Brendan McSweeney, Donna Brown and Stravroula Iliopoulou
God, vis vitalis , genes, biology-based evolutionary determinism, economic substructure. Stanley Lieberson asks sceptically whether there are social forces ‘so powerful and overwhelming that no other conditions can deter their influence’ (1992: 7). The claim that such social generalizations exist is strongly contested. Talcott Parsons, for instance, stated that he was ‘resolutely opposed to single factor explanations of phenomena in the world of human action’ (1978: 1358) (see also Popper, 1957 ; MacIntyre, 1985 ; ; Byrne and Ragin, 2009 ). However, given the
Butt Z., Haberman S., Verral R., 2008, Calculating compensation for loss of future earnings: Estimating and using work life expectancy, Journal of the Royal Statistical Society, 37.
GenRe, 2014, A Comparison of Compensation for Personal Injury Claims in Europe , 2014, http://www.genre.com/knowledge/publications/claimsfocus-pc-201309-en.html .
Insurance Europe, 2016, European Motor Insurance Markets , 2016, https://www.insuranceeurope.eu/european-motor-insurance-markets .
Jędrzychowska A., 2017, Compensation for those
The passive side of a bank’s balance sheet is characterized by considerable variety. Additionally, the intention of the supervisors is that the bank losses are covered according to a specific order, which foresees that the owners are the first to be exposed, followed by the creditors (but some of the bank’s liabilities are essential for the continuation of the operations and it is not recommended that they are redeemed or converted into shares). The sequence of covering losses expected in the supervisory regulations is often inconsistent with the order resulting from the hierarchy of claims established in the bankruptcy law. In such a situation, implementing actions involving the write-down or conversion into shares of subsequent categories of debt may entail breaking the basic principles of bankruptcy and resolution law: the pari passu and no-creditor-worse-off rules. The purpose of the article is to identify situations in which the indicated rules are breached, as well as to review and evaluate national solutions that have been implemented to ensure compliance with the above mentioned rules. To this end, the relationship between the structure of the passive side of the bank balance sheet, supervisory regulations in the area of capital adequacy and the resolution principles were analyzed. As a result, four situations have been identified where there is a risk of breaking the already mentioned rules. The review of national solutions implemented to address the problem suggests that they lead mainly to its shift to the next category in the claims’ hierarchy, but does not eliminate it. A similar effect is also provided by the amendment of the BRR Directive, which aims mainly to harmonize solutions introduced at national level.
The growth and development goals of a national economy are successfully achieved through implementation of a properly selected investment policy, and for that reason, foreign investments are one of the main fundamental means for reaching the goals of economic and regional development. The insurance is one of the industries that have gone furthest ahead in globalization of the world markets. The main focus of this article is the insurance industry and economic development of the selected transition countries, some of them already members of the European Union, others still in the EU accession procedure. The importance of the insurance industry can be seen in the results of the displayed types of insurance in the period from 2010 to 2014. Transition countries may expect a significant encouragement to economic development by investments in the insurance industry. The subject of this study is to determine if these expectations are met or the improvements are achieved only in the domain of types and ways of selling insurance products.
The aim of publication was to recognize the characteristics and morphology of today’s hog cycle. The hypothesis was that known in the economy since the second half of the nineteenth century hog cycle is also a typical phenomenon in the contemporary economy. It is also claimed that cyclical supply changes of pig meat are not synchronized between countries. Fluctuations in production are country-specific and are influenced by local conditions. While in the case of pork prices there is a characteristic broad convergence of cycle between countries. Development of world trade exchange and economic integration of groups of countries lead to uniformity of cyclical changes in prices. The study included the world economy and eight selected countries with the largest share in the global production and/or foreign trade. The time range of empirical analysis (analyzing fluctuations in supply and prices) concerned the period 1991-2012.
Tomislava Pavić Kramarić, Marko Miletić and Renata Kožul Blaževski
Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability.
Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017.
Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth.
Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.
Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.
Schmitz Sven Olaf, Michniuk Agnieszka and Heupel Thomas
Since the seminal work of Chris Argyris research has realized that the design of Management Control Systems (MCS) has a significant impact on the social framework of an organization. This influence has been discussed in literature for decades. But there has been no holistic alternative for budget related MCS until the development of Beyond Budgeting (BB). Even though BB proponents claim that BB empowers organizations to become more adaptable, efficient and fair and is able to reduce unethical behaviors, BB has not been adopted by a considerable amount of organizations. One reason for this conservative attitude of organizations might be the lack of a framework that makes it possible to assess the possible advantages of BB for a specific organization. Current research suggests evaluating MCS in terms of their impact on organizational justice perceptions. Building on these new empirical findings, our paper tries to contribute to a better understanding of the potential advantages and disadvantages of BB by assessing the impact of BB characteristics on organizational justice perceptions. After identifying BB core characteristics, these characteristics are assessed regarding their impact on organizational justice perceptions. Partial least squares regression is applied to evaluate the relationship between BB core characteristics and organizational justice perceptions. Our results suggest that applying BB might enhance informational and interpersonal justice perceptions and therefore be beneficial for knowledge-based organizations.
The Role of Leaders in Managing Organisation Boundaries
The paper notes the importance of the boundary concept in the organisation and management theory and practice and attempts at identifying the role of leaders in the organisation's boundary management processes.
The starting point is the assumption that looking at an organisation as an open system which interacts with its environment validates a claim that an organisation's success depends on the efficiency of such interaction with the environment, taking place across boundaries, which means that boundaries are not unimportant, peripheral components of the organisation management system, but rather its critical constituents, determining the ability to correctly define the organisation's operations and behaviours of its stakeholders. This assumption required the consequent identification of the role of leadership in the boundary management processes. The paper discusses the role of leadership in the 21st century, the evolving competition paradigm, the impact of globalisation and diversity on corporate management, the role of organisational culture and management process transformation.
Anna Lewandowska, Joanna Witczak and Przemysław Kurczewski
12. Defra (2011), Green Claim Guidance. How to make a good environmental claim: clear, accurate, substantiated. Building trust and confidence in environmental communications PB13453 Published by Department for Environment, Food and Rural Affairs, London.
13. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/69301/pb13453-green-claims-guidance.pdf (13.08.2016 - access date).
14. Du X. (2015), How the Market Values Greenwashing? Evidence from China, “Journal of Business Ethics”, No. 12, pp. 547–574.
15. Dziewanowska K
://www.smh.com.au/business/companies/facebook-currency-clearly-a-threat-to-big-banks-finance-sector-20190619-p51zaj.html >, [accessed June 21, 2019].
45. Yermack, D. (2015). Is Bitcoin a Real Currency? An Economic Appraisal // Handbook of Digital Currency. Academic Press. pp. 31–43. doi: https://doi.org/10.1016/b978-0-12-802117-0.00002-3 .
46. Zagorsky, J. L., (2019). Facebook Claims Libra Offers Economic Empowerment to Billions – an Economist is Skeptical. The Conversation. Internet access: < https://theconversation.com/facebook-claims-libra-offers-economic-empowerment-to-billions-an-economist-is-skeptical-118982 >, [accessed June 21, 2019].