2024-03-29T13:46:08Z
https://journals.umcs.pl/index/oai
oai:ojs.umcsd.home.net.pl:article/15422
2023-12-23T17:41:14Z
h:ART
The Popularity of Single-Family Housing in Real Estate Development Activity in the Light of the Pandemic – the Case Study of Łódź
Antczak-Stępniak, Agata
real estate development activity; buyers preferences; COVID-19 pandemic; housing
Theoretical background: The functioning of the entire housing market and the sale of developer dwellings depends on many factors. They are, e.g. economic and financial, institutional, environmental, cultural, and religious. Due to the complexity of the real estate market and the variety of factors that influence its functioning, the real estate market is characterized by high variability. Some external factors, especially those difficult to predict, may cause rapid changes in the size of this market. Epidemics can be such a factor. Recently, the COVID-19 pandemic has significantly impacted the functioning of many housing markets. Since we spent whole days at home with whole families, it soon turned out that the previous places of residence needed to be bigger, functional, and properly located. Therefore, in many places worldwide, the demand for single-family houses has increased, contributing to the growing sale of such developer projects. The pandemic, however, has passed, but its effects, along with the consequences of the war in Ukraine, also affect the standard of living of the population and real estate development activity, although it seems to be in a different way.Purpose of the article: In connection with the above, two research objectives have been set in this article: to determine the impact of the pandemic on real estate development activity in the Polish housing market and to analyze, on the example of Łódź, whether the pandemic contributed to changes in developers’ offers and level of sale, especially in the context of single-family investments.Research methods: In order to achieve the set goals, the desk research method was used. First, based on statistical data of the Local Data Bank situation on the primary residential real estate market was analyzed (in Łodź). Then, the number of investments implemented in Łódź, broken down into multi-family and single-family housing, was examined (based on data collected by the author from real estate portals and websites of individual developers). Concerning single-family housing, investment commencement, and completion dates were identified and finally, based on the starting dates, single-family investments were divided according to the level of sale.Main findings: The outbreak of the COVID-19 pandemic has “turned on its head” housing markets in many parts of the world. Overnight, entire households switched to remote work or learning, which was difficult to reconcile, especially in small dwellings. Difficulties in functioning partly prompted and partly forced to look for other, more suitable places to live. Because of that, developer projects concerning single-family houses sold very well during the pandemic. However, it seems that the increase in popularity (sale) of single-family investments offered by developers was temporary. The increase in interest rates resulted in a decrease in demand for large dwellings, which few people can afford anymore, and they are not an attractive investment for investors. So, developers have frozen capital, which, unfortunately, with the loans taken out, may, in the long run, lead to the risk of debt growth and bankruptcy of smaller enterprises.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15422
10.17951/h.2023.57.4.7-22
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 7-22
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 7-22
0459-9586
eng
https://journals.umcs.pl/h/article/view/15422/11231
https://journals.umcs.pl/h/article/downloadSuppFile/15422/8697
https://journals.umcs.pl/h/article/downloadSuppFile/15422/8698
Prawa autorskie (c) 2023 Agata Antczak-Stępniak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15856
2023-12-23T17:41:14Z
h:ART
FinTechs Contribution to Sustainable Development
Klimontowicz, Monika
FinTechs; financial technology; social impact; sustainable development goals (SDGs); systemic literature review (SLR)
Theoretical background: The FinTechs phenomenon is worth discussing as its multidimensional character causes difficulties not only with defining it but also with assessing the impact of its development on the economy and society. The impact of FinTechs on sustainable development is a relatively new field of research. Thus, the paper presents exploratory research aiming to analyse the current areas of FinTechs activity, the state of their development in Europe, and the state of the art in European research on their impact on sustainable development goals (SDGs) achievement. The study applied both inductive and deductive research methods, together with comparative analysis.Purpose of the article: The paper aims to analyse the European FinTechs landscape in the context of their impact on sustainability reflected by SDGs and prepare the framework for further research in this field.Research methods: The theoretical analysis conducted in the paper for defining FinTechs was based on an in-depth literature review, including scientific papers, documents and reports. In this section, the inductive method and comparative analysis were mostly applied. The empirical part of the paper includes the analysis of quantitative data published by the European Commission and Eurostat. This analysis is primarily based on comparative analysis. The framework for further research in this field is based on a systemic literature review (SLR). In this section, the PRISMA methodology was applied.Main findings: There is no doubt that FinTechs have already influenced the financial systems worldwide. In Europe, their disruptive development motivated the traditional market players to adapt their offerings, strategies and business models. They were perceived as market disruptors at the beginning of their operational activity. Today, the vast majority of authors notice their huge potential as sustainability enablers. The systemic literature review proved the worldwide systematically increasing scientific interest in surveying the FinTechs and their contribution to SDGs achievement. This trend has not yet been observed in Europe. Only a few papers directly refer to the relationship between FinTechs and SDGs achievement in European countries. The results have shed light on existing academic literature embracing both FinTech and SDGs issues in Europe, explored emerging trends in current research, and identified the main areas for further investigation.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15856
10.17951/h.2023.57.4.103-121
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 103-121
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 103-121
0459-9586
eng
https://journals.umcs.pl/h/article/view/15856/11236
Prawa autorskie (c) 2023 Monika Klimontowicz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15712
2023-12-23T17:41:14Z
h:ART
Just Culture Maturity Assessment Tool and Its Application in Medium-Sized Food Company in Poland
Wiśniewska, Małgorzata Zdzisława
Czernyszewicz, Eugenia
Koniuszy, Małgorzata
just culture; food safety, food safety culture; assessment; maturity
Theoretical background: Ensuring food safety requires the development of an appropriate food safety culture, including its important subculture – just culture (JC). JC is a fair, proportional, and transparent way in which individuals are held accountable for errors. JC in the food sector is an element of food safety culture and is one in which all employees within a food company are encouraged to provide and feel comfortable providing food safety-related information. It is an atmosphere of trust in which food handlers are convinced they will be treated fairly based on their actions rather than the outcome of those actions, in the case of positive, as well as negative food safety. No approach for the food sector for measuring this phenomenon is seen in the literature.Purpose of the article: The article aims to present a proposal for a tool for assessing just culture in a food company and to discuss the results of empirical validation of this tool in a selected organization.Research methods: A literature review was conducted to identify tools for measuring JC in different industries. The primary research method was a case study, including a documentation analysis, based on the READ approach. The just culture maturity assessment tool (JCMAT) used by the company was statistically verified. To interpret the results, the so-called Enlighten 4C Food Safety Culture model was applied.Main findings: The JCMAT has proven to be a reliable tool for exploring JC maturity. A set of dimensions were proposed to constitute JC. The surveyed organization has reached the “awakening” maturity level. Socio-demographic characteristics did not have a major impact on respondents’ opinions about the JCMAT statements.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15712
10.17951/h.2023.57.4.217-235
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 217-235
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 217-235
0459-9586
eng
https://journals.umcs.pl/h/article/view/15712/11242
https://journals.umcs.pl/h/article/downloadSuppFile/15712/8934
https://journals.umcs.pl/h/article/downloadSuppFile/15712/9007
Prawa autorskie (c) 2023 Małgorzata Zdzisława Wiśniewska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15610
2023-12-23T17:41:14Z
h:ART
The Importance of Personality Psychology in the Study of Prosocial Consumer Attitudes – Implications for Research in the Field of Socially Responsible Marketing
Rutkowska, Anna
Kozłowski, Wojciech
behavioral economics; economic psychology; personality psychology; socially responsible marketing
Theoretical background: This article is based, regarding the theoretical foundations, on selected issues of behavioral economy and economic psychology, which question the classical assumptions of the homo oeconomicus concept and the standard approach to studying the consumers’ attitudes and behaviors.Purpose of the article: The system of individual and socially shared consumer values undergoes evolutionary changes in the modern, turbulent socio-economic reality. The thesis has been put forward that in the post-pandemic realities, because of the re-evaluation of given values, psychological factors play an increasingly important role in shaping pro-social consumer attitudes, and the consumer’s personality largely determines favorable attitudes towards socially responsible marketing initiatives. The article is conceptual in nature. It provides a theoretical background for the authors’ planned empirical research. The main objective of this paper is to define the new research areas for socially responsible marketing, in which personality psychology could play a significant role in identifying consumers’ pro-social attitudes.Research methods: Given the need for an interdisciplinary approach to studying consumers’ pro-social attitudes, a review was conducted of the literature on the subject concerning the behavioral economy and economic psychology, with a special emphasis on the issue of personality.Main findings: The literature studies and observation of the socio-economic reality aimed at identifying new direction of empirical research in socially responsible marketing. Four main research areas were proposed to which the appropriate marketing types were assigned: post-COVID reality (social marketing and cause-related marketing); healthcare (social marketing); the reality of war (social marketing and cause-related marketing; ecology – green marketing). The empirical studies based on personality psychology in the areas indicated above could refer to the concept of goal-oriented behavior psychology and the Five Factor Model.
www.wydawnictwo.umcs.lublin.pl
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2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15610
10.17951/h.2023.57.4.161-181
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 161-181
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 161-181
0459-9586
eng
https://journals.umcs.pl/h/article/view/15610/11239
https://journals.umcs.pl/h/article/downloadSuppFile/15610/8858
https://journals.umcs.pl/h/article/downloadSuppFile/15610/8859
Prawa autorskie (c) 2023 Anna Rutkowska, Wojciech Kozłowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15663
2023-12-23T17:41:14Z
h:ART
Stay or Leave? How the Policy of Business Cooperation with Russia Affected Value and Price of Listed Companies: Evidence from Dow Jones, DAX and WIG20
Antonowicz, Alicja
Antonowicz, Paweł
Siciński, Jędrzej
value migration; war; capital market; financial markets; crisis; corporate social responsibility
Theoretical background: The crisis situation in the aftermath of the military conflict triggered by Russia’s invasion of Ukraine has caused a significant reaction from financial markets. Not only the Russian RTSI index, but also the stock indexes of neighbouring countries (Poland, Germany), as well as the U.S. indices (NDX, US30, US500), declined in value in the following months of the war, which was a direct result of the declining capitalisation of their component companies. A team of Yale University researchers undertook a classification study on a group of more than 1,000 global companies, grouping them according to the strategy (business model) they adopted in the face of the response to Russian aggression against Ukraine. These groups were, in particular: (1) Grade F – defying Demands for Exit or Reduction of Activities: companies that are just continuing business-as-usual in Russia; (2) Grade D – Holding Off New Investments/Development: companies postponing future planned investment/development/marketing while continuing substantive business; (3) Grade C – Reducing Current Operations: companies that are scaling back some significant business operations but continuing some others; (4) Grade B – Keeping Options Open for Return: companies temporarily curtailing most or nearly all operations while keeping return options open; and (5) Grade A – Clean Break – Surgical Removal, Resection: companies totally halting Russian engagements or completely exiting Russia. This work provided the basis for an in-depth analysis of how financial markets (investors) reacted to companies that used extreme responses (completely breaking business ties with Russia as opposed to maintaining the existing business model and business ties with Russia). Depending on the adopted firm strategy, according to the Yale methodology, it can be observed that the impact of war on value was not uniform, and differences in value migration could be discerned.Purpose of the article: In the article, the authors undertook to evaluate the reaction of financial markets in the period 31 December 2021 – 30 September 2022 on the basis of three stock market indices: (1) the US (Dow Jones Industrial Average); (2) the German (DAX 40 – Deutscher Aktien Index); (3) the Polish (WIG 20 – Warsaw Stock Exchange Index) with a particular focus on the date: February 24, 2022, when Russia’s military aggression in the Ukrainian area began. The authors assessed how the volatility of the shares of selected companies in these indices evolved, and whether it was influenced by the social responsibility of the business conducted, as expressed by the severance of business relations with Russia, their periodic suspension or the lack of any response to the acts of war that began. Furthermore, a significant aim of the study was to assess the phenomenon of value migration in companies based on their business relationship strategies with Russia, classified according to the criteria upon which the Yale list was built.Research methods: Critical analysis of the literature on the subject, statistical analysis, technical analysis of stock index volatility, induction and synthesis.Main findings: In view of the object of research described in this way, in accordance with the idea accompanying the CSR policy, the following research hypothesis was adopted in the study: investment sentiment toward multinational corporations that, as a result of Russia’s aggression in Ukraine, ceased business contacts with Russia altogether, differs from investor sentiment toward those organisations that did not take such action and continued business/economic cooperation with Russia.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15663
10.17951/h.2023.57.4.23-44
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 23-44
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 23-44
0459-9586
eng
https://journals.umcs.pl/h/article/view/15663/11232
https://journals.umcs.pl/h/article/downloadSuppFile/15663/8923
Prawa autorskie (c) 2023 Alicja Antonowicz, Paweł Antonowicz, Jędrzej Siciński
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14662
2023-12-23T17:41:14Z
h:ART
Women Successors in Family-Owned Businesses in Poland
Hadryś, Alicja
Weller, Manuela
family businesses; succession; women in family businesses; gender; Poland
Theoretical background: The family enterprises are regarded as the backbone of every economy. In Poland, it is estimated that more than 60% of small and medium-sized enterprises are family businesses. Taking into account the particularities of the Polish economy in connection with the period of political transformation after 1989, the majority of family firms are in the hands of the founding families respectively the first generation. The question of the succession process is of great importance for all family companies, but especially for Polish family businesses, since in the former communist system no private property could be passed on to future generations. The Polish entrepreneurial families therefore do not have enough practical succession experience. Moreover, the Polish society is still characterized by a conservative world view or female view, which means that the majority of entrepreneurs choose the eldest son as their potential successor.Purpose of the article: The aim of the study is to present the history of daughters successors in Polish family businesses in institutional context of transforming economy. The research follows the qualitative paradigm to find context sensitive data on female successors in family businesses in Poland.Research methods: The research was designed and conducted according to the qualitative paradigm as this is the best way to understand the social realities of the actors involved. The research material was collected through semi-structured interviews with three daughters-successors in Polish family firms. The authors conducted with each female successor two interviews – a total of six interviews. The interviews last on average 1.5 hours. The longest last 2.5 hours. The interviews took place at the companies’ headquarters. The interviewed persons were women from family-owned businesses.Main findings: Taking into account the data collected, it can be assumed that the education of the next generation in the entrepreneurial families has a direct influence on the probability of a takeover. The study indirectly showed that society’s attitude towards working women in Poland has changed. This survey can make an important contribution to the understanding of the dynamics that prevail in Polish family-run companies. These findings can in turn help to develop recommendations or guidelines for those business in the succession process.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14662
10.17951/h.2023.57.4.63-84
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 63-84
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 63-84
0459-9586
eng
https://journals.umcs.pl/h/article/view/14662/11234
https://journals.umcs.pl/h/article/downloadSuppFile/14662/9474
Prawa autorskie (c) 2023 Alicja Hadryś, Manuela Weller
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15805
2023-12-23T17:41:14Z
h:ART
The Size of Tax Jurisdiction and Tax Density
Walasik, Artur
tax density; fiscal federalism; local taxes
Theoretical background: Theory of public finance theory quite widely recognized that the purest indicator of government size is to observe the determinants and trend of level of public spending. It could be easy translates into the statement that following demand of government for money, first satisfied by taxes, enables to conclude, in particular, that the ratio of tax revenues to gross domestic product is the most appropriate indicator of the fiscal efficiency of the tax system.Purpose of the article: The very aim of paper is to determine, on the basis of constructed original taxation density rate, the diversification of the spatial economics of local revenues from taxation of land and developments. The supplementary goal comes from the identification of attributes of tax jurisdiction size shaping density of taxation. In particular, it is undertaken to determine whether there is a statistically significant difference in the rudimentary statistics of the correlation between the size of tax jurisdiction and intensity of land and development taxation measured by brand new index: tax density.Research methods: The research methods, apart from the query and analysis of the literature on the subject, are descriptive statistics of the population of 2,477 communes in Poland in terms of taxation density and the strength of the correlation between taxation density and attributes of tax jurisdiction defined by its size in both fiscal perspective (total tax revenues, tax revenues per capita) and demographic indexes (population, population density). The area of tax jurisdiction is correspondingly discussed. There is also employed OLS method for study correlation between tax density and indexes of tax jurisdiction size. The data are for the fiscal year of 2021.Main findings: Taxation density is, on average, the highest in urban communes, which results from a significant share of land and improvements subject to property tax. In urban communes, the share of real estate tax is on average 98.91% of total revenues from taxation of land and improvements. While in rural communes, where the lowest average level density of taxation has been recorded, the share in question is on average 73.73%. Examination of taxation density statistics for each of three subpopulations of communes (urban ones, urban-rural ones, and rural ones) indicates that in each case statistics of the distribution of tax density is attributed by positive skew and has sharper peak around the mean, but kurtosis is the highest for rural communes. It has been observed that the shapes of the distribution of total tax revenues, tax revenues per capita and population density are most similar to the shape of the distribution of taxation density in rural communes. The crucial conclusion is that the most significance for tax density growth is the increase of population in accordance with population density. The greater tax jurisdiction measured by population the greater intensity of fiscal exploitation of land occurs. Empirics of tax density for Polish communes fails to observe diseconomies of scale according to population density. There is a very parallel structure of elasticity of tax density for different features of tax jurisdiction, excluding for urban tax jurisdiction two attributes: tax revenues per capita (no statistical significant evidence of elasticity) and area (in contrast to another types of communes elasticity is positive).
www.wydawnictwo.umcs.lublin.pl
Publication co-financed from the state budget of Republic of Poland under the program of the Minister of Education and Science under the title "Excellent Science". Project number DNK/SP/549676/2022: co-financing amount PLN 44,000
total value of the proje
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15805
10.17951/h.2023.57.4.201-215
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 201-215
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 201-215
0459-9586
eng
https://journals.umcs.pl/h/article/view/15805/11241
Prawa autorskie (c) 2023 Artur Walasik
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15802
2023-12-23T17:41:14Z
h:ART
Communes’ Expenditure on Municipal Waste Management in Terms of Sustainable Development
Jarczok-Guzy, Magdalena
municipal waste; municipal waste management; local government expenditure
Theoretical background: As we work towards achieving sustainable development under Goal 12, which entails promoting sustainable consumption and production patterns, one of our key tasks is to minimize waste generation through prevention, reduction, recycling, and reusing. Local government units (LGUs) have a significant role to play in implementing this task. By investing in municipal waste management, LGUs can influence the behavior of residents toward responsible waste collection and management, including hazardous waste.Purpose of the article: This article aims to evaluate how local government spending affects municipal waste management in different voivodeships. The hypothesis of this paper is that local government expenditure improve waste management effects. To achieve effective spending that supports sustainable development, public authorities at the regional level must coordinate their activities and adapt to EU standards.Research methods: This article used literature and statistical analysis to adopt dynamics indicators and correlation coefficients. Data on selected variables for the study came from the Local Data Bank of the Central Statistical Office and Eurostat.Main findings: According to the analyses conducted, there has been a positive development in municipal waste management in Polish communes. This suggests that the government’s policies are contributing towards achieving the sustainable development goal of responsible and sustainable waste management, especially when it comes to hazardous waste. These findings could be utilized to recommend to public authorities the necessary changes to fiscal instruments that would promote sustainable public finances.
www.wydawnictwo.umcs.lublin.pl
Publikacja dofinansowana ze środków budżetu państwa w ramach programu Ministra Edukacji i Nauki pod nazwą „Doskonała Nauka", nr projektu DNK/SP/549676/2022 kwota dofinansowania 44 000 zł całkowita wartość projektu 81000 zł.
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15802
10.17951/h.2023.57.4.85-101
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 85-101
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 85-101
0459-9586
eng
https://journals.umcs.pl/h/article/view/15802/11235
Prawa autorskie (c) 2023 Magdalena Jarczok-Guzy
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/16086
2023-12-23T17:41:14Z
h:ART
Generative AI in Management – Today and Tomorrow
Korczak, Jerzy
Pawełoszek, Ilona
Artificial Intelligence in business; human-computer interface; natural language processing; decision-making
Theoretical background: The rapid and exponential technological advancements have far-reaching impacts on management information systems, management practices, and human life. The promising outcomes in Artificial Intelligence and cutting-edge research on semantic networks and natural language processing have motivated the authors to envision the future of management technology.Purpose of the article: Our paper focuses on the new communication facilities and artificial intelligence models used to process management-type queries in natural language.Research methods: The article discusses recently developed technologies, proposed by Google and Microsoft, notably Google Bard and Bing integrated with ChatGPT-4. Both chatbots use Generative AI methods and large language models to understand domain-based queries and generate answers.Main findings: The practical and social implications of new models in management practice are discussed. To illustrate the qualities and weaknesses of the features of new technologies, four examples of management decision-making are discussed. The case studies also show differences between these two technologies. Finally, the paper concludes by summarizing the expectations and limitations of Generative AI applications in management. The paper is one of the first publications describing and demonstrating the idea of interfaces in natural language in business-oriented applications.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/16086
10.17951/h.2023.57.4.123-143
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 123-143
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 123-143
0459-9586
eng
https://journals.umcs.pl/h/article/view/16086/11237
https://journals.umcs.pl/h/article/downloadSuppFile/16086/9238
Prawa autorskie (c) 2023 Jerzy Korczak, Ilona Pawełoszek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15696
2023-12-23T17:41:14Z
h:ART
Listing Switch on the Warsaw Stock Exchange: Raising Capital and Financial Leverage
Podedworna-Tarnowska, Dorota
listing switch; raising capital; equity; debt; financial leverage
Theoretical background: Much attention has been paid in the finance literature to the issue of raising capital through the capital market. However, there is still not much focus on the analysis of this issue in the context of the transition of companies from the lower to the higher end of the stock market, e.g. the switch from the alternative market to the regulated market. In the Polish literature, the analysis of the going public in two stages is relatively unexplored.Purpose of the article: The purpose of the study is the identification of the impact of switching listing venue from an alternative market to the regulated one on the possibility of raising capital and the financial leverage. The research presents the results of the analysis of raising capital by the companies firstly entering the NewConnect and then transferring to the main market of the Warsaw Stock Exchange.Research methods: The analyses used the following metrics: debt-to-asset ratio and debt-to-equity ratio calculated over a longer time horizon covering the observation window beginning 3 years before the transfer and ending 3 years after the transfer (in total, 7 years). To examine if the ratios differ significantly between before and after the change, the significance analysis was based on the parametric tests: t-student’s paired test for means and the Wilcoxon matched-pairs signed-rank test for medians.Main findings: Listing switch on the Warsaw Stock Exchange and entering a regulated market has triggered the growth of companies but did not lead in equity being raised by companies during the debut on the regulated market. Companies did not reduce financial leverage, debt-to-asset-ratios and debt-to-equity ratios increased in the years following the change of listing venue from the alternative market to the regulated market.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15696
10.17951/h.2023.57.4.145-159
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 145-159
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 145-159
0459-9586
eng
https://journals.umcs.pl/h/article/view/15696/11238
https://journals.umcs.pl/h/article/downloadSuppFile/15696/9160
Prawa autorskie (c) 2023 Dorota Podedworna-Tarnowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15974
2023-12-23T17:41:14Z
h:ART
Changes in the Revenue Autonomy of the Local Government Subsector of the European Union Countries as a Result of the Pandemic Crisis
Franek, Sławomir
llocal government finance; revenue autonomy; COVID-19 pandemic
Theoretical background: Intergovernmental relations are a key area of research on fiscal federalism. The extent and strength of central government’s influence on local governments determines the degree of autonomy of local authorities. The prevailing view in the literature is that a higher degree of local government autonomy is a factor that stimulates economic growth, fiscal stability, and efficient delivery of public goods. At the same time, the COVID-19 pandemic period forced the need for coordination between central government and subnational authorities. Under such conditions, significant changes occurred in the size and structure of local government budgets, which were the result of greater interconnection of local government finances with transfers from central government. These changes meant pressure to reduce the revenue autonomy of local governments. In view of this, the article formulates a research hypothesis that the degree of revenue autonomy of local governments decreased during the pandemic period.Purpose of the article: The purpose of the article is to determine the direction and strength of changes in the level of local government subsector revenue autonomy in European Union countries.Research methods: The research used data for 2012–2022 from the Government Finance Statistics Database published by Eurostat. The values of three indicators for European Union countries determining the degree of revenue autonomy of local governments were compared: 1) the share of local governments’ transfer revenues in their total revenues; 2) the share of local governments’ own (non-transfer) revenues in general government sector revenues; 3) the share of local tax revenues in total taxation. In addition, the statistical significance of the differences in the studied indicators between the individual years of the study period was tested using a paired sample t-test (for the first indicator) and a non-parametric Wilcoxon signed rank test (of the other two indicators).Main findings: It was shown that the COVID-19 pandemic period was only to some extent a factor in changing the revenue structure of the local government. The biggest influence on the changes in this structure came from transfers received from the central government, the importance of which did increase in the years preceding the pandemic period, but the increase from year to year was small and statistically insignificant. Indeed, it was only the pandemic crisis that caused significant statistical changes in this regard. In the case of the ratio of the share of local own revenue in general government revenue, it turned out that only to a small extent was the pandemic crisis the source of the reduction in the role of local revenue in the general government sector. No significant changes in the role of local government taxes in the tax revenues of the sector as a whole were also seen. For this indicator, there was no evidence of statistically significant differences in the values of this indicator during the COVID-19 pandemic period relative to the pandemic period. Similarities were also found in the direction of change of the first two indicators relative to the average for European Union states.
www.wydawnictwo.umcs.lublin.pl
Publication subsidized from the state budget under the program of the Minister of Education and Science called "Excellent Science", project number DNK/SP/549676/2022 subsidy amount 44 000 PLN total project value 81000 PLN (Poland)
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15974
10.17951/h.2023.57.4.45-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 45-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 45-62
0459-9586
eng
https://journals.umcs.pl/h/article/view/15974/11233
https://journals.umcs.pl/h/article/downloadSuppFile/15974/9131
Prawa autorskie (c) 2023 Sławomir Franek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15803
2023-12-23T17:41:14Z
h:ART
Fee for Reducing Natural Field Retention as an Instrument of Sustainable Public Finance
Sygut, Edyta
stormwater management; environmental fee; stormwater fees; sustainable development finance; sustainable development goals
Theoretical background: Active national fiscal policy is an important determinant of sustainable development. Poland falls below the water security level, which is why natural retention is a particularly important issue, as the poverty of societies begins with a lack of access to water. This also poses a challenge for public finance, which should encourage specific behaviors. As of 1 January 2018, a fee for the reduction of natural land retention is levied in Poland.Purpose of the article: The aim of the article is to analyze and evaluate the fee for reducing natural field retention as an instrument of sustainable public finance and to assess its fiscal efficiency in terms of its ability to raise public revenue, in particular the revenue of municipalities on the example of cities with county rights in the Silesian Voivodeship.Research methods: The paper draws on literature reviews and the conducted empirical research. Data were collected using the direct method via access to public information. First, an analysis was carried out on the amount of revenue generated from the fee for reducing natural field retention, constituting the income of the State Water Holding – Polish Waters. Subsequently, an analysis was made on the amount of revenue generated from the fee for reducing natural field retention in municipalities with county rights in the Silesian Voivodeship. The study covered the years 2018–2022, i.e. from the introduction of the fee until the last year for which the data are available.Main findings: The fee for reducing natural field retention is a sustainable public finance instrument designed to shape attitudes and influence behavior. Although levying a fee for reducing natural field retention does not solve the problem of insufficient retention, it encourages discussion and implementation of measures to improve it. The mandatory fee is intended to discourage the construction of impervious surfaces and, at the same time, encourage property owners to incorporate retention systems into their construction plans to counteract the lowering of groundwater levels. It is of great importance, not in an economic or fiscal sense (public revenue), but rather in a social sense, by raising public awareness of the problem of natural retention.
www.wydawnictwo.umcs.lublin.pl
2023-12-23
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15803
10.17951/h.2023.57.4.183-200
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 183-200
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 4 (2023); 183-200
0459-9586
eng
https://journals.umcs.pl/h/article/view/15803/11240
Prawa autorskie (c) 2023 Edyta Sygut
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15797
2023-12-11T12:58:34Z
h:ART
Prices of Means of Production in Agriculture and Agricultural Prices and Income in Poland During the COVID-19 Pandemic
Jędruchniewicz, Andrzej
Wielechowski, Michał
agricultural input; mean of production in agriculture; price gap; agricultural income; COVID-19 pandemic
Theoretical background: Agriculture is an input-intensive sector of the economy. The sector of means of production in agriculture is one of the three basic components of the food economy. The prices of agricultural inputs shape the operational costs of farms and significantly affect their income situation. Key agricultural inputs represent fertilizers, plant protection products, seeds, energy and labour force. The COVID-19 pandemic has affected the functioning of food systems all over the world, including in Poland. The agricultural sector in Poland faced several challenges, including the surge in prices of means of production in agriculture.Purpose of the article: The study aims to identify and assess changes in the prices of means of production in agriculture and the impact of changes in these prices on the dynamics of selling prices of agricultural products and the income situation of farms in Poland during the COVID-19 pandemic.Research methods: The study employs various research methods, including critical literature analysis, the descriptive approach, the comparative method, verbal logic, and descriptive statistical methods. Moreover, we utilize a standardised questionnaire method utilising the CATI (computer-assisted telephone interviewing) technique, targeting 50 experts in the field of agricultural economics, to gather their perspectives on the possibility of transferring the rise in agricultural production costs to the pricing of products sold during the COVID-19 pandemic. The secondary data come from the Statistics Poland, the Agency for Restructuring and Modernization of Agriculture (ARMA), and the National Bank of Poland (NBP). The research period covers the years 2017–2021, with particular emphasis on the years 2020–2021, i.e., the period of the COVID-19 pandemic.Main findings: Research results show that only in 2020, the prices of goods purchased for current agricultural production decreased. However, in 2021, the costs of materials and services and other costs in agriculture, including wages, increased at a record pace. The demand-side causes of such cost increases were increases in money supply and agricultural income. Supply-side causes were shaped by commodity prices and wages. In Poland, the prices of goods and services purchased by farms were less variable than the prices of goods sold. The data analysis did not reveal significant relationships regarding the dynamics of the prices discussed. Such a conclusion is also confirmed by the results of a questionnaire survey directed to experts in agricultural economics. The responses concerning the possibility of transferring the increase in production costs to the prices of sold products during the pandemic years varied. In the years 2017–2021, the income situation of Polish farms was variable. In 2020, increases in income from production factors, operating surplus, and farmer’s income, and their decreases in 2021, were inversely correlated with changes in production costs in agriculture.
www.wydawnictwo.umcs.lublin.pl
The publication is financed from the state budget under the project of the Ministry of Education and Science “Science for Society” No. NdS/532598/2021/2022. The total value of the project is PLN 290 950.00.
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15797
10.17951/h.2023.57.3.139-156
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 139-156
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 139-156
0459-9586
eng
https://journals.umcs.pl/h/article/view/15797/11092
Prawa autorskie (c) 2023 Andrzej Jędruchniewicz, Michał Wielechowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15650
2023-12-11T12:58:34Z
h:ART
Foreign Capital in Polish Banks – Its Contribution to Systemic Risk and Level of Concentration
Koleśnik, Jan
systemically important banks; systemic risk; foreign capital; Polish banking sector
Theoretical background: An important source of systemic risk in the banking system is the ownership structure, especially the ratio of foreign capital, which affects not only the results of individual banks but also the situation of the entire sector during the financial crisis. The effects of foreign capital engagement in a local banking system not always have to be exclusively positive. In particular, this refers to the systemic risk contribution of foreign capital in the national banking system as well as foreign capital concentration and potential systemic risk transfer through foreign capital. These threats are becoming especially important for the Polish banking sector, where foreign capital to assets ratio – despite its gradual decrease since 2008 – is still higher than 40%.Purpose of the article: The aim of this article is to assess foreign capital systemic risk contribution in the Polish banking system and the scale of threat posed by possible transfer of this risk through foreign capital.Research methods: Two methods were employed in this study, i.e. (1) supervisory measure of individual banks’ systemic risk contribution, including the guidelines of the European Banking Authority, and (2) SRISK% measure, which shows which part of the systemic capital shortfall is generated by which bank. The systemic capital shortfall, on the other hand, is defined as a sum of additional own funds necessary to meet the regulatory minimum should a 40% fall of total capitalisation of the banking system occur within the subsequent 6 months. At the same time, owing to the application of both of the above methods, we could draw on their strengths while eliminating the identified weaknesses.Main findings: Our analyses did not indicate that the level of foreign capital concentration in the Polish systemically important banks may contribute to systemic risk transfer through foreign capital. Although all Polish banks owned by foreign capital, identified as systemically important, are subsidiaries of the banks which – in their home countries – are also considered as systemically important, their contribution to the Polish systemic risk is generally a few times lower than systemic risk contribution of their parent institutions, with the exception of one bank, which should be carefully monitored by the Polish financial safety net. The rising systemic risk contribution of the banks owned by foreign capital and identified as systemically important in the Polish banking system should not be a matter of concern thanks to the diversified share of individual banks in it. The conclusions drawn in the study are important both in terms of the policies adopted by the safety net institutions and from the point of view of further improvement of systemic risk measures, especially those assessing the contribution of individual banks to this risk.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15650
10.17951/h.2023.57.3.157-175
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 157-175
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 157-175
0459-9586
eng
https://journals.umcs.pl/h/article/view/15650/11093
Prawa autorskie (c) 2023 Jan Koleśnik
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15823
2023-12-11T12:58:34Z
h:ART
The Determinants of Trust in Food Safety from the Perspective of Generation Z Students
Czernyszewicz, Eugenia
Wiśniewska, Małgorzata Zdzisława
trust; Gen Z; students; consumer behavior; food safety
Theoretical background: Trust plays an important role in market relations and is a valuable bridge between the consumer and the producer. Given the importance of food, trust in its safety certainly plays a key role. There are many determinants affecting food safety trust. Due to its growing role in society, Generation Z (Gen Z) and its views on the subject should be taken into account. All the more so because this generation is skeptical, cautious, and sensitive in economic, environmental, cognitive, and social terms.Purpose of the article: The objective of the study is to identify the determinants of trust in food safety among Polish students representing Gen Z consumers. A subsidiary objective is to identify whether trust in food safety is influenced by their socio-demographic and cognitive characteristics.Research methods: A face-to-face survey method was used and 374 respondents were participating in the study. The influence of twelve determinants on trust in food safety was assessed. Cronbach’s alpha statistics were used to assess the questionnaire scale’s reliability. The KMO index (Kaiser–Meyer–Olkin) and Bartlett’s test of sphericity were applied to know the appropriateness of performing factor analysis. To simplify and reduce the number of sources of confidence in food safety identified in the study, a factor analysis was conducted using the principal components method and Varimax rotation with Kaiser normalization. To find the relationship between sociodemographic variables and the studied variables multiple regression was applied. Statistical analyses were performed using IBM SPSS Statistics 29.Main findings: The reliability of the questionnaire used in the study has been confirmed. We distinguished three groups of determinants influencing food safety trust, and these are: “Place of food production and sale”, “The way of food production and supervision”, and “External socio-economic environment”. This type of classification can be considered our original contribution to the study, as well as the fact that among the individual determinants analyzed, we identified those with the highest importance in building food safety trust. These are the country of origin, the requirements of the country’s legal and market system as well as the activities of consumer and producer organizations. It was shown that socio-demographic and cognitive characteristics play a role in perceptions of product safety and in inducing trust in food safety.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15823
10.17951/h.2023.57.3.57-79
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 57-79
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 57-79
0459-9586
eng
https://journals.umcs.pl/h/article/view/15823/11090
https://journals.umcs.pl/h/article/downloadSuppFile/15823/9024
https://journals.umcs.pl/h/article/downloadSuppFile/15823/9025
https://journals.umcs.pl/h/article/downloadSuppFile/15823/9026
https://journals.umcs.pl/h/article/downloadSuppFile/15823/9027
Prawa autorskie (c) 2023 Eugenia Czernyszewicz, Małgorzata Zdzisława Wiśniewska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15128
2023-12-11T12:58:34Z
h:ART
Student Organisations: State of the Art and Perspectives for Future Research
Michałowska, Iwona
Więcek-Janka, Ewa
Domańska, Ada
student organisations; university management
Theoretical background: The management of student organisations is still unexplored and full of issues requiring an in-depth analysis. Along with the development and unification of management processes at universities, matters related to students’ pro-academic activities assume new significance and often require revision and proper ordering.Purpose of the article: This article presents the results of the bibliometric analysis of developing issues related to student organisations.Research methods: The primary reference points are journals and publications released in the Web of Science database in 1900–2022. The obtained data were used to perform bibliometric analysis, including the number of publications, authorship and co-authorship, citations, publishing journals, thematic categories, institutions, countries and keywords. The research drew from 506 publications related to the analysed subject, whose citation frequency amounted to 4,548.Main findings: The bibliometric analysis performed showed that the priority of the issues addressed about student organisations is not only the development and improvement of their classifications but also broadly defined ethnic groups and their membership in relevant bodies. There was also no shortage of issues related to LGBT-oriented groups as centres for self acceptance. However, other essential elements, such as the management of student organisations, are missing from the topics covered. This research gap in the administrative field reveals the extent to which the topic of student organisations is a topic and area that is underexplored and unexplored.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15128
10.17951/h.2023.57.3.193-219
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 193-219
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 193-219
0459-9586
eng
https://journals.umcs.pl/h/article/view/15128/11095
https://journals.umcs.pl/h/article/downloadSuppFile/15128/8454
Prawa autorskie (c) 2023 Iwona Michałowska, Ewa Więcek-Janka, Ada Domańska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14548
2023-12-11T12:58:34Z
h:ART
Financial Innovations in International Corporations. A Global Perspective
Różański, Jerzy
Voytovych, Nataliya
financial innovations; international corporations; digital technology
Theoretical background: Modernized technology and digital transformation in the economy has changed business paradigms and innovation. The prevalence of contemporary digital financial innovation makes it easier for businesses to grow. New services, processes, or business models made feasible by digital technologies are increasingly referred to as financial innovation. For many firms, the use of information technology (IT) systems and the associated software has progressed from being merely supportive to becoming a cornerstone of daily operations. Big shifts in society’s thinking accompany great innovations. The issues of financial innovations are examined in this research. We assume that financial breakthroughs will lead to a more effective use of resources, which will result in higher levels of capital productivity and economic expansion. This effect has been produced by numerous financial innovations.Purpose of the article: The main research objective of the study is to examine the effects of financial innovation on development of international corporations in connection with their national environments.Research methods: The analysis of the accounts of selected companies (case studies) was one of the research methods. We are focused on financial innovations in big Internet companies. There were conducted the macroeconomic comparison of the evolution of financial innovations over time (2010–2021) as well as correlation and regression analysis. The expenditure of financial innovation was used to gauge financial performance. In addition, cases and examples of financial innovations made by a small number of carefully chosen significant worldwide firms while taking into account the particulars of their operations were presented. We analyzed the application of several examples for our study.Main findings: The results indicate a more nuanced continuum of practices, from unstructured methods through informal to formal decisions. Our findings demonstrate that financial innovations significantly and favourably affect the financial development of international corporations such as Alibaba Group, Amazon, Alphabet, Apple, Meta, Microsoft and Samsung.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14548
10.17951/h.2023.57.3.221-239
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 221-239
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 221-239
0459-9586
eng
https://journals.umcs.pl/h/article/view/14548/11097
Prawa autorskie (c) 2023 Jerzy Różański, Nataliya Voytovych
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15433
2023-12-11T12:58:34Z
h:ART
Is It a Real COVID-19 Fear? A Cross-Industry Study of Fear on the Stock Market
Jasiniak, Magdalena
Krzeczewska, Olga
Pluskota, Anna
COVID-19; capital market; negative sentiment; implied volatility
Theoretical background: According to many behavioural studies, emotions (e.g. fear, greed, overenthusiasm) strongly influence investment decisions and are one of the main sources of irrational behaviour.Purpose of the article: The study aims at investigating the impact of fear related to the COVID-19 crisis on sector indices on the stock market, in the face of anticipatory restrictions imposed by the authorities. The paper illustrates the investors’ decisions affected by fear.Research methods: The empirical study includes statistical analyses, in particular an analysis of the coefficient of variation.Main findings: The highest increase in the implied volatility index, which is used as a proxy of fear, is noted for the period of uncertainty (before the decisive reactions of government), during which, investors’ reactions are the most strongly related to fear and the negative sentiment affects all the sectors.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15433
10.17951/h.2023.57.3.123-138
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 123-138
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 123-138
0459-9586
eng
https://journals.umcs.pl/h/article/view/15433/11096
https://journals.umcs.pl/h/article/downloadSuppFile/15433/8738
Prawa autorskie (c) 2023 Magdalena Jasiniak, Olga Krzeczewska, Anna Pluskota
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/12058
2023-12-11T12:58:34Z
h:ART
Institutional Framework as a Determinant of Variations in Service Quality Between Public and Private Hospitals in Tanzania
Habi, Raphael
Matiku, Emmanuel
institutional framework; service quality; quality variations; determinants of quality variations
Purpose of the article: This study was set to determine the influence of institutional framework on service quality in both private and public hospitals. The paper sought to establish the perception of respondents regarding the institutional factors that explain the existence of variations in service quality between public and private hospitals. The institutional framework aspects that were considered in comparing health service quality in public and private hospitals were: institutional culture, control, stability and structure. A descriptive survey design was used because the study sought to know the perception of respondents regarding the factors that influence quality of service in hospitals.Research methods: A multistage sampling method was used to select three public hospitals and three private hospitals from the health service sector. The three public hospitals were Muhimbili referral hospital in Dar es Salaam City, Dodoma regional referral hospital and Geita referral hospital in Geita municipality. Private hospitals included in the study were Bugando referral hospital in Mwanza City, St Francis referral hospital in Ifakara town in Morogoro region and Nkinga referral hospital in Tabora region. Medical doctors, nurses and patients were selected using a systematic random sampling method and patients were selected using a convenience sampling method. The total population for the study comprised 10,650 people (i.e. 2,610 doctors and nurses and 8,040 patients) and the selected sample size, which was determined using McCall’s Table was 400 people. Both primary and secondary data collection sources were used. Analysis of the quantitative data was done using the Statistical Package for Social Sciences (SPSS) and qualitative data were transcribed verbatim, coded and analysed manually. All ethical considerations were observed.Main findings: The findings revealed that private hospitals were better in cleanliness compared to public hospitals and physical arrangement was user friendly in private hospitals compared to public hospitals. There was also more control in private hospitals compared to public hospitals in management of resources and this demonstrates an application of strong institutional framework in private hospitals compared to public hospitals in terms of control, structure and culture. Likewise, there was a more friendly atmosphere in private hospitals compared to public hospitals. However, there was more stability in public hospitals compared to private hospitals in terms of financial stability, affordability of service and medical supplies. It is concluded that quality of service provided in private hospitals is higher compared to quality of service in public hospitals. The possible explanation for the causes for differences in levels of service quality could be the existence of strong institutional framework in private hospitals. It is recommended that for higher service quality, organizations should practice the institutional framework aspects in terms of culture, control, stability and structure.
www.wydawnictwo.umcs.lublin.pl
n/a
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/12058
10.17951/h.2023.57.3.99-122
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 99-122
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 99-122
0459-9586
eng
https://journals.umcs.pl/h/article/view/12058/11091
Prawa autorskie (c) 2023 Emmanuel James Matiku
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15305
2023-12-11T12:58:34Z
h:ART
How Does Intellectual Capital Affect the Financial Performance of Micro, Small, and Medium-Sized Hotel Companies?
Čupić, Milan
Milašinović, Marko
Todorović, Mirjana
intellectual capital; MVAIC; hotel companies; financial performance
Theoretical background: Intellectual capital is often considered a critical resource, especially for micro, small, and medium-sized, as well as service companies. Human, structural, and relational capital are often listed as the main components of intellectual capital. This study complements the studies on the impact of intellectual capital and its components on the financial performance of hotel companies in developing economies.Purpose of the article: The study aims to examine the impact of the efficiency of intellectual capital and its components on the financial performance of micro, small, and medium-sized hotel companies in Serbia. The results of the study can be of importance for hotel managers in their efforts to make adequate business decisions and improve the financial performance of hotel companies.Research methods: The sample includes 100 micro, small, and medium-sized hotel companies from Serbia with the highest operating revenues in 2019. The efficiency of the intellectual capital and its components is measured by using the modified value-added intellectual coefficient (MVAIC). Financial performance is measured by using the natural logarithm of earnings before interest, taxes, depreciation, and amortization (EBITDA), EBITDA margin, return on assets (ROA) and return on equity (ROE). Ordinary least squares regression is used to examine the impact of intellectual capital and its components on the financial performance of sample hotel companies from 2015 to 2019.Main findings: The results of the study show that intellectual capital efficiency has a positive impact on all four measures of financial performance. They also show that structural capital has the greatest impact on financial performance and that only this component of intellectual capital has a positive impact on all four measures of financial performance. Capital employed has a positive impact on the natural logarithm of EBITDA and ROE, while human capital has a positive impact on the EBITDA margin and a negative on the natural logarithm of EBITDA. Relational capital has a positive impact only on ROA.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15305
10.17951/h.2023.57.3.81-98
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 81-98
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 81-98
0459-9586
eng
https://journals.umcs.pl/h/article/view/15305/11088
https://journals.umcs.pl/h/article/downloadSuppFile/15305/8888
Prawa autorskie (c) 2023 Milan Čupić
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15280
2023-12-11T12:58:34Z
h:ART
Social Media and Company Stock Performance: A Thematic and Bibliometric Review
Byrka-Kita, Katarzyna
Gola, Renata
thematic analysis; bibliometric analysis; company stock performance; Twitter; social media
Theoretical background: The latent impact of the social media on company stock market performance or equity value has already been empirically studied. It is still in its infancy, although it has received increasing attention over the past few years. No efforts have yet been made to systematically review these studies in order to provide researchers and practitioners with an overview of the state-of-the-art links between social media and stock market performance of companies. This makes our work different from other recently published review papers on social media.Purpose of the article: The goal of this paper is to review, systematize, and integrate existing research on links between social media releases and stock performance, including research production timeline, global contributions, source analysis, affiliations, author locations, and citations of studies on social media (Twitter especially). A further objective is to comprehend the conceptual and intellectual structure of the relevant literature and to identify the knowledge base of social media use in investor relations and financial communication.Research methods: This study employs thematic and bibliometric analysis methodology on 135 peer reviewed papers obtained from two databases (Web of Science and Scopus) and provides an analysis of science mapping, including co-citation analysis, bibliometric coupling, word analysis, and trending topics regarding the relationship between social media releases and stock performance.Main findings: Our results provide three emerging clusters: (1) company stock performance, (2) investor or sentiment analysis, (3) user-generated content and several niche topic clusters: (4) corporate governance and disclosure (5) capabilities and earnings management and (6) economic and social effects. This study indicates that social media have significantly altered the corporate information landscape. Companies and information consumers must incorporate the new channels into their information dissemination or acquisition, and decision-making processes.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15280
10.17951/h.2023.57.3.33-55
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 33-55
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 33-55
0459-9586
eng
https://journals.umcs.pl/h/article/view/15280/11089
Prawa autorskie (c) 2023 Katarzyna Byrka-Kita, Renata Gola
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15213
2023-12-11T12:58:34Z
h:ART
The Relationship Between Private and Public Investment in Developing Countries with Different Levels of Human Capital
Brzozowski, Michał
private investment; public investment; human development
Theoretical background: Public capital goods can directly boost the productivity of private capital equipment, thus, increasing the profitability of private investment. In addition, in developing countries, public capital has an indirect effect on the rate of return on private capital because it facilitates the accumulation of human capital. Through these channels, the negative consequences of an increase in interest rates associated with fiscal expansion can be offset, and the crowding-out effect of public investment can be reversed.Purpose of the article: The aim of this paper is to reassess the extent to which public investment crowds in or crowds out private fixed capital expenditure in developing economies.Research methods: Panel data on 89 developing countries from the period 1970–2015 and several estimation methods are used. Care of the endogeneity problem was taken, slope heterogeneity assumption was relaxed and several measures of educational attainment were used.Main findings: The crowding-in phenomenon is found to be stronger in countries with low levels of education and health. It seems that the positive productivity enhancing effect of public investment on private investment is partially offset by the decrease in the income share of physical capital in countries that witness improvements in human capital. Public capital accumulation in countries which have achieved high human development is less effective, meaning that public investment should precede non-investment spending on education and health.
www.wydawnictwo.umcs.lublin.pl
This project received funding from the National Science Center through grant no. 2015/17/B/HS4/01063.
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15213
10.17951/h.2023.57.3.7-31
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 7-31
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 7-31
0459-9586
eng
https://journals.umcs.pl/h/article/view/15213/11087
Prawa autorskie (c) 2023 Michał Brzozowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/15028
2023-09-01T09:40:20Z
h:ART
Soft Skills and Education for Circular Economy, Citizens and Consumers
Rakowska, Anna
circular economy; entrepreneurship education; young consumers; soft skills
Theoretical background: Dominating most of the world models of linear economy threatens the environment and our lives, so it needs to be replaced by the circular economy (CE) model. However, its functioning requires educated, competent and ready-for-change citizens and consumers.Purpose of the article: An exploratory research was conducted on business students as consumers and potential future entrepreneurs to identify students’ readiness and preparation for CE.Research methods: The semi-structured survey was designed. Three hundred nineteen responses were collected from MCSU students.Main findings: Students must be sufficiently prepared to function in the circular economy. This applies to both competencies essential for the role of a consumer and a manager in CE. Higher education institutions (HEI) must take a challenge to stimulate circular entrepreneurship and influence the transformation of consumption style. Economic motives for consumption style change dominate over moral motives. There is a challenge to work on consumer awareness and entrepreneurial readiness. Positive examples of CE models and practices and appropriate didactic methods need to be implemented. Respondents underline that transformation toward CE requires the education of all society members. There is a need to continue research on the determinants of society’s readiness to move to CE.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/15028
10.17951/h.2023.57.2.115-135
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 115-135
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 115-135
0459-9586
eng
https://journals.umcs.pl/h/article/view/15028/10699
https://journals.umcs.pl/h/article/downloadSuppFile/15028/8305
Prawa autorskie (c) 2023 Anna Rakowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14994
2023-05-29T11:19:11Z
h:ART
Trust and Personal Innovativeness as the Prerequisites for Using Digital Lending Services Offered by FinTech Lenders
Solarz, Małgorzata
Adamek, Jacek
FinTech; FinTech lenders; FinTech adoption; digital lending
Theoretical background: Contemporary financial systems have been going through a period of dynamic changes since the beginning of this century. A special role in this process is played by technological innovations, especially the process of digitalization of financial systems, which resulted in the development of FinTech lenders. These entities are active in various segments of the financial services market, including the area of consumer loans (FinTech lenders). The conducted research confirms the dynamic development of FinTech lending activity worldwide and indicates the leading position of Poland among the countries of Central and Eastern Europe in terms of the volume of digital lending. A review of the source literature shows a small number of scientific studies devoted to identifying the reasons underlying the growing interest of consumers in the offer of FinTech lenders. The perceived research gap became the motivation to undertake research addressing this topic in relation to the Polish market of non-banking digital loan services.Purpose of the article: Determining the place and importance of trust and personal innovativeness for consumers’ decisions to use digital loan services offered by FinTech lenders in Poland.Research methods: Critical analysis of the source literature, descriptive and comparative analysis, diagnostic survey as well as simple statistical methods, i.e. analysis of the structure or Kendall’s Tau correlation analysis. The empirical data were collected in May 2022 using the CAWI (computer-assisted web interview) method. The research sample was representative and included 1,000 representatives of Polish population.Main findings: Among the factors determining the adoption decisions of FinTech lenders’ clients, two groups of constructs can be distinguished. The first one consists of classic prerequisites (e.g. perceived ease of use [PEU], perceived usefulness [PU]), identified for a wide range of entities offering financial services based on information technologies. The second group consists of the factors attributed mainly to FinTech lenders, among which the leading position is taken by expressed trust (T) and personal innovativeness (PI). The analyzes carried out in the article confirmed that the expressed trust and personal innovativeness represent the statistically significant factors influencing the decisions made by Poles related to using digital loan services offered by FinTech lenders. The influence of these constructs on the adopted attitudes is a function of their mutual relationship, based on the reciprocal reinforcement of these factors. The conducted research also resulted in developing the economic and demographic profile of a person using the services of FinTech lenders. It is a man, aged 25–34, a university graduate earning an income exceeding PLN 5,000 and residing in a city populated by over 500,000 residents.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14994
10.17951/h.2023.57.1.197-218
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 197-218
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 197-218
0459-9586
eng
https://journals.umcs.pl/h/article/view/14994/10657
https://journals.umcs.pl/h/article/downloadSuppFile/14994/8282
Prawa autorskie (c) 2023 Małgorzata Solarz, Jacek Adamek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14604
2023-05-29T11:19:11Z
h:ART
The Maturity Level of Quality Management and Medical Service Improvement by Wielkopolska District Hospitals
Chojnacka, Małgorzata
the maturity of quality management; health service improvement; hospital development
Theoretical background: Quality management and medical service improvement in district hospitals enables to achieve a number of internal and external benefits. It is a long-term process of conscious transformation of the existing state into a desired and accepted one by the concerned stakeholders. The diagnosis of the medical service organizations’ performance is an important aspect in the context of building a hospital of the future which is focused on quality, development and improvement.Purpose of the article: The article reveals the positions of hospital managers (directors) on the current level of the quality management maturity service improvement of the medical facilities they manage.Research methods: A diagnostic survey was conducted using a paper questionnaire. The form was handed in person and filled in the presence of the author. This provided an inducement for analysis and conclusions. The study was performed in 2022.Main findings: The level of implementation of the quality management system (QMS) principles in the surveyed hospital organizations, despite the variability, uncertainty, complexity and ambiguity of the environment, was evaluated at 3.39. This means that the practice of the QMS is widely established, but not in most areas. Therefore, the scope of the principles cannot be considered as complete. The result is different for the assessed maturity of quality excellence in the selected accreditation standards. The surveyed district hospitals evaluated their maturity level at 3.69. Thus, the respondents considered that the maturity level to be close to 70%. They identify the practice as typical (only some exceptions are deviations from it). The surveyed hospitals also have evidence of continuous improvement after at least one year. Another important aspect concerned maturity research in relation to innovation. The surveyed entities determined this parameter at the level of 3.50, which corresponds to approximately 66%. The highest level of maturity achieved the hospitals in the operational skills in conditions of disruption. They assessed the adaptation abilities and taken actions towards sustainable development at the level of 3.82 (72%). These results prove that the district hospitals in the Wielkopolska voivodeship take steps toward excellence, but their level of excellence in 2022 is not full (as it does not apply to 100% of occurrences, and the practice is also not implemented in entire hospitals, without exceptions).
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14604
10.17951/h.2023.57.1.87-101
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 87-101
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 87-101
0459-9586
eng
https://journals.umcs.pl/h/article/view/14604/10651
Prawa autorskie (c) 2023 Małgorzata Chojnacka
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14885
2023-05-29T11:19:11Z
h:ART
Building of F-Score-Like Models on the Example of the Polish Stock Market
Pilch, Bartłomiej
F-Score; book-to-market; value investing; investment portfolio; scoring model
Theoretical background: Value investing is one of the most popular investing approaches. In their frame, there could be a high B/M investing strategy identified. F-Score, developed by Piotroski, is a scoring model applied to the sample of high B/M entities. Its purpose is to select companies with strong financial foundations and buy their shares for the investment portfolio to generate positive market-adjusted returns in the following periods. The effectiveness of this model was mostly empirically confirmed, especially regarding developed markets.Purpose of the article: The main aim of the paper was to build F-Score-like models based on the data from the Polish stock market. The main hypothesis concerned the higher effectiveness of such models than F-Score, as the specificity of a given market should result in a better fit to the data.Research methods: Building of the models based on the discriminant analysis and formation of the investment portfolios based on the indications of these models as well as F-Score. Finally, backtesting of the portfolios built to assess their effectiveness. The sample covered most of the Polish-listed companies. The period taken into account was 2012–2022.Main findings: Models built (X-Score and Y-Score) were less efficient than F-Score. Moreover, they led to generating negative rates of return (both raw and market-adjusted). On the other hand, using of F-Score for the analyzed period seems to be purposeful due to the 1.35% mean annual market-adjusted return generated. Apart from the scoring models analyzed, the research partially confirmed the advisability of using a high B/M investing strategy. Generally, the results obtained are in line with the findings of most of other authors –regarding the F-Score effectiveness. However, an approach based on Mohanram’s idea – using the differences between absolute values of a given variable and median from the sample – proved to be inadequate in the Polish stock market.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14885
10.17951/h.2023.57.1.155-180
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 155-180
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 155-180
0459-9586
eng
https://journals.umcs.pl/h/article/view/14885/10655
https://journals.umcs.pl/h/article/downloadSuppFile/14885/8157
Prawa autorskie (c) 2023 Bartłomiej Pilch
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14948
2023-09-01T09:40:20Z
h:ART
Are Green Bonds a Good Investment Opportunity for Turbulent Times?
Daszyńska-Żygadło, Karolina
Marszałek, Jakub
Piontek, Krzysztof
Zumente, Ilze
sustainable finance; green bonds; pandemic; COVID-19; hedging
Theoretical background: The green bonds market is growing rapidly and serving as a source of financing for energy transition, social impact investments, green economy transition, and climate change mitigation projects. It is also an interesting alternative investment opportunity for increasingly conscious investors. Researchers are studying the green bonds market from several perspectives, among others they search for premiums for being green – greenium; they analyse the interconnectedness of conventional and green bonds markets in the search for portfolio diversification opportunities and they consider the usefulness of green bonds in the times of market crisis or turbulences as hedging strategies instruments.Purpose of the article: The purpose of this article is to verify the nature and direction of the relationship between green bonds markets and conventional bonds markets, as well as its permanence during market shocks.Research methods: Our analysis is based on rates of returns from green bonds indices and their respective counterparts in the period between January 2015 and April 2021, we used conditional volatility and dynamic conditional correlation with multivariate Gaussian and T-Student distributions.Main findings: We found similar patterns of behaviour between green and conventional bonds markets, but the green bonds market is riskier than the non-green one and the risk relationship of both bond markets is changing. Our research results lead to the conclusion that investors are more prone to flee from the green bond market and stay in the conventional bond market in times of market shocks such as the outburst of COVID-19 pandemic.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14948
10.17951/h.2023.57.2.7-25
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 7-25
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 7-25
0459-9586
eng
https://journals.umcs.pl/h/article/view/14948/10693
https://journals.umcs.pl/h/article/downloadSuppFile/14948/8266
Prawa autorskie (c) 2023 Karolina Daszyńska-Żygadło, Jakub Marszałek, Krzysztof Piontek, Ilze Zumente
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14872
2023-05-29T11:19:11Z
h:ART
Mega-Regionalism in Trade from a Sectoral Perspective. The Case of the Automotive Industry in the Regional Comprehensive Economic Partnership
Bobowski, Sebastian
Drelich-Skulska, Bogusława
mega-regionalism in trade; intra-industry trade; automotive industry; Regional Comprehensive Economic Partnership (RCEP); COVID-19 pandemic crisis
Theoretical background: The Regional Comprehensive Economic Partnership (RCEP) is the largest mega-regional trade agreement ever signed, accounting for more than 30% of the global population, exports, and gross domestic product (GDP). It is also the largest automotive market worldwide, with significant potential both in terms of automotive manufacturing and sales.Purpose of the article: The paper’s main objective is to characterize China-RCEP automotive trade in the years 2012–2021 with reference to key provisions and implications of the aforementioned mega-regional trade agreement for the automotive industry. In the empirical part of the paper, the authors attempt to verify the hypothesis that trade liberalization under RCEP may contribute to the expansion of the regional automotive industry in terms of trade volume, as well as fragmentation of value and supply chains.Research methods: The authors conducted an analysis of intra-industry trade disaggregated into 54 six-digit HS tariff codes using the Grubel–Lloyd and Balassa indexes, accompanied by cross sectional analysis and studies of sectoral reports and literature in the field of mega-regionalism in trade.Main findings: The hypothesis formulated in the introduction of the paper was verified positively –the authors provided an added value to previous empirical studies on RCEP, in the form of a perspective of the automotive industry and in-depth analysis of sectoral trends for the last ten years. The potential for further fragmentation of value and supply chains inside the region was identified, including the possibility of relocation of manufacturing and assembly activities to lower the cost of RCEP Member States to strengthen comparative advantages over extra-regional counterparts (EU, USMCA). The authors pointed at the prospective rising attractiveness of RCEP in automotive manufacturers’ location decisions worldwide, considering both costs, retreat from global-oriented manufacturing and export strategies, investment security, sustainable development, as well as geopolitical trends in respect of newly established tariff and non-tariff barriers.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14872
10.17951/h.2023.57.1.61-85
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 61-85
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 61-85
0459-9586
eng
https://journals.umcs.pl/h/article/view/14872/10650
https://journals.umcs.pl/h/article/downloadSuppFile/14872/8160
Prawa autorskie (c) 2023 Sebastian Bobowski, Bogusława Drelich-Skulska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14814
2023-05-29T11:19:11Z
h:ART
Organizational Resistance as the Next Phase of Improving and Building Up Competitive Advantage
Matuszewska, Anna Henryka
turbulences in surroundings; company’s resistance; motivation; management and organization; competitive advantage
Theoretical background: The article explores the concept of organizational resistance on the example of Supreme Energy LLC. The growing importance of company’s resistance and adaptability urged the author to examine a case of the medium-sized enterprise.Purpose of the article: The main purpose of the study is to present a set of actions, which have influence on building up company’s resistance to the surrounding turbulences. However, the detailed aim of the paper is to point out those actions, which – according to the respondents – contribute the most to building up the resistance of Supreme Energy LLC (in short, known under the name of SE), one of the fastest growing and developing companies in the sector of renewable energy sources (in short, known under the name of RES) in Poland.Research methods: In order to achieve the goal that was chosen in the study, the author decided to make use of monographic method as well as source materials, which were made available by the subject under research. Additionally, it should be noted that the author applied the original questionnaire form and the scenario of direct interview.Main findings: The results showed the fundamental role of partnership in cooperation and the degree of motivation in building up the resistance of company to change. The research analyzes the resistance of company to the surrounding turbulences by making use of the original sales scripts prepared by SE LLC for internal use.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14814
10.17951/h.2023.57.1.123-136
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 123-136
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 123-136
0459-9586
eng
https://journals.umcs.pl/h/article/view/14814/10653
Prawa autorskie (c) 2023 Anna Henryka Matuszewska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14739
2023-05-29T11:19:11Z
h:ART
The Intention to Cart Abandonment in the Context of Multi-Channel Pricing
Lipowska, Ilona
cart abandonment; pricing; multichanneling; multi-channel pricing
Theoretical background: Shopping cart abandonment is defined as a situation when the customer chooses products but does not complete the financial transaction. The vast majority of research articles on purchase abandonment concerns the online or mobile environment. The presented research model refers to the customer intention to resign from purchasing both in physical store and via mobile app caused by a multi-channel pricing strategy. By analogy to many definitions of online cart abandonment, the author defines cart abandonment in a multichannel environment as a decision about postponing purchase at all, both in a physical store and in a purchase mobile app. One of the possibilities of consumer behaviour as a reaction to the multi-channel pricing may be purchase abandonment. The impact of price differentiation across channels on purchase abandonment still deserves research attention due to the lack of the unequivocal confirmation.Purpose of the article: Setting prices in a multichannel environment creates a vital challenge for multichannel retailers. This article attempts to explain one of the undesirable consequences of the channel based price differentiation, which is the purchase abandonment. The purpose of this paper is to identify factors influencing the customer intention to abandon the purchase under channel-based price differentiation conditions (physical store and mobile purchase app).Research methods: This study is a quantitative one employing a scenario-based approach to obtain responses from 500 participants. This research used the structural equation modelling to test its hypotheses.Main findings: Findings reveal positive impact of perceived limited self-determination and perceived price unfairness on intention to cart abandonment, whereas consumer trust in a mobile app can reduce the intention to resign from purchase. Furthermore, the author finds the indirect impact of the mobile app familiarity as well as the retailer brand awareness. Research results can help managers to reduce the likelihood of losing customers in the multi-channel pricing environment.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14739
10.17951/h.2023.57.1.103-121
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 103-121
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 103-121
0459-9586
eng
https://journals.umcs.pl/h/article/view/14739/10652
Prawa autorskie (c) 2023 Ilona Lipowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14712
2023-05-29T11:19:11Z
h:ART
Pre-Settlement Risk Limits for Non-Financial Counterparty in the Polish Over-the-Counter Derivatives Market
Wybieralski, Piotr
counterparty credit risk; financial risk management; pre-settlement risk limits; VaR limits; OTC derivatives market
Theoretical background: The 2008/2009 financial crisis, the COVID-19 pandemic outbreak in 2020 or the Russian invasion of Ukraine in February 2022, all these affected market volatility causing greater interest in counterparty credit risk (CCR) management especially in the OTC derivatives market. This study investigates selected method to mitigate the CCR, namely the application of various risk limits. The research is focused particularly on the pre-settlement risk that financial institutions face after transaction conclusion until the contract’s final settlement. Instead of one single limit there may be a wide range of different treasury limits (a multiple treasury limit setup) applied not only to cover the credit exposure but also to support and enhance the entire market risk management process and day-to-day operations in the financial institutions.Purpose of the article: The paper examines treasury limits employed to manage pre-settlement risk in the Polish OTC derivatives market in the relation between financial institution and non-financial institution. The current literature on this subject includes works on various risk limits, especially in the Polish inter-bank market, however, there is still no broader view on this topic from the analysed perspective. The study indicates different pre-settlement risk limits to be applied in practice both for daily and credit-related transactions considering multiple determinants, such as counterparty and financial instrument type, asset class or collateral form.Research methods: Research methods comprise the analysis of guidelines and recommendations of the Polish Financial Supervision Authority as well as reports, documents and market risk management principles of selected financial institutions. Particular attention is paid to the analysis of legal backgrounds on treasury limits in Poland and bank’s sources, such as master agreements, general conditions of cooperation in the field of treasury products, regulations, information brochures, etc. Selected data from the 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity in Poland is used in the context analysis.Main findings: Different determinants of pre-settlement risk limit setup are identified and on this basis a directory of pre-settlement treasury limits is developed. The paper indicates also some challenges related to their practical application, concerning, for instance, the breaches of contractual terms (events of default), timely renewal of treasury limit or issues regarding the market risk estimation.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14712
10.17951/h.2023.57.1.219-235
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 219-235
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 219-235
0459-9586
eng
https://journals.umcs.pl/h/article/view/14712/10658
https://journals.umcs.pl/h/article/downloadSuppFile/14712/8579
https://journals.umcs.pl/h/article/downloadSuppFile/14712/8580
Prawa autorskie (c) 2023 Piotr Wybieralski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14705
2023-05-29T11:19:11Z
h:ART
The Issues of Fashion Brand Equity in a Circular Economy
Bieńkowska, Jolanta
luxury fashion; fast fashion; sustainable fashion; ecology; circular economy
Theoretical background: The worldwide fashion business has confronted the demand to transit from a linear to a circular business model that involves a series of fundamental alterations to the hitherto highly efficient strategies. As a consequence, a conceptual issue concerning fashion brand value creation has emerged. This applies notably to luxury, premium and fast fashion brands. Satisfying the expectations of customers and stakeholders should cease to be simply a matter of manufacturing a varied and impressive product line, since it has to be both sustainable and sensitive to the emergent requirements of the natural and social environment. Along with the aforementioned challenges, the key messages conveyed by brands through the marketing communication are also undergoing a transformation.Purpose of the article: To present the perspectives on building fashion brand equity in a circular economy, including risks and opportunities.Research methods: A review of scientific and specialised studies, selected using specific keywords, was undertaken. Data sources included academic resources: books, articles, market data (e.g. McKinsey & Company) and statistics published on the Statista platform, as well as specialised resources: expert articles, reports from organisations approaching the issue under research (e.g. EU, UN, Fashion Revolution, the Ellen MacArthur Foundation, etc.). The search area was composed of electronic resources: licensed, open access websites and topic-related websites. The aim of the data analysis was to systematise background knowledge through an inductive method.Main findings: 1. The fashion business needs a change of mission, vision and strategy along with cooperation and coopetition among brands of the luxury goods, mass goods and organic MSMEs markets within its ecosystems in order to achieve the expected brand value. 2. The implementation of circular economy model in the fashion business implies the necessity to restrict overproduction and overconsumption of clothes and accessories at the same time as utilising sustainable raw materials and production technologies. Furthermore, it requires the dissemination of the slow fashion model, which incorporates the reuse of clothes by other users (rental of clothes, second hand, upcycling). 3. Change of consumer behaviour, popularisation of research findings and expertise from independent organizations is a factor stimulating fashion brands to act towards a circular economy in order to maintain high brand value.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14705
10.17951/h.2023.57.1.41-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 41-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 41-59
0459-9586
eng
https://journals.umcs.pl/h/article/view/14705/10649
Prawa autorskie (c) 2023 Jolanta Bieńkowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14689
2023-09-01T09:40:20Z
h:ART
Investment Activity and Technological Opportunities for Human Capital Development. The Case of the “Pszukaj” Application for Ukrainian Refugees in Poland
Stepanok, Nina
Kaczmarek, Patryk Tomasz
Kholodenko, Analoliy M.
human capital; investment optimization model; optimal value of investments; mobile application; refugee
Theoretical background: Human capital is one of the key factors in the development of entrepreneurship, production and services. The goal of each enterprise is to make a profit, the realization of which requires investment. When developing investment projects, it is crucial to choose the most promising ones, at the same time, it is necessary to take into account the existence of “bottlenecks”, and investment activity should be directed to liquidate them. So, the optimal values of the enterprises’ investments in the situation of sufficient and insufficient levels of human capital are found and the factors influencing them are analyzed. The study of the issue of human capital today cannot bypass the question of refugees. As a result of the war in Ukraine, a large wave of migration processes is taking place in Poland, and, therefore, there is a problem and need for adaptation of people fleeing from the war. The social problem that arose due to the large number of refugees in Poland requires a comprehensive solution that would aim not only to help the refugees, but also the Polish economy. The best possible solution to the problem of refugees, both for themselves and for the host countries, is to involve them in an egalitarian society and equal economic life. The study highlights the possibility of using technical capabilities for the development of human capital on the example of a mobile application “Pszukaj” developed by the authors.Purpose of the article: The aim of this paper is to build and analyze optimization models of investments in the field of production of goods and provision of services and in the development of human capitalin the situation of sufficient and insufficient levels of human capital development. The practical research question of this study is to consider the case of the “Pszukaj” mobile application as a communication tool for refugees wishing to function independently in Polish society.Research methods: The role of human capital in the enterprises’ activities will be evaluated based on constructed investment optimization models. The importance of technological opportunities for human capital development will be evaluated based on the case of the “Pszukaj” mobile application.Main findings: This study contributes to the existing research by offering the analysis of constructed investment optimization models in situation of sufficient and insufficient levels of human capital. The dependence of the optimal values of investments in the development of the sphere of production of goods and provision of services and in human capital on both efficiency indicators of investments in the corresponding directions is shown and analyzed. From the practical perspective, the value of technological opportunities for human capital on the example of "Pszukaj" is shown.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14689
10.17951/h.2023.57.2.137-156
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 137-156
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 137-156
0459-9586
eng
https://journals.umcs.pl/h/article/view/14689/10700
https://journals.umcs.pl/h/article/downloadSuppFile/14689/8070
https://journals.umcs.pl/h/article/downloadSuppFile/14689/8071
https://journals.umcs.pl/h/article/downloadSuppFile/14689/8072
https://journals.umcs.pl/h/article/downloadSuppFile/14689/8073
Prawa autorskie (c) 2023 Nina Stepanok, Patryk Tomasz Kaczmarek, Analoliy M. Kholodenko
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14682
2023-12-11T12:58:34Z
h:ART
Evaluation of the Functioning of Start-Ups in the Lublin Voivodeship
Marzec-Braun, Patrycja
start-ups; start-up founders; entrepreneurship; early stage companies
Theoretical background: Due to dynamic civilization, technological, economic and social changes, modern entrepreneurs focus on creating innovative solutions with a high risk of failure. They adjust the specifics of their activities and the way of managing them to the market needs. As a result, entrepreneurs choose modern business models, focusing on a creative approach to their business. Operating in a turbulent environment, they flexibly adapt to the prevailing situation, while focusing on cooperation and sharing knowledge, creating start-up organizations. Purpose of the article: The aim of the publication is to identify the characteristics of start-ups operating in the Lublin Voivodeship based on the following criteria: gender, age, education and experience of the founder in running a start-up, period of functioning on the market and size of the start-up, stage of its development, industry and market in which it generates income and attitude to innovation. Research methods: The publication is based on research conducted in 2020–2021 for the doctoral dissertation. The sample for research was purposefully selected. The survey questionnaire was anonymous, it consisted of open and closed questions as well as a record, it was sent to respondents via the Internet. It was addressed to 350 start-ups from the Lublin Voivodeship, 97 of which were obtained from correctly completed questionnaires. Main findings: The founders of start ups in the Lublin region are mainly young men with higher education who have no experience in running a start-up. The surveyed start-ups create a flexible organizational structure, employ a small number of employees, operate on the market for a short time, are at an early stage of development, focus on the regional and national market, constantly introducing innovations. Start ups in the Lublin region should move towards more modern solutions and focus on expansion into foreign markets. On the other hand, the founders of start-ups in the Lublin region should compensate for the lack of experience by engaging in numerous initiatives developing entrepreneurial attitudes. Entrepreneurs in the Lublin region should also constantly monitor the situation on the market (analyze opportunities and threats) by creating innovative solutions tailored to customer needs and enabling an increase in the level of social welfare.
www.wydawnictwo.umcs.lublin.pl
2023-12-11
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14682
10.17951/h.2023.57.3.177-191
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 177-191
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 3 (2023); 177-191
0459-9586
eng
https://journals.umcs.pl/h/article/view/14682/11094
https://journals.umcs.pl/h/article/downloadSuppFile/14682/8025
Prawa autorskie (c) 2023 Patrycja Marzec-Braun
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14641
2023-05-29T11:19:11Z
h:ART
Designing the Competitive Intelligence Model for Organization
Bartuś, Kamila
competitive intelligence; industrial organization; resource-based view; business model canvas; competitive profile matrix and industrial critical success factors; models of competitive intelligence
Theoretical background: These studies are motivated by three reasons: (1) the Competitive Intelligence (CI) approach is a critical factor in increasing the organization’s ability to monitor and strengthen competitive advantage; (2) too little research has been done on the use of new management theories in the CI approach and (3) there is no research devoted to computer-assisted CI.Purpose of the article: This study proposes a comprehensive framework for extending the CI’s potential in the organization’s activities and its computer-assisted support. The purpose of this article is to develop a new CI construction theory and propose a holistic, conceptual CI model, as well as carry out its initial verification.Research methods: The comprehensive CI model is based on the following theories: (1) Resource-Based View (RBV), Industrial Organization (IO) and Business Model Canvas, which were used for CI design, (2) theories for measuring and validating CI implementation, i.e.: Competitive Profile Matrix (CPM), Industrial Critical Success Factors (ICSF) and (3) theories for integrated computer-assisted CI. The validation of the proposed comprehensive CI model was based on data on the opinions of SUV class users.Main findings: The results obtained during the validation of the CI model show great importance for a comprehensive look at the topic of computer-assisted CI. This contribution is significant because in the literature there are no such studies and conclusions obtained from them. The results obtained and conclusions should be useful for all organizations that need to analyze competitiveness using a comprehensive CI model.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14641
10.17951/h.2023.57.1.7-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 7-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 7-39
0459-9586
eng
https://journals.umcs.pl/h/article/view/14641/10648
Prawa autorskie (c) 2023 Kamila Bartuś
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14701
2023-09-01T09:40:20Z
h:ART
Gamification in Market Research – How to Encourage People to Write More
Ścibor-Rylski, Michał
Mijal, Michał
gamification; market research; storytelling; quantitative studies; customer engagement
Theoretical background: Gamification has been applied in business practice since its origins. Though one of the fields scarcely investigated so far is how gamification can be used to improve results obtained in the quantitative market research. The rationale behind this application is the phenomenon resulting in receiving rather brief and short responses to open questions in online surveys. Encouraging people to give more elaborated answers is a serious challenge of the modern online quantitative market research.Purpose of the article: The authors decided to check how to increase participants’ engagement and effectiveness of the market research by applying gamified tasks. The gamification was used in two approaches: storytelling and points collection with leaderboards.Research methods: The research was conducted in an experimental scheme with one control and two experimental groups with gamified tasks. Total number of participants that took part in the experiment was N = 89. Participants’ task was to watch a TV commercial and fill out a form with the first reaction and evaluation of various aspects of the advertisement. All questions were open-ended and the number of used words was used as the indicator of the respondents’ engagement.Main findings: Application of points and leaderboards resulted in significantly more developed answers in comparison to traditional open questions and also storytelling tasks. On the other hand, narrative task – contrary to many previous research – does not seem to have impact on the answers’ length. The results show that gamification oriented towards achievements and competition in the market research increase the performance and also can be a long-term motivational tool. These initial results are very promising, but further research is needed to verify the effect on bigger sample of the regular market research respondents.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14701
10.17951/h.2023.57.2.175-189
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 175-189
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 175-189
0459-9586
eng
https://journals.umcs.pl/h/article/view/14701/10702
https://journals.umcs.pl/h/article/downloadSuppFile/14701/8045
Prawa autorskie (c) 2023 Michał Ścibor-Rylski, Michał Mijal
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14617
2023-09-01T09:40:20Z
h:ART
Purchase Documentation as a Source of Information about Insurance Bought by Public Hospitals in Poland
Piechota, Anna Maria
public hospital; insurance services; purchasing decisions; demand for insurance service; public contracts
Theoretical background: By deciding to purchase insurance the entity which does so expresses its demand for money should it suffer adverse consequences of a fortuitous event – that is to say, an event which the entity concerned has identified and whose occurrence it estimated as probable. There are very limited possibilities to learn about the specifics of insurance public hospitals buy. There are also no sources of data that could shed closer light on this, whether coming from the market or gleaned through surveys. As public finance entities, public hospitals are required to follow applicable public procurement laws in purchasing insurance, although that obligation may be waived under certain circumstances. Whatever the procedure hospitals choose to use in their purchases, certain purchase documentation will be generated over its course, which can be a valuable source of detailed information about the coverage bought.Purpose of the article: The main objective of this study is to determine the ways in which public hospitals can buy insurance, what kind of documents are generated in the process, and what scope of information they contain.Research methods: In order to reach the stated objective, a body of literature and legal regulations was analysed, and an empirical study was conducted. The underlying premise in the study was that purchasing procedures followed by public hospitals provide insight into their purchasing decisions, and thereby into the reported demand for insurance.Main findings: The study opened up a way for an assessment of the possibilities and limitations involved in gaining insight into insurance purchasing decisions based on the purchase documentation.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14617
10.17951/h.2023.57.2.87-100
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 87-100
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 87-100
0459-9586
eng
https://journals.umcs.pl/h/article/view/14617/10697
Prawa autorskie (c) 2023 Anna Maria Piechota
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14561
2023-03-16T06:40:16Z
h:ART
Determinants of Preferred Retirement Age in an Aging Society
Werczyńska, Dominika
Włodarczyk, Julia
Wajnbrener, Sylwia
retirement age, aging of the population, retirement preferences, relative deprivation, gender differences
Theoretical background: The process of aging has profound economic consequences for many countries, as it increases the number of beneficiaries of the pension system and extends the period of receiving pension benefits. We claim that understanding individual preferences concerning the retirement age is one of the key factors of successful reforms of pension systems and a prerequisite to convince a greater number of individuals to retire later.Purpose of the article: The aim of the article is to determine factors influencing the decision on the moment of retirement. The analysis takes into account socio-economic characteristics of individuals (including gender, age, education, health and income), as well as individual expectations and relative deprivation. The second goal is to compare preferences of men and women concerning the retirement age.Research methods: The empirical part of the article exploits a dataset based on primary research conducted in Poland which is one of the fastest aging countries in Europe (data for N = 448 respondents were collected with the help of an online questionnaire from April to May 2021). Both purposes are achieved with the help of econometric methods (OLS, quantile, and logit regressions).Main findings: We show that individuals have heterogeneous preferences concerning the retirement age, but on average they are willing to retire later than others (and often later than the official retirement age). We argue that one of the driving forces behind this phenomenon is associated with aversion towards relative deprivation. We demonstrate that individual preferences concerning the retirement age are not directly dependent on the current situation of respondents (depicted, e.g. by their education, health, place of living or income), but are determined by their expectations concerning their material situation when retired and by preferences regarding others. We also discuss some differences between men and women with regard to the preferred retirement age (e.g. women are more frequently ready to retire later than the official retirement age compared to men, but in general propose lower retirement age than men for both genders).
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14561
10.17951/h.2022.56.4.185-206
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 185-206
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 185-206
0459-9586
eng
https://journals.umcs.pl/h/article/view/14561/10522
https://journals.umcs.pl/h/article/downloadSuppFile/14561/7956
Prawa autorskie (c) 2023 Sylwia Wajnbrener, Dominika Werczyńska, Julia Włodarczyk
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14258
2023-03-16T06:40:16Z
h:ART
New Firms Formation in Medical, Creative and Agri-Food Sectors as a Function of Local Conditions and Budget Policy of Polish Communes
Skica, Tomasz
Miszczyńska, Katarzyna
Miszczyński, Piotr
Leśniowska-Gontarz, Małgorzata
budget policy; communes; new firms formation, entrepreneurship determinants
Theoretical background: The article will help to answer the question what factors contribute to the emergence of new companies in medical, agri-food and creative sectors. Moreover, the aim of the article is to examine to what extent the budget policy of communes determines the creation of new enterprises in each of the analysed sectors separately.Purpose of the article: The aim of the article is to examine the factors affecting new firms formation in medical, agri-food and creative sectors in Poland, as well as the impact of budget policy of local government units at commune level on entrepreneurship in chosen sectors.Research methods: The study was conducted by means of a panel econometric model. In particular, the study was based on FEM estimation modelling based on 2,477 communes in the years 2010–2021.Main findings: The conducted research confirmed that different factors affect new firms formation in studied sectors. The research proved that budget policy of communes influences new firms formation. Moreover, the study confirmed that individual elements of the local budget policy have a different impact on each economic activity. Thus, local budget policy should be profiled in terms of type of activity supported.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14258
10.17951/h.2022.56.4.161-183
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 161-183
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 161-183
0459-9586
eng
https://journals.umcs.pl/h/article/view/14258/10521
https://journals.umcs.pl/h/article/downloadSuppFile/14258/7703
https://journals.umcs.pl/h/article/downloadSuppFile/14258/7704
Prawa autorskie (c) 2023 Tomasz Skica, Katarzyna Miszczyńska, Piotr Miszczyński, Małgorzata Leśniowska-Gontarz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14155
2023-05-29T11:19:11Z
h:ART
The Market Reaction to Stock Splits – Evidence from the Warsaw Stock Exchange
Sekuła, Paweł
split; Warsaw Stock Exchange; event study methodology
Theoretical background: A share split is an operation that increases the total number of shares. The split is a technical operation and should not affect the market value of the company. The shareholding structure of the company remains unchanged when the shares are split. However, split studies around the world show the occurrence of abnormal returns.Purpose of the article: The article analyses splits based on market data from 2009 to 2021. The aim of the study is to analyse the cumulative average abnormal returns (CAARs) in the periods preceding stock splits on the Warsaw Stock Exchange (WSE). CAARs are analysed in different research variants. The influence of the stock market situation and the frequency of splits on the amount of abnormal returns is examined.Research methods: The research was carried out using event study analysis. The Market-Adjusted Return Model was used to determine abnormal returns. CAARs were calculated for each analysed event window. The statistical significance of abnormal returns was verified by the parametric t test and the non-parametric Corrado rank test.Main findings: The study showed statistically significant positive abnormal returns in the 30-day period preceding the split. The hypothesis that multiple splits cause particularly high increases in the market value of companies has not been confirmed. Research on the reaction to splits depending on the state of the stock market situation did not allow unambiguous conclusions in the case of the periods when the WSE Index (WIG) increased. Weaker reaction to planned splits in the period of worse market conditions was confirmed.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14155
10.17951/h.2023.57.1.181-195
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 181-195
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 181-195
0459-9586
eng
https://journals.umcs.pl/h/article/view/14155/10656
Prawa autorskie (c) 2023 Paweł Sekuła
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14741
2023-09-01T09:40:20Z
h:ART
Disclosure of Non-Financial Information in Banks – an ESG Perspective. Regulatory Requirements and Banking Practice
Szewczyk, Łukasz
Szustak, Grażyna
environmental, social and governance (ESG); banking; non-fiancial disclosures; regulations
Theoretical background: Banks, due to their nature and a specific role in the economy, are subject to significant regulations in the field of their activities. Currently, the increasing importance of ESG regulations is noticeable, which is on the one hand the result of changing requirements within the EU, as well as ownership requirements and noticeable market pressure. Non-financial disclosures in the area of ESG are becoming permanent and important element of the information policy of banks. Banks manage to monitor the indicators of their own environmental policy or disclose social and employee issues, although this certainly involves additional reporting burdens, and the scope of disclosures as well as the degree of their significance still vary.Purpose of the article: The aim of the study is to identify, systematize and evaluate EU regulations in the area of ESG disclosures relating to the banking sector, taking into account the identification of major limitations related to their implementation.Research methods: The literature review as well as ESG reporting regulations overview and a case study which presents the ESG disclosure practice.Main findings: Effective communication of a bank with its stakeholders is of a crucial importance. As indicated, the legal solutions in this area are new, there are possibilities for their different interpretation, the practice has also not yet been developed. In addition, and perhaps above all, information on the imple mentation of environmental goals indicated in the Taxonomy flows to banks from their clients. Therefore, the approach of bank customers to the discussed issues is important, while for banks it is and will be a huge challenge to verify whether the financed investment is actually ecological and the business activity of the bank’s client is sustainable.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14741
10.17951/h.2023.57.2.157-174
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 157-174
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 157-174
0459-9586
eng
https://journals.umcs.pl/h/article/view/14741/10701
https://journals.umcs.pl/h/article/downloadSuppFile/14741/8069
Prawa autorskie (c) 2023 Łukasz Szewczyk, Grażyna Szustak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14725
2023-09-01T09:40:20Z
h:ART
Central Bank Digital Currency (CBDC) – Barriers to Its Introduction
Nocoń, Aleksandra
central bank digital currency; digital money; CBDC
Theoretical background: The beginning of the third decade of the 21st century brought a dynamic development of new technologies, intensifying the ongoing process of digitalization of the global economy. Among these changes, one of the undoubtedly noticeable areas that are developed both on theoretical and practical grounds is the central bank digital currency (CBDC). It is a new – different from cash – currency issued by the monetary authorities, considered as a response to the development of private virtual currencies, which is aimed at the same time to improve the circulation of money. An increasing number of central banks are considering issuing their own CBDC. According to the BIS studies, in 2021 nine out of ten central banks actively research implementation of a digital currency. This number is constantly growing. More and more monetary authorities are at an advanced stage of CBDC work, 26% of central banks already running pilot tests (compared to only 8% in 2018).Purpose of the article: The main aim of the article is to identify barriers to the central bank digital currency introduction as well the case study analysis of the current involvement of selected central banks in the process of its implementation.Research methods: The main research method used in the conducted empirical research is the case study analysis of selected central banks that have undertaken works on the CBDC implementation. The research verifies the main hypothesis that despite growing involvement of central banks in the work for the issue of CBDC, its barriers and limitations are large enough to inhibit practical implementation.Main findings: The results indicated that such barriers as limited validity period, lack of anonymity and full control of a central bank over its use may significantly limit further monetary authorities’ work on its implementation.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14725
10.17951/h.2023.57.2.67-86
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 67-86
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 67-86
0459-9586
eng
https://journals.umcs.pl/h/article/view/14725/10696
Prawa autorskie (c) 2023 Aleksandra Nocoń
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14187
2023-09-01T09:40:20Z
h:ART
Investing in Sustainable Development as a Form of Alternative Investments in Financial Markets – Analysis of the Volatility of Rates of Return of Open-End SRI Funds in Poland
Krawczyńska, Dominika
socially responsible investments; SRI funds; mutual funds; performance evaluation of SRI funds
Theoretical background: Socially responsible investing (SRI) is a specific type of investment, combining both financial objectives and investor preferences regarding the environment, society, or corporate governance. Since the period following the 2007 global financial crisis, a significant increase in interest in assets that meet SRI policies has been observed, which translated into a shift in the mutual fund products offered. SRI investment funds play a significant role in the SRI market due to the size of assets under management. They also have an indirect impact on the interest of individual investors in the theory of responsible investment by adjusting their offerings adequately.Purpose of the article: The aim of the study is to determine to what extent the performance of open-ended socially responsible investment funds reflects changes in asset prices on the capital market in Poland.Research methods: The analysis was carried out for the period from 1 January 2020 to 1 January 2022. Daily quotes for SRI funds were used, while only funds that operated continuously during the set period were selected. The WIG and WIGESG indexes were used as stock market benchmarks. Due to the fact that mutual funds are quoted once a day, a simple daily rate of return was used in the study. Using the linear correlation coefficient, a correlation matrix was constructed between the daily returns of the funds and the adopted benchmarks. The study was conducted with the use of the linear regression method to verify the impact of capital market price changes on the returns achieved by SRI mutual funds. Then, using the method of least squares, the model parameters were estimated for SRI funds.Main findings: The results confirmed the influence of market benchmarks on the development of SRI fund returns in Poland. In addition, the results confirmed that the conventional benchmark (WIG) has a greater impact on fund returns than the ESG benchmark (WIGESG).
www.wydawnictwo.umcs.lublin.pl
dr hab. Monika Foltyn-Zarychta, prof. UE
mgr Bartłomiej Hadasik
University of Economics in Katowice
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14187
10.17951/h.2023.57.2.51-65
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 51-65
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 51-65
0459-9586
eng
https://journals.umcs.pl/h/article/view/14187/10695
Prawa autorskie (c) 2023 Dominika Krawczyńska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14114
2023-09-01T09:40:20Z
h:ART
Commodity Market Funds – the Only Ones Suitable for a Polish Investor in the Conditions of Rising Inflation and Increased Interest Rates?
Dittmann, Iwona
inflation hedge; commodity funds; tactical allocation; suitability assessment; Poland
Theoretical background: The order to assess the suitability and adequacy of financial instruments by producers and distributors of investment products was introduced with the first Markets in Financial Instruments Directive (MiFID). In conditions of high inflation, it is justified to assess the suitability of investment products in terms of protection of the real value of capital.Purpose of the article: The research aims to indicate which groups (or subgroups) of open-ended investment funds (distinguished according to the investment policy) were suitable for an investor whose financial goal was to protect the real value of capital in the period of rising inflation and increased interest rates in Poland.Research methods: Nominal and real HPY from funds managed by Polish investment fund companies (TFI) and foreign funds were examined in two investment horizons: one-year (1 May 2021 – 1 May 2022) and half-year (1 December 2021 – 1 May 2022). Two research hypotheses were formulated: 1) commodity funds were the suitable funds for the investor, whose aim was to protect the real value of capital in the analyzed period; 2) other types of funds (than commodity funds) were not suitable for an investor whose purpose was to protect the real value of capital. Two main criteria were used to assess the suitability of the (sub)group of funds. For an investor aiming for complete protection of the real value of capital, these were: 1) the percentage of funds with non-negative real HPY and 2) the minimum value of real HPY in the (sub)group. For an investor who only needs partial real capital value protection, these were: the percentage of funds with a positive nominal HPY and the minimum value of the nominal HPY in the (sub)group.Main findings: The first research hypothesis has been positively verified. If the investor’s goal was total protection of the real value of capital in each researched horizon, the second research hypothesis can be considered positively verified. However, if the suitability criteria do not have to be met for each of the horizons studied, or if the investor’s satisfactory objective was partial protection of the real value of capital, then the second hypothesis should be rejected.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14114
10.17951/h.2023.57.2.27-50
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 27-50
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 27-50
0459-9586
eng
https://journals.umcs.pl/h/article/view/14114/10694
Prawa autorskie (c) 2023 Iwona Dittmann
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14463
2023-03-16T06:40:16Z
h:ART
The Perception of Insurance Crime Held by Students
Bera, Anna
Pauch, Dariusz
insurance crime; insurance fraud; fraud; awareness of students about insurance crime; unlawful extortion of compensation and/or benefits
Theoretical background: Researching insurance crime in terms of its perception by students makes it possible to gain knowledge about their interpretation skills, as well as identify attitudes towards insurance frauds. This article supplements the Polish literature on the phenomenon which is a significant dysfunction in the insurance sector.Purpose of the article: The main aim of this article is to analyse the perception of insurance crime according to research conducted among students. Moreover, additional auxiliary goals were formulated: 1. Determining the level of knowledge of the respondents about insurance crime. 2. Analysing the attitudes of the respondents towards the phenomenon of insurance crime.Research methods: The paper presents the results of a preliminary study in which a survey was conducted in the form of a questionnaire. In order to verify the posed research question and to achieve the aims defined in this article, a survey was conducted among students at the University of Szczecin. An original questionnaire was used for the study, which was distributed to 11,000 university students. The research was conducted in the period from January to February 2022. The questionnaire was completed by 416 respondents, which makes it possible to conclude that the survey is representative. The questions in the questionnaire concerned students’ knowledge of the phenomenon of insurance crime and its perception by the surveyed group of respondents. The survey results were analysed as a whole, and then presented and described.Main findings: The research results presented in the article show that the surveyed group of respondents was mostly characterized by an average level of awareness of the phenomenon of insurance crime. In this context, it seems necessary that all insurance entities and institutions make constant efforts to raise the level of insurance awareness of the society about the phenomenon of insurance crime. A significant role in shaping and developing awareness in this area is played by insurance education, which should take place on several levels (didactic, social, institutional).
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14463
10.17951/h.2022.56.4.7-21
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 7-21
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 7-21
0459-9586
eng
https://journals.umcs.pl/h/article/view/14463/10514
https://journals.umcs.pl/h/article/downloadSuppFile/14463/7854
Prawa autorskie (c) 2023 Anna Bera, Dariusz Pauch
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14367
2023-05-29T11:19:11Z
h:ART
Active Management in Polish Domestic Treasury Bond Funds
Miziołek, Tomasz
passive investing; bond funds; active share; portfolio concentration
Theoretical background: An increase in the interest in passive investing has been one of the most important trends on financial market over the last two decades. However, passive portfolio management is not limited to index funds and passive exchange-traded funds (ETFs). Despite the declared active approach to investing, in practice some active fund managers construct portfolios whose structure is quite similar to the index (usually a fund benchmark). Simultaneously, these funds charge relatively high fees, inadequate to the involvement in the investment process. In order to estimate the scale of this phenomenon, the activity and investment style of actively managed funds are examined.Purpose of the article: The main aim of the paper is to determine the degree of active approach to portfolio management by domestic Treasury bond funds investing in the Polish currency. Specific objectives include examining the relationship between the level of the fund’s active management and the size of the fund (assets under management) as well as the investment portfolio concentration.Research methods: In the quantitative study, the portfolio based measure of management activity, commonly used in the subject literature, was applied (adjusted to the bond fund), i.e. bond-level active share ratio. Moreover, to assess the portfolio concentration of the funds from the research sample, two measures were calculated: concentration ratio (CR5) and Herfindahl–Hirschman Index (HHI).Main findings: The results of the study have proved that a majority of the investigated domestic Treasury bond funds manage their portfolios in an active manner. Additionally, the research has shown that the funds managing larger assets, with a low degree of portfolio concentration, are characterized by relatively lower values of the active share ratio, i.e. their portfolios are relatively passively managed.
www.wydawnictwo.umcs.lublin.pl
2023-05-22
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14367
10.17951/h.2023.57.1.137-153
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 137-153
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 1 (2023); 137-153
0459-9586
eng
https://journals.umcs.pl/h/article/view/14367/10654
Prawa autorskie (c) 2023 Tomasz Miziołek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14267
2023-03-16T06:40:16Z
h:ART
Free Float in the Polish Capital Market and Its Importance for Investors
Martysz, Czesław Bartłomiej
free float; stock market liquidity; market manipulation; minority shareholders; public companies
Theoretical background: Free float (hereinafter referred to as FF) refers to the ratio of shares held by small investors (less than 5%) to all shares in a company. FF investors are generally unrelated to each other or to ma-jor shareholders and they constantly review the company’s current stock market valuation and thus improve the stock market efficiency. This means that the higher the FF, the potentially higher liquidity and better valuation of the company’s shares. A low FF recalls the institution of protecting the rights of minority shareholders, calls into question the sense of maintaining a public company status, and raises the potential risk of incorrect valuation. The literature generally lacks studies referring to all these issues as well as FF statistics in Poland.Purpose of the article: The purpose of the article is to sum up the term “free float”, analyze FF statistics on the Polish capital market, indicate the link between FF and market liquidity, identify potential risks associated with listed companies having low FF and to determine whether it makes sense for the strategic investor to maintain public company status with low FF.Research methods: Theoretical analysis (including analysis of capital market laws) and statistical analysis.Main findings: The research confirmed that the relationship between FF and stock market liquidity is positive, but only considering FF in nominal terms. On the Polish capital market, as the nominal level of FF increases, market capitalization and trading liquidity increase largely and the average market spread decreases slightly. The article also points out important risks associated with low FF conditioning low liquidity, such as the risk of stock manipulation and the risk of incorrect company valuation. Potential areas for changing the law on squeeze-out/sell out institutions due to the inadequacy of the FF percentage were also pointed out.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14267
10.17951/h.2022.56.4.83-106
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 83-106
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 83-106
0459-9586
eng
https://journals.umcs.pl/h/article/view/14267/10518
https://journals.umcs.pl/h/article/downloadSuppFile/14267/8115
Prawa autorskie (c) 2023 Czesław Bartłomiej Martysz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14209
2023-03-16T06:40:16Z
h:ART
Evaluation of Performance and Efficiency of Polish Open-End Mutual Funds under High Volatility Environment in Financial Markets
Lisak, Filip
investment funds; performance analysis; funds’ performance indicators; investment; volatility
Theoretical background: Retail investors in the financial market have nowadays access to a wide range of investment products. One of the types of such products are open-end investment funds, which by design are asset masses managed by professional entities. Open-end investment funds became one of the more popular financial instruments that retail customers purchase.Purpose of the article: This article aims at determining the efficiency of mutual funds as measured by the rate of return. An important point of the study is to determine whether funds with lower total risk as measured by standard deviation achieved lower losses.Research methods: The research method is an analysis of performance of twenty Polish open-ended mutual funds in three different time horizons, by using classic mutual fund performance measures adjusted for negative returns, i.e. Sharpe, Treynor and Jensen alpha indicators as well as the Israelsen and Treynor ratios adjusted for negative return.Main findings: It has been observed that the high volatility in the financial market had a direct negative impact on the returns of these funds. When comparing the Treynor ratio adjusted for negative returns values it appears that some of the analysed equity funds performed better than, for example, stable growth funds. In case of high volatility in the stock market, both in the long and short term, the analysed stable growth funds did not bring more value to investors in relation to the total risk incurred than balanced or even equity funds, which is particularly noticeable in the case of three-year and annual results. This is because asset diversification did not fully work in the high market volatility seen since the beginning of 2022 mostly due to falling prices of debt securities caused by interest rate increases. The article also contributes to the interpretation of Sharpe and Israelsen ratios in case of similar negative rates of return and different volatility measured, because the Israelsen ratio may not be the best to compare such funds as it prioritizes the funds with lower risk and does not consider relation of risk to return.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14209
10.17951/h.2022.56.4.63-82
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 63-82
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 63-82
0459-9586
eng
https://journals.umcs.pl/h/article/view/14209/10517
https://journals.umcs.pl/h/article/downloadSuppFile/14209/7668
Prawa autorskie (c) 2023 Filip Lisak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/12984
2022-12-11T08:50:55Z
h:ART
Usage of Behavioural Innovation in the Context of the COVID-19 Crisis
Wykorzystanie innowacji behawioralnych w kontekście kryzysu związanego z pandemią Covid-19
Czerwonka, Monika
Siembida, Joanna
COVID-19; behavioural economics; crisis; pandemic
COVID-19; ekonomia behawioralna; kryzys; pandemia
Theoretical background: The theoretical basis for this paper are issues of behavioural economics that question a standard assumption of homo oeconomicus and provide knowledge on the way people make decisions. It refers mainly to extraordinary situations such as, e.g. the COVID-19 pandemic. The article draws also on Thaler’s nudge theory, which claims that some aspects of behavioural theory might be successfully used to shape public policies using appropriate tools (simplicities, default options, framing, approximation of consequences, design, or reference to social norms).Purpose of the article: The article aims to overview the use of tools of behavioural economics to fight the COVID-19 pandemic and to popularize these solutions. There were presented examples of how behavioural innovations are used in various contexts by state authorities from different parts of the world. The overview may provide inspiration for implementing new solutions based on nudge theory that ultimately would contribute both to more effective and higher-rated actions undertaken by governments as well as to faster combat against the pandemic.Research methods: The article refers to theories from behavioural economics (prospect theory, nudge theory) and media reports on methods of fighting and mitigating negative effects of the COVID-19 pandemic in various countries, also those with different cultural backgrounds. The article provides an overview of such methods and presents mechanisms of behavioural economics that underlie them, along with positive results of these very methods, thereby proving their effectiveness.Main findings: The mechanisms presented, and the examples of their consecutive appliance prove the effectiveness of behavioural economics as a tool in the combat against the COVID-19 pandemic. Despite potential cultural differences, the effectiveness of behavioural tools across countries with different cultural backgrounds was presented. It was suggested that applying choice architecture on a larger scale in public policies may bring about positive effects, especially in crisis situations such as, e.g. a pandemic on a global scale.
Uzasadnienie teoretyczne: Podstawą teoretyczną artykułu są zagadnienia z zakresu ekonomii behawioralnej, która kwestionując standardowe założenie racjonalnego zachowania (homo oeconomicus), dostarcza informacji nt. sposobu podejmowania decyzji przez ludzi, w szczególności w sytuacjach wyjątkowych, do których należy np. pandemia COVID-19. Artykuł bazuje także na teorii szturchnięcia R. Thalera, wg. której założenia ekonomii behawioralnej mogą zostać z powodzeniem wykorzystane w kształtowaniu polityk publicznych za pomocą odpowiednich narzędzi (uproszczeń, opcji domyślnych, ramowania, przybliżania konsekwencji, projektowania czy odwołania do norm społecznych).Cel artykułu: Celem niniejszego artykułu jest przegląd wykorzystania narzędzi ekonomii behawioralnej w walce z pandemią COVID-19 oraz popularyzacja niniejszych rozwiązań. Przedstawione zostały przykłady użycia innowacji behawioralnych w różnym kontekście, przez władze państw z różnych stron świata. Niniejszy przegląd może stanowić inspirację dla wprowadzenia nowych rozwiązań opartych o teorię szturchnięcia, które docelowo przyczyniłyby się zarówno do podejmowania przez rządzących działań skuteczniejszych i lepiej ocenianych, jak i szybszego zwalczenia pandemii.Metody badawcze: W artykule wykorzystano teorie z zakresu ekonomii behawioralnej (teoria perspektywy, teoria szturchnięcia) oraz doniesienia medialne nt. metod walki i niwelowania negatywnych skutków pandemii COVID-19 w różnych krajach, także o odmiennych uwarunkowaniach kulturowych. Niniejszy artykuł zawiera przegląd takich metod oraz przedstawia mechanizmy z zakresu ekonomii behawioralnej, które leżą u ich podłoża, wraz z pozytywnymi efektami użycia niniejszych metod, dowodzący tym samym ich skuteczność.Główne wnioski: Zaprezentowane mechanizmy i przykłady ich sukcesywnego wykorzystania świadczą o skuteczności ekonomii behawioralnej jako narzędzia w walce z pandemią COVID-19. Mimo potencjalnych różnic kulturowych, przedstawiono skuteczność narzędzi behawioralnych na przestrzeni krajów o różnych uwarunkowaniach kulturowych. Zasugerowano, że zastosowanie architektury wyboru na szerszą skalę w politykach publicznych może nieść pozytywne skutki, w szczególności w sytuacjach kryzysowych takich jak np. pandemia na skalę światową.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/12984
10.17951/h.2022.56.3.7-17
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 7-17
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 7-17
0459-9586
eng
https://journals.umcs.pl/h/article/view/12984/10216
https://journals.umcs.pl/h/article/downloadSuppFile/12984/6740
Prawa autorskie (c) 2022 Monika Czerwonka, Joanna Siembida
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14588
2023-05-04T08:30:28Z
h:ART
History as a Factor Creating the Value of a Luxury Brand
Dryl, Wioleta
luxury brand; brand value; brand value perception; luxury perception
Theoretical background: The attributes of a luxury brand include both the physical characteristics of the product and the symbolic values that the brand provides to the consumers. Symbolism is interpreted as prestige, beauty, charisma, the creation of which requires larger and more time-consuming efforts than just producing a unique, expensive, high-quality product. An important aspect of a reliable, trustworthy image is the history of the brand and its creators. In the opinion of many authors, it is an important element of the brand’s value, not only shaping its luxurious image, but also providing psychological values. Although history is not always indicated directly among the attributes of luxury brands, it is the basis of other values ascribed to them. The luxurious nature of the brand is often defined in the literature through the prism of its symbolism, an important element of which is history, along with heritage and country of origin. A prestigious heritage is built and maintained in time and culture by brands that are embedded in historical notions of luxury. As a result of associations with the heritage, brand is perceived as the highest quality, unique and authentic one. Symbolism, heritage and the history of a luxury brand are related to emotional qualities of personal indulgence and self-expression.Purpose of the article: The aim of the article is to verify the importance of the history of the brand in the process of shaping the value of a luxury brand in the perception of consumers.Research methods: A total of 203 valid responses were collected from wealthy respondents declaring monthly income over PLN 20,000 gross. An analysis of the results of the study was carried out, as well as an analysis of the literature.Main findings: In the era of dynamic development of new technologies, unpredictable changes in consumer expectations towards companies and their offers, it turns out that history, heritage and attachment to tradition are highly valued by consumers of luxury goods. They shape a higher level of trust, both in the company’s brand and its products, and increase the consumers purchase willingness. Companies that can boast of long history should undoubtedly communicate it intensively and care about providing consumers not only with basic values related to the product itself, but also symbolic values, which are particularly important for consumer of luxury goods. History and the heritage of a luxury brand constitute one of the essential elements of the brand’s value and should also be treated as such by companies.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14588
10.17951/h.2022.56.5.63-80
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 63-80
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 63-80
0459-9586
eng
https://journals.umcs.pl/h/article/view/14588/10616
Prawa autorskie (c) 2023 Wioleta Dryl
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14644
2023-03-16T06:40:16Z
h:ART
Local Debt and the Development of Municipal Infrastructure. The Case of Małopolska
Owsiak, Katarzyna
local debt; fiscal rules; local development; local government; local infrastructure
Theoretical background: The contemporary approach to public debt is multi-faceted. Debt incurred to finance current expenses is assessed differently than debt financing capital expenditure. This distinction is also important from the point of view of local authorities as part of their budgetary policy. Each decision related to incurring a debt has not only financial consequences, but is also made in the political and image context. It is worth noting that the current research on debt insufficiently emphasizes its direct impact on the socio-economic development of a given local government unit, devoting much more attention to the impact of debt on the condition of public finances. In the case of the first stream of research, significant discrepancies should be noted with regard to the selection of optimal indicators for measuring the impact of debt on local development. Therefore, one should agree that local development is conditioned by a whole group of factors dependent and independent of local authorities. The article attempts to verify several indicators of the development of infrastructure partially financed with debt.Purpose of the article: Against this background, the subject of this study is to identify the policy of incurring debt by local government units in Poland in the longer term, to determine the degree of diversification of this policy, as well as, and perhaps above all, to link this policy with development processes. In order to avoid a superficial approach to such outlined issues, the scope of observation was limited to the communes of the Małopolska Voivodeship. Such an approach also made it possible to take into account a longer period of observation of the surveyed communes (2010–2020).Research methods: Out of the total number of 179 communes existing in Małopolska, 11 urban communes (the whole group due to their limited number), 20 rural communes and 20 urban-rural communes were randomly selected for the study. The basic criterion for assessing the policy of municipalities in relation to local debt was the ratio of total debt per capita to total revenue per capita. This indicator allows to determine the level of debt burden on communes’ revenue. Next, the total impact of variables characterizing the budgetary policy of the commune was examined, such as: a) own revenue per capita, b) investment expenditure per capita, c) non-recoverable property expenditure per capita (mainly from the European Union), d) debt per capita, on selected indicators of the development of municipal infrastructure of the commune, affecting the quality of life of the commune’s inhabitants. Progress in the development of infrastructure improves the conditions for conducting business activity of private enterprises, including the location of new entities, which may result in an increase in the commune’s own revenue. The study used a multiple correlation coefficient, the value of which was calculated in each distinguished cluster of communes. The obtained results allowed to assess how the level of indebtedness of communes influenced the socio-economic development of these units.Main findings: The conducted analysis made it possible to determine the degree of restrictiveness carried out by the authorities of the analyzed municipalities of Małopolska. The level of the multiple correlation coefficient calculated for municipalities between the explanatory variables characterizing the budgetary policy of municipalities (investment expenditure per capita, debt per capita, non-refundable property expenditure per capita and the dependent variable own revenue per capita) proves a fairly strong relationship between the analyzed variables. On the other hand, in rural communes with a low restrictive budget policy (with a high debt ratio), the total impact of the indicated variables on the level of infrastructure development is generally stronger than in communes with a more disciplined budget policy (with a lower debt level). In the case of urban-rural communes with a low-restrictive budget policy (high debt ratio), the total impact of the analyzed variables on the level of infrastructure development in a commune is generally stronger than in communes with a more disciplined budget policy (with a lower level of debt).
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14644
10.17951/h.2022.56.4.107-133
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 107-133
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 107-133
0459-9586
eng
https://journals.umcs.pl/h/article/view/14644/10519
https://journals.umcs.pl/h/article/downloadSuppFile/14644/7998
Prawa autorskie (c) 2023 Katarzyna Owsiak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14601
2023-03-16T06:40:16Z
h:ART
Banks Ownership and Development Indicators Prior to the COVID-19 Pandemic. A Comparative Study
Postuła, Marta
Flejterski, Stanisław
banking institutions; ownership; GDP per capita; efficiency; banking profits
Theoretical background: The role of banks in the economy has attracted scientific interest for many centuries now. Generally speaking, the relationship between financial development and economic growth has been widely discussed. Many studies investigated the links between the development of the financial sector and a given country’s social and economic growth using econometric methods such as cross-section, time series, panel data, company-level, industry-level and country level. The banking sector is an integral part of the economy and plays a key role in its development.Purpose of the article: The ownership status of financial institutions is not neutral for themselves or for their clients. The research problem deals with analysing the impact of ownership changes in the banking and insurance sector on the economic and social development of selected countries, especially in Poland, measured with basic macroeconomic indicators. The article attempts to verify the hypothesis that the ownership structure in banking and insurance institutions has, contemporarily, no significant impact on the socio-economic development indicators, provided that these institutions are guided by business- rather than policy-based criteria in their decision making process.Research methods: Both qualitative and quantitative research was used to empirically verify the hypotheses in question. Qualitative research is based on descriptive analysis while quantitative research will include statistical information systemization method, based on statistical source data analysis, and static dependence methodology, including fixed effects and random effects panel models.Main findings: Literature studies and research show that moderation and pragmatism are needed in the financial sectors of EU countries, including Poland. We need both public (including state-owned) financial institutions (banks and insurers) and those controlled by private capital. It seems that today it would be difficult to accept that the entire financial sector of a given country would be taken over by public institutions – state-owned companies, and the omnipotence of private institutions would also be problematic. The main issue is proportions: instead of the exclusivity of one or the other form of ownership, one has to seek an intelligent balance between them (“this and that” instead of “either-or”).
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14601
10.17951/h.2022.56.4.23-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 23-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 23-39
0459-9586
eng
https://journals.umcs.pl/h/article/view/14601/10515
Prawa autorskie (c) 2023 Stanisław Flejterski, Marta Postuła
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14177
2023-09-01T09:40:20Z
h:ART
The Dynamics of Cryptocurrency Price Volatility in the Face of the Crisis on the Example of Bitcoin and Ethereum
Przyłuska-Schmitt, Judyta
Jegorow, Dorota
Bučková, Jaroslava
cryptocurrency pricing; financial crisis; time series
Theoretical background: Over the years, investing in cryptocurrencies has become very popular, and until recently, investors have predicted Bitcoin as a “safe haven”. Belief in a decentralized virtual currency even prompted the Salvadoran government to recognize Bitcoin as a legal tender in September 2021. However, cryptocurrency has depreciated significantly since then. The high amplitude of the fluctuations shows that on November 10, 2021, Bitcoin hit an all-time high of USD 68,979, and on June 18, 2022, it fell to its low of USD 17,601. Today, investors are wondering if investing in Bitcoin and other cryptocurrencies still make sense.Purpose of the article: The aim of the article is to compare the price fluctuations of the most popular cryptocurrencies, i.e. Bitcoin and Ethereum in the currently observed economic crisis in the world and the collapse of the cryptocurrency market.Research methods: Observations of the cryptocurrency market and theoretical issues of its functioning were combined with the analysis of empirical data of Bitcoin and Ethereum quotations from January 2022 to June 2022. The basic research instruments were based on the analysis of dependencies and descriptive statistics. The conducted analysis of the time series was aimed at detecting the nature of the studied phenomenon represented by the sequence of observations of daily quotations and forecasting future values of the time series. In this context, the course of Bitcoin and Ethereum quotations was examined in two categories: Close and Market Cap in search of a potential development pattern.Main findings: The conducted research shows that strong and unpredictable fluctuations in the prices of the studied cryptocurrencies, especially in the period of market shocks, imply unknown uncertainty, much more important than investment decisions made under the conditions of measurable risk. Cryptocurrencies cannot function as an alternative to gold, enabling value to be stored, as confirmed by market quotations over the past months.
www.wydawnictwo.umcs.lublin.pl
2023-06-27
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14177
10.17951/h.2023.57.2.101-113
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 101-113
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 57, No 2 (2023); 101-113
0459-9586
eng
https://journals.umcs.pl/h/article/view/14177/10698
https://journals.umcs.pl/h/article/downloadSuppFile/14177/7647
https://journals.umcs.pl/h/article/downloadSuppFile/14177/7695
https://journals.umcs.pl/h/article/downloadSuppFile/14177/7696
Prawa autorskie (c) 2023 Judyta Przyłuska-Schmitt, Dorota Jegorow, Jaroslava Bučková
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14502
2023-05-04T08:30:28Z
h:ART
Relations Between Dimensions of Organizational Trust and Activities Strengthening the Value of Enterprises
Bylok, Felicjan
organizational trust; value of enterprise; employee; manager; enterprise
Theoretical background: Contemporary enterprises functioning in conditions of international competition search for factors that help the growth of their value on the market. One of these may become trust as it is based on shaping the skills of interpersonal cooperation within employee groups and organizations with the aim of the realization of common interests.Purpose of the article: The aim of this paper is the identification of relations between organizational trust and activities that have an impact on the growth of value of enterprises on the market.Research methods: In our research, a singular survey method on an unweighted sample was applied with the aid of the following mixed techniques: CATI phone survey and CAWI Internet survey. The sampling frame was a database of 500 of the largest companies in Poland (according to the ranking of the portal of Rzeczpospolita newspaper). On the basis of the method of random selection, a research sample which consisted of 179 enterprises was built.Main findings: As a result of the research conducted, the factors of the growth in value of enterprises on the market were identified. The impact of the attributes of organizational trust on the growth of the value of the analysed enterprises was indicated, in which incidentally the most significant impact occurred in the case of trust between employees, while subsequently trust towards the organization and trust towards the department heads. The attributes of organizational trust significantly influence the enhancement of the resources of an enterprise, while also the implementation of new technologies, the emergence of new investments and the increased client portfolio. However, no significant impact was indicated in terms of the growth of R&D activities, nor an increase in the level of competitiveness of enterprises on the local market, nor an increased intensification of activities on the market. The research findings provide knowledge on the subject of the use of the attributes of organizational trust in terms of creating value on the market, which may help an organizational culture based on trust in enterprises.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14502
10.17951/h.2022.56.5.27-46
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 27-46
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 27-46
0459-9586
eng
https://journals.umcs.pl/h/article/view/14502/10614
Prawa autorskie (c) 2023 Felicjan Bylok
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14459
2023-05-04T08:30:28Z
h:ART
The Determinants of Remote Work in Poland – the Perspective of Employers
Pokojski, Zenon
Lipowski, Marcin
remote work; effectiveness of remote work; support for remote work; remote work control; security of remote work
Theoretical background: Remote work has been of interest to managers since the introduction of new information and communication technologies (ICT). In the initial period, it was treated as a privilege of the employee, which few deserve. Therefore, this type of work was not very popular. The COVID-19 pandemic period changed the attitude towards remote work, it became a necessity for many organizations. However, its use gave rise to many new problems, which both employers and employees had to face. Post-pandemic reality poses new challenges for those interested in its further use.Purpose of the article: The aim of the article is to examine the attitude of employers to the five challenges related to remote work selected by the authors: the method of monitoring work, the level of employee support by employers, the assessment of work efficiency, work safety and data protection, and the intention to continue remote work after the pandemic.Research methods: The research was carried out using the standardized questionnaire interviews based on the CATI method. The questionnaire used in the research contained 23 closed questions of single and multiple choice, as well as 7 metric questions, allowing to identify the size, type of business, age and the structure of the company’s ownership capital. The research was carried out in the period May–June 2021 on a population of 248 entrepreneurs divided into micro, small, medium and large companies.Main findings: Remote work, in particular hybrid work, is likely to become more common in enterprises after the end of the pandemic crisis. Unfortunately, the provisions of labour law do not keep pace with the dynamics of changes in the organization of work in enterprises. Remote work poses new challenges for managers who have to deal with another, probably not yet well recognized management method. Therefore, it requires managers to develop new skills, a management style in the ICT environment oriented towards the results of work, and not time and workload. New tools for measuring work efficiency need to be developed. We also have to face the problem of trust, procrastination and many other new challenges. The model of remote work means the need to develop new internal procedures in the company, because this type of work requires a different organization of duties and tasks for employees with whom there is no physical contact. The challenge will be to strike a balance between a “tight” or “loose” organizational culture, known as “tight-loose ambidexterity”. It also seems that employers will have to assume a much larger range of responsibilities for this group of workers, ranging from a wide range of different training courses to financial support.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14459
10.17951/h.2022.56.5.207-226
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 207-226
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 207-226
0459-9586
eng
https://journals.umcs.pl/h/article/view/14459/10624
Prawa autorskie (c) 2023 Zenon Pokojski, Marcin Lipowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14439
2023-05-04T08:30:28Z
h:ART
Social Responsibility in the Area of Labour Practices in the Context of Employer Branding
Gołaszewska-Kaczan, Urszula
goodwill; employer branding; corporate social responsibility; labour practices
Theoretical background: In an environment of ever-increasing competition, companies are looking for proven ways to gain competitive advantage. This translates into an increased interest in goodwill and the factors that allow its value to be raised. Goodwill is the differentiating ability of a company, compared to others or an average company, to make a profit. One of the factors that can build goodwill is the company’s image as an employer. Therefore, it is very important for companies to undertake employer branding activities. Employer branding is company’s activities aimed at achieving a positive image and becoming the so-called employer of choice. Among these activities, the company’s implementation of the concept of corporate social responsibility has an important place. Certainly, a company’s activity in any CSR area translates into the way the company is perceived by employees, but activities in the area of employee practices are of primary importance. Enterprises can take a wide variety of measures in relation to employees, tailored to their specific characteristics, capabilities and competencies, as well as the needs reported by employees.Purpose of the article: The purpose of this paper is to illustrate the concept of employer branding and then present one of the areas of CSR – the area of employee practices – and show how activities in this area can help build an employer brand. Another goal is to assess the level of activity of Polish companies in this CSR area.Research methods: To achieve such goals, the method of analysis of the literature on the subject and reports on the issue in question was used.Main findings: Based on the considerations, it can be concluded that employee practice activities are an important instrument in employer branding. The survey also showed that these activities are popular among Polish companies. It can also be predicted that interest in these practices will continue to grow, primarily due to the demographic situation in the labour market and the increasing difficulty in attracting good employees.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14439
10.17951/h.2022.56.5.115-128
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 115-128
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 115-128
0459-9586
eng
https://journals.umcs.pl/h/article/view/14439/10619
https://journals.umcs.pl/h/article/downloadSuppFile/14439/7838
Prawa autorskie (c) 2023 Urszula Gołaszewska-Kaczan
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14437
2023-05-04T08:30:28Z
h:ART
Impact of Hate Speech on Building the Value of Pro-Social Activities. Perspective of Author and Social Media User
Kraus, Zuzanna
Kuczamer-Kłopotowska, Sylwia
Chmielewski, Mariusz
social marketing; social campaigns; social media; social media influencers; hate speech; sources of competitive advantage; value of pro-social activity; CSR
Theoretical background: The value of a given project (including those of a pro-social nature) is determined by a number of factors, not only those of a financial nature. Within the corporate social responsibility concept, ethics was indicated as one of the factors influencing the value of the project. Currently, one of the problems in the field of ethics is the widespread online hate speech, affecting also the effectiveness of the processes of building the value of pro-social activities that fit into the concept of social marketing. Hate speech has come to form a significant portion of online communication. Only in the first quarter of 2022, Facebook removed 15.1 million pieces of content with hate speech, constituting only a minor part of the problem.Purpose of the article: The authors have noted a research gap in the area of analysing the impact of hate speech on building the value of pro-social activities. The intention of the authors was to evaluate whether the analysis of the phenomenon in question will allow to verify whether there is a relationship between online hate speech and building the value of online pro-social activities. The following research question was formulated: Can online hate speech have an impact on building the value of pro-social activities?Research methods: The authors decided that the quality dimension of the conducted studies should have the form of an individual in-depth interview (the author’s perspective) and a focus group interview supplemented with projection techniques – connotation test, evaluation of emotions and level of controversy (the perspective of the user of social media).Main findings: Hate actions significantly impede the functioning of profile with pro social content which is meant to function as the so-called safe space, which may have an impact on building the value of the influencer’s pro-social activities. During the interview with the recipients of controversial social campaigns, the occurrence of contradictory emotions was confirmed. The paper may offer a basis for further deepened scientific studies in the area of building the value of pro-social activities and a guideline for authors of social activities. Further research in the discussed direction may indicate new modes of using the social media with the participation of influencers who are active in the pro-social area and who have a community of engaged followers.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14437
10.17951/h.2022.56.5.129-147
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 129-147
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 129-147
0459-9586
eng
https://journals.umcs.pl/h/article/view/14437/10620
Prawa autorskie (c) 2023 Zuzanna Kraus, Sylwia Kuczamer-Kłopotowska, Mariusz Chmielewski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14436
2023-05-04T08:30:28Z
h:ART
Rudiments of Sustainable Competitive Advantage in the Digital Age
Urbanek, Grzegorz
competitive advantage; digital economy; value creation; strategic analysis
Theoretical background: Progressive digitalization fundamentally changes companies’ strategies, business models, and operational activities directed to the achievement of sustainable competitive advantage and maximization of long-term company value. The recent COVID-19 pandemic has spurred even further an unprecedented acceleration in the development of digitalization processes in virtually all areas of the economy. The changed competitive reality requires modification of existing and development of new rules and tools of strategic management that will help contemporary companies to cope with the challenges associated with the new competitive landscape. The views on the ways of building a competitive advantage dominating in the literature on the subject become questionable in the light of changes related to the digitalization of the economy. In this context, the issue of defining the term “competitive advantage” in new conditions and its sources, first of all, the role of knowledge in shaping it, is of particular importance.Purpose of the article: This article aims to define sustainable competitive advantage and identify its sources in the digital economy. It also refers to the issue of new tools and areas of strategic analysis that companies should implement to formulate their strategies.Research methods: The considerations in the article are presented on the background of the extensive integrative literature review. The article uses the method of critical analysis and synthesis of opinions of other authors as well as logical inference.Main findings: The progressive digitalization of the economy fundamentally changes how modern organizations pursue competitive advantage as part of the implemented strategy. A sustainable competitive advantage should be equated with creating and capturing value rather than beating competitors. A prerequisite for sustainable competitive advantage is the development and application of innovative knowledge that creates essential value for customers in the long term. Strategic analysis in the digital age should embrace consumer needs, the organization’s network connections and data flow, the structure of platforms and digital ecosystems, the revenue streams in networks, the types of a network, and learning effects.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14436
10.17951/h.2022.56.5.247-263
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 247-263
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 247-263
0459-9586
eng
https://journals.umcs.pl/h/article/view/14436/10626
Prawa autorskie (c) 2023 Grzegorz Urbanek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14432
2023-05-04T08:30:28Z
h:ART
Barriers to Implementing the Concept of Learning Organization in Public Administration – the Example of PIORiN
Pasieczny, Jacek
Rosiak, Tomasz
learning organization; public administration; barriers; excessive formalization; limited cooperation
Theoretical background: An efficient public administration is a prerequisite for a harmonious development of business, and for the security and prosperity of society. Its rapidity and quality are particularly important in the situation of dynamic economic, political and social changes. However, the model upon which administration is built and functions fails to meet the requirements of the present day. The subject of dysfunctional bureaucracy has been thoroughly analyzed and described in detail. Blind adherence to regulations, reluctance to introduce changes and lack of motivation to help clients are well-known vices of bureaucratic organizations throughout the world. Although countless attempts have been made to change the way these organizations function, the design and implementation of such improvements is hindered by a variety of obstacles. In this article, we shall describe barriers to the process of implementing the concept of a learning organization in a large bureaucratic organization.Purpose of the article: The purpose of the article is to discuss a number of barriers to the process of implementing the concept of a learning organization within a specific bureaucratic organization, namely the State Plant Health and Seed Inspection Service (Państwowa Inspekcja Ochrony Roślin i Nasiennictwa, PIORiN). The barriers discussed were identified in the course of research. Thus, the article adds to the existing body of knowledge about the functioning of bureaucratic organizations, their specificity and processes that take place within them. By identifying potential and actual barriers to the process of change, we can better understand organizational behavior. It also provides practical knowledge about the critical elements of the process of change.Research methods: Research was conducted within a large public institution in charge of phytosanitary controls. Three types of triangulation were used in the study: methodological, theoretical and investigator triangulation. Conclusions were drawn on the basis of a total of 51 interviews, of which 31 were conducted within the organization and 20 with external partners (clients). The basic tool used for collecting data was an open interview, always conducted by two researchers at a time. Interviews were transcribed and read on an ongoing basis with a view to carrying out a preliminary selection and category coding. Four team members participated in the coding process. Codes were subsequently analyzed and grouped into categories that served for drawing conclusions.Main findings: A number of barriers of great consequence for the process of implementing the concept of learning organization in administration have been identified; the most important are: excessive formalization, limited use of clients’ knowledge, insufficient financing, inadequate IT support, and limited cooperation with other public institutions.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14432
10.17951/h.2022.56.5.171-184
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 171-184
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 171-184
0459-9586
eng
https://journals.umcs.pl/h/article/view/14432/10622
https://journals.umcs.pl/h/article/downloadSuppFile/14432/7891
Prawa autorskie (c) 2023 Jacek Pasieczny, Tomasz Rosiak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14429
2023-05-04T08:30:28Z
h:ART
Managerial Determinants in Design Management as a Means of Developing Organisational Resilience in an Uncertain Economic Environment
Dziadkiewicz, Anna
Jakubowski, Mariusz
design management; BANI; VUCA; Danish Design Ladder; managerial determinants
Theoretical background: Design management is of paramount relevance in many modern organisations, increasingly also in those operating in Poland, remaining an independent approach to change management for the creation of new products and services, achieving better productivity and efficiency in a global and competitive environment. Until now, the basis of design management processes has been to understand the needs of the user or customer, their expectations and aspirations. This approach, like many management concepts, is now undergoing a transformation, driven by huge economic, social, political and environmental changes. The uncertainty of tomorrow, facing crises, wars, erupting pandemics are just some of the so-called Black Swans causing the need for management change in organisations. Nowadays, design management is experiencing a boom, which is primarily linked to a shift away from seeing it only on an operational level or as a marketing function to emphasising its strategic importance. In this situation, the concept of “just in time”, familiar from management by quality, should evolve into “just in case” in a much broader reference than that relating to the production, delivery or storage of raw materials and finished goods. The design management model presented in the article is an example of an activity that responds to the needs of companies precisely in conditions of variability, due to the fact that its essence is flexibility and the possibility of redesigning it by adding or subtracting specific constructs, appropriate to the just in case situation.Purpose of the article: This article aims to present how managerial conditions conducive to the implementation of design management activities can support companies in achieving organisational resilience in a world defined by the acronym “BANI”.Research methods: The research problem is to identify managerial determinants conducive to the implementation of design management activities through which companies can achieve organisational resilience. In order to obtain an answer to the research problem so posed, a literature review of design management approaches was conducted, with a presentation of the traditional Danish Design Ladder model and its updated version, adapted to the BANI concept. Based on the literature, the acronyms “VUCA” and “BANI”, used to describe current economic phenomena, were explained. The article then presents some of the results of a survey conducted in 2019–2020, in companies registered in Poland. Quantitative estimation using the CATI method (1,200 medium and large enterprises) and qualitative verification using PAPI and IDI techniques (58 large enterprises with a high level of project maturity and experience in implementing project management) were used.Main findings: The paper presents design management as a type of organisational activity important for achieving organisational resilience. The essence of design management, its two models and the management conditions necessary to implement this approach were described. The role of managers in implementing change in an organisation is characterised. The above considerations are based on a literature review and own research.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14429
10.17951/h.2022.56.5.81-99
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 81-99
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 81-99
0459-9586
eng
https://journals.umcs.pl/h/article/view/14429/10617
https://journals.umcs.pl/h/article/downloadSuppFile/14429/7889
Prawa autorskie (c) 2023 Anna Dziadkiewicz, Mariusz Jakubowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14428
2023-05-04T08:30:28Z
h:ART
Quality Costs as a Determinant of Company Value
Chmielewski, Mariusz
Malinowska, Ewa
quality costs; enterprise value; enterprise competitiveness; operating profit margin
Theoretical background: Every enterprise generates costs when carrying out its activities. The costs associated with maintaining an adequate level of quality can prove to be not only a destroyer but, over the longer term, also a generator of enterprise value.Purpose of the article: The aim of the paper is an attempt to present the impact of the quality costs identified by the company on enterprise value, as well as the conditions that should be met to observe an increase in its value.Research methods: This study is of a theoretical nature and uses a research approach based on an analysis of the available literature and heuristic methods.Main findings: Quality costs have an impact on the creation of enterprise value. An indication of their share in the costs by type can help the company’s decisions, which, in the long term, can contribute to the enterprise value by increasing the cash flow.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14428
10.17951/h.2022.56.5.47-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 47-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 47-62
0459-9586
eng
https://journals.umcs.pl/h/article/view/14428/10615
https://journals.umcs.pl/h/article/downloadSuppFile/14428/7890
Prawa autorskie (c) 2023 Mariusz Chmielewski, Ewa Malinowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14423
2023-05-04T08:30:28Z
h:ART
WIG-20 Warsaw Stock Exchange Companies: Are They Ready for Governance Matters Disclosures Based on EU Sustainable Reporting Standards?
Próchniak, Joanna
Płoska, Renata
corporate governance; ESG reporting; reporting standards; corporate social responsibility
Theoretical background: In 2022, the European Commission’s intensive efforts to revise and enhance the Non-Financial Reporting Directive (NFRD) from 2014 resulted in the proposal of Corporate Sustainability Reporting Directive (CSRD) and the exposure draft on ESRS EDs (EFRAG Sustainable Reporting Standards Exposure Drafts). The ESRS drafts for public consultation presented the mandatory concepts and principles for sustainability reporting under the CSRD. The implementation of corporate sustainability is closely related to reporting that stimulates robustness of companies’ commitment to sustainability, and sustainable long-term actions taken by companies. Environment is priority, however, having in mind sophisticated environmental performance indicators, it is governance that ensures stakeholders whether the company exercises the sustainable obligations effectively.Purpose of the article: The purpose of the article is to determine EFRAG draft standards compliance with the Warsaw Stock Exchange best practices and Global Reporting Initiative (GRI) standards, and an assessment of WIG-20 reporting practices regarding EFRAG draft standards. The main research question was whether and to what extent WIG-20 companies meet the sustainable reporting exposure drafts on governance matters proposed by EFRAG.Research methods: The study method was desk-based research using the gathered corporate data. The assumptions on the importance of governance matters were supported by VOSviewer analysis of Scopus bibliometric database analysis.Main findings: The results of the study have shown that the scope and level of reported disclosures by WIG-20 companies – that are best performing and positive toward sustainability – is insufficient and reporting practices do not meet proposed EFRAG draft standards. The study contributes to scarce research addressing the sustainability reporting approach. It provides a study of the governance maters regarding draft governance reporting ESRS drafts.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14423
10.17951/h.2022.56.5.227-246
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 227-246
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 227-246
0459-9586
eng
https://journals.umcs.pl/h/article/view/14423/10625
https://journals.umcs.pl/h/article/downloadSuppFile/14423/7896
Prawa autorskie (c) 2023 Joanna Próchniak, Renata Płoska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14422
2023-05-04T08:30:28Z
h:ART
Importance of the Size of Local Government in Avoiding the Fiscal Distress – Empirical Evidence on Communes in Poland
Galiński, Paweł
fiscal distress; local government; size effect
Theoretical background: In the literature on finance there are findings which examine reasons for the fiscal distress of units of the public sector, including local governments. However, this distress might be differently defined. Therefore, it determines both the approach to identify this phenomenon and the types of explanatory variables. Nevertheless, in the field of the business sector in the econometric models concerning the financial distress the size of the unit is considered. In this case there are also some possibilities to apply the correct proxy variable. This results from the fact that the size of local government might determine its fiscal capability as well as the level and structure of expenditures, which affect fiscal distress.Purpose of the article: The aim of this paper is to examine the influence of the size of the local government on the probability of the decrease of the exposure to the fiscal distress.Research methods: The author reviewed the literature in the field of the fiscal distress and introduced a multi-criteria decision analysis as well as a logistic regression modelling to examine this. The research procedure also required the use of the linear ordering to construct the dependent variable of the fiscal distress in order to analyse the “size effect” on the fiscal distress.Main findings: Fiscal distress of local governments is a core issue, which should be constantly analysed. It depends on the financial, economic, social and even political aspects. To identify exposure to this distress the TOPSIS method can be used. However, the fiscal distress can be affected by the size of the unit, which influences lots of budgetary categories. Due to the specificity of dependent and independent variables in the econometric models the “size effect” might be represented through the level of the population or the assets. Using the ordinal logistic regression in the research, the authors should consider that this effect can differ between the units with the disparate exposure. So, the partial proportional odds models can be required. Thus, the growth of the size of the unit, measured by the population, increases the odds of reaching very low exposure to fiscal distress. Simultaneously, there are some other important issues which should be included in this type of research.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14422
10.17951/h.2022.56.5.101-113
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 101-113
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 101-113
0459-9586
eng
https://journals.umcs.pl/h/article/view/14422/10618
Prawa autorskie (c) 2023 Paweł Galiński
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14421
2023-05-04T08:30:28Z
h:ART
The Capacity to Forecast Enterprise Insolvency on the Polish Market Using the Precursory Altman Z-Score Model (1968)
Antonowicz, Paweł
Antonowicz, Alicja
bankruptcy; insolvency; discriminant analysis; Z-Score models, Altman
Theoretical background: Many years have passed since the publication of the first multidimensional model (Z-score) of early bankruptcy warning by E.I. Altman in 1968. New models have since emerged in different countries. In this research stream, the share of econometric modelling based on the assumptions of discriminant analysis, i.e. MDA – Multiple Discriminant Analysis – one of the multidimensional classification methods categorised as empirical-induction methods, plays a particularly important role.Purpose of the article: The article assesses the capacity of the Altman Z-Score to forecast (1 year ahead) insolvency of enterprises on the Polish market.Research methods: Due to the sample size (i.e. over 2,700 bankrupt entities in Poland), the study constitutes one of the broadest studies carried out so far on the assessment of the predictive capacity of early warning models in Polish economy.Main findings: The authors, conducting research in this area, put forward a hypothesis that the variables that were well identified and introduced to discriminatory models in one economy work equally well in other countries. Despite the economic differences in these countries and the phases of the business cycle, the financial-analysis indicators that allow effective forecasting of enterprise bankruptcy are valid for different economies. The discriminant-function variability ranges that are characteristic of failing and healthy economic entities change but the variables themselves are good predictors.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14421
10.17951/h.2022.56.5.7-26
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 7-26
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 7-26
0459-9586
eng
https://journals.umcs.pl/h/article/view/14421/10613
https://journals.umcs.pl/h/article/downloadSuppFile/14421/7887
Prawa autorskie (c) 2023 Paweł Antonowicz, Alicja Antonowicz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14420
2023-05-04T08:30:28Z
h:ART
Has the Stabilizing Nature of Deposits Changed after the Crisis? Impact of Funding Structure on Bank’s Risk
Penczar, Marta
Kujawski, Lech
Liszewska, Monika
bank’s risk; funding structure; deposits
Theoretical background: The global financial crisis (GFC) has shown the importance of the funding model for the bank’s stability. In this context, deposits were of particular importance as they proved to be a stable source of funding during market turmoil. As a result, many banks have changed the funding model, paying greater attention to financing obtained on the deposits market.Purpose of the article: In this paper, we analyze the impact of funding models on the EU banks’ risk after GFC, i.e. in 2011–2018. We put particular emphasis on the funding structure measured by the deposits to total assets ratio and changes that take place according to the type of institution (i.e. listing status, specialization, and funding model).Research methods: In our research, we use panel data models together with a set of tests that allow us to deduce about properties of proposed models and allow us to analyze the significance of the impact of the bank-specific, macroeconomic, and dummy variables on the bank’s risk. We apply “within”, “fixed time effects” estimator from plm R package.Main findings: We confirm the stabilizing function of deposits, but also the non-linear nature of the impact of the funding structure on the bank’s stability, depending on the bank’s specialization. This means that the stabilizing role of deposits for the bank’s stability is just as important in the post-crisis period as it was during the outbreak of GFC in 2008, although the excessive growth of deposits in some types of banks may, however, lead to an increase in the risk level.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14420
10.17951/h.2022.56.5.185-205
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 185-205
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 185-205
0459-9586
eng
https://journals.umcs.pl/h/article/view/14420/10623
https://journals.umcs.pl/h/article/downloadSuppFile/14420/7888
Prawa autorskie (c) 2023 Marta Penczar, Lech Kujawski, Monika Liszewska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14419
2023-05-04T08:30:28Z
h:ART
The Impact of War and Pandemic Crises on the Sovereign Creditworthiness and Solvency. The Position, Role and Decisions of International Rating Agencies
Lepczyński, Błażej
Pisarewicz, Piotr
sovereign creditworthiness; solvency; credit rating; pandemics; wars
Theoretical background: The sovereign creditworthiness and solvency in the context of the pandemic and war crises is one of the biggest challenges that the modern world and the financial market face. It has a key impact on the basic economic indicators, including the price of debt incurred by individual countries and, thus, the profitability of debt securities. The COVID-19 pandemic, which began at the turn of 2019 and 2020, and Russia’s aggression against Ukraine which started on 24 February 2022, have strongly impacted the level of debt of European states and other countries of the world. The energy crisis, which is currently growing, is also taking its toll on the main economic indicators. International credit rating agencies are institutions that have been analysing the sovereign creditworthiness and solvency and individual business entities for many decades. At times, their activities have been the subject of criticism, but their place in the global financial market seems unthreatened and the results of their work still constitute the basic indicator of creditworthiness and solvency evaluation.Purpose of the article: The purpose of this article is to present issues related to the impact of war and pandemic crises on the sovereign creditworthiness and solvency and also the position, role and decisions of international rating agencies. Due to the ongoing war in Ukraine and the COVID-19 pandemic, these are very important issues that have a real impact on the economic condition of individual countries as well as the standard of living of citizens. This article focuses on these elements of the contemporary reality.Research methods: The subject matter and purpose of the article have been illustrated against the background of current theoretical knowledge, historical research and the latest analyses of key economic indicators, such as inflation or bond yields. The study of the impact of wars on sovereign ratings was empirical. To visualise the historical scale of the wars and pandemics destruction, in the analytical part of the study, statistical data has been re-scaled to the current global population.Main findings: The research conducted in this article has indicated that crises related to a pandemic and war have a negative impact on the sovereign creditworthiness and solvency. Historical studies of armed conflicts and pandemics have shown that the former had a significantly greater impact on inflation and bond yields. For example, the level of inflation started to drop within one year after the end of the wars and almost immediately after the end of the pandemic. The same applied to bond yields. Of course, this was directly reflected in the evaluations of international rating agencies. The issues discussed in the article are of practical application, because the on-going war in Ukraine and the COVID-19 pandemic have had a very large impact on the global economy and the financial condition of individual countries. Our research also shows that the war hit the ratings of sovereign countries directly involved in the war, while other countries’ ratings (possibly threatened by aggression from Russia in the future – e.g. EU countries) remain stable.
www.wydawnictwo.umcs.lublin.pl
2023-04-19
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14419
10.17951/h.2022.56.5.149-170
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 149-170
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 5 (2022); 149-170
0459-9586
eng
https://journals.umcs.pl/h/article/view/14419/10621
https://journals.umcs.pl/h/article/downloadSuppFile/14419/7885
Prawa autorskie (c) 2023 Błażej Lepczyński, Piotr Pisarewicz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13967
2023-03-16T06:40:16Z
h:ART
Spatial Planning as a Public Management Tool in Poland: Premises and Reality
Gulski, Bogusław
Gorzym-Wilkowski, Waldemar
spatial planning; stakeholders; aberrations; values
The aim of this paper is to assess the functioning of spatial planning in Poland in the context of public management objectives. Drawing on the concepts of New Public Management, we use the category of stakeholders and public value generated for stakeholders. Two groups of stakeholders in spatial planning are distinguished, namely public (national and local government) entities, and private entities (including individuals and businesses). We describe the mechanisms of stakeholders’ influence on spatial planning and the effects of this influence on the development of space. We found that the actual spatial planning mechanisms in Poland are aberrational from the perspective of public management. The ubiquity of these aberrations (in diverse municipalities) allows us to rule out the most obvious types of causes, particularly the incompetence or corruption of local authorities or administrative apparatus. Therefore, it is postulated that the causes of the aberrations are structural and inherent to the legal system that impacts spatial planning both directly and indirectly. We propose solutions to improve the situation through the appropriate management of relations with stakeholders in processes implemented by a public entity. The article presents a model of such management. A change in the legal context – above all an amendment of the law regulating spatial planning procedures – provides an opportunity to balance the impact of various stakeholders on spatial planning arrangements.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13967
10.17951/h.2022.56.4.41-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 41-62
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 41-62
0459-9586
eng
https://journals.umcs.pl/h/article/view/13967/10516
https://journals.umcs.pl/h/article/downloadSuppFile/13967/7507
https://journals.umcs.pl/h/article/downloadSuppFile/13967/7508
Prawa autorskie (c) 2023 Bogusław Gulski, Waldemar Gorzym-Wilkowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13904
2023-03-16T06:40:16Z
h:ART
Participatory Budgets in Poland and Germany: Towards a Single Model?
Wetoszka, Piotr
participatory budget; policy convergence; innovation diffusion; Poland; Germany
Theoretical background: Participatory budgets (PBs) have become a widely known innovation used to engage citizens in policymaking. Since 2011, citizens in Polish municipalities can decide on how a portion of local budget can be spent. In Germany, PBs originally served the purpose of getting feedback from citizens in the context of fiscal strains. However, since about 2015, German PBs are increasingly taking after the model established in Poland, establishing fixed pools of funds. Does it present a case of between-country convergence in the functionalities of PBs and their quality? So far, such comparative questions remained mostly unanswered in the field of PB-related studies.Purpose of the article: The aim of the paper was to investigate this possibility of convergence in PB-quality by comparing the state of and changes in the quality of PBs with fixed funds between Poland and Germany. To evaluate the quality and scope of functionality of PBs, the amount of planned PB-funds per capita and participation rates (voter turnout levels) were inspected. Two research hypotheses were formulated. The first one stipulates a higher performance level of Polish PBs by the two criteria, across a variety of municipality types. The second hypothesis posits that the differences in the quality of PBs tend to diminish over time, as the latest to innovate launch their first experiments.Research methods: Works on the diffusion of PBs in both countries were reviewed to provide background for the study. Two datasets were constructed containing data on the two measures of PB-quality, the population size, and the status of innovator. The data were first compared graphically. In a later step, statistical methods were applied, including variance analysis for the two dependent variables related to PB-quality at once (MANOVA) and for each of them separately (ANOVA). Results of the study were presented and discussed in the context of interactions between innovators and potential adopters in social networks, as well as political agendas in the two countries of interest.Main findings: Research findings allowed to confirm the research hypotheses. PBs in both countries have been mostly simple innovations of limited quality, but those in Poland tended to perform better, judged by the two chosen criteria. The gap, especially for PB-funds, is closing, but that does not mean that in the course of innovators’ and regulators’ actions a unified innovation model has emerged. PBs in both countries utilize their functionalities in diverse ways, based on specific experiences and traditions in policymaking. Thus, PBs in Poland and Germany have different trajectories of development with fixed pools of funds as the simplistic innovation core that makes them highly adaptable in different policy contexts.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13904
10.17951/h.2022.56.4.207-224
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 207-224
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 207-224
0459-9586
eng
https://journals.umcs.pl/h/article/view/13904/10523
https://journals.umcs.pl/h/article/downloadSuppFile/13904/7452
Prawa autorskie (c) 2023 Piotr Wetoszka
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14341
2022-12-11T08:50:55Z
h:ART
Do Commercial Banks in Poland Pass the Bank Tax On to Their Customers?
Karpowicz, Andrzej
Korzeb, Zbigniew
Niedziółka, Paweł
bank tax; bank levy; profitability; market power
Theoretical background: Bank tax was introduced in Poland in February 2016. As a consequence, several banks with assets surpassing certain value need to cope with the additional burden.Purpose of the article: The aim of the research is to verify whether Polish banks that nominally are subject to the bank tax indeed shifted onto their clients most of the cost connected with this new levy and, thus, now these are the clients who effectively bear the burden of bank tax.Research methods: The analysis is based on monthly data for the years 2010–2021, for which a multilayer comparison of performance of banks subject to the bank tax was made from various perspectives: (1) before and after the introduction of bank tax and (2) with remaining banks not subject to a bank tax – which serve as a control sample. The analysis took into account the composition of Polish bank sector, while focusing on the development of: (1) revenues, costs and income from commissions and charges, (2) revenues and income from interest, (3) level of commissions and charges as well as interest imposed on different bank products, (4) banks profitability, (5) their balance sheet total and (6) ROA.Main findings: The analysis does not confirm increases in revenues of commercial banks and foreign branches following the introduction of the bank levy, whereas the profitability and ROA of these banks worsened significantly. At the same time, the performance of banks not affected by the levy did not deteriorate, which allows to conclude that banks did not manage to shift the cost of bank tax onto their customers. Conclusions are important primarily from the perspective of fiscal policy (they answer the question on effective tax incidence) and supervisory policy (to what extent the introduction of the tax erodes the performance of the banking sector, inhibiting the accumulation of capital determining the level of financial stability).
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14341
10.17951/h.2022.56.3.61-87
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 61-87
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 61-87
0459-9586
eng
https://journals.umcs.pl/h/article/view/14341/10219
Prawa autorskie (c) 2022 Andrzej Karpowicz, Zbigniew Korzeb, Paweł Niedziółka
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13804
2023-01-05T16:26:26Z
h:ART
Demographic and Socio-Economic Factors as Barriers to Robo-Advisory Acceptance in Poland
Piotrowski, Dariusz
financial advisory; technology acceptance; banking ethics; privacy; artificial intelligence in banking
Theoretical background: One manifestation of the use of artificial intelligence technology in financial services is robo-advisory. Automated assistants are used in the area of communication with consumers and the sale of financial products. The development of robo-advisory services may contribute to increasing the availability of financial services and the cost efficiency of banks’ operations. So far, however, robo-advisory has not been widely used in bank services, and the reasons for this can be seen in the lack of wide acceptance of robo-advisory by bank customers, among other things.Purpose of the article: The aim of this paper is to identify barriers to the acceptance of robo-advisory in the services of banks operating in Poland. Variables relating to the demographic and socio-economic characteristics of consumers were analysed. Knowledge in this area can provide banks with a practical guideline for activities aimed at increasing acceptance of artificial intelligence technology and wider use of robo-advisory in financial services.Research methods: The paper uses the results of a survey conducted in October 2020 regarding the application of artificial intelligence technology in the banking sector in Poland. The survey included a representative sample of 911 Polish citizens aged 18–65. A multinomial logit model was employed to identify variables that represent significant barriers to robo-advisory acceptance in financial services.Main findings: The conducted research helped identify the barriers to acceptance of robo-advisory among consumers in Poland. A low propensity to use robo-advisory in bank services is characteristic of respondents from older age groups, as well as those who do not show a predilection for testing new technological solutions. Lack of experience in using investment advisory services and customer concerns about the misuse of personal data by banks are also significant barriers.
www.wydawnictwo.umcs.lublin.pl
Nicolaus Copernicus University
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13804
10.17951/h.2022.56.3.109-126
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 109-126
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 109-126
0459-9586
eng
https://journals.umcs.pl/h/article/view/13804/10221
Prawa autorskie (c) 2022 Dariusz Piotrowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14466
2022-12-11T08:50:55Z
h:ART
The Impact of the COVID-19 Pandemic on the Financial Performance of Polish Public Hospitals Owned by Local and Regional Governments
Wójtowicz, Katarzyna
Wójtowicz, Jan
Ujazda, Damian
financial performance; public hospitals; COVID-19 pandemic
Theoretical background: The COVID-19 pandemic has put a great strain on healthcare systems and hospitals. Although the effects of COVID-19 have affected almost all aspects of the economies and health systems of most countries around the world, relatively little research has been done on the consequences of the pandemic on the financial performance of hospitals around the world. This literature gap is mainly the result of a short research period and difficulties in obtaining reliable and good quality empirical data. The review of the literature shows that the impact of the COVID-19 pandemic on the financial performance of hospitals is ambiguous. Most of them focused primarily on the first year of the pandemic and were mostly based on fragmentary financial data and sometimes only on the case study method.Purpose of the article: The purpose of this article is to evaluate the impact of the COVID-19 pandemic on the financial performance of the largest public hospitals owned by local and regional governments. The research, covering mainly the years 2019–2021, was carried out based on financial statements obtained from 40 public hospitals in the form of independent public healthcare institutions (SPZOZ).Research methods: To assess the impact of the COVID-19 pandemic on the financial performance of Polish hospitals, a ratio analysis was carried out. Due to the specificity of public health facilities, ratios included in the Ministry of Health Regulation of 12 April 2017 were used, which refer mainly to independent public healthcare facilities.Main findings: The research revealed that the COVID-19 pandemic contributed to the deterioration of the financial performance of Polish public hospitals owned by local and regional governments. However, the impact was not dramatic, but only intensified the financial difficulties experienced by Polish hospitals before.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14466
10.17951/h.2022.56.3.187-204
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 187-204
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 187-204
0459-9586
eng
https://journals.umcs.pl/h/article/view/14466/10225
https://journals.umcs.pl/h/article/downloadSuppFile/14466/7884
Prawa autorskie (c) 2022 Katarzyna Wójtowicz, Jan Wójtowicz, Damian Ujazda
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14104
2023-03-16T18:09:23Z
h:ART
Payment Features and Incentives as Drivers for Non-Cash Payments Usage – the Evidence from Poland
Harasim, Janina
Klimontowicz, Monika
cash usage; payment features; payment choices; discounts and surcharges; price incentives; contactless payments
Theoretical background: There is evidence that sustainable economic growth is strictly connected with non-cash payments development. Nevertheless, in many countries, cash still remains the dominant means of payment. Cash can be treated as a store of value and a means of payment. The paper focuses on its transactional function and addresses the need to recognise drivers that can shift consumers away from cash.Purpose of the article: The paper aims to analyse what features of payment instruments and what kind of incentives could convince consumers to switch from cash to non-cash payments.Research methods: The data analysed were collected during the first survey on this topic conducted in 2018 on a representative sample of Polish consumers. The selected statistical methods were applied to analyse research data. Among them are correlation analysis and Thurstone’s method of paired comparisons to analyse preferences and association (co-occurrence) for exploring consumers’ preferences related to their payment choices.Main findings: The results show that in Poland consumers’ payment choices are driven rather by the cost than other payment instrument features such as speed, convenience or security. These results are consistent with the greater sensitivity of Polish consumers to financial incentives than material bonuses or tax benefits. The analysis has also shown a statistically significant correlation between the kind of incentive and the consumer’s characteristics.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14104
10.17951/h.2022.56.3.37-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 37-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 37-59
0459-9586
eng
https://journals.umcs.pl/h/article/view/14104/10218
Prawa autorskie (c) 2022 Janina Harasim, Monika Klimontowicz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13786
2023-01-05T16:29:26Z
h:ART
Remote Quality Management System Audit. Auditors’ and Auditees’ Perspective and Lessons Learned
Wiśniewska, Małgorzata Z.
Rombalska, Marta
Szymańska-Brałkowska, Małgorzata
remote auditing; internal audit; pandemic; advantages; disadvantages
Theoretical background: The pandemic situation affected the functioning of each organization, including the assessment of quality management systems. The implementation of remote audits, including remote internal audits, has become an urgent necessity.Purpose of the article: The purpose of this article is to present the results of research on potential difficulties in conducting remote internal audit, from the perspective of auditors and auditees. The auxiliary goal is to collect and organize definitions of remote audit and describe its essence in the light of scientific literature and other sources of a formal nature.Research methods: A review and critical analysis of the literature, the method of a diagnostic survey, and then the method of synthesis and logical reasoning were used.Main findings: Several bottlenecks related to certain difficulties can be identified. Both auditors and audited persons should not waste time searching for relevant documents or records. There is a need to check in advance to what extent the applied information technology is efficient, effective and available to all interested parties during the audit. It is necessary to clarify the roles and tasks before and during audits, and to make sure in advance that all resources, both tangible and intangible, are available during the audit.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13786
10.17951/h.2022.56.3.169-186
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 169-186
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 169-186
0459-9586
eng
https://journals.umcs.pl/h/article/view/13786/10224
https://journals.umcs.pl/h/article/downloadSuppFile/13786/7335
https://journals.umcs.pl/h/article/downloadSuppFile/13786/7336
https://journals.umcs.pl/h/article/downloadSuppFile/13786/7478
Prawa autorskie (c) 2022 Małgorzata Zdzisława Wiśniewska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13840
2023-01-05T16:28:21Z
h:ART
Why Don’t Local Governments Buy Catastrophe Insurance? Biased Decision-Makers
Swacha-Lech, Magdalena Anna
Gawin, Mateusz
catastrophe insurance; low-probability and high-consequence risk; human biases and heuristics
Theoretical background: Incorporating behavioral analysis into finance allows for finding responses to many questions that researchers have not been able to answer by relying on assumptions characteristic of the traditional, normative approach. One of the areas where recently the achievements of behavioral finance have been used to analyze selected problems is public finance. In this article, we use the achievements of psychology, incorporating them into public finance, which allows us to shed new light on decisions made by public managers in Poland.Purpose of the article: The aim of this paper is to present the reasons why local governments do not buy insurance that would protect them against potential losses resulting from the occurrence of a catastrophic event. In this paper, we rely on responses from 303 municipalities, following the premise that an obvious way to learn about motives, constraints, and the decision-making process is to ask decision-makers.Research methods: This paper examines the influence of behavioral determinants and the level of tax revenue per capita on the decisions made by public managers. The CART method was used for this purpose. The necessary empirical data were obtained through a CAWI survey conducted in 2020 between August 1 and September 21 by a consortium of two research agencies: Biostat Research & Development Sp. z o.o. and Biostat Sp. z o.o.Main findings: The analysis conducted in this paper demonstrates that behavioral factors significantly impact public managers' decisions not to purchase catastrophe insurance. Our results confirm the significant role of a decision maker's traits, judgments, views, feelings, and experiences in the decision-making process.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13840
10.17951/h.2022.56.3.149-168
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 149-168
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 149-168
0459-9586
eng
https://journals.umcs.pl/h/article/view/13840/10223
Prawa autorskie (c) 2022 Magdalena Anna Swacha-Lech, Mateusz Gawin
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14199
2023-03-16T06:40:16Z
h:ART
Costs of IPO in Poland
Podedworna-Tarnowska, Dorota
direct costs; indirect costs; IPO; underpricing
Theoretical background: Entering the stock market is an important moment in the development of a company. However, whether the timing of the decision is determined by capital needs or driven by attractive market conditions is debated in literature studies. On the other hand, neither in financial theory nor in practice there is a single universal formula, the use of which would enable the determination of the most favourable capital structure for a given company, reconciling both the optimum profitability of its own capitals and a reasonable scale of risk. The decisions regarding the selection of sources of financing depend on several factors. There is no question the cost of capital is an important criterion used by companies when deciding on a financing decision. In the case of initial public offers (IPO), the total costs consist of directand indirect costs. This study fills a specific gap in the literature due to the lack of such analyses based on data coming from the Polish market especially in the context of the type of IPO and market conditions.Purpose of the article: The purpose of this article is to present the results of a study on the costs of IPO conducted on the Warsaw Stock Exchange (WSE) between 2005 and 2020.Research methods: The hypotheses were verified using the statistical analysis and an econometric linear regression. Analysis covers 249 companies debuting on the WSE between 2005 and 2020. Information on the costs of the analysed offers was obtained from the companies’ current reports published after the completion of the share subscription.Main findings: The analysis confirmed that indirect cost of the offer are higher than direct costs. Although the average total costs of the offer are highest in the case of the issuance of new shares but they are not statistically significant. Furthermore, the higher the value of the offer, the lower its total cost. The interest rates affect the total cost of IPO but the total offer costs may not be directly explained by the activity on the IPOs market. The results of the analysis indicate that the explainability of the estimated model is the biggest for the direct costs. There is also a significant difference between the years with the highest and the lowest total costs of the offer.
www.wydawnictwo.umcs.lublin.pl
2023-03-14
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14199
10.17951/h.2022.56.4.135-160
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 135-160
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 4 (2022); 135-160
0459-9586
eng
https://journals.umcs.pl/h/article/view/14199/10520
Prawa autorskie (c) 2023 Dorota Podedworna-Tarnowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13972
2023-01-05T16:27:38Z
h:ART
Economic Activity of Residents and Revenue Autonomy of Municipalities in the Context of the COVID-19 Pandemic
Sobczyk, Andrzej
Budzeń, Daniel
economic activity; development potential; own revenue; financial autonomy
Theoretical background: The impact of the COVID-19 pandemic has had far reaching effects on different strata of socio-economic life, including the financial well-being of residents and the financial situation of local government units. Generally, research papers either approach “local development” conceptually or quantify data regarding a certain locality: demographic structure, residents’ education, condition of the labour market, residents’ income and their technological literacy. This paper is an attempt to arrive at a larger picture and identify the interdependence between economic activity of residents and financial autonomy of the local government, and secondly, to pinpoint the impact the COVID-19 pandemic had on these categories.Purpose of the article: The purpose of the paper is to identify residents’ income sources and the dependence between them and the development potential of the municipality they live in. The paper examines residents’ revenue, income and income tax advance payments. The survey covers all municipalities in Poland according to their formal administrative status: urban, rural, urban-rural and cities with powiat rights. The research covers the period of 2015–2020, as per data availability.Research methods: The paper applied monograph methodology to review the literature on the subject, and comparative methodology to process quantitative data, which allowed the authors to calculate all deviations. Next, the economic phenomena were assessed, i.e. their nature (positive or negative) and frequency of occurrence were determined according to an assessment scale where the base is the starting point. The structure of the number of taxpayers, their revenues and incomes was compared by sources of income, in result of which hierarchy of income sources was created for each municipality. Following that, the main income sources were analysed and correlated with the municipality’s own (tax) revenue. To enable comparability of diagnostic variables, the zero unitarisation method was applied.Main findings: The findings reveal that the main sources of residents’ income include salaries, pensions and disability pensions, non-agricultural economic activity, wages and contractual income. Revenue streams generated from residents’ economic activity show a variance across municipalities. The results obtained confirm the dependence between residents’ economic activity and own revenue sources of local government units. Based on the findings, it can be concluded that the relationship between taxpayers’ income from particular sources and revenue autonomy of municipalities and cities with powiat rights varies by the type of municipality. Thus, the findings clearly demonstrate that residents’ economic activity is an endogenous resource that definitely affects municipal development. For local authorities, understanding economic realities of residents may be a game changer and an insight that will help them create environments conducive to socioeconomic growth.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13972
10.17951/h.2022.56.3.127-147
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 127-147
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 127-147
0459-9586
eng
https://journals.umcs.pl/h/article/view/13972/10222
https://journals.umcs.pl/h/article/downloadSuppFile/13972/7511
https://journals.umcs.pl/h/article/downloadSuppFile/13972/7512
Prawa autorskie (c) 2022 Andrzej Sobczyk
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13997
2022-11-04T10:31:18Z
h:ART
Is Crowdfunding an Adequate Form of Financing for Opportunity- or Necessity-Based Enterprises?
Is crowdfunding an adequate form of financing for opportunity- or necessity-based enterprises?
Kordela, Dominika
crowdfunding; opportunity-based entrepreneurship; necessity-based entrepreneurship; newly-founded business financing
crowdfunding, przedsiębiorstwa nowo powstałe, przedsiebiorczość szansy, przedsiębiorczość konieczności
Theoretical background: This article addresses issues related to the possibilities of using crowdfunding by newly-founded enterprises in Poland. Previous research results have shown that even small amounts obtained at a vital moment may be of key importance for an enterprise’s development. Crowdfunding is a form of financing where decisions on providing the funds are made voluntarily, predominantly by individuals, and there are no traditional intermediaries engaged in the funding process or the project evaluation. Therefore, what matters in fundraising is the business concept itself, which the enterprise wants to implement.Purpose of the article: The main objective of this article is to find out whether crowdfunding is an adequate form of funding for opportunity- or necessity-based enterprises newly founded in Poland. Hence, this article starts with distinguishing between opportunity-based enterprises and necessity-based enterprises, using different criteria. Furthermore, an attempt is made to modify the criteria for classification of newly-founded business entities as opportunity- and necessity-based enterprises, to reflect the specific conditions prevailing in Poland.Research methods: The research study involved a representative sample of newly-founded enterprises based in the West Pomerania Voivodeship in Poland. Based on public statistical records, a group of newly-founded entities was identified, a research sample was selected, and a survey was carried out using a questionnaire as a tool. The CATI method was used in the research, which made it possible to reach entrepreneurs rather than random employees to answer the questions. In the survey the main characteristic were studied like: the financing structure and innovativeness of the newly-founded enterprises, but also the knowledge about crowdfunding and the assessment of this form of financing.Main findings: The completed research study has shown that although crowdfunding is seen as an adequate form of funding for newly-founded enterprises, especially opportunity-based ones, the potential for using this form of funding by the surveyed enterprises in Poland is still low, which may result from the enterprises’ low awareness of possibilities offered by crowdfunding, as well as low innovativeness.
Artykuł porusza zagadnienia związane z możliwościami wykorzystania crowdfundingu przez nowo powstałe przedsiębiorstwa. Dotychczasowe wyniki badań wykazały, że nawet niewielkie kwoty uzyskane w kluczowym momencie mogą mieć duże znaczenie dla rozwoju przedsiębiorstwa. Crowdfunding to forma finansowania, w której decyzje o udostępnieniu środków podejmowane są dobrowolnie, głównie przez osoby fizyczne. W proces finansowania nie są zaangażowani tradycyjni pośrednicy finansowi, a dla finansujących kluczowa jest sama koncepcja biznesowa, którą przedsiębiorstwo chce realizować. Głównym celem artykułu jest ustalenie, czy finansowanie społecznościowe jest odpowiednią formą finansowania nowo powstałych w Polsce, biorąc pod uwagę podział przedsiębiorstw na przedsiębiorstwa szansy i przedsiębiorstwa konieczności. Dlatego artykuł rozpoczyna się od rozróżnienia przedsiębiorstw szansy i przedsiębiorstw konieczności, przy użyciu różnych kryteriów stosowanych w literaturze przedmiotu. Ponadto w artykule podjęto próbę modyfikacji kryteriów klasyfikacji nowopowstałych podmiotów gospodarczych jako przedsiębiorstw szansy i przedsiębiorstw konieczności, z uwzględnieniem specyfiki Polskich przedsiębiorstw. Badaniem objęto reprezentatywną próbę nowopowstałych przedsiębiorstw z terenu województwa zachodniopomorskiego w Polsce. Na podstawie danych statystyki publicznej zidentyfikowano grupę nowopowstałych podmiotów, a następnie dobrano próbę badawczą i przeprowadzono badanie przy użyciu ankiety. W badaniu zastosowano metodę CATI, co pozwoliło na dotarcie do przedsiębiorców, a nie do przypadkowych pracowników, aby odpowiedzieć na pytania. W badaniu zbadano główne cechy: strukturę finansowania i innowacyjność nowopowstałych przedsiębiorstw, ale także wiedzę na temat crowdfundingu i ocenę tej formy finansowania. Z przeprowadzonych badań naukowych wynika, że chociaż crowdfunding jest postrzegany jako adekwatna forma finansowania dla nowopowstałych przedsiębiorstw, zwłaszcza tzw. przedsiębiorstw szansy, to potencjał wykorzystania tej formy finansowania przez badane przedsiębiorstwa w Polsce jest nadal niski, co może wynikać z niskiej świadomości przedsiębiorstw o możliwościach, jakie daje finansowanie społecznościowe, a także niskiej innowacyjności.
www.wydawnictwo.umcs.lublin.pl
The project is financed within the framework of the program of the Minister of Science and Higher Education under the name "Regional Excellence Initiative" in the years 2019 - 2022
project number 001/RID/2018/19
the amount of financing PLN 10,684,000.00
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13997
10.17951/h.2022.56.2.59-75
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 59-75
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 59-75
0459-9586
eng
https://journals.umcs.pl/h/article/view/13997/10114
https://journals.umcs.pl/h/article/downloadSuppFile/13997/7527
Prawa autorskie (c) 2022 Dominika Kordela
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14123
2022-12-11T08:50:55Z
h:ART
The Structure of Public Debt and the Criteria of Its Sustainability
Piątkowski, Paweł
sustainable public debt; sustainable public finances; local government units
Theoretical background: Sustainable development is a wide and developing economic concept. The sustainability of public finances is one of its basic parts. Sustainable public finances are still perceived rather narrowly in terms of their impact on the financial stability of the state. Such an approach to them narrows their perception and should be extended to other aspects such as influence on social and ecological problems of development. Sustainable public debt is and will continue to be a foundation of sustainable public finances. It should be assessed as sustainable public debt, taking into account both its impact on the sustainability of public finances as well as the possibility of providing public services in the future and the achievement of economic, social, and environmental goals of sustainable development.Purpose of the article: The article aims to assess the impact of the differentiation of legal regulations concerning the debt of the central government and the local government subsector on the level of sustainability of public debt in Poland. The paper will verify the hypothesis that the differentiation of debt regulations between the analyzed public finance subsectors has an impact on the sustainability of public debt. The unification of some regulations could probably increase the level of sustainability of public debt.Research methods: Firstly, the analysis of legal solutions based on the desk-research principle was used in the article. Then, public debt sustainability assessment methods were used to assess the degree of sustainability of the central government subsector debt and the local government subsector debt. The stationarity analysis of time series based on the unit root test was applied. The analysis was performed using the KPSS test. An analysis of correlation and regression between the variables public debt and primary balance was performed. In the aspects that do not have a developed test method, it was proposed to use evaluation methods such as the European taxonomy and the analysis of quantity and value of green bond issues, the share of investment expenditure, and green tagging of expenditure.Main findings: The conducted analysis shows that the regulations concerning the debt of the central government subsector are much more liberal. That fact has a negative impact on the sustainability of public debt. This applies in particular to the aspect of sustainability of development, where the purpose of spending the raised funds is important. On the other hand, the quantitative analysis shows that both parts of the debt in Poland are not sustainable according to the criteria of the methods. However, the debt of the local government subsector is much closer to sustainability in all three aspects.
www.wydawnictwo.umcs.lublin.pl
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14123
10.17951/h.2022.56.3.89-107
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 89-107
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 89-107
0459-9586
eng
https://journals.umcs.pl/h/article/view/14123/10220
https://journals.umcs.pl/h/article/downloadSuppFile/14123/7610
https://journals.umcs.pl/h/article/downloadSuppFile/14123/7612
https://journals.umcs.pl/h/article/downloadSuppFile/14123/7613
https://journals.umcs.pl/h/article/downloadSuppFile/14123/7614
Prawa autorskie (c) 2022 Paweł Piątkowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13778
2023-01-18T18:04:24Z
h:ART
Human-Robot Interactions in the Workplace – Key Challenges and Concerns
Rakowska, Anna Agnieszka
robots; AI; relationships; anthropomorphic features; agency
Theoretical background: The use of robots/AI in the workplace has grown rapidly in the last years. There is observed enlargement not only of the numbers of robots but also the quality of their functions and applications. Therefore, many questions of practical, scientific and moral nature have arisen. The flowering use of robots has drawn scientists’ attention to interactions between humans and robots. As a result, a new multidisciplinary research area – Human-Robot Interactions (HRI) – is growing. Representatives of HRI try to answer the questions like: How anthropomorphic features of robots may affect interactions between robots and employees? How are robots supposed to look and behave to make interactions more pleasant for employees? Can human cooperation with humanoid robots lead to the formation of socio-mechanical bonds?Purpose of the article: The paper aims to identify determinants of human-robot interactions in the workplace and identify key research problems in this area.Research methods: The method of a systematic review of the literature fulfiled the above-mentioned purpose. The Web of Science was chosen as the basic database. The list of publications from the Web of Science was supplemented with some other publications which were related to the topic.Main findings: There are several factors that determine the perception and quality of HRI in the workplace. Especially trust, anthropomorphic features of the robot, and organizational assignment may decide about the human acceptance of the use of a non-human agent and HRI. The concept of social interaction with robots is at an initial stage yet. An adopted research paradigm also plays an important role. It seems that the classical assumptions of organizational sociology will not stand the test of time. Researchers and practitioners are facing new challenges. Especially there are some ontological questions that are not easy to be answered unanimously. Can we treat a robot as a mechanical device or rather as a member of a newly created community?
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13778
10.17951/h.2022.56.1.95-106
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 95-106
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 95-106
0459-9586
eng
https://journals.umcs.pl/h/article/view/13778/9939
https://journals.umcs.pl/h/article/downloadSuppFile/13778/7333
https://journals.umcs.pl/h/article/downloadSuppFile/13778/7334
Prawa autorskie (c) 2022 Anna Agnieszka Rakowska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13675
2023-01-18T18:04:58Z
h:ART
Are Family Businesses Long-Lived?
Węcławski, Jerzy
family business; family business age; family business generation
Theoretical background: Striving to maintain family ownership of the enterprise and to perform its succession is one of the main characteristics of this types of business entities Sustainability of family businesses fosters economic stability, intergenerational transfer of systems of family values and building a brand. However, implementing a strategy of development and expansion necessitates financing with external equity as well as professional management with the involvement of external managers, which leads to weakening or losing control of the family over the enterprise.Purpose of the article: The study aims to increase the knowledge on the family business’s age with taking into account the inflence that external factors as well as social and economic environment have on it.Research methods: The analysis of subject literature on family entrepreneurship and statistical data including international comparisons were applied.Main conclusions: A fairly common perception of family businesses as firms with long traditions is not fully appropriate. Within this groups, the most frequently quoted examples of family businesses existing for years are exceptional. A family nature that stabilises the existence of the firm gets weaker along with the intergeneration transfer of the ownership. Longevity occurs in small and medium enterprises, while large and professionalized ones lose their family nature preserving “familiness” as a brand along with their development.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13675
10.17951/h.2022.56.1.107-118
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 107-118
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 107-118
0459-9586
eng
https://journals.umcs.pl/h/article/view/13675/9940
Prawa autorskie (c) 2022 Jerzy Węcławski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13839
2023-01-18T18:04:04Z
h:ART
Human Factors in Security – Cybersecurity Education and Awareness of Business Students
Wiechetek, Łukasz
Mędrek, Marek
computer security; cybersecurity; cybersecurity awareness; security education; cybersecurity education; business students
Theoretical background: The rapid development of Internet interactions and a growing number of information technology users caused by digital society development and accelerated by the COVID-19 pandemic yield the significant growth of cyber-attacks and cybersecurity incidents. Members of Generation Z use information technology as a main tool for broadening their knowledge and skills. For such digital natives, proficiency in ICTs appears as an indispensable element of life. This is even more apparent during the COVID-19 pandemic, when they are forced to use IT tools more often, both for the entertainment, education, and work. Such acceleration generates new possibilities, but also new threats.Purpose of the article: The aim of the paper is to check if members of Generation Z are aware of cybersecurity issues and whether they know basic threats and methods/tools that can improve the safety. We analyse students’ behaviour in the event of cyber incident and examine whether the analysed group is willing to improve cyber knowledge, skills, and attitudes.Research methods: We explored data collected from business students (N = 182). The online questionnaire was prepared in LimeSurvey. Finally, data analysis and visualization were performed in Microsoft Excel and Tableau.Main findings: The analysis indicates that business students have rather poor knowledge in cybersecurity. The results demonstrate the need for targeted educational campaigns and trainings that address the specific cyber weaknesses to build secure ecosystem, combining both technical, organizational, and behavioural aspects.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13839
10.17951/h.2022.56.1.119-142
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 119-142
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 119-142
0459-9586
eng
https://journals.umcs.pl/h/article/view/13839/9941
https://journals.umcs.pl/h/article/downloadSuppFile/13839/7384
Prawa autorskie (c) 2022 Łukasz Wiechetek, Marek Mędrek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14011
2023-01-05T16:35:02Z
h:ART
Zombies or Still Alive. Who Took Advantage of COVID-19 State Aid?
Zombies or still alive. Who took advantage of COVID-19 state aid?
Wiśniewski, Tomasz
Adamczyk, Adam
Franek, Sławomir
public aid; COVID-19; financial performance
public aid, covid, financial performance
Theoretical background: The SARS-CoV-2 pandemic has caused violent reactions from the governments of almost all countries in the world. The attempt to contain a pandemic by restricting the mobility of society has had a huge impact on people and some businesses. As a result of COVID-19 restrictions, it became necessary to introduce special state aid programs for those businesses that were most affected by these restrictions. This was also the case in Poland. We based our analysis on welfare economics (Harberger, 1971), in which government support for enterprises is legitimized when their situation would have been worse without these interventions.Purpose of the article: The aim of this article is to assess the impact of public aid granted to large companies in Poland on their financial condition. The research problem is to answer the question whether the companies that received the aid needed it. In assessing the appropriateness of aid, liquidity, debt level and profitability indices were used, which directly resulted from the objectives of COVID-19 aid granted in Poland. The added value of the study is combining the analysis of data from financial statements with information on state aid published by the Office of Competition and Consumer Protection (UOKiK).Research methods: The research sample consisted of 1,201 large Polish enterprises from the non-financial sector. The study used non-parametric statistical tests and quartile analysis.Main findings: The results show that the aid went to entities that were already in a worse financial situation before the pandemic. At the same time, it was demonstrated that the aid did not distort the market mechanism, i.e. it neither excessively improved the situation of supported entities nor significantly worsened the situation of entities that did not benefit from the aid.
Theoretical background: The Sars-COV-2 pandemic has caused violent reactions from the governments of almost all countries in the world. The attempt to contain a pandemic by restricting the mobility of society has had a huge impact on people and some businesses. As a result of COVID-19 restrictions, it became necessary to introduce special state aid programs for those businesses that were most affected by these restrictions. This was also the case in Poland. We based our analysis on welfare economics (Harberger, 1971), in which government support for enterprises is legitimized when their situation would have been worse without these interventions.Purpose of the article: The aim of this article is to assess the impact of public aid granted to large companies in Poland on their financial condition. The research problem is to answer the question whether the companies that received the aid needed it. In assessing the appropriateness of aid, liquidity, debt level and profitability indices were used, which directly resulted from the objectives of COVID-19 aid granted in Poland. The added value of the study is combining the analysis of data from financial statements with information on state aid published by the Office of Competition and Consumer Protection (UOKiK).Research methods: The research sample consisted of 1201 large Polish enterprises from the non-financial sector. The study used non-parametric statistical tests and quartile analysis.Main findings: The results show that the aid went to entities that were already in a worse financial situation before the pandemic. At the same time, it we demonstrate that the aid did not distort the market mechanism i.e., it neither excessively improved the situation of supported entities nor significantly worsened the situation of entities that did not benefit from the aid.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14011
10.17951/h.2022.56.2.149-163
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 149-163
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 149-163
0459-9586
eng
https://journals.umcs.pl/h/article/view/14011/10119
Prawa autorskie (c) 2022 Tomasz Wiśniewski, Adam Adamczyk, Sławomir Franek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14007
2023-01-05T16:33:36Z
h:ART
Mapping the Areas of Research on Intellectual Capital Throughout a Period of Dynamic Environmental Changes
Mapping the areas of research on intellectual capital throughout a period of dynamic environmental changes
Smuda-Kocoń, Marlena
intellectual capital; bibliometric methods; areas of research
intellectual capital; bibliometric methods; areas of research
Theoretical background: Intellectual capital is perceived as a global economy driving factor. Many researchers highlight that it is an ingredient improving the functional gear of almost any organisation. Some voices have simultaneously appeared in scientific discussions claiming that the concept of intellectual capital management may not be fully applicable, either in conditions of economic downturn or during turbulent changes. A whole spectrum of external factors then come to the floor, affecting the situation of a company, while the periods of economic perturbations discourage investments in human resources and hamper HR initiatives. Therefore, in these changing economic conditions, a question arises about the rationale for and the directions of the development on the research on intellectual capital, and the concept itself undergoes a practical verification of suitability and usefulness. This is a particularly interesting field of research because the transformations, which take place in the environment of enterprises, create specific expectations, which should be met within the framework of ongoing research projects on the intellectual capital.Purpose of the article: The aim of this article is to identify the dominant topical trends and networks of research directions in the subject of intellectual capital and their changes over time. The study attempts to illustrate these changes.Research methods: Having employed the text mining method, nearly 5,000 scientific articles on intellectual capital were analysed. Consequently, this extensive literature review enabled mapping of the network of links among the research directions in this area.Main findings: The results of the study have provided a fairly deep insight into the trends in the research on intellectual capital over the years. The results also reflect the vastness of the subject and the scope of the issues addressed over the past and present years. The interest in the concept of intellectual capital management continues and the dynamics of changes in the environment of the modern enterprise is not at all insignificant. The clusters, identified in the research on intellectual capital, have been opening new theoretical, pragmatic and methodological horizons. The analysis, carried out within the study network, confirmed the multifaceted nature of the network of research directions in the area of intellectual capital. In addition, the new research trends, which have been emerging in this area, clearly respond both to the dynamic changes in the business environment and to the doubts about the scale of activities, undertaken with regard to the intellectual capital management. Thus, in this situation, the periods of crisis and instability appear on one hand as a serious threat to the issue of intellectual capital management, while on the other, they can be perceived as an opportunity to renew the existing management concepts.
Theoretical background: Intellectual capital is perceived as a global economy driving factor. Many researchers highlight that it is an ingredient improving the functional gear of almost any organisation. Some voices have simultaneously appeared in scientific discussions claiming that the concept of intellectual capital management may not be fully applicable, either in conditions of economic downturn or during turbulent changes. A whole spectrum of external factors then come to the floor, affecting the situation of a company, while the periods of economic perturbations discourage investments in human resources and hamper HR initiatives. Therefore, in these changing economic conditions, a question arises about the rationale for and the directions of the development on the research on intellectual capital, and the concept itself undergoes a practical verification of suitability and usefulness. This is a particularly interesting field of research because the transformations, which take place in the environment of enterprises, create specific expectations, which should be met within the framework of ongoing research projects on the intellectual capital.Purpose of the article: The aim of this article is to identify the dominant topical trends and networks of research directions in the subject of intellectual capital and their changes over time. The study attempts to illustrate these changes.Research methods: Having employed the text mining method, nearly 5000 scientific articles on intellectual capital were analysed. Consequently, this extensive literature review enabled mapping of the network of links among the research directions in this area.Main findings: The results of the study have provided a fairly deep insight into the trends in the research on intellectual capital over the years. The results also reflect the vastness of the subject and the scope of the issues addressed over the past and present years. The interest in the concept of intellectual capital management continues and the dynamics of changes in the environment of the modern enterprise is not at all insignificant. The clusters, identified in the research on intellectual capital, have been opening new theoretical, pragmatic and methodological horizons. The analysis, carried out within the study network, confirmed the multifaceted nature of the network of research directions in the area of intellectual capital. In addition, the new research trends, which have been emerging in this area, clearly respond both to the dynamic changes in the business environment and to the doubts about the scale of activities, undertaken with regards to the intellectual capital management. Thus, in this situation, the periods of crisis and instability appear on one hand as a serious threat to the issue of intellectual capital management, while on the other, they can be perceived as an opportunity to renew the existing management concepts.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14007
10.17951/h.2022.56.2.113-129
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 113-129
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 113-129
0459-9586
eng
https://journals.umcs.pl/h/article/view/14007/10117
Prawa autorskie (c) 2022 Marlena Smuda-Kocoń
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13577
2023-01-18T18:05:34Z
h:ART
Sustainable Development Communication and Promotion: Evidence from Top European Football Clubs
Chodziński, Maciej
Laskowska-Solarz, Anna
sustainability; football clubs; CSR; Europe
The ongoing COVID-19 pandemic has brought most forms of communication to the web. Most of those who are interested can learn about the activities of their favourite football club mainly from official websites and accounts on social networks. Due to the deepening climate crisis and the growing awareness of the society, so many people demand very detailed information about corporate environmental impact. Nowadays, a professional football club, wishing to maintain high popularity, should be focusing not only on sports results, but also on attitudes towards the environment and society it presents and promotes. The great example in that case can be top football clubs in the European league because, many other football clubs copy solutions from the best. This paper examines the 5 of top European football clubs’ activities area for the better natural environment and the way how these activities are communicated to the football fans. The main research was conducted using publicly available electronic information channels such as football clubs’ websites, reports or social media (like Facebook) accounts. The aim of the article is to indicate to what extent the functioning and reporting of leading football clubs is also subject to the principles of sustainable development in the field of the natural environment. The results can indicate the significance of the current contribution of the top European football clubs to the implementation of Sustainable Development Goals, as well as setting the directions of sustainable development for other football clubs in the future.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13577
10.17951/h.2022.56.1.21-36
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 21-36
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 21-36
0459-9586
eng
https://journals.umcs.pl/h/article/view/13577/9935
https://journals.umcs.pl/h/article/downloadSuppFile/13577/7148
https://journals.umcs.pl/h/article/downloadSuppFile/13577/7149
Prawa autorskie (c) 2022 Maciej Chodziński, Anna Laskowska-Solarz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13386
2023-01-18T18:06:33Z
h:ART
State Capitalism in Poland
Kozarzewski, Piotr
Bałtowski, Maciej
state capitalism; post-communist transition; state-owned enterprises; rent seeking
Theoretical background: The article is devoted to the knowledge gap in understanding processes of growing state interventionism in a number of post-communist countries, Poland being one of the most notable examples. This evolution is still understudied in the literature, both in terms of evidence and proper theoretical framework. Existing theoretical perspectives have been created for studying other types of economies an do not fully fit the transition ones. Among these perspectives, the state capitalism (SC) one seems to be the most promising.Purpose of the article: The task of this paper is to study the growing state interventionism in Poland using the state capitalism approach which had to be refined by the authors in order to be more applicable for analyzing transition economies. Using this framework, the history of SC formation and its present state in Poland are studied, including specific features of Polish state capitalism, e.g. the importance of the state-owned enterprise (SOE) sector as the source of rents, as well as the varieties of the state control over the enterprise sector.Research methods: The article makes use of mostly qualitative methods, quantitative ones playing an auxiliary role by systematizing evidence used in qualitative research. The study was based on analysis of the existing literature and evidence of interventionist practices of the Polish government. The authors attempted to fine-tune the SC approach both through refining its definition and including areas previously mostly neglected by SC studies such as relationships between the state and the enterprise sector. They created a typology of SC phenomena in transition economies which made it possible to study the Polish case in a comprehensive way.Main findings: At this stage, the authors think that no strict definition of state capitalism is possible because of its highly contextual character. Thus, the outcome of the study may not be universal, but the authors believe that their concept of six basic features of state capitalism may be applicable not only to Poland, but to other transition economies as well. Besides, the article raises awareness of the importance of state-controlled enterprises in studies on state capitalism. The article also identifies challenges for further research and the still existing knowledge gaps. Among others, the questions remain, whether the statist trends in Poland and other countries lead to a system change and what are the roots of these trends.
www.wydawnictwo.umcs.lublin.pl
National Science Centre of Poland (Narodowe Centrum Nauki) under Grant no. 2017/25/B/HS4/01103
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13386
10.17951/h.2022.56.1.61-77
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 61-77
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 61-77
0459-9586
eng
https://journals.umcs.pl/h/article/view/13386/9937
https://journals.umcs.pl/h/article/downloadSuppFile/13386/7053
Prawa autorskie (c) 2022 Piotr Kozarzewski, Maciej Bałtowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14005
2023-01-05T16:24:53Z
h:ART
Pro-Ecological Preferences in Real Estate Tax on the Example of Municipal Communes of the Silesian Voivodeship
Famulska, Teresa
Szymczak, Magdalena
real estate tax; pro-ecological tax preferences; local tax sovereignty
Theoretical background: In the light of the sustainable development paradigm, the concepts and categories of public finance science require verification. This issue concerns, among others, taxes in terms of making them pro-ecological. Therefore, the necessity to research shaping sustainable taxes is justified not only by its importance and topicality but also by the fact that it is not sufficiently recognized in the literature. In particular, this regards research into the Polish tax system.Purpose of the article: The article aims to identify and assess pro-ecological real estate tax allowances and exemptions applied within the local tax sovereignty on the example of municipal communes of the Silesian Voivodeship.Research methods: The article employed literature studies (due to the specific nature of the subject – mainly domestic), analysis of the economic aspect of legal acts, in particular local law, simple statistical methods, and elements of comparative analysis. Empirical research was carried out on a full sample (49) of municipal communes of the Silesian Voivodeship. The analysis covered all resolutions of municipal councils from five years, i.e., from 2017 to 2021 (and in some cases also from earlier years), regarding real estate tax allowances and exemptions. In total, this amounts to 580 resolutions, the provisions of which were in force from 2018 to 2021 and are still applicable in 2022.Main findings: The study identified pro-ecological real estate tax allowance and exemption provisions, introduced under the tax sovereignty by the councils of the surveyed municipal communes. The authors proposed their own classification of the preferences in question and carried out their assessment, also in a comparative approach. The conducted research provides the basis for positive verification of the adopted research hypothesis, assuming that pro-ecological real estate tax allowances and exemptions are applied by municipal authorities to a limited extent. Directions for further research on the discussed issues were outlined at the end.
www.wydawnictwo.umcs.lublin.pl
Uniwersytet Ekonomiczny w Katowicach
2022-12-09
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14005
10.17951/h.2022.56.3.19-35
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 19-35
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 3 (2022); 19-35
0459-9586
eng
https://journals.umcs.pl/h/article/view/14005/10217
https://journals.umcs.pl/h/article/downloadSuppFile/14005/7531
Prawa autorskie (c) 2022 Magdalena Szymczak, Teresa Famulska
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/14006
2023-01-05T16:31:28Z
h:ART
Energy Security of Polish Consumers in 2004–2021
Energy security of Polish consumers in 2004-2021
Gomółka, Krystyna
Kasprzak, Piotr
economic security; Poland; EU; household expenses; salaries; taxation
economic security, Poland, EU, household expenses, salaries, taxation
Theoretical background: Energy security is one of the most important components of economic security. It is influenced not only by access to energy sources and the economic situation of the state and the individual consumer. The authors adopted the definition of energy security of an individual consumer as included in the UN report. It states that the energy security of an individual consumer is guaranteed when the average consumer has access to energy at all times, in various forms, in sufficient quantity and at a reasonable price, with the simultaneous development of support mechanisms for socially and economically sensitive consumers, and after implementation of independent mechanisms for resolving disputes with the energy company, which eliminate or at least alleviate the economic advantage of the enterprises.Purpose of the article: The main aim of the paper is to present the impact of macroeconomic indicators of the Polish economy on the energy security of Polish consumers with a minimum and average monthly income. Detailed objectives include determining the possibility of purchasing by consumers with such income, diesel oil, Pb95 gasoline, LPG, electricity, heat and present changes in the energy security of individual consumers in the analyzed period (i.e. 2004–2021).Methods: The study covered Poland, country which joined the European Union in 2004. The period of the analysis described the years from 2004 to 2021. The source of the collected information was a review of the literature on the subject and statistical data. Descriptive, tabular and graphical methods, constant dynamic indicators were used for the analysis and presentation of the results.Main findings: The last two decades of the 21st century have brought Poland a number of positive socio-economic changes. The Polish economy noted that inflation remained at the level of National Bank of Poland’s expectations, increased trade, a marked decline in unemployment and rising wages, and thus a general increase in the quality of life as well as energy security of the individual consumer. The authors assumed that in the years of 2004–2021 the consumer had good access to energy, heat and other fuels. The supplies of energy resources were ensured by long-term contracts, including the Yamal contract, and the demand for heating coal was satisfied with the raw material largely mined in Poland. Heat, mainly in large clusters of people, was generated by coal-fired power plants. This raw material was also used by power plants. For heating their houses, individual consumers – mainly in the countryside – used gas or oil.
Theoretical background: Energy security is one of the most important components of economic security. It is influenced not only by access to energy sources and the economic situation of the state and the individual consumer. The authors adopted the definition of energy security of an individual consumer as included in the UN report. It states that the energy security of an individual consumer is guaranteed when the average consumer has access to energy at all times, in various forms, in sufficient quantity and at a reasonable price, with the simultaneous development of support mechanisms for socially and economically sensitive consumers, and after implementation independent mechanisms for resolving disputes with the energy company, which eliminate or at least alleviate the economic advantage of the enterprises.Purpose of the article: The main aim of the paper is to present the impact of macroeconomic indicators of the Polish economy on the energy security of Polish consumers with a minimum and average monthly income. Detailed objectives include determining the possibility of purchasing by consumers with such income, diesel oil, EU 95 gasoline, LPG, electricity, heat and present changes in the energy security of individual consumers in the analyzed period (i.e. 2004-2021).Methods: The study covered Poland, country which joined the European Union in 2004. The period of the analysis described the years from 2004 to 2021. The source of the collected information was a review of the literature on the subject and statistical data. Descriptive, tabular and graphical methods, constant dynamic indicators were used for the analysis and presentation of the results.Main Findings: The last two decades of the 21st century have brought Poland with a number of positive socio-economic changes. The Polish economy noted that inflation remained at the level of National Bank of Poland’s expectations, increased trade, a marked decline in unemployment and rising wages, and thus a general increase in the quality of life as well as energy security of the individual consumer (UN Report, 2000). The authors assumed that in the years of 2004-2021 the consumer had good access to energy, heat and other fuels. The supplies of energy resources were ensured by long-term contracts, including the Yamal contract, and the demand for heating coal was satisfied with the raw material largely mined in Poland (Musiałek, 2020), (Rogus, Mazanek, Maczuga, 2019). Heat, mainly in large clusters of people, was generated by coal-fired power plants (Urban, Dzikuć, 2013). This raw material was also used by power plants (Olkulski, 2014). For heating their houses, individual consumers mainly in the countryside used gas or oil.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/14006
10.17951/h.2022.56.2.21-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 21-39
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 21-39
0459-9586
eng
https://journals.umcs.pl/h/article/view/14006/10112
Prawa autorskie (c) 2022 Krystyna Gomółka, Piotr Kasprzak
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13995
2023-01-05T16:34:19Z
h:ART
COVID-19 as a Source of Failure or a Catalyst for Positive Changes in Business?
Covid-19 as a source of failure or a catalyst for positive changes in business?
Szymczyk, Katarzyna
business; management; strategies; COVID-19; changes
business; management; strategies; covid-19; changes
Theoretical background: Beyond doubt, the COVID-19 pandemic has caused a series of perturbations in the economies of almost every country in the world. This global crisis has contributed to the business turmoil and has been seen in services in particular. Due to restrictions on economic activity introduced by governments of countries, which were aimed at slowing down the scale of virus infections, many enterprises faced a severe dilemma, i.e. how to continue their activities, how to survive the crisis, and maybe end this activity, or change it into another. For many companies, the pandemic crisis turned out to cause multi-faceted losses and even bankruptcy. But also, some companies saw the crisis as an opportunity to introduce positive changes and gain new sales markets and customers. For these companies, the coronavirus pandemic has become a growth catalyst.Purpose of the article: The theoretical part of the article is devoted to analyzing the literature resources on the coronavirus pandemic and its impact on business. In the practical part, the author explores the results of the quantitative research conducted in 2021 to find out how the coronavirus influenced the functioning of the SME sector in Poland. The author posed the following research questions: How did coronavirus impact the functioning of enterprises? How did companies cope with this crisis? Was the pandemic crisis a source of financial failure or collapse of Polish enterprises? Was it an opportunity for market success? Did the pandemic initiate new business strategies, cause or accelerate changes in the business model?Research methods: The literature review was made using the database of scientific articles in Google Scholar and ResearchGate. The author searched for relevant articles using the following keywords: “COVID-19”, “coronavirus”, “pandemic”, “pandemic crisis”, and “lockdown”. The quantitative study covered 500 Polish business entities operating in production, trade, and services in domestic and foreign markets. There were no limitations regarding the area of activity (according to the Polish Classification of Activities) or the number of years of firms’ presence on the market. The study did not cover large enterprises, i.e. 250 or more employees.Main findings: In general, the coronavirus pandemic caused problems in the market but did not contribute to the drastic collapse of the SME sector, nor was it a catalyst for their spectacular development. The conducted study showed that most companies dealt moderately well with the pandemic crisis. They took remedial action to avoid a complete loss of liquidity, going out of business, and bankruptcy risk. A small percentage saw an opportunity in the crisis or used this time to improve their situation.
Theoretical background: It can be said without a doubt that the Covid-19 coronavirus pandemic has caused a series of perturbations in the economies of almost every country in the world. This global crisis has contributed to the business turmoil and has been seen in services in particular. Due to restrictions on economic activity introduced by governments of countries, which were aimed at slowing down the scale of virus infections, many enterprises faced a severe dilemma, i.e., how to continue their activities, how to survive the crisis, and maybe end this activity, or change it into another. For many companies, the pandemic crisis turned out to cause multi-faceted losses and even bankruptcy. But also, some companies saw the crisis as an opportunity to introduce positive changes, and gain new sales markets and customers. For these companies, the coronavirus pandemic has become a growth catalyst.Purpose of the article: The article presents the collected results of the study, discusses the conclusions drawn, and compares with other results of the research conducted so far available in the literature on the subject. The theoretical part of the article is devoted to the analysis of the literature resources on the coronavirus pandemic and its impact on business in the country and abroad, with particular emphasis on the SME sector. In the practical part, the author analyzes the results of her research conducted in 2021 to learn about the impact of the coronavirus pandemic on the functioning of Polish micro, small and medium-sized enterprises throughout Poland. The author tries to answer the questions: To what extent did the coronavirus pandemic affect the functioning of enterprises, and how did companies cope with this crisis? For how many companies the pandemic crisis was a source of economic failure or collapse? For how many, it was an opportunity for reorganization, a chance for market success, a stimulus for new business strategies, or a reason for introducing changes in the business model? Research methods: The quantitative study covered 500 Polish business entities operating in the domestic and foreign markets in production, trade, and services. There were no limitations on the area of activity (according to the Polish Classification of Activities), nor the number of years of firms’ presence on the market. The study did not cover large enterprises, i.e., 250 or more employees. It was assumed that the introduced prohibitions and constraints in trade and services in 2020-2021 had many effects on economic activity and forced entrepreneurs to take appropriate measures to keep the company on the market and survive the pandemic crisis.Main findings: In general, it can be stated, taking into account other studies conducted so far in this field, that the coronavirus pandemic caused perturbations on the market but did not contribute to the drastic collapse of the SME sector, nor was it a catalyst for their spectacular development. The results of the conducted study showed that most companies dealt moderately well with the pandemic crisis. They took remedial action to avoid a complete loss of liquidity, going out of business and the risk of bankruptcy. A small percentage saw an opportunity in the crisis or used this time to improve their situation.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13995
10.17951/h.2022.56.2.131-148
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 131-148
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 131-148
0459-9586
eng
https://journals.umcs.pl/h/article/view/13995/10118
Prawa autorskie (c) 2022 Katarzyna Szymczyk
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13994
2023-01-05T16:32:55Z
h:ART
The Impact of Industrial Revolution 4.0 and the COVID-19 Pandemic on the Corporate Marketing
The Impact of Industrial Revolution 4.0 and the COVID-19 Pandemic on the Corporate Marketing
Rymarczyk, Jan
marketing; Industrial Revolution 4.0; COVID-19
marketing, industrial revolution 4.0, COVID-19
Theoretical background: The transformation of marketing that has been taking place for the last 150 years involves the gradual change of its concept, strategy and operational activity models to meet the manifested challenges and the future development trends. The main factors that determine the evolutionary change in corporate marketing include the development of production technique and technology, organization and management processes, and the monetization of goods and services. Another factor includes changes in the environment of enterprises, primarily related to the processes of globalization and to the behaviour, tastes and preferences of consumers. Paradoxically, having affected almost the entire globalized world, the COVID-19 pandemic has become the catalyst for the processes of marketing transformation. The impact of these factors on marketing was the basis for distinguishing four stages in its development, i.e. Marketing 1.0, 2.0, 3.0 and 4.0. This classification is parallel to the one related to industrial revolutions described as Industrial Revolution 1.0, 2.0, 3.0, and 4.0.Purpose of the article: The identification of the main factors of the corporate marketing transformation and the assessment of their impact and effects on the changing ideas, tools and forms increasingly based on digitization and artificial intelligence.Research methods: the Author was motivated to undertake the research in question by the lack of systematic and comprehensive studies capturing the impact on marketing of the effects of industrial revolutions and the deriving changes in the corporate environment and the preferences and tastes of consumers, as well as the COVID-19 pandemic. The Author used the previous research findings included in various studies (periodical, thematic and online) and conducted their critical analysis and synthesis, and supplemented those with his own reflections. The result of the above was the formulation of a thesis about a close relationship between the development of the techniques and technology of manufacturing, changes in the macro environment of entities as well as the needs and tastes of consumers , and the COVID-19 pandemic and the evolution of marketing. Main conclusions: Over the last 150 years there have been revolutionary changes in the corporate marketing. The main drivers of change included four industrial revolutions, the transformation of the corporate environment as well as of consumer needs and preferences, and the COVID-19 pandemic. They resulted in the gradual development of marketing from the stage defined as Marketing 1.0 through 2.0, 3.0 to 4.0. This last stage is taking place today and is characterized by a plethora of innovative forms. It has been subject to further transformations together with the progress in the implementation of inventions related to the Industrial Revolution 4.0.
Theoretical justification: The transformation of marketing that has been taking place for the last one hundred and fifty years involves the gradual change of its concept, strategy and operational activity models to meet the manifested challenges and the future development trends. The main factors that determine the evolutionary change in corporate marketing include the development of production technique and technology, organization and management processes, and the monetization of goods and services. Another factor includes changes in the environment of enterprises, primarily related to the processes of globalization and to the behaviour, tastes and preferences of consumers. Paradoxically, having affected almost the entire globalized world, the Covid-19 Pandemic has become the catalyst for the processes of marketing transformation. The impact of these factors on marketing was the basis for distinguishing four stages in its development, i.e. Marketing 1.0, 2.0, 3.0 and 4.0. This classification is parallel to the one related to industrial revolutions described as Industrial Revolution 1.0, 2.0, 3.0, 4.0. Purpose of the article: The identification of the main factors of the corporate marketing transformation and the assessment of their impact and effects on the changing ideas, tools and forms increasingly based on digitization and artificial intelligence. Research methods: the Author was motivated to undertake the research in question by the lack of systematic and comprehensive studies capturing the impact on marketing of the effects of industrial revolutions and the deriving changes in the corporate environment and the preferences and tastes of consumers, as well as the COVID-19 pandemic. The Author used the previous research findings included in various studies (periodical, thematic and online) and conducted their critical analysis and synthesis, and supplemented those with his own reflections. The result of the above was the formulation of a thesis about a close relationship between the development of the techniques and technology of manufacturing, changes in the macro environment of entities as well as the needs and tastes of consumers , and the COVID-19 pandemic and the evolution of marketing. From the stage of focusing on product management, defined as marketing 1.0, it moved stage 2.0 based on the use of innovative information and communication technologies and focusing on consumers, and then to marketing 3.0 that took into account the cultural, social, spiritual and ecological aspects of consumer behaviour, and finally to marketing 4.0. The last stage of marketing utilises the base of the previous ones while focusing more intensely on building lasting ties with consumers, their participation in the creation of personalized products, multi-channel communication with them, strategy diversification and the greatest possible use of digital tools and artificial intelligence. Main conclusions: Over the last 150 years there have been revolutionary changes in the corporate marketing. The main drivers of change included four industrial revolutions, the transformation of the corporate environment as well as of consumer needs and preferences, and the COVID-19 pandemic. They resulted in the gradual development of marketing from the stage defined as Marketing 1.0 through 2.0, 3.0 to 4.0. This last stage is taking place today and is characterized by a plethora of innovative forms. It has been subject to further transformations together with the progress in the implementation of inventions related to the Industrial Revolution 4.0. Its increasing digitization results in the deepening of the relationship between producers achieving their income and consumers whose needs are better satisfied. Marketing 4.0 utilises the inventions of the Industrial Revolution 3.0 and 4.0 in order to obtain the best possible communication with consumers and at the same time seeks to achieve universal acceptance by adhering to ecological and social standards. Advances in digitization of marketing have been accelerated by the outbreak of the COVID-19 pandemic. In technical and technological terms, the transformation of marketing means the gradual development of its digitization and the application of artificial intelligence. From the social perspective, however, it is a shift from focusing on the product to positioning the consumer, a community member sensitive to the dangers of globalization and having both physical and spiritual needs, in the centre of its attention.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13994
10.17951/h.2022.56.2.97-111
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 97-111
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 97-111
0459-9586
eng
https://journals.umcs.pl/h/article/view/13994/10116
Prawa autorskie (c) 2022 Jan Rymarczyk
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13991
2023-01-05T16:32:12Z
h:ART
The Competitive Position of Poland in Bio-Based Products Trade on the European Union Market
The competitive position of Poland in bio-based products trade on the European Union market
Jarosz-Angowska, Aneta
Nowak, Anna
Krukowski, Artur
bio-products; competitiveness indices; trade; bioeconomy, comparative advantage
bio-products; competitiveness indices; trade; bioeconomy, comparative advantage
Theoretical background: The strategies for the development of the European Union presented at the beginning of the new century portrayed bioeconomy as a modern concept of ensuring the sustainable and dynamic development of EU member states and bioeconomy itself became an important area of interest to the EU authorities. At present, the development of bioeconomy is a significant element of implementing the economic development strategies of respective EU member states.Purpose of the article: This article aimed to examine the international competitive position of Poland in the bio-based products trade on the common EU market in comparison to other member states of the EU.Research methods: The competitive position in bio-based products trade was evaluated based on the following indicators: balance of trade, Poland’s share in EU exports and imports, trade coverage ratio, import penetration ratio, relative export orientation ratio, intra-industry trade intensity ratio, and export specialisation index. Groups of bio-based products identified based on an official classification of products according to CPA, version 2.1, consistent with NACE. The analysis was based on data derived from the Eurostat database for the years 2008–2017.Main findings: The surveys imply that in 2008–2017, the competitive position of Poland improved mostly in the Forestry, Wood products, Paper and paper products, and Food sector, and in particular in the Tobacco products sector, which has been in line with the bioeconomy development strategy of the European Union.
Theoretical background: The strategies for the development of the European Union presented at the beginning of the new century portrayed bioeconomy as a modern concept of ensuring the sustainable and dynamic development of EU member states and the bioeconomy itself became an important area of interest to the EU authorities. At present, the development of bioeconomy is a significant element of implementing the economic development strategies of respective EU member states.Purpose of the article: This article aimed to examine the international competitive position of Poland in the bio-based products trade on the common EU market in comparison to other member states of the European Union.Research methods: The competitive position in bio-based products trade was evaluated based on the following indicators: balance of trade, Poland’s share in EU exports and imports, trade coverage ratio, import penetration ratio, relative export orientation ratio, intra-industry trade intensity ratio, and export specialisation index. Groups of bio-based products identified based on an official classification of products according to CPA, version 2.1, consistent with NACE. The analysis was based on data derived from the Eurostat database for the years 2008-2017.Main findings: The surveys imply that in 2008-2017 the competitive position of Poland improved mostly in the Forestry, Wood products, Paper and paper products, and Food sector, and in particular in the Tobacco products sector, which has been in line with the bioeconomy development strategy of the European Union.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13991
10.17951/h.2022.56.2.41-57
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 41-57
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 41-57
0459-9586
eng
https://journals.umcs.pl/h/article/view/13991/10113
https://journals.umcs.pl/h/article/downloadSuppFile/13991/7532
Prawa autorskie (c) 2022 Aneta Jarosz-Angowska, Anna Nowak, Artur Krukowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13964
2023-01-05T16:30:51Z
h:ART
The Impact of Remote work During the COVID-19 Pandemic on the Development of Competences in Selected Areas of Project Management
Danielak, Wiesław
Wysocki, Robert
remote work; COVID-19 pandemic; competences; project management
Theoretical background: The growing importance of remote work during the COVID-19 pandemic and its impact on the development of competences in selected areas of project management prompted the authors to conduct research on a group of 82 respondents working remotely on projects at the Project Management Institute Poland Chapter (PMI PC).Purpose of the article: The aim of the article is to show the impact of remote work during the COVID-19 pandemic on the development of competences in selected areas of project management. The study is theoretical and empirical in nature. The theoretical part shows the factors influencing the development of competences and the conditions of remote work. In the empirical part of the survey, employees' opinions on the impact of remote (online) work during the COVID-19 pandemic on the development of competences in selected areas of project management were presented. Five areas of project management were analysed, including: working time, communication, labour costs, risk and conditions for teamwork.Research methods: Literature review and critical analysis of web research. Factor analysis was used for statistical analyses. To isolate the analysed factors, the principal components method was adopted, and the VARIMAX procedure was used as the rotation method.Main findings: The conclusions of the research confirm the hypothesis that the COVID-19 pandemic had a significant impact on remote work, in particular on employee competences, work time and costs, motivation, effective communication and mutual relations between employees. The results of the research broaden the knowledge on the impact of various factors on remote work and the development of competences in selected areas of project management.
www.wydawnictwo.umcs.lublin.pl
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13964
10.17951/h.2022.56.2.7-20
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 7-20
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 7-20
0459-9586
eng
https://journals.umcs.pl/h/article/view/13964/10111
https://journals.umcs.pl/h/article/downloadSuppFile/13964/7503
Prawa autorskie (c) 2022 Wiesław Józef Danielak, Robert Wysocki
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13928
2023-01-18T18:02:54Z
h:ART
Reactions of Family Businesses to the Initial Effects of Pandemic Shock
Reakcje firm rodzinnych na początkowe skutki wstrząsu pandemicznego
Domańska, Ada
Gryglicka, Agnieszka
Samodulski, Ireneusz
family businesses; COVID-19; response to crisis; pandemic
COVID-19, reakcja na kryzys, pandemia, firmy rodzinne
Theoretical background: A pandemic shock caused by the COVID-19 virus spread around the world, negatively affecting social and economic life in short term. Lockdowns, shutdowns and restrictions hit business performance extremely hard. Family businesses, a significant part of the business sector, are entities focusing generally on continuity, futurity and perseverance. Due to their multi-generational perspective, these firms are forced to react in the short term to deter negative impacts of the pandemic, including a drop in revenue and employment alongside doubtful prospects of survival. As an anti-crisis remedy, family businesses have drawn from their economic specificity to implement several intrinsic solutions aimed at mitigating the negative impacts of an economic downturn.Purpose of the article: The purpose of the paper is to isolate and determine which retrenchment, persevering and innovating responses to crisis were undertaken by family businesses as a remedy for the negative consequences of the pandemic shock.Research methods: The data collection was conducted in April and early May 2020. The final sample totalled 202 family businesses from Poland, and research questions were investigated by employing logit regression models. The dependent variables were various actions undertaken by family firm due to the crisis and independent variables were negative pandemic impact in businesses and self-estimated probability of their survival.Main findings: Family businesses facing a drop of employment decided to switch employees to non-paid holidays, reduce wages, switch employees to remote work and further tap liquid finance reserves. In addition, they started to liquidate less profitable areas if they expected a further employment drop. In the case of revenue decrease, these firms also reduced wages, suspended repayment of loans and leasing handling and extended payment terms of liabilities. The family firms investigated in this study that estimated a lower level of capital survivability also decided to liquidate less profitable areas of activity, sell less important production assets, suspend repayment of loans and leasing handling, extend payment terms of liabilities and suspend investment processes.
Pandemia COVID-19 w krótkim okresie rozprzestrzeniła się na całym świecie, negatywnie wpływając na życie społeczne i gospodarcze. Wprowadzone ograniczenia wpłynęły na wydajność przedsiębiorstw. Firmy rodzinne, które stanowią znaczną część sektora biznesowego, to podmioty, które z reguły nastawione są długą działalność, zorientowane są na przyszłość i charakteryzują się wytrwałością. Ze względu na wielopokoleniową perspektywę i swoją specyfikę podmioty te zmuszone były do szybkiej reakcji na pandemię chcąc łagodzić negatywne skutki spowolnienia gospodarczego, które wiązały się ze spadkiem przychodów i okresowymi trudnościami z zatrudnieniem.Celem artykułu jest ustalenie rodzajów reakcji podjętych przez przedsiębiorstwa rodzinne jako remedium na negatywne skutki szoku pandemicznego. W artykule przedstawiono dane zgromadzone w kwietniu i na początku maja 2020 r. wśród 202 przedsiębiorstw rodzinnych z Polski. Do analizy użyto modele regresji logistycznej. Na tej podstawie udało się ustalić, że firmy rodzinne w obliczu spadku zatrudnienia zdecydowały się wysłać pracowników na bezpłatne urlopy, obniżyć wynagrodzenia, wysłać pracowników na pracę zdalną i korzystać z rezerw płynnych środków finansowych. Ponadto, firmy zaczęły likwidować mniej rentowne obszary działalności, jeśli spodziewały się dalszego spadku zatrudnienia. W przypadku spadku przychodów podmioty te obniżyły także płace, wstrzymały spłatę kredytów oraz obsługę leasingu, a także wydłużyły terminy płatności zobowiązań. Badane firmy rodzinne, które szacowały niższy poziom przeżywalności, zdecydowały się również na likwidację mniej rentownych obszarów działalności, sprzedaż mniej istotnych aktywów produkcyjnych, wstrzymanie spłaty kredytów i obsługi leasingu, wydłużenie terminów spłaty zobowiązań oraz zawieszenie procesów inwestycyjnych.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13928
10.17951/h.2022.56.1.37-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 37-59
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 37-59
0459-9586
eng
https://journals.umcs.pl/h/article/view/13928/9936
https://journals.umcs.pl/h/article/downloadSuppFile/13928/7483
Prawa autorskie (c) 2022 Ada Domańska, Agnieszka Gryglicka, Ireneusz Samodulski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13724
2023-01-18T18:04:40Z
h:ART
The Importance of Limited Self-Determination When M-Channel Migration Strategy Is Implemented
Bondos, Ilona
limited self-determination; channel migration; multichanneling; multichannel pricing; mobile app
Theoretical background: Multichannel retailers can implement various migration strategies to induce consumers to use particular marketing channel. Some researchers indicated voluntary and forced customer E-channel migration strategies. Due to the negative consequences of a coercive strategy, a voluntary migration strategy is much more popular. Voluntary migration strategy provides multichannel shoppers a total freedom of their choice whereas the incentive-based migration strategy uses some stimulus in order to convince buyers to use specific marketing channel. Encouraging the buyer to behave in a particular way may cause him/her a negative self-determination perception. Limited self-determination means consumer conviction that a certain action was taken as a result of marketing initiatives, prompted by the seller, and is not the result of their free and independent decision. A self-determined customer is convinced of entering into a relationship with the provider on their own initiative. In the context of channel-based price differentiation, it is about the consumer's belief that a specific purchase channel has been selected as a result of a solicitation by the seller. According to researchers, limited self-determination can have potentially negative impact on the intention to buy.Purpose of the article: The presented research model refers to the customer intention to buy online (intention to stay there) in the multichannel context. Therefore, the aim of this paper is to contribute to existing literature on multichannel pricing and advance our understanding of factors influencing the customer intention to make a purchase in offline channel (to stay in a brick-and-mortar store) under the price pressure in mobile app. This study aims to investigate factors affecting the intention to purchase offline when m-channel migration strategy based on price incentives is implemented by the retailer. Special attention is devoted to the issue of limited self-determination in a channel-based price differentiation context.Research methods: The data comes from a questionnaire survey carried out in 2021. This study is a quantitative study employing a scenario-based approach. The total sample size is 500, cosmetics was the product category which the questionnaire was prepared for. For the purpose of the research, a SEM (Structural Equation Modelling) analysis using AMOS 26 was conducted.Main findings: This research extends the understanding of consumer limited self-determination and subjective knowledge and mobile app familiarity and its influence on the intention to buy offline when price incentives are provided in a mobile purchase app. Article adds to the existing literature on customer migration in a multichannel environment.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13724
10.17951/h.2022.56.1.7-20
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 7-20
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 7-20
0459-9586
eng
https://journals.umcs.pl/h/article/view/13724/9934
Prawa autorskie (c) 2022 Ilona Bondos
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13678
2023-01-05T12:33:32Z
h:ART
Foreign State-Owned Enterprises in the World’s Largest Economies – Comparative and Sectoral Analysis
Foreign State-owned Enterprises in the World’s Largest Economies - comparative and sectoral analysis
Mroczek, Jakub
Bałtowski, Maciej
foreign state-owned enterprises; state-owned enterprise; internationalization; foreign affiliate; foreign investment
foreign state-owned enterprises; state-owned enterprise; internationalization; foreign affiliate; foreign investment
Theoretical background: In the last 20–30 years, particularly after the financial crisis of the end of the first decade of the 21st century, state-owned enterprises (SOEs), historically associated with local markets, have increasingly expanded internationally. As a result, foreign state-owned enterprises (FSOEs) have emerged in many countries, particularly in strategic industries. The internationalisation of SOEs is a new, important and relatively under-researched phenomenon in today’s global economy. The literature on the subject so far lacks extensive, comparable figures on FSOEs on a global scale, which is a prerequisite for qualitative research.Purpose of the article: The purpose of this article is to determine – based on original empirical research – the status, significance and sectors of FSOEs in the groups of the largest non-financial enterprises (Top 100, by operating revenues) of the 32 world’s largest economies, as well as the changes that have occurred in this respect between 2009 and 2018. The analysis of FSOEs was carried out with the enterprises divided according to their origins (“green-field FSOEs” and “M&A FSOEs”), industries and home countries. Listed FSOEs were analysed separately.Research methods: The research used the original author’s method of distinguishing (finding) FSOEs, based on the criterion of actual corporate control rather than on the criterion of formal state ownership. The source data, derived mainly from the Orbis database, has been thoroughly supplemented and verified. Special indicators were created for the comparative analysis of FSOEs across the 32 economies under review.Main findings: The results of the analysis determined the status of FSOEs in the group of the 32 world’s largest economies, as well as in distinguished subgroups: developed economies (19) and emerging economies (13). The analysis of the changes in the shares of FSOEs in the studied economies between 2009 and 2018 led to the conclusion that the shares, and therefore the economic importance of FSOEs, increased during the studied period. The sectoral distribution of FSOEs shows that the largest number of them operate in Oil & Gas and Energy sectors.
Theoretical background: W ostatnich 20-30 latach, w szczególności po kryzysie finansowym z końca pierwszej dekady XXI wieku, przedsiębiorstwa państwowe (state-owned enterprises, SOEs), historycznie związane z lokalnymi rynkami, coraz częściej ekspansji dokonują międzynarodowej. W jej wyniku w wielu krajach, szczególnie w branżach strategicznych, pojawiają się zagraniczne przedsiębiorstwa państwowe (foreign state-owned enterprises, FSOEs). Internacjonalizacja SOEs jest nowym, ważnym i stosunkowo słabo zbadanym zjawiskiem we współczesnej, globalnej gospodarce. W literaturze przedmiotu brak jest dotychczas obszernych, porównywalnych danych liczbowych na temat FSOEs w skali świata, co jest warunkiem koniecznym prowadzenia badań o charakterze jakościowym.Purpose of the article: Celem artykułu jest określenie ‒ na podstawie oryginalnych badań empirycznych ‒ stanu i znaczenia FSOEs w grupach największych niefinansowych przedsiębiorstw 32 największych gospodarek świata, a także zmian, jakie zaszły w tym zakresie w latach 2009-2018. Analizy FSOEs dokonano przy ich podziale ze względu na rodzaju powstania („green-field FSOEs” oraz „M&A FSOEs”), branżę i kraj pochodzenia. Odrębnie analizowano FSOEs, których akcje są notowane na giełdach (listed FSOEs).Research methods: W badaniu wykorzystano oryginalną, autorską metodę wyodrębniania (wyszukiwania) FSOEs, w oparciu o kryterium faktycznej kontroli korporacyjnej, a nie o kryterium formalnego udziału właścicielskiego państwa. Źródłowe dane, pochodzące głównie z bazy Orbis, zostały poddane szczegółowym uzupełnieniom i weryfikacjom. Utworzone zostały specjalne wskaźniki służące do analizy porównawczej FSOEs w 32 analizowanych gospodarkach.Main findings: W wyniki analizy został określony stan FSOEs w grupie 32 największych gospodarek świata, a także w wyróżnionych podgrupach: gospodarek krajów rozwiniętych (19) oraz krajów rozwijających się (13). Dokonano analizy zmian udziałów FSOEs w badanych gospodarkach w latach 2009-2018, co doprowadziło do wniosku o wzroście udziałów, a więc i gospodarczego znaczenia FSOEs, w badanym okresie. Rozkład branżowy FSOEs pokazuje, że najwięcej z nich funkcjonuje w branży petrochemicznej oraz energetycznej.
www.wydawnictwo.umcs.lublin.pl
National Science Centre of Poland
National Science Centre of Poland
2022-11-04
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13678
10.17951/h.2022.56.2.77-95
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 77-95
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 2 (2022); 77-95
0459-9586
eng
https://journals.umcs.pl/h/article/view/13678/10115
https://journals.umcs.pl/h/article/downloadSuppFile/13678/7257
Prawa autorskie (c) 2022 Jakub Mroczek, Maciej Bałtowski
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13602
2022-09-07T08:27:13Z
h:ART
Credit Risk in the Euro Area Compared to Other European Union Countries
Pastusiak, Radosław
Jasiniak, Magdalena
Pluskota, Anna
credit risk; economic growth; euro zone; European Union; GMM System
Theoretical background: The article examines the microeconomic and macroeconomic determinants of credit risk in the European Union countries divided into two groups: countries that own the euro and countries outside the euro area.Purpose of the article: This study is to identify differences in the shaping of credit risk in the EU depending on the country's affiliation to the monetary union.Research methods: The statistical survey made it possible to identify significant differences between the mean values of the analyzed variables, and the econometric survey made it possible to identify differences in the determinants of credit risk in the two analyzed groups of countries. The study consisted of examining the occurrence of differences between the means for the collected variables and making the models using the GMM system.Main findings: Differences in the influence of macroeconomic factors on the credit risk of euro area countries and other European Union countries were shown. The main difference concerns the insensitivity of credit risk of euro area countries to changes in the foreign currency exchange rate, as well as the significant impact of inflation and unemployment on the credit risk of these countries.
www.wydawnictwo.umcs.lublin.pl
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13602
10.17951/h.2022.56.1.79-93
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 79-93
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 79-93
0459-9586
eng
https://journals.umcs.pl/h/article/view/13602/9938
https://journals.umcs.pl/h/article/downloadSuppFile/13602/7161
Prawa autorskie (c) 2022 Anna Pluskota
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13356
2023-01-18T18:06:53Z
h:ART
Scientometric and Bibliometric Analysis in Analytical Marketing Research
Więcek-Janka, Ewa
Szewczuk, Sandra
analytical marketing; financial marketing; data-driven marketing; Web of Science; VOSviewer
Theoretical background: Analytical marketing is at the heart of scientific research because it plays an important role in building the competitiveness of enterprises and is an opportunity for them to grow.Purpose of the article: The aim of the article is to present the results of a bibliometric analysis of the developing area of analytical marketing.Research methods: For this purpose, specialist journals published between 1900 and 2021 were searched in the Web of Science database. The scientometric analyses carried out on their basis concern the number of publications, authorship and co-authorship, the number of citations, journals, thematic categories, institutions, countries and keywords. Over 200 publications cited 2,563 times were analyzed.Main findings: The concept of analytical marketing was taken into account by over 400 authors, with Maria Petrescu authoring the highest number of publications, and Michel Wedel being the most significant author due to the number of citations. An important role, due to the number of publications in this area, is played by institutions based in the USA (over 50%), including the University of Nevada, Las Vegas (UNLV) and the Nevada System of Higher Education (NSHE). What is more, the conducted research emphasizes the importance of marketing analytics and presents benefits that stem from using it.
www.wydawnictwo.umcs.lublin.pl
Poznan University of Technology
2022-09-05
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13356
10.17951/h.2022.56.1.143-167
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 143-167
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 56, No 1 (2022); 143-167
0459-9586
eng
https://journals.umcs.pl/h/article/view/13356/9942
https://journals.umcs.pl/h/article/downloadSuppFile/13356/7056
Prawa autorskie (c) 2022 Ewa Więcek-Janka
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/12684
2023-01-18T18:09:18Z
h:ART
State Aid for SMEs During the Pandemic in Poland
State Aid for SMEs During the Pandemic in Poland
Kluzek, Marta
coronavirus; pandemic; public aid; support instruments
coronavirus; pandemic; public aid; support instruments
Theoretical background: The global SARS-CoV-2 virus pandemic is affecting everyone, either directly or indirectly. To mitigate the negative economic outcome of the restrictions introduced in order to limit the spread of the virus, the majority of countries have introduced a number of solutions enabling enterprises to survive and maintain employment. Poland has also implemented a whole range of instruments aimed at supporting enterprises and people who have lost their livelihood.Purpose of the article: The aim of the paper is to review selected support instruments for enterprises from the SME group and to determine the degree of their use. Research was carried out to verify the hypothesis that these instruments played a significant role in the survival of enterprises, however, their lump sum nature meant that the aid was not adequate to the needs at a micro-economic level.Research methods: Six instruments were subjected to evaluation, i.e. the standstill benefit, exemption from the Social Insurance Institution fees, low-interest loans from the Labour Fund for micro-enterprises, partial financing of business and partial financing of salary costs, as well as a financial subsidy used by 157 SMEs up to November 30, 2020. During the first step, an analysis was conducted regarding the number of instruments that were used by enterprises, in particular, subgroups. In the second step, using a correlation analysis, the amount of aid obtained in 2020 from 6 analyzed instruments under the shields launched in the first half of the year, used by entrepreneurs by the end of 2020, was compared with the revenues and pre-tax results of enterprises from a given sample.Main findings: State aid was necessary to maintain jobs and satisfactory financial conditions of companies. However, the aid introduced in the first months of the pandemic did not match the real needs of enterprises. The conditions of availability regarding individual instruments made it possible to use them by entities that did not, in reality, require state aid. Nonetheless, from the fall of 2020 (during subsequent waves of the pandemic), the aid was targeted at specific industries, and its use required more stringent conditions to be met.
Theoretical background: The global SARS-CoV-2 virus pandemic is affecting everyone, either directly or indirectly. To mitigate the negative economic outcome of the restrictions introduced in order to limit the spread of the virus, the majority of countries have introduced a number of solutions enabling enterprises to survive and maintain employment. Poland has also implemented a whole range of instruments aimed at supporting enterprises and people who have lost their livelihood.Purpose of the article: The aim of the paper is to review selected support instruments for enterprises from the SME group and to determine the degree of their use. Research was carried out to verify the hypothesis that these instruments played a significant role in the survival of enterprises, however, their lump sum nature meant that the aid was not adequate to the needs at a micro-economic level.Research methods: Six instruments were subjected to evaluation, i.e. the standstill benefit, exemption from the Social Insurance Institution fees, low-interest loans from the Labour Fund for micro-enterprises, partial financing of business and partial financing of salary costs, as well as a financial subsidy used by 157 SMEs up to November 30, 2020. During the first step, an analysis was conducted regarding the number of instruments that were used by enterprises, in particular, subgroups. In the second step, using a correlation analysis, the amount of aid obtained in 2020 from 6 analyzed instruments under the shields launched in the first half of the year, used by entrepreneurs by the end of 2020, was compared with the revenues and pre-tax results of enterprises from a given sample.Main findings: State aid was necessary to maintain jobs and satisfactory financial conditions of companies. However, the aid introduced in the first months of the pandemic did not match the real needs of enterprises. The conditions of availability regarding individual instruments made it possible to use them by entities that did not, in reality, require state aid. Nonetheless, from the fall of 2020 (during subsequent waves of the pandemic), the aid was targeted at specific industries, and its use required more stringent conditions to be met.
www.wydawnictwo.umcs.lublin.pl
Marta Kluzek, Uniwersytet Ekonomiczny w Poznaniu
2022-05-08
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/12684
10.17951/h.2021.55.4.23-35
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 23-35
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 23-35
0459-9586
eng
https://journals.umcs.pl/h/article/view/12684/9746
https://journals.umcs.pl/h/article/downloadSuppFile/12684/6549
https://journals.umcs.pl/h/article/downloadSuppFile/12684/6550
Prawa autorskie (c) 2022 Marta Kluzek
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/13412
2023-01-18T18:05:54Z
h:ART
The Impact of the COVID-19 Pandemic on the Consumer Credit Market in Eurozone Countries
The Impact of the COVID-19 Pandemic on the Consumer Credit Market in Eurozone Countries
Puszer, Blandyna
Czech, Maria
consumer credit market; household; COVID-19; pandemic; Eurozone countries
consumer credit market; household; COVID-19; pandemic; Eurozone countries
Theoretical background: The problem of the impact of the pandemic on the consumer credit market in Eurozone countries is important both from a cognitive point of view and from the perspective of economic practice. The current state of knowledge on the consumer credit market situation in Eurozone countries is incomplete. It is more common to find works concentrating on the effect of the pandemic on the consumer credit regulations, on the banking sector, or on evaluation of the consumer credit market situation in selected Eurozone countries, selected European countries or Europe as a whole. As a result, many accounts of the impact of the pandemic on consumer credit can be found, but there are no studies presenting the situation of the consumer credit market in Eurozone countries during COVID-19 in a comprehensive and integrated manner, simultaneously combining theoretical aspects and research results.Purpose of the article: This study has two objectives. The main objective was to examine the impact of the COVID-19 pandemic on the value of consumer credit in Eurozone countries. The specific objective was to examine the dynamics and directions of changes in the value of consumer credit during the pandemic in the Eurozone. The study hypothesis is that COVID-19 has determined the amount of household consumer credit debt in Eurozone countries, but that the determinants of this debt and the direction and strength of their impact are diverse.Research methods: The achievement of the objectives and hypothesis verification was based on a critical analysis of source texts and on quantitative research, in which time series analysis and multiple linear regression analysis were used.Main findings: It has been proven that the pandemic has influenced the tendency of households to take out credit, as well as the propensity of banks to grant credit, and that it therefore has affected the behaviour of both borrowers and lenders. We also showed that in periods of increased COVID-19 transmission, there was a low propensity for using credit, while in periods of relative suppression of COVID-19 symptoms, this tendency increased. It also has been proven that COVID-19 has unevenly affected the value of loans across countries. A significant difference was observed in the strength of the impact of individual independent variables on the value of consumer credit in the Eurozone, as well as a different direction of correlation between the variables. Moreover, significant differences were found in the number of variables influencing the value of consumer loans in individual Eurozone countries.
Theoretical background: The problem of the impact of the pandemic on the consumer credit market in Eurozone countries is important both from a cognitive point of view and from the perspective of economic practice. The current state of knowledge on the consumer credit market situation in Eurozone countries is incomplete. It is more common to find works concentrating on the effect of the pandemic on the consumer credit regulations, on the banking sector, or on evaluation of the consumer credit market situation in selected Eurozone countries, selected European countries or Europe as a whole. As a result, many accounts of the impact of the pandemic on consumer credit can be found, but there are no studies presenting the situation of the consumer credit market in Eurozone countries during COVID-19 in a comprehensive and integrated manner, simultaneously combining theoretical aspects and research results.Purpose of the article: This study has two objectives. The main objective was to examine the impact of the COVID-19 pandemic on the value of consumer credit in Eurozone countries. The specific objective was to examine the dynamics and directions of changes in the value of consumer credit during the pandemic in the Eurozone. The study hypothesis is that COVID-19 has determined the amount of household consumer credit debt in Eurozone countries, but that the determinants of this debt and the direction and strength of their impact are diverse.Research methods: The achievement of the objectives and hypothesis verification was based on a critical analysis of source texts and on quantitative research, in which time series analysis and multiple linear regression analysis were used.Main findings: It has been proven that the pandemic has influenced the tendency of households to take out credit, as well as the propensity of banks to grant credit, and that it therefore has affected the behaviour of both borrowers and lenders. We also showed that in periods of increased COVID-19 transmission, there was a low propensity for using credit, while in periods of relative suppression of COVID-19 symptoms, this tendency increased. It also has been proven that COVID-19 has unevenly affected the value of loans across countries. A significant difference was observed in the strength of the impact of individual independent variables on the value of consumer credit in the Eurozone, as well as a different direction of correlation between the variables. Moreover, significant differences were found in the number of variables influencing the value of consumer loans in individual Eurozone countries.
www.wydawnictwo.umcs.lublin.pl
University of Economics in Katowice
Uniwersytet Ekonomiczny w Katowicach
2022-05-08
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/13412
10.17951/h.2021.55.4.49-71
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 49-71
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 49-71
0459-9586
eng
https://journals.umcs.pl/h/article/view/13412/9747
Prawa autorskie (c) 2022 Maria Czech, Blandyna Puszer
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/12787
2023-01-18T18:08:42Z
h:ART
The Impact of Insider Transactions on Share Prices on the Warsaw Stock Exchange in 2010–2020
Wpływ transakcji insiderów na ceny akcji na Giełdzie Papierów Wartościowych w Warszawie w latach 2010–2020
Gemra, Kamil
Kwestarz, Piotr
transactions; market efficiency; Warsaw Stock Exchange
transakcje; efektywność rynku; Giełda Papierów Wartościowych w Warszawie
Theoretical background: Since presenting Fama’s research on market efficiency, scientists have been investigating any anomalies that interfere with market efficiency. The use of information asymmetry by insiders is just such an anomaly. A lot of scientific papers have been written in which the impact of insider transactions on the rates of return was described. Our extensive and comprehensive work completes Polish literature in this area.Purpose of the article: The purpose of this article is to investigate the impact of disclosing information about insider deals on the movement of the share price. We examined the impact of the disclosure of information about the change in shareholding by the president of the management board, members of the management board, chairman of the supervisory board, or members of the supervisory board (collectively referred to in this work as insiders) on the price of companies listed on the Warsaw Stock Exchange (WSE).Research methods: The study was carried out using the method of event studies and statistical analysis with the use of computer programming for calculations and data analysis. The analysis covers the period of 10.5 years: from January 1, 2010 to July 16, 2020, in which we took into account ESPI announcements issued by companies from the WSE main market. During the audited period, companies listed on the WSE spent over 400,000 ESPI messages, 743 of which met the criteria for the study, and we took these into account.Main findings: The research described in this article confirms that the published announcements about the change in share ownership by insiders constitute important information for investors investing on the WSE and have a significant impact on the share price – they are price-setting.
Uzasadnienie teoretyczne: Od czasu przedstawienia pracy Famy o efektywności rynku naukowcy badają wszelkie anomalie, które zakłócają tę efektywność. Wykorzystanie asymetrii informacji przez insiderów jest właśnie taką anomalią. Powstało sporo prac naukowych, w których opisano wpływ transakcji insiderów na stopy zwrotu. Nasza szeroka i kompleksowa praca uzupełnia literaturę polską w tym zakresie.Cel artykułu: Celem artykułu jest zbadanie wpływu ujawnienia informacji o transakcji insiderów na zmianę ceny akcji. Zbadaliśmy wpływ podania informacji o zmianie posiadania akcji przez prezesa zarządu, członków zarządu, przewodniczącego rady nadzorczej lub członków rady nadzorczej (zwanych w tej pracy łącznie insiderami) na kurs spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie (GPW).Metody badawcze: Badanie przeprowadzone zostało za pomocą metody event studies i analizy statystycznej z wykorzystaniem programowania informatycznego do obliczeń i analizy danych. Analizie poddano okres 10,5 roku: od 1 stycznia 2010 roku do 16 lipca 2020 roku, w którym wzięliśmy pod uwagę komunikaty ESPI podawane przez spółki z głównego rynku GPW. W badanym okresie spółki notowane na GPW wydały ponad 400 tys. komunikatów ESPI, z których kryteria założone do badania spełniały łącznie 743 komunikaty i te wzięliśmy pod uwagę.Główne wnioski: Badania, które zostały opisane w niniejszym artykule, potwierdzają, że opublikowane komunikaty o zmianie stanu posiadania akcji przez insiderów stanowią istotne informacje dla inwestorów inwestujących na GPW i mają znaczący wpływ na kurs akcji – są cenotwórcze.
www.wydawnictwo.umcs.lublin.pl
2022-05-08
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/12787
10.17951/h.2021.55.4.7-21
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 7-21
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 7-21
0459-9586
pol
https://journals.umcs.pl/h/article/view/12787/9728
https://journals.umcs.pl/h/article/downloadSuppFile/12787/6605
Prawa autorskie (c) 2022 Kamil Gemra, Piotr Kwestarz
http://creativecommons.org/licenses/by/4.0
oai:ojs.umcsd.home.net.pl:article/12906
2022-05-20T14:53:00Z
h:ART
Changing Attitudes of Entrepreneurs Towards Employee Training Process – the Role of Social Capital Cluster in the Świętokrzyskie Voivodeship
Zmiana postaw przedsiębiorców wobec procesu szkoleń pracowników – rola kapitału społecznego klastra w województwie świętokrzyskim
Predygier, Agnieszka
Zalesna, Aleksandra
employee training; entrepreneur; cluster
szkolenia pracowników; przedsiębiorca; klaster
Theoretical background: Cluster development is not possible without the development of its members, in particular without the development of human capital. The social capital theory allows us to see its importance for the development of human capital of cluster members.Purpose of the article: The article presents the results of studies on the attitudes of entrepreneurs (members of the cluster) towards the development of employee competences in relation to the social capital of the cluster. The aim is also to present changes in the way entrepreneurs think about the factors of their competitiveness.Research methods: In the first (2004–2006) and in the next (2019) edition of the research, a survey was conducted using a questionnaire survey and in-depth interviews. Data triangulation was applied. A comparison was made between the results of the first and last edition of the research.Main findings: With the development of the social capital of the cluster, the interest of cluster members (entrepreneurs) in raising the competences of their employees increases. This interest translates into a better perception of universities as centers contributing to cluster development.
Uzasadnienie teoretyczne: Rozwój klastra nie jest możliwy bez rozwoju jego członków, w szczególności bez rozwoju kapitału ludzkiego. Teoria kapitału społecznego pozwala dostrzec jego znaczenie dla rozwoju kapitału ludzkiego członków klastra.Cel artykułu: W artykule przedstawiono wyniki badań nad postawami przedsiębiorców (członków klastra) wobec rozwoju kompetencji pracowników na tle kapitału społecznego klastra. Celem jest również zaprezentowanie zmian w sposobie myślenia przedsiębiorców na temat czynników ich konkurencyjności.Metody badawcze: W pierwszej (2004–2006) i w kolejnej (2019) edycji badań przeprowadzono sondaż z wykorzystaniem kwestionariusza ankiety oraz wywiady pogłębione. Zastosowano triangulację danych. Dokonano porównania wyników badań z pierwszej i ostatniej edycji.Główne wnioski: Wraz z rozwojem kapitału społecznego klastra rośnie zainteresowanie członków klastra (przedsiębiorców) podnoszeniem kompetencji własnych pracowników. Zainteresowanie przekłada się na lepsze postrzeganie uniwersytetów jako ośrodków przyczyniających się do rozwoju klastra.
www.wydawnictwo.umcs.lublin.pl
Uniwersytet Jana Kochanowskiego w Kielcach, Wydział Prawa i Nauk Społecznych
2022-05-08
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
application/pdf
https://journals.umcs.pl/h/article/view/12906
10.17951/h.2021.55.4.37-47
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 37-47
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; Vol 55, No 4 (2021); 37-47
0459-9586
pol
https://journals.umcs.pl/h/article/view/12906/9727
https://journals.umcs.pl/h/article/downloadSuppFile/12906/6684
Prawa autorskie (c) 2022 Agnieszka Predygier, Aleksandra Zalesna
http://creativecommons.org/licenses/by/4.0
720f3ae53582075dcde312715ac1a29b