Economics and Business Review https://journals.ue.poznan.pl/ebr <p>The Economics and Business Review (earlier as the Poznan University of Economics Review) has been published by Poznań University of Economics and Business Press since 2001. The EBR provides a platform for academicians all over the world to share, discuss and integrate state-of-the-art economics and finance thinking with a special focus on emerging market economies.</p> <p>The EBR invites submissions of original and unpublished articles. The journal is published in English only, with a frequency of four issues yearly. Texts are double-blind reviewed.</p> <p>EBR is an open access journal. To submit, process and publish an article in Economics and Business Review authors are not required to pay any charge.</p> <p><strong>Impact Factor 2023: 1.2</strong> <strong>|</strong> <strong>CiteScore 2023: 1.4</strong></p> <p><strong>Thematic issue: Large language models in economics and finance</strong><br /><em>Economics and Business Review</em> currently invites submissions for a thematic issue on large language models. Please check the <a href="https://journals.ue.poznan.pl/ebr/announcement/view/14">call for papers</a>.</p> <p><em>The Economics and Business Review journal received a grant within the Development of Scientific Journals programme of the Minister of Education and Science of Poland. Years 2022-2024, contract no. RCN/SP/0242/2021/1, financing 73 200 PLN. The project aims to maintain and improve editorial standards, increase the reach and impact of the journal, and modernize the journal website.</em></p> Poznan University of Economics and Business Press en-US Economics and Business Review 2392-1641 Editorial Introduction https://journals.ue.poznan.pl/ebr/article/view/1613 Monika Banaszewska Joanna Lizińska Konrad Sobański Copyright (c) 2024 Monika Banaszewska, Joanna Lizińska, Konrad Sobański https://creativecommons.org/licenses/by/4.0 2024-07-08 2024-07-08 10 2 Proposal for a comprehensive retirement insurance solution (CRIS) to mitigate retirement risk based on theory of change https://journals.ue.poznan.pl/ebr/article/view/1008 <p>The aim of the paper is to propose a new comprehensive retirement insurance solution (CRIS) that, by offering appropriate modules, can be flexibly adapted to customers’ needs during the accumulation of funds and entitlements and during retirement. Technically, the product is life-insurance-based and includes insurance for sickness and incapacity, long-term care (LTC), work activation expenses, hospital stays, and tontine and Luxembourg policies. Due to consumers’ changing expectations and needs, the technical dimension of this solution is based on a three-layer insurance product in which individual parts of the protection are supplemented by several additional benefits (types of assistance) that improve the quality of life of insurance participants and allow the ongoing use of the product. </p> Krzysztof Łyskawa Kamila Bielawska Copyright (c) 2024 Kamila Bielawska, Krzysztof Łyskawa https://creativecommons.org/licenses/by/4.0 2024-07-04 2024-07-04 10 2 10.18559/ebr.2024.2.1008 Examining the performance of Shari’ah‑compliant versus conventional stock indexes: A comparative analysis pre-, during, and post-COVID-19 https://journals.ue.poznan.pl/ebr/article/view/1177 <p>This study aims to conduct an empirical comparative analysis of the performance of Shari’ah and conventional stock indexes during the period 2017–2023, which includes the COVID-19 pandemic. Additionally, it aims to investigate investors’ preferences and analyse the long-term relationship of these indexes, as well as exploring the potential diversification benefits. The research methodology incorporates stochastic dominance analysis, the VARMAX procedure, and Johansen’s co-integration approach. The data utilized consists of 31 conventional and 31 Islamic stock indexes, specifically from the FTSE, DJ, MSCI, and S&amp;P series.<br />The results show that there are no long-term co-integration links between 30 out of 31 pairs of Islamic and conventional indexes. While conventional indexes tend to outperform Islamic indexes, they also come with a higher risk. On the other hand, Islamic indexes are considered to be less risky, offering potential diversification opportunities that may be attractive for global portfolios, particularly during periods of financial distress.</p> Ahmad Abu-Alkheil Nizar Alsharari Walayet Khan Sara Ramzani Phungmayo Horam Copyright (c) 2024 Ahmad Abu-Alkheil, Nizar Alsharari, Walayet Khan, Sara Ramzani, Phungmayo Horam https://creativecommons.org/licenses/by/4.0 2024-06-07 2024-06-07 10 2 10.18559/ebr.2024.2.1177 Taxation of public pensions in European Union countries https://journals.ue.poznan.pl/ebr/article/view/1140 <p>The aging of society is one of the most important trends shaping the social, economic and political life of the 21st century. However, with the increasing number of people of retirement age, the problem of ensuring adequate conditions for a longer life arises. The state influences these conditions through the pension security system, including taxation of pensions. The paper attempts to answer the question whether taxation of remunerations and public pension benefits may have a significant impact on making decisions about choosing a country of work in the common market. For this purpose, Member States have been ranked in terms of two dimensions—the conditions of taxation of wages and the conditions of taxation of retirement benefits. </p> Maciej Cieślukowski Copyright (c) 2024 Maciej Cieślukowski https://creativecommons.org/licenses/by/4.0 2024-07-04 2024-07-04 10 2 10.18559/ebr.2024.2.1140 Labour productivity in Italian regions: A gravitational model approach https://journals.ue.poznan.pl/ebr/article/view/1027 <p>The aim of the paper is to assess the causes of spatial variations in labour productivity of Italian regions using the gravitational model of economic growth. The model is an extension of Robert Solow’s economic growth model. The model parameters are calibrated using historical data and numerical simulations of the long-run equilibrium states of the model are carried out. The scenarios considered in the paper vary in forecast investment rates, employment growth rates and urbanisation rates. </p> Katarzyna Filipowicz Oleksij Kelebaj Tomasz Tokarski Copyright (c) 2024 Oleksij Kelebaj, Katarzyna Filipowicz, Tomasz Tokarski https://creativecommons.org/licenses/by/4.0 2024-06-04 2024-06-04 10 2 10.18559/ebr.2024.2.1027 Personal bankruptcy prediction using machine learning techniques https://journals.ue.poznan.pl/ebr/article/view/1149 <p>It has become crucial to have an early prediction model that provides accurate assurance for users about the financial situation of consumers. Recent studies have focused on predicting corporate bankruptcies and credit defaults, not personal bankruptcies. Due to this situation, the present study fills the literature gap by comparing different machine learning algorithms to predict personal bankruptcy. The main objective of the study is to examine the usefulness of machine learning models such as SVM, random forest, AdaBoost, XGBoost, LightGBM, and CatBoost in forecasting personal bankruptcy. The study relies on two samples of households (learning and testing) from the Survey of Consumer Finances, which was conducted in the United States. Among the models estimated, LightGBM, CatBoost, and XGBoost showed the highest effectiveness. The most important variables used in the models are income, refusal to grant credit, delays in the repayment of liabilities, the revolving debt ratio, and the housing debt ratio.</p> Magdalena Brygała Tomasz Korol Copyright (c) 2024 Magdalena Brygała, Tomasz Korol https://creativecommons.org/licenses/by/4.0 2024-06-12 2024-06-12 10 2 10.18559/ebr.2024.2.1149 Enhancing garbage fee compliance: Insights from a Slovak municipality https://journals.ue.poznan.pl/ebr/article/view/1180 <p>Tax avoidance and tax evasion remain critical challenges for central or local governments and municipalities. This non-compliance also represents an ethical issue since individuals who benefit from publicly provided services do not contribute to their financing as they are legally required. The study aimed to test whether the use of behavioural interventions would reduce the number of non-payers of the garbage collection fee in the city of Hlohovec, Slovakia. The experiment was carried out by distributing leaflets to households with permanent residence in Hlohovec. The subjects of the experiment were randomly divided into three groups. Households in the control group (number of households is 1,718) did not receive any leaflets, households in the first intervention group (number of households is 1,721) received a leaflet containing a social norm, and households in the second intervention group (number of households is 1,625) received a leaflet containing a deterrent message. </p> Anetta Caplanova Eva Sirakovova Estera Szakadatova Copyright (c) 2024 Eva Sirakovova, Anetta Čaplánová, Estera Szakadatova https://creativecommons.org/licenses/by/4.0 2024-07-04 2024-07-04 10 2 10.18559/ebr.2024.2.1180 Growth prospects for the silver economy in the market segment of residential care services provided to dependent elderly people https://journals.ue.poznan.pl/ebr/article/view/1255 <p>The aim of this study is to characterise the determinants of the development of the silver economy in the field of care services provided in a residential form for dependent elderly persons in Poland. The analysis was carried out on the basis of statistical and financial background data, including those from the Ministry of Family and Social Affairs, the Ministry of Health, OECD, etc. Although the demand for care services will continue to grow in the coming years, the following barriers to the development of this segment of the silver economy can be identified: lack of employees, unattractiveness of monetary gratification, inefficient financing mechanisms, lack of public investment in the development of care facilities, and increasing costs of providing services in all forms.</p> Rafał Iwański Copyright (c) 2024 Rafał Iwański https://creativecommons.org/licenses/by/4.0 2024-06-07 2024-06-07 10 2 10.18559/ebr.2024.2.1255