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Open access

Jani Bekő and Darja Boršič

Abstract

We examine the purchasing power parity (PPP) hypothesis of 10 members of ASEAN. A battery of panel unit root tests is employed on data series from January 1995 to January 2018 in order to search for validity of PPP in the period before the Great Recession and in the post-crisis period. All the calculations are based on four numeraire currencies: Chinese yuan (CNY), Japanese yen (JPY), US dollar (USD), and the euro (EUR). First, following the outcome of the present study for ASEAN countries, the PPP holds mostly with respect to CNY rates. Second, for the post-financial crisis period, our research proves conclusively that the PPP supposition is predominantly valid between the currencies of ASEAN countries and EUR rates. The sample of countries in the study is limited to the ASEAN group of economies. Based on the evaluated parity conditions, the emergence of global economic crisis brought about significant currency shifts in the ASEAN. The selection and testing of a broader range of numeraire currencies is vital to provide empirical underpinning for PPP notion.

Open access

Bogdan Nogalski, Przemysław Niewiadomski and Agnieszka Szpitter

Summary

The main aim of this paper is to develop a model of key technical dynamic capabilities providing implementation flexibility of manufacturing companies of the Polish agricultural sector. Achieving the main target required to formulate sub-targets, to which the following have been included: the query of subject literature remaining in a direct relation to the topic of the research, which, in the authors’ intention, will find its expression in the developed definition of technical dynamic capabilities. At the design level, it is essential to search for the answer to the question: what technical capabilities imply dynamic flexibility of the Polish manufacturers of the agricultural machinery sector?, while, at the empirical level, to prioritize individual technical dynamic capabilities and determine what deficiencies in this area are characteristic for the studied companies.

Open access

Tymon Ostrouch and Waldemar Sługocki

Summary

In the 21st century in a globalized world the level of competitiveness depends on numerous factors. This article concentrates deliberations on several of them, including space, population and international exchange. For ages, the international position of a country depended on its geographical size or access to sea. The country’s size was also determined by its internal demographic potential. As civilization progressed, there was a reorientation of factors which influence the development of individual countries and their regions. The contemporary world has seen an emergence of countries with small surface area and minor human potential, which yet are global development leaders. In the literature, they are often referred to as small states. Analysis of research shows that small countries are more involved, for instance, in providing support for the society. International exchange is also important for the development of individual countries. In this aspect, small countries turn the apparent threat related to a small market into an advantage. In the conclusion of the deliberation, the authors of the study point out that despite significant economic, social and cultural evolution, space and population are still important elements of development, although, they note, the role of such elements of spatial policy as natural resources is smaller than in the past.

Open access

Maria Akulich and Jerzy Kaźmierczyk

Summary

This article examines modern economy and society taking the formational approach, which is based on the concept that for the modern world and the predicted future, the economy will remain the foundation of society. An understanding of modern society as a post-capitalist society is proposed and justified. The definition of post-capitalism is determined as a stage of capitalism. Humankind would enter its last stage, a stage of liberal democracy and global capitalism. The major features of post-capitalistic society are examined and analyzed: economic, political, spiritual, cultural and domestic.

The economic determinism in its pure form is supplemented with informational determinism in modern society, although the economy remains the primary determinant of social development. Post-capitalism is not a new concept but rather is a new stage in the development of a capitalist socioeconomic formation. An important distinction between capitalism and post-capitalism is that capitalism is characteristic of a society that is engaged in industrial and commercial development. A society has reached the post-capitalism stage when it has passed the industrial stage and entered the information era.

Open access

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

Ia Natsvlishvili

Abstract

This research discusses the role of social entrepreneurship as an important feature of the moral economy, i.e., a socially responsible business practice. Developing countries, e.g., Georgia, a post-Soviet country, differ from those in the West in this aspect. The author aims to identify peculiarities of social entrepreneurship and corporate social responsibility of Georgian businesses. Desk research provides conceptual analysis of the existing quantitative and qualitative studies, based on prominent scientists’ works in economics and entrepreneurship. A “moral economy” understands business activities as “social services.” Social responsibility is a business’s moral framework, suggesting a company’s obligation to generate social benefit. Social entrepreneurship combines the best practices from the nonprofit and for-profit activities to tackle social needs poorly addressed by businesses and governments. Social entrepreneurship is a relatively new phenomenon in post-Soviet countries, where nongovernmental organizations help in solving many social problems, but their efforts are typically insufficient. Entrepreneurs must find a balance between a company’s success, employees’ needs, and environmental and social stability. These three priorities form the foundations of corporate social responsibility. Economic history provides many examples of moral standards driving the stability of a socio-economic system and profitability of companies with macroeconomic and microeconomic positive impacts. Companies operating in Georgia spend their funds on social projects and charity; moreover, such socially oriented activities are sometimes chaotic. Companies need to implement social responsibility projects as part of their business plans. Strengthening corporate social responsibility could thus support development of social entrepreneurship.

Open access

Stefan Lachiewicz, Marek Matejun, Paweł Pietras and Maciej Szczepańczyk

Summary

The aim of the article is to present the key features, stages, advantages and threats of servitization as a concept for managing the development of small and medium-sized enterprises. A literature review and empirical research carried out in the form of a case study of the medium-sized company Mikomax sp. z o.o. from Poland served to achieve the aim of the article. The obtained results indicate a significant role of servitization in the development of the analyzed company. A phased approach to the implementation of this concept has been identified, requiring a number of changes to be made in the management systems of the enterprise. Servitization is a source of strategic, marketing and financial benefits for the company, and the management plans to further develop servitization activities aimed at expanding its market offer and building a sustainable competitive advantage.

Open access

Maciej Dzikuć and Maria Dzikuć

Summary

According to the data of the European Environment Agency, due to excessive air pollution about 47 thousand people die prematurely every year in Poland. Although in recent years the level of industrial emissions in Poland has been significantly reduced, it is still a very serious problem of the so-called low emission. The aim of the paper was to determine the most important sources of low emission in the Middle Odra Region and to indicate activities that will optimally limit this problem. The article points out activities that help reduce low emission in the Middle Odra Region, where the problem is also noticeable, despite the lower population density and the lack of highly industrialized areas. Moreover, it pointed to the possible directions of low emission management, the implementation of which may contribute to a significant reduction of low emission in the Middle Odra Region.

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

Eva Jereb, Janja Jerebic and Marko Urh

Abstract

Background and purpose: Competition among higher education institutions is intensifying and such institutions are increasingly directing efforts towards improving their ranking. In this context, both high-quality programmes and student satisfaction have become major goals of universities. In our study, we tried to identify the importance of various factors influencing student satisfaction in higher education institutions.

Design/Methodology/Approach: A paper-and-pencil survey was carried out in the 2017/18 academic year at the University of Maribor in Slovenia. Students were verbally informed of the nature of the research and invited to freely participate. They were assured of anonymity. Mean values and standard deviations of the responses were calculated. Friedman test was conducted to assess which satisfaction factors were a priority for the students. Independent samples t-test was used to examine whether a significant difference exists between specific groups. The correlations between satisfaction factors and selected study variables (age, average grade and readiness to spread information) were tested using Pearson correlation coefficients.

Results: The study results revealed that the most important factors influencing student satisfaction were teaching staff, followed by administrative support, programme issues, physical environment, location of the institution, social life and support facilities. Significant differences between the genders were found for two satisfaction criteria, i.e. programme issues and administrative support, both being more important to women than men. We also found that the higher the level of the class, the lower was the importance of the satisfaction factors.

Conclusion: The results of this study indicate that higher education institutions need to focus efforts on improving the quality of teaching aspects so as to respond to the needs of their students, but also that they should not neglect non-teaching factors, especially regarding the physical environment. With improving these factors institutions can raise students’ satisfaction, gain on the reputation and impact future enrolment.