<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this article is to present financial liquidity as a factor affecting the economic condition of the companies on the capital market in relation to the amended Bankruptcy Law in Poland. A study was carried out to determine the impact of liquidity on the increase in earnings per share and return on assets, indicators can be used to assess the economic condition of a company. As a result, logit and quadratic functions were examined and the parameters of the models provided a verification of the hypothesis. As a result, it was found that the good economic situation of a company related to the increase in earnings per share and profitability is affected by the increasing cash efficiency of assets and the decreasing value of the current ratio. It can therefore be concluded that according to theory, conducting a more aggressive policy in the area of liquidity results in an increase in the value of an economic entity and, therefore, its good economic condition, but the effect of overly aggressive policies may influence solvency, which is defined by Bankruptcy Law.</abstract>

Faculty of Economics and Sociology, Department of Capital Market and Investments

Financial Liquidity as a Factor Determining the Economic Condition of Companies on the Capital Market in Relation to Bankruptcy Law in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">In highly developed countries, research in the field of bankruptcy risk prediction has been conducted for many years. For example, in the United States, which can be considered a pioneering country, the first publications appeared in the early twentieth century. In Poland, due to political and economic reasons, the interest in this issue dates back to the early 1990s. For this reason, this publication attempts to answer the following questions: 1) What is the level of advancement of the research into predicting bankruptcies of enterprises in Poland? 2) How does it compare to worldwide trends? Therefore, the main aim of this study is to present and evaluate the scientific achievements of Polish authors in the field of corporate bankruptcy prediction and compare them to global trends. Literature analysis was adopted as the research method and shows that initially in Poland only very simple tools were used to assess the risk of bankruptcy of enterprises. With time, however, advanced methods began to be introduced and new models included non-financial variables. Also, research on the selection of the samples was conducted. Currently, the level of research and applied tools do not differ from those used in highly developed countries.</abstract>

Corporate Bankruptcy Prediction in Poland Against the Background of Foreign Experience

<abstract xmlns="http://www.w3.org/1999/xhtml">The basic objective of the work was to verify the hypothesis regarding the existence of the correlation between the income potential of the municipalities and the efficiency (relative) of their activity. The basis for such a hypothesis were some concerns as to the validity of the assumed system of funding territorial local governments in Poland- in particular in the area of fiscal transfers. A nonparametric method for the evaluation of relative efficiency - the DEA CCR-O was used in the research. Then the correlation between efficiency scores and local government revenues per capita was measured. The study includes 573 urban-rural municipalities in Poland in the years 2009, 2013, and 2016. As variable “input” expenditures per-capita were adopted. As “outputs”, 13 variables describing the basic areas of municipal activity were adopted. The results of the conducted analyses point to the existence of a correlation between the commune’s revenue level and the effectiveness of its functioning. In the whole of the analysed period, the correlation fluctuated around -0.34 to -0.42 for total pc revenues and -0.26 to -0.32 for pc own revenues.</abstract>

Efficiency vs. The Level of Per Capita Income of Urban-Rural Municipalities in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">In recent years, research on the synchronization of business cycles in economies has been undertaken more than once. This is a desirable phenomenon especially for the European Union. The aim of the article is to verify selected macroeconomic indicators that characterize the economies of countries belonging to the European Union in relation to Poland, thus presenting convergence of dynamic cycles of changes in socio-economic sphere indicators: inflation rate, unemployment rate, short-term interest rates, and GDP. For this purpose, a cross-spectral analysis was used which allows us to show the occurring fluctuations of different lengths, as well as to compare the strength of the relation of changes between selected indicators. According to the conducted analyses, it was noted that the Polish economy (in the perspective of long-term changes) is a determinant of changes for highly developed countries.</abstract>

Department of Organization Management and Development Strategy

University of Information Technology and Management in Rzeszów

A Multi – Speed Europe, and the Peripherality of Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of the paper is to analyse the effects of economic immigration on subnational government finance (SNG) in Poland. The goal to achieve is to answer the following research question: what are the fiscal effects of immigration on SNG budget revenues and expenditures. To answer this question, logarithmic models were developed. The analysis refers to the years 2007-2016. In this respect, data from Statistics Poland - referring to budget revenues and expenditures of communes, cities of district status, districts and voivodeships - were used. As far as immigration statistics are concerned, data from the Ministry of Family, Labour and Social Policy were used. The results indicate an increase in both revenues and expenditures of SNG as a result of immigration. Such results can be explained inter alia by the nature of migration - research were focused on economic immigration. Results confirm that the level of employment of foreigners is one of the determinants shaping the fiscal effect of immigration. Moreover, the impact of economic immigration on SNG budget revenues and expenditures depends on the structure of this budget. This explains the differentiated results of the analysis of the impact of immigration on SNG in different countries. The positive correlation between immigration and SNG revenues in Poland can be associated with a high share of subnational governments in personal income tax revenues as this tax is one of the main categories of SNG revenues. Furthermore, results show that the impact of immigration on local government budgets in Poland is modest. This confirms the conclusions drawn by other authors (e.g. Auerbach and Oreopoulos), that in the long term, immigration cannot be considered as a potential instrument for resolving fiscal imbalances.</abstract>

The Fiscal Effects of Economic Immigration on Subnational Government Finance in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this article is to present the analysis of treasury bonds issued by the Ministry of Finance on international financial markets to finance debt. The author identifies the structure of bonds on the domestic and international markets. The study attempts to answer the question of whether the Ministry of Finance should issue bonds on foreign markets and what kinds of risk should be understood in the process of managing issues.</abstract>

The Rationale and Conditions for the Issuing of Polish Treasury Bonds on Foreign Markets

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