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The effect of corporate tax rates on foreign direct investment in the context of tax competition
(2025-12-16) Andrejkovicova, Ivana; Andrejovska, Alena
In today’s globalized world, tax systems play a crucial role in influencing where investors allocate capital. Some countries recognize the importance of tax policies for national competitiveness, while others lag behind. This study examines the effect of tax competition and selected macroeconomic indicators on foreign direct investment (FDI) inflows in the European Union (EU). Using the generalized method of moments (GMM), the analysis includes data from 24 EU member states between 2002 and 2022. The primary aim is to verify the relationship between corporate tax rates and FDI in the context of tax competition. First, an analysis was performed for all countries, followed by a regional analysis dividing them into Eastern and Western European blocs. The results suggest that the statutory corporate income tax rate (CIT) does not have an immediate effect on foreign direct investment (FDI) inflows; however, a negative effect emerges with a longer time lag in the overall sample. Eastern Europe shows sensitivity of FDI to higher CIT rates with a delay, while in the more developed Western European countries, such a relationship was not confirmed. These findings highlight the importance of considering regional specificities when designing tax policies aimed at attracting foreign investment.
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Changing times, changing drives: Entrepreneurial motivation across generations
(2025-12-16) Salat, Dominik; Duhacek Sebestova, Jarmila
Entrepreneurs from generation to generation play a significant role in the business environment. Understanding this issue, especially by policymakers, is crucial for development. Misunderstanding or lack of interest often leads to inaction or incorrect decisions, creating barriers for current and potential entrepreneurs. Each generation evolves in its own era, and over time, each will fade and be replaced by a new, undefined generation. Policymakers would be interested in understanding these changes and providing targeted support for the needs of different generations, together with removing barriers that arise over time. This paper explores the differences in entrepreneurial motivation. As times change, entrepreneurs must adapt, leading to shifts in behaviour and personality. The study examines motivations for starting businesses across generations, considering variables such as business field, experience, age, sales, and type. Primary research in 446 business entities using the CAWI (computer assisted web interviewing) method tested generational differences in business motivation and participation. The statistical method, Cramer’s V, identified interrelationships between variables. Four hypotheses were tested, revealing an influence between necessity motivation and financial results, and a significant tie between generation type and company establishment. These findings could increase interest in this topic, which is expected to revive interest among researchers and policymakers. Simultaneously, the output increases awareness of this issue and brings knowledge to improve the quality of business conditions for all generations.
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Role of investments in profit formation in the era of Industry 4.0: Case study of the Czech manufacturing industry
(Technická Univerzita v Liberci, ) Kral, Martin; Hedvicakova, Martina; Ekonomická fakulta
This study investigates the role of investments in shaping profitability within the Czech manufacturing industry between 2008 and 2022. Drawing on comprehensive industry-level data, we analyze the relationship between investment volume, efficiency, and profitability, particularly within the evolving framework of Industry 4.0. Our findings show that larger sectors with higher investment volumes generally achieve greater profitability. However, this relationship is non-linear: excessive investments can reduce efficiency, as reflected in declining added value per unit of investment. Regression analyses reveal that added value is the primary driver of profitability across manufacturing industrial sectors. Other factors, such as workforce size and the lagged effects of investments, exhibit only limited explanatory power. Furthermore, the study identifies inefficiencies arising from overinvestment, which may be attributed to market saturation, failure to fully realize economies of scale, and the unintended effects of government subsidy schemes. These results emphasize the importance of strategic investment planning that prioritizes long-term efficiency rather than short-term quantitative expansion. In the rapidly evolving context of Industry 4.0, firms must align their investment strategies with sector-specific conditions and technological demands to maintain sustainable competitiveness. This study illuminates the complex dynamics between investment behavior and profitability, offering valuable insights for managerial decision-making and economic policy formulation. It contributes to a broader understanding of how targeted investment strategies can enhance the performance of manufacturing sectors undergoing technological transformation.
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How can co-institutional investors enhance the core competitiveness of enterprises? Evidence from China
(Technická Univerzita v Liberci, ) Lu, Xinyong; Xi, Meinong; Ekonomická fakulta
As of 2023, institutional investors hold approximately 44.1% of the total market capitalization of China’s outstanding stocks. By simultaneously investing in multiple firms within the same industry, common institutional investors gain access to broader information channels and proprietary market insights at lower search costs. As shareholder linkages become increasingly common in the capital market, understanding their impact on firm behavior is of considerable practical relevance. This study empirically examines the relationship between common institutional investors and corporate innovation efficiency, using a panel of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019. The results show that such investors enhance innovation efficiency through both monitoring and resource effects. Moreover, the effectiveness of these mechanisms is amplified by stronger internal control systems and better information environments. The study also finds that the impact of co-institutional investors is more pronounced in firms with higher agency costs and in non-state-owned enterprises. This research contributes to the literature on institutional ownership and innovation by providing micro-level evidence of the governance role played by co-institutional investors. It also offers practical insights for promoting sustainable and high-quality development in China and other developing economies.
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Financial innovation and financial inclusion in European countries: How do they interact?
(Technická Univerzita v Liberci, ) Nuta, Alina Cristina; Cutcu, Ibrahim; Puime-Guillen, Felix; Ekonomická fakulta
The most challenging moments in economic history necessitated adaptability to new realities and foreshadowed innovative reactions from economic agents. The recent global health crisis compelled all the stakeholders to find viable solutions to prevent the economic recovery from stalling. As finance serves as the fuel that keeps the economic engine running, exploring the factors affecting financial innovation is pivotal. Europe’s digital transition strategy provides a vibrant approach to bolstering the digital economy and financial landscape. This study evaluates the link between financial inclusion and financial innovation in selected European countries moderated by digital technology. Moreover, subsequent factors related to socio-economic development, like the standard of living, education, urbanization, and globalization, are studied to assess their impact on financial innovation. The study used new-generation panel data techniques to analyze the selected European countries from 2000 to 2020. Durbin Hausman’s cointegration test shows a long-run relationship. Our findings from fully modified ordinary least square (FMOLS) and dynamic ordinary least squares (DOLS) tests highlighted an inverse relationship between financial inclusion and financial innovation. Thus, expanding the inclusion of people in the financial ecosystem will not increase the usage of innovative financial tools. However, it will only encourage access to essential financial services and products, considering the high levels of financial inclusion in Europe and the newcomers’ financial and digital literacy levels. Additionally, the preference for using cash in European countries, which is still at high levels, also explains our results regarding the indirect connection between financial inclusion and financial innovation diffusion. Moreover, a strong direct correlation is observed between education, standard of living, and urbanization. Konya causality analysis results displayed a causal relationship between independent variables and financial innovation in different countries.