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The aim of this paper consists in providing a general overview of the notion of intellectual capital as a key to maximizing the corporate performance. Following the researches carried out, we present the delimitations of the intellectual capital in relation with human capital, relational capital and structural capital. In terms of its measurement, we focus on a question which could be a solid base for the next studies: “Can intellectual capital be evaluated?” In this regard, a number of methods (direct and methods based on assets returns), generic model and individual company models were presented, concluding in this way with a hierarchy in terms of utility and their importance.


The aim of this article is to determine the current state of impact of various forms of intangible assets on the internationalization process. For the purpose of the paper meta-analysis was adopted as a method of the study. English-language peer-reviewed journal articles were analyzed only with the help of: EBSCOhost, ScienceDirect, Emerald, JSTOR, ProQuest and Wiley Online databases. The search was aimed at newest papers (after 2012), however some older articles (with regard to their value) were included in the analysis as well. Based on the conducted analysis, there was observed a significant and positive link between the level of employee education and internationalization probability and extent. The effect of the wages on internationalization is stage dependent. Under certain assumptions there is a positive and strong relationship between R&D intensity and internationalization. Advertising spending do not foster the process of internationalization. The practical contribution of this research is twofold. First, it provides valuable insight for practitioners which intangible assets and how foster various modes of the internationalization process. Second, it describes upon which conditions the interrelation between firm intangible assets and internationalization is significant and positive.


The aim of this paper is to investigate the implications of the fourth industrial revolution for technological competitiveness, its definition and measurement methods. An empirical part is aimed at identifying comparative advantages of the European Union in digital technologies. Recently new approaches have appeared to measure digital competitiveness, however they use a broad definition of competitiveness that encompasses not only technological factors but also the macroeconomic and institutional environment (IMD, 2017; WEF, 2018). There is still a limited number of studies focused on the technological dimension of competitiveness in digital technologies. This paper fills the gap by developing a conceptual framework based on patent indicators, i.e. Patent Share and Revealed Technological Advantage indices. It allows a consistent analysis of the comparative advantages of the EU member states in digital technologies to be conducted. The results confirm a huge diversity within the EU in terms of digital technologies, their global impact and comparative advantages.


Both the financial crisis of the first decade of the 21st century, as well as the deterioration of trade relations between the European Union and the Russian Federation were events that significantly affected the functioning of the largest listed companies on the food market: on the one hand, aggravating the conditions of economic functioning, on the other hand creating a stimulus to seek new innovative solutions to help companies survive on the market. The aim of the work was to present the impact of crises on the intellectual capital of WIG-Food index companies, which is an indirect measure of innovation. The MV/BV and q-Tobin index were used for the study, as well as selected quantitative methods: multiple regression, Ward’s method and seasonal additive decomposition. The results of the work indicate that the companies are divided into two groups, within which similar trends in shaping intellectual capital are observed. In addition, one of the groups clearly noticed the impact of the financial crisis and the introduction of an embargo on the shaping of intellectual capital.


Numerous research and analytical studies envisage a new wave of disruptive innovations that will completely change the economic landscape, organization and business models in the short term, as well as ways of managing companies. This wave of innovation, followed by the use of new digital technologies, such as Big Data, mobile applications, social networking, robotics, 3D printing, nanotechnology, quantum informatics, cloud computing, etc., through various forms and modes of cyber vulnerability, contribute to reducing the ability to achieve effective protection, not only for companies and public services, but also for other services available to citizens. The current research preoccupation is focused on finding adequate solutions, in terms of protecting the digital economy and digital business from all modern threats and risks that the modern disruptive technologies carry along with. The thematic focus is on strengthening the institutional and operational capacities of existing and newly-formed specialized agencies, such as: ENISA, EC3 and EUROPOL, in order to provide an integrated institutional response to a wide range of hybrid and cyber threats. The final section of the paper presents an overview of comprehensive strategic, regulatory and institutional approach of the EU to cyber incidents and crises in the digital space.


Market activity for today’s enterprises means continuing work to better understand the needs of their customers to provide them higher level of satisfaction. Building market advantages using a traditional approach based on material resources becoming less and less likely to increase competitiveness over the long term. The ability to use intangible assets, often more difficult to identify and manage, is becoming a key issue. Proper management of intangible assets can provide the company with unique market advantages that are unique, durable, and difficult to imitate. This study attempts to characterize selected dependencies between the nature of the actions undertaken by enterprises in relation to intellectual capital in the context of the strength of the level of competition in the market.


An effective knowledge-based economy requires regular cooperation between science and business. This is possible thanks to enterprises that create and implement innovations The paper focuses on the recognition of R&D expenditure. This aims to verify if firms with a scientist on their board are more likely to invest in the R&D. We conduct a tobit panel analysis of over 18,000 Polish private firms combined with data on patents and scientists employed at universities. The findings show that firms with scientists on the supervisory board are likely to invest more in R&D. However, these investment in R&D of firms with a scientist on the board are financial constraint. Their growth depends on access to finance. Therefore, institutions in Poland should support and promote cooperation between science and business, aiming for the realization of the implementation research. This approach requires updated regulations in the accounting area relating to the recognition of R&D inputs and outcomes.


This paper presents an analysis of the current state of the use of digital technologies by the categorized hotel accommodation providers in the Municipality of Bar. The concept of SMART tourism and the use of digital technologies in tourism implies networking of tourist content throughout the country towards getting “smart experience” from local community and creating “smart business ecosystem”. Hotels at the locations need to take advantage of new technologies and include various business, sociocultural, psychological and educational components. Following was analysed: the quality of the internet presence, the level of networking with the local tourist businesses, the use of logistic innovations in tourism and the intensity of the use of social networks. The goal was to identify the level of current digital recognition and the degree of use of information technologies to point out the unused potential for the development of entrepreneurship in the hotel industry.


The German food retail market is considered to be one of the most competitive markets worldwide. A narrow oligopoly of domestic retail chains dominates competition at the national and regional levels, driven mostly by price competition and extensive market coverage. As a result, market entrance for potential newcomers is highly restricted, even for such global players like Wal-Mart, which retreated in 2006 after nine years of substantial financial losses in Germany. There have been discernable attempts by the domestic incumbents to rebalance the traditional “task division”, affecting the range of customers choices as well as retail brands. However, within ten years the share of large retailers brands earnings in the total food retail market increased from 21.8 percent to 38.8 percent in 2012, as “house brands” optimized their assortment, increased their independence from main suppliers and squeezed out competitors. The empirical analysis presented below describes the role played by different retail brands in German food retail market as measured by their market power, and considers its political implications.



The aim of this paper is to identify basic relationships between intellectual capital efficiency in banks, their corporate governance, and their financial performance. Examining these relationships seems justified as up to now the topic has been investigated relatively rarely.


Structural Equation Modeling was used to accomplish the research objective. The structure of the research tool and the subject matter analysed in the study were drawn from reviews of the subject literature. Quarterly data for the years 2007–2017 published in reports and financial statements of banks listed on the Warsaw Stock Exchange formed the basis for the analysis.


The results of the conducted analysis do sustain the postulated hypothesis that corporate governance and intellectual capital of banks listed on the Warsaw Stock Exchange have a concurrent, positive impact on financial performance At the same time the relationship between intellectual capital efficiency and (selected features of) corporate governance turned out to be ambiguous and statistically insignificant.

Practical implication

The proposed model of structural equations may be used to identify the relationship in question, or its lack, in other areas of organisational activity. Furthermore, the study results provide guidelines for executives with respect to intellectual capital management and corporate governance.


SEM is a new, original proposal for measurement and presentation of the relationship between intellectual capital efficiency in banks, their corporate governance, and their financial performance.