Volumen 56 (2020): Heft 3 (September 2020)

A major problem in all European Union (EU) budgetary negotiations is the approach of Member States in net return terms (the fair-return approach). EU members compare their contributions to the EU budget with transfers that they receive from the budget. Net payers tend to reduce the size of the budget to contribute less. Brexit has aggravated the problem of the size of revenue (due to the United Kingdom's position as a big net payer). Also, new expenditure needs have arisen (for protecting external borders and climate, innovation, etc.). To address those needs, in 2018, the Commission submitted three proposals to supplement the current resources to finance the EU budget after the expiry of the principles of the Multiannual Financial Framework (MFF) for 2014–2020 at the end of 2020. The article aims to indicate whether the Commission's proposals are good instruments for the financing of the EU budget. The assessment relies on selected criteria based on theory. It also takes account of the feasibility of the proposals. The main conclusion is that none of the proposals meets well theoretical criteria of “genuine” EU revenue. Also, for practical reasons, it will be difficult for the Member States to come to an agreement on new budgetary resources. All proposals would be relatively costly for Poland.

In this paper, the use of the machine learning algorithm is examined in derivation of the determinants of price movements of stock indices. The Random Forest algorithm was selected as an ideal representative of the nonlinear algorithms based on decision trees. Various brokering and investment firms and individual investors need comprehensive and insight information such as the drivers of stock price movements and relationships existing between the various factors of the stock market so that they can invest efficiently through better understanding. Our work focuses on determining the factors that drive the future price movements of Stoxx Europe 600, DAX, and WIG20 by using the importance of input variables in the Random Forest classifier. The main determinants were derived from a large dataset containing macroeconomic and market data, which were collected everyday through various ways.

Studies have shown that issue of shared leadership is directly related to leadership style adopted in the organization, which is germane and strategic to teamwork to effectuate high business performance across industries. The study looks at the relationship between the different leadership styles and innovative work behaviors (IWBs) that would ultimately lead to improved performance in financial sector among sales team. Thus, the study examines the operational frameworks of the different leadership styles and the effects on IWBs vis-à-vis sales team work in the financial industry. The case of financial industry stems from the fact that operations are currently changing from arm-chair marketing to aggressive selling strategy to improve customer base and financial inclusion in the economy. The study found out that leadership styles—transformational leadership, individual empowering leadership (IEL), team empowering leadership, and participative leadership (PL) are very strategic to sales teamwork, but IEL and PL are more strategic and performance-enhancing to behaviorIWB in financial sector sales teamwork.

The main goal of this article is to study the determinants of foreign direct investment (FDI) in Ukraine from 2013 to 2017 that includes the years of armed conflict. We adopt the Knowledge-Capital model as our analytical framework and extend it to include the effects that account for political stability and political regime. The research hypotheses obtained from this framework are verified using the Pseudo-Poisson Maximum Likelihood estimation technique and the bilateral panel data on direct investment stocks from 140 partner countries. Our empirical findings show that access to Ukraine's cheap labor force is the primary reason for inward FDI. Moreover, we find no direct relationship between the political events in Ukraine and the investment stock dynamics as the estimated parameters on the indices of democracy, autocracy, polity, and political stability show no statistical significance.

This paper contributes to the growing stream of research on knowledge gathering in the internationalization process of international new ventures (INVs), as well as their networking activities. It identifies two dimensions describing the network knowledge-gathering approaches: 1) relationship approach (well-wishing or opportunistic) and 2) intentionality (intentional or unintentional search for knowledge), which enable the classification of the INV activities. The findings are based on a qualitative study conducted on four Polish INVs from the manufacturing industry. They show that internationalizing companies may behave opportunistically in their knowledge-gathering behavior, while, at the same time, some of their knowledge is also gathered unintentionally. The preconditions of knowledge-gathering behaviors suggested in the study include, among others, the managers’ experience, power division in the networks, and the duration of a relationship with a partner.

Leszek Jasiński [2019] attempts, as the title indicates, “a reading after half a century” of Michał Kalecki's thought. We dispute the main claim in the book, i.e. that Kalecki has a firm place in contemporary mainstream economics and was the originator of many ideas generally accepted today. On careful reading, virtually none of the models and theories by Kalecki selected by Jasiński for appraisal has entered mainstream neoclassical economic research and graduate academic teaching. Most of his policy advice was also neglected by the Capitalist State, (post)Stalinist “socialist” State, and “Intermediate Regimes” in developing countries. His opus remains original, advanced, insightful but heterodox in all contexts. Our main thesis is that, toutes proportions gardées, Jasiński is signalling an attempt to repeat the absorption of ‘bastardised’ Keynesianism into the mainstream “grand neoclassical synthesis” in the 1940s/50s with selected, reinterpreted, ‘bastardised’ Kaleckian ideas today. We also doubt that the unilinear view of the history of economic thought can be sustained.