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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.

Open access
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.

Open access
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
Methods and Marketing Instruments of Logistic Processes

Abstract

Knowledge about a logistic process in SMEs can be the way to growth of competitiveness of a company by improving those processes. One of the ways can be use of marketing as a support of a logistic process. Identification of logistic activities, logistic process and management should be based on full knowledge about market and its participants. Achieving knowledge and accumulation as a resource allow increasing logistic standards such as supply process, production, storage and distribution. It can contribute to recognize possibilities of competitor´s opportunities. Using marketing methods and instruments in logistic processes can increase competitiveness of SMEs.

Open access
Shareholding Structure and Dividend Policy as Exemplified by the Stock-listed Industrial Companies

Abstract

This article is aimed at evaluating the influence of the forms of controlling stock-listed companies upon the decisions being taken in regard of the distribution of profits and the payout of dividends in the unstable macro-economic environment. The form of the ownership supervision reflects the relations between shareholders and managers of the company. The conflicts resulting from the separation of ownership and management of a company concern, among others, the dividend payout. The dividend constitutes a shareholder’s reward for rendering his capital available to the company, while for a company it is a cost in the form of the capital’s reduction and the limitation of investing abilities. Whereas the macro-economic environment influences the financial standing of companies and their profits, which are then used for paying out dividends, and simultaneously defines the investment needs of companies. A hypothesis can be put forward that the economic slowdown limits the access to attractive investment projects, which results in companies being interested in the payout of relatively high dividends. This hypothesis is verifiable on the ground of the decisions taken in regard of the distribution of the profit made by the stock-listed companies of the processing industry between 2007 and 2012.

Open access
Stock Exchange Recommendations and Economic Realities

Abstract

The aim of this paper is to present the impact of stock recommendations on the prices in the context of excessive optimism heuristic. The main goal of the conducted analysis is to show that investors on the Warsaw Stock Exchange seem to ignore the economic information that comes with the recommendation report. Also, as the analyzed recommendations are set in the specified economic conditions, authors would like to show that reports are biased with excessive optimism.

The research of the structure of recommendations was issued for the biggest companies of the Polish market listed on the Warsaw Stock Exchange from 2009 to 2012. The investigation showed that the ambiguity of the creation methods of analytical reports and differences in valuation of companies causes subjectivism in analysts’ assessments, which leads to heuristic effects. According to the authors, the structure of reports and their specificity shows that excessive optimism is an important factor in creation of stock exchange recommendations.

Open access
Assessment of Financial Investors’ Assets Level and Importance on Financial Market in Poland

Abstract

The main purpose of the submitted article is the estimation of financial investors’ potential in Poland. There are four groups of collective investors on financial market in Poland like Banks, Insurance companies, Investment funds and Open Pension Funds, which have been analyzed. Their importance on financial market and especially on capital market in Poland is still rising. The dynamics of their assets value in 2009 – 2013 periods has been analyzed. Financial investors’ assets and Gross National Product in Poland ratio has been calculated. The influence of the financial crisis and post-crisis time on the investment portfolios structure has been also reviewed.

Open access
Business Intelligence in Organization. Benefits, Risks and Developments

Abstract

Based on the literature review, significant benefits have been identified out of the implementation of Business Intelligence. However, risks have been also discovered, and they were mainly connected with an improper change management during the process of the BI systems implementation. Further direction for a development of BI system has been discussed, focusing in particular on maturity models available in the literature. The paper highlights the fact that maturity models currently available in the literature do not take comprehensively into account all aspects of the development of BI in organizations. Therefore, there is a need for further research in this field of science.

Open access
A Comparative Study of Attitudes towards Entrepreneurship between Polish and British Students

Abstract

Background

Entrepreneurship continues to gain momentum as a significant and relevant field of research. Policy makers in the rush to stimulate entrepreneurship in various countries, often rely on the success stories and prescriptions documented in the entrepreneurship literature in which most studies are set in the United States.

Research aims

The article present exploratory study addresses the subject of cross-cultural differences in attitudes towards entrepreneurship by focusing attention on two particular types of cultures of entrepreneurship British and Polish.

Method

The quantitative research (survey) was conducted in May 2014 among 153 Polish and 94 British graduate and postgraduate management students.

Key findings

The findings have some distinctive implications for government, policy makers and educators through determining the attitudes towards entrepreneurship among students.

Open access
Foreign Capital in Poland During Recession

Abstract

The system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth.

The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.

Open access