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Michał Brzozowski and Joanna Siwińska-Gorzelak

Abstract

The aim of this paper is to shed light on the public and private sector interdependencies in the international financial market. Using annual data on sovereign and private sector external indebtedness for 95 emerging and developing countries in the 1970-2012 period it looks at the relationship between the level and structure of public external debt and the likelihood of private sector entry in international bond and loan markets. The private sector entry in the offshore loans and bonds markets is shown to be conditional on the amount of public sector external debt. The relationship is complex but in general the saturation of the financial market with external government liabilities renders the private sector entry into the bonds’ market more difficult.

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Jan Baran

Abstract

This paper analyses changes in overeducation incidence in Poland in 2006‑2014. It finds that a rise in number of tertiary educated workers outpaced an increase in number of jobs requiring tertiary education, which resulted in a substantial growth of overeducation incidence. The overeducation increase was driven mainly by mild overeducation rather than severe overeducation. Overeducated workers are usually young with little job experience. Women are found at lower risk of severe overeducation compared to men, but relatively more at risk of mild overeducation. A low risk of overeducation is associated with having studied technical and health programmes.

Open access

Dominika Machowska

Abstract

The paper investigates the optimal allocation between defensive and offensive advertising efforts in a dynamic, growing market in which two companies are competing for market share. The study described in this paper extends the existing literature on dynamic advertising competition by considering a market that is in the growth phase and by including the heterogeneous decay rate of market share. A modified Lanchester is employed to describe the dynamics of market share by model. The goal of companies operating in this domain is to maximize their profits over a finite decision horizon. Based on the differential game approach the Markovian Nash strategies for offensive and defensive advertising activities are determined. Additionally, an analysis of the extent to which this solution is sensitive to changes in potential market and the rate of customer churn is made.

Open access

Aleksander Kaczmarek, Krzysztof Przybyszewski, Dorota Rutkowska and Honorata Sosnowska

Abstract

The aim of this paper is to check whether mathematical competences influence some manifestations of bounded rationality. A special example of bounded rationality called “framing effect” is dealt with to analyze empirically the thesis that mathematical competences and cognitive effort may reduce the framing effect. Two kinds of cognitive effort: probabilistic and deductive are analysed. Experiments were conducted using samples of Polish students, both mathematically and business oriented. As an example of a framing situation an example called “Asian disease”, (the first analyzed and the most popular example of the framing effect), is considered. The thesis that a mathematical background may diminish the occurrence of the framing effect was partly confirmed.

Open access

Şayan Berber, Mahmut Köle, Mustafa Emre Taşçı and Esin Can

Abstract

The purpose of this study is to investigate all related studies that have been published between the years of 1989-2015 in the area of the born global (BG) phenomenon that enumerates the firms which are becoming active in the international market arena by using the methodology of thematic analysis. From the Web of Science Core Collection, 198 articles have been included which have been examined in detail according to their distribution throughout the years, types, focused subjects, writers, institutions, publishing houses and countries. This study is critical as it analyzes the subject of BGs / international new ventures (INVs) with their ever-mounting number, and the effects in the global market during the past three decades by reviewing related research under a systemized thematic umbrella and its importance in regards to significant contributions by defining four thematic top-groups (organizational, sustainability, internationalization, research) with detailed subgroups.

Open access

Alidou Ouedraogo

Abstract

The underlying causes for the low representation of women on board directorships has been the subject of considerable research when viewed in the context of North American, European and Asian economies and markets. In Africa, very few studies exist that examine this reality even if the socio-economic situation increasingly requires it. Indeed, women are a pillar of the social and economic life of African countries, as they constitute the equilibrium point of family stability and contributors to various essential economic activities alongside men in their community and country. This central role of African woman in all civic endeavours stands in stark contradiction to their general absence on the Board of Directors of most African companies. Although a recent ADB study indicates that the percentage of African women on boards is higher than on some other continents’ nonetheless, the fact remains that this low representation is astonishing. This research aims to understand the cause and effect relationship and to identify the determinants of this low representation of women as sitting board members. It is based on semi-structured interviews with women who are voting members on existing Boards of Directors of large firms in the public and private sectors. It shows that the low representation of women in boardrooms is explained more by socio-cultural factors rather than any organizational flaws or personal issues with these women.

Open access

T. Rynarzewski and M. Szymczak

Open access

Grażyna Michalczuk and Julita Fiedorczuk

Abstract

The concept of national intellectual capital (NIC) is in its early stage of development. NIC has a complicated and heterogeneous nature with NIC models displaying varying levels of aggregation and structure as well as inconsistent accuracy. As a result, the authors’ standpoints differ according to definition and NIC taxonomy. The aim of this article is to analyze NIC taxonomy and to organize and classify the scattered and often inadvertent intangible generators of the country’s wealth. The results of the research confirm a lack of a generally accepted definitional and taxonomic approach to NIC making a search for an acceptable solution necessary since without it the measurement and comparability of results or even the management and control of the intellectual capital of the country will not be possible. Besides contemplating the existing approaches of NIC division, the authors create their own NIC taxonomy and describe its components by presenting an original understanding of NIC components. This is extremely important because the subject of NIC has not yet been scientifically sufficiently exhausted.

Open access

Ilze Zariņa, Irina Voronova and Gaida Pettere

Abstract

The study gives an overview of the Baltic non-life insurance market. The purpose of the research is to summarise stability statistics on solvency ratios, risk profiles and capital surplus, which was contained in Solvency and Financial Condition reports (SFCR) in 2016 published first time by non-life insurance companies in European Union and Baltic market (Latvia, Estonia, and Lithuania). Solvency II came into effect in 2016, and these reports have been prepared using the new requirements of the Solvency II framework. All non-life insurance companies are required to have eligible own funds at least equal to solvency capital requirement (SCR) in order to avoid supervisory intervention (own funds divided by SCR are required to be at least 100 %). The SCR is based on well known risk measure value at risk with 99.5 % confidence level over a one-year time horizon. Baltic non-life insurance companies were strong capitalized (median 155 %) in 2016. It means that all Baltic companies can survive even if 1 in 200 years events have occurred although Baltic solvency coverage ratio is lower than the median ratio in European Union (209 %). For Latvian non-life insurance market, solvency ratio median is the lowest in European Union comparing by countries. The authors have analysed the historical development of the market and have calculated financial ratios, Gini’s concentration index, as well as dissimilarity index. The authors have investigated the current and future internal and external risks and issues for the Baltic non-life insurance market, such as political environment, low-yield environment, and market competition due to new mergers and acquisitions (M&A) activities, and a new rule for accounting for insurance companies IFRS17.

Open access

Monika Banaszewska

Abstract

The trend towards decentralization of government activities has prompted an increased interest in sub-national fiscal rules. The paper investigates an ex ante adaptation to the modified subnational fiscal framework. Using a panel of 2,479 Polish municipalities in the years 2011-2013 the aim is to verify the existence of the side effect of the new debt repayment rule. The empirical results show that local government units for which the new rule would have been more demanding than the former generated higher revenues per capita from asset sales.