rss_2.0International Journal of Management and Economics FeedSciendo RSS Feed for International Journal of Management and Economics Journal of Management and Economics 's Cover of economic conditions on (restricted) immigration to the United States: The Polish case<abstract><title style='display:none'>Abstract</title><p>Throughout the twentieth century, United States has been the most desirable destination for international migrants, primarily due to its economic performance and also to American values – work ethics and tolerance of ethnic diversity. This paper aims to test if selected economic indicators might influence international migration. To this end a time series analysis was performed with time series regression model, where lagged values of various macroeconomic indicators were tested for a significant impact on migration flows. This paper also cast a light on U.S. labour migration's legislation and history, as well as current migrant stock characteristics. It gives specific attention to Polish migrant population, as Polish Americans constitute the largest Polish diaspora worldwide. The results of the analysis show that U.S. immigration volumes are sensitive to American unemployment rate and American GDP growth (pull factors). However, analysing Polish migration volumes to the U.S. a significant correlation with selected American indicators was not revealed. On the contrary, Polish migration flows to the U.S. were correlated with Polish economic growth and the Polish unemployment rate fluctuations (push factors).</p></abstract>ARTICLE2021-09-18T00:00:00.000+00:00An attempt at defining the impact of financial crises on changes to the models of corporate governance<abstract><title style='display:none'>Abstract</title><p>This study aims to define the impact of two largest crises of 1997–1998 and 2007–2008 on changes to the models of corporate governance. In order to achieve the assumed aim, a critical analysis of specialist literature and relevant legal regulations has been applied. The analysis is focused on changes in the main models of corporate governance, namely: in the Anglo-Saxon (monistic) model and in the German (dualistic) model. Generally, they can be defined as of evolutionary nature but some deeper changes have taken place under the influence exerted by the above-mentioned crises. The latter crisis has emphasized the important role of corporate governance in banks and other financial institutions. Changes in corporate governance are largely affected by international institutions or organizations, such as the Organization for Economic Cooperation and Development (OECD) or the European Commission. Their recommendations and guidelines have contributed to the dissemination of so-called good practice codes. The considerations presented below allow the author to state that in both analyzed models of corporate governance, changes occur in the same or similar direction lines (the phenomenon of convergence). It can be also observed that the first analyzed crisis has caused larger changes in the monistic model, whereas the second crisis has affected the dualistic model in a more significant way.</p></abstract>ARTICLE2021-09-18T00:00:00.000+00:00A study on audit report timeliness: The Macedonian Stock Exchange<abstract><title style='display:none'>Abstract</title><p>Financial statements reflect important information about the entity's financial position, operating performance, and cash flows and must be made available in a timely fashion to all interested factions to stimulate opportune business judgments.</p><p>Ergo, this paper examines the association of the audited annual report delay with eight entity and audit firm attributes.</p><p>The sample includes 396 observations of 99 nonfinancial firms listed on the Macedonian Stock Exchange (MSE) for the period 2014–2017. The regression results designate a statistically significant relationship between the audit opinion, company liquidity, size, and industry with the audit opinion lag. Moreover, the publication period ranges from 43 days to 374 days suggesting that timeliness may be a significant concern for Macedonian entities regarding financial reporting policy.</p><p>This is the first study to thoroughly assess the relationship between entity, auditor characteristics, and audit report timeliness on the developing Macedonian market.</p></abstract>ARTICLE2021-09-07T00:00:00.000+00:00Permanent establishment as a foreign direct investment in Poland: identification of tax barriers in the context of new tax development<abstract> <title style='display:none'>Abstract</title> <p>The paper aims to identify the significant tax barriers to foreign direct investment (FDI) in Poland, in particular in the form of a permanent establishment (PE), in the context of new developments in international tax law. Due to the recommendations of the Base Erosion and Profit Shifting (BEPS) project, launched by Organisation for Economic Co-operation and Development (OECD) to prevent international tax avoidance, the understanding of PE has changed, which could lead to changes in business models. The purpose of the research is also to identify the significant tax barriers to economic activity in Poland, in particular in the form of PE, against the international tax law context. The study conducted by the authors relies on the most current tax rulings and judgments of administrative courts issued between 2017 and 2020. It is concluded that not so much the effective tax burdens but the regulatory ambiguity surrounding the tax obligations may contribute to the reduction of Poland's attractiveness as a location for FDI.</p> </abstract>ARTICLE2021-06-30T00:00:00.000+00:00Power asymmetry and value creation in B2C relationship networks<abstract> <title style='display:none'>Abstract</title> <p>The purpose of this paper is to explore the problem of power distribution within networks of relationships between companies and consumers (business-to-consumer (B2C) networks) and to examine the ways in which value is created and captured in such structures. To this end, we applied the network approach to multiple theoretical constructs describing collective consumer phenomena, carried over from the field of sociology to management science. Based on the literature and case study analysis, we managed to define a typology of B2C networks consisting of three types: (1) publics – centered around and dominated by a company, with no relationships between consumers themselves, creating value through crowd-sourcing; (2) communities – also centered around a company, but independent to a degree and more focused on consumer-to-consumer (C2C) relationships, creating value through consumer-managed projects; and (3) tribes – where companies serve only as peripheral actors, and their products – as potential symbols of affiliation, with value being created through creation and reinterpretation of the said products’ meanings (sign value).</p> </abstract>ARTICLE2021-06-30T00:00:00.000+00:00Editorial development and management of medical tourism companies in Poland<abstract> <title style='display:none'>Abstract</title> <p>The aim of the paper is to analyze the macroeconomic sector of medical tourism and to demonstrate through empirical research the possibilities of using business opportunities for the development of medical tourism in Poland. The thesis is to point out that development of companies in medical tourism is one of the components of metropolises’ sustainable development.</p> <sec><title style='display:none'>Methodology</title> <p>A study with a sample of 214 individuals was conducted in 2018–2019 using the PAPI and CAWI techniques and a survey questionnaire was the research tool. Medical tourism companies located in the voivodship of the Upper Silesia, Warsaw, Cracow, and Szczecin metropolises took party in the study. Participation in the research was determined by the possibility to reach the companies and obtain results.</p> </sec> <sec><title style='display:none'>Results</title> <p>The study has shown that development of companies in medical tourism is an inevitable component of metropolises’ sustainable development. It has been demonstrated that a dynamic development of companies occurs in the investigated period, which encourages expansion of medical tourism services among residents of the said metropolises.</p> </sec> </abstract>ARTICLE2021-07-08T00:00:00.000+00:00The EU's regional trade agreements: How the EU addresses challenges related to digital transformation<abstract> <title style='display:none'>Abstract</title> <p>The objective of this paper is to provide insight into the regulatory solutions that refer to the electronic commerce (e-commerce) adopted in the regional trade agreements (RTAs) of the European Union. Our goal is to compare these regulatory measures with the obstacles indicated in the literature as key issues hampering international digital trade. We provide a formal-dogmatic analysis of all of the newly adopted RTAs. The findings resulting from this analysis indicate that even though the regulatory dimension of global economic trade attempts to somehow address the issues resulting from the specific characteristics of the digital economy, the process is still in its infancy. The majority of provisions do not consider the key problems that impede international digital trade. The originality of our work results from its focus on the most recent RTAs, the analysis of which is hardly present in the scholarship.</p> </abstract>ARTICLE2021-05-30T00:00:00.000+00:00Misselling consumer awareness study – Circumstances surrounding the occurence of misselling<abstract> <title style='display:none'>Abstract</title> <p>Misselling is the sale of financial services that do not meet the needs of consumers or in the manner or the way they are sold, which is not appropriate to the nature of those services. The first aim of this article is to characterise the misselling phenomenon and present the most important circumstances surrounding its occurrence. The second aim is to examine the level of consumers’ awareness and knowledge of misselling and to show way to protect against misselling, among which the most important postulate is to increase the level of consumers’ financial education. The promotion of financial education could improve consumers’ sense of security, improve the degree of adjustment of financial services to consumer requirements, strengthen the awareness of the assistance that consumers can receive from public institutions and positively contribute to the activity of Poles on the financial market.</p> </abstract>ARTICLE2021-05-30T00:00:00.000+00:00Perception of sources of private wealth. A qualitative study of perceptive schemes of Western and Eastern Bloc students<abstract> <title style='display:none'>Abstract</title> <p>Over the recent years, money has become one of the most compelling topics in modern societies. Consequently, financial literacy turns out to be an indispensable ability in today’s complex reality. Numerous studies reveal that the level of financial literacy is dependent on the socio-economic context in which the financial experience is formed. Against this background, this study aims to verify how the specific socio-economic context affects the perception of students with regard to the main sources of private wealth in the Western and Eastern Bloc countries. The research problem focuses on the following question: Do students’ perceptions precisely reflect the economic reality in their countries? Data from 115 essays written by students from Poland, Austria, Russia, The Netherlands, Germany, Sweden, and Ukraine were analyzed using directed qualitative content analysis. A structured matrix of four predetermined sources of wealth – CEO compensation, financial trading, entrepreneurship, and inheritance – was developed and subsequently compared with students’ observations. As a result, two conceptual models were developed presenting differences in the perceptive schemes of Western and Eastern Bloc students. Then the perceptions were compared with empirical data from the Forbes list of billionaires. This paper provides an example of how essays written by students can become a source of empirical research. Its added value lies in showing the usefulness of directed qualitative content analysis in socio-economic studies.</p> </abstract>ARTICLE2021-05-03T00:00:00.000+00:00Editorial of white-collar jobs: theory and evidence<abstract><title style='display:none'>Abstract</title><p>Foreign direct investment (FDI) in advanced business services (ABSs), referred to here as the offshoring of white-collar jobs, has become one of the major developments in the operations of multinational corporations (MNCs). However, a specific theoretical approach to this phenomenon has not been adequately defined. In this article, we have two objectives. The first objective is to outline the key elements of the theoretical framework and introduce a simple formal model for business services within MNCs. The second objective is to verify the assumptions of the model in the empirical part. We use the sample of the largest European companies having foreign affiliates. Special attention is paid to Visegrád economies (i.e. Czech Republic, Hungary, Poland, and Slovakia) as host economies. We applied here a multinomial logistic model, which indicates the probability of having an ABS subsidiary taking into consideration the characteristics of MNCs.</p></abstract>ARTICLE2021-03-20T00:00:00.000+00:00What is a real measure of corporate liquidity<abstract><title style='display:none'>Abstract</title><p>The financial health hypothesis argues that the valuation multiple of book value of equity (earnings) increases (decreases) as financial health decreases. By considering the liquidity dimension of financial health, we analyze an accrual-based liquidity ratio (current ratio) and a cash-based liquidity ratio (OCF ratio) from the perspective of this hypothesis. Using the median values of these ratios, we divide the sample consisting of listed firms on Borsa Istanbul during 2009–2018 into two and document the ensuing outcomes. Valuation multiples of book value of equity and earnings are reported as being statistically indifferent between low-liquid and high-liquid subgroups obtained for the median current ratio. However, the valuation multiple of book value of equity (earnings) significantly increases (decreases) for the low-liquid subgroup below the median OCF ratio. As the latter is consistent with the financial health hypothesis, this study reveals that the OCF ratio is a more convenient and reliable measure of liquidity than the current ratio.</p></abstract>ARTICLE2021-03-26T00:00:00.000+00:00Corporate board vigilance and insolvency risk: a mediated moderation model of debt maturity and fixed collaterals<abstract><title style='display:none'>Abstract</title><p>Studies indicate that a consistent rise in insolvency risk should be addressed at the strategic level. Vigilant boards can use leverage maturity structure as a tool to control insolvency risk. However, according to the information asymmetry theory, leverage acquisition is subject to the presence of fixed assets which can be used as collateral. The current study focuses on the relationship between board vigilance and insolvency risk, mediated by debt maturity and moderated by fixed collaterals in Pakistan based non-financial firms. A data set of 284 firms is constructed between the years 2013 and 2017. Hierarchical multiple regression analysis is used to test the proposed hypothesis using ordinary least squares (OLS) and panel corrected standard errors (PCSE) regression estimators. The results indicate that debt maturity mediates the relationship between board vigilance and insolvency risk. New information is generated about the fixed collaterals, and these negatively moderate the relationship between leverage maturity and emerging market z-score indicating inefficiency in the usage of fixed assets as collaterals. These results are robust to both regression techniques confirming that the non-productive fixed collaterals overshadow the positives of tangible assets in asset structure.</p></abstract>ARTICLE2021-01-05T00:00:00.000+00:00Intra-EU vs. extra-EU trade in ICT services<abstract><title style='display:none'>Abstract</title><p>The position of information and communication technology (ICT) services is growing in the European Union (EU) trade, however to different extend in different EU countries. The article aims to identify trade positions of the EU Member States in intra-EU trade and extra-EU trade in ICT services and to assess changes that have taken place in the years 2013–2018. The importance of the EU Member States in trade in ICT services is assessed, followed by the analysis of their trade positions in terms of selected indices. We discovered that countries of the highest importance for the intra-EU and extra-EU trade in ICT services are not holding the best positions in trade in this area, except for Ireland. Additionally, leaders in ICT services trade do better in extra-EU trade rankings than in the EU Internal Market, since the distance does not matter to business operations consequent to the digitalization of economic activities.</p></abstract>ARTICLE2021-03-03T00:00:00.000+00:00Acceptance of mobile loyalty cards in the German B2C consumer goods market<abstract><title style='display:none'>Abstract</title><p>The consumer goods market is characterized by strong competition. Thus, to bind customers to the company, a higher priority needs to be attributed to customer retention measures. Such measures include the loyalty card, but the use of the physical card is declining. To counteract this decline, mobile loyalty cards were developed. The basis for the use of mobile loyalty cards is sufficient consumer acceptance. This work is expected to contribute to the explanation of acceptance in the form of usage behavior. Based on the Technology-Acceptance-Model-2 (TAM2) and the literature, hypotheses were derived and a research model was developed. For model testing, a dataset of 255 participants was generated through an online survey and analyzed using partial least squares structural equation modeling (PLS-SEM). The results show that in addition to financial benefits, convenience benefits and psychological factors also have an influence on acceptance. Furthermore, the usage behavior is not negatively influenced by the expected loss of control over personal data. Based on the findings, indications for marketing implementation are given for the confirmed factors.</p></abstract>ARTICLE2021-04-02T00:00:00.000+00:00Learning by outward and inward internationalization and the outward/inward innovativeness of firms in Poland<abstract><title style='display:none'>Abstract</title><p>Many studies raise the issue of relationships between internationalization and innovativeness, linking them with firms’ international competitiveness. However, very few of these studies focus on the influence of internationalization on innovativeness and regard the multifaceted nature of these two concepts. The study presented in this paper is based on a holistic approach to internationalization and innovativeness. It explores the influence of the outward (e.g. exporting, outward FDI) and inward (e.g. importing, inward FDI) internationalization on the outward (product and marketing) and inward (process and organizational) innovativeness of 274 firms in Poland, adopting formative variables and a correlations analysis. The key contribution of the research is that the outward internationalization is conducive to both the outward and inward innovativeness, while the inward internationalization supports only the inward innovativeness. It shows that learning by outward and inward internationalization supports innovativeness of firms, responsible for their international competitiveness. The findings might be unique for transition and emerging economies characterized with a low degree of internationalization and innovativeness, while the holistic approach is more universal, and might bring interesting results when applied to the research of highly advanced economies.</p></abstract>ARTICLE2021-01-29T00:00:00.000+00:00Enhanced Economic Governance in the EU: Alternative to a Political Union?<abstract><title style='display:none'>Abstract</title><p>In reaction to the sharp deterioration of fiscal positions and a sovereign debt crisis in the majority of EU member states, EU leaders have been strengthening the EU economic governance framework, in particular for the eurozone member states. This has been reflected mainly through a reinforcement of the Stability and Growth Pact (SGP) within the so-called six-pack and through the recent adoption of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG).</p><p>The objective of this paper is to present the main decisions taken to address intensifying problems in the EU and assess them from the point of view of stability of the eurozone. The paper argues that the recent adoption of the six-pack and of the TSCG has created a legal basis for more effective governance structure that is much stronger than previously, and closer fscal coordination among EU member states in order to ensure public fnance sustainability. The practical results will depend, however, on the political willingness of countries to accept the new rules and rigorous enforcement of those rules.</p><p>Most of the new solutions continue the previous approach: stricter preventive and punishing rules, and their more rigorous application. TSCG has adopted a new element: parallel to EU rules, there should be enhanced national rules (possibly in the form of constitutional commitments) and national institutions responsible for fscal discipline. This approach implies that international rules are not strong enough for sovereign countries, which agree to be subject to democratically elected national authorities but do not want to follow decisions by “outside” institutions. In addition, reverse voting in the Council encourages for more pragmatic, economically justifed use of the modifed SGP. In view of a lack of political will to move forward into a political union, this seems the only realistic approach to ensure fscal stabilization and keep the eurozone alive in the short and medium run.</p><p>Two main research methods have been applied: <list list-type="order"><list-item><label>(a)</label><p>Statistical analysis of data on changes of the public fnances in the EU member states (budgetary defcit and public debt),</p></list-item><list-item><label>(b)</label><p>comparative analysis of successive EU documents on strengthening economic governance and identifcation of strong and weak aspects of the new documents from the point of view of stability of the eurozone.</p></list-item></list></p><p>The main conclusion is that in a situation of a lack of political will to move forward into a political union, the only realistic approach to ensure fscal stabilization and keep the eurozone alive in the short and medium term seems to be to enforce rigorously the recently adopted new commitments aiming at better fscal control of euro area members.</p></abstract>ARTICLE2014-10-17T00:00:00.000+00:00CSR Strategies in Greater China: Global, East Asian, American, European Style?<abstract><title style='display:none'>Abstract</title><p>The concept of Corporate Social Responsibility emerged in the United States and spread to Europe and Asia while being adapted to national/local characteristics. Since borders between markets and societies are blurring and globalization is promoting MNCs which find themselves acting in hybrid societies, international institutions put efforts into the development and moral acceptance of global CSR standards. The scientific interest in CSR focused on the conflicts between company returns and benefits for society. The resulting concepts of performance-oriented, awareness-oriented and welfare-oriented CSR should facilitate the evaluation of CSR strategies implemented by MNCs. In research on the cultural dimensions of economies, it might be possible to allocate geographically the three concepts. Regarding the newly emerging Chinese MNCs, the paper aims to shed light on which concept they follow. On the one hand, CSR concepts of American and/or European MNCs that are present in China might serve as a role model; on the other hand, by learning from Taiwanese/ Hong Kong MNCs, a “greater China CSR approach” might emerge. Empirical studies and own field research suggest that compared to American and European companies, CSR is less deeply rooted in Chinese companies. Furthermore, significant differences between Mainland China, Hong Kong and Taiwanese companies indicate that a Greater Chinese CSR approach does not yet exist. Therefore, it cannot be assumed that American and European CSR concepts will experience a Chinese influence in the near future.</p></abstract>ARTICLE2014-10-17T00:00:00.000+00:00Internationalization of the Polish Economy and its Susceptibility to the Global Crisis After 2007<abstract><title style='display:none'>Abstract</title><p>The aim of this research is to look at how the recent economic crisis, which was so strong that its consequences are still apparent nearly six years later, impacted Poland, which has been resilient to it compared with other economies, and what role was played by Poland's internationalization or its openness. The approach involves a detailed analysis of not only such staple macroeconomic variables as gross domestic product and changes in the trade structure but also of such openness factors as shifs in inward foreign direct investment across industries and the changes (for example, employment and productivity) seen in multinational firms present in Poland. The main finding is that the openness of the Polish economy allowed it to rake in various benefits after 2007 while not being too exposed to the international arena (for example, membership in the euro zone). Thus, Poland showed a positive balance relating to the impacts on the Polish economy emerging from the crisis.</p></abstract>ARTICLE2014-10-17T00:00:00.000+00:00en-us-1