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Purpose: To incorporate a new value theory based on co-productivity into the value chain analysis.

Methodology: We develop a theoretical model of co-productivity and analyze selected examples of high co-productive value chains. Our theory modifies value theories based on the classical approach (A. Smith, D. Ricardo, K. Marx), production factors of land, capital, labor, and knowledge (J.B. Clark), subjective value for the consumer (C. Menger, W.S. Jevons, and L. Walras), exchange value (A. Marshall), energy value (I. Prigogine), value added for the customer (M. Porter and P. Drucker), information value (V. Rometty), and customer attention (M. Goldhaber).

Findings: We demonstrate that the co-productivity theory deeply connects all hermeneutic sources of value creation, but more importantly, it opens opportunities for adopting future-oriented sources.

Originality: We present an original theory based on co-productivity, previously unused in logistics. We show how the theory helps to shape more effective value chains.


Purpose: To compare two transformational leadership instruments, Bass’s Full Range Leadership Model and its instrument Multifactor Leadership Questionnaire with the Transformational Leadership Scale proposed by , using empirical evidence from a single sample.

Methodology: The sample includes participants from different levels of the Estonian Defence Forces’ military hierarchy (N = 2570). The structures of the Transformational Leadership Scale and Multi‐factor Leadership Questionnaire were examined with exploratory and confirmatory factor analysis, while other methods were used to compare the two instruments.

Findings: The Multifactor Leadership Questionnaire is statistically significantly better at predicting outcome variables like satisfaction with leader, effectiveness, and extra effort; however, the Transformational Leadership Scale did predict outcome variables at a sufficient level.

Research & Practical Limitations/Implications: The current research contributes to the validation of the Transformational Leadership Scale proposed by . The results indicated that the Transformational Leadership Scale is a valuable research tool to study transformational leadership; however, some subscales require further development. Moreover, we may conclude that there is a difference between subsamples – e.g. between commanders and conscripts – that describe outcome variables using the Transformational Leadership Scale as a transformational leadership instrument.

Originality/value: There is very limited research that compares different transformational leadership instruments.


Purpose: Despite the popularity of employee engagement in the past decade, organizations across the globe struggle with disengaged employees at work. The purpose of this paper is to critically reflect on issues relating to employee engagement and to develop a conceptual framework that explains the linkages between organizational climate, procedural justice, distributive justice, perceived organizational support, and employee engagement with the aim of fostering higher levels of employee engagement in organizations.

Methodology: The paper provides a systematic review of the literature on employee engagement and reviews from peer-reviewed journals written in English on the topic and published in 1985–2019.

Findings: Research in this field shows that engaged employees are perceived as employees who work harder, are willing to go the extra mile, and are more passionate about the work they do and the quality they present to produce better results that drive business growth. Today, more than ever, organizations understand the importance of their employees and view them as the most important asset to their businesses. Hence, keeping employees committed and engaged has become one of the key focuses for organizations.

Originality: Previous studies have not considered a holistic model of employee engagement from the angles addressed in this paper nor has such a model been tested on a global or regional scale. This study contributes to the literature on employee engagement by proposing a conceptual framework through which organizations can have important insights into how to engage their employees. The conceptual framework of this study will be crucial for organizations attempting to improve their employee engagement.


Purpose: To assess the level of innovativeness of modern enterprises and identify the supporting factors to implement the innovative processes.

Methodology: Research using the Computer Assisted Web Interviews was conducted according to the guidelines of the research procedure of the creators of innovation audit, i.e. J. Tidd and J. Bessant. The electronic questionnaire was sent to selected 110 enterprises from the SME sector in December 2018.

Findings: The innovation activities implemented by companies are highest rated the most by owners of small service firms belonging to the ICT sector. Definitely more actions are taken in terms of strategy and organization, and the least attention is paid to relationship.

Limitations: The presented considerations based solely on the quantitative analysis of the part of the population of Polish business gazelles, which does not exhaust the discussed issues. The presented method is only a general outline of the current situation in each company based on the declarative indications of their owners regarding the use of innovation.

Originality: Currently, the role of innovation is so significant that the economic environment considers it one of the key determinants for the development of enterprise competitiveness. The first part of the paper is devoted to the description of innovation concepts in the main interpretative areas. The second part presents the results of empirical research on the assessment of organization innovation level according to five separate areas among Polish Business Gazelles.


Purpose: Many researchers claim that split has a positive effect on stock returns. However, if we observe more closely, we notice that this is only an accounting procedure. Therefore, the question arises as to whether stock prices should change. To answer this problem, we checked the market reaction to the division of shares on the Warsaw Stock Exchange.

Methodology: To verify our hypotheses, we used the event study analysis. Based on the Sharpe market model, we assumed that the price of the asset determines systematic risk and specific risk.

Findings: On the basis of conducted analyses, we found a positive market reaction to the first split information, while the announcement of General Meeting of Shareholders (GMS) resolutions generated a price correction. Moreover, split events initially caused an increase in abnormal returns. The research results are consistent with the efficient market hypothesis.

Research limitations: The sample size does not give an opportunity to check the impact of economic cycles. During the last 15 years, we found only 75 events of splits without any disruption event.

Originality: Analysis of three dates: information about the planned general meeting of shareholders regarding the split, publication of decisions taken at the general meeting, and the day of the split.


This article has been retracted.


Organizations certifying accountants, such as the Association of Chartered Certified Accountants (ACCA), play an important role in strengthening their professional status. Being accredited by them has recently become the goal of many institutions which offer accounting programs. Our paper aims to investigate the impact of ACCA accreditation on the accounting education in Poland, as well as to identify the important aspects of the collaboration between ACCA and accounting educators. The findings are based on a survey conducted among 50 faculty members from seven Polish universities. According to the respondents the accreditation increases the prestige of the offered teaching programs and has an important impact on the organization of exams taken by the students participating in accredited courses. The ACCA engagement in collaboration with universities consists mostly in promotion of the accredited programs. Despite some limitation the study provides new insights into the problem of accounting education in the accreditation processes context.


Purpose: This paper examines the changing behavior of two calendar anomalies in African stock returns – the month-of-the-year and the intra-month effects – and their implications for the adaptive market hypothesis (AMH).

Methodology: We applied two-stage Markov switching models (MSMs) instead of the conventional single state regression model. The sample period includes the daily index return of Nigerian, South African, Mauritian, Moroccan, and Tunisian stock exchanges from January 1998 to February 2018.

Findings: We found that (i) all the markets except for the Johannesburg Stock Exchange (JSE) have a higher tendency to be in bearish state than bullish state, (ii) month-of-the-year and intra-month effects appear in one regime and disappear in another regime, and (iii) the behavior of calendar anomalies is affected by market conditions and conforms to AMH rather than the efficient market hypothesis (EMH).

Practical Implications: We present that (i) calendar anomaly is a characteristic that changes under different regimes or market conditions in African stock markets, (ii) active investment management may yield profits for market participants, depending on the market conditions and the anomaly in question, and (iii) the right approach would be for investors to consider each market with its own peculiarity even when they are in the same continent.

Originality/Value: The sensitivity of the month-of-the-year and the intra-month effects to market conditions has not been documented in African stock markets, especially with the use of regime-switching models.


The purpose of this article is to assess a comparability in the financial statements of entities from the Polish gaming industry. The article uses an unconventional approach to the analysis of comparability of financial statements, with particular emphasis on the business model of the entity. The overall conclusion is that Polish companies used similar accounting policies during the period under review regarding the methods of valuation of assets and liabilities. The scope of disclosures regarding impairment of assets does not allow for a full assessment of the premises underlying them. It is difficult to find out the criteria for qualifying costs for research and development, which are an important asset item. Deficiencies in disclosures are a common feature of the analyzed reports, which can be interpreted as a symptom of their comparability. The analyzed reports, despite the differences diagnosed, make possible to compare the financial situation and achievements of gaming companies.