Macroeconomic stability and transport companies’ sustainable development in the Eastern European Union
Abstract
The paper’s primary aim is to evaluate the influence of macroeconomic stability on transport companies’ sustainable development in the eastern EU from 2008 to 2019. The first part discusses the theoretical problems. The empirical part includes the methodology, results of the research and conclusions. To determine the relationship between variables, we use Pearson’s R and the Ordinary Least Square Method. The contribution to knowledge is using the pentagon of macroeconomic stability to evaluate macroeconomic stabilisation’s influence on transport companies’ sustainable development. The results indicate that macroeconomic stability is one of the essential determinants of the transport companies’ sustainable development. According to Pearson’s R, the highest level of dependence is in Slovenia (0.96), Bulgaria (0.9), and Slovenia (0.83). The lowest is in Latvia (0.69). The OLS regression results indicate that the highest significance is in Slovakia (α1 = 1.994), the lowest is in Lithuania (α1 = 0.691). The states’ economic policies should favour the freedom to conduct business, create appropriate legal regulations, and support ecological investments. It is necessary to act for a stable and fair tax system, ensure access to finance. The issue is contemporary and requires further analysis.
First published online 14 December 2021
Keyword : sustainable development, economic growth, macroeconomic stability, transport companies, eastern European Union, economic analysis
How to Cite
Comporek, M., Kowalska, M., & Misztal, A. (2022). Macroeconomic stability and transport companies’ sustainable development in the Eastern European Union. Journal of Business Economics and Management, 23(1), 131–144. https://doi.org/10.3846/jbem.2021.15913
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Banik, D., & Lin, K. (2019). Business and morals: Corporate strategies for sustainable development in China. Business and Politics, 21(4), 514–539. https://doi.org/10.1017/bap.2019.26
Barkauskas, V., Barkauskienė, K., Jasinskas, E. (2015). Analysis of macro environmental factors influencing the development of rural tourism: Lithuanian case. Procedia – Social and Behavioral Sciences, 213, 167–172. https://doi.org/10.1016/j.sbspro.2015.11.421
Bordon, I., & Schmitz, B. (2015). Financial stability as a precondition for the financing of sustainable development in emerging and developing countries (Briefing paper, 23). Deutsches Institut für Entwicklungspolitik (DIE), Bonn.
Brussel, M., Zuidgeest, M., Pfeffer, K., & Maarseveen, M. V. (2019). Access or accessibility? A critique of the urban transport SDG indicator. International Journal of Geo-Information, 8(2), 67. https://doi.org/10.3390/ijgi8020067
Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance?. Journal of Business Economics and Management, 21(4), 1165–1184. https://doi.org/10.3846/jbem.2020.12725
Chang, T. W. (2020). Corporate sustainable development strategy: Effect of green shared vision on organization members’ behavior. International Journal of Environmental Research and Public Health, 17, 2446. https://doi.org/10.3390/ijerph17072446
Cohen, B., Cowie, A., Babiker, M., Leip, A., & Smith, P. (2021). Co-benefits and trade-offs of climate change mitigation actions and the Sustainable Development Goals. Sustainable Production and Consumption, 26, 805–813. https://doi.org/10.1016/j.spc.2020.12.034
Comporek, M., Kowalska, M., & Misztal, A. (2021) The sustainable development of transport companiess in the context of macroeconomic conditions. The case of Central and Eastern European Countries. Entrepreneurship and Sustainability Issues, 8, 3. https://doi.org/10.9770/jesi.2021.8.3(13)
Dziekański, P. (2014). Diversification synthetic indicator for evaluating the financial capacity of local government. The case of Polish voivodeships. Acta Universitatis Agriculturae Et Silviculturae Mendelianae Brunensis, 65(2), 611–619. https://doi.org/10.11118/actaun201765020611
Evers, B. A. (2018). Why adopt the sustainable development goals? The case of multinationals in the Colombian coffee and extractive sector [Master Thesis]. Erasmus University Rotterdam.
Eurostat. (n.d.). Retrieved June 10, 2021, from https://ec.europa.eu/Eurostat
Fedulova, I., Voronkova, O. Y., Zhuravlev, P., Gerasimova, E., Glyzina, M., & Alekhina, N. A. (2019). Labor productivity and its role in the sustainable development of economy: On the example of a region. Entrepreneurship and Sustainability Issues, 7(2), 1059–1073. https://doi.org/10.9770/jesi.2019.7.2(19)
Harting, P. (2019). Macroeconomic stabilization and long-term growth: the role of policy design. Cambridge University Press. https://doi.org/10.1017/S1365100519000488
Harymawan, I., Nasih, M., Salsabilla, A., & Putra, F. K. (2020). External assurance on sustainability report disclosure and firm value: evidence from Indonesia and Malaysia. Entrepreneurship and Sustainability Issues, 7(3), 1500–1512. https://doi.org/10.9770/jesi.2020.7.3(5)
Kekre, R. (2016). Essays on macroeconomic stabilization [Doctoral dissertation]. Harvard University, Graduate School of Arts & Sciences. https://dash.harvard.edu/handle/1/33493378
Kołodko, G. W. (1993). Stabilization, recession and growth in a postsocialist economy. Economic Journal on Eastern Europe and the Soviet Union, 1, 3–38. https://doi.org/10.1007/BF01101840
Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconom-ic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492. https://doi.org/10.24136/oc.2018.024
Lisiński, M., Augustinaitis, A., Nazarko, L., & Ratajczak, S. (2020). Evaluation of dynamics of economic development in Polish and Lithuanian regions. Journal of Business Economics and Management, 21(4), 1093–1110. https://doi.org/10.3846/jbem.2020.12671
Mao, J., Li, C., Pei, Y., & Xu, L. (2018). Sustainable development companies. In Circular economy and sustainable development companiess. Springer, Singapore. https://doi.org/10.1007/978-981-10-8524-6_11
Matinaro, V., Liu, Y., Lee, T. R., & Poesche, J. (2019). Extracting key factors for sustainable development of companiess: Case study of SMEs in Taiwan. Journal of Cleaner Production, 209, 1152–1169. https://doi.org/10.1016/j.jclepro.2018.10.280
Misztal, A. (2019). Sustainable development of transport companiess in Poland – Statistical assessment. Logistics and Transport, 42(2), 57–64.
Misztal, A., & Kowalska, M. (2020). Determinants of sustainable development of industrial companiess in Poland in the period from 2010 to 2019 – a statistical evaluation. Research Papers of Wroclaw University of Economics and Business, 64(1), 160–173. https://doi.org/10.15611/pn.2020.1.13
Oberhofer, P., & Dieplinger, M. (2014). Sustainability in the transport and logistics sector: Lacking environmental measures. Business Strategy and the Environment, 23, 236–253. https://doi.org/10.1002/bse.1769
Pieloch-Babiarz, A., Misztal, A., & Kowalska, M. (2021). An impact of macroeconomic stabilization on the sustainable development of manufacturing companiess: The case of Central and Eastern European Countries. Environment, Development and Sustainability, 23, 8669–8698. https://doi.org/10.1007/s10668-020-00988-4
Powe, N. (2020). Sustainable development, sustainability and research within the Journal of Environmental Planning and Management. Journal of Environmental Planning and Management, 63(9), 1523–1527. https://doi.org/10.1080/09640568.2020.1753409
Raczkowski, K. (2015). Zarządzanie publiczne. Teoria i praktyka. Wydawnictwo Naukowe PWN.
Salari, M., & Bhuiyan, N. (2018). A new model of sustainable product development process for making trade-offs. The International Journal of Advanced Manufacturing Technology, 94, 1–11. https://doi.org/10.1007/s00170-016-9349-y
Saygili, A. T., Saygili, E., & Taran, A. (2021). The effects of corporate governance practices on firm-level financial performance: evidence from Borsa Istanbul Xkury companies. Journal of Business Economics and Management, 22(4), 884–904. https://doi.org/10.3846/jbem.2021.14440
Wu, S., Wu, L., & Zhao, X. (2021). Can the reform of green credit policy promote companies eco-innovation? A theoretical analysis. Journal of Industrial & Management Optimization. https://doi.org/10.3934/jimo.2021028
Škare, M., & Golja, T. (2013). How important are CSR companies for nations’ growth?. Journal of Business Economics and Management, 14(4), 776–790. https://doi.org/10.3846/16111699.2013.820664
Škare, M., & Hasić, T. (2016). Corporate governance, firm performance, and economic growth – theoretical analysis. Journal of Business Economics and Management, 17(1), 35–51. https://doi.org/10.3846/16111699.2015.1071278
Słupik, S., & Lorek, P. (2019). Sustainable companies by sustainable product? A case of smart home systems. Ekonomia i Środowisko, 2, 146–159.
Sokolov Mladenović, S., Mladenović, I., & Ćuzović, D. (2019). Distributive trade and economic growth: EU28 evidence for the period 2008–2015. Journal of Business Economics and Management, 20(3), 489–506. https://doi.org/10.3846/jbem.2019.9857
Suprayoga, G. B., Witte, P., & Spit, T. (2020). Identifying barriers to implementing a sustainability assessment tool for road project planning: An institutional perspective from practitioners in Indonesia. Journal of Environmental Planning and Management. https://doi.org/10.1080/09640568.2020.1724083
Valjevac, B., Sorak, L., & Sorak, M. (2018). Development of the strategic planning process necessary for the business performance quality improvement in small and medium companies. Bizinfo Blace, 9, 47–57. https://doi.org/10.5937/bizinfo1801047V
Zikic, S. (2018). A modern concept of sustainable development. Progress in Economic Sciences, 5, 143–151.