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Open access

Arun Koyadan Koroth, Grzegorz Mazurek and Przemysław Pater

Abstract

Purpose: The paper explores the paradigm shift occurring in the automotive retailing industry since the advent of technological innovations and different solutions in mobility. Existing studies and literature focus on the specific aspects of this changing trend, which is why this paper concentrates on the holistic changes that include various approaches to the issue of disruptive innovation in automotive retailing.

Methodology: To answer the research questions, the article utilizes qualitative research approach in combination with inductive-interpretive analysis. Interviews with eight top-level professionals from the automotive industry reveal three different perspectives on the subject. The study analyzes interview results with coding methodology and MaxQDA software.

Findings: The findings center on two components of research: major trends and impacts. The trends include the changing approach towards usership rather than ownership and to clustered habitation in mega cities. What is evident is the stark impact of such trends as the rising popularity of battery electric vehicles, autonomous cars, and mobility as a service on the dealership model of retailing. The impacts include the falling need and demand for personal cars, the rise of large fleet services like car subscription or lower maintenance needs that are expected to drastically reduce the importance of dealership.

Limitations: To further understand the trends in automotive retailing, future researchers should focus on local trends in specific regions. Another limitation is linked with exclusive concentration on experienced professionals as sources of data.

Open access

Anna Mazurczak-Mąka and Monika Turek-Radwan

Abstract

The aim of the article is to present the issues related to the work of auditors in the area of cost analysis as an element of the financial statement in an enterprise. Empirical studies were conducted on the basis of the financial statements published by selected companies listed on the NewConnect market in 2017, as well as the audit reports issued for those companies. The partial goals include the assessment of the percentage of certain types of opinions issued by independent auditors reviewing the financial statements of selected companies listed, as well as the identification of the areas regarding costs of activities, which are most often described in the explanations or qualified opinions in the research sample under analysis. The undertaken research are preliminary and in the future should be carried out on a larger research sample divided into industry sectors

Open access

Paweł Sekuła

Summary

The paper examines relationships between selected stock market indices in Western Europe, Central Europe, and the United States. The study focuses on two periods, from January 1998 to August 2006 and from September 2006 to December 2016. The first one includes stock quotes from before the financial crisis while the second one covers the crisis and changes in the economic situation in post-crisis years. Relationships between stock market indices in developed economies were more frequent and durable than in Central Europe, although they were subject to changes. In our investigation into Granger causality relationships we observed changes in these relationships and in their direction for stock markets in Central Europe, while bidirectional relationships between indices in developed economies remained stable over time. Changes in relationships between indices, in particular long-term interdependences, may result from the impact of the 2008 financial crisis. The increased number of causality relationships for the markets in Central Europe may testify to the advancing integration of the EU common market.

Open access

Adriana Łukaszewicz

Open access

Marcin Wiśniewski

Abstract

Social impact bonds are an innovative mechanism for financing social tasks with the financial resources of private investors. The repayment of the capital invested and capital gains depends on obtaining apredetermined social aim that is paid for by the public side under the “payment for results” formula. The previous work on this mechanism focused mainly on its task and organizational dimension. In this paper, the author attempts to define the social impact bond as afinancial instrument. In particular, the financial side of the mechanism is considered. First, an attempt is made to determine the place of the social impact bond in the theoretical classifications of financial instruments. Second, the place of the instrument is indicated in the system of financial law. Finally, some remarks are made on the need to have the new instrument regulated in Polish legislation.

Open access

Beata Zofia Filipiak and Marek Dylewski

Abstract

Investment activities executed by regional authorities are exposed to high risk. The risk results from the very essence of investment projects implemented by regions in Poland and can be associated with the failure to meet the regional budget. The purpose of this study is to assess the size of the existing discrepancies between the planned and actually incurred investment expenditure and to find out if there are systematic changes in the level of these discrepancies i subsequent years. This goal was achieved through the presentation of the specific approach to risk measurement in the investment activities of local government units. The research was undertaken by regional self-government units. Empirical research has allowed us to answer three research questions: how great were the disparities between the planned and the actually incurred investment costs in the Polish regions in 2011-2015? Did systematic changes in the level of inconsistency between the planned and the actually incurred costs take place in the observed period? Was the rate of failure to meet investment plans correlated with the rate of failure to meet operational financial plans?

Open access

Leszek Dziawgo and Danuta Dziawgo

Abstract

The subject of this study is the legal regulations concerning the banking and stock market sector. The research objective is to identify the issue of the adequacy of legal regulations on the modern financial market. The object of the research is the banking institutions and companies listed on the stock exchange. The following research methods were used, i.e. the analysis of the literature, analysis of legal acts, observations, descriptive, comparative and case study analysis. It was found that there has been an increase in the level of detail and restrictiveness of legal regulations in recent years, both in relation to the banking sector and to the stock market. In addition, the legislative revolution not only continues, but is also gaining momentum. Thus we could formulate a conclusion about the inversion of the modern financial market. The financial market was to facilitate business operations through access to capital. Currently, excessive regulations indicate the growing legal barriers to entering the financial market and conducting business activity in it.

Open access

Tanja Kosowski

Abstract

Purpose: The article critically reflects on the issue of age in workforces in human resource management and related fields. Age is widely used by scholars to denote the entire workforce of a company. The vast remit of this concept has resulted in many ongoing debates, such as young vs. old employees, mature employees, the aging workforce, as well as various stereotypes pertaining to age in academic research.

Methodology: The paper reviews recent academic literature: articles from peer-reviewed journals, written in English, and published in 2000–2018. Keywords and elimination criteria are explained in the corresponding section.

Findings: Research in this field shows the use of inhomogeneous groups in accordance to their age, which ultimately threatens to hinder the comparability of undertaken studies in this domain.

Research implications: There exists no clear consensus regarding the age-markers or barriers used to distinguish the workforce of an organization or to form groups of employees of a given age-cluster.

Originality: This text is the first review of studies in the field, in which age has been the main criterion to distinguish workforce. The review encourages dialog among scholars from various disciplines as a way to lessen discrepant categorizations.

Open access

Piotr Zaborek and Jolanta Mazur

Abstract

Purpose: The paper explores the online dialog of firms and consumers through corporate websites and social networks. The objective is to investigate the state of this dialog, its mechanisms, and outcomes in four export-oriented manufacturing companies that represent a wide spectrum of industries, including FMCG and durable goods, low-priced and expensive products, purchased with high and low involvement.

Methodology: A multiple-case study was used as the research method, with data sourced from in-depth interviews, observations, and published documents.

Findings: The findings show all managers agree that dialog with consumers is useful, they allocate resources to support it, but its intensity is underwhelming. Dialog effects were reported as positive but only as anecdotal evidence without validation in reliable data, which underscores measuring difficulties. It seems that dialog is the easiest to implement in and brings the most substantial benefits for high-involvement products but, even there, the feedback from consumers is not effectively used for developing product innovations. The major obstacle that restricts rich dialog is not technology but the intensity, speed, and quality of personal contact between employees and consumers.

Originality: The empirical material presented here offers original insights that foster a better understanding of online dialog between consumers and manufacturing companies. Our study contributes to the stream of research on value co-creation.

Open access

Jan Kaczmarzyk

Abstract

A non-financial enterprise with receivables or liabilities denominated in a foreign currency is exposed to currency risk. Wanting to calculate a financial reserve in order to secure its receivables or liabilities, an enterprise can introduce the concept of the value at risk. To determine value at risk, an enterprise has to know the probability distribution of the future value of the receivable or the liability for a specific moment in future. Using a geometric Brownian motion to reflect exchange rate changes is among the possible solutions. The aim of the paper is to indicate that using the Monte Carlo simulation for forecasting the currency risk of an enterprise is a clear, easy-to-implement and flexible in terms of the assumptions approach. The flexibility of the Monte Carlo approach relies on the possibility to take up the assumption that the currency position changes caused by currency fluctuations have an other than normal probability distribution.