Hydrogen is central to Japan’s strategy for carbon neutrality, energy security, and industrial competitiveness. This article examines hydrogen-related technological development through patent network analysis of applications filed by major Japanese firms between 1960 and 2024. Using PATENTSCOPE data and IPC co-occurrence networks, it maps the technological domains, organizational actors, and knowledge linkages shaping Japan’s hydrogen innovation system. The findings show strong concentration in fuel cells, hydrogen production and storage, and vehicle applications. Central IPC codes cover electrochemical energy conversion, non-metallic compounds, electric propulsion, electrolysis, catalysis, and compressed-gas storage. Honda, Toyota, Panasonic, Nissan, Mitsubishi Heavy Industries, Toshiba, and Hitachi emerge as leading actors, underscoring the role of automotive and heavy-industry firms. Overall, Japan’s trajectory reflects a coordinated ecosystem in which state policy, corporate R&D, and demonstration projects reinforce technological specialization. Yet dependence on imported energy and low-carbon hydrogen raises persistent concerns about cost competitiveness, green hydrogen deployment, and long-term decarbonization outcomes.
Implied volatility, quoted by market makers for Over-the-Counter foreign exchange options, constructs a volatility surface that facilitates the pricing of all vanilla contracts. This study presents a model explaining implied volatility changes in three dimensions: volatility level, slope of the volatility curve, and slope of the volatility smile. Long-term time series data from the EUR/PLN market are used to calibrate the model. The evidence demonstrates a tight interdependence between prices of option strategies, which can be leveraged to build error correction models based on cointegration of time series. In these models, At-the-Money (ATM) volatility is explained by spot returns and historical standard deviation. Additionally, the shape of the volatility curve and volatility smile are explained by the level of ATM volatility. The models exhibit significant forecasting value, quantified as a directional quality measure, with the error correction component enhancing the accuracy of forecasting decisions.
This article examines whether the rise of friendshoring reflects a broader shift from liberal globalization toward security-driven economic realignment. It focuses on Western economies' dependence on strategic rivals (China and Russia) and asks whether recent geopolitical tensions are reshaping global value chains (GVCs) around trusted political partners rather than purely cost-efficient locations. The study combines insights from international political economy, security studies, and GVC theory with an empirical perspective based on TiVA indicators for the period 1995-2020. The analysis shows that available value-added trade data do not yet indicate a completed structural reorganization of GVCs in line with friendshoring. At the same time, they reveal substantial and sector-specific dependencies, especially on China in manufacturing and on Russia in raw materials and energy-related activities. These vulnerabilities help explain the growing political appeal of de-risking and alliance-based economic cooperation. The study argues that friendshoring should be understood not as an already completed empirical transformation, but as an emerging strategic response to the limits of liberal interdependence under conditions of geopolitical rivalry. The article contributes to the literature by linking geopolitical and geoeconomic risks and trade realignment, offering a framework for understanding how national security concerns are reshaping global production and trade networks.
This study assesses the impact of U.S. presidential elections on stock market behaviour, focusing on the 2016, 2020, and 2024 elections, in which Donald Trump was a candidate. Using an event-study framework, we analyse changes in S&P 500 volatility and returns by comparing a 10-day election event period with a preceding 10-day control period. We assume that mean volatility and returns differ significantly between these periods. To verify the robustness of the results, we conduct a comparative analysis using the results from earlier U.S. presidential elections in 2004, 2008, and 2012. Furthermore, the implementation of a placebo test for structurally analogous non-election periods strengthens the credibility of the findings. The results reveal a significant increase in the volatility of S&P 500 returns during all three Trump-involved election periods. However, they do not confirm statistically significant differences in mean rates of return between event and control periods. For both the 2004, 2008, and 2012 election periods and the placebo periods, volatility changes are not statistically significant, supporting the robustness of the findings. Our results confirm increased market uncertainty during the U.S. presidential election periods involving Donald Trump as a candidate.
The aim of this study is to examine the level of ecological awareness and to indicate determinants of consumers’ sustainable purchasing choices in the cosmetics market. The study applies the perspective of consumers and concentrates on sustainability of the packaging. The study covers research conducted mid-2022 including focus group interviews and computer-assisted web interviewing survey on a representative sample (N = 1,006) of adult respondents living in Poland. The research proved that consumers’ ecological awareness is rising. However, sustainable packaging is not the leading driver of the cosmetics consumers’ choices. The price and limited offer of eco-friendly packed products are the main barriers of sustainable choices in cosmetics market. The cluster analysis revealed that there is no statistically significant difference between clusters in terms of age and education. Consumer’s sex and number of persons in a household appeared to be statistically important.
Objective The study's primary goal is to assess the relationship between income inequalities and attitudes toward them in various categories of localities in terms of population during 1988-2019.Research design & methods The study uses data on inequalities from the cyclical survey of household budgets (aggregated data of the Central Statistical Office) and attitudes toward inequality from the Polish Panel Survey (POLPAN database - individual data). Statistical methods were used, such as descriptive statistics and non-parametric tests. The period from 1988 to 2019 was analyzed. The analyses were carried out by city category according to the number of inhabitants.Findings Trends in inequality differ between rural and urban areas, but between 2006 and 2019, there was a reduction in the average income of each class of locality. The concern about inequality in Poland is consistent with current trends in the extent of inequality but not the preferences for redistribution. Concerns about inequalities and preferences regarding redistribution policies vary considerably across classes of locality and intensify over time. Aversion to inequality during 1988-2018 was generally inversely proportional to the size of the town where the respondent lived.Originality/value The article provides knowledge about income inequalities and attitudes toward them, broken down by locality classes and their mutual relations. It is a starting point for formulating research hypotheses for socio-economic policy in the field of income redistribution.
This study explores how preparers of reports perceive the usefulness of non-financial information, particularly environmental disclosures, and examine the influence of demographic factors – specifically gender and age – on these perceptions. Data were collected via a non-exhaustive questionnaire survey. The analysis employed contingency tables, association measures for categorical variables, logistic regression models, and data visualization techniques. The findings highlight the perceived importance of non-financial information, especially in the context of business decision-making. Gender was found to have a neutral effect on perceptions of environmental information usefulness, whereas age showed an increasing impact across successive age groups. Generations X and Y, as well as women, exhibited a notably positive attitude toward the usefulness of disclosed environmental information. One of the most frequently cited factors enhancing the perceived usefulness was heightened awareness of environmental responsibility. This study contributes to the understanding of the determinants shaping the quality of non-financial reporting in Poland and informs ongoing discussions about its future development.
Energy transition is a time- and capital-intensive process, particularly in the shift from fossil fuels to renewable energy sources (RES). Poland exemplifies this transition, navigating fluctuations in energy prices. The invasion of Ukraine by Russia has heightened the significance of energy transition challenges and opportunities in Poland. This work explores Poland’s situation, analyzing possibilities, problems, and future prospects for RES. Utilizing political, economic, social, and technological analysis, the research assesses the landscape and projects the future outlook for RES in Poland. Findings indicate favorable regulations and increasing support for RES development. Financial backing for RES investments is available, yet slow adoption persists due to historical coal usage habits and limited environmental awareness. Despite low current RES usage, the circumstances present an opportunity to boost energy transition, ensuring set targets are met and enhancing energy independence.
