<abstract><title style='display:none'>Abstract</title>The article aims at explaining how a small opened economy can effectively deal with a resource abundance problem. The thesis of the essay is a statement that Chile has been able to cope with the resource “outside” by developing proper institutions and diversifying the structure of its foreign trade. To verify the thesis, a literature review of theoretical recommendations how to utilize resource revenues without harming economy, as well as analyses of chosen macroeconomic variables were conducted. The possible solutions on how to deal with resource abundance problem are following: investing resource revenues outside of the economy, implementing fiscal rules that will stabilize budget revenues and prevent inflation from rising, and diversifying export in terms of product and geographical structure. Consequently, these solutions have been introduced in Chile, the world leading producer of copper, several years ago and proved to be very successful. Chile enjoys stable resource revenues despite the business cycle and performance of the copper market, while its real effective rate and export competitiveness has not been eroded. T is paper presents, according to author's knowledge, the first detailed case study analysis of the country from Latin America, that has been successfully dealing with the resource abundance problem over several decades.</abstract>

Copper in Chile - When the Resource “Outside” Becomes a Blessing

<abstract><title style='display:none'>Abstract</title> The dynamic capabilities view posits that a firm’s success is largely driven by its ability to adapt to a changing environment to secure value creating potential and, thus achieve a competitive advantage. The dynamic capabilities perspective has attracted much scholarly attention in the last two decades, as reflected in the proliferation of conceptual and research articles in the strategic management literature. Knowledge about the relationship between dynamic capabilities and other theoretical concepts within the strategic management field remains limited. This paper therefore synthesizes the literature and uses it to develop a more clear relationship between notions of dynamic capabilities, resources, assets, competencies and static capabilities. Potential areas of future research are also outlined.</abstract>

Exploring Links Between Dynamic Capabilities Perspective and Resource-Based View: A Literature Overview

<abstract><title style='display:none'>Abstract</title>The perception of women’s statutory place within organizations has been influenced by gender bias, which has led to discrimination. Lowering barriers related to gender inequality and introducing constructive changes takes a surprisingly long time. This procrastination can, to some extent, be attributed to the fear of potential economic costs, which is a misconception. A deeper understanding of the interplay between socio-economic factors and gender inequality within organizations can result in designing better, less biased, more merit-based structures and provide women with better career opportunities. Countries and organizations promoting gender equality practices prove that women’s inclusion in the labor market can be ‘cost-effective’ and beneficial in socio-economic terms.This article analyzes selected determinants of female under representation in organizations, and in leadership positions in particular. The author points out to the rich body of research and to the multiple implications of gender inequality. Among the change resistant, deeply rooted factors, those originating in culture have a significant impact on women’s inclusion in organizations. This paper focuses on macro problems, and explains why some determinants are more persistent than others, and still influence gender equality at all levels of organizational structures. The determinants are systematized, analyzed using statistical data, and rooted in a wide body of research. The article also presents potential future developments and available tools that can be employed to speed up changes leading to gender equality in organizational structures, particularly in leadership positions.</abstract>

Socio-Economic Implications of Female Inclusion in Organizational Structures and in Leadership Positions

<abstract>
<title style='display:none'>Abstract</title>
The aim of the study is to examine the impact of financial constraints and financial distress on cash holdings, both in normal and crisis times. We collected the 4,406 firm-year observations of companies listed on the Warsaw Stock Exchange (WSE). Our research shows that companies maintain higher cash holdings during a crisis than in a normal period. However, in contrast to our expectations, companies with financial difficulties (constraints and distress) have lower cash holdings both in normal and crisis times. The originality of our research lies in realizing that different sources of difficulties might overlap at the same time (external with internal). We also analyze how cash holdings react to a combined impact of difficulties of different natures (external and internal). We believe that cash holdings have recently increased their meaning as we face the situation of constant and increasing uncertainty: still ongoing COVID-19 crisis prolonged with Russian aggression on Ukraine and outburst of inflation.
</abstract>

Impact of financial constraints and financial distress on cash holdings

<abstract><title style='display:none'>Abstract</title>Introduced in 2003, net promoter score (NPS) very quickly gained popularity, as a customer loyalty measure, among companies and a part of researchers, due to its simplicity, the ease of interpretation, low costs of calculation, and, overall, its assumed impact on future growth and profitability. In due course of literature review, it was identified that not all researchers endorsed NPS, rejecting its presumed impact on growth and its superiority over other loyalty measures. This study aims therefore to verify the influence of NPS on the growth and profitability of Polish transportation companies. This objective is achieved with the use of Spearman correlation ranks and linear regression. The findings of this study reject the proclaimed relationship between NPS and growth; hence, in that matter, the results are aligned to criticism presented in literature. The study, however, confirmed a positive and statistically significant relationship between NPS and profitability. Accordingly, the study recommends Polish transportation companies to include NPS in a portfolio of metrics, however, not as a stand-alone diagnostic tool.</abstract>

Net promoter score, growth, and profitability of transportation companies

<abstract><title style='display:none'>Abstract</title> The main purpose of the article is to examine workers’ mobility expectations under the risk of investments in human capital. We focus on the earnings risk associated with investments in human capital. In particular, we attempt to identify the specific risk for occupational groups and then conduct a descriptive analysis of the mobility expectations in occupational groups with different risk levels. The empirical analysis is based on the cross-sectional data from the survey Bilans Kapitału Ludzkiego (Human Capital Balance).</abstract>

Risk of Investments in Human Capital and Expected Worker Mobility

<abstract>
<title style='display:none'>Abstract</title>
This paper aims to examine the changes in global value chains (GVCs) in the years 2020–2022 (times of the COVID-19 pandemic) compared to 2019 (last year before the pandemic). GVCs are illustrated by diagrams based on the statistics on international trade measured by value-added exports and imports. In this paper, the final demand approach is applied to measure international trade by value-added exports and imports and they were computed based on inter-country input-output tables delivered by the Asian Development Bank (ADB). The catchphrase “Made in the World” makes an impression, but in reality, value chains are rarely global. They are rather regional with three centers. “Factory Europe”, “Factory Asia”, and “Factory America” can easily be identified in the years 2019–2022 as there were three large regional supply hubs in GVCs: Germany, China, and the United States. When the years 2020–2022 were compared to 2019, “Factory Asia” with center in China elevated their position in GVCs at the expense of “Factory Europe” with center in Germany and “Factory America with center in the USA.”
</abstract>

Global value chains before and in times of the COVID-19 pandemic

Editorial

<abstract>
<title style='display:none'>Abstract</title>
The processes involved in the sustainable development goals (SDGs) localization, sustainable rural development (SRD), and the use of public participation to support the achievement of the SDGs have gained importance in recent years. The aim of this article is to analyze the solution created by regional governments in Poland to combine these issues. This paper utilizes a qualitative case study-based approach. Firstly, the analysis of the development strategies of 11 Polish regions was carried out. Further, the analyses of the grant process allowed one to determine the SDG targets, which are associated with individual thematic areas of financing and with specific tasks proposed for implementation by the residents. It may be concluded that the analyzed program targets largely corresponded to the selected SDG targets. Such programs may be used as a tool for supporting the bottom-up diagnosis procedure, in the scope of desired activities supporting the achievement of the SDGs.
</abstract>

Public participation in rural areas supported by regional governments in the context of sustainable rural development: The case of Poland

<abstract>
<title style='display:none'>Abstract</title>
The present paper aims to determine what factors affect the success of participatory budgets in Polish cities and what factors affect the size of these budgets. The study covered all 66 cities with powiat rights from 2016 to 2021. A panel data model was used. The first research hypothesis states that the success of participatory budgeting depends on the economic condition of the cities implementing it. The second one states that the success of participatory budgeting depends on the characteristics of the LGUs’ residents. The first hypothesis was confirmed, while the second was partially confirmed. Analyzing four different models with different explanatory variables, it was found that the statistically significant explanatory variables were population, material situation, demographic structure measures, and residents’ economic situation.
</abstract>

Determinants of the success of participatory budgets in Poland

<abstract>
<title style='display:none'>Abstract</title>
<sec>
<title style='display:none'>Objective</title>
The present article discusses changes in tariff and non-tariff restrictions applied in World Trade Organization (WTO) countries during the COVID-19 pandemic.
</sec>
<sec>
<title style='display:none'>Methods</title>
The employed research tools were a review and analysis of literature along with source statistical data of WTO, UNCTAD, OECD, and ITC.
</sec>
<sec>
<title style='display:none'>Findings</title>
During the pandemic, the average level of tariffs in the WTO countries did not change significantly. From 2019 to 2021, the standard level of duties amounted to less than 15% in more than 90% of the member states. In contrast, 2020 saw an unprecedented increase since 1995 in the number of new non-tariff measures introduced without prior notification. As a result, the restrictions applied as a whole covered the most significant part of world trade since 2009 (13.6%). The newly introduced restrictive measures affected trade worth US$68.8 billion in 2020, i.e., over half as much as in 2019 (US$46.2 billion).
</sec>
<sec>
<title style='display:none'>Originality</title>
A noneconomic factor (pandemic) caused the WTO countries to introduce restrictions that were permitted but eluded normal procedures. This calls into question the effectiveness of liberalization measures within the WTO.
</sec>
</abstract>

Restrictions applied by WTO countries in international trade in the context of the COVID-19 pandemic

<abstract>
<title style='display:none'>Abstract</title>
The present study aims to verify the autumn effect in the gold market, first presented 10 years ago by Dirk Baur in the paper “The autumn effect of gold” and to investigate the calendar effects occurring for other precious metals. This empirical research is presented in a way to place the results obtained in the context of the Efficient Market Hypothesis (EMH) and the more current Adaptive Market Hypothesis (AMH). The study was conducted as an extended reproduction of the Baur study. The main conclusion is that, the autumn effect on the gold market has been reversed and replaced by the winter effect, which is linked to the AMH. An equally interesting calendar effect was observed for silver. Platinum and palladium saw an increase in prices in January, but given the patterns in the gold market, it is very likely that this phenomenon will also change over time.
</abstract>

The “autumn effect” in the gold market—does it contradict the Adaptive Market Hypothesis?

<abstract><title style='display:none'>Abstract</title>Scholars and practitioners indicate that low level of employee engagement at work is currently one of the most alarming global economic problems. The potential consequence of this phenomenon is declining work performance. Therefore, it becomes important to understand the concept of work engagement, its meaning for employees, and implications for employers. The article is a systematic review of the body of literature, presenting the results of research on the association between employee engagement and various performance categories. The paper’s objective is to summarize prior studies based on their ordering and categorization, identify gaps in the current knowledge, and propose an agenda for future research. The article presents these findings in a synthetic manner, offering practical and academic implications arising therefrom. Results of the review indicate that, in the case of most peer-reviewed publications, a statistically significant relation between employee engagement and numerous categories and subcategories of performance was confirmed.</abstract>

Employee engagement and performance: a systematic literature review

<abstract><title style='display:none'>Abstract</title>This study investigates the links between organizational culture, the use of open innovation sources and the performance of SMEs. The main hypothesis of the study is that a special type of organizational culture (termed innovative culture), which fosters creativity, learning and inter-employee cooperation – will correspond with a greater scope of open innovation sources and higher levels of innovative, operational and financial performance. The study was based on a representative CATI survey of 473 SMEs operating in manufacturing and services industries in Poland. Our statistical analysis relied on building and testing structural equation model with the AMOS software. The findings confirmed a positive association between innovative culture and the scope of open sources of innovation. However, innovative culture had no direct effect on the percentage of sales from new and modified products, which is often used as a metric of innovativeness, but did show a positive influence on an index of operational performance and ROI. Such statistical patterns suggest that fostering innovative culture is beneficial to a company, though probably not through an increased number of product innovations, but rather via process, administrative and marketing innovations, as well as other gains in efficiency attained due to more streamlined employee cooperation and knowledge exchange. The study adds to the existing body of knowledge in management science by providing a better understanding of mechanisms underlying innovative culture’s impacts on open innovation practices and metrics of operational and financial performance in the context of small and medium enterprises.</abstract>

World Economy Collegium, Warsaw School of Economics,

Organizational Culture and Open Innovation Performance in Small and Medium-sized Enterprises (SMEs) in Poland

<abstract><title style='display:none'>Abstract</title>Can comparative capitalism (CC) assist us in understanding both the rise and the current challenges of emerging market capitalism? This article applies analytical instruments developed in CC scholarship on emerging markets to address this question. During the last two decades, CC scholarship – defined by common features such as the emphasis on institutional contexts that are sticky and most important at the national level – has evolved considerably. This contribution to the third generation of this scholarship highlights the degree of international economic integration as the central strategic choice to be faced by emerging economies. It does so by systematically comparing dependent market economies of East Central Europe with the state-permeated economies of China, India and Brazil. The core finding is that both types of capitalism have been able to mobilize substantial institutional complementarities during the last three decades but will face considerable economic and political challenges in the years ahead.</abstract>

Dependent versus state-permeated capitalism: two basic options for emerging markets

<abstract><title style='display:none'>Abstract</title> Absorptive capacity (ACAP) enables firm to adjust to a rapidly changing environment and achieve sustained competitive advantage. This study contributes to the existing body of knowledge on ACAP by providing a comprehensive literature review of the various conceptual attributes of the construct, its determinants, outcomes, and positive and negative consequences of using its input-oriented, output-oriented, and perceptive measurement modes. Proposals for constructing ACAP based on the Community Innovation Survey (CIS) empirically illustrate for the conceptual part of the paper. Additionally, combining concepts of absorptive capacity and open innovation (which is still rare in the literature) provides a new perspective on the role of absorptive capacity in opening up the innovation process. This advances the understanding of both inter-related proposals. The article also identifies key problems and formulates future research directions to improve the multi-level characteristics of absorptive capacity.</abstract>

Capturing Absorptive Capacity: Concepts, Determinants, Measurement Modes and Role in Open Innovation

<abstract><title style='display:none'>Abstract</title> This research empirically explores the relation between carbon dioxide emission and economic growth during the period 1992-2010, using panel data on the European Union countries. Both fixed and random effect models are employed to test the Environmental Kuznets Curve (EKC) relationship between CO2 emissions and GDP per capita. While no U-shaped EKC was confirmed empirically for all 28 current EU member states, the graphical analysis demonstrates a justified turning point for CO2 emissions as GDP per capita reaches the level of 23,000 USD. Furthermore, there is a firm empirical ground for the EKC hypothesis based on data from 16 older, relatively high-income EU states. Thus, though not empirically confirmed, there is ample data verifying the existence of the EKC in EU economies.</abstract>

Ph. D. Student, Warsaw School of Economics, Poland

Faculty of Organization and Logistics of Maritime Transportation, Batumi State Maritime Academy Georgia

Phutkaradze Ph. D. Candidate, Warsaw School of Economics, Poland

Economic Growth and Environmental Quality in the European Union Countries – Is there Evidence for the Environmental Kuznets Curve?

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 IJME is a platform for scientific discussion and knowledge sharing open for all researchers worldwide.  IJME aims to enhance the...