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This article aims to explain the idea of X-efficiency, which indicates the difference between potential and actual output. If any business subject produces below its own potentials, it can be considered X-inefficient. To determine whether X-inefficiency in Croatian companies exists, how large it is in its volume and why it appears, in 2014, empirical research was conducted. Since only 22% of interviewed companies use all their available resources and given that the mean capacity utilization rate is only 70% and the mean resource utilization rate is 68%, our study results suggest that among business subjects in the Republic of Croatia, X-inefficiency exists to a large extent. Qualitative analysis shows that X-inefficiency appears mostly because of the competitive pressure. Other reasons include legal and administrative problems, the existence of inertness and a lack of motivation, the decision to work 'less for more', inadequate demand, economic crisis, the decision to save resources for future use, seasonal demand, incompetence of the government, corruption, and the risk of debt collection as well as local organizational problems.

Growing socioeconomic inequalities and deepening polarization among and within nations indicate a major risk of political, social and economic instability. Policymakers need to deepen their awareness and understanding of the circumstances and find useful guidance and examples to inspire their effective qualitative and quantitative policies. This paper empirically investigates the relative dynamic socio-economic efficiency of thirty OECD countries using Data Envelopment Analysis (DEA) methodology. As an extension to the basic output-oriented DEA models with variable returns-to-scale, window analysis is employed. The appropriate design of window length is also proposed in the study. In the first step, the relative efficiency of the countries was measured by four economic indicators. In the second step, four new indicators were added, covering social, institutional and environmental dimensions. It has been found that, in some cases, performance rankings change very significantly and that the overall relative performance of the OECD countries increases when the set of economic indicators is extended.

Growing socioeconomic inequalities and deepening polarization among and within nations indicate a major risk of political, social and economic instability. Policymakers need to deepen their awareness and understanding of the circumstances and find useful guidance and examples to inspire their effective qualitative and quantitative policies. This paper empirically investigates the relative dynamic socio-economic efficiency of thirty OECD countries using Data Envelopment Analysis (DEA) methodology. As an extension to the basic output-oriented DEA models with variable returns-to-scale, window analysis is employed. The appropriate design of window length is also proposed in the study. In the first step, the relative efficiency of the countries was measured by four economic indicators. In the second step, four new indicators were added, covering social, institutional and environmental dimensions. It is found that performance rankings change, in some cases, very significantly and that the overall relative performance of the OECD countries increases when the set of economic indicators is extended.DOI: http://dx.doi.org/10.5755/j01.ee.28.4.18502

Keynes (1930) considered the Gibson's relation as "most completely established empirical fact". In contrast to the previous literature, this paper adopts a multivariate, nonlinear framework to analyse Gibson's paradox in the Netherlands over the period 1800-2012. Specifically, SSA (Singular Spectrum Analysis) and MSSA (Multichannel Singular Spectrum Analysis) techniques are used. It is shown that changes in monetary policy regimes or volatility in the price of gold by themselves cannot account for the behaviour of government bond yields and prices over the last 200 years. However, the inclusion of changes in the real rate of return on capital, M1, primary credit rate, expected inflation, and money purchasing power enables a nonlinear model to account for a sizeable percentage of the total variance of Dutch bond yields. This is a novel study of the Gibson's paradox using a non-linear approach unravelling the multidimensional nature of the paradox. The results should assist policy makers in setting monetary policy and help to better understand the behaviour of financial institutions on the markets. Central banks, should however evaluate the implication of this study in setting inflation targeting goals. Results of this study are also expected to stimulate further research on the bank credit policies by managing interest rates.DOI: http://dx.doi.org/10.5755/j01.ee.29.4.20403

PurposeThe purpose of the research was to evaluate the relationship between income and the recycled materials used in order to rate the business related to circular repair services under the burden of economic development in the countries of the European Union.Design/methodology/approachThe analytical processes explore data from 2010 to 2020. The countries were divided into clusters according to economic maturity (Human Development Index (HDI), real Gross domestic product (GDP) per capita). Subsequently, the relationships were evaluated through the income indicators (for the 13 population groups), and the circular materials use rate indicator. The three indicators decomposed into five specific metrics were employed. The commonly applied characteristics of the descriptive analysis, Pearson's correlation coefficient and the panel regression analysis were engaged in the investigation.FindingsThe results demonstrated the vast disparities between income and circular materials use. In the more economically developed countries, their levels were twice higher as the less-developed countries. However, there is a meaningful positive relationship between them. The greatest attention was paid to the panel regression analysis applied to the relationship between income and circular economy (CE) use. The results showed that in a majority of the cases (different income categories), there is a significant positive relationship. When comparing the outcomes of the regression models between the groups of the countries according to their economic development, a closer relationship was clearly demonstrated in the countries with a lower level of development (Bulgaria, Romania, Croatia, Hungary).Research limitations/implicationsBesides the specific strengths, the study also shows some limitations identified mainly on the data side. The latest data on the consumption of circular materials come from 2020, so they do not cover the period related to the pandemic crisis. It is believed that there may have been some changes in income during the pandemic, and they may have harmed CE. Furthermore, there is to note that some limitations occur in the analytical process. The incompleteness of the data can also be included here as certain data is not available; hence, it was estimated directly by the Eurostat statistical authority.Practical implicationsAt the same time, the following are currently considered among the primary barriers: financial restrictions, insufficient infrastructure, weak government support and obstacles on the global market. Consumers, industry leaders and the government are the most influential stakeholder groups in overcoming barriers. Higher demand for repair services will also initiate further development of business activities in this area at various regional levels. Progress in the repair services economy will continue to require extensive efforts in the future. Systematic coordination of activities at multiple levels of government together with manufacturers, designers, educational institutions, community institutions and individuals will be essential.Social implicationsSocioeconomic characteristics such as sex, age and education represent crucial predictors of consumer behavior. Therefore, the authors would like to focus future research on analyzing these characteristics and examine all the conceptual frameworks of consumer behavior and its positioning in detail within CE and the strategies related to the repair service. Discussing this issue through follow-up research will allow for solving complex transformational and political tasks related to the repair service strategies within CE. It will also inspire the discussion frameworks and multidisciplinary solutions to this issue affecting the fields of human geography, sociological, ethnographic and political sciences.Originality/valueIn less-developed countries, wage change can have a more substantial impact on the development of the CE. Also, a closer relationship between business in the field of repair services with income and the use of circular materials was manifested in the same way.