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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
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
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
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
SMEs Capital Structure Determinants: Empirical Evidence from Kazakhstan

Abstract

The purpose of this paper is to study the standard firm-factor determinants on capital structure of small and medium-sized enterprises (SMEs). To this end, we analyzed small and medium sized firms in Kazakhstan, where all sectors were considered. We use panel data methods to investigate the determinants of capital structure for non-financial SMEs in Kazakhstan. This study examines the impact of key determinants such as asset tangibility, size, growth, profitability and tax rate of SMEs. The trade-off theory and the pecking order theory of capital structure guided this study. The results suggest that despite some differences in the influence of factors on the capital structure, most of the determinants presented by the theory of finance appear indeed to be relevant for the Kazakhstan small and medium business sector.

Open access
Agile Time Management as an Innovation in an Enterprise

Abstract

The study presents a new innovative approach to the accepted principle of agile enterprise management by using the method of rationalization of the structure of administrative and office work (DZA). Agile enterprise management focused on minimizing costs induces permanent necessity to look for new methods and techniques to achieve the assumed cost targets. Contemporary enterprises have access to a wide range of activities and instruments affecting the formation of costs while running their business. In connection with the above, a research question was posed in the study; how to implement the concept of agile enterprise management based on methods of rationalization of the structure of administrative and office work and lean management? The aim of the paper is to learn and evaluate the applied method of analysis of run times in the system of administrative and office work (DZA Dürchlaufzeitenanalyse) in the context of agile management of the enterprise. The study indicates the advantages and disadvantages of implementing this concept for the enterprise, thus the paper bridges the gap between theory and practice in the selection of instruments to realize of the concept of agile business management. The applied research method is literature studies and descriptive analysis in the field of application of the method of minimizing time of runs. Descriptive analysis was developed based on an example of the activity of a chemical industry enterprise operating in Poland. The research issues are important and up-to-date due to the constant need to maintain cost discipline in the enterprise and the implementation of innovative approaches to seek ways to reduce costs.

Open access
Aspects of the Evolution of the Romanian Tourists’ Preferences Concerning the Domestic Tourist Destinations

Abstract

Tourist services represent a category of services in which the inseparability of production and consumption, the inability to be storable, the immateriality, and last but not least non-durability, induces in tourism management a number of peculiarities and difficulties. Under these circumstances the development of medium-term strategies involves long-term studies regarding on the one hand the developments and characteristics of the demand, and on the other hand the tourist potential analysis at regional and local level. Although in the past 20 years there has been tremendous growth of on-line booking made by household users, the tour operators agencies as well as those with sales activity continue to offer the specific services for a large number of tourists, that number, in the case of domestic tourism, increased by 1.6 times in case of the tour operators and by 4.44 times in case of the agencies with sales activity. At the same time, there have been changes in the preferences of tourists regarding their holiday destinations in Romania. Started on these considerations, paper based on a logistic model, examines the evolution of the probabilities and scores corresponding to the way the Romanian tourists spend their holidays on the types of tourism agencies, actions and tourist areas in Romania.

Open access
Dashboard – Control and Pilot Instrument in the Romanian Patrimonial Entities

Abstract

Assess the performance of a patrimonial entity, its financial position and its change, the degree of risk in an economic and financial environment - socially dynamic, requires information far beyond the scope of financial-accounting information. Therefore, it is necessary to complete the financial data provided by the financial statements with the information on the technical and human potential (equipment quality, modernization, qualification of employees, level of labor productivity, etc.), commercial potential (quality of products / services and distribution network, price level, etc.), the intensity of competition, the position of the entity on the market, the image of the entity and its products / services, etc. All this information can be synthesized on responsibility boards (technical and production, human resources, trade-supply / sales / marketing, etc.) in a dashboard, which is a synoptic, legible and interpretable instrument, carried out with a certain frequency, which highlights the significant deviations between the results achieved and the fixed objectives, in order to ensure the necessary corrections for the good performance of the activity. This communication aims to highlight the results of the research on the importance of the dashboard as a control and pilotage tool for Romanian patrimonial entities.

Open access
Electricity Supply and Economic Diversification in Nigeria (1981-2016)

Abstract

The study examined the impact of electricity supply on economic diversification in Nigeria, using time series data from 1981 to 2016. The study employed descriptive analysis and Autoregressive Distributed Lag (ARDL) techniques. The Augmented Dickey-Fuller unit root test showed that the variables are integrated of different orders.

The result from the Bounds co-integration test to show the presence of a long-run relationship among the variables was inconclusive. The short run (ARDL) model, however, indicated a positive insignificant relationship between electricity supply and economic diversification in Nigeria. The findings of the study revealed that the electricity supply had not played a fundamental role in enhancing economic diversification in Nigeria.

The study, therefore, recommended that for Nigeria to drive economic diversification through electricity supply, the government should fix the electricity supply problem which can be achieved by short-term action to reduce technical faults through maintenance of the transmission and distribution infrastructure or long-term interventions to expand generating capacity.

Open access