Template-Type: ReDIF-Paper 1.0 Author-Name: Dima Alberg Author-Name-First: Dima Author-Name-Last: Alberg Author-Email: dimitria@sce.ac.il Author-Workplace-Name: SCE Shamoon College of Engineering Author-Name: Elroi Hadad Author-Name-First: Elroi Author-Name-Last: Hadad Author-Email: hadadel@sce.ac.il Author-Workplace-Name: SCE Shamoon College of Engineering Title: Development and Implementation of Cloud Open Source Cryptocurrency BI Dashboards System Abstract: Cryptocurrencies have received a lot of attention from investors, researchers, regulators, and the media. It is a known fact that the cryptocurrency price is very volatile and has anomaly effects. However, not enough scientific research has been done in the Business Intelligence cryptocurrency calendar anomaly detection area. This study presented the development of Business Intelligence dashboards with real data. As a result of this application, anomaly detection was carried out in the values from the Finance Yahoo API collected data set. With the corresponding BI application, a time-dependent representation of cryptocurrency price can be captured and analyzed, and anomalies can be selected and evaluated. The factors that play a role in forming the model to be applied in detecting anomalies with the experimental results were formed and investigated. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 1-1 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/development-and-implementation-of-cloud-open-source-cryptocurrency-bi-dashboards-system File-Function: First version, 2023 Number: 1103001 Classification-JEL: M15, G11, C55 Keywords: Anomaly Detection, Business Intelligence, Cryptocurrency, BI Dashboard, Finance API Handle: RePEc:aop:posc:1103001 Template-Type: ReDIF-Paper 1.0 Author-Name: Lukáš Bernat Author-Name-First: Lukáš Author-Name-Last: Bernat Author-Email: luk.bernat@gmail.com Author-Workplace-Name: Vysoká škola Ekonomická v Praze, Fakutla Národohospodá?ská Author-Name: Radka Michlová Author-Name-First: Radka Author-Name-Last: Michlová Author-Email: radka.michlova@seznam.cz Author-Workplace-Name: Vysoká škola ekonomická v Praze, Národohospodá?ská fakulta Title: Exploring the Political-Economic Cycle: A Municipal-Level Analysis Abstract: The political-economic cycle is a well-mapped phenomenon, in which politicians, in an effort to secure their mandate and share of power, resort to economic actions that not only contradict their electoral programs, but more importantly, long-term economic goals. At the highest state level, there are numerous individual checks and balances, not to mention institutional ones, notably in the form of transparency and public opinion. Our research focuses on the lowest level - the municipal level, where the possibilities of checks and balances weaken almost to zero, particularly in the case of the smallest municipalities, which are the most numerous in the Czech Republic. The study examines the financial statements of cities and municipalities over the past 20 years, using time series modeling to identify the political cycle in parallel with the specifics of individual municipalities and the economic cycle at the state level. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 2-2 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/exploring-the-political-economic-cycle-a-municipal-level-analysis- File-Function: First version, 2023 Number: 1105024 Classification-JEL: C55, C38, R58 Keywords: political-ecnomic cycle, municipal, budgeting Handle: RePEc:aop:posc:1105024 Template-Type: ReDIF-Paper 1.0 Author-Name: Krzysztof Echaust Author-Name-First: Krzysztof Author-Name-Last: Echaust Author-Email: krzysztof.echaust@ue.poznan.pl Author-Workplace-Name: Pozna? University of Economics and Business Author-Name: Ma?gorzata Just Author-Name-First: Ma?gorzata Author-Name-Last: Just Author-Email: malgorzata.just@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences Author-Name: Agata Kliber Author-Name-First: Agata Author-Name-Last: Kliber Author-Email: agata.kliber@ue.poznan.pl Author-Workplace-Name: Pozna? University of Economics and Business Title: Gold, crude oil, and cryptocurrencies versus stock index futures: An analysis of hedging strategies in global stock markets Abstract: The study aims to verify the hedging ability of gold, cryptocurrencies, and crude oil to serve as hedging instruments against stock market risk. We compare the hedging effectiveness of these popular assets with stock index futures contracts. As a hedging strategy, we understand a pair-wise portfolio consisting of a long position in stocks and a short position in a hedging instrument put together to minimize the portfolio variance. We conclude that hedging strategies using stock index futures contracts provide an efficient hedging mechanism for investors aiming to protect their stock portfolios. Unlike stock index futures contracts, the effectiveness of hedging with gold, crude oil, and cryptocurrencies is low in most sub-periods. Hence, from a risk minimization perspective, investors have no incentive to implement gold, cryptocurrencies, or crude oil in hedging strategy against stock market risk. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 3-3 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/gold-crude-oil-and-cryptocurrencies-versus-stock-index-futures-an-analysis-of-hedging-strategies-in-global-stock-markets File-Function: First version, 2023 Number: 1102013 Classification-JEL: C58, G15, G11 Keywords: futures market hedging; hedging effectiveness; optimal hedge ratio; variance-optimal hedging Handle: RePEc:aop:posc:1102013 Template-Type: ReDIF-Paper 1.0 Author-Name: Efrat Gill Author-Name-First: Efrat Author-Name-Last: Gill Author-Email: efratg@wgalil.ac.il Author-Workplace-Name: Western galilee college Author-Name: Oz Guterman Author-Name-First: Oz Author-Name-Last: Guterman Author-Email: ozgute13@gmail.com Author-Workplace-Name: Western Galilee College Title: Perceptions of parents in homeschooling and their relationship to the nature of homeschooling Abstract: The growth in homeschooling has also led to more research in the field. Yet the perception of homeschooling as one unit is wrong. Homeschooling is defined by what children do not do - they do not go to school. However, homeschooling should be treated as a large group of approaches, perceptions, and attitudes. In the past, several attempts have been made to understand differences between these approaches. In the present study, using questionnaires and in-depth interviews, we investigated two key approaches to examining these differences. Approaches that address different dimensions of home education understandings. These approaches make it possible to understand differences between families in homeschooling, both in the theoretical field and as a tool for understanding research in the field. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 4-4 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/perceptions-of-parents-in-homeschooling-and-their-relationship-to-the-nature-of-homeschooling-27 File-Function: First version, 2023 Number: 1102005 Classification-JEL: A00, A00, A00 Keywords: homeschooling, Home Education, Perceptions of parents Handle: RePEc:aop:posc:1102005 Template-Type: ReDIF-Paper 1.0 Author-Name: Emilie Jasova Author-Name-First: Emilie Author-Name-Last: Jasova Author-Email: ekonomka_2@hotmail.com Author-Workplace-Name: University of Finance and Administration Title: The nature and intensity of the impact of the labor market, population and family on poverty from different perspectives across world economies Abstract: The aim of the article is, with the help of empirical analysis, to verify and further expand knowledge about the existence and nature of the influence of selected indicators of the labor market, population and family on poverty from different points of view. In global economies, for example, the NAIRU indicator of men with auxiliary occupations and the percentage of women working at home with 1 child aged 12 and over had an adverse impact on the indicator of the inability to face unexpected financial costs. An adverse impact was found on the indicator of people's risk of poverty or social exclusion by age and gender, including the NAIRU indicator of men with the occupation operator and the tax rate indicator of an earning spouse with two children. On the contrary, the percentage of women working at home with 1 child 12 had a positive impact on the indicator of people's risk of poverty or social exclusion by region, for example. The NAIRU indicator of women with less than primary education aged 40-44 had a positive impact on the indicator of the risk of poverty for the elderly, among others years and an indicator of the length of working hours of an employed man as a sales and service worker. Length: 15 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 5-19 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/the-nature-and-intensity-of-the-impact-of-the-labor-market-population-and-family-on-poverty-from-different-perspectives-across-world-economies File-Function: First version, 2023 Number: 1102004 Classification-JEL: C01, P36, I38 Keywords: Inability to face unexpected costs, People at risk of poverty or social exclusion, Share of housing costs in household disposable income, Risk of poverty for the elderly, Labor cost index by NACE, GPG, Long working hours in main job, NEET, NAIRU. Handle: RePEc:aop:posc:1102004 Template-Type: ReDIF-Paper 1.0 Author-Name: Emilie Jašová Author-Name-First: Emilie Author-Name-Last: Jašová Author-Email: ekonomka_2@hotmail.com Author-Workplace-Name: University of Finance and Administration Title: Applying multiple regression to distinguish the nature and intensity of labor market, population and household effects on GPG across world economies Abstract: The aim of the article is to verify and expand knowledge about the existence and nature of the influence of the labor market, the population and the family on the differences in the remuneration of women and men. For age across world economies, negative values outweighed positive values for the NAIRU of women (40 to 44 years) with upper secondary and post-secondary non-tertiary education. For the ownership of economic activity, positive values prevailed over negative ones for the NAIRU indicator of women (30 to 34 years old) with upper secondary and post-secondary non-tertiary education. For the type of employment agreements, the average positive values outweighed the negative ones for the indicator tax rate for people with low income. Our econometric analysis also found a statistically insignificant effect that foreign and domestic research does not mention. Length: 16 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 20-35 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/applying-multiple-regression-to-distinguish-the-nature-and-intensity-of-labor-market-population-and-household-effects-on-gpg-across-world-economies File-Function: First version, 2023 Number: 1105009 Classification-JEL: C01, E24, I30 Keywords: the pay gap between men and women, minimum wage, labour cost index by NACE, inactive population, NEET, NAIRU Handle: RePEc:aop:posc:1105009 Template-Type: ReDIF-Paper 1.0 Author-Name: Magdalena Kozi?ska Author-Name-First: Magdalena Author-Name-Last: Kozi?ska Author-Email: mkozin@sgh.waw.pl Author-Workplace-Name: Warsaw School of Economics Title: Political risks of Central Bank Digital Currencies Abstract: Recently, most central banks have started works on the introduction of central bank digital currencies (CBDCs). The aim of presentation is to show that the economic factors are not the only aspects in the debate about the implementation of the CBDC in countries. The public debate neglects the fact that particular features of CBDCs have incredible political potential. The paper lists the most important political opportunities and dangers that relate to CBDCs based on the author’s critical review of the projects. For each opportunity the probability and significance was evaluated based on the questionnaire among experts. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 36-36 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/political-risks-of-central-bank-digital-currencies File-Function: First version, 2023 Number: 1102014 Classification-JEL: E02, E40, E42 Keywords: Central bank digital currency, CBDC, financial innovations, financial system, monetary policy, intermediation, payment systems, financial inclusion, politicians, security Handle: RePEc:aop:posc:1102014 Template-Type: ReDIF-Paper 1.0 Author-Name: Edyta Marcinkiewicz Author-Name-First: Edyta Author-Name-Last: Marcinkiewicz Author-Email: edyta.marcinkiewicz@p.lodz.pl Author-Workplace-Name: Lodz University of Technology Author-Name: Filip Chybalski Author-Name-First: Filip Author-Name-Last: Chybalski Author-Email: filip.chybalski@p.lodz.pl Author-Workplace-Name: Lodz University of Technology Title: Homeownership as a source of income in kind for elderly households: the evidence from the Luxembourg Income Study Abstract: Although housing wealth in general, and own residence in particular, accounts for the greatest share in the household wealth composition irrespective of the country, the issue of housing as a source of additional income in kind is rarely addressed in the current literature. The study explores the distribution of imputed rental income among older households. It aims to assess the role of the income in kind in shaping the welfare of the elderly, and specifically, its impact on poverty reduction. It also investigates how the inclusion of imputed rent in the income concept impacts inequality estimates. Our empirical research covers a cross-country comparative analysis that draws from Luxembourg Income Study database and includes seventeen countries. We examine the situation of older homeowners as compared to subsidized tenants and renters at market price to answer the question to what extent homeownership can act as a source of additional pension income. This entails also some policy implications regarding the justification for incentives and privileges for homeowners and homebuyers aimed at increasing homeownership rates, as well as the need for development of subsidized rental sector. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 37-37 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/homeownership-as-a-source-of-income-in-kind-for-elderly-households-the-evidence-from-the-luxembourg-income-study-35 File-Function: First version, 2023 Number: 1102010 Classification-JEL: D14, D60, I30 Keywords: homeownership, poverty, welfare, income, elderly Handle: RePEc:aop:posc:1102010 Template-Type: ReDIF-Paper 1.0 Author-Name: Vladislav ?ehá?ek Author-Name-First: Vladislav Author-Name-Last: ?ehá?ek Author-Email: rehacek@stav-ing.cz Author-Workplace-Name: ?VUT Title: The Impact of COVID-19 Pandemic on the Construction Industry in Czechia and Europe; Current Struggles and Future Predictions Abstract: This paper talks about the the COVID-19 pandemic in Europe and the impact it had on the construction industry between the years 2020 and 2023. We look at the pre-pandemic situation of the construction industry in both Europe and specifically in Czechia, followed by taking a look at the start of the pandemic and the effect it had on the industry, ranging from government restrictions and the economical impact of changing supply and demand, to changes in the strategy of different construction companies and future predictions. The paper is split into 3 parts. The first part discusses the situation in Czechia in several steps and how things changed for local construction companies (but also other industries this affected). Second part of the paper describes the situation in Europe in the same manner. Third and final portion of the paper discusses the current situation and future predictions for the developement of the construction industry in Europe while also reflecting on current struggles, and comparing them to older predictions. Length: 6 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 38-43 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/the-impact-of-covid-19-pandemic-on-the-construction-industry-in-czechia-and-europe-current-struggles-and-future-predictions-62 File-Function: First version, 2023 Number: 1105018 Classification-JEL: A00, A10, A19 Keywords: construction, economy, pandemic, COVID-19, Europe, Czechia Handle: RePEc:aop:posc:1105018 Template-Type: ReDIF-Paper 1.0 Author-Name: Jiri Rotschedl Author-Name-First: Jiri Author-Name-Last: Rotschedl Author-Email: jiri@rotschedl.com Author-Workplace-Name: Prague University of Economics and Business Title: Psychological factors influencing consumers Abstract: This paper deals with the issue of psychological factors that influence consumer behaviour and therefore have an impact on demand formation. The paper summarizes existing research studies in the field of social psychology and places these studies in the context of economics, consumer decision making. The paper also highlights the founder of the Bata company, Tomas Bata, who built a multinational shoe company in the 1920s and who intuitively applied rules in the management system for which psychologists only found a scientific explanation in the second half of the 20th century and which did not fully develop into behavioral economics and neuroleadership until the first two decades of the 21st century, 100 years later. Length: 7 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 44-50 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/psychological-factors-influencing-consumers File-Function: First version, 2023 Number: 1105029 Classification-JEL: D10, D87, D11 Keywords: priming, framing, ego depletion, psychology, behavioral economics, Tomas Bata, consumer decision making, consumers. Handle: RePEc:aop:posc:1105029 Template-Type: ReDIF-Paper 1.0 Author-Name: Jiri Rotschedl Author-Name-First: Jiri Author-Name-Last: Rotschedl Author-Email: jiri@rotschedl.com Author-Workplace-Name: Prague University of Economics and Business Title: A new approach - deriving expected future income for intertemporal models Abstract: Individuals' current consumption decisions are influenced by the prospect of future income. This paper discusses a method for inferring agents' future (expected) income based on expectations of future states of the environment. Psychology, risk, the probability of future events occurring, etc. play an important role in this area. These essential parts have been incorporated into a simplified model that will make it easier for us to determine the value of future income and serve to more accurately incorporate agents' positive or negative expectations into intertemporal two-period or overlapping-generation models. This paper brings a new approach to this issue based on prospect theory and reference point theory. The issue is addressed only at the microeconomic level, while this approach can easily be aggregated into macroeconomic models. Length: 9 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 51-59 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/a-new-approach-deriving-expected-future-income-for-intertemporal-models File-Function: First version, 2023 Number: 1105027 Classification-JEL: D01, D90, D91 Keywords: probability of future, income, OLG models, two-period model, psychology, risk, expectation income Handle: RePEc:aop:posc:1105027 Template-Type: ReDIF-Paper 1.0 Author-Name: Oksana Savchina Author-Name-First: Oksana Author-Name-Last: Savchina Author-Email: savchina-ovl@rudn.ru Author-Workplace-Name: RUDN University Author-Name: Dmitriy Pavlinov Author-Name-First: Dmitriy Author-Name-Last: Pavlinov Author-Email: 1042210198@pfur.ru Author-Workplace-Name: RUDN University Title: Evaluation of the influence of the COVID-19 pandemic on the financial stability of airlines with different business models Abstract: The Russian airline market became the first in the world to record the positive revenue growth per passenger-kilometer in 2021 after a sharp decline in passenger traffic a year earlier. This indicates its gradual recovery after the biggest crisis in the history of aviation. The purpose of the article is to assess the financial stability of the Russian airlines over the past three years: 2019 (pre-COVID-19), 2020 (COVID-19) and 2021 (post-COVID-19) based on the applying of the three bankruptcy likelihood prediction models (Altman’s Z-score model for emerging markets, the AIRSCORE model of Chow et al., and the P-model of Pilarski and Dinh). The analysis was conducted for the 4 airlines - Aeroflot, Pobeda, Smartavia and NordStar - each of them having a different business model that they follow (national flag carrier, low-cost carrier, ultra-low-cost carrier and regional carrier, respectively). It should be noted that during the study period there was the rapid growth of low-cost carriers, even during the COVID-19 crisis. Traditional (full-service) airlines, on the contrary, had negative dynamics both in terms of operational and financial indicators. Calculations of bankruptcy models showed that low-cost airlines were more financially stable during the COVID-19 pandemic, while full-service air carriers experienced uncertainty during 2020 and only gradually recovered in 2021. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 60-60 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/evaluation-of-the-influence-of-the-covid-19-pandemic-on-the-financial-stability-of-airlines-with-different-business-models File-Function: First version, 2023 Number: 1105022 Classification-JEL: L93, G30, G32 Keywords: COVID-19 pandemic; aviation sector; airline market; full-service carriers; low-cost carriers; financial stability; bankruptcy likelihood prediction models; financial analysis; financial indicators Handle: RePEc:aop:posc:1105022 Template-Type: ReDIF-Paper 1.0 Author-Name: Evangelos Vasileiou Author-Name-First: Evangelos Author-Name-Last: Vasileiou Author-Email: e.vasileiou@aegean.gr Author-Workplace-Name: University of the Aegean Author-Name: Ioannis Rizopoulos Author-Name-First: Ioannis Author-Name-Last: Rizopoulos Author-Email: fmer21010@fme.aegean.gr Author-Workplace-Name: University of the Aegean Title: Are the intraday volatility estimations more representative than the conventional measures? Evidence from the EURTRL FX. Abstract: This paper aims to assess the accuracy and representativeness of Value at Risk (VaR) estimation models for the highly volatile Turkish lira (TRY) and Euro (EUR) FX rate. We compare the performance of various VaR models commonly used in the financial and banking industry and examine the effectiveness of intraday models, particularly the Garman and Klass (1980) and the Parkinson (1980) approaches, in improving VaR estimation relative to conventional models such as Variance Covariance and Exponential Weighted Moving Average. Additionally, we highlight certain shortcomings of the VaR legislation proposed by Vasileiou (2016, 2017). Our findings demonstrate that intraday volatility estimations not only enhance the accuracy of VaR estimations, but also provide a more representative assessment of real risk. The results of this study have significant implications for scholars, regulators, portfolio managers, and investors seeking to better understand and manage risk in the TRY-EUR FX market. ReferencesGarman, M. B., & Klass, M. J. (1980). On the estimation of security price volatilities from historical data. Journal of business, 67-78.Parkinson, M. (1980). The extreme value method for estimating the variance of the rate of return. Journal of business, 61-65.Vasileiou, E. (2016). Overview of the Greek value at risk (VaR) legislation framework: Deficiencies, proposals for future revision and a new suggested method. Journal of Financial Regulation and Compliance, 24(2), 213-226.Vasileiou, E. (2017). Value at Risk (VaR) historical approach: Could it be more historical and representative of the real financial risk environment?. Theoretical Economics Letters (ABS 1), 7, 951-974. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 61-61 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/are-the-intraday-volatility-estimations-more-representative-than-the-conventional-measures-evidence-from-the-eurtrl-fx- File-Function: First version, 2023 Number: 1103004 Classification-JEL: C10, C58, K20 Keywords: Value at Risk; Intraday Volatiity; VaR Legislation Handle: RePEc:aop:posc:1103004 Template-Type: ReDIF-Paper 1.0 Author-Name: Agnieszka Wójcik-Czerniawska Author-Name-First: Agnieszka Author-Name-Last: Wójcik-Czerniawska Author-Email: awojci5@sgh.waw.pl Author-Workplace-Name: Warsaw School of Economics Author-Name: Zbigniew Grzyma?a Author-Name-First: Zbigniew Author-Name-Last: Grzyma?a Author-Email: zgrzym@sgh.waw.pl Author-Workplace-Name: Warsaw School of Economics Title: Innovativeness of the economy and forms of local government support for entrepreneurship on the example of the Czech Republic, Slovakia and Poland Abstract: The innovation index of the economies of the Czech Republic, Slovakia and Poland did not exceed the EU average in 2022. The highest rate - 92.6% of the EU average was achieved by the Czech Republic, while the lowest - 60.5% by Poland. At the beginning of the economic and social transformation in the 1990s, then Czechoslovakia and Poland were on an equal footing in many areas. For over 35 years, the economy of Czechoslovakia, and later the Czech Republic and Slovakia, has become more innovative than the Polish one. The main reason for the success of the Czech economy, in particular, should be sought in the innovativeness of products and processes of small and medium-sized enterprises. Also noteworthy is the fact of statutory support for economic development in this country at the level of regional and local governments, which is not so clearly seen in Slovakia or Poland. Therefore, it can be argued that in the Czech Republic, apart from national and regional economic organizations, a positive climate for the economy is also created at the local government level, which accelerates the country's economic development. The authors realize that proving this thesis exceeds the size of the article. Nevertheless, it may be an important element in the search for additional reasons for the economic success of the Czech Republic. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 62-62 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/innovativeness-of-the-economy-and-forms-of-local-government-support-for-entrepreneurship-on-the-example-of-the-czech-republic-slovakia-and-poland File-Function: First version, 2023 Number: 1102007 Classification-JEL: A10, A30, D21 Keywords: Czech Republic, Slovakia, Poland, local government, entrepreneurship Handle: RePEc:aop:posc:1102007 Template-Type: ReDIF-Paper 1.0 Author-Name: Aleksandra ?uczak Author-Name-First: Aleksandra Author-Name-Last: ?uczak Author-Email: aleksandra.luczak@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences Author-Name: S?awomir Kalinowski Author-Name-First: S?awomir Author-Name-Last: Kalinowski Author-Email: skalinowski@irwirpan.waw.pl Author-Workplace-Name: Polish Academy of Sciences Title: Regional barometer of poverty and social exclusion as a decision support system for the territorial government Abstract: Poverty has been and still is one of the major problems in the world. For more than a century, research has been conducted to understand this phenomenon and develop methods of measurement. In light of these studies, it becomes important to reduce the scale of poverty, as well as the related social exclusion. Therefore, it is important to identify this problem early. The idea of our research is to create an early warning system in the form of a barometer of poverty and social exclusion for territorial units. The barometer is to indicate changes in the wealth of the society in advance. It should be used for analysis, planning, and assessment of the situation in a given area. Our research aimed to construct a multidimensional barometer of poverty and social exclusion of the population. For the construction of the barometer, we proposed the technique for order of preference by similarity to an ideal solution with data winsorization. The proposed approach was used to construct a multidimensional barometer of poverty and social exclusion in the communes of the Mazowieckie Voivodship in 2012-2021. The research used data from the Local Data Bank of Statistics Poland. The barometer can help identify potential areas for intervention in the field of poverty and social exclusion, as well as shape social policy. Length: 1 page Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 63-63 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/regional-barometer-of-poverty-and-social-exclusion-as-a-decision-support-system-for-the-territorial-government File-Function: First version, 2023 Number: 1102008 Classification-JEL: I30, C00, C43 Keywords: regional barometer, poverty, social exclusion Handle: RePEc:aop:posc:1102008 Template-Type: ReDIF-Paper 1.0 Author-Name: Brigitte Steinbauer Author-Name-First: Brigitte Author-Name-Last: Steinbauer Author-Email: brigitte.steinbauer@outlook.com Author-Workplace-Name: University Gdansk Title: DO HARD CASES MAKE BAD LAW? THE EFFECTIVENESS OF GERMAN’S APPROACH TO STRENGTHEN FINANCIAL MARKET INTEGRITY Abstract: Background: As a direct consequence of the Wirecard scandal from 2020, which brought the work and, above all, the cooperation of the executive board, supervisory board, and external auditors into the focus of the legal discussion, the German legislator adapted the Stock Corporation Act and also the German Corporate Governance Code has been adapted. Executive board members of Wirecard have been subjected to a criminal investigation after reporting fake revenues and air bookings worth billions. The German Stock Exchange, the Federal Institute for Financial Services Supervision, the Financial Reporting Enforcement Panel, the auditing firm, and the Wirecard supervisory board were all criticized for failing to detect the problem earlier. Former Wirecard stockholders lost money, and lawsuits were filed seeking compensation from the statutory auditor, Wirecard AG, and former board members. Research purpose: Following the formal amendment of the law and the GCGC, the focus is now on the effectiveness of the law and the GCGC in practice. The purpose of this study is to assess whether the German solution to strengthening financial market integrity is effective. Research hypothesis: It is hypothesized that German corporate governance requires additional improvements and further reforms. Methods: The analysis of academic literature, journal and magazine articles, reports, and other relevant literature has enabled the author to empirically build the hypothesis of this document and to identify and address major issues that require further amendments in law as well as and additional studies.Conclusions: The reform of the German law has a substantial impact on the work of companies, its main bodies and statutory auditors. It is evident that certain provisions require modification, and further reforms are both expected and necessary to address the gaps. Aspects of trust, transparency, control and monitoring need to be in the focus of the legal discussion as well as the internationalization of stock corporations with the overarching goal to ensure financial market integrity and to regain trust in German companies. Length: 14 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 64-77 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/do-hard-cases-make-bad-law-the-effectiveness-of-german-s-approach-to-strengthen-financial-market-integrity File-Function: First version, 2023 Number: 1105019 Classification-JEL: G34, K22, G30 Keywords: Corporate governance, reforms, financial markets integrity, Wirecard Handle: RePEc:aop:posc:1105019 Template-Type: ReDIF-Paper 1.0 Author-Name: Roida Rzayeva Author-Name-First: Roida Author-Name-Last: Rzayeva Author-Email: rzayeva2020@inbox.ru Author-Workplace-Name: Azerbaijan National Academy of Sciences Title: Information Wars and Mythology of Social: Ideological, Mental and Media aspects Abstract: In the modern epoch, there is a transformation of social space, forms of interaction between people. “Thinking models”, the so-called mental attitudes, are changing, that stipulates research of the processes of transformation of the mental aspects in a modern culture.The ideological and mental aspects are the dimensions where these modifications are reflected. One can measure social and cultural transformations, existing problems and development in the future through the mental aspect in retrospect and at the present time.A person becomes a “political being”, functioning as a subject of public life.One of the features of “post-modernization” of mass culture noted today is a some special network of the global information space with its own laws, which draws attention to the most acute or minor problems.In political science, a network approach to public administration is increasingly observed. Today, big data plays an important role in public administration. They are used to improve the policy in the field of interethnic relations, develop a strategy for the state's foreign information policy.Big data is used in the process of forming a particular policy. In the context of the use of big data, one can note the analysis of “digital citizenship” culture of network users, actors, formation technologies, socio-political effects.Determining the direction of information flows in a particular segment of social media, risks and technologies to overcome negative effects in the online environment is becoming increasingly important and relevant. In particular, this applies to information flows representing the problems of relations in international conflicts.In this context, concepts such as consciousness, including political consciousness, political culture, mentality and ideology are becoming increasingly important and relevant. The mental transformations observed today must also be taken into account in defining modern methods of teaching and education. Length: 13 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 78-90 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/information-wars-and-mythology-of-social-ideological-mental-and-media-aspects File-Function: First version, 2023 Number: 1107004 Classification-JEL: L38, D80, O29 Keywords: information wars, social, ideology, mentality, media. Handle: RePEc:aop:posc:1107004 Template-Type: ReDIF-Paper 1.0 Author-Name: Vladislava Noga Author-Name-First: Vladislava Author-Name-Last: Noga Author-Email: noga-vi@rudn.ru Author-Workplace-Name: RUDN University Author-Name: Ekaterina Degtereva Author-Name-First: Ekaterina Author-Name-Last: Degtereva Author-Email: degtereva-ea@rudn.ru Author-Workplace-Name: RUDN University Title: Marketing of BRICS innovation clusters in the context of geopolitical instability Abstract: The modern stage of society development is characterized by an increased attention to the issues of formation and development of national innovation systems (NIS), which would ensure the integration of various elements of the innovation process, thereby contributing to the build-up of the country's competitive advantages in the global market. Independent development of countries in modern economic conditions is not possible due to the complexity and turbulence of the external economic circuit. In the new geopolitical realities, the fact that past globalization paradigms are no longer having an impact on the viability of the NIS of many countries is becoming evident. At the same time, due to the changing geopolitical landscape, the role of international associations, such as BRICS, is being significantly transformed and they are becoming new centers of influence, including in matters of scientific and technological cooperation.One of the priority conditions for the effective functioning of international S&T cooperation networks and the NIS of each individual country is the creation and maintenance of innovation infrastructure. Already functioning innovation clusters with technology parks, business incubators, accelerators, etc. can become such an infrastructure. Cluster structures are the most effective form of development of international scientific and technological cooperation, which allows to fully realize the potential of countries and structures involved in the interaction, as well as to obtain a significant synergistic and multiplicative effect. The issues of marketing support of innovative cluster associations, which contribute to the successful promotion of clusters in the professional community and target markets, are of particular relevance in this issue. Length: 11 pages Creation-Date: 2023-10 Publication-Status: Published in Proceedings of the 2nd Proceedings of the Open Scientific Conference 2023, Oct 2023, pages 91-101 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference-istanbul-2023/article/marketing-of-brics-innovation-clusters-in-the-context-of-geopolitical-instability File-Function: First version, 2023 Number: 1105023 Classification-JEL: M31, O32, F02 Keywords: innovation clusters, BRICS, marketing, geopolitical instability Handle: RePEc:aop:posc:1105023