, and on prohibition of the so-called super-cassation, which has not been transferred to the institution of reopening of the proceedings). The author also analyses Supreme Court practice over the last twenty-odd years and reflects on historical changes to criminal procedure at the turn of the 21th century with regard to the institutions of annulment of court decisions and reopening of the proceedings.

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On the concept of an appellate measure in a criminal proceeding

On the concept of an appellate measure in a criminal proceeding

On the concept of an appellate measure in a criminal proceeding

Author(s): Bartosz Łukowiak / Language(s): English / Issue: 3 ENG/2023

Keywords: appellate measures; means of indictment of a decision; devolutionist nature; suspending nature; prohibition of reformatio in peius; appellate proceeding; criminal proceeding/trial;

The aim of the paper is to analyse how the term ‘appellate measure’ is interpreted in the Polish doctrine of criminal procedure law and, in particular, to assess the accuracy of the assumption that the possibility of recognising a particular means of indictment of a decision as an appellate measure is determined by its normative features. Based on the analysis of the characteristic features of each means of indictment of a decision, an attempt is made to demonstrate that this assumption may be regarded as incorrect. It is suggested that the previous definition of an appellate measure be revised, and recognise that this concept is purely of a conventional (traditional) nature, which means that the possibility of classifying a particular means of indictment of a decision as an appellate measure should not depend on its nature or similarity to other legal measures considered as means of indictment of a decision.

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Amendment to the rights and obligations of a journalist in act: press law from the perspective of conscience clause

Amendment to the rights and obligations of a journalist in act: press law from the perspective of conscience clause

Amendment to the rights and obligations of a journalist in act: press law from the perspective of conscience clause

Author(s): Jacek Sobczak,Maria Gołda-Sobczak / Language(s): English / Issue: 3 ENG/2023

Keywords: conscience clause; Press Law; Charter of Fundamental Rights of the European Union; journalist; diligence and integrity in journalistic work;

The conscience clause, sometimes also referred to as the right to conscientious objection, is based on the possibility of refusing to comply with a binding legal norm due to its non-conformity with the indications of conscience of the person who invokes its content. Commonly derived, especially in Poland, from Article 53 of the Constitution of the Republic of Poland, this clause initially applied to physicians’ actions. It was also suggested that this clause could form the basis for conscientious objection to an abortion procedure. Drawing on Article 10(2) of the Charter of Fundamental Rights of the European Union, and emphasising the differences in the wording of this provision in different language versions, the article argues that such interpretation of the conscience clause is too narrow and poor. Attention is drawn to the amendments made to the wording of Article 10(2) of the Press Law, where the legislator replaced the journalist’s obligation to follow the editorial policy with the right to refuse to carry out an official order if the journalist believed that they were expected to publish a material that would violate the principles of reliability, objectivity and professional diligence. This solution undoubtedly constitutes the approval of the broadly understood conscience clause explicitly formulated in the Charter of Fundamental Rights of the European Union. The content of Article 10(2) of the EU Charter of Fundamental Rights allows for conscientious objection to apply to actions of the representatives across all professions.

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Legal status of the Polish Academy of Arts and Sciences

Legal status of the Polish Academy of Arts and Sciences

Legal status of the Polish Academy of Arts and Sciences

Author(s): Marcin Gubała / Language(s): English / Issue: 3 ENG/2023

Keywords: Polish Academy of Arts and Sciences; higher education; science; associations;

The aim of this article is to analyse the legal status of the Polish Academy of Arts and Sciences, an entity operating within the system of higher education and science. The study explores the Academy’s origins, its legal form and role it plays within the system of higher education and science, and its rights and obligations under the law. The findings presented in the paper allow for drawing conclusions on the legal status of the Academy, in particular recognising that it is a legal person functioning in the legal form of a (registered) association, and at the same time an organisation directly included by the legislator in the category of entities of the system of higher education and science. The study indicates the reasons justifying the Academy’s inclusion in the catalogue of entities of this system, primarily its exceptional achievements in the field of scientific activities and popularising their results, as well as the universality of undertaken activities, tradition and reputation within the scientific community.

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ANALYSIS OF LABOR MARKET TRANSFORMATION 
IN THE CONTEXT OF INDUSTRY 4.0

ANALYSIS OF LABOR MARKET TRANSFORMATION IN THE CONTEXT OF INDUSTRY 4.0

ANALYSIS OF LABOR MARKET TRANSFORMATION IN THE CONTEXT OF INDUSTRY 4.0

Author(s): Olena Stryzhak / Language(s): English / Issue: 4/2023

Keywords: digitalization; Industry 4.0; labor market;

The digitalization of the economy and society in the context of Industry 4.0 affects the labor market. New jobs are being created with new personnel requirements. At the same time, digitalization processes affect countries and sectors of the economy in different ways. The number of employed is declining in some sectors and increasing in others. The ratio of people employed in different industries also differs from country to country. As the digitalization of production relations intensifies, transformation processes in the labor market will increase. In the context of the actualization of digital changes in modern society, the aim of the article is to analyze the labor market under the digitalization of economic relations. The World Development Indicators (WDI) and Digital Intelligence Index (DII) were used to realize the purpose of the study. The study covers 89 countries for 2019. Correlation analysis, standardization, cluster analysis and analysis of variance were used as methods in the research. As a result of the study, the following conclusions were obtained. A strong relationship was found between Gross Domestic Product (GDP) and DII for the whole sample. The cluster analysis process found that the variables form three clusters with values of most indicators by group: at the high, the average and the low levels. Plots of mean and confidence intervals for the variables in each cluster were also plotted. Correlation coefficients were calculated for each cluster. It was found that each group has its own internal patterns.

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DOMESTIC INVESTMENT AND ECONOMIC GROWTH NEXUS: DOES ABSORPTIVE CAPACITY MATTER IN THE AFRICAN COUNTRIES?

DOMESTIC INVESTMENT AND ECONOMIC GROWTH NEXUS: DOES ABSORPTIVE CAPACITY MATTER IN THE AFRICAN COUNTRIES?

DOMESTIC INVESTMENT AND ECONOMIC GROWTH NEXUS: DOES ABSORPTIVE CAPACITY MATTER IN THE AFRICAN COUNTRIES?

Author(s): Oluwatosin Olatunji OGUNYOMI-OLUYOMI,Emmanuel Oladapo George,Olukayode Emmanuel Maku,Oluwaseyi Adedayo Adelowokan / Language(s): English / Issue: 4/2023

Keywords: Domestic Investment; Economic growth; Absorptive Capacity; Static Panel OLS; Panel Cointegration OLS; African Countries;

This study empirically examined the role of the country’s absorptive capacity on the impact of domestic investment on economic growth in the selected five African countries over the study period of 1970 to 2019. In specific, the study examined the impact of domestic investment on economic growth from two models, without the country’s absorptive capacity and with the country’s absorptive capacity. Further, a robust linear ordinary least squares (OLS) methodology including static panel OLS and panel cointegration estimators was employed. The study found that only changes in financial development and infrastructures positively cause changes in the domestic investment-economic growth nexus in the short run while in the long run, trade openness enhances the positive impact of domestic investment on economic growth in African countries. In addition, the study found that domestic investment retards economic growth without the country’s absorptive capacity in the short run and long run respectively in African countries. Therefore, the study recommended that policymakers should invest heavily in infrastructure and financial development systems as well as encourages trade openness for a stable domestic investment-economic growth nexus in African countries.

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CONVENTIONAL AND ISLAMIC EQUITY MARKET REACTION TOWARDS TERRORISM: EVIDENCE BASED ON TARGET TYPES, LOCATION AND ISLAMIC CALENDAR MONTHS

CONVENTIONAL AND ISLAMIC EQUITY MARKET REACTION TOWARDS TERRORISM: EVIDENCE BASED ON TARGET TYPES, LOCATION AND ISLAMIC CALENDAR MONTHS

CONVENTIONAL AND ISLAMIC EQUITY MARKET REACTION TOWARDS TERRORISM: EVIDENCE BASED ON TARGET TYPES, LOCATION AND ISLAMIC CALENDAR MONTHS

Author(s): Hira Irshad,Hasniza Mohd Taib,Haroon Hussain,Rana Yassir Hussain / Language(s): English / Issue: 4/2023

Keywords: terrorism; efficient market hypothesis; prospect theory; Pakistan;

This study investigates the conventional and Islamic equity market reaction towards terrorism events in Pakistan from 2009 to 2016 using OLS regression and GARCH (1, 1) models. The prospect theory and efficient market hypothesis are the relevant theories. Findings indicate that conventional and Islamic equity market reaction towards terrorism events is very short lived and markets recovers quickly. This study also documents the market reaction to terrorism events based on the target type, location and during the Islamic calendar months. The impact of different target types and different event locations on the conventional and Islamic equity markets varies. The equity markets in Pakistan responds negatively to the attacks on educational institutes and businesses whereas positively to attacks on armed forces’ facilities. Furthermore, conventional equity market responds negatively to terrorist attacks in Karachi and positively to attacks in financial cities and FATA. Interestingly, Islamic equity market responds positively towards the attacks in financial cities and FATA, however, with very minute reaction magnitude. The findings of this study are useful for the investors to manage their portfolios by considering magnitude and direction of market reaction towards terrorism based on the target type, location and Islamic months. Overall, this study concludes that conventional and Islamic equity markets reaction towards terrorism is very minute; however, the conventional and Islamic equity markets reaction varies based on target type, event location and different Islamic calendar months. Furthermore, the findings also suggest that equity markets recover very soon, therefore, markets are efficient in observing these shocks.

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THE EXAMINATION OF THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENT AND TRADE IN TURKEY: ARDL APPROACH

THE EXAMINATION OF THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENT AND TRADE IN TURKEY: ARDL APPROACH

THE EXAMINATION OF THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENT AND TRADE IN TURKEY: ARDL APPROACH

Author(s): Karimov Mehman Ilham,Nesirov Elcin Vaqif,Zeynalli Elay Calal / Language(s): English / Issue: 4/2023

Keywords: FDI; Trade; Turkey; Unit root tests; ARDL bounds testing approach; Granger causality test;

This paper is aimed to examine the effect of Foreign Direct Investment inflow on Trade (Export, Import) in Turkey. The study copes the time span from 2006 Q2 to 2019 Q4. The time series datasets, those are retrieved from CBT and FRED database are used in applied econometrical methods such as ADF, PP, Zivot Andrews Unit Root Tests, ARDL bounds testing approach, and the Granger Causality tests, to accomplish the statistical part of the research. Based on the findings, it was supported that there was a positive relationship between FDI and Trade. Additionally, the outputs of Granger causality test indicated that there is a unidirectional causality running from FDI to Trade (Export and Import).

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