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Marcin Wiśniewski

Abstract

Social impact bonds are an innovative mechanism for financing social tasks with the financial resources of private investors. The repayment of the capital invested and capital gains depends on obtaining apredetermined social aim that is paid for by the public side under the “payment for results” formula. The previous work on this mechanism focused mainly on its task and organizational dimension. In this paper, the author attempts to define the social impact bond as afinancial instrument. In particular, the financial side of the mechanism is considered. First, an attempt is made to determine the place of the social impact bond in the theoretical classifications of financial instruments. Second, the place of the instrument is indicated in the system of financial law. Finally, some remarks are made on the need to have the new instrument regulated in Polish legislation.

Open access

Zhanna Mingaleva, Nataliy Shaidurova and Vanessa Prajová

Abstract

The challenges and achievements of technological upgrading are traditionally discussed in the context of the of high-tech production. However, such areas as agriculture and food production demand no less modern scientific and technological achievements. The challenges of appropriate feeding the population remain relevant. The article focuses on the examinations of issues related to the possibilities of involving modern technological achievements for the development of Russian agriculture. The main scientific methods of research were bibliographic analysis, statistical and factor analysis, comparative analysis, methods of analogies. The factual basis for the research was the official data of the Federal State Statistic Service (Rosstat), the data of technoparks in Russia, the results of modern scientific research of foreign and Russian scientists. A conclusion on the feasibility of involving the scientific and productive capacity of Russian technology parks for technological upgrading of agriculture in Russia is based on the analysis of the activities of the organizations in the country's science and technology sector, first and foremost technoparks.

Open access

Beata Zofia Filipiak and Marek Dylewski

Abstract

Investment activities executed by regional authorities are exposed to high risk. The risk results from the very essence of investment projects implemented by regions in Poland and can be associated with the failure to meet the regional budget. The purpose of this study is to assess the size of the existing discrepancies between the planned and actually incurred investment expenditure and to find out if there are systematic changes in the level of these discrepancies i subsequent years. This goal was achieved through the presentation of the specific approach to risk measurement in the investment activities of local government units. The research was undertaken by regional self-government units. Empirical research has allowed us to answer three research questions: how great were the disparities between the planned and the actually incurred investment costs in the Polish regions in 2011-2015? Did systematic changes in the level of inconsistency between the planned and the actually incurred costs take place in the observed period? Was the rate of failure to meet investment plans correlated with the rate of failure to meet operational financial plans?

Open access

Pavol Ťavoda, Ján Kováč and Zygmunt Ł Łukaszczyk

Abstract

The article deals with the research of operational reliability of forest felling machines with the method FMEA (Failure Mode and Effect Analysis) and its implementation for observed machines in the organization. Forwarders 810D by John Deere were chosen for this research. The research was realized in real operational conditions. Application of the FMEA method allows flexibility in case of unexpected situations and optimization of human potential abilities. FMEA tool is a tool preventing outages operational reliability and preventive tool for ensuring the maintenance of facilities. This paper explores and verifies the operational reliability theory in practical real-world conditions, resulting in a reduction in operating (variable) costs, minimization of failures and readiness and increased performance of observed machines.

Open access

Leszek Dziawgo and Danuta Dziawgo

Abstract

The subject of this study is the legal regulations concerning the banking and stock market sector. The research objective is to identify the issue of the adequacy of legal regulations on the modern financial market. The object of the research is the banking institutions and companies listed on the stock exchange. The following research methods were used, i.e. the analysis of the literature, analysis of legal acts, observations, descriptive, comparative and case study analysis. It was found that there has been an increase in the level of detail and restrictiveness of legal regulations in recent years, both in relation to the banking sector and to the stock market. In addition, the legislative revolution not only continues, but is also gaining momentum. Thus we could formulate a conclusion about the inversion of the modern financial market. The financial market was to facilitate business operations through access to capital. Currently, excessive regulations indicate the growing legal barriers to entering the financial market and conducting business activity in it.

Open access

Duc Tran Anh, Karol Dąbrowski and Katarzyna Skrzypek

Abstract

Modern technical environments require a high degree of reliability both in machinery and in equipment. Technological progress has, on the one hand, increased this efficiency but on the other hand, it has changed the way in which this equipment and these machines have traditionally been maintained. The authors have set the following assumptions. In order to survive in the market and develop, modern production enterprises realize the assumptions of Industry 4.0, wherein the optimization of maintenance processes is important because of the financial situation. This includes the profits made by the production company and differs from traditional maintenance, by shifting towards new trends such as predictive maintenance; as such, it is crucial for the development of the company. The article is devoted to the most modern predictive maintenance strategy, in the maintenance department of a manufacturing company. The publication describes the meaning of the method, its potential and the theory of action.

Open access

Ladislav Karrach and Elena Pivarčiová

Abstract

The paper deals with the possibilities of using Data Matrix codes in production engineering. We designed and tested the computationally efficient method for locating the Data Matrix code in the images. The location search procedure consists of identification of candidate regions using image binarization, then joining adjacent points into continuous regions and also examining outer boundaries of the regions. Afterwards we verify the presence of the Finder Pattern (as two perpendicular line segments) and Timing Pattern (as alternating sequence of black and white modules) in these candidate regions. Such procedure is invariant to shift rotation and scale change of Data Matrix codes. The method we have proposed has been verified on a set of real industrial images and compared to other commercial algorithms. We are also convinced that such technique is also suitable for real-time processing and has achieved better results than comparable commercial algorithms.

Open access

Ján Turis, Pavel Beňo and Witold Biały

Abstract

The article deals with the experimental detection of the tribotechnical parameters for two different types of sliding bearings which are intended for operation without an additional lubrication due to the increasing requirements in ecology and environment. The dominant tribotechnical parameters of the self-lubricating bearing are the coefficient of friction and temperature. To determine these parameters, an experimental method was applied in this paper. The introductory part deals with materials of self-lubricating sliding bearings, their properties and usage. The experimental part consists of the evaluation of friction characteristics and geometric change of a surface after sliding pairs were being worn. Experimental examined sliding pairs comprise a sliding bearing and the shaft. The aim of this research was to determine the effect of radial force on tribotechnical parameters in order to predict the behavior of examined sliding bearings in real operating conditions.

Open access

Jan Kaczmarzyk

Abstract

A non-financial enterprise with receivables or liabilities denominated in a foreign currency is exposed to currency risk. Wanting to calculate a financial reserve in order to secure its receivables or liabilities, an enterprise can introduce the concept of the value at risk. To determine value at risk, an enterprise has to know the probability distribution of the future value of the receivable or the liability for a specific moment in future. Using a geometric Brownian motion to reflect exchange rate changes is among the possible solutions. The aim of the paper is to indicate that using the Monte Carlo simulation for forecasting the currency risk of an enterprise is a clear, easy-to-implement and flexible in terms of the assumptions approach. The flexibility of the Monte Carlo approach relies on the possibility to take up the assumption that the currency position changes caused by currency fluctuations have an other than normal probability distribution.

Open access

Alicja Fraś

Abstract

Mutual fund fees are extraordinarily high in Poland – almost three times higher than in Western Europe and almost five times higher than in the United States. In fact is that from among 183 Polish open-ended stock mutual funds as many as 81 impose a management fee of 4%, which is the highest value in the sample. The question arises whether it is really worth to invest in funds from the more expensive group. Comparing funds charging the highest fees (4%) with the cheaper ones it seems that there is no statistically significant difference between rate of return, risk and efficiency. However, more expensive funds have on average higher costs, are three years older and have almost 70% bigger assets. This may suggest that a well-established market position – not performance – is the trigger for raising their fees. Interestingly, funds with a relatively high minimal initial contribution level (5,000 PLN) have significantly lower management fees with similar costs, total assets value and performance results. Further analysis has also indicated that the costs level (Total Expense Ratio) is higher for older funds, while it is not related to funds’ size.