Browse

41 - 50 of 297 items :

  • Business and Economics x
  • Management, Organization, Corporate Governance x
  • Financial Reporting, Group Accounting, Accounting and Balancing x
Clear All
An Evaluation of the Discriminatory Power of Selected Polish Bankruptcy Prediction Models As Part of the Validation Process

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
The Evolution of the Importance of the True and Fair View (TFV) Principle. The Case of Poland

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
Expensive and Cheap Funds – Polish Stock Mutual Fund Fees in 2017

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
Forecasting Currency Risk in an Enterprise Using the Monte Carlo Simulation

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.

Open access
Internet-Mediated Dialog with Consumers: A Cross-Industry Multiple-Case Study of Polish Exporters

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
The Notion of Age in Organizational Research

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
Regulations of the Financial Market in Poland. Equilibrium Vs. Inversion

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
Risks in the Investment Activity of Polish Regions

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
The Social Impact Bond as a Financial Instrument

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
Aspects of Innovation and Technology Transfer in Romania

Abstract

Technological information, knowledge transfer, research and innovation are factors of success in the contemporary economy. Romania is on the last place in Europe in terms of innovation, and the Romanian regions occupy the last positions the picture of the European innovation at the regional level. The paper presents a presentation of the situation of the innovation in Romania, with aspects concerning the need for innovation of SMEs. Domestic companies need innovation to cope with the European and international competition. The collaboration with the university/research institutes and the patent/license acquisition have a low share, showing the lack of technology transfer and of certain partnerships between the business environment and the research area.

The establishment of networks specialized in technological transfer, with government support, can be a solution for the sustainable growth of the national economy.

Open access