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Purpose: Strategy determines the patterns of internationalization. The speed, scale, and scope of internationalization are important dimensions from the perspective of firms’ behaviors and activities. The aim of the article is to identify and verify the relationship between the international strategy and its impact on three dimensions of the studied phenomenon.

Methodology: The article uses a quantitative approach. The survey was conducted on a sample of 355 internationalized firms from Poland, varying in size.

Findings: The analysis with t test and U test (ANOVA) shows a correlation between a company’s international strategy as a planning instrument and the speed and scope of internationalization.

Research limitations/implications: While considering a firm’s development, especially its international growth, one should plan the activities related to entering into foreign markets. The results presented in this article are just a starting point for further analyses. In an attempt to eliminate its limitations, further research should focus on building a comprehensive model that includes the remaining components of international strategy and other categories that stimulate internationalization processes.

Originality: The originality of this article lies in three elements: (i) the article comprehensively captures the scale, scope, and speed of internationalization at the same time, (ii) the strategy is introduced as a determining factor of the scale, scope, and speed of internationalization, and (iii) the article enriches empirical studies about emerging markets such as Poland.


The aim of the study is to determine the level of financial literacy of academic youth from rural areas in the V4 Group countries, as well as to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference were primary information obtained from own research (PAPI method, 900 people). The research used a set of questions to assess the level of financial literacy of adults proposed by the OECD INFE. In addition to primary sources, secondary sources were also used to achieve the goal. The measures of descriptive statistics and one-way analysis of variance (F) were used. The level of financial literacy was determined at the medium level, which may indicate the low effectiveness of financial education measures implemented at different levels of education. The component of financial literacy where students from rural areas had the lowest scores was basic financial knowledge. Only 43% of people from rural areas achieved the minimum target score.


This article is an attempt to analyze the existing solutions in the field of the protection of personal data. Training and advisory materials on this subject prepared by numerous law firms (32) were analyzed, providing a valid explanation, understanding and implementation of the new obligations in the field of data protection. In addition the author conducted pilot interviews in accounting offices (17) concerning the protection of personal data to indicate the approach of service providers to the performance of the tasks in the field of personal data protection. The key findings of the study are: noticeable increase in the interest of the contracting parties in data protection issues, as well as presenting their positive aspects along with possible problems in their practical application. An important contribution of the author is also the presentation of the key points of agreements which the parties should pay attention to in order to avoid misunderstandings.


Purpose: The study aims to build a typology of family businesses with relatively short experience in the free-market economy. The typology is based on the goal preferences of the family businesses.

Methodology: The research is based on empirical data from Polish medium-sized and large enterprises, collected in 2014. Using cluster analysis and variance analysis, we identified four types of family enterprises based on their goal perceptions and tested the differences among them.

Results: The article distinguishes and characterizes four types of family enterprises: “business first, family second,” “only business,” “immature,” and “family first, business second.”

Originality/value: The proposed typology is similar to that presented in the subject literature. Nevertheless, our contribution resides in the discovery that even if family and business goals are integrated in the enterprise, one of the systems will be dominant. Moreover, enterprises that only prioritize family goals were absent in the explored data set.


Purpose: The article attempts to identify the relationship between employers’ psychological contract perception (relational and transactional expectations) and the occurrence of counterproductive work behavior among their employees. The study seeks to extend the understanding of the psychological contract concept and its correlation with counterproductive work behaviors. There are numerous studies analyzing the perceptions of obligations and promises of a psychological contract from the employee’s viewpoint. However, the question of employer expectations and the perception of the fulfillment of these expectations is not less important, albeit much less elaborated.

Methodology: Participants were 101 managers and owners of small and medium companies who represent different businesses in construction industry in the Ukrainian market. Data were collected through a questionnaire.

Key findings: The results of the study show that employers have a high level of expectations toward their employees, and the relational character of the expectations is dominant. However, the perceptions of the fulfillment of these expectations were at a moderate level. The results also show that employers reveal a moderate level of counterproductive work behavior (CWB) and a significant relationship between psychological contract (PC), relational expectations, and CWB.


Self-deception is classified as the one of the decision-making errors which impede making reasonable decisions. The efficiency of the financial market is associated with the belief that all the participants of the market behave reasonably. They maximise their utility and are able to process all incoming information in the correct way. Considering the fact that financial market anomalies happen, it should be considered that the efficiency of this market is a specific situation in which it may be found. In this work, the research results of the conducted experiment were described. The hypothesis was studied that persons of a higher financial status are more likely to undertake more risky financial decisions which may result in obtaining higher collected financial funds. As a result of the conducted experiment the working hypothesis was confirmed. Due to self-deception consisting in strong identification with the chosen status in the game, strengthened with their own convictions regarding the behaviour of particular professional group representatives, persons with a higher status showed a much greater tendency to risk than persons with a lower status.


The purpose of this paper is to study the standard firm-factor determinants on capital structure of small and medium-sized enterprises (SMEs). To this end, we analyzed small and medium sized firms in Kazakhstan, where all sectors were considered. We use panel data methods to investigate the determinants of capital structure for non-financial SMEs in Kazakhstan. This study examines the impact of key determinants such as asset tangibility, size, growth, profitability and tax rate of SMEs. The trade-off theory and the pecking order theory of capital structure guided this study. The results suggest that despite some differences in the influence of factors on the capital structure, most of the determinants presented by the theory of finance appear indeed to be relevant for the Kazakhstan small and medium business sector.


Purpose: This study aims to investigate female top managers’ choice of working capital management policies and its effect on firm profitability. The theoretical arguments about the effects of working capital management policies on firm profitability and empirical evidence are often inconsistent. Additionally, it is likely that the policy choice is closely related to the gender of top managers.

Methodology: Our research sample was all 136 manufacturing firms listed in Indonesian Stock Exchange during the 2013–2017 period. Following the hypothesis formulation, this study employed four estimation models tested using panel data regression.

Findings: Female CFOs tend to choose more conservative working capital investment policies. Moreover, conservative investment policies have a positive effect on firm profitability and mediate the impact of top female managers on firm profitability.

Originality: Previous literature tends to overlook the role of top female managers in affecting working capital management policies and the effect of these policies on firm profitability. In this respect, this study provides insights on the role of the gender of top managers as a factor that likely explains the choice of working capital management policies in manufacturing firms which, in turn, affect firm profitability.


The study presents a new innovative approach to the accepted principle of agile enterprise management by using the method of rationalization of the structure of administrative and office work (DZA). Agile enterprise management focused on minimizing costs induces permanent necessity to look for new methods and techniques to achieve the assumed cost targets. Contemporary enterprises have access to a wide range of activities and instruments affecting the formation of costs while running their business. In connection with the above, a research question was posed in the study; how to implement the concept of agile enterprise management based on methods of rationalization of the structure of administrative and office work and lean management? The aim of the paper is to learn and evaluate the applied method of analysis of run times in the system of administrative and office work (DZA Dürchlaufzeitenanalyse) in the context of agile management of the enterprise. The study indicates the advantages and disadvantages of implementing this concept for the enterprise, thus the paper bridges the gap between theory and practice in the selection of instruments to realize of the concept of agile business management. The applied research method is literature studies and descriptive analysis in the field of application of the method of minimizing time of runs. Descriptive analysis was developed based on an example of the activity of a chemical industry enterprise operating in Poland. The research issues are important and up-to-date due to the constant need to maintain cost discipline in the enterprise and the implementation of innovative approaches to seek ways to reduce costs.


Tourist services represent a category of services in which the inseparability of production and consumption, the inability to be storable, the immateriality, and last but not least non-durability, induces in tourism management a number of peculiarities and difficulties. Under these circumstances the development of medium-term strategies involves long-term studies regarding on the one hand the developments and characteristics of the demand, and on the other hand the tourist potential analysis at regional and local level. Although in the past 20 years there has been tremendous growth of on-line booking made by household users, the tour operators agencies as well as those with sales activity continue to offer the specific services for a large number of tourists, that number, in the case of domestic tourism, increased by 1.6 times in case of the tour operators and by 4.44 times in case of the agencies with sales activity. At the same time, there have been changes in the preferences of tourists regarding their holiday destinations in Romania. Started on these considerations, paper based on a logistic model, examines the evolution of the probabilities and scores corresponding to the way the Romanian tourists spend their holidays on the types of tourism agencies, actions and tourist areas in Romania.