2026-03-25
Taras Tymoshchuk, Krzysztof Spirzewski
The financial environment is under great pressure as a result of dynamically changing macroeconomic factors. In this situation, full of uncertainty, understanding the relationship between macroeconomic factors and financial markets becomes a key issue. Market analysts and investors are constantly studying the impact of various variables on the stability of the economy and the performance of financial markets. The purpose of this study is to analyze the impact of selected macroeconomic factors on financial markets over the 2018-2022 period, using the Nasdaq 100 index. Variables such as GDP, inflation, interest rate, consumer confidence, unemployment and changes in commodity prices are examined in terms of their relationship to the returns of the US technology index. The results of the analysis allow researchers of the topic, as well as stock market investors, to draw conclusions about potential market trends, providing valuable guidance for portfolio managers in a dynamic macroeconomic environment. The main value of the study is to assess how these selected factors affect stock market indices.
2026-03-25
László Szívós, Tamás Poszavecz
This study examines the factors influencing managerial decisions between accrual-based earnings management (AEM) and real earnings management (REM) following the mandatory adoption of eXtensible Business Reporting Language (XBRL) among firms listed on the Italian stock exchange. By analyzing the shift between AEM and REM, the research provides insights into how enhanced financial reporting transparency affects managerial decision-making. The study employs an empirical analysis of Italian firms to assess the relationship between XBRL adoption and earnings management practices. The research investigates the extent to which firms adjust their earnings management strategies in response to increased transparency, with a specific focus on the trade-off between AEM and REM. The results indicate that mandatory XBRL adoption is associated with a decline in accrual-based earnings management (AEM) and a corresponding increase in real earnings management (REM) among Italian firms. The findings suggest that increased financial reporting transparency prompts firms to rely more on REM while simultaneously reducing their use of AEM. Additionally, the intensity of the trade-off between AEM and REM is found to be positively moderated by firms classified as SUSPECT, which are those reporting only small positive profits or slight increases in profitability. These firms would likely have experienced losses or declining profitability without the use of earnings management tools, with a stronger tendency to rely on AEM over REM. However, this moderating effect was not observed among loss-making (LOSS) firms. This study makes two key contributions. First, it is among the first to examine the impact of XBRL implementation on earnings management practices within a European context, specifically in Italy. Second, it provides novel insights into the factors influencing the trade-off between AEM and REM, addressing an important gap. The findings highlight the unintended consequences of financial reporting standardization, demonstrating that increased transparency may shift earnings management strategies rather than eliminate them. Regulators and policymakers should consider these effects when designing financial disclosure regulations to mitigate potential opportunistic behavior by firms.
2026-03-25
Erol Koycu, Tugba Nur
This study investigates the volatility spillover dynamics between the VIX fear index and the Magnificent Seven technology stocks - namely Microsoft, Apple, Nvidia, Amazon, Alphabet, Meta Platforms, and Tesla - over the period of June 2012 to March 2024. To achieve this objective, the variance causality test is employed to detect potential volatility transmissions among the series. Preliminary diagnostic tests confirm the validity of the GARCH (1,1) specification for all individual return series. The results from the variance causality analysis indicate significant volatility spillovers from the VIX to the conditional variances of Microsoft, Alphabet, Meta Platforms, Nvidia, and Amazon stocks. Building on these findings, impulse-response functions and variance decomposition analyses are conducted based on the conditional variance series estimated through the GARCH (1,1) model. The impulse-response analysis reveals that a positive shock in the VIX generates a temporary increase in the conditional volatility of Apple, Alphabet, Nvidia, and Tesla stocks, which gradually diminishes over time. Conversely, a VIX shock induces a negative volatility response in Meta Platforms, Microsoft, and Amazon stocks, although these effects also fade and converge to zero in the long run. Variance decomposition results further show that, in the short term, the volatility of each technology stock is predominantly driven by its own internal dynamics. However, as the forecast horizon extends, the influence of the VIX index becomes increasingly pronounced, underscoring its role as a significant external volatility driver. These findings imply that investors' perceptions of heightened risk - captured by the VIX index - are effectively transmitted to technology stock markets. Accordingly, the incorporation of the VIX index into volatility forecasting models can enhance prediction accuracy. From a practical standpoint, the study underscores the importance of monitoring the fear index when developing portfolio allocation and risk management strategies-oriented equities.
2025-12-16
Reena Agrawal, Smita Wagholikar, Arti Chandani, Prashant Ubarhande, Mohit Pathak
The purpose of this study is to identify the enablers of financial well-being among urban households. Once these enablers are identified, the authors aim to develop a framework to explore their positioning and prepare a hierarchical structure of the enablers of financial well-being in the overall financial status of urban households in India. The present study explores what the enablers of urban households’ financial well-being in India are and what the hierarchical framework is for those enablers. Data were collected from 59 people who were heads of families making financial decisions in different parts of India. The authors identified 11 unique enablers from the literature. Interpretive Structural Modelling (ISM) is used to identify the hierarchical structure of the enablers of financial well-being. This study generated six levels of enablers, and the lowest level of the model is education level (E1), which is a key enabler of financial well-being, and the topmost level is (E10), which is satisfaction in life. The model suggests that education level enables people to achieve life satisfaction by improving their financial well-being. This study fills the gap by identifying key enablers using the literature and arranging them into a hierarchical model using the ISM technique. This helps in extending the present literature as well as improving financial well-being.
2025-12-16
Ljiljan Veselinović, Jasmina Mangafić, Lejla Lazović-Pita
Due to an ongoing energy crisis and fluctuating energy prices, the prerequisites for maintaining optimal indoor environmental quality (IEQ), a critical determinant of productivity, cognitive performance, and overall well-being, have been significantly disrupted. This study focuses on examining determinants of thermal comfort, a subjective evaluation of the thermal environment and a key component of IEQ. Through a survey of employees and users of public buildings in Bosnia and Herzegovina, the research employs a four-stage regression analysis to identify the main predictors of thermal comfort. Although 71.33% of respondents report satisfaction with the heating system, only 43.13% find the heating to be adequate, with the optimal perceived temperature averaging 21.66°C. The results show that key factors influencing thermal comfort include thermal sensation, thermal memory, gender, and respondent type (employee versus user). These seminal results could offer valuable productivity and financial implications for energy savings, especially for budgetary policymakers aiming to reduce energy consumption as well as for public sector management and public institutions seeking to improve well-being and productivity.
2025-12-16
Joanna Rutecka-Góra, Sylwia Pieńkowska-Kamieniecka, Damian Walczak
The paper aims to present the retirement attitudes of individuals in Poland and Southeastern European countries. In our study, we have shown that many factors influence retirement decisions. These decisions are influenced by the state-guaranteed pension level and the individual's perception of this security, and individual retirement savings. Socio-demographic characteristics such as age and gender also play a crucial role in shaping these decisions. Firstly, our study shows that age has a statistically significant effect on stated attitudes towards the state pension. For each additional year of life, the odds of respondents stating that they will cover their expenses in old age by drawing a state pension increase by 4,4% (Poland) and 1% (Southeastern Europe). Secondly, respondents identified the state as the primary source of retirement security. This trend is observed in both Poland and other European countries. The data used in the article comes from national surveys conducted using the updated 2018 OECD/INFE Toolkit for measuring financial literacy and financial inclusion. The analyses in this article cover Poland and seven Southeastern European countries that participated in the OECD/INFE survey (Bulgaria, Croatia, Georgia, North Macedonia, Moldova, Montenegro, and Romania).
2025-10-01
Muge Saglam Bezgin, Selim Gungor
This study aims to understand how climate policy uncertainty affects investor behavior and whether it moves with stock markets in advanced economies. Accordingly, we examine data for January 2000-2023 for the stock market indices of Sweden, the United Kingdom, Germany, Norway, the Netherlands, and Finland, which have a ‘good’ CCP rating according to the MSCI classification and the climate policy uncertainty index. Furthermore, we apply two main methodologies: Wavelet Coherence Analysis and the Breitung and Candelon Frequency Causality Test. WCA shows the time-based co-movements between CPU and stock market indices and their effects on each other. We also consider the causality test to examine causality at various frequencies. The WCA results reveal a relationship between the CPU index and all markets except the Norwegian market. As a result of the causality, we conclude that there is a strong causality between the CPU index and the Finnish and Swedish stock markets in the short run, a strong causality between the CPU index and the Dutch market in the long run, and a weak causality between the CPU index and the German stock market in the short, medium and long run. Investors can develop strategies to mitigate risks and hedge volatility by monitoring exogenous factors such as CPU. Strategies such as quick-action stop-loss orders are recommended, especially for short-term CPU-affected markets such as the Swedish and Finnish stock markets.
2025-10-01
Petra Jilkova, Ladislava Knihova, Natalie Heroldova
This study examines the relationship between sustainability and the financial performance of European banks, focusing on their Return on Average Assets (ROAA) and Return on Average Equity (ROAE). Using panel regression analysis on data from 2018 to 2022, the findings reveal a negative correlation between sustainability factors and short-term profitability, suggesting that sustainability-related investments may initially lead to higher costs and lower returns. However, the results also indicate a potential association between sustainability engagement and long-term financial resilience, though the exact causal mechanisms remain subject to further research. The study contributes to the ongoing debate on the financial implications of sustainability in the banking sector and highlights the need for further econometric analysis to assess the long-term effects of sustainable investments.
2025-10-01
Tomas Podskubka, Lucie Jahodova, Josef Arlt
This study investigates whether the post-merger performance of companies in the Czech Republic exceeds their pre-merger performance. Employing the Czech-specific IN05 model and internationally recognized composite financial performance indicators (Altman Z-score, Taffler model, and Kralicek Quick Test), the research utilizes a comprehensive dataset of 1,077 companies involved in mergers. The analysis spans a decade, covering five years before and after the mergers conducted in 2016. Results indicate that while the financial condition of merging companies shows stagnation, successor companies demonstrate statistically significant improvements in key financial indicators, especially during the period from 2017 to 2021. This highlights the positive impact of mergers on financial performance, even amid external disruptions such as the COVID-19 pandemic. These findings contribute to understanding M&A dynamics in medium-sized, open economies within the EU, offering valuable insights for both academic research and practical applications in corporate strategy.
2025-10-01
Karolina Palimąka, Klaudia Wronka
The paper will discuss the problem of pensioner poverty in Poland, its elimination, as well as the question of the impact of social policy measures on the Sustainable Development Goals (SDGs) called ‘no poverty’. The purpose of the article is to assess the financial situation of pensioners in Poland, taking into account the impact of supplementary pension benefits (understood in the study as the thirteenth and fourteenth pensions) on the level of poverty among pensioners in the context of achieving the Sustainable Development Goals in Poland. The topic of pensioner poverty and its consequences is one of the aspects often overlooked in the discussion of sustainable development, where ‘poverty’ is simplified exclusively to a social issue, while it is an important aspect of economic development. To achieve the purpose of the study, the authors used statistical data describing the problem of poverty and changes in this area in the period 2010-2024 (where possible, a wider range of data has been provided to provide a more complete picture of the phenomenon), based on data from the Statistics Poland and the Social Insurance Institution (ZUS). The analyses carried out indicate a short-term positive impact on the proportion of poor pensioners in Poland, but at the same time little effectiveness of the benefits known as 13th and 14th pensions.
2025-10-01
Fergul Ozgun
The main objective of this study is to examine the relationship between globalization, financial development, human development and economic growth. The financial dimension of globalization, which is a multi-dimensional concept, is focused on, and the impact of financial globalization is investigated. The analysis was conducted in China. The KOF Globalization Index was used to represent financial globalization, the share of domestic loans given to the private sector in GDP was used to represent financial development, the Human Development Index was used to represent human development, and the GDP per capita value was used to represent economic growth. Because the stationarity levels of the variables were different from each other and there was a variable with I (2), the Toda-Yamamoto causality test was applied as a method. According to the results of the analysis covering the period 1990-2022, there is a causal relationship between the variables. There is bidirectional causality between financial globalization and economic growth. The causal relationship between human development and economic growth is also bi-directional. The causality relationship between financial development and economic growth is one-way, and the direction of causality is from economic growth to financial development. Economic growth should be encouraged to enhance financial development in China. Moreover, policies aimed at improving financial globalization and human development can be used to increase economic growth.