University of Economics in Bratislava

In a globalized, knowledge-driven economy, the quality of higher education is a pivotal contributor to socio-economic advancement, yet its assessment remains complex due to its inherent subjectivity and multifaceted nature. This study presents an innovative methodological approach for evaluating the quality of higher education within the knowledge economy framework, utilizing the context-input-process-output (CIPO) model, exploratory factor analysis, and stochastic frontier analysis. The input indicators include financial resources (government spending per student, direct public funding for a student, share of capital/current expenditures, compensation to the teaching/nonteaching staff), human resources (student–teacher ratio, share of enrollment in higher education, number of teachers), and expected duration of higher education. The output indicators include the general level of graduation from first-degree programs and level of education, at least completed short-cycle higher education. Indicators of economic (GDP per capita) and social (employment rate and Gini index) development of the country were chosen as context parameters. Conducting a comparative analysis across 36 European countries from 2001 to 2017 available data, the authors identified integrated factors for input and output parameters, as well as context parameters characterizing the quality of higher education. Then we categorize national higher education systems into five distinct quality levels: very low, low, satisfactory, high, and very high. This classification enables us to dissect and understand the challenges faced by countries at the lower end of the quality spectrum and propose strategic solutions informed by the best practices of the leading nations. Our findings offer critical insights into optimizing higher education quality to enhance competitive advantages for educational institutions, improve employment prospects and living standards for students, secure a more qualified workforce for employers, and spur economic growth and productivity at the national level. This comprehensive assessment underscores the role of quality education as a cornerstone of the knowledge economy, driving innovation, economic development, and societal progress.

The aim of this study is to investigate the role of government interventions in lowering income inequality in post-communist economies of Central and Eastern Europe (CEE). The focus is set on three key policy instruments: progressive income taxation, social transfers, and minimum wage regulations. We use the Gini coefficient for market income and the Gini coefficient for disposable income to quantify income inequality in observed economies and to estimate how government policies tend to create differences between these two measures. We use open panel data from period 2012–2021 to determine the latest effects of these policies in the post-communist CEE economies. The main finding is the positive role of progressive income taxation, which significantly lowers the Gini coefficient for disposable income, effectively lowering income inequality in observed economies.

The study focuses on the effects of the COVID-19 pandemic on the economy and foreign direct investments in the European Union countries. Using data envelopment analysis constant and variable returns to scale models, and the Malmquist productivity index, we measured the efficiency of economic resource utilization concerning foreign direct investments and gross domestic product. These efficiencies were assessed in 2019, before the full outbreak of COVID-19, and in 2020, when uncertainty and the consequences of the pandemic were most pronounced. Despite the challenges posed by the pandemic, the European Union displayed economic resilience in the first year, with no significant reduction in foreign direct investment efficiency. Lower-income European Union countries saw an increase in foreign direct investment efficiency, attributing this to positive changes in managerial efficiency. This suggests that decisions made by authorities positively impacted foreign direct investment flows in economically less developed European Union regions despite restrictive measures and market uncertainties.

In recent years, a small number of studies have emphasized that subjective well-being of individuals depends not only on income but also consumption and wealth. However, only a few have examined the influence of all three variables simultaneously. Empirical studies have also analyzed the role of self-centered and community-centered inequalities but the inclusion of both measures in the same specification is scarce. In a departure from much of the existing literature, this paper analyzes concurrently the influence of all three economic well-being indicators and both types of inequalities on subjective well-being. We find that absolute levels of income, consumption and wealth all have a significant positive effect that remains robust even after the inclusion of self-centered and community-centered inequalities in the regression equations. The evidence indicates that both types of inequalities are important considerations for subjective well-being, but with different influences. Self-centered inequality measured using reference group average has a positive signaling effect, while inequality defined by the position of an individual within the distribution of the relevant economic well-being indicator has a negative comparison effect. Whereas community-centered inequality in income has a positive signaling effect, consumption and wealth inequalities have a negative comparison effect.

The logistics and transport sector has experienced unprecedented growth over the past decade. It is one of the most dynamically developing business sectors. The unexpected pandemic crisis had a severe impact on the business activities of various entities, significantly affecting not only the existence of business entities but also their business success. The goal of the present research was to examine the emergence and impact of COVID-19, with a particular focus on the logistics sector, primarily transport activities. The study is addressing freight transport in Hungary, using a questionnaire survey that included the participation of 312 business entities. Data processing was conducted uisng SPSS statistical software as a quantitative method. Based on the research results, the authors recommend the implementation of innovations and green logistics practices to ensure sustainable business activities within this sector. Based on the findings, it can be stated that the more diverse a company’s activities are, and the faster it can respond to economic challenges, the smaller the losses it will incur.

In spite of turbulent urbanisation in Slovakia we assume that the 21st century is also a period of differences in value criteria of people living in rural and urban areas. The level of urbanisation, i.e. inhabitant movement from the countryside to towns and the level of suburbanisation, i.e. inhabitant movement from towns to the countryside, are essential urbanisation processes that must be in the centre of our attention in order to understand the individual behaviour in our society more effectively. School and education plays a key role in life of almost all people. This environment affects pupils as well as teachers. Teachers are significant members of the society and influence its further development. Teaching strategies, organisation and management of classroom activities, the use of activation procedures and effective tools for the assessment of educational progress depend greatly on teachers that must be prepared professionally with appropriate qualification. In the paper we deal with the issue of motivational differences of teachers at primary schools (sampling unit consists of 2151 teachers) in Slovakia due to work location (countryside-town). Result of the research, despite small significant differences, is the statement that unified motivation programme for primary school staff can be created.

Problem definition: The asymmetric pull-to-center effect for newsvendors is a robust finding in operations, and understanding why newsvendors make suboptimal decisions is key for identifying ways to improve decision-making quality in this critical task. Although prior studies have indicated that experience does not substantially mitigate the pull-to-center effect, the experience levels achieved in those previous studies are limited in comparison with the experience level that a near-continuous time environment can provide. Methodology/results: We conduct a set of laboratory experiments using a near-continuous time environment to determine the effect that extensive experience has on newsvendor behavior and the extent to which resultant learning is transferable across conditions. Observed behavior clearly demonstrates that the pull-to-center effect is substantially reduced, if not eliminated, with sufficient experience and that this learning can have positive spillovers to more traditional settings. Further, the experiments suggest that it is the repeated feedback regarding a given inventory decision rather than the ability to explore many strategies that drives improved decision making. Managerial implications: Experience can mitigate the pull-to-center effect, and near-continuous time environments can be an effective training tool for gaining such experience. Funding: This work was supported by the Ministerstvo školstva, vedy, výskumu a športu Slovenskej republiky [Grants VEGA 1/0660/23 and VEGA 1/0721/24] and the Slovak Research and Development Agency [Grant APVV-19-0573]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/msom.2021.0439 .

This study examines corporate strategy development through the lens of military strategic practices, highlighting the parallels between military and business approaches. It draws on data from a survey conducted among experienced Czech managers and management students, analysing their use of strategic tools, data preferences, and operational methodologies. Advanced statistical techniques, including Principal Component Analysis (PCA) and cluster analysis, reveal differences in the emphasis placed on macroeconomic indicators and internal processes by managers versus the preference for tools like SWOT and PESTLE among students. Key findings underscore the significance of protecting competitive intelligence and adopting adaptive methodologies to enhance decision-making. The study bridges theory and practice, offering practical recommendations for integrating military-inspired strategies into business education and corporate frameworks.

Considering Ukraine’s corruption scandals at all levels of public governance, combating corruption and enhancing transparency have become a pivotal factor in maintaining the trust of Ukrainian citizens and foreign partners in central and local authorities. It is also an essential prerequisite for Ukraine’s prospective membership in the EU and the allocation of financial assistance from external donors. The study aims to examine how transparency in local governance influences the level of corruption in regional cities of Ukraine. The paper examines how transparency in local authorities relates to different types of corruption, including bribery within municipal services, healthcare, and other public sectors. Utilizing panel data from 24 Ukrainian cities collected between 2017 and 2020 (all-Ukrainian sociological municipal survey and project ‘Transparent, Financially Sound and Competitive Local Governments in Ukraine’), the study employs both random and fixed-effects panel regression analyses to assess the impact of various governance indicators on corruption levels across different sectors, including municipal services, healthcare, and education. The findings suggest that higher transparency of the local authorities is generally associated with lower levels of bribery in the housing and communal services sector (estimation coefficient = –0.204226), in registration and licensing institutions (–0.5353756), in healthcare institutions (–0.2032171), and experience of bribing local authorities (–0.2505674). The analysis concludes that enhancing transparency may significantly reduce corrupt practices within local government operations, thereby strengthening public trust and bringing Ukraine closer to meeting European Union standards. AcknowledgmentSerhiy Lyeonov, Serhii Drozd, and Yaroslаv Reshetniak thank the project 0123U101945 “National security of Ukraine through prevention of financial fraud and money laundering: war and post-war challenges” for carrying out their part of this research. This study was funded by the European Union grant “NextGenerationEU through the Recovery and Resilience Plan for Slovakia” (No. 09I03-03-V01-00130) and project VEGA – 1/0392/23 “Changes in the approach to the creation of companies’ distribution management concepts influenced by the effects of social and economic crises caused by the global pandemic and increased security risks.”

The structure of the higher education market in 2012–2021 in 38 European countries was analyzed using concentration levels and Herfindahl-Hirschman indices based on the number of higher education institutions and their share in the QS World University Rankings, and the number of students. This market in 2021 has a low concentration: the 3 countries with the largest number of higher education institutions (Germany, Ukraine, France) covered about 36% of the market in total; the 3 countries with the largest number of universities in the QS (United Kingdom, Germany, Italy) – 5%; the 3 countries with the largest number of students (Germany, France, United Kingdom) – 37%; and the 3 countries with the largest number of foreign students (United Kingdom, Germany, France) – 5%. Using parametric and non-parametric comparison tests, it was found that although the number of higher education institutions and students does not generally depend on the population’s income level, the number of universities ranked in the QS and foreign students does. The correlation analysis revealed that GDP and GNI, population, and separately the employment and unemployment rates (for ranked universities and foreign students) are important factors that determine the uneven structure of the higher education market. The identified factors formed the basis for clustering countries using Ward’s hierarchical method, which revealed the clear existence of 3 clusters: the smallest of them accumulates the 4 largest European economies with the most ranked universities; the largest (24 countries) is quite diverse, which indicates relatively equal opportunities in the market and its unification. Acknowledgment Tetiana Vasylieva and Artem Artyukhov thank project 0122U000772, and Nadiia Artyukhova thanks project 0124U000545 for carrying out their part of this research.

Premature deindustrialization is a critical challenge for developing countries, particularly in Latin America, where manufacturing employment lags behind that of earlier industrialized nations. This study examines the different experiences of Argentina, Brazil, and Mexico, shedding light on the different trajectories of deindustrialization within these countries. We use a multiregional subsystem approach to examine whether the observed decline in manufacturing within these economies represents premature deindustrialization. Argentina’s manufacturing subsystem shows a clear shift toward low-tech employment, with an increasing dominance of low- and medium-low-tech industries, undermining the potential for higher-value-added manufacturing. Brazil, on the other hand, faces the most severe deindustrialization, characterized by a growing reliance on low-tech manufacturing and low-knowledge-intensive services, exacerbating its economic challenges. While Mexico has avoided the worst effects of premature deindustrialization, it still faces problems related to productivity differentials across sectors, suggesting that even high-tech industries may be shifting to lower-value tasks.

The article deals with the study of the existence of a fundamental system of solutions to the differential equations: ( D ² − 2 Dα + α ² + β ² ) y = 0, ( D ² − 2 Dα + α ² − β ² ) y = 0, which are created using higher derivatives of the appropriate functions which are solutions to these equations. Special attention is paid to the solution of the generalized Cauchy problem with initial conditions.

The study aims to assess the state of Ukraine’s foreign economic security and the challenges associated with its ensuring. The integrated assessment methodology of the Ministry of Economy of Ukraine was employed, which is based on a quantitative analysis of indicators that reflect the state of foreign economic security. It involves the characteristics of each indicator in terms of stimulators or destimulators, their normalization, and consideration of weighting coefficients. In order to identify the long-term trends, the official national accounts statistics, data from the World Bank, and the Economic Development Observatory for the period 2004–2023 were employed; the assessment is based on ten indicators. The results demonstrate that the main factors affecting the foreign economic security index are global economic crises, domestic political changes, and a full-scale war with russia. At the same time, the growth of foreign economic security is recorded in the period of stabilization during the implementation of structural reforms: 2005–2008 – the period after the Orange Revolution, 2014–2016 – the period of growth after the Revolution of Dignity, 2021 – post-pandemic recovery. In 2022–2023, the security index declined to 31.5% and 35.7%, respectively, as a consequence of the outbreak of a full-scale russian-Ukrainian war. The findings also emphasize the need to develop domestic capacities to ensure the sustainability of foreign economic activity, as well as the importance of maintaining and planning national export infrastructure in the face of global challenges. AcknowledgmentThis article is published as an output of the project VEGA 1/0392/23: “Changes in the approach to the development of distribution management concepts of companies influenced by the impact of social and economic crises caused by the global pandemic and increased security risks” and funded by the EU NextGenerationEU through the Recovery and Resilience Plan for Slovakia under the project No.09103-03-V01-00042.This study was financially supported by the NATO SPS Program “Security of territorial communities: evidence from the Eastern European countries”.In addition, this article is published as an output of the project “Economic bases for managing Ukraine’s debt security during martial law” (No. 0121U112685).

The global business environment is constantly evolving due to various megatrends. Understanding these shifts is crucial for economies, particularly for managers responsible for decisionmaking in diverse industries. Managers benefit from knowing both, the specific business environment they operate in, or plan to enter, and the interconnected environments of neighbouring countries or economically similar regions. This paper, therefore, analyses how current megatrends impact the quality of the business environment within EU27 countries. This understanding is especially critical for small and medium-sized enterprises. The paper aims to assess the effects of selected megatrends on the business environment quality using regression and correlation analysis. Five prominent megatrends have been identified: M1 - Shift in Economic Power, M2 - Resource Scarcity, M3 - Technological Breakthrough, M4 - Social Change, and M5 - Rapid Urbanization. Each of these trends has been assigned measurable indicators. Regression analysis indicates that three of the five megatrends adversely impact the business environment quality in the EU27. Furthermore, correlation analysis reveals a strong linear dependence between the Shift in Economic Power and business environment quality, along with a moderate negative dependence related to Social Change. This approach clarifies the influence of megatrends on business environments, providing valuable insights for decision-makers aiming to navigate a shifting economic landscape.

This paper explains the business cycle characteristics in the small open European Union Countries during the COVID-19 pandemic. The panel cyclical components of GDP and its components, labour, and average product of labour were computed. The study adopts a real business cycle model with importable, exportable, and tradeable products to explain the cyclical characteristics of small and big EU countries. According to the results, the business cycle characteristics of the big EU countries during the pandemic correspond to the findings from the papers worldwide. The primary shock was a decrease in the labour supply. An increase in the adjustment capital costs explains the unusual consumption volatility. Results related to the small EU countries differ from those of the big countries and those obtained in other studies. The primary source of macroeconomic changes during the pandemic was changes in the terms of trade. Changes in the labour supply were also significant. The higher capital adjustment costs explain the consumption volatility, and the higher debt service costs explain the investment volatility.

We study the returns to language skills of immigrants using the European Adult Education Survey (2016). We estimate a standard income equation augmented by self-reported proficiency levels in the host country’s language and in English. Contrary to earlier literature, we find that the inclusion of English skills of immigrants increases the estimated returns to proficiency in the local language. Next, considering heterogeneous effects across occupations, we find significantly positive returns to language proficiency only for medium-skilled occupations. Among those, blue-collar jobs reward fluency in both the local language and English. Whereas in white-collar jobs, only the knowledge of English yields significantly higher income. These estimates are consistent with occupational sorting of immigrants and suggest that there are complementarities between proficiency in languages and job skills for some occupations. Following earlier literature, we also corrected the potential endogeneity bias in host-country language skills using instrumental variable methods. Our findings could be relevant for immigration policies in Europe.

This study aims to evaluate interventions and strategies used to retain junior doctors, with a specific focus on the roles of organizational climate, supportive leadership, and work engagement influenced by effective knowledge management practices. We examine how knowledge management—the systematic process of creating, sharing, using, and managing the knowledge and information of an organization—contributes to creating a favorable organizational climate and supportive leadership strategies. Engaging in a quantitative study with a sample of 950 junior doctors across four Central European countries, we explore the impact of an integrated approach that combines traditional performance-oriented climate models (rational goals model) with knowledge management practices tailored to the unique demands of healthcare settings influenced by current healthcare reforms and bureaucratic systems. Our findings suggest that not only do supportive leadership and a positive organizational climate enhance work engagement among junior doctors, but robust knowledge management practices also play a crucial role in improving retention rates by facilitating continuous learning and effective information sharing. To the best of our knowledge, our research is the first to draw on the synergy between rational goals, organizational climate, supportive leadership, and knowledge management practices to explain the antecedents of junior doctor work engagement and retention. This approach offers new insights into the dynamics of employee retention and underscores fundamental factors influencing junior doctors’ retention, paving the way for a more resilient and thriving healthcare workforce amidst the ongoing turbulence in global healthcare.

The integration of the circular economy into international business practices presents a transformative approach towards achieving sustainable success in the global market. This paper explores the pivotal role of the circular economy. By redefining traditional business models and consumption patterns, the circular economy offers a pathway to sustainable growth, operational efficiency, and enhanced market competitiveness. The paper employs a comprehensive review strategic initiatives from leading global enterprises, specifically focusing on Patagonia and Philips. These companies exemplify successful integration of circular economy principles through innovative practices in resource management, waste reduction, and sustainable product design. The findings indicate that adopting circular economy practices not only mitigates environmental impacts but also unlocks new avenues for business growth, job creation, and social equity. However, challenges such as infrastructure deficits, policy misalignment, and significant capital investments pose barriers to widespread adoption. The future of international business lies in embracing the circular economy as a core component of sustainable development, calling for collaborative efforts among businesses, governments, and society to overcome existing challenges and capitalize on the economic, social, and environmental benefits offered by circular economy practices.