<abstract><title style='display:none'>Abstract</title> This paper aims to determine the influence of selected variables on residential property price indices for the European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial neural networks. Additionally, the overall analysis for each European country is presented.Quarterly time series data constituted the material for testing and empirical results. The developed models show that the economic and financial situation of European countries affects residential property markets. Residential property markets are connected, despite the fact that they are situated in different parts of Europe.The economic and financial crisis of countries has variable influence on prices of real estate. The results also suggest that methodology based on the rough set theory and a committee of artificial neural networks has the ability to learn, generalize, and converge the residential property prices index.</abstract>

The Impact of Macroeconomic Factors on Residential Property Price Indices in Europe

<abstract><title style='display:none'>Abstract</title><bold>Research background:</bold> Although a number of studies have been conducted on the relationship between public expenditure and economic growth, it is difficult to tell with certainty whether or not an increase in public expenditure is good for economic growth. This lack of consensus on the results of the previous empirical findings makes this study of paramount importance as we take stock of the available empirical evidence from the 1980s to date.<bold>Purpose:</bold> In this paper, theoretical and empirical literature on the relationship between government expenditure and economic growth has been reviewed in detail. Focus was placed on the review of literature that assessed the impact of government spending on economic growth.<bold>Research Methodology:</bold> This study grouped studies on the impact of public expenditure on economic growth based on their results. Three groups emerged – positive impact, negative impact and no impact. This was followed by a review of each relevant study and an evaluation of which outcome was more prevalent among the existing studies on the subject.<bold>Results:</bold> The literature reviewed has shown that the impact of government spending on economic growth is not clear cut. It varies from positive to negative; with some studies even finding no impact. Although the impact of government spending on economic growth was found to be inconclusive, the scale tilts towards a positive impact.<bold>Novelty:</bold> The study provides an insight into the relationship between public expenditure and economic growth based on a comprehensive review of previous empirical evidence across various countries since the 1980s.</abstract>

The Impact of Public Expenditure on Economic Growth: A Review of International Literature

<abstract xml:lang="en"><title style='display:none'>Innovation Process Models With Emphasis on Open Innovation Model</title>This article presents different models of innovation processes and focuses in particular on the open innovation. The empirical part is based on the findings on the innovation cooperation of enterprises in the EU and OECD (these data, among others, determine the open innovation). At the end of the article there is a case study of Nokia which implements the open innovation in its innovation activity. The aim of this article is to present the paradigm of the open innovation processes. This approach concentrates on sharing knowledge, i.e. making new solutions available to other units by means of e.g. license sale. The open innovation business model takes advantage of both internal and external sources of ideas without a fear that a company's own ideas when transferred to another organization will lead to the company's loss of profits coming from this idea. The formal framework of an organization is just a symbolic one and makes the flow of knowledge between the organization and its environment possible. The enterprises that adopt the open innovation strategy both enthusiastically develop ideas which were created by others as well as make their own ideas available to other organizations that find them more interesting.</abstract>

Faculty of Economics and Management, University of Szczecin, Mickiewicza 64, 71-101 Szczecin, Poland

University of Zielona Góra, Podgórna 50, 65-246 Zielona Góra, Poland

Innovation Process Models With Emphasis on Open Innovation Model

<abstract xml:lang="en"><title style='display:none'>Manufacturing SMEs' Credit Collection Period and its Determinants: Some Evidence from Malaysia</title>Collection period is the length of time taken by a company's credit customers to pay their debts. During this time, company resources are tied up as it is effectively financing its customers' purchases out of its own funds. Credit collection period is, therefore, an important factor that might have an impact on the cash flows, and hence, the survival of a company. An attempt has been made in this paper to explore the profile of credit collection period among small and medium-sized manufacturing enterprises in Malaysia. Besides that, we also identify some determinants of this credit collection period. The study is based primarily on secondary data derived from financial statements of manufacturing SMEs from 2001 through 2004. The findings of this study indicate that liquidity, efficiency, profitability, industry sub-sector and size have some influence over the credit collection period.</abstract>

Manufacturing SMEs' Credit Collection Period and its Determinants: Some Evidence from Malaysia

<abstract xml:lang="en"><title style='display:none'>The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market</title>The classical approach to the SML assumes that it is a straight line, which means that an investor is willing to accept lower return on the negative beta assets than on the risk-free assets. However, Cloninger, Waller, Bendeck and Revere (2004) challenged this commonly accepted approach. The author of the paper decided to verify the approach using empirical data for years 1999-2006 obtained from the Warsaw Stock Exchange. Finance theoreticians believe that the SML is linear, which means that an investor buying negative beta assets is willing to accept lower return than in the case of a risk-free asset. Cloninger et al. (2004) formulated a hypothesis stating that the SML is V-shaped and that it is not a straight line. It was concluded that an investor had no reason to accept lower return of the negative beta assets; quite the contrary, the investor would expect the same return as on the positive beta ones. The author of this article performed an investigation for the Polish market, taking advantage of companies quoted at the Warsaw Stock Exchange. The investigation demonstrated that between 1999 and 2006, the SML had a V-like shape and thus the research hypothesis formulated in the article was positively verified.</abstract>

The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Generational differences in work values, specifically in India, are now having an impact on organizational effectiveness and workplace environments. Even though a wide range of perspectives, experiences, and skill sets might be valuable to a business, generational mixing can also lead to conflict and a lack of agreement in the workplace. Such disagreements have a negative effect on the workplace since they reduce productivity and negatively damage employee morale. To solve the problems of inefficiency caused by the generation gap, different generations in the workplace must understand the differences between the three generations and be able to get along with each other.
</sec>
<sec><title style='display:none'>Purpose</title>
Examining the differences between three generations in the workplace is the purpose of the study. The study also aims to examine how different generations have different work values.
</sec>
<sec><title style='display:none'>Research methodology</title>
To examine the current situation in IT companies of Delhi and NCR. A total of 450 employees completed a questionnaire. Baby Boomers were defined as those born between (1946–1964), Generation X was born between (1965-1980) and Generation Y was born between (1981–1996). The values of status and freedom at work were more important to the younger group than to the older group.
</sec>
<sec><title style='display:none'>Results</title>
There were significant generational differences, with Baby Boomers having higher status values and extrinsic values in organizations than Generation X and Generation Y. Values have an important role in directing behaviour and improving work motivation. An organization’s work values and expectations must be clarified to workers, and values must be flexible enough to satisfy the demands of various employees.
</sec>
<sec><title style='display:none'>Novelty</title>
Furthermore, Generation Y is the first generation that has grown up with the Internet; as a result, they consider working together virtually to be standard procedure.
</sec>
</abstract>

Generational Differences In Work Values  In The Workplace

Erratum: Rutkowska-Ziarko, A. (2015). The Influence of Profitability Ratios and Company Size on Profitability and Investment Risk in the Capital Market. <italic>Folia Oeconomica Stetinensia</italic>, <italic>15</italic>(1), 151-161. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://doi.org/10.1515/foli-2015-0025">https://doi.org/10.1515/foli-2015-0025</ext-link>

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Retirement planning is viewed as one of the cornerstones of long-term household financial security. The responsibility of retirement planning has now been shifted to the individual and is no longer the responsibility of the employer.
</sec>
<sec><title style='display:none'>Purpose</title>
This paper examines the link between financial literacy and retirement planning among informal sector traders in the Randburg area of Johannesburg, South Africa.
</sec>
<sec><title style='display:none'>Research methodology</title>
A questionnaire approach was used to collect data from 269 randomly selected informal sector respondents. The data was analysed using ordinal regression. Robustness tests were executed using the Wald test.
</sec>
<sec><title style='display:none'>Results</title>
Findings reveal that financial literacy is linked to retirement planning, and especially with reference to informal sector workers. Additionally, education, income and the informal business sector were observed to have a positive and significant influence on retirement planning.
</sec>
<sec><title style='display:none'>Novelty</title>
The paper contributes to both theoretical and practical discourses on retirement planning for informal sector entrepreneurs which has not received much attention. These results are important for policy makers in retirement planning as well as curriculum development.
</sec>
</abstract>

The Relationship between Financial Literacy and Retirement Planning among Informal Sector Workers in Randburg, South Africa

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
Many studies have been done in the field of predicting the Volatility of Commodities; however, very little or no analysis has been conducted on any sector, industry, or indices to identify which model is best to understand the asset’s characteristics, as there is a hypothesis that all financial time series can be interpreted by implementing the same model.
</sec>
<sec><title style='display:none'>Purpose</title>
The primary objective is to identify different tools developed by the researchers in estimating impulsive clustering and leverage effects. A comparison will be made among the available tools of the GARCH family models to suggest the best tool to forecast and calculate volatility with the least error.
</sec>
<sec><title style='display:none'>Research methodology</title>
The data used are historical time series data of Indian base metal indices, i.e., Aluminum (AL), Copper (CO), Lead (LE), Nickel (NI), and Zinc (ZI) from NSE for a period from 1st June 2012 to 31st August 2022 from the official website of NSE of India. The study compared and attempted to identify which GARCH family model is suitable to measure the volatility clustering and leverage effect in Indian base metal indices by reducing the chances of error.
</sec>
<sec><title style='display:none'>Results</title>
The study has revealed that the GRACH asymmetric models, while approximating and predicting the financial time series, can enhance the model’s output when it has a high frequency. Here, the asymmetric GARCH models (TARCH, CGARCH, EGARCH, and PARCH) better predict volatility than classic models.
</sec>
<sec><title style='display:none'>Novelty</title>
This study is original in its approach, as a previous study stated the presence of volatility or leverage effect by implementing any one tool. However, this study will compare available tools to suggest which is appropriate for which sector. This analysis will support future researchers and practitioners in evaluating volatility clustering and the effect of leverage by implementing the appropriate GARCH family model without believing in a hypothesis that a single model is good enough to predict volatility.
</sec>
</abstract>

Exploring Asymmetric GARCH Models for Predicting Indian Base Metal Price Volatility

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
The commitment of manufacturers in research and development activities (R&amp;D) and the realization of technological innovations have become effective means of stimulating economic growth.
</sec>
<sec><title style='display:none'>Purpose</title>
The objective of this research is to diagnose R&amp;D activities and innovations within agri-food companies in Morocco that are engaged in the processing of food products by studying the determinants of technological innovations related to product and process within these companies.
</sec>
<sec><title style='display:none'>Research methodology</title>
A statistical survey was conducted on a sample of 50 agri-food companies, employing a generalized linear model (GLM) with a probit model belonging to the quasi-binomial family.
</sec>
<sec><title style='display:none'>Results</title>
The econometric analysis of the collected data revealed the presence of complementarity between product innovation and process innovation, as well as differences in the determinants of these two categories of innovations within the studied companies. The determinants are related to the business environment, R&amp;D activity and partnerships, human resource management in teams, technological infrastructure, and market demand.
</sec>
<sec><title style='display:none'>Novelty</title>
This research enriches the literature by examining the determinants of technological innovations (both in terms of products and processes) in the agri-food sector in Morocco. Industry professionals can benefit from the results of this research, which will enable them to better understand the levers of innovation in this field. This information can be used to guide their innovation strategies, identify new opportunities and improve their overall performance.
</sec>
</abstract>

Analysis of the Determinants of Technological Innovations Within Agri-Food Companies in Morocco

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Purpose</title>
The purpose of the article is to identify the factors that influence commuting by bicycle with a specific focus on Tbilisi and Warsaw. Based on the testing of hypotheses, the authors intended to determine how different factors affect commuting by cycling in these two cities.
</sec>
<sec><title style='display:none'>Design/methodology/approach</title>
The study uses a structured and self-administered online questionnaire of bicycle users in both cities. The survey collected data on cycling behaviour, motivations, and perceptions of cycling infrastructure. The population of the cycling community was 12,000 in Tbilisi and 14,000 in Warsaw. The Binary logit regression model was used to determine the influence of variables. The questionnaire is in line with The National Institute for Transportation and Communities of USA.
</sec>
<sec><title style='display:none'>Findings</title>
The study’s findings suggest that while commuting by cycling has significant environmental benefits, there are significant barriers to its adoption, including a lack of infrastructure, safety concerns, and cultural attitudes towards bicycle commuting in Tbilisi and Warsaw. The study also reveals different attitudes among bicycle users.
</sec>
<sec><title style='display:none'>Research limitations</title>
The study’s limitations include the relatively small sample size of the survey and the limited scope of the quantitative survey. Nevertheless, the study provides valuable insights into the opportunities and challenges of promoting cycling as a sustainable mode of transport in these two cities.
</sec>
<sec><title style='display:none'>Practical implications</title>
The practical implications of the study are twofold. First, it highlights the need for a coordinated effort by local authorities, civil society, and private actors to promote cycling as a sustainable mode of transport. Second, it provides specific recommendations for policymakers on how to overcome the barriers to cycling and promote this sustainable means of transport.
</sec>
<sec><title style='display:none'>Originality/value</title>
The study’s originality lies in its focus on two cities with different cultural and political contexts, providing a comparison of how cycling promotion strategies may vary across contexts.
</sec>
</abstract>

What Factors Affect Bicycle Commuting? An Empirical Analysis in Tbilisi and Warsaw

<abstract>
<title style='display:none'>Abstract</title>
<sec><title style='display:none'>Research background</title>
The rapid expansion in recent fintech innovations has garnered researchers’ attention to evaluate its influence on the banking industry.
</sec>
<sec><title style='display:none'>Purpose</title>
In this quest, the current study conducts an interaction analysis to measure the impact of the fintech era on Indian banking stability.
</sec>
<sec><title style='display:none'>Research methodology</title>
S imilarly t o p revious s tudies, w e u se a regression analysis and a Pearson correlation on the transition period of the fintech era to measure the impact of explanatory variables on the outcome variables of the Indian banking industry. Furthermore, as a robustness test, we have also used the Generalised Method of Moments system approach. This enabled us to make comparisons with similar studies.
</sec>
<sec><title style='display:none'>Results</title>
Using annual data from 1995 to 2021, the study reveals that, compared to the first fintech era, the second era assisted in reducing NPLs and enhancing financial stability in India. The study concludes that during the second wave of the fintech revolution, through interaction analysis, explanatory variables positively influence banking stability and NPLs.
</sec>
<sec><title style='display:none'>Novelty</title>
The current study contributes toward understanding the significance of fintech development from the context of an emerging country. It also helps to interpret the importance of disruptive forces of fintech development in the banking industry.
</sec>
</abstract>

Assessing the Role of the Fintech Era on the Banking Stability of an Emerging Economy: Interaction Analysis of the Indian Banking Industry

<abstract><title style='display:none'>Abstract</title>When making choices and decisions, very seldom does the situation arise that a decision-maker very seldom bases their assessment of the options available on only one criterion. Frequently, many aspects of the available solutions are considered – both in terms of potential benefits and costs. In order to support decision makers, the Multiple-Criteria Decision Analysis (MCDA) is used for selecting the solution which is the best in several respects.There are many methods of multi-criteria decision-analysis such as AHP, ELECTRE, PROMETHEE, VIKOR or TOPSIS. In the article a modification of the last of these methods is used. With the use of TOPSIS method with interval arithmetic the analysis of the level of information society (IS) development in the European Union countries between 2005 to 2010 is performed and its results are presented.</abstract>

Multiple-Criteria Decision Analysis Using Topsis Method For Interval Data In Research Into The Level Of Information Society Development

<abstract><title style='display:none'>Abstract</title>The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article. In this way a new modified formal model of a behavioural present value is obtained. New model of the behavioural present value is used to explain the phenomenon of market equilibrium on the efficient financial market remaining in the state of financial imbalance. These considerations are illustrated by means of extensive numerical case study.</abstract>

Behavioural Present Value Defined as Fuzzy Number – a New Approach

<abstract><title style='display:none'>Abstract</title>The variables used in statistical research can be measured on different scales. According to Stevens the most common division of measurement scales distinguish four main types: nominal, ordinal, interval and ratio. The chosen scale of measurement implies further the possibility of applying certain statistical methods. For socio-economic research it is frequent that among independent variables appear variables of a qualitative nature. This study presents the idea of the application of the Likert and Osgood scales for the evaluation and quantification of qualitative variables in the real estate valuation process.Taking into account the fact that the property features used in the process of estimating its value are very often measured on weak scales, this research attempted to apply the aforementioned scales to measure the qualitative features of real estate property. Additionally, all the qualitative data can be expressed only on nominal or ordinal scales. This means that they cannot be uncritically treated as metrical variables and their measurement scale implies the possible application of mathematical operations and statistical instruments. On the other hand, by analysing the type and the character of the qualitative features of the property, we can observe a substantial connection of such features with the assessment of their level of intensity expressed as a semantic interval or the acceptance level of a given phenomenon. This paper attempts to show how to apply the scales developed to measure attitudes in order to quantify the qualitative features of real estate property in the valuation process and shows the interval character of the data measured by the Osgood scale through comparison among three correlations specific for the mentioned type of scale.</abstract>

University of Szczecin, Faculty of Economics and Management, Institute of Econometrics and Statistics, Mickiewicza 64, 71-101 Szczecin,

BBN Domator, Gdańska 5/3a, 85-005 Bydgoszcz,

Application of the Likert and Osgood Scales to Quantify the Qualitative Features of Real Estate Properties

<abstract>
<title style='display:none'>Abstract</title>
<bold>Research background:</bold> Corporate governance plays an important role in companies’ financial performance and its true importance and relevance are revealed during an economic shock, such as the COVID-19 pandemic. In the past, research regarding corporate governance and financial variables focused solely on performance variables such as Tobin’s Q and ROA. This assessment completely ignores that corporate governance principles have a broader implication on financial variables than only performance.
<bold>Purpose:</bold> Our research aimed to determine whether companies with good corporate governance practices were more resilient during the COVID-19 pandemic, measured by the deterioration of various financial variables.
<bold>Research methodology:</bold> To achieve the aim, in the empirical part of the article, information on companies’ corporate governance and financial variables was collected, and based on them, correlation, regression and scatter plot analyses were conducted.
<bold>Results:</bold> Our correlation, regression, and scatter plot analyses revealed that on both group and individual company levels, companies with higher levels of corporate governance would have their financial variables deteriorate significantly more compared to companies with low levels of compliance.
<bold>Novelty:</bold> This is the first publication on the given topic. While few publications are assessing the impact of the pandemic on companies using corporate governance, none of these publications have focused on financial variables.
</abstract>

The Deterioration of Financial Ratios During the Covid-19 Pandemic: Does Corporate Governance Matter?

<abstract><title style='display:none'>Abstract</title> A study was conducted of 15 food companies listed on the Warsaw Stock Exchange. The profitability of companies was measured by: return on assets (ROA), return on equity (ROE) and return on sales (ROS). Investment risk was measured by standard deviation and semi-deviation. The main objective of the study was to examine whether the average level and variability of selected indicators of profitability are reflected in the average level and the variability of returns on the capital market. An additional aim was to examine whether the size of the company affects the profitability and risk of investment in stocks as well as the average value and the volatility of profitability ratios. A positive correlation between the average value of the profitability ratios (ROA and ROS) and the average rates of return on the capital market was identified. Similarly, companies with higher volatility and semi-volatility of profitability ratios were simultaneously characterized by larger fluctuations in rates of return on the stock market. Studies have shown that the size of the company is negatively correlated with the risk of stock market investments and the volatility of profitability ratios.</abstract>

The Influence of Profitability Ratios and Company Size on Profitability and Investment Risk in the Capital Market

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