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Open access

Alicja Fraś

Abstract

Mutual fund fees are extraordinarily high in Poland – almost three times higher than in Western Europe and almost five times higher than in the United States. In fact is that from among 183 Polish open-ended stock mutual funds as many as 81 impose a management fee of 4%, which is the highest value in the sample. The question arises whether it is really worth to invest in funds from the more expensive group. Comparing funds charging the highest fees (4%) with the cheaper ones it seems that there is no statistically significant difference between rate of return, risk and efficiency. However, more expensive funds have on average higher costs, are three years older and have almost 70% bigger assets. This may suggest that a well-established market position – not performance – is the trigger for raising their fees. Interestingly, funds with a relatively high minimal initial contribution level (5,000 PLN) have significantly lower management fees with similar costs, total assets value and performance results. Further analysis has also indicated that the costs level (Total Expense Ratio) is higher for older funds, while it is not related to funds’ size.

Open access

Agnieszka Piechocka-Kałużna

Abstract

The aim of this paper is to analyse matters of truth, which is inherent issue of accounting (and therefore in reporting, as its part), which is reflected in the true and fair principle (TFV). The paper demonstrates the essence of the TFV principle and the evolution of its role and place among the set of qualitative characteristics of financial statements. After examining the changes in the development of the perception of TFV the paper makes an appraisal, gives the author’s comments and contribution by providing direct implications for regulators and the setters of standards. With respect to typical limitations regarding behavioural studies, the paper provides practical as well as social implications about understanding of the TFV concept and its effect on both the preparers and users of financial statement.

Open access

Natalia Nehrebecka

Abstract

The purposes of this article are to present validation techniques according to their discriminatory power, while indicating the reservations about such techniques, and to check the adjustment of the existing Polish bankruptcy prediction models in the context of their discriminatory power. This is the first study that performs a validation of such models. Based on the analysis, it was found that the fifth model developed by Hadasik was characterised by avery high discriminatory power. The decision was made to base the evaluation of the discriminatory power of the modules on the Gini index, the Kolmogorov-Smirnov statistic, the H measure, the information value (IV), and the precision of the estimates of bankruptcy.

Open access

Wojciech Białaszek, Franciszek Ostaszewski and Piotr Zielonka

Abstract

Purpose: When facing important decisions, people often ask themselves “What should I choose?” This question may involve intertemporal and risky decisions. The aim of our study was to test a potential discrepancy between the normative and descriptive perspective, that is, between “What should you choose?” and “What do you choose?”.

Methodology: In this study we assessed the rate of delay and probability discounting of 236 participants. The design was a 2 (“choose”/”should choose”) × 2 (small/large) × 5 (delays or probabilities) factorial design in delay and probability discounting.

Findings: People are less impulsive when taking the normative perspective than when they take the descriptive one. This phenomenon occurs in relation to large payoffs. However taking the normative rather than descriptive perspective makes no difference in risky decisions.

Research limitations: In further research it would be beneficial to study real outcomes as choice consequences and to control for variables that might moderate the impact of our manipulation, such as addictions.

Implications: The manipulation with the perspective may be applied not only in financial decision making. Our results may find a practical implementation to help impulsive people make more sensible decisions.

Originality: We demonstrated the internal conflict between the descriptive and normative mode in delay discounting decision making.

Open access

Anna Pikos

Abstract

Purpose: This article seeks to identify the similarities and differences in the narratives of corporate histories published in different periods of time.

Methodology: This study is based on a comparative content analysis of corporate histories of three pharmaceutical plants operating under the “Polfa” Union of the Pharmaceutical Industry based in Poland.

Findings: Corporate histories change depending on the period in which a given history is published. The study reveals that corporate history depends on the nature of the state authority in power at a given time.

Research limitations and implications: This exploratory study concentrates on examination of four corporate histories and contributes to the research on the “uses of the past” in organization studies. Nevertheless, it has several limitations, including a limited number of companies included in the analysis and the adoption of a qualitative approach only.

Originality and value: This is the first article that focuses on a comparative content analysis of corporate histories published at different times in search of the similarities and differences in the domain of corporate narrative.

Open access

Lechosław Garbarski

Open access

Agata Kakitek

Abstract

Purpose: This research explores the application of Aaker’s brand personality scale on human brands in surf sports. It investigates the potential for detecting differences in the brand personality profile used on human brands. Aaker (1997) developed a brand personality framework consisting out of five dimensions of brand personality and fifteen brand personality attributes. This framework has been used in several studies; however, it has been criticized by researchers for its lack of applicability as a general scale. This paper addresses this issue by testing all forty-two original brand personality attributes, used by Aaker, on professional surfers as human brands. A second objective was to establish an ultra-short scale for practical reasons since brand personality is often only one of several measures in a questionnaire.

Methodology: In order to determine what attributes were the most appropriate when describing a professional surfer, a web survey with a 7-point Likert scale was conducted, which resulted in a convenience sample of n=219 respondents. In this study, the author conducted principle factor analysis and compared the results of an oblique rotation with Aaker’s results in order to investigate whether Aaker’s brand personality scale provides similar results on human brands as it does on product brands.

Findings: This paper concludes that partially different facets than Aaker’s (1997) brand personality framework apply to human brands in the surf context. The more appropriate facets for human brands in the surf context include: real, wholesome, good-looking, secure, Western, and up-to-date.

Research limitations/Implications: Further research on specific athletes in different contexts is needed. It could incorporate other brand personality scales e.g. Geuens et al. (2009), Braunstein and Ross (2010) and Tsiotsou (2012) scales.

Practical Implications: The findings of this study are useful for sports marketers to better understand athletes as human brands as well as their facets, in order to develop target positioning with specific marketing strategies.

Open access

Leena Ajit Kaushal

Abstract

The ongoing debates and discussions about sharing economy revolve round its definition, regulations and impact on economy, business and consumers. The paper attempts to develop a theoretical framework that define the sharing economy and analyse the possible association between the sharing economy and sustainability.

The paper also assesses the need for an institutional and regulatory framework to strengthen sharing economy as an economic driver, potentially contributing to the more sustainable growth of the world economy.

Open access

Raluca Stoica and Veronica Stefan

Abstract

The implementation of up-to-date technologies in the accounting system of modern entities is a topical subject, by the desire of enterprises to align themselves with the current of international globalization but also by the requirements imposed by the science and practice to join the accounting main issues in the field. The accounting technique evolved with the technological innovations, related to each evolutionary period of the human society. The paper aims to identifying the factors that influenced the whole process of the development of information technologies in the financial-accounting field; identifying the main issues related to the technological interaction in accounting and, in this context, identifying the tools and technological supports in the evolution of the accounting technique, from the empirical forms of accounting to the present day, in the age of globalization, amid the continuous need for normalization and standardization of accounting procedures, especially applicable to the consolidation of financial results.

Nowadays, the most used digital technology in computerized accounting and management is Cloud-Computing ERP solutions, a form of digital accounting that will represent the critical mass of accounting information system in the near future, and this paper will present and discuss such solutions.

Open access

Maria Negreponi-Delivanis

Abstract

The world is entering a new international economic order, with clearly different characteristics to the previous one. Apart from the fundamental rotation (every 40-50 years) between the regimes of free trade and protectionism, the decisive difference is the rapid rise of populist parties that are gradually displacing traditional political parties and traditional governments in Europe and the world. This development is the angry response of the victims of globalization, which has created many losers and few winners. Despite some differences among these new political parties, depending on whether they belong to the right or left, they all share certain basic choices, such as closed borders, the return of nationalism, the need for state intervention in the economy, a more equitable distribution of wealth, the demonstration of hostility to elitism and the status quo, the limitation of unregulated stock market economy, the greater emphasis on domestic production and consumption than exports. This status change is important not only from the point of view of mutating from liberal to illiberal democracy, but also from the point of view of the radical economic changes expected at the international and national levels. The main question, which at present cannot be answered, is whether life on the planet Earth will be better or worse as a result of these fundamental changes that penetrate our everyday life.