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Application of Finance Management Instruments in Business Entities for example of PGE and Tauron Companies

Abstract

Running a business involves the risk borne by the owners. They are most often identified with failure to achieve expected rates of return by investors. The same mechanisms apply to business entities whose one of the main objectives is to maximize the profits level.

Equally important task, and according to the larger group of professional literature authors the most important is the increase of the company’s market value. Both purposes have common ground, involving the selection of indicators and instruments for the assessment of the financial condition and the value added of analyzed business entity.

The objective of this paper is to compare mechanisms used to assess the financial condition of enterprises and indicate imperfections of measures based solely on bookkeeping data derived from an annual financial report. Characteristic features and the more objective nature of economic measures, in particular such as the Economic Value Added (EVA), are presented.

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Atypical Forms of Employment as a Determinant of Economic Activity of People above 45 Years Old

Abstract

Taking into consideration established directions of strategic actions and the need to exploit enterprises of custom employment statuses in practice, we would like to examine the alternative in the more detailed way above the vocational activation of people over 45 years old with the temporary work. The purpose of the study formulated in this way allows validating the research hypothesis which is: the temporary work doesn’t constitute the important instrument of supporting the occupational activity of people who are 45 years old. Above all features the shown population will be a base of conducted deliberations, a tendency to work in custom employment statuses and scale of exploiting this form of the occupational activity in Poland.

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Casino Taxation in a Normative and Economic Context: the Case of Poland

Abstract

The aim of this article is twofold. First, it provides an overview of theoretical background of casino taxation. Second, it analyses the provisions of the Act regulating casino taxation in Poland and evaluates the consequences of the new Gambling Law in force since 2010. The first section of it discusses motives, outcomes and forms of casino taxation, taking into account inter alia the assumptions of optimal tax theory. It then deals with Polish regulations concerning the organisation of gambling in casinos and gambling tax design. The last section of the article analyses the scale of operation of Polish casinos, their revenues and the tax due on gambling activities.

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Efficiency of Using Research and Development Expenditures at Voivodship Level

Abstract

One of the most important criteria dividing countries on developed and developing is technological level of the economy which is a derivative of R&D. We showed in the article, that only a rather small group of voivodships was characterized by a full efficiency of converting the expenditure into effects. Low values of efficiency indices pay attention for all ineffective provinces. It won’t be possible to say about none of them, that it found near the efficiency border which accompanied by large differences between decision making units.

The non-radial DEA model showed that both the internal expenditures (in converting into the thousand residents) and the personnel employed in the R+D work are not used efficiently and what’s more in the considerable degree wherein a first of said inputs research units managed by a little more effectively.

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Equity Investments vs. Debt Investments – What Drives OFDI in Polish Industry

Abstract

Polish economy witnessed enormous changes over the past 25 years. Systematic economic growth, increasing market openness, legal stabilization and integration with EU have substantially improved Poland’s global competitive position. That is reflected, among others, in intensified flows of long-term capital in the form of foreign direct investment (FDI). What is worth stressing, the last decade (regardless the economic crisis) brought a significant rise of investments made by Polish companies abroad (Outward FDI). It should be mentioned however, that the FDI flows are usually analyzed (in both theoretical and empirical literature) as if they consist only of equity investments, when in fact they consist also of intracompany loans. As the latter may not be driven by the same factors as equity flows, the real structure of FDI flows should be taken into consideration while evaluating the investment potential of companies. The paper examines selected issues concerning international expansion of Polish companies in the form of foreign direct investment. It provides theoretical background of the problem, explores the reasons for expansion and presents the structure of foreign direct investment by Polish industrial companies in the period 2003-2012 with regard to the equity and debt components of the flows. The study is based on the data provided by the National Bank of Poland (NBP).

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Facility Management as a Concept to Support Real Estate Management

Abstract

The focus of the study is on contemporary concept of Facility Management (FM) that supports processes of management, especially real estate management. The study attempted to analyse the assumptions of standardization of real estate management within the FM concept. Analysis of the situation in the real estate market in Poland in 2013 showed the necessity of implementation of effective management, which concerns not only investment projects, but, particularly, the area of management of facilities and innovations, and taking measures aimed at increasing the value of real estate.

The role and opportunities offered by certain contemporary methods of real estate management (benchmarking and outsourcing) have been discussed, particularly in terms of management of auxiliary processes.

The study presented situation in the local construction sector and developer enterprises in Poland, particularly in terms of taking measures concerning formation of demand and customer preferences in the real estate market.

The results obtained in the study were used to analyse situation in the market of real estate in Częstochowa, Poland, stimulated directly by tendencies observed in this local market and suggest the necessity of proper management of auxiliary processes, which will substantially contribute to improvement of enterprises’ operation.

Open access
Fiscal Policy in European Union Countries in Time of the Economic Crisis – Attempt to Estimation

Abstract

In this article, stability of fiscal policy and its impact on fiscal market have been analyzed. The issue appears especially important in times of the financial crisis which has affected all the European Union countries, although to a different extent. To achieve this, the author presented the aims, the tools and the aspects of financial stability to confront them with the situation that has occurred in the EU countries. To present the issue profoundly, the scientific research related to fiscal policy and its impact on financial markets were used in two opening units. In the third unit, the statistic data was cited to show the condition of the EU countries, the changes to it and the attempts aimed at improving the state of the public finance and therefore stabilizing financial markets.

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Long-Term Borrowing and Intergenerational Redistribution of Public Debt. The Case of Central and Eastern EU Member States

Abstract

The paper analyses the burden on the future generation resulting from the need to repay public debt in Central and Eastern EU Member States. The main theme is accompanied by the following research hypothesis: imbalance in public finances makes public authorities use long-term government securities more intensely. The hypothesis was verified based on the analysis of statistical data from Eurostat, European Central Bank and the OECD.

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Management – Forecasting the Future Cognitive Challenges in Management Science 3

Abstract

This paper is the third publication from the series of three articles about cognitive challenges in management science. It is the result of the further discussions and reflections concerning the cognitive problems of management after publication of the books about epistemology of management. The paper is a trial to forecast the main cognitive trends and tendencies on the basis of the diagnosis made in two papers in series “Cognitive challenges in management science”. The chosen trends in development of management sciences are: expansion of natural sciences, growing inter-disciplinarity of research, growing specialization, net-marketing in management discourse, challenge of cultural relativism, growing criticism and reflexivity. Response of management sciences to the challenges connected to: interdisciplinary nature, growing specialization, and expansion of natural history can lead to further development of our discipline, but the possibility of disintegration also should not be ruled out. Deepening specialization, lack of long-range theory, and growing significance of natural history could lead to disintegration of our discipline, whose fields would be incorporated by other domains. I think that in order to avoid this possibility it would be desirable to uphold the cohesion of management sciences through deepening the cognitive reflection and openness to inspirations originating in other areas of science. But future is difficult to predict and maybe other trends that are not too visible now will change management sciences in future.

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Managers’ Consideration about Behavioural Factors that Influence their Decision Making in Liquidity Management

Abstract

The paper presents selected fragment of the outcomes of qualitative research led by the author. It concerned factors influencing decision-making in liquidity management, associated with human traits (human as an acting person of such choices) both in terms of mental processes’ characteristics peculiar to the entire human species (features of human mind) as well as the specific attributes of individual decisionmakers. The aim of the study was to discover how managers perceive determinants of liquidity decision-making process, basing on their professional experience, and whether in their consideration on the subject had ever appeared the determinants related to the person of the decision-maker.

Open access