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Kristóf Gyódi, Maciej Sobolewski and Michał Ziembiński

technique used to analyse the price dynamics, for example, by Cavallo (2015) . The novelty of our approach lies in using data from price comparison services instead of working with great number of individual sites which often use incompatible web technologies. In this way, we are able to collect tons of individual price signals from virtually all shops selling a particular item in each country. With such a large and diversified data, we can measure price dispersion in a robust way and make frequent updates at relatively low cost. With respect to the pattern of observed

Open access

Ana Raluca Chiosa and Bogdan Anastasiei

Abstract

Nowadays, with the major role that social media is playing in our life, people have found an easy way to utter negative word-of-mouth (NWOM). A self-administrated questionnaire with a visual stimulus was used to collect data from 108 Romanian Facebook users, between the ages of 18 and 26 years. This research aimed to determine the impact of adverse messages on brand attitude and a series of others consumer reactions.

The results indicate that negative messages may change brand perception and generate negative word-of-mouth, with significant impact on future purchase intentions. They also indicate that identity avoidance is a more relevant electronic word-of-mouth (eWOM) antecedent than negative emotions, strongly and positively influencing brand hate. The findings show that negative events or actions can seriously affect consumer behavior, triggering brand rejection that eventually may translate into brand image deterioration and sales decline.

Open access

Edyta Sygut

Abstract

The basic function of taxes is the fiscal function, which consists in collecting revenue by public authorities. The imposition of non-fiscal functions on taxes causes the weakening of their basic function. The purpose of the article is to present tax exemptions, as well as to assess the fiscal consequences of their application in excise duty in Poland in 2012-2016.

The Polish excise duty solutions provide for numerous tax exemptions, whereby it should be noted that a significant part are attributable to EU solutions resulting from harmonisation of this tax. In light of the conducted research, it may be concluded that the applied tax exemptions have a significant influence on fiscal efficiency (causing an average revenue decrease of approximately 7% during the examined period).

Open access

Nenad Vunjak, Jelena Vitomir, Tamara Antonijević and Petra Stojanović

Summary

The subject matter of this research is investment management and its forms practiced in developed financial markets. The goal of this research is to elaborate on the strategies and characteristics of investment companies, hedge funds, venture capital funds, and LBO funds. Investments companies deal with professional management of financial assets of individual and institutional investors. Investment companies also deal with funds management.

Hedge funds establish a pool of assets to invest in securities. The strategy of hedge funds is: aggressive growth, unpayable securities, financial markets, and market neutrality.

Venture capital funds use the capital of investors to finance entrepreneurs and promising companies. They function as general partners, while the investors are limited partners. LBO funds use credits to finance acquisitions of companies. They collect their assets by: issuing shares, speculative bonds, and private placement of debt securities.

Open access

Roxana Popa Strainu and Mircea Georgescu

Abstract

A system built to support management decisions and not only needs to be accurate and well adapted to the requirements of the decision and the variables involved in it, and this happens because a decision is still a human act in any type of business and institution. We can say that a decision support system has a part in it that cannot be determined by any software: the human decision which is not a determinist act. It depends on a lot of variables but also still involves the decision maker intuition and experience. This is why an important problem emerged to be discussed in this paper: the need to implement and develop an in house solution to help management decisions and not only, using existing tools and this with no additional fees. This can be a good opportunity to discover models and solutions. An identified solution using Microsoft Excel and Access is discussed in this paper and a model applied on a case study will be presented. The results of the case study showed a real support in making decisions and a better transparency in manipulating the data, improving also the time needed to collect, transform and present data. The model can be applied in any type of problem that needs a visual presentation of data as well as in situations that need working with a large amount of data, but especially in small and medium size companies.

Open access

Michaela Jánská and Petra Olšová

Abstract

In marketing communication it is important to know what and how to inform the customer, it means to know the target audience, where it is located and how it is possible to reach it. The most commonly used form of addressing the customer in the retail is a leaflet action. This article aims to highlight the use of segmentation aspects by retail in the selected region for the best implementation of selected communication mix - direct marketing. An analysis of secondary data - professional literature and studies dealing with the meaning of communication in the company, specifically marketing communication with a focus on direct marketing in the retail – was executed to fulfil the objectives of the article. Results from a questionnaire survey that examined the influence of spatial data on the purchasing behaviour of customers in Ústí nad Labem - City will be used as primary data. Survey results indicate the fact that it was necessary to collect spatial data on the segment. A selected market was examined in the questionnaire survey mainly in terms of geography and demography and impact of these criteria on the leaflet distribution process application. Geographical segmentation provided information on the spatial distribution of retail shops in the city. Socio-demographic segmentation offered information about age, gender, status, and education of customers who shop in the supermarkets.

Open access

Dian Hakip Nurdiansyah and Gusganda Suria Manda

SUMMARY

Local Bank (BPR) as one of the financial institutions in Indonesia in carrying out its activities collecting funds from the public in the form of savings and deposits and channeling back the funds collected through the provision of credit. This study aims to determine, describe and explain the Effect of Allowance for Bad Debt to the Level of Profitability in Subang BPR of Pabuaran Branch. The method used is descriptive method, and testing of the data - the data studied. The data used is data from the financial statements of PD BPR Subang of Pabuaran Branch in 2012 to 2015 with a monthly ratio reports. Any increase in the value of allowance for bad debt (X) of 1% would cause a rise in the value of profitability level in terms of the comparison of operating cost with operating income (Y) of 0.333% and vice versa. The conclusion is the level of allowance for bad debt does not significantly affect the level of profitability as measured by the comparison of operating expenses to operating income.

Open access

Jolanta Szołno-Koguc

Abstract

An essential condition for asserting responsibility in public finances is that they are open and transparent. The Public Finance Act mentions ways of applying the principles of openness, and also stipulates the entities obliged to present data and information on public finances. There is, however, no legislation connected directly with transparency. So do the general requirements of classification and of accountancy and reporting principles constitute sufficient premises for accountability and asserting responsibility? An analysis of the reports and documents concerning the Polish public finance sector indicates that the processes of collecting and spending public funds are insufficiently transparent. The information system enables formal verification of discipline of public finances; however, it does not provide a sufficient basis to assess the effectiveness and efficiency, which are of key importance in terms of accountability. The aim of the article is to analyse the requirements and standards in the field of openness and transparency insofar as these concern the responsibility and accountability of public authorities, along with elements of how these are assessed in the Polish public finance system. A normative descriptive method was applied which took into consideration elements of finance theory, as well as an analysis of practical experience in the field of how public sector bodies function in Poland. The research objectives are realised mainly on the basis of a critical review of the literature on the subject, and an analysis of legal acts, reports and other documents of domestic and international institutions. The considerations and analyzes have led to several key applications to develop the principles of openness and transparency in relation to improving the accountability of public finances.

Open access

Dumitru Zaiţ and Adriana Zaiţ

Abstract

The present paper analyzes, through a case study, the organizational culture of a typical Romanian company from the textile industry. The company resulted from the privatization process, being a successful example in its field. The initial, socialist enterprise from which the analyzed company was created, had a long history prior to 1989; thus, although the newly created company has about 20 years of evolution, actually, the mother-company from which it was privatized has more than a decade of tradition.

In order to collect data, we used two methods: direct, non-participative observation, together with a sociological survey based on a semi-structured interviewing technique. The interviews were conducted with the top managers - the strategic management and the managers from the human resources department, sales and purchasing departments. The observation and the interviews were undertaken during the period 2011-2012. For the analysis of the collected data, we used a systemization method and a theme-based organization of answers (specific to content analysis).

The identification and analysis criteria for the typologies of the organizational culture were those used by Sonnenfeld (1988) and Quinn (1991). A protocol was established for all stages, including exploration, description of the situation, data analysis, typological classification of the organizational culture and interpretation. We conclude that the analyzed company has a mixed personality and hesitates between rigorous control and permanent adaptation, between the real and ideal image, between independent action and the need to wait for directions and reassuring control, a rather general characteristic of the Romanian culture.

Although the managers seem to be in favor of a permanent and free adaptation to the threatening environment, control is always used as a precautionary measure. Moreover, the strategy of the company seems to privilege the maintaining of its structure and procedures and not the adaptation to the environment. The company is placed in different categories, for both models, at stated level comparing to the actual one, oscillating between Club and Baseball (for the Sonnenfeld typology) and between Hierarchical and Innovative (for the Quinn typology of organizational culture).

Open access

Dorota Murzyn

Innovation Systems. Oxford: Oxford UP. Obrębalski, M. (2006). Mierniki rozwoju regionalnego. In: D. Strahl (Ed.), Metody oceny rozwoju regionalnego (pp. 26–37). Wrocław: Wyd. AE im. Oskara Langego we Wrocławiu. OECD (2005). The Measurement of Scientific and Technological Activities: Guidelines for Collecting and Interpreting Innovation Data: Oslo Manual . 3rd ed., Paris: OECD. OECD (2008). Territorial Review of Poland . Paris: OECD. Oughton, C., Landabaso, M., Morgan, K. (2002). The Regional Innovation Paradox: Innovation Policy and Industrial