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Characteristics and Realization of the Dividend Policy of Companies Quoted on the Warsaw Stock Exchange for the Period 2008-2017

Abstract

The article takes up the issue of the characteristics and the implementation of the dividend policy of companies quoted on the Warsaw Stock Exchange in Warsaw for the period 2008-2017. The purpose of the research is the characteristics of dividend policy company satisfaction mechanism, including an assessment of its actual implementation. To study the characteristics and implementation of the dividend policy by the company’s dividend, eventually it was necessary to classify the companies that during the period of 2009-2018 paid dividends for the period 2008-2017 without a break (at 31.07.2018). The test results indicate a high average annual growth rate of paid dividends. Unfortunately, more than half of the companies developed a dividend policy and those that have it as the basis for their decision on the amount of payment of dividends indicate net profit and investment needs.

Open access
The Effect of Online Reviews on Consumer-Based Brand Equity: Case-Study of the Polish Restaurant Sector

Abstract

Purpose: This paper focuses on the effects of positive and negative online reviews (eWOM) on the metrics of consumer-based brand equity (CBBE) in the context of the Polish restaurant sector.

Methodology: The dedicated online survey was completed by 777 consumers, which we then analyzed with structural equation modeling. Each catering outlet was to allow to order meals online. We used descriptive analysis, confirmatory factor analysis, and path analysis to test the hypotheses.

Findings: The findings suggest that positive online reviews affect each CBBE variable in the online catering outlet’s context. In the case of known catering establishment’s offering in the option of placing orders via online platforms, negative eWOM only affects the perceived quality and brand loyalty. However, it does not change brand awareness and brand association.

Implications: This paper contributes to the body of literature on eWOM, which to date offers very little understanding of the topic of positive and negative online reviews and CBBE dimensions. Moreover, in terms of practical and managerial applications, this study can be used to delineate strategy in terms of management of eWOM to optimize brand strategies.

Open access
Heteroskedasticity in Excess Bitcoin Return Data: Google Trend vs. Garch Effects

Abstract

This paper examines the mixture of distribution properties associated with heteroskedastic excess Bitcoin return data, using the volume of Google search queries as a proxy for the information arrival time, from a monthly data sampling period of June 2010 to May 2019. The results show that the volatility coefficients become highly statistically insignificant when the lagged volume of search queries is included in the conditional variance equation of the GJR-GARCH-M model. This clearly suggests that the volume of search queries is shown to provide significant explanatory power regarding the variance of heteroskedastic excess Bitcoin return, which can be traced from the ARCH process defined in the GJR-GARCH-M specification. A significant negative relationship between the conditional volatility and the volume of search queries indicates that Internet (online) information arrival reduces the risk premium in the Bitcoin market, which may improve market stability.

Open access
Institutionalizing Corporate Governance Reforms in Poland: External Auditors’ Perspective

Abstract

Purpose: The paper examines auditors’ experiences with corporate governance (CG) in general and audit committees (ACs) in particular in the setting of a Polish two-tier board system and a capital market characterized by high ownership concentration, which therefore extends the research on CG practices of an economy beyond the well-researched Anglo-American model.

Methodology: This study adopts a qualitative research approach by using interview data from fifteen interviews with auditors working with large publicly-listed companies in Poland to examine the relationships among auditors, Audit Committees, and CG.

Findings: The auditors indicate that the CG environment has changed. However, the institutionalization of an AC in Poland generally is the subject of coercive isomorphic pressures, which lead to its decoupling and transition toward a ritualistic role. Moreover, auditors report only some reliance on CG information in the planning phase and none in the field-testing or review phases.

Originality: The findings differ from those of prior studies conducted predominantly in the USA and the UK, in which auditors reported far greater reliance on CG in all phases of the audit process. The two possible reasons for this difference in findings could be the different development stages between capital markets and different CG systems.

Open access
International Strategy as the Facilitator of the Speed, Scope, and Scale of Firms’ Internationalization

Abstract

Purpose: Strategy determines the patterns of internationalization. The speed, scale, and scope of internationalization are important dimensions from the perspective of firms’ behaviors and activities. The aim of the article is to identify and verify the relationship between the international strategy and its impact on three dimensions of the studied phenomenon.

Methodology: The article uses a quantitative approach. The survey was conducted on a sample of 355 internationalized firms from Poland, varying in size.

Findings: The analysis with t test and U test (ANOVA) shows a correlation between a company’s international strategy as a planning instrument and the speed and scope of internationalization.

Research limitations/implications: While considering a firm’s development, especially its international growth, one should plan the activities related to entering into foreign markets. The results presented in this article are just a starting point for further analyses. In an attempt to eliminate its limitations, further research should focus on building a comprehensive model that includes the remaining components of international strategy and other categories that stimulate internationalization processes.

Originality: The originality of this article lies in three elements: (i) the article comprehensively captures the scale, scope, and speed of internationalization at the same time, (ii) the strategy is introduced as a determining factor of the scale, scope, and speed of internationalization, and (iii) the article enriches empirical studies about emerging markets such as Poland.

Open access
Level of Financial Literacy of Academic Youth from Rural Areas in the Visegrad Group Countries

Abstract

The aim of the study is to determine the level of financial literacy of academic youth from rural areas in the V4 Group countries, as well as to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference were primary information obtained from own research (PAPI method, 900 people). The research used a set of questions to assess the level of financial literacy of adults proposed by the OECD INFE. In addition to primary sources, secondary sources were also used to achieve the goal. The measures of descriptive statistics and one-way analysis of variance (F) were used. The level of financial literacy was determined at the medium level, which may indicate the low effectiveness of financial education measures implemented at different levels of education. The component of financial literacy where students from rural areas had the lowest scores was basic financial knowledge. Only 43% of people from rural areas achieved the minimum target score.

Open access
Protection of Personal Data in the System of Modern Accounting in the Context of the Implementation of the Regulation of the European Parliament and of the EU Council 2016/679 of 27 April 2016

Summary

This article is an attempt to analyze the existing solutions in the field of the protection of personal data. Training and advisory materials on this subject prepared by numerous law firms (32) were analyzed, providing a valid explanation, understanding and implementation of the new obligations in the field of data protection. In addition the author conducted pilot interviews in accounting offices (17) concerning the protection of personal data to indicate the approach of service providers to the performance of the tasks in the field of personal data protection. The key findings of the study are: noticeable increase in the interest of the contracting parties in data protection issues, as well as presenting their positive aspects along with possible problems in their practical application. An important contribution of the author is also the presentation of the key points of agreements which the parties should pay attention to in order to avoid misunderstandings.

Open access
Refreshing Typologies Based on Family Firms’ Goals: The Perspective of “First-Generation Enterprises”

Abstract

Purpose: The study aims to build a typology of family businesses with relatively short experience in the free-market economy. The typology is based on the goal preferences of the family businesses.

Methodology: The research is based on empirical data from Polish medium-sized and large enterprises, collected in 2014. Using cluster analysis and variance analysis, we identified four types of family enterprises based on their goal perceptions and tested the differences among them.

Results: The article distinguishes and characterizes four types of family enterprises: “business first, family second,” “only business,” “immature,” and “family first, business second.”

Originality/value: The proposed typology is similar to that presented in the subject literature. Nevertheless, our contribution resides in the discovery that even if family and business goals are integrated in the enterprise, one of the systems will be dominant. Moreover, enterprises that only prioritize family goals were absent in the explored data set.

Open access
The Relationships Between Psychological Contract Expectations and Counterproductive Work Behaviors: Employer Perception

Abstract

Purpose: The article attempts to identify the relationship between employers’ psychological contract perception (relational and transactional expectations) and the occurrence of counterproductive work behavior among their employees. The study seeks to extend the understanding of the psychological contract concept and its correlation with counterproductive work behaviors. There are numerous studies analyzing the perceptions of obligations and promises of a psychological contract from the employee’s viewpoint. However, the question of employer expectations and the perception of the fulfillment of these expectations is not less important, albeit much less elaborated.

Methodology: Participants were 101 managers and owners of small and medium companies who represent different businesses in construction industry in the Ukrainian market. Data were collected through a questionnaire.

Key findings: The results of the study show that employers have a high level of expectations toward their employees, and the relational character of the expectations is dominant. However, the perceptions of the fulfillment of these expectations were at a moderate level. The results also show that employers reveal a moderate level of counterproductive work behavior (CWB) and a significant relationship between psychological contract (PC), relational expectations, and CWB.

Open access
Self-Deception in Financial Decisions

Abstract

Self-deception is classified as the one of the decision-making errors which impede making reasonable decisions. The efficiency of the financial market is associated with the belief that all the participants of the market behave reasonably. They maximise their utility and are able to process all incoming information in the correct way. Considering the fact that financial market anomalies happen, it should be considered that the efficiency of this market is a specific situation in which it may be found. In this work, the research results of the conducted experiment were described. The hypothesis was studied that persons of a higher financial status are more likely to undertake more risky financial decisions which may result in obtaining higher collected financial funds. As a result of the conducted experiment the working hypothesis was confirmed. Due to self-deception consisting in strong identification with the chosen status in the game, strengthened with their own convictions regarding the behaviour of particular professional group representatives, persons with a higher status showed a much greater tendency to risk than persons with a lower status.

Open access