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The Effect of the Changes in Accounting Estimates of the Discount Rate to the Costs on Account of Creating Provisions

Summary

The aim of the study is to answer the question of how a slight change in the actuarial assumptions (regarding the discount rate used) can affect the amount of the provisions, and consequently create the level of costs in the entity. In order to find the answer the financial statements of 148 stock-exchange-quoted companies from 2007 to 2014 (1184 financial statements in total) were analysed, determining whether the changes in long-term provisions for retirement benefits provisions (due to the use of a different discount) have a significant impact on the financial statements of these companies. The research involved the use of deductive-inductive research methods in the form of literature review and analysis of the content of financial statements. The obtained results indicate that the estimation of the discount rate significantly affects the levels of costs related to creating provisions, which may be an effective tool for manipulating the financial result.

Open access
Financial Globalisation and Economic Transformation in Africa: Evidence from Nigeria

Abstract

This study examines the effects of financial globalisation on the Nigerian economy using data from the Central Bank of Nigeria statistical bulletin and the Nigeria Bureau of Statistics reports from 1992 to 2017. Using both descriptive and inferential statistical analyses, the study reveals that financial globalisation has helped to mobilise foreign direct investment into the economy and the significant positive effect of personal remittances on per capita income of Nigerians. Therefore it recommends that favourable policies to attract and retain FDI and personal remittances from developed nations should be encouraged and African governments and economic actors should consider all stakeholders’ interests, and ensure that an international financial and trade system is “fair and reciprocal” to eliminate the persisting trends in abject poverty, predatory trade policies and the escalation of economic inequalities in Africa.

Open access
How to Measure the Economic Integrity of Ibor Panels? A Behavioural Approach

Summary

IBOR manipulation imposed new benchmark regulations that forced the market to enter a path of the reform of the existing financial indices and the creation of new ones. The paper describes the evolution of two IBOR panels: one representing a global financial benchmark LIBOR, and the other representing a local PLN benchmark, WIBOR. The paper provides a quantitative analysis of partial quotes of IBOR panellists and suggests that economic integrity measures should be introduced for IBOR panels. The aim of the research is to define a set of tools that provide information regarding the efficiency of the process of the production of the interest rate benchmark. The research is supplemented with a behavioural analysis of the banks’ decision-making process that interferes the contribution of IBOR data. The integrity measures can help market users and financial authorities in evaluating the quality of current and past panels and identifying behavioural factors impacting on partial quotes of the contributing banks.

Open access
Inequality in Economics: The Concept, Perception, Types, and Driving Forces

Abstract

Purpose: The aim of the paper is to overview the research on inequalities in economics. The paper is based on mainstream and heterodox economic theories and approaches addressing inequality and its economic interdependence.

Methodology: Due to its positive and normative nature, inequality is a complex concept that eludes precise definition. The available application of mainstream and heterodox approach to study inequality and its economic interdependence allows for the identification of various components of inequality. Classifications that fall within the mainstream economics especially reveal less numerous and often even different types of inequalities compared to heterodox approaches. Moreover, what determines within-country inequality is the number of driving forces related to the factual and regulatory sphere of an economy.

Findings: This study does not exhaust the general debate over inequality in economics. The question remains about the state of research dedicated to the outcomes of inequality, for instance, perceived in its dynamic and historical perspective. Moreover, there emerges a need to overview the theoretical and empirical research dedicated to inequality in terms of not only its driving forces but also economic outcomes.

Open access
International Startups from Poland: Born Global or Born Regional?

Abstract

Purpose: The article discusses the pace of internationalization by empirically verifying the speed of internationalization of Polish international firms and identifying which pattern is more frequently used by international startups from Poland: born global or born regional.

Methodology: The article employs a quantitative approach. It builds on a sample of 355 international businesses from Poland (CATI survey).

Findings: By using t test, U test, and ANOVA, the analysis showed a correlation between the company’s international strategy as a planning instrument and the speed and scope of internationalization.

Research limitations/implications: Based on prior studies from other parts of the globe, we assume that among Polish companies the number of born regionals – i.e. businesses that are international from their inception – is growing, while their activity is mainly restricted to the European Union. Among Polish international firms, there are many born global. In the studied sample (selected randomly), the share of born globals was 61.5%, and global startups 43%, which is a very high rate. The results enable to adopt a hypothesis that the number of Polish-born regionals is relatively high in comparison with the traditional path and born globals.

Originality/value: The article describes one of the first studies to (i) capture the phenomenon of born regionals in Poland and (ii) enrich empirical studies on emerging markets such as Poland.

Open access
The Perception of Respondents of Intelligent Packaging in Slovakia as Ecological Innovations

Abstract

The research of new active and intelligent features has shown huge potential to optimise the supply chain and enhance consumer consciousness of food utilisation. The paper deals with the evaluation of the perception of intelligent packaging in Slovakia as ecological innovations through the Kano model. It focuses on to analysis the perception of different intelligent packaging features. The results indicate that customers‟ awareness of intelligent packaging is still at a very low level in Slovakia.

Open access
Researching Capitalism In Poland: Economic Interests As A Cultural Construction

Abstract

Purpose: The three goals of the article are: first, to show some arguments surrounding the notion of capitalism in theoretical perspective, and also somewhat bashful connotations since it was introduced in Poland after the fall of communism; second, to present some historical facts about the rise of capitalism in Poland in comparative perspective, mostly European; third, to look for cultural categories necessary for analysing the peculiarities of Polish socio-economic development as the part of so-called „the second Europe”.

Methodology: I go back to the history of European patterns of capitalist formation: Anglo-Saxon, French, German, Russian in order to show the Polish trajectory as strikingly different. Before entering the Polish case, I present Mary Douglas and Aaron Widavsky’s proposal – how to analyze four cultures: individualist, egalitarian, hierarchical and fatalistic (authoritarian).

Implications: The main finding is that economic interests are always socio-cultural constructions, hence all definitions of the real life decisions (on public vs private, risk, externalities etc.) that the people make, must frame them within working life of given culture as the combination of universalism and particularism (of above-mentioned four cultures).

Open access
User Acceptance of Crash Helmet by Motorcyclists in Malaysia: An Empirical Analysis

Abstract

Malaysia ranks among the first twenty countries with the highest death rate from road accidents with death from motorcycle accidents accounting for more than sixty percent of this death rate. The Malaysian government, in the year 2010, started the enforcement of helmet (head protector) in an effort to reduce the rate of death from this source. This paper examines users‟ acceptance of helmet by motorcyclist, using the theory of reasoned action (TRA). The data for this study comes from field survey of motorcyclists in Malaysia. This data was analysed using structural equation modelling. It was discovered that different factors from the theory account for user acceptance of this novelty. The paper concludes by specifying the policy implications of this and recommends other ways of improvement.

Open access
Venture Capital and Exporting – Some Evidence from EU Countries

Abstract

Purpose: The aim of this article is to present the results of the research on the export of venture capi tal backed firms in the European Union countries.

Methodology: For the purpose of this article, the author created four linear regression models. He decided for export revenue to be a dependent variable. Then, the author verified the influence of four independent variables on export value.

Findings: The research found that the turnover of venture capital backed firms positively influences their export value. Moreover, the costs of employees also play an important role in export value explanation. Nevertheless, the empirical study did not confirm any strong positive correlation of analyzed firms’ export value with the number of employees and their share of shareholders’ funds in operating income.

Limitations: The analyzed period was limited only to 2016. Second, the study used only one dependent and four independent variables. Further research must include other variables, especially moderating ones, such as entrepreneurship ratio or availability of external financing forms. Third, the regression models were based on data retrieved from Orbis Database and can induce uncertainty regarding its credibility.

Originality: At present, there are still only few research studies that explore the export of venture capital backed firms.

Open access
Accounting and Fiscal Considerations upon Performance Guarantees - Particular Case of Construction Works

Abstract

The performance guarantee represents the contractor's liability to ensure the beneficiary on the fulfillment of the quality conditions for the contracted works, as well as of their execution within the agreed contractual term. In the context of a growth trend in the industrial construction market since 2018, we considered it appropriate to study the impact of the performance guarantees on the financial balance of the contractors operating on this market. Through this research we aim to analyze the methods of guaranteeing the construction works, to assess the financial, accounting and fiscal issues of a construction company as a general contractor, to identify potential risks and to find solutions to avoid them.

Open access