<abstract xmlns="http://www.w3.org/1999/xhtml">Innovations are an important, although imprecise conceptual category. They are perceived differently depending on the accepted scientific perspective. The article verifies the concept of innovation in terms of marketing and accounting. The main aim of the paper is to identify problems and formulate preliminary research hypotheses connected to the integration of the accounting and marketing functions of an enterprise within the context of the assessment of innovative activities conducted by the entity. Additionally, it is the authors’ intention to draw attention to similarities and differences that occur between the regulations of the national accounting law and the approach of marketing within this domain. For the purposes of the research it has been hypothesized that the integration of the accounting and marketing functions of en enterprise concerning innovation is limited because of different perceptions of sources and results of innovation within these two fields. Assessments of the innovativeness of the same enterprise from the perspective of marketing and from the perspective of accounting are different. This aim has been realized through the use of scientific description based on the analysis of literature concerned mainly with marketing innovation. The perspective of accounting innovation was also analyzed through a literature study and using a comparison study of chosen accounting regulations contained in the Polish Accounting Act and the International Accounting Standard 38 „Intangible Assets”. In conclusion it should be stated that accounting has not defined the concept of „innovation” nor, for the purposes of financial reporting, has not isolated innovation as an asset. In accounting, assets associated with the concept of innovation include intangible assets and tangible resources in fixed assets. Considering the presented approaches to innovation a distinct relationship on the type of incurred expenditures can be noticed: whether the expenses had been incurred for internally generated assets or for their acquisition. Only acquired resources and costs of completed development and development work in progress are a common part for these concepts. The presented initial stage of research also confirmed that from the perspective of accounting and marketing the assessment of the innovation level of an enterprise is not identical. It is assumed that the integration of the accounting and marketing functions within a company may have a positive effect on the process of information management.</abstract>

Faculty of Management, Department of Finance and Accounting

Faculty of Management, Department of Marketing and Entrepreneurship

Accouting and marketing dimensions of innovations

<abstract xmlns="http://www.w3.org/1999/xhtml">The article presents the main features of one category of innovative financial products – exchange traded commodities (ETCs) and results of the analysis of the European market for ETCs. ETCs are products listed and traded on the stock exchanges and they offer investors returns based on various assets (commodities or currencies). In contrast with the most widely recognized exchange traded funds (ETFs), ETCs are structured as debt instruments due to legal requirements regarding investment funds in the European Union. The European ETCs market is the largest in the world (in terms of assets its share in the global market in 2015 was close to 98%). It had developed rapidly until 2012 when total assets reached the record-high value of ca. 26,6 billion EUR (i.e. 9,5% of total assets of all exchange traded products listed in Europe). Over the next few years both the value of assets and market share of ETCs decreased significantly, mostly due to decline of the tracked assets’ prices (especially commodities) – during the analyzed time period the average flows to commodity or currency ETCs were close to 0. An important feature of the European market is its high concentration level, both in terms of companies launching ETCs and locations of the trade in the share of ETCs. Four ETC providers manage most of the assets (with the cumulated market share of over 94%). Three exchanges –in London, Milan and Frankfurt am Main account for almost the entire regulated market turnover of ETCs in Europe.</abstract>

Exchange traded commodities as a category of innovative products on European financial markets

<abstract xmlns="http://www.w3.org/1999/xhtml">This article is devoted to the issue of assessing the causes of business failure. The presented studies answer two research questions – what are the causes of corporate bankruptcies in Poland and how to more effectively predict the scale of bankruptcies in the country. The author has conducted a study to analyze the specific endogenous and exogenous causes of company bankruptcy depending on the type of the bankruptcy with consideration of the three different phases of the crisis in enterprises. The research is based on 185 companies (60 bankrupt and 125 non-bankrupt firms) listed on the Warsaw Stock Exchange. For each company the author has calculated 14 different financial ratios for each of the six years before classifying the firm as bankrupt or non-bankrupt.The author has also done research to identify specific macroeconomic variables affecting the bankruptcy process of the companies in Poland. This provided specification of the manner and how strongly the various factors affect the quantity and intensity of bankruptcy applications in this region of Europe. Additionally, with the use of selected macroeconomic variables the author programmed a fuzzy logic model to forecast the general intensity of bankruptcies in Poland. This study is the first attempt at using fuzzy logic to predict the risk of bankruptcy in a macro aspect. The results demonstrate the great potential of this method. The received effectiveness of the fuzzy logic model is at the level of 84%.</abstract>

Evaluation of the factors influencing business bankruptcy risk in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">Special Economic Zones have been operating in Poland since 1994 and are still growing. Tax incentives being offered in these Zones, as good infrastructure and administration support, are supposed to be attractions for newly established companies. The purpose of this article is to investigate whether tax incentives have an impact on the decision process of locating the investments in Special Economic Zones in Poland. The article presents a preliminary study, based on results of a questionnaire survey conducted among companies located in SEZ in Poland and presents subjective opinions of the investors about tax policy in SEZs. Results show that tax incentives are an important instrument attracting investors to Special Economic Zones. As the following analysis presents, tax reliefs seem to be an important investment incentive, however, the importance of income taxes is greater than the local costs to doing business. There are also some differences in evaluating tax support depending on a company’s size and the level of support in a particular region.</abstract>

Tax incentives as an instrument attracting investors to Special Economic Zones

<abstract xmlns="http://www.w3.org/1999/xhtml">Since Hyman Minsky’s death in 1996, much has been written about financialization. This article — by means of the synthesis, interpretation, and assessment of an extensive literature — explores the issues that Minsky examined in the last decade of his life and considers their relationship to the financialization literature. At the heart of those issues is what Minsky called money manager capitalism, which he viewed through the lens of a theory of capitalist development inherited from Joseph Schumpeter. Advancing our understanding of the history of financial economics, the article shows how Minsky contributed to — indeed, anticipated much of — the study of financialization. The article also identifies two sources of Minsky’s insightfulness: his treatment of economics as a grand adventure, and his willingness to step beyond the world of theory and interact with the world of practice. Today, scholars with a Minsky perspective face formidable challenges, but, the author concludes, within Minsky’s writings is also a glimmer of hope: Economic systems are not natural systems; we can reshape them to achieve a more humane world.</abstract>

Understanding financialization: standing on the shoulders of Minsky

<abstract xmlns="http://www.w3.org/1999/xhtml">The subject of the study is the phenomenon of household financialization. In the first part of the article a sense of this situation and its influence on the different functioning areas of the households (income, expenses, financial decisions) is described. What is more, the positive and negative effects of this process for the households’ financial stability were defined. The next part of the article contains an analysis of the households financialization processes in Poland in the years 2005-2015. On the side of household savings, the analysis included the level and the structure of financial assets. The second area of evaluation of the household financialization processes was bank debt analysis, including mortgage debt. In the elaboration comparative analysis was used, which means that Polish household structure of financial assets and the level of debt were compared to the European Union countries.</abstract>

Household financialization – sense and scale of this phenomenon on the example of poland

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of the paper is to discuss key challenges facing central banks due to evolution of payment systems. The author distinguishes two aspects of the problem. The first one considers the implications of changes in payments for the roles of central banks in national payment systems, namely their role as operators, oversight authorities and catalysts. The second question is how evolution of payment systems influences the nature of central banking. The study is based on the literature review and the analysis and assessment of the information coming from the reports of international institutions. It also uses the results of the author’s survey, which was conducted among central banks of eleven countries.The research leads to the conclusion that the challenges for central banks concern among others: monitoring and assessing innovations and new mechanisms of payments, information policy in the area of payments, promotion of standardization and interoperability of systems, effective oversight and operational activities of central banks. The changing payments landscape also requires consideration of long-term implications for monetary policy and central banks’ revenues.</abstract>

Challenges for central banks in a changing payments landscape

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Financial Internet Quarterly

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