We decided to use the PROMETHEE method to rank selected types of investment funds offered on the Polish market. In our deliberations, we took an interest in the investor with a certain aversion to risk who chooses from among treasury securities or stable growth funds. We took into consideration whole ranking lists made for half-yearly periods from 2010 to 2012 instead of the specific objects pointed by model. We decided to check whether, among investment products of interest to us, there are stable relationships over time arising from their ranking positions that allow to identify regular groups of leaders and outsiders. Moreover, we checked the influence of the fund size measured by the value of its assets on its ranking position.
The economic changes in recent years have had a significant impact on the development of modern management concepts that are being used increasingly in modern enterprises. Their aim is to improve the operations of these companies, in order to maintain a competitive edge on the market. One of these methods is outsourcing. It is of great importance in the development of today's businesses and is among the most widely used concepts. It promotes effective management of the enterprise and can be used in almost every area of the unit, which helps it to function. The area of applying outsourcing that has been raised in this article is accounting outsourcing. The study provides information on the scope of accounting services usually performed outside the enterprise, demonstrates the specificity of these services in Polish conditions, and shows the impact of outsourcing on costs generated by the company. The article concludes with a summary, which is the general analysis SWOT of Polish accounting outsourcing.
In Poland, after the economic transformation a lot of fields of business lines required adaptation, also in social security. On last years performed some changes in the insurances.
The sick insurance in the common social insurance has been defined as obligatory for the employees, and voluntary at the request of the person. The cash expenditures for benefits from sick insurance of the contribution charges only the employee insured, also employers incur cost connected with the sickness of employees to pay the remuneration for inability for work.
The unfavorable demographic conditions which determine making the decisions also in the past years, modification of rights and levels of benefits from sick insurance was introduced, which did not reduce, but quite contrary, increased expenses, especially for sick and maternity benefits. It means lack for balancing the sick fund and necessity to search an answer in the foreseeable future to the question whether the level of the contribution should not be reviewed and updated.
The systemic transformation in Poland, aimed, among others, at activating market mechanisms, has resulted in a change in the ownership structure and privatization that has accompanied it. Privatization processes are commonly considered to be principally motivated by an increase in efficiency of the economy based on the assumption that efficiency of private enterprises is higher than that of public sector ones. The main aim of the article is to verify the above hypothesis. An analysis of efficiency of public and private sector enterprises, taking into account their organizational and legal forms, made on the basis of Central Statistical Office information, confirmed the above hypothesis. Private enterprises use their assets better and take advantage of the financial leverage mechanism to a larger extent. It should be emphasized, however, that private enterprises are more adversely affected by economic fluctuations caused by the crisis.
The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland.
The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition.
In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.
Although there are many opinions critical of options, especially after the 2008 scandal, they are becoming increasingly popular in Poland again. Therefore, issues connected with options are not only the subject of interest in academic circles again but also arouse interest of economic entities, allowing enterprises to assess a variety of action strategies. Those instruments enable planning safeguards to protect against various negative future scenarios. Hence, it comes as no surprise that there has been an increase in the number and variety of enterprises that have accepted options as a way to plan for their future. The article provides a brief presentation of options. It also describes one of their pricing methods. Light of the foregoing has been hypothesized that 'valuation of options using mathematical calculators using the binomial model is an effective tool for supporting management positions in futures instruments’.
The global financial crisis changed the customers’ approach to the banking sector. Nowadays, banks are often perceived not as public trust institutions, but enterprises operating with a huge risk on a highly competitive market and set on a short-term profit. Such an approach and the financial results of the global financial crisis influence the banking sector in a direct and indirect way. As a result, banks in the post-crisis period had to adopt such operating strategies, which allowed them to rebuild the trust and successfully and effectively function on the financial service market. The aim of the article is the analysis of the management strategy adopted by banks and the evaluation of their effectiveness in the postcrisis period. The author presents a thesis that the change in the strategies of managing a bank after the crisis in 2008 resulted in limiting the risk and increasing the effectiveness of bank operating. In order to verify the thesis, the available materials on the strategies adopted by the exchange banks were compared and their effectiveness in the years 2009-2012 was analyzed.
With the growing imbalance of public sectors in the EU Member States, the public debt in the countries increased too. Public debt management institutions face the task of choosing the optimal debt structure in order to minimize the negative effects for the economy.
This article sets out to determine changes in the public debt structure in the EU Member States during economic crisis. It consists of four sections. Section one deals with public debt management under crisis conditions. In the next sections, the term, currency and lender structure of public debt in the new Member States are analysed and discussed. The last section presents major conclusions from the research.
The article is devoted to the use of accounting tools in the assessment of financial policy of enterprises in the financial crisis. The purpose of the article was to show the impact of financial structure on the financial liquidity of chosen similar firms.
The study hypothesized that during financial crisis, a better financial position in terms of liquidity have firms, which limit the level of short - term liabilities in financing short - term assets. To verify the hypotheses, the analysis of documents (financial statements) and debt and liquidity ratios were used.
The huge risks associated with decisions made by key players in the capital market, i.e. investors, encourage them to explore any useful information. Therefore, stock market investors have an increasing interest in expenditures and achievements in all aspects of business activities of any corporation in which they may invest. Traditionally, they look for financial information, and increasingly for non-financial information as well, that all are about activities which are determined by and have implications to the natural environment, the society, and corporate governance (ESG). As a result, this information creates the image of Corporate Social Responsibility (CSR), and investors, who in the construction of investment portfolios take into account non-economic criteria, create Socially Responsible Investment (SRI) market.
The aim of the paper is to highlight the need to satisfy market investors' expectations of CSR information by the companies listed on the stock exchange. Secondly, the aim of this paper is to indicate characteristics that make financial and non-financial information presented in Integrated Reports useful for stock market investors.
As a result it has been confirmed that there is a need to produce business reports in which corporate approach to social responsibility is taken into account. Moreover, characteristics of non-financial information which are about their usefulness for investors in the process of decision-making have been identified and whether market regulators show an interest in integrated reporting has been established.