rss_2.0Studia Humana FeedSciendo RSS Feed for Studia Humana Humana 's Cover Role of the Bank in Meeting the Housing Needs of an Average Household – Evaluation of the Situation in 2018<abstract> <title style='display:none'>Abstract</title> <p>The aim of the article is to determine the profile of an average Polish household and the possibility of satisfying average housing needs thereof as well as to indicate the role played by the bank in their implementation. The characteristics of an average household, the value of income and expenses thereof, the prices of residential properties and the data of the credit market were determined. statistical studies, The research material was obtained from reports and including data from the Statistics Poland, Eurostat, the database of residential property prices of the National Bank of Poland and the average offer prices of the rental market – for 2018, which reflects the current economic situation. The research was of a quantitative nature (statistical measures, housing availability index, credit simulations). The results indicate that as of 2018 an average household cannot afford to buy or rent a flat. The bank’s role in satisfying housing needs is not only important but rather necessary.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Investments of Polish Family Businesses<abstract> <title style='display:none'>Abstract</title> <p>In this paper the authors address the issue of investments made by family businesses. Their study attempted to verify the level of investments made by Polish family businesses in comparison with the level of investments made by Polish non-family businesses. The study focused on the analysis of investment flows of Polish listed companies included in the WIG index for the years 2006-2018. A total of 233 companies were analyzed, including 177 non-family businesses and 56 family businesses. The results corroborated the argument that Polish listed non-family businesses invest much more money than family businesses. It was also observed that only a small percentage of companies in both groups invest their finances in research and development.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Assessment of the Financial Condition of Knowledge Based Economy Entities – an Example of Polish Video Game Sector<abstract> <title style='display:none'>Abstract</title> <p>The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Differences in End-Customer Power Prices Across the EU – Reasons and Challenges for the Future<abstract> <title style='display:none'>Abstract</title> <p>Many years have passed since the first liberalization processes in the electricity sectors the in European Union that were performed in order to establish a single market for electricity. In practice, convergence between neighbouring market areas was established mainly between the Member States in Central-Western Europe, while other countries have allowed for only limited levels of competition. As a consequence, many market areas remain illiquid and consumers pay relatively higher prices for the energy they consume. The final bill is further increased through financing the increasingly ambitious climate agenda, gradually leading to social opposition against ever-growing prices. The aim of this article is to provide examples of differences in market functioning in Member States, leading to discrepancies in average energy costs for end consumers. The consequences of different levels of market concentration, infrastructure investments and renewable generation subsidization are analysed using publicly available statistics. Careful literature review is also performed before the conclusions are presented.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Financial Factors Influencing the Development of Product Innovations in Polish Small and Medium Enterprises<abstract> <title style='display:none'>Abstract</title> <p>The development of product innovations in small and medium enterprises is determined mainly by their financial capabilities. These enterprises usually encounter financial problems when it comes to the introduction of product innovations. Therefore, managers should manage the company’s finances in the way that will enable them using all available means to solve these problems. This means that they ought to use external financial resources to a greater extent (not only in the form of loans). The article focuses on the financial conditions for the development of product innovations in small and medium enterprises, while other forms of innovation are omitted. Product innovations are given the highest priority by mentioned companies. The analysis covered the years 2010-2017. The case study allowed to present changes in this most important form of activity for enterprises in the SME sector during the analyzed period<fn id="j_sh-2021-0017_fn_001" symbol="1"><p>For the purpose of this paper, large companies have also been included in the study in order to extend the comparative base.</p></fn>. In the article there were used data published by GUS, NBP, PARP, Eurostat. The article presents the following thesis: The innovative activity of Polish enterprises takes mainly the character of product innovations, which often require large financial outlays. Two hypotheses were used to verify the thesis: HPT1: The increase in the outlays of enterprises on technical progress and on research and development works (R&amp;D) leads to companies' own the development of product innovations. HPT2: The resources are the main source of financing for product investments. Due to the greater capacity of large companies to spend on R&amp;D, they are more active in product innovation than small companies, whose financial resources are significantly limited. Broader implementation of product innovations in SMEs requires wider access to finance and greater involvement of many participants. In order to be able to take advantage of all possible opportunities to renew the production programme, the company should ensure appropriate internal and external integration in the management of the process.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Financialization of Commodity Market<abstract> <title style='display:none'>Abstract</title> <p>The aim of the article is to present possible consequences caused by the development of commodity market financialization understood by the influence of financial investor’s speculation. Also the task of elaboration is to outline the existence of financial factors in the price creation process of commodities. The existing impact of financialization on the volatility of commodity prices significantly modifies the market. The results of the research and analyzes carried out indicate a similarity in the behavior of the markets of commodities. The situation results from the redistribution of the risk of financial investors who having a few goods in the investment portfolio, next to large transaction volumes affect the unification of price trends. Price shaping factors are being transformed. The decrease importance of supply or consumption in the context of the commodities market changes its form. The growing influence of investors who create numerous speculations transforms the market. Trade in <italic>futures</italic> contracts affects the level of commodities prices.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Public Debt Management and The Country’s Financial Stability<abstract> <title style='display:none'>Abstract</title> <p>The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Stability in a Two-Dimensional Dynamical System of Endogenous Growth with Public Capital<abstract> <title style='display:none'>Abstract</title> <p>The aim of this study is to present a stability in a two-dimensional dynamical system of endogenous growth with public capital. We assume the simple model of the economic growth, in which both private and public capital can influence on the rate of growth of knowledge. The public capital is rival but non excludable goods, i.e. there is a congestion in use of public capital. The model of growth is formulated as a two-dimensional dynamical system. Using mathematical methods of dynamical systems, we analyze growth paths as well as the stationary states of the system and their stability.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Endogenous Growth Model With Financial Intermediation<abstract> <title style='display:none'>Abstract</title> <p>In this paper, we analyse the simplest possible three-dimensional model of endogenous growth to account for the relationship between financial intermediation and economic growth. In our setting, households maximize an interim utility function and firms maximize profit. Households can save money only through banks which offer firms investment loans. We show that under very general assumptions, investments realized by firms depend not only on savings accumulated by banks but also on financial intermediation technology <italic>ϕ</italic>(<italic>θ</italic>). Using mathematical methods of dynamical systems, we found stationary states of the system and study their stability.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Multi-Factor Evaluation of the Financialization Degree of Polish Households in the Background of the Euro Area<abstract> <title style='display:none'>Abstract</title> <p>Financialization is a term that is becoming increasingly popular in the Polish literature. One of its important aspects, which is multidimensionality, is often emphasized. It is a process whose effects are visible at all levels of the economy. The effects of financialization could be seen both at the national level and in the basic economic unit, which is a household. Firstly, the purpose of this study is to analyze changes, which in literature are considered to be symptoms of financialization in Polish households. The second, no less important goal, is to compare the level of financialization of Polish households with the level characteristic for countries belonging to the euro area.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Social Trust as a Development Factor – Selected Aspects<abstract> <title style='display:none'>Abstract</title> <p>The aim of the article is to present selected relationships between social trust and the development of a territorial unit. Social trust affects the level of cooperation in society and decides about the competitiveness of a territorial unit [<xref ref-type="bibr" rid="j_sh-2021-0009_ref_001">12</xref>, p. 7]. The main thesis of the article is the author’s conviction that there is a significant correlation between social trust and the activity of citizens, the consequence of which is the development of territorial units. This relationship applies to different categories of units, the article mainly focuses on municipal units. The conclusions presented are a consequence of the analysis of information sources and surveys carried out in three cities: Cracow, Helsinki and Valletta. The socio-economic situation of Poland, Finland and Malta is varied, also due to historical and political conditions. Social trust in these cities depends on different factors. Everywhere, however, significantly affects the direction of urban development, accelerating and stabilising it. Trust is a component of social capital, which translates into the ability to build an innovative and modern economy. In countries where citizens trust each other, a sense of security increases which significantly affects well-being.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00A Word From the Editors: Humanism in the Economy. Introduction to the Special Issue “Humanistic Economy”<abstract> <title style='display:none'>Abstract</title> <p>The special issue “Humanistic Economy” is a collection of articles which are a response to the increasingly frequent voices, for contemporary economics to be treated not only as a set of economic notions, but as a science, where human beings and their happiness are the main focus. The authors suggest the use of solutions from the area of psychology, sociology or cultural studies in economics, which allow considering economics as a humanities science. This special issue consists of this introduction and 13 submissions which are published in issues 10:2 and 10:3.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Unique Goals of Family Businesses and Their Absorption of Finance Instruments in the Financialization Era<abstract> <title style='display:none'>Abstract</title> <p>Nowadays financialization seems to be an inherent and obvious phenomenon and it appears to have infected all industrialized economies. Within general phenomenon of financialization, three areas should be indicated: financialization as a system of capital accumulation, financialization of business entities and financialization of every day-life. In our paper we try to investigate family businesses that are unique due to the overlap of family and business subsystems in one entity. More specifically, we undertake to find out whether intertwining of family values with business objectives can influence the level of absorption of various finance instruments that are offered on nowadays financial market. Analysis revealed a few statistically significant relationships between perception of family firm objectives and absorption of basic and sophisticated finance instruments. It is the first to suggest, that family firms which are intrinsically-oriented, i.e. those more willing to keep independence or to keep long term survival, are less prone to absorb sophisticated finance instruments, e.g. private equity, venture capital, hybrid capital or they are less keen to become a public company. On the other hand, if a family firm is more oriented towards risk minimisation or keeping long term growth, then it is also more open for absorption of advanced finance instruments.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00Financialization and the Erosion of the Common Good<abstract> <title style='display:none'>Abstract</title> <p>The phenomenon of financialization is multifaceted and can be considered from different points of view. The main purpose of the article is to show how financialization affects the erosion of the common good. To achieve this, various negative sides of financialization are described, referring to the eight principles of the common good: effective use of limited resources, freedom, prosperity, justice, responsibility, solidarity, primacy of interpersonal relations and institutional principle. Further considerations concern the presentation of possible solutions to the problem of financialization. Two perspectives are selected. First, the answer of Catholic social teaching to the phenomenon of financialization, as presented in the form of the Vatican document <italic>Oeconomicae et pecuniariae quaestiones</italic> from May 2018. Next, one of the main causes of financialization is shown: economic and financial theories, which has become the theoretical foundation for the phenomenon. On this basis, the need for new theoretical solutions based on the institutional approach in the science of economics and finance is discussed. Possible new alternative approaches, including the concept of financial personalism, are also recognized.</p> </abstract>ARTICLE2021-07-15T00:00:00.000+00:00The Mystery of the Fifth Logical Notion (Alice in the Wonderful Land of Logical Notions)<abstract><title style='display:none'>Abstract</title><p>We discuss a theory presented in a posthumous paper by Alfred Tarski entitled “What are logical notions?”. Although the theory of these <italic>logical notions</italic> is something outside of the main stream of logic, not presented in logic textbooks, it is a very interesting theory and can easily be understood by anybody, especially studying the simplest case of the four basic logical notions. This is what we are doing here, as well as introducing a challenging fifth logical notion. We first recall the context and origin of what are here called Tarski-Lindenbaum logical notions. In the second part, we present these notions in the simple case of a binary relation. In the third part, we examine in which sense these are considered as logical notions contrasting them with an example of a nonlogical relation. In the fourth part, we discuss the formulations of the four logical notions in natural language and in first-order logic without equality, emphasizing the fact that two of the four logical notions cannot be expressed in this formal language. In the fifth part, we discuss the relations between these notions using the theory of the square of opposition. In the sixth part, we introduce the notion of variety corresponding to all non-logical notions and we argue that it can be considered as a logical notion because it is invariant, always referring to the same class of structures. In the seventh part, we present an enigma: is variety formalizable in first-order logic without equality? There follow recollections concerning Jan Woleński. This paper is dedicated to his 80<sup>th</sup> birthday. We end with the bibliography, giving some precise references for those wanting to know more about the topic.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00Proof Truth in Mathematics<abstract><title style='display:none'>Abstract</title><p>Two crucial concepts of the methodology and philosophy of mathematics are considered: proof and truth. We distinguish between informal proofs constructed by mathematicians in their research practice and formal proofs as defined in the foundations of mathematics (in metamathematics). Their role, features and interconnections are discussed. They are confronted with the concept of truth in mathematics. Relations between proofs and truth are analysed.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00Anti-foundationalist Philosophy of Mathematics and Mathematical Proofs<abstract><title style='display:none'>Abstract</title><p>The Euclidean ideal of mathematics as well as all the foundational schools in the philosophy of mathematics have been contested by the new approach, called the “maverick” trend in the philosophy of mathematics. Several points made by its main representatives are mentioned – from the revisability of actual proofs to the stress on real mathematical practice as opposed to its idealized reconstruction. Main features of real proofs are then mentioned; for example, whether they are convincing, understandable, and/or explanatory. Therefore, the new approach questions Hilbert’s Thesis, according to which a correct mathematical proof is in principle reducible to a formal proof, based on explicit axioms and logic.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00Idea of Artificial Intelligence<abstract><title style='display:none'>Abstract</title><p>Artificial Intelligence, both as a hope of making substantial progress, and a fear of the unknown and unimaginable, has its roots in human dreams. These dreams are materialized by means of rational intellectual efforts. We see the beginnings of such a process in Lullus’s fancies. Many scholars and enthusiasts participated in the development of Lullus’s art, <italic>ars combinatoria</italic>. Amongst them, Athanasius Kircher distinguished himself. Gottfried Leibniz ended the period in which the idea of artificial intelligence was shaped, and started the new period, in which artificial intelligence could be considered part of science, by today’s standards.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00Conjunctive and Disjunctive Limits: Abstract Logics and Modal Operators<abstract><title style='display:none'>Abstract</title><p>Departing from basic concepts in abstract logics, this paper introduces two concepts: conjunctive and disjunctive limits. These notions are used to formalize levels of modal operators.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00Judgments and Truth: Essays in Honour of Jan Woleński<abstract><title style='display:none'>Abstract</title><p>It is a Preface to Volume 9:3/4 that has brought a renewed focus to the role of truth conceptions in frameworks of semantics and logic. Jan Woleński is known due to his works on epistemological aspects of logic and his systematization of semantic truth theory. He became the successor and the worthy continuer of prominent Polish logicians: Alfred Tarski and Kazimierz Ajdukiewicz. This volume is collected on the 80th anniversary of Woleński’s birth and draws together new research papers devoted to judgments and truth. These papers take measure of the scope and impact of Woleński’s views on truth conceptions, and present new contributions to the field of philosophy and logic.</p></abstract>ARTICLE2020-11-11T00:00:00.000+00:00en-us-1