The aim of this paper is to verify the effect of moon phases (lunar effect) on the main indices of the Warsaw Stock Exchange (WSE) in 2020-2024. In these years was possible to indicate periods of increased market volatility. It provides the basis for undertaking considerations on the possibility for observing existing dependencies on the global stock markets. Using the quotations of four main WSE indices (WIG, WIG20, mWIG40, sWIG80), daily logarithmic returns were calculated in two event windows: one-day (t0), and three-day, covering one session day before and one after a specific moon phase (t-1-t+1). Based on 39 qualified new and full moons, medians of the returns differing significantly from zero were observed on the day of the new moon for all the analysed WSE indices. Moreover, the values of returns were average higher than zero on days adjacent to the new moon. However, no statistical significance was found for the median value of the returns on full moon days (except in one case, sWIG80). It is worth underlining that this research is one of the first attempts to verify the effect of moon phases in the current era of increased volatility of financial instruments on world markets in relation to the financial instrument listed on the WSE.

This study investigates the relationship between energy prices and inflation dynamics in European economies using monthly data for the period 2012–2026. The analysis focuses on the impact of Brent crude oil prices and Henry Hub natural gas prices on inflation measured by the Harmonised Index of Consumer Prices (HICP). The empirical framework employs autoregressive distributed lag (ARDL) and nonlinear ARDL models to capture both symmetric and asymmetric effects of energy price shocks. The results indicate that oil price increases exert a significant and persistent impact on inflation, while gas prices show weaker short-run effects. The nonlinear specification reveals asymmetric transmission, with inflation responding more strongly to oil price increases than decreases. The findings highlight the importance of energy market developments for inflation dynamics and provide implications for monetary policy and energy market regulation.

In a market-based society, the logistics sector encompasses a vast scope and serves as a vital industry that reaches every participant in economic activities and services. By studying the current capacity of the Republic of Türkiye’s transportation and logistics sector - one of Mongolia’s third neighbor countries - and its collaborative experiences with nations bordering Mongolia, valuable knowledge and information can be acquired to elevate bilateral trade and economic relations to a new level. Furthermore, based on this information, joint research and detailed technical and economic feasibility studies should be carried out which would not only positively impact trade and economic relations between the two countries, but also create broad opportunities for improving infrastructure, employment, and socio-economic development in Mongolia’s border provinces and districts. In the first section of the article, key terminology and concepts related to Türkiye`s logistics sector are briefly introduced, along with the requirements for establishing logistics centers. It also outlines the coordination and cooperation among sectors such as customs, postal services, and transportation, as well as the relevant regulations and procedures. The next section aims to analyze, under separate subtopics, the major logistics mega-projects currently being implemented or planned in Türkiye, including their progress, challenges, and lessons learned. The conclusion summarizes Türkiye`s goal of establishing logistics centers abroad, its core trade policy focused on Asian economies, and the potential conditions and obstacles for establishing a logistics center in Mongolia with Türkiye`s support and experience. Турк Улсын логистикийн салбарын хөгжил, холбогдох туршлагыг Монгол Улсад нэвтрүүлэх боломж Хураангуй: Зах зээлийн нийгэмд логистикийн салбар нь маш өргөн цар хүрээг хамарч, эдийн засгийн салбар, үйлчилгээ, оролцогч хэн бүхэнд хүрч үйлчилдэг амин чухал салбар болжээ. Тэр дундаа сүүлийн жилүүдэд цахим худалдааны зах зээл өргөжиж, нүүр тулахгүйгээр эдийн засгийн харилцаанд орох байдал улам бүр идэвхжиж байгаа нь тээвэр, логистикийн ухаалаг шийдэл, технологийн хэрэгцээ улам бүр өсөн нэмэгдэж буйг харуулж байгаа юм. Монгол Улсын гуравдагч хөрш орнуудын нэг Бүгд Найрамдах Турк Улсын тээвэр, логистикийн салбарын өнөөгийн хүчин чадал, Монгол Улстай хил залгаа орнуудтай тус салбарт хамтран ажиллаж буй туршлагыг судалснаар хоёр орны худалдаа, эдийн засгийн салбарын харилцаа, хамтын ажиллагааг шинэ шатанд гаргахад шаардлагатай мэдлэг, мэдээлэл бий болох юм. Цаашлаад эдгээр мэдээлэлд тулгуурлан хоёр талын хамтарсан судалгаа, нарийвчилсан техник, эдийн засгийн үндэслэл боловсруулж, бодит ажил хэрэг болгож чадвал зөвхөн хоёр талын худалдаа, эдийн засгийн харилцаанд эерэг нөлөө үзүүлээд зогсохгүй, Монгол орны хил орчмын аймаг, сумдын хөгжил, ажил эрхлэлт, нийгэм, эдийн засгийн салбарын дэд бүтэц сайжрах өргөн боломж бүрдэх юм. Өгүүллийн эхний хэсэгт Турк Улсын логистикийн салбартай холбогдох нэр томьёо, ойлголт, логистик төв байгуулахад шаардлагатай, гааль, шуудан, тээвэр зэрэг салбар хоорондын уялдаа, хамтын ажиллагааг зохицуулсан дүрэм, журам стандартын талаар товч танилцуулав. Дараагийн хэсэгт Турк Улсад хэрэгжүүлж буй болон хэрэгжүүлэхээр зорьж буй логистикийн мега төслүүд, ахиц дэвшил, тулгарч буй бэрхшээл, сургамжийн талаар дэд сэдэв тус бүрээр дүн шинжилгээ хийхийг зорив. Турк Улсын гадаад улс орнуудад логистикийн төв байгуулах зорилт, тус улсын Азид чиглэсэн худалдааны бодлогын цөм, Монгол улсад Турк Улсын дэмжлэг, туршлагад суурилан логистикийн төв байгуулах боломж, нөхцөл, тулгарч буй саад, бэрхшээл зэргийг төгсгөл буюу дүгнэлт хэсэгт хураангуйлан оруулав. Түлхүүр үгс: тээвэр логистикийн салбар, Монгол - Туркийн худалдаа, эдийн засгийн харилцаа, Шинэ Ази санаачилга, Дунд коридорын төсөл

Since 1949, The People’s Republic of China has pursued the overarching objective of “reunifying” Taiwan, with its policies and practices consistently grounded in the principle of “One China.” Over time, Beijing’s approach has undergone a notable transformation, shifting from coercive strategies toward the framework of “One Country, Two Systems,” a change that reflects broader geopolitical shifts in the post–Cold War era as well as the United States’ commitment to Taiwan’s security. More recently, Taiwan’s Democratic Progressive Party (DPP) leadership has articulated positions such as “Taiwan is already a sovereign state” and “the mainland and Taiwan are mutually independent.” These assertions have heightened Beijing’s concerns, leading to statements that it “will not renounce the use of force if necessary” and to the staging of large-scale military exercises around the island, significantly intensifying regional tensions. This study examines the historical evolution and current trajectory of cross-Strait relations, examining the shifting policies of mainland China toward Taiwan. Particular attention is given to the theoretical underpinnings, mechanisms, and implementation of Beijing’s strategy of “peaceful reunification,” as well as to Taiwan’s responses within the context of domestic political dynamics and external influences. Taiwan’s countermeasures and strategies to resist pressure from the mainland will be the subject of a subsequent study. БНХАУ-аас Тайваньд хэрэгжүүлж буй бодлого, үйл ажиллагаа Хураангуй: Хураангуй: БНХАУ-аас Тайваньд хэрэгжүүлж буй бодлого, үйл ажиллагаа нь “Тайванийг өөртөө нэгтгэх” зорилтын дор 1949 оноос хойш тасралтгүй үргэлжилж байна. Хятадаас Тайваньд чиглэсэн бодлого, үйл ажиллагаа нь түүний эрх баригчдын дэвшүүлсэн “Нэг Хятад” бодлогод суурилж, аажмаар энэ нь “Нэг Хятад, Хоёр Систем”-ийн бодлого буюу “хатуу”-гаас “зөөлөн” арга хэлбэрт шилжих замаар дүр төрхөө өөрчилжээ. Энэ нь “Хүйтэн дайн”-ы дараах геополитикийн нөхцөл байдалд гарсан өөрчлөлт, Тайванийг хамгаалах АНУ-ын амлалт зэрэгтэй уялдсан бодлогын томоохон шилжилт юм. Гэвч сүүлийн жилүүдэд Тайванийн Ардчилсан дэвшилт намын эрх баригчид “Тайвань аль хэдийн тусгаар тогтносон улс”, “Эх газар, Тайвань хоёр нь харилцан хамааралгүй” зэрэг байр суурь илэрхийлэх болсон нь Хятадын эрх баригчдыг түгшээн, “шаардлагатай тохиолдолд цэргийн хүч хэрэглэхээ буцахгүй” хэмээн мэдэгдэж, Тайвань арлыг тойрсон томоохон цэргийн сургуулилт явуулах болсон нь бүс нутгийн нөхцөл байдлыг хурцатгаж байна. Иймд энэхүү судалгаагаар, “Хоёр эрэг”-ийн харилцааны түүх, одоохи нөхцөл байдал, Эх газраас Тайваньд хэрэгжүүлж буй бодлогын өөрчлөлт, ялангуяа түүний “Тайванийг энх тайвнаар нэгтгэх” үйл ажиллагааны онолын үндэслэл, хэрэгжүүлж буй арга хэлбэр, Тайванийн хариу үйлдэл, тэдгээрт нөлөөлөх дотоод, гадаад хүчин зүйлийг авч үзэв. Түлхүүр үгс: “Хоёр эрэг”, “Эх газар”, Тайвань, “Нэг Хятад, Хоёр систем”, “92 оны зөвшилцөл”, “Дайны 3 номлол”

The aim of this article is to present the results of a study of students' motivation to participate in Erasmus+ mobility programmes. The theoretical framework was based on the Multidimensional Scale of Motivation to Study Abroad (MMSAS) and the push-pull theory. The survey included 230 respondents from Poland, Turkey, Italy, Romania, and Belgium. The results confirm the multidimensional nature of motivation, which includes both personal and academic aspects Although the comparative study reveals differences between countries, improving foreign language skills, cultural experiences and career advancements are the most important motivators for students to participate in mobility. Structural constraints still limit mobility in some countries. One of the recommendations proposes a greater adaptation of the Erasmus+ programme's promotion to regional contexts to encourage students to participate in mobility.

Bankruptcy prediction lies in the need for financial institutions, investors, and stakeholders to assess the financial health and solvency of companies. Bankruptcy prediction models aim to forecast the likelihood of a business facing financial distress or going bankrupt in the future. The main aim of the paper is to build a bankruptcy prediction model utilizing financial information from 12,816 business entities in the Visegrad Group countries. Because multiple discriminant analysis provides important insights into corporate financial health, it is possible to develop individual prediction models for each Visegrad Group country as well as a comprehensive model for the entire group. Relevant debt ratios are crucial components of bankruptcy prediction models. The development of bankruptcy prediction models significantly enriches the theory and practice of corporate finance by offering valuable insights, improving decision-making processes, and enhancing risk management and it also provides insightful information on how different crises affect prediction models, especially when comparing the COVID-19 crisis model to previous models developed in a comparable way.

Pan-Malaysian Islamic Party (PAS) is a prominent political party in Malaysia that has long championed Malay nationalism. This study examines PAS's political connections and approach in addressing Muslim issues on a global scale, mainly through the lens of Malay nationalism. A qualitative methodology was employed to analyse key documents, speeches, and policies of PAS leaders over the years. The findings revealed that PAS has actively sought to align its nationalist agenda with broader Islamic causes, forging connections with like-minded organisations and movements internationally. PAS has positioned itself as a defender of Malay rights and interests while advocating for implementing Islamic principles in governance and society. The party's interpretation of Malay nationalism is deeply rooted in its Islamic ideology, seeking to reconcile ethnic and religious identities. This study contributes to the understanding of how a regional political party, such as PAS navigates the complex interplay between nationalism, religion, and global affairs. It highlights PAS's efforts to project its influence beyond the Malaysian context and situate the Malay nationalist struggle within the broader framework of the Muslim ummah. The implications of such an approach for national unity, regional dynamics, and the party's long-term political trajectory are also discussed.

The aim of this article is to show how the concepts of Public Value Management, deinstitutionalization, and the personalization of social services can have a real impact on the well-being of the local community, using the example of one urban-rural communes in Poland (Małogoszcz). The theoretical part emphasizes the role and significance of community-based solutions and flexible approaches to individual needs in creating genuine public value, which influences the quality of social services and activates the local community while strengthening its potential for development. The article presents the results of an empirical analysis on a sample of 312 residents of the Małogoszcz commune, using a survey method with a custom-designed questionnaire. The study identified the most pressing issues faced by residents, including a lack of sufficient leisure-time opportunities, limited access to healthcare services, youth outmigration, and transport exclusion. The findings point to a need to improve transport solutions for people with disabilities, expand support options for seniors, and enhance counseling services within the commune. In the concluding section, the article outlines research limitations, practical implications, and directions for future research.

This article presents an innovative method for estimating the size of the shadow economy in microenterprises that combines the use of survey data and an econometric model specifically designed for this purpose. The main premise of the proposed approach is that expected gross income is calculated as revenue minus the costs of generating income. The analysis focuses on survey responses regarding the perceptions of satisfactory income and satisfactory revenue, and estimated costs. An econometric model (MUM) was constructed to capture respondents declarations and identify hidden components of income. The method was empirically tested using data from the Statistics Poland (GUS), focusing on microenterprises with 1 to 9 employees. The analysis covered six sectors based on the Polish Classification of Economic Activities (PKD). The results, which are consistent with official shadow economy estimates published by GUS, suggest that the proposed methodology can serve as a valuable tool for the early-stage analysis of the shadow economy in microenterprises.

This study examines the impact of digital transformation on green investments in Kazakhstan from 2014 to 2022. The analysis is grounded in the Green Digital Transformation Theory, which posits that digital enablers such as high-tech manufacturing, E-participation, Big Data analytics, and ICT infrastructure foster environmentally sustainable business practices. The study employs linear regression modelling to assess the influence of five independent variables reflecting digitalisation on green investment, serving as the dependent variable. The dataset combines indicators from IMD, WIPO, and Kazakhstan's Bureau of National Statistics. Before modelling, variables were logarithmically transformed, and internal consistency was verified using Cronbach's alpha, which yielded a coefficient of 0.989, indicating excellent reliability. The results suggest that digital and technological skills (β = 1.88, p = 0.008) and E-participation (β = 1.63, p = 0.023) have a positive and statistically significant effect on green investment, while digital transformation (β = -0.72, p = 0.041) in companies unexpectedly exerts a negative effect. The findings reveal sector-specific trade-offs in digital modernisation and underscore the need for better alignment between digital and sustainability policies in developing economies.