Low Share Research Articles

The effects of a disability employment quota when compliance is cheaper than defiance

AbstractThis paper evaluates the effects of the Hungarian disability employment quota, which requires firms over a size threshold to employ individuals with disabilities or pay a non‐compliance tax. In 2010, the tax was raised from very low levels to 170% of the minimum wage cost associated with meeting the quota. We employ a regression discontinuity design on firm‐level data to estimate the effects of the policy and provide a lower‐bound estimate to account for the potential bias resulting from firms bunching below the threshold. Firms respond to the quota by hiring 0.24–0.29 additional workers with disabilities, with a lower bound estimate of 0.12–0.17. However, about two‐thirds of the quota is not fulfilled, which is puzzling as the tax is higher than the minimum wage cost of a worker with disabilities. Our model shows that high hiring costs associated with employing individuals with disabilities might be an important factor behind this anomaly. We test this hypothesis by showing that the effect is weaker in regions with a low share of individuals with disabilities, implying that without adequate policies targeting the removal of supply‐side barriers to the employment of people with disabilities, even strong demand‐side financial incentives cannot achieve their goals.

Analysis of Body Fluid Distribution, Phase Angle and Its Association With Maximal Oxygen Consumption in Facioscapulohumeral Dystrophy: An Observational Study.

Body composition parameters associated with aerobic fitness, mirrored by maximal oxygen consumption (V̇O2max), have recently gained interest as indicators of physical efficiency in facioscapulohumeral dystrophy (FSHD). Bioimpedance analysis (BIA) allows a noninvasive and repeatable estimate of body composition but is based on the use of predictive equations which, if used in cohorts with different characteristics from those for which the equation was originally formulated, could give biased results. Instead, the phase angle (PhA), a BIA raw bioelectrical parameter reflecting body fluids distribution, could provide reliable data for such analysis. 33 clinically and genetically characterized FSHD patients (mean age 35.7; 10 females) and 27 sex and age-matched healthy controls (HC) were included in the analysis. BIA was used to evaluate body fluids distribution (intracellular water [ICW], extracellular water [ECW], and total body water [TBW]), and PhA, while cardiopulmonary exercise test was used to estimate V̇O2max. The groups were comparable for ECW and TBW. Instead, patients showed lower values of ICW (p = 0.020), ICW/ECW ratio (p < 0.001), and PhA (p < 0.001). Moreover, patients reported lower V̇O2max (p = 0.001 for absolute values; p = 0.002 for values expressed in relation to body weight) which, unlike HC, was not associated to PhA. Based on our results, PhA of FSHD patients is lower than HC. Since PhA mirrors the ICW/ECW ratio, the lower share of ICW seems to be the basis of such difference. Given the lack of association with V̇O2max, PhA cannot be considered a reliable indicator of aerobic fitness in FSHD.

THE RELATIONSHIP BETWEEN DEBT POLICY AND ECONOMIC STABILITY

The article examines the impact of Ukraine's debt policy on economic stability, considering both the positive and negative effects of public debt. Focus is placed on the use of public debt as a tool for financing budgetary needs and supporting macroeconomic stability, as well as on the risks associated with debt servicing. Using empirical data and an econometric model, the relationship between public debt, inflation, exchange rate, and unemployment is analyzed. It is important to note that for countries with transition economies, such as Ukraine, which are highly vulnerable to economic and political shocks, debt policy holds particular significance, as it impacts the state’s ability to ensure economic stability amid political and economic uncertainty. The study is based on a comprehensive approach that includes econometric modeling and panel data analysis from 2000 to 2023. Data from the National Bank of Ukraine, the Ministry of Finance of Ukraine, and the World Bank were used. A regression model was formulated, which includes key macroeconomic indicators to determine the impact of public debt on economic stability. The influence of public debt on macroeconomic indicators and the dependence on external borrowing were identified. A comparison with Poland and the Czech Republic shows that a low share of external debt and the development of the domestic bond market contribute to a more stable economy. This underscores the need to reduce the share of external financing for Ukraine. The results highlight the importance of a structured debt policy to ensure the stability of the national economy. The study shows that Ukraine’s debt policy significantly affects economic stability through its relationship with indicators such as inflation, exchange rate, and GDP. Reducing the share of external debt and developing domestic financial instruments may contribute to Ukraine’s economic stability. It is proposed to develop a long-term strategy for state debt management to ensure economic stability; reduce dependence on external financing by developing internal sources to finance economic processes; optimize the debt structure by attracting long-term borrowings on the domestic market; strengthen the institutional framework for debt management, which will ensure transparency and efficiency in managing public finances.

Housing cost overburden and population health: cross-country evidence from Europe before the pandemic

ABSTRACT The recent surge in housing prices across Europe has placed a considerable financial burden on families, with potential effects across multiple dimensions, including health. This study investigates the relationship between housing cost overburden and self-assessed health status and premature mortality across 26 European Union countries between 2011 and 2019, before the pandemic. We estimate a general health production function using a generalised least squares regression with both robust and Driscoll – Kraay standard errors. We conduct a quantile regression via the method of moments to provide additional insights into the relationship between health and housing cost overburden along the distribution of health variables. Controlling for socio-demographic and economic country profiles, our results confirm that housing cost overburden is associated with worse health status. The association with premature mortality appears to be stronger in countries with lower rates of premature mortality or with a lower share of people reporting lower health status, suggesting that housing cost overburden is an important health determinant. In these well-performing countries, even modest improvements in addressing the housing cost burden may contribute to improve health outcomes.

The Shadow Sector of Bulgarian Economy: Assessments and Perceptions of Business Representatives

The aim of the study is to identify the key problem areas that define the boundaries of the “shadow economy” in Bulgaria using data from a questionnaire survey conducted at the end of 2023 among 335 business representatives in Bulgaria. A range of sectors like construction, hotels, restaurants and tourism significantly contribute to the country’s economy but are characterized by unregulated practices – e.g. failure to issue invoices or receipts, employing workers under contracts with “hidden clauses”, underreporting revenues or profits to evade taxes – according to the assessment of survey participants. The analysis shows a significant concentration of these practices in micro and small enterprises, which are less regulated. In contrast to expectations, large enterprises with over 250 employees maintain a low share of the “shadow economy”, likely due to stricter regulations and control. According to the business community, the key measures that need to be rigorously enforced include limiting corruption, increasing the efficiency of the judicial system, introducing more effective business incentives, improving the quality of administrative procedures, and reducing the influence of organized crime. This is essential for creating a more transparent and competitive economic environment in Bulgaria, benefiting both small and large businesses.

A study of the dynamics of economic stability of West Kazakhstan’s regions and recommendations for its improvement

The economic development of the West Kazakhstan’s regions, despite their significant contribution to the country’s gross regional product, is subject to various risks. To identify the main risks of economic sustainability and justify measures to overcome them, it is necessary to study the dynamics of economic indicators in these regions. The purpose of the article was to study the dynamics of economic stability of the West Kazakhstan’s regions and develop recommendations for its improvement. To achieve the goal, the following tasks were solved: to analyze the dynamics of economic stability based on the main economic indicators, which characterize the scale of the regional economy, its structure, investment volume, research and development work; to identify the risks of achieving economic stability; to determine measures to overcome these risks. The hypothesis was the assumption that achieving economic sustainability for the development of the West Kazakhstan's regions is difficult due to imbalances in their economic structure. The methods of logical, economic and statistical analysis, analogies, comparisons, a systematic approach, generalizations are used. The result of the analysis was the identification of the main risks to the economic stability of the West Kazakhstan’s regions, including the raw material nature of the economy, the low share of the manufacturing industry, insufficient budget provision, and the high vulnerability of the regions to natural disasters. Recommendations were developed to offset the negative impact of the identified risks and increase economic stability in West Kazakhstan’s regions.

Hospital system market share and commercial prices: a cross-sectional approach using price transparency data

BackgroundThe goal of this study is to estimate the association between hospital system market share and negotiated prices.Hospital system consolidation has led to many highly concentrated markets where systems can leverage their market share to negotiate higher commercial prices. Recently, the Centers for Medicare & Medicaid Services, under its Transparency in Coverage initiative, required health insurers to release all negotiated commercial prices, providing, for the first time, publicly available, nationally representative data on commercial rates. We utilize this newly available data on negotiated prices of healthcare services to show that a hospital with 10% higher market share charges 880-1,180 more per admission.Study designWe used commercial price data for national networks of three large, national insurers and performed a linear regression based on more than 1.3 million negotiated rates across 1,784 hospitals to estimate the association between a hospital’s system-level market share and commercial negotiated rates, adjusting for service (DRG), health system, and area level time-invariant characteristics.ResultsWe find that a one percentage point increase in hospital system market share is associated with an $88 to $118 higher negotiated rate per admission. All else equal, a hospital that is part of a system with a 10-percentage point higher market share can expect from $880 to $1,180 more per admission relative to a hospital with lower system market share (5.4% to 6.2% of the median price).ConclusionThese findings confirm that higher hospital system market share is strongly associated with higher commercial negotiated prices and should aid policymakers and decisionmakers in assessing the impact of various policy options aimed at reducing provider consolidation in the healthcare market.Trial registrationNot applicable.

Trajectories of work ability and associated work unit characteristics from pre-COVID to post-COVID pandemic period

ObjectivesTo identify trajectories of work ability from pre-COVID to post-COVID-19 pandemic period and to examine work unit characteristics associated with these trajectories.MethodsThe study population was a cohort of Finnish public...

Товарна структура експорту: обґрунтування засад і наслідків її формування для України в умовах глобальних викликів

The work investigates the commodity structure of exports, substantiates the principles and consequences of its formation, and identifies ways for Ukraine to transform its export policy in the face of global challenges. Porter's model, the theory of the "technological gap", "Center and Periphery", the paradigm of "flying geese", etc. are considered in substantiating the principles of forming the commodity structure of exports. Having analyzed statistical data on the state and structure of the commodity structure of exports in Ukraine, it was established both the negative consequences of a low level of "economic complexity" (we give a model), Dutch disease (model), "impoverished growth" (dependence of GDP on world prices, bad impact on GDP due to a low share of added value), and which types of economic activity are the most attractive for exports and require investment in innovative technologies. The predicted values of the volume of exports of goods and services are calculated and their values are obtained. The results obtained indicate a significant improvement in export activity indicators.

Managing financial investments in supply chain networks: The roles of network power and control

The financialization of firms refers to the phenomenon of non-financial firms increasingly engaging in financial activities rather than traditional production and operational investments. In today's competitive and complex supply chain networks (SCNs), firms do not operate in isolation but heavily rely on their partners. This interdependence may shape their investment behaviours. However, the mechanism of how the network structure affects the financialization of firms in SCNs is yet unclear. Therefore, this study draws on the resource dependence theory to investigate the role of network structure—encompassing network power and control—in shaping corporate financialization in SCNs. We construct SCNs for the focal firms in a sample of 2307 Chinese listed enterprises from 2009 to 2021 and find significantly negative relationships between corporate financialization and both network power and control. This may be because network power and control diminish enterprises' precautionary saving and speculative motivations through financing and information channels. Moreover, their effect on corporate financialization was found to be more pronounced for non-state-owned enterprises (non-SOEs) and firms with low market share, high customer concentration, and distant supply chain geographic proximity. Furthermore, our results indicate that enterprises exhibiting greater network power and control in SCNs tend to reduce their financial investments, which benefits their innovation and total factor productivity. By exploring the factors that influence corporate financialization through a network lens, this study offers valuable insight into the issues regarding financialization, thus promoting the sustainable development of firms and the development of countries' real economies.

The impact of digital economy on energy rebound effect in China: A stochastic energy demand frontier approach

The energy rebound effect threatens to realize the energy-saving effect of energy efficiency measures. The effect of the development of the digital economy on the energy rebound effect is still being determined. This paper is based on the panel data of 30 provinces in China from 2011 to 2021. A stochastic frontier model of energy demand is built to examine the influence of the digital economy on the energy rebound effect. The findings are as follows: (1) Digital economy significantly promotes the energy rebound effect. The average energy rebound impact is calculated to be 55.1%. (2) Urbanization strengthens the positive effect of the digital economy on the rebound effect. (3) Different provinces experience the rebound effect differently due to the digital economy. The digital economy has a more significant role in fostering the rebound effect in places with higher R&D intensity, lower coal share, and higher secondary sector share. This study argues that we should deepen the reform of energy prices, promote sophisticated energy-saving technology development, and promote energy structure transformation while expanding the digital economy to mitigate the negative impact of the rebound effect effectively.

Financing Challenges of the Agriculture: A Comprehensive Sectoral and Company-Level Financial Analysis for Türkiye

In this study, a financial analysis was conducted on the agricultural sector of Türkiye—which has a disproportionately low share in the real sector and stock market relative to its added value—as well as on a selected listed company within the sector for the period 2016-2022. The findings indicate that the sector’s reliance on short-term borrowing to meet its external financing needs arising from low asset turnover and profitability increases financial risk and weakens both liquidity and profitability. The company chosen for the analysis managed to reduce borrowing costs and improve profitability through a strong financial structure and agricultural incentives. Despite structural and financial challenges, the sector offers growth and profit opportunities for companies with robust financial foundations.

Novel approaches in developing sustainable and cost-effective semi-active suspension systems for smart vehicles—A review

The dynamic evolution of automotive technology necessitates integrating intelligent systems in suspension systems to enhance vehicle dynamic performance and environmental sustainability. The major challenge in the vehicle suspension design is to achieve an optimum tradeoff between riding comfort and ground holding with the available rattle space. Semi-active suspension systems (SASSs), which meet these requirements more effectively than passive and active systems, have gained prominence for their potential. Different SA control strategies and dampers have been developed to enhance dynamic performance. The optimal control strategies and design parameters improve the responsiveness of SASSs in the vehicle dynamic performance. The algorithms attempt to avail the full potential of various dampers controlled electronically. The accurate representation of nonlinearities in mathematical modeling with noise mitigation enhances the practical implementation of novel controllers in SASSs. This review investigates the forefront of research and development in SASSs, focusing on innovative strategies to make these systems more sustainable, adaptive, and cost-effective for smart vehicles. Semi-active magnetorheological dampers have more commercial applications than other dampers, but the high cost makes them unaffordable for economical cars. Several researchers have attempted to develop inexpensive, high-performance dampers that can vary damping coefficients precisely for different road conditions. Real-time energy harvesting-based dampers for sustainable electric mobility are under development. Commercially available SASSs are less expensive than active suspensions but they have limited applications than passive suspensions. The low market share of existing SASSs and their regenerative inability are the major drawbacks in making it a sustainable suspension system. The novel strategies attempted to develop an effective smart suspension system and its limitations are discussed in this review. The next generation of SASSs that aligns with the global drive towards smarter, greener, and economical vehicles is identified.

A Monte Carlo Approach for Simulating Electrical Conductivity in Highly Porous Ceramic Composites: Impact of Internal Structure.

Porous ceramic composites play an important role in several applications. This is due to their unique properties resulting from a combination of various materials. Determination of the composite properties and structure is crucial for their further development and optimization. However, composite analysis often requires complex, expensive, and time-demanding experimental work. Mathematical modeling represents an effective tool to substitute experimental approach. The present study employs a Monte Carlo 3D equivalent electronic circuit network model developed to analyze a highly porous composite on the basis of minimum easily obtainable input parameters. Solid oxide cell electrodes were used as a model example, and this study focuses primarily on materials with a porosity of 55% and higher, characterized by deviation of behavior from those of lower void fraction share. This task is approached by adding to the original Monte Carlo model an additional parameter defining the void phase coalescence phenomenon. The enhanced model accurately simulates electrical conductivity for experimental samples of up to 75% porosity. Using sample composition, single-phase properties, and experimentally determined conductivity, this model allows us to estimate data of the internal structure of the material. This approach offers a rapid and cost-effective method to study material microstructure, providing insights into properties, such as electrical conductivity and heat conductivity. The present research thus contributes to advancing predictive capabilities in understanding and optimizing the performance of composite materials with potential in various technological applications.

Directors appointed by non-state shareholders and stock price synchronicity: Evidence from Chinese SOEs

Do non-state shareholders who are given more boardroom "voice" inhibit stock price synchronicity? Utilizing panel data for Chinese enterprises spanning 2007–2021, we explore the impact of directors appointed by foreign shareholders and non-foreign shareholders on stock price synchronicity. Our findings indicate that directors appointed by non-state shareholders are negatively related to stock price synchronicity. Compared with directors appointed by non-foreign shareholders, directors appointed by foreign shareholders exert more effective governance effects and reduce stock price synchronicity. Compared with directors appointed by non-foreign shareholders, directors appointed by foreign shareholders exert a more effective information effect, resulting in lower share price synchronicity. Heterogeneous analyses reveal that this impact is more pronounced in non-multinational enterprises, and enterprises with foreign directors. Furthermore, directors appointed by non-state shareholders reduce stock price synchronicity mainly through the information effect.

Energy transition, institutional quality, and financial development in Africa

This study examines the influence of institutional quality and financial sector size on driving renewable energy (RE) development using a sample of 31 African countries. We first employ a nonparametric trending panel data model that allows us to capture the gradual process of RE transition. The estimated common trend function reveals a steady increase in the share of RE from 2002 to 2019. Although fossil fuels dominate the energy structure in some African countries, a shift toward low-carbon sources is emerging, becoming increasingly significant in the energy mix. In the next step, we apply recent panel quantile regression techniques to model the heterogeneous and asymmetric relationships between RE and its main determinants. We find that institutional quality has a prominent influence on advancing the low-carbon transition, with significant positive effects across almost all conditional quantiles of the RE distribution. However, financial sector size seems to be important only for countries with a lower share of RE. Our results also confirm the asymmetric impact of income growth, which is negative in the lower quantiles but positive in the upper tail of the conditional distribution. From a policy perspective, governance factors, including the quality of policy formulation and implementation, have a critical role in promoting clean energy initiatives in Africa.

Rheological, Thermal and Physicochemical Properties of Bioprocessed Flour From Cowpea, Sorghum and Orange Fleshed Sweet Potato

ABSTRACTThis study investigated the rheological, physicochemical, and thermal properties of fermented and germinated whole reddish‐brown cowpea, white sorghum and orange‐fleshed sweet potato. Germination substantially reduced the pasting and rheological attributes of flour suspensions compared to the fermentation process. This study observed notable increases in the hot paste, setback, and final viscosities after the fermentation of cowpea and sorghum, indicating an improvement in the ease of cooking and greater retrogradation tendency of starch molecules. Among the fermented flours, sorghum had the highest hot paste viscosity (848 mPa s) and final viscosity (1451 mPa s). The mechanical fingerprint revealed a viscoelastic solid character, with G′ &gt; G″ over the frequency range of 0–10 rad/s for all samples. Temperature sweep data showed a sharp increase in G′ at about 80°C, corresponding to the onset of starch gelatinization. Shear‐thinning behavior was observed, except in germinated and raw sorghum flours, where molecular rearrangement resulted in an initial viscosity rise at a low share rate (&lt; 20 s−1). Differential scanning calorimetric analysis revealed a marginal variation in the peak transition temperature of gelatinization (98°C–104°C for all flours except raw sorghum flour, 83.87°C). The fermented sweet potato flour indicated good flour particle flowability expressed as Carr's compressibility index (30.99) and the Hausner ratio (1.45); however, the available reducing sugars could have influenced its high percentage solubility (49.83%), thus impacting low pasting viscosities. The contrasting technological features suggest an avenue to intensify efforts in exploring composite bioprocessed flours for applications in novel foods.

Informality and Female Labor Income Share

This paper presents original evidence to enhance understanding of the nexus between the informal sector and the economic well-being of women. Women encountering substantial obstacles in accessing formal employment opportunities tend to gravitate towards informal sector employment, which is characterized by lower productivity, lower wages, restricted access to credit and training, and an absence of social security coverage. Using two novel datasets of the size of the informal economy and female labor income share of 148 countries for the period 1991-2018, we show that while informality is associated with lower female labor income share in general, the results vary significantly with respect to countries with different income groups and development level. While there is not generally a significant and consistent association in high-income countries, the correlation is significantly negative in low-income countries and positive in middle-income ones.

АНАЛИЗ ОБЪЕМА ПРОДАЖ КОМБИНИРОВАННЫХ ПРЕПАРАТОВ ДЛЯ СИМПТОМАТИЧЕСКОЙ ТЕРАПИИ ОСТРЫХ РЕСПИРАТОРНЫХ ВИРУСНЫХ ИНФЕКЦИЙ И ПРОРАБОТКА АССОРТИМЕНТА АНТИГРИППИНА НА ПРИМЕРЕ АПТЕКИ ГОРОДА КАЗАНИ

There is strong competition between pharmacy providers. The abundance of advertising allows the public to be relatively informed in the variety of medicines offered by suppliers. All of the above, including high rent for inventory storage space, emphasizes the problem of the need for rational assortment formation. Only a properly created assortment of goods will allow the pharmacy to compete in the eyes of consumers, not to lose regular customers and to acquire new ones. With effective management of the product assortment can increase the income of the pharmacy due to the lack of unsatisfied demand. It is also possible to reduce the number of sales lost due to lack of goods, to accelerate the turnover of goods, to reduce the cost of storing medicines. Currently, there is a variety of combination medicines offered by suppliers to combat several symptoms of acute respiratory viral infections. The article presents the results of ABC-analysis, XYZ-analysis and their combination on the example of the assortment of dosage forms of antigrippin of the pharmacy of the state network of the city of Kazan. The distribution of antigrippin assortment into groups is shown and recommendations on the strategy of the pharmacy manager in relation to each of the groups are offered. The fact that these are seasonally consumed commodities with medium forecasting capabilities makes it difficult to plan the procurement of combination medicines to control several symptoms of acute respiratory viral infections. After combining the results of ABC XYZ analysis, it was found that antigrippin pharmacy-made antigrippin and antigrippin effervescent tablets are commodity items with a low share of turnover and number of sales units. They showed a medium degree of forecast reliability due to unstable demand. Antigrippin express powder, antigrippin - ANVI capsules and Vicks Antigripp Max powder made up the majority of the assortment, a small share of the turnover of antigrippin dosage forms and the number of sales units. These products showed low forecast reliability due to non-constant demand and generated little profit. This could be due to the fact that the consumer did not have sufficient information about these products.

Rule of law, economic structure and development

AbstractIf rule of law encourages relationship‐specific investments, then industries that use intermediates which require relationship‐specific investments should have a disproportionately low share of output or labour in countries where rule of law is weak. We find robust support for this prediction using data on industry composition for 189 countries. Using a standard preference framework to construct model‐implied income values from the estimated coefficients, we find that the interaction between relationship specificity and rule of law may be an economically significant determinant of aggregate outcomes through its influence on productivity and economic structure.