<abstract xmlns="http://www.w3.org/1999/xhtml"> Because operationally financialization may be detected by the increase of interest, dividends, or capital gains, the paper tries to answer the question as to whether the increased dividend payments observed in Poland can be a symptom of financialization. Analysis of basic tendencies of changes in propensities to pay dividends, values, structures and payout ratios of companies quoted in the years 1992-2014 on the Warsaw Stock Exchange tend towards the conclusion that the increase of dividend payouts at this time is not a sign of financialization of the economy. But because most of the phenomena connected with the dividend policy of the companies quoted on the WSE show similar tendencies to those of the developed equity markets, this may be a symptom of the financialization of the Polish economy in the future. </abstract>

Can Increasing Dividends be a Symptom of the Financialization of the Polish Economy?

<abstract xmlns="http://www.w3.org/1999/xhtml"> The article examines the impact of financialization on income inequality between 2004 and 2013, through a panel analysis of seven European countries. Moreover, it attempts to examine differences in the perception of the phenomenon between the selected European countries belonging to the G-7 and countries from Central and Eastern Europe. The results demonstrate the existence of individual effects, which means that the level of inequality under examination is influenced predominantly by country-specific factors. The most significant correlation is noticeable between the level of unemployment and the degree of income inequality. An increase in unemployment is accompanied by a rise in the disproportions in the level of income that individual citizens have at their disposal whereas a decrease in the unemployment level contributes to an improvement of the GINI coefficient. Simultaneously, the results confirm the existence of significant correlations between the level of the GINI coefficient and such financialization indicators as the share of employment in finance in total employment and the contribution of the financial sector to total value added creation. The most prominent dependency was discovered when a constructed synthetic indicator was adopted as an indicator of financialization. At the same time, analysis of the synthetic country financialization indicator points to a conclusion that the level of financialization is higher in European countries belonging to the G-7 (especially Great Britain) than in countries from Central and Eastern Europe. </abstract>

Financialization and Income Inequality in Selected European Countries, 2004–2013

<abstract xmlns="http://www.w3.org/1999/xhtml"> Stability in supply of commodities is essential for manufacturing and doing business. This fact is unchangeable despite the passage of time and only the ways of trading of commodities differ. Especially in recent decades, the global economy has changed significantly and one of the major factors fueling its transformation is financialization. This phenomenon, gaining importance with the beginning of the 21st century, affects all areas of the economy. Commodity markets are not free of it either. This leads to various structural changes in terms of ways of trading, price formation and volatility in commodity markets. The aim of this article is to investigate the roots of financialization of commodity markets, and to assess its influence on their stabilitythrough investigation of time series data from 1991 to 2015 and examining correlation coefficients. The results of the study conducted for the purposes of this article depict not only the volatility of commodity markets, but also a positive correlation between prices of major commodities over the examined period and a positive correlation between prices of major commodities and equity markets from 2009 up to 2012, thus the period of recovery after the subprime mortgage crisis.</abstract>

Financialization and Commodity Market Stability

<abstract xmlns="http://www.w3.org/1999/xhtml"> Each year assets of the banking sector in Poland increase and thereby its significance in the real economy increases as well. At the same time, the ongoing consolidation process and changes in the ownership structure cause the Polish banking sector to play a substantial role not only on the local financial market, but on the European market as well and Polish banks are becoming more and more significant entities in their international banking groups (both in Europe and worldwide). However, the perspective of concentration increase and restriction of the Polish banking sector to a few operating banks (dominated by entities with foreign capital) is a source of distress in the context of its soundness - and due to its significance in the Polish economy - to the whole financial sector and real economy. The main goal of this article is to analyse the changes of concentration in the banking sector in Poland, including the ownership concentration, while attempting to determine its soundness (using the financial stability ratios method). The purpose of the study is also to prove a thesis that limited concentration with diversification of the ownership structure and its limited concentration favours thesoundness of a banking system. The study was carried out on the basis of an analysis of literature (both Polish and English) and comparative analysis (of the concentration of the Polish banking sector against other European countries). Qualitative analysis was complemented with quantitative research, based on analysis of statistical data.</abstract>

The Relationship Between Concentration of the Banking Sector in Poland and Its Soundness

<abstract xmlns="http://www.w3.org/1999/xhtml"> The concept of a knowledge-based economy is a relatively new topic, but it does not mean that the previous economies did not use knowledge. For many years, knowledge formed the basis of any economy, it was a factor that set the pace of each of them, but just nit is making a significant impact on the entrepreneurial environment, and more. Inherent KBE is the concept of intellectual capital. The article raises both theoretical approaches towards the concept of intellectual capital, and points to the importance (from the point of view of managing this intangible value in the company) -of measuring intellectual capital. The process of good management of the value of intangible assets must be supported by knowledge about, e. g.,its size, value, etc. The authors focus on presenting methods of measuring intellectual capital from two groups of methods by the classification made by K. E. Sveiby, who is considered one of the fathers of the IC concept. The goal of the article is to compare methods from these two groups in terms of their flaws and advantages as regards preparing business analysis. This is done through presentation of the topic, including the concept and methods of intellectual capital measurement, which was based on the review of the literature.Furthermore, based on financial statements of companies from the WIG- oil&amp;gas index and WIG- food industry indexwaysof interpreting the final results are presented. </abstract>

Measurement of Intellectual Capital as Exemplified by Methods of Groups Based on the Roa Indicator and on Market Capitalization

<abstract xmlns="http://www.w3.org/1999/xhtml"> The purpose of the paper is to point out the accounting-based variables and relationships between them which enable us to measure financial liquidity in a way appropriate for assessing the financial distress risk of companies operating under conditions of a negative Cash Conversion Cycle (CCC). Contrary to the mainstream literature on bankruptcy predictions, mainly based on data modelling nested in statistics, in this article the approach is taken on modelling the bankruptcy process relevant for companies operating under conditions of negative CCC. The applied research methodology adopts Monte Carlo simulations based on a spreadsheet financial model of company operations built to simulate operating cash inflows and outflows generated by companies operating under negative CCC (following a methodology of a spreadsheet approach to financial modeling and risk analysis given by Charnes (2007)). To define financial liquidity measures the concept of Net Liquid Balance (Shulman &amp; Cox, 1985) and cash investment in Operating Working Capital (Szpulak, 2014) is applied. The results enable us to overcome the insufficiency of existing financial liquidity indicators for assessing the financial distress of companies operating under conditions of negative CCC. The additions to theory and practice consist of theoretical underpinnings of a financial distress mechanism possible for companies operating under conditions of negative CCC and definition of financial liquidity measures relevant for these companies.</abstract>

Assessing the Financial Distress Risk of Companies Operating Under Conditions of a Negative Cash Conversion Cycle

<abstract xmlns="http://www.w3.org/1999/xhtml"> The study concentrates on the comparison of hedge fund efficiency measured by maximum drawdown measures with traditional risk/return ratios. The examined period is from 1990 to 2011 and the data were provided by Hedge Fund Research. It is a continuation of the research done for a shorter period, that is for the years 2005 - 2011. The results obtained there were interesting and showed that the results of complex efficiency measures aren’t much different from traditional measures. It posed the question of whether it is worth applying them with their entire complexity. The author wants to check if the same conclusions will be drawn for a longer period. After having analyzed maximum drawdown measures, further research will be devoted to other groups of measures. It should give the answer to the question of whether complex efficiency measures are as useful as it is often stressed in the hedge fund literature.</abstract>

Maximum Drawdown Measures in Hedge Fund Efficiency Appraisal

<abstract xmlns="http://www.w3.org/1999/xhtml"> The integrated report is a tool enabling communication of an enterprise with both internal and external stakeholders. The lack of unanimity of stakeholders’ opinions on building values, resulting from the differentiation of their access to information, results in the value of the enterprise in the economic sense, evaluated from inside the organization, not complying with the market value evaluated by investors on the basis of available information. As a result, there is a gap of enterprise value. The lack of an integrated report leads to searching for such solutions whose scope and informational quality would build appropriate social-economic solutions with stakeholders. The report on added value is one of the ways of communication with the stakeholders in the area of the value generated by the enterprise. The purpose: The aim is to identify operating enterprises realizing the strategy of social responsibility in the ways of reporting on the information regarding added value as well as preparing the conception of a report indicating the direction of allocation of the generated added value for building financial, human and social capital of a firm. Design/methodology/approach: desk study, a comparative analysis of the methods of presenting the added value in the reporting of enterprises which provide a value-added statement or using GRI indicators. Findings: The presentations of the essence of reporting on the added value shows that it is a tool complementing the informational value of the compulsory annual report both for internal and external stakeholders. The value-added statement included in the integrated reports of international partnerships shows the dimension of the generated added value and its distribution among stakeholders. The indicator GR4 EC1- Direct Economic Value Generated and Distributed (EVG&amp;D) proposed by the Global Reporting Initiative for reporting the social responsibility of a business - does not determine the added value, but shows mainly the distribution of generated income for covering operational costs and payments for various stakeholders, including the local community. The information from EVG&amp;D may be used for determining the added value with a view to using it to calculate the indicators based on VA. In spite of differences in understanding the value measurement, one can recommend both of these approaches to the evaluation of the role played by financial, human and social capital in creating the value of an enterprise. From the stakeholders’ point of view, the information on generated income allocation is most important. Despite certain differences, both reports include such information. One should work towards the standardization of their measurement so that the results of respective companies could be compared and evaluated. Therefore, proposed is a report on the added value allocation2. Practical - the solution concerning the reporting on value proposed in the paper can be implemented in practice of enterprises to improve their communication with stakeholders. Originality and value of the paper: proposal of a new report combining the added value generated by the enterprise with elements of intellectual capital.</abstract>

Value Added Statement - A Relevant Instrument for Integrated Reporting

<abstract xmlns="http://www.w3.org/1999/xhtml"> This paper contains an assessment of changes in the financial and property situation of agricultural holdings in different regions of Poland. In the years 2006-2013, growth of the level of income from a family-owned farm was registered in all regions, but capabilities of reproducing fixed assets and development capabilities varied. Favourable changes in the availability of fixed assets in farms were observed. Regional differences became apparent in the efficiency with which these assets were used. The greatest growth of the value of fixed assets per 1 ha of farmland was registered in the Pomorze and Mazury region. Farms in the Małopolska and Pogórze region were in the most difficult situation, characterized by a permanent inability to reproduce fixed assets and develop.</abstract>

Selected Effects of Financing Agriculture from a Regional Perspective

<abstract xmlns="http://www.w3.org/1999/xhtml"> This research study aims to investigate the potential inner factors of the lending rate in the commercial banking sector of Pakistan. For this purpose, seven bank-specific explanatory variables (capital adequacy, management efficiency, liquidity, asset quality, investment to asset, loan to asset and deposit to asset ratios) were selected to determine their impact on lending behavior. Panel data techniques were emplyed on secondary data collected from the annual financial reports from a sample of ninteen major commercial banks over a period of 2007 to 2014. For the purpose of analysis, descriptive statistics, Pearson correlation and panel data techniques for regression analysis such as the fixed effect regression models were considered after conforming to the Hausman specification (1978) test. The findings of this study revealed that only four out of seven explanatory variables (ratio of investment to total assets, deposit to asset, loan to asset and liquidity ratio) have a significant relationship with lending rate. Two of the significant determinants (liquidity ratio and investment to asset ratio) are positively correlated while the remaining two significant explanatory variables (loan to asset ratio and deposit to asset ratio) are found negatively correlated with lending rate. The findings of the study are applicable to the banking sector of Pakistan. The current study ignored the use of macro factors like GDP and inflation, etc. which could be used in future research.</abstract>

Analysis of Some Inner Factors Affecting the Lending Rate and Commercial Bank Behavior

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Financial Internet Quarterly

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