Zeszyty czasopisma

Tom 9 (2022): Zeszyt 56 (January 2022)

Tom 8 (2021): Zeszyt 55 (January 2021)

Tom 7 (2020): Zeszyt 54 (January 2020)

Tom 6 (2019): Zeszyt 53 (January 2019)

Tom 5 (2018): Zeszyt 52 (January 2018)

Tom 4 (2017): Zeszyt 51 (December 2017)

Tom 3 (2017): Zeszyt 50 (December 2017)

Tom 2 (2017): Zeszyt 49 (December 2017)

Tom 1 (2017): Zeszyt 48 (November 2017)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-6821
Pierwsze wydanie
30 Mar 2017
Częstotliwość wydawania
1 raz w roku
Języki
Angielski

Wyszukiwanie

Tom 7 (2020): Zeszyt 54 (January 2020)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-6821
Pierwsze wydanie
30 Mar 2017
Częstotliwość wydawania
1 raz w roku
Języki
Angielski

Wyszukiwanie

20 Artykułów
Otwarty dostęp

Macroeconomic forecasting in Poland: The role of forecasting competitions

Data publikacji: 10 Sep 2020
Zakres stron: 1 - 11

Abstrakt

Abstract

Macroeconomic forecasters are often believed to idealistically work on improving the accuracy of their estimates based on for example the Root Mean Squared Error (RMSE). Unfortunately, reality is far more complex. Forecasters are not awarded equally for each of their estimates. They have their targets of acquiring publicity or to earn prestige. This article aims to study the results of Parkiet's competitions of macroeconomic forecasting during 2015–2019. Based on a logit model, we analyse whether more accurate forecasting of some selected macroeconomic variables (e.g. inflation) increases the chances of winning the competition by a greater degree comparing to the others. Our research shows that among macroeconomic variables three groups have a significant impact on the final score: inflation (CPI and core inflation), the labour market (employment in the enterprise sector and unemployment rate) and financial market indicators (EUR/PLN and 10-year government bond yields). Each group is characterised by a low disagreement between forecasters. In the case of inflation, we found evidence that some forecasters put a greater effort to score the top place. There is no evidence that forecasters are trying to somehow exploit the contest.

Słowa kluczowe

  • forecasting
  • strategic behaviour
  • incentives
  • Parkiet

JEL Classification

  • E17
  • E37
Otwarty dostęp

Financial liability stress tests: an approach based on the use of a rating migration matrix

Data publikacji: 09 Sep 2020
Zakres stron: 12 - 32

Abstrakt

Abstract

The article addresses the issue of stress testing based on the probability of bankruptcy and a rating migration matrix. The analysis is conducted on a sample of listed companies in Poland in the years 1998–2016, and the forecasts are made for the years 2016–2018. Particular attention is paid to how the variable on which rating migration matrices are developed is defined. Stress tests are carried out on variables derived from rating migration matrices and economic indicators. The study provides information on the methodology for stress testing.

Słowa kluczowe

  • stress tests
  • bankruptcy risk
  • rating migration matrices
  • stress scenario

JEL Classification

  • G11
  • G21
  • G22
  • G28
  • G32
Otwarty dostęp

Cryptocurrencies as an asset class in portfolio optimisation

Data publikacji: 09 Sep 2020
Zakres stron: 33 - 55

Abstrakt

Abstract

In this paper, cryptocurrencies are analysed as investment instruments. The study aims to verify whether they can be classified as an asset class and what kind of benefits they may bring to the investor's portfolio. We used 6 indices as proxies for the major asset classes, including the cryptocurrency index CRIX, for all cryptographic assets.

Cryptocurrencies relatively fully satisfied 7 asset class requirements, namely stable aggregation, investability, internal homogeneity, external heterogeneity, expected utility, selection skill and cost-effective access. It was found that crypto assets have diversification properties. Portfolio optimisation with the Modern Portfolio Theory showed an increase in the Sharpe ratio of tangency portfolios with the inclusion of CRIX. However, the Post-Modern Portfolio Theory identified significant deterioration of the downside risk and the Sortino ratio.

Słowa kluczowe

  • cryptocurrencies
  • blockchain technology
  • asset class
  • portfolio optimisation
  • Modern Portfolio Theory
  • Post-Modern Portfolio Theory

JEL Classification

  • C61
  • G11
  • G12
Otwarty dostęp

The voting of EU members for common consolidated corporate tax base and the tax benefits

Data publikacji: 09 Sep 2020
Zakres stron: 56 - 71

Abstrakt

Abstract

This paper examines the relationship between the voting behaviour of European Parliament members on the Common Consolidated Corporate Tax Base (CCCTB) proposal and economic characteristics of their respective countries. We are concerned about the political and economy factors behind policy and decision making of CCCTB in European Parliament. The analysis is conducted with Logit model identifying factors affecting the voting consultation decision of the Parliament of the European Union in 2018. Particularly, we investigate the impact of four components taken from tax benefit index proposed by W. Orłowski. We have found that economic factors alone are responsible the voting behaviour of the European Union deputies, not their personal characteristics.

Słowa kluczowe

  • common consolidated corporate tax base
  • corporate income tax
  • political economy
  • voting behaviour

JEL Classification

  • F23
  • F55
  • H23
  • H25
Otwarty dostęp

Managerial accounting in the implementation of deliverology using the example of Ukraine

Data publikacji: 19 Sep 2020
Zakres stron: 72 - 83

Abstrakt

Abstract

The article is devoted towards the application of managerial accounting for deliverology development at the local government level in countries and comparing them to the stage of fiscal decentralisation implementation in Ukraine. The aim of the article is to show how the application of the managerial accounting approach in the public sector can contribute to the introduction of deliverology at the local level using Ukraine as an example. The methodology is based on the application of Difference in Difference method for the implementation of deliverology at the local government level. It has been proved that the use of multi-criteria decision-making methods in the analysis of the performance of budget programmes at the local level will contribute to the improvement of public services delivery. The main contribution of this study is to provide the basis for developing recommendations for the use of a single or uniform standard of electronic databases on regional development indicators and local budgets. This will help to ensure operational control over deviations of actual indicators from planned ones, as well as identify regions where local authorities are using resources inefficiently.

Słowa kluczowe

  • managerial accounting
  • new public management
  • local budgeting
  • performance indicators
  • deliverology
  • process-driven problem solving
  • Difference in Difference method

JEL Classification

  • M48
  • R50
  • R51
Otwarty dostęp

Financial development and income inequality

Data publikacji: 03 Oct 2020
Zakres stron: 84 - 100

Abstrakt

Abstract

This paper analyses the influence of financial development on income inequality. Throughout this work, one may find the overview of theoretical and empirical literature as well as the empirical model using fixed panel data method. This research paper tries to disentangle the opposing views on the relationship between finance and income distribution, by evaluating the impact of the different dimensions of financial development on the level of income inequality. The important added value of this research is the usage of quintiles of income distribution as a dependent variable that may help to recognise the effect of financial development on the poorest and richest. Another novelty of the paper is the consideration of the effects of financial variables on Gini coefficient in the long and short run. The main results of the analysis using dataset from 2003 to 2014 indicate that financial access decreases income inequality.

Słowa kluczowe

  • income inequality
  • financial development
  • access to finance
  • financial depth
  • financial stability
  • efficiency of financial sector

JEL Classification

  • D63
  • G10
  • G20
Otwarty dostęp

Are the European Commission's forecasts of public finances better than those of national governments?

Data publikacji: 31 Oct 2020
Zakres stron: 101 - 109

Abstrakt

Abstract

The academic literature in the past has frequently highlighted that the European Commission (EC) tends to provide more accurate public finance forecasts compared with national governments, thanks to its neutrality. The recent conflicts regarding the excessive deficit procedure with Romania and Italy and rule of law with Hungary and Poland raises the question of whether such conclusions are still binding. Therefore, we analysed a panel of forecasts submitted by the national governments with an annual update of Convergence programmes and corresponding EC predictions. Our dataset contains predictions of the general government deficit, revenues and expenditures for EU27 economies and the United Kingdom in the years 2014–2019. First, the analysis shows no meaningful discrepancies between both estimates when the horizon is set at the current year. Forecasts for the next year have equal accuracy in the case of government revenues and expenditures. However, the EC performs worse in the case of the final deficit. Second, cross-country effects are present, but the accuracy is different mainly in the very small economies, that is, the Baltic countries, Cyprus, Malta and Luxembourg. Amongst the more populated states, the EC outperforms the Slovakian and Denmark governments but has worse performance than the Irish, Portuguese and Spanish governments. We also do not see evidence of any political bias in the forecasts.

Słowa kluczowe

  • fiscal forecasts
  • convergence programme

JEL Classification

  • H62
  • H68
Otwarty dostęp

Determinants of corporate R&D expenditures: the role of taxes

Data publikacji: 23 Oct 2020
Zakres stron: 110 - 126

Abstrakt

Abstract

The paper aims to find the relationship between corporate expenditures on R&D and tax burdens comparing German with French R&D incentives. We use the OLS method for the financial and patent cross-sectional data retrieved from the Amadeus database. The results confirm that firms with higher tax spread (the difference between the nominal and effective tax rates) spend less on R&D. These are in line with findings of a positive relationship between corporate R&D investment and tax burdens. Thus, firms that invest in R&D more pay higher taxes. However, they are less profitable as the return on R&D investment is visible only in the long run. German corporate expenditures on R&D are significantly sensitive to internal funds (proxied by cash flow) and depend on debt, contrary to French. The results indicate that the French firm's age (a phase of life cycle) has a significant impact on spending on R&D compared to German. Whereas in both countries, corporate expenditures on R&D are sensitive to the number of obtained patents. The capability of reducing the level of tax burdens below the nominal tax rate in the case of older German firms stimulates them to increase their R&D expenditures. However, German firms can decrease tax due to the use of R&D grants (revenues without taxation) in the absence of other tax incentives related to R&D.

Słowa kluczowe

  • R&D
  • tax incentives
  • patents
  • Germany
  • France

JEL Classification

  • O30
  • D22
  • H20
Otwarty dostęp

The relationship between profitability and financial liquidity among the importers of best-selling brands of new cars in poland

Data publikacji: 23 Oct 2020
Zakres stron: 127 - 142

Abstrakt

Abstract

The automotive industry is a particularly sensitive sector of the economy. Numerous legal changes have been introduced in Poland that may affect the company's liquidity and profitability. Sales of new vehicles in Poland were very high until the end of 2019. I have presented the most recently available financial data, and hence it can be concluded that they are not distorted. The article discusses the issue of cash flow statements and the associated financial ratios, as well as assesses the financial liquidity among the importers of new, ten best-selling car makers in Poland between 2015 and 2019. Moreover, I have analysed the relationship between profitability ratios and liquidity ratios as well as cash adequacy ratios during this period. According to my findings, in most cases, there is a positive and strong relationship between profitability and financial liquidity in the automotive industry.

Słowa kluczowe

  • financial liquidity
  • automotive sector
  • cash flow statement
  • ratio analysis

JEL Classification

  • G30
  • M40
Otwarty dostęp

‘Big 4’ influence on audit market

Data publikacji: 09 Nov 2020
Zakres stron: 143 - 156

Abstrakt

Abstract

The main purpose of this paper is to determine the impact that Big 4 companies have had after the adoption of International Financial Reporting Standards (IFRS) became mandatory on the audit market. Thus, after thorough research of the specialised studies, the impact of the financial reporting based on IFRS is analysed, while considering that Big 4 companies have created a strong monopoly that led to several changes on the audit market. All the companies listed on the Bucharest Stock Exchange that traded premium shares from 2011 to 2019 were analysed. With the use of ANOVA analysis, this paper verifies if the profitability, shareholders’ funds, firm size and the size of the business group influence the choice of the audit firm. Our results confirm that the choice of an audit firm is influenced by the shareholders’ funds, number of employees and the size of the business group. Besides, this paper presents an analysis of the changes that have occurred from 2011–2019 on the audit market of Romania.

Słowa kluczowe

  • IFRS
  • Big 4
  • audit fees
  • financial reporting
  • accounting standards
  • monopoly
  • audit market

JEL Classification

  • M42
Otwarty dostęp

Cash flow sensitivity of investment: Evidence from the Polish listed companies

Data publikacji: 28 Oct 2020
Zakres stron: 157 - 171

Abstrakt

Abstract

The paper focuses on assessment of the sensitivity of investment on cash flow (ICFS) made by listed companies in Poland. Achieving this goal will also involve analysing and drawing conclusions about the balance-sheet channel of monetary transmission. An empirical part uses data from financial statements for Poland derived from Emerging Markets Information Services (EMIS), related to companies listed on the Warsaw Stock Exchange and NewConnect. Estimations were made using the Ordinary Least Squares method with robust standard errors, and results made it clear that cash flow has a positive significant impact, indicating that most companies operate on the imperfect and incomplete market, and with constrained or costly access to external financing. Further, it is found that the impact is significantly strong in the slowdown, as financial constraints are more binding. These results seem to confirm that the balance-sheet channel of monetary transmission is operative in Poland.

Słowa kluczowe

  • investment
  • cash flow
  • ICFS
  • balance sheet channel
  • financial accelerator

JEL Classification

  • C33
  • E22
  • E44
Otwarty dostęp

Working Conditions and Satisfaction of Transport Service Employees

Data publikacji: 19 Nov 2020
Zakres stron: 172 - 185

Abstrakt

Abstract

The transition of the Polish economy has brought about profound changes in the nature of contracts between employees and employers. These changes have been affected by the process of globalisation and dynamic technological progress. In particular, the characteristics of the contracts and the work itself have changed, which has affected the utility derived from employment by employees. The article attempts to identify the factors providing job satisfaction using the example of railway service employees. In particular, factors such as the position held, levels of tension and stress at work, level of autonomy, opportunities for personal development, the level of accordance between employees’ skills and job requirements, convenient working hours, length of vacation and the level of social respect enjoyed are important. In the study, an innovative discrete choice experiment method and econometric analysis were used to make a comprehensive examination of the factors providing satisfaction to transport service employees. Conclusions from the study indicate that although remuneration is an important element influencing job satisfaction, other non-wage factors also affect the satisfaction. The most important factors include managerial position, opportunities for personal development and the level of social respect related to the given occupation/position.

Słowa kluczowe

  • employee satisfaction
  • employment attributes
  • labour market
  • working conditions

JEL Classification

  • J28
  • J81
Otwarty dostęp

Economic analysis of corruption at the company level

Data publikacji: 20 Nov 2020
Zakres stron: 186 - 204

Abstrakt

Abstract

Corruption is a factor that affects a company severely either directly or indirectly. It may have a positive or negative impact on the economic situation of the company. This article verifies the hypothesis about the corporate perception of corruption as an obstacle to business performance. It also identifies which factors do have a substantial effect on the perception of corruption by companies. The study was carried out using the logit model. The data used were obtained from the Business Environment and Enterprise Performance Survey (BEEPS) database for 2016.

Słowa kluczowe

  • corruption
  • companies
  • extortion

JEL Classification

  • G34
  • G38
Otwarty dostęp

Tax revenue and economic growth in developing country: an autoregressive distribution lags approach

Data publikacji: 20 Nov 2020
Zakres stron: 205 - 217

Abstrakt

Abstract

Tanzania, like most other developing countries, faces numerous economic challenges in striving to achieve sustainable economic growth and development through taxation. In the literature, the debate on how effective taxes are as a tool for promoting economic growth and economic development remains inconclusive, as various research have reported mixed effects of tax on economic growth. This article investigates the effect of taxation on economic growth in Tanzania using the recently developed technique of autoregressive distributed lag model (ARDL) bounds testing procedure for the period from 1996 to 2019. Various preliminary tests were conducted including stationary tests as well as the pair-wise Granger causality test. According to the results obtained, domestic goods and services (TGS) taxes are positively related to GDP growth and are statistically significant at 1% level. Income taxes, on the other hand, were found to be negatively related to GDP growth and to be statistically significant at 5% level. The pair-wise Granger causality results indicated that there is bidirectional Granger causality between TGS and GDP growth at 1 % significance level. The government should aim at growing, nurturing and sustaining tax base to positively drive economic growth even further.

Słowa kluczowe

  • taxation
  • economic growth
  • foreign direct investment
  • domestic investment
  • ADF test
  • autoregressive distributive lags model

JEL Classification

  • H20
Otwarty dostęp

A note on the optimal scope of professional self-regulation

Data publikacji: 12 Dec 2020
Zakres stron: 218 - 226

Abstrakt

Abstract

Professions such as doctors and lawyers often enjoy some degree of self-regulation, i.e. they can set the codes of conduct in the market and even determine the rules for joining the profession. We address the problem of the optimal scope of self-regulation. Specifically, we model a profession that can decide about the quality of the service, and we examine if the profession should also be allowed to determine the number of suppliers. We assume that a larger number of professionals reduce the fixed cost of providing quality, and hence the motive to restrict entry is mitigated. Nonetheless, we find that for well-behaved fixed costs functions, the size of the profession preferred by the professionals is smaller than the socially optimal one. Still, if the only alternative to self-regulation is free entry to the profession, then self-regulation is the preferable regime. These findings are relevant for the services that are difficult to substitute by the services produced outside the profession.

Słowa kluczowe

  • professions
  • self-regulation
  • oligopoly
  • vertical product differentiation

JEL Classification

  • L13
  • L84
  • D69
Otwarty dostęp

The regional research policy of the Austrian federal states

Data publikacji: 12 Dec 2020
Zakres stron: 227 - 241

Abstrakt

Abstract

This research focuses on the regional research policy of the federal states. The paper analyses the existing academic research sources of the regional research policies and answers questions of the regions's analysis.

The methodology uses specific working papers essential for the European region's and sources of the Austrian public administration. Concerning the empirical part, this paper uses qualitatively focussed structured guideline surveys. The research will facilitate discussions on aspects of methodological approaches to research, data capture and analysis, perceived research outcomes and contributions to the body of knowledge.

Essential is the separation of subvention policy, which means the matter of distinct locational competition and it occurs the establishment of co-production within the regions to present itself mutual externally to persist in the global contest.

The findings indicate that even through this concept for success is highly influenced by funding's that are not very controllable by the regions, such as the federal states, and it is a positive prototype for prospective similar cases.

Słowa kluczowe

  • Universities
  • Federal States
  • Regional Factors
  • Subvention
  • Funding
  • Institutions

JEL Classification

  • I22
  • R11
  • H83
Otwarty dostęp

Do local governments use municipal companies for off-balance-sheet financing?

Data publikacji: 12 Dec 2020
Zakres stron: 242 - 257

Abstrakt

Abstract

This paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.

Słowa kluczowe

  • debt
  • municipal companies
  • municipalities
  • corporate governance
  • off-balance-sheet financing

JEL Classification

  • G30
  • G32
  • C51
Otwarty dostęp

Economic Integration and Migrant Networks: The Case of Ukrainian Migrants in the Warsaw Agglomeration

Data publikacji: 31 Dec 2020
Zakres stron: 258 - 278

Abstrakt

Abstract

In the past years, Poland has been not only a country of (mass) immigration but also a country where foreigners have begun to play a much larger role in the domestic labour market than ever before. This makes the analyses of foreigners’ integration increasingly important both to understand the situation of immigrants in Poland and their impact on the national economy and social processes. In this context, this article aims to quantify one of the dimensions of the economic integration of immigrants. We look at the level of earnings as one of the indicators of their integration process. Additionally, we refer to the impact of social capital (in the form of migrant networks) on the economic situation of immigrants. We focus on immigrants from Ukraine—the most numerous group of foreigners in Poland. Based on a unique data set, we empirically identify the key dimensions that have an impact on their incomes, including gender, employment sector and legal status. We also point to the statistically significant effects of migrant networks on migrants’ earnings.

Słowa kluczowe

  • economic integration
  • earnings
  • immigration from Ukraine

JEL Classification

  • I26
  • J24
  • J61
Otwarty dostęp

Ridesharing in the Polish Experience: A Study using Unified Theory of Acceptance and Use of Technology

Data publikacji: 18 Dec 2020
Zakres stron: 279 - 299

Abstrakt

Abstract

The main aim of this article is to examine the factors that influence the acceptance of ridesharing technologies in Polish society, including dynamic vanpooling on demand. The study was conducted using the UTAUT 2 model (Theory of Acceptance and Use of Technology). We have employed statistical and econometric data analyses such as factor analysis and linear regression using the Partial Least Square (PLS) method. Based on the review of the publications on ridesharing in the context of sharing economy, we have modified the UTAUT 2 model by supplementing it with the trust factor, which is a significant contribution to the development of this theory when applied to the acceptance of ridesharing technologies. Further, the outcomes allowed us to identify the factors that influence people's attitudes in using shared-ride technology (performance expectancy, hedonistic motivation and habit) and the intention to use this technology (effort expectancy, performance expectancy, price value, habit and trust). This study has practical implications as it has helped identify the factors that affect the acceptance of ridesharing technologies in Poland and these factors are significant for the suppliers of these technologies. The findings can certainly become a starting point for further research on other communities and the application of other models of technology.

Słowa kluczowe

  • sharing economy
  • ridesharing
  • vanpooling
  • Technology Acceptance Model
  • Unified Theory of Acceptance and Use of Technology

JEL Classification

  • O30
  • O33
  • M10
Otwarty dostęp

Factors Determining the Survival of New Companies

Data publikacji: 31 Dec 2020
Zakres stron: 300 - 315

Abstrakt

Abstract

This article discusses the determinants of the survival of new companies, with particular emphasis on their sources of financing. We have analysed the impact of experience in the same focal industry, of having a competitive advantage and intellectual property rights (patents and trademarks) and of debt financing on the probability of a start-up's survival, using a logit model based on the Kauffman Firm Survey (KFS) database data covering 4,928 American companies which operated from 2004 to 2011. Additionally, we can demonstrate that start-ups that use debt financing have a better chance of staying in business. Factors such as intellectual capital and competitive advantage are also positively correlated with the prospects for start-up survival.

Słowa kluczowe

  • start-up
  • survival of new companies
  • sources of financing

JEL Classification

  • M13
  • G30
20 Artykułów
Otwarty dostęp

Macroeconomic forecasting in Poland: The role of forecasting competitions

Data publikacji: 10 Sep 2020
Zakres stron: 1 - 11

Abstrakt

Abstract

Macroeconomic forecasters are often believed to idealistically work on improving the accuracy of their estimates based on for example the Root Mean Squared Error (RMSE). Unfortunately, reality is far more complex. Forecasters are not awarded equally for each of their estimates. They have their targets of acquiring publicity or to earn prestige. This article aims to study the results of Parkiet's competitions of macroeconomic forecasting during 2015–2019. Based on a logit model, we analyse whether more accurate forecasting of some selected macroeconomic variables (e.g. inflation) increases the chances of winning the competition by a greater degree comparing to the others. Our research shows that among macroeconomic variables three groups have a significant impact on the final score: inflation (CPI and core inflation), the labour market (employment in the enterprise sector and unemployment rate) and financial market indicators (EUR/PLN and 10-year government bond yields). Each group is characterised by a low disagreement between forecasters. In the case of inflation, we found evidence that some forecasters put a greater effort to score the top place. There is no evidence that forecasters are trying to somehow exploit the contest.

Słowa kluczowe

  • forecasting
  • strategic behaviour
  • incentives
  • Parkiet

JEL Classification

  • E17
  • E37
Otwarty dostęp

Financial liability stress tests: an approach based on the use of a rating migration matrix

Data publikacji: 09 Sep 2020
Zakres stron: 12 - 32

Abstrakt

Abstract

The article addresses the issue of stress testing based on the probability of bankruptcy and a rating migration matrix. The analysis is conducted on a sample of listed companies in Poland in the years 1998–2016, and the forecasts are made for the years 2016–2018. Particular attention is paid to how the variable on which rating migration matrices are developed is defined. Stress tests are carried out on variables derived from rating migration matrices and economic indicators. The study provides information on the methodology for stress testing.

Słowa kluczowe

  • stress tests
  • bankruptcy risk
  • rating migration matrices
  • stress scenario

JEL Classification

  • G11
  • G21
  • G22
  • G28
  • G32
Otwarty dostęp

Cryptocurrencies as an asset class in portfolio optimisation

Data publikacji: 09 Sep 2020
Zakres stron: 33 - 55

Abstrakt

Abstract

In this paper, cryptocurrencies are analysed as investment instruments. The study aims to verify whether they can be classified as an asset class and what kind of benefits they may bring to the investor's portfolio. We used 6 indices as proxies for the major asset classes, including the cryptocurrency index CRIX, for all cryptographic assets.

Cryptocurrencies relatively fully satisfied 7 asset class requirements, namely stable aggregation, investability, internal homogeneity, external heterogeneity, expected utility, selection skill and cost-effective access. It was found that crypto assets have diversification properties. Portfolio optimisation with the Modern Portfolio Theory showed an increase in the Sharpe ratio of tangency portfolios with the inclusion of CRIX. However, the Post-Modern Portfolio Theory identified significant deterioration of the downside risk and the Sortino ratio.

Słowa kluczowe

  • cryptocurrencies
  • blockchain technology
  • asset class
  • portfolio optimisation
  • Modern Portfolio Theory
  • Post-Modern Portfolio Theory

JEL Classification

  • C61
  • G11
  • G12
Otwarty dostęp

The voting of EU members for common consolidated corporate tax base and the tax benefits

Data publikacji: 09 Sep 2020
Zakres stron: 56 - 71

Abstrakt

Abstract

This paper examines the relationship between the voting behaviour of European Parliament members on the Common Consolidated Corporate Tax Base (CCCTB) proposal and economic characteristics of their respective countries. We are concerned about the political and economy factors behind policy and decision making of CCCTB in European Parliament. The analysis is conducted with Logit model identifying factors affecting the voting consultation decision of the Parliament of the European Union in 2018. Particularly, we investigate the impact of four components taken from tax benefit index proposed by W. Orłowski. We have found that economic factors alone are responsible the voting behaviour of the European Union deputies, not their personal characteristics.

Słowa kluczowe

  • common consolidated corporate tax base
  • corporate income tax
  • political economy
  • voting behaviour

JEL Classification

  • F23
  • F55
  • H23
  • H25
Otwarty dostęp

Managerial accounting in the implementation of deliverology using the example of Ukraine

Data publikacji: 19 Sep 2020
Zakres stron: 72 - 83

Abstrakt

Abstract

The article is devoted towards the application of managerial accounting for deliverology development at the local government level in countries and comparing them to the stage of fiscal decentralisation implementation in Ukraine. The aim of the article is to show how the application of the managerial accounting approach in the public sector can contribute to the introduction of deliverology at the local level using Ukraine as an example. The methodology is based on the application of Difference in Difference method for the implementation of deliverology at the local government level. It has been proved that the use of multi-criteria decision-making methods in the analysis of the performance of budget programmes at the local level will contribute to the improvement of public services delivery. The main contribution of this study is to provide the basis for developing recommendations for the use of a single or uniform standard of electronic databases on regional development indicators and local budgets. This will help to ensure operational control over deviations of actual indicators from planned ones, as well as identify regions where local authorities are using resources inefficiently.

Słowa kluczowe

  • managerial accounting
  • new public management
  • local budgeting
  • performance indicators
  • deliverology
  • process-driven problem solving
  • Difference in Difference method

JEL Classification

  • M48
  • R50
  • R51
Otwarty dostęp

Financial development and income inequality

Data publikacji: 03 Oct 2020
Zakres stron: 84 - 100

Abstrakt

Abstract

This paper analyses the influence of financial development on income inequality. Throughout this work, one may find the overview of theoretical and empirical literature as well as the empirical model using fixed panel data method. This research paper tries to disentangle the opposing views on the relationship between finance and income distribution, by evaluating the impact of the different dimensions of financial development on the level of income inequality. The important added value of this research is the usage of quintiles of income distribution as a dependent variable that may help to recognise the effect of financial development on the poorest and richest. Another novelty of the paper is the consideration of the effects of financial variables on Gini coefficient in the long and short run. The main results of the analysis using dataset from 2003 to 2014 indicate that financial access decreases income inequality.

Słowa kluczowe

  • income inequality
  • financial development
  • access to finance
  • financial depth
  • financial stability
  • efficiency of financial sector

JEL Classification

  • D63
  • G10
  • G20
Otwarty dostęp

Are the European Commission's forecasts of public finances better than those of national governments?

Data publikacji: 31 Oct 2020
Zakres stron: 101 - 109

Abstrakt

Abstract

The academic literature in the past has frequently highlighted that the European Commission (EC) tends to provide more accurate public finance forecasts compared with national governments, thanks to its neutrality. The recent conflicts regarding the excessive deficit procedure with Romania and Italy and rule of law with Hungary and Poland raises the question of whether such conclusions are still binding. Therefore, we analysed a panel of forecasts submitted by the national governments with an annual update of Convergence programmes and corresponding EC predictions. Our dataset contains predictions of the general government deficit, revenues and expenditures for EU27 economies and the United Kingdom in the years 2014–2019. First, the analysis shows no meaningful discrepancies between both estimates when the horizon is set at the current year. Forecasts for the next year have equal accuracy in the case of government revenues and expenditures. However, the EC performs worse in the case of the final deficit. Second, cross-country effects are present, but the accuracy is different mainly in the very small economies, that is, the Baltic countries, Cyprus, Malta and Luxembourg. Amongst the more populated states, the EC outperforms the Slovakian and Denmark governments but has worse performance than the Irish, Portuguese and Spanish governments. We also do not see evidence of any political bias in the forecasts.

Słowa kluczowe

  • fiscal forecasts
  • convergence programme

JEL Classification

  • H62
  • H68
Otwarty dostęp

Determinants of corporate R&D expenditures: the role of taxes

Data publikacji: 23 Oct 2020
Zakres stron: 110 - 126

Abstrakt

Abstract

The paper aims to find the relationship between corporate expenditures on R&D and tax burdens comparing German with French R&D incentives. We use the OLS method for the financial and patent cross-sectional data retrieved from the Amadeus database. The results confirm that firms with higher tax spread (the difference between the nominal and effective tax rates) spend less on R&D. These are in line with findings of a positive relationship between corporate R&D investment and tax burdens. Thus, firms that invest in R&D more pay higher taxes. However, they are less profitable as the return on R&D investment is visible only in the long run. German corporate expenditures on R&D are significantly sensitive to internal funds (proxied by cash flow) and depend on debt, contrary to French. The results indicate that the French firm's age (a phase of life cycle) has a significant impact on spending on R&D compared to German. Whereas in both countries, corporate expenditures on R&D are sensitive to the number of obtained patents. The capability of reducing the level of tax burdens below the nominal tax rate in the case of older German firms stimulates them to increase their R&D expenditures. However, German firms can decrease tax due to the use of R&D grants (revenues without taxation) in the absence of other tax incentives related to R&D.

Słowa kluczowe

  • R&D
  • tax incentives
  • patents
  • Germany
  • France

JEL Classification

  • O30
  • D22
  • H20
Otwarty dostęp

The relationship between profitability and financial liquidity among the importers of best-selling brands of new cars in poland

Data publikacji: 23 Oct 2020
Zakres stron: 127 - 142

Abstrakt

Abstract

The automotive industry is a particularly sensitive sector of the economy. Numerous legal changes have been introduced in Poland that may affect the company's liquidity and profitability. Sales of new vehicles in Poland were very high until the end of 2019. I have presented the most recently available financial data, and hence it can be concluded that they are not distorted. The article discusses the issue of cash flow statements and the associated financial ratios, as well as assesses the financial liquidity among the importers of new, ten best-selling car makers in Poland between 2015 and 2019. Moreover, I have analysed the relationship between profitability ratios and liquidity ratios as well as cash adequacy ratios during this period. According to my findings, in most cases, there is a positive and strong relationship between profitability and financial liquidity in the automotive industry.

Słowa kluczowe

  • financial liquidity
  • automotive sector
  • cash flow statement
  • ratio analysis

JEL Classification

  • G30
  • M40
Otwarty dostęp

‘Big 4’ influence on audit market

Data publikacji: 09 Nov 2020
Zakres stron: 143 - 156

Abstrakt

Abstract

The main purpose of this paper is to determine the impact that Big 4 companies have had after the adoption of International Financial Reporting Standards (IFRS) became mandatory on the audit market. Thus, after thorough research of the specialised studies, the impact of the financial reporting based on IFRS is analysed, while considering that Big 4 companies have created a strong monopoly that led to several changes on the audit market. All the companies listed on the Bucharest Stock Exchange that traded premium shares from 2011 to 2019 were analysed. With the use of ANOVA analysis, this paper verifies if the profitability, shareholders’ funds, firm size and the size of the business group influence the choice of the audit firm. Our results confirm that the choice of an audit firm is influenced by the shareholders’ funds, number of employees and the size of the business group. Besides, this paper presents an analysis of the changes that have occurred from 2011–2019 on the audit market of Romania.

Słowa kluczowe

  • IFRS
  • Big 4
  • audit fees
  • financial reporting
  • accounting standards
  • monopoly
  • audit market

JEL Classification

  • M42
Otwarty dostęp

Cash flow sensitivity of investment: Evidence from the Polish listed companies

Data publikacji: 28 Oct 2020
Zakres stron: 157 - 171

Abstrakt

Abstract

The paper focuses on assessment of the sensitivity of investment on cash flow (ICFS) made by listed companies in Poland. Achieving this goal will also involve analysing and drawing conclusions about the balance-sheet channel of monetary transmission. An empirical part uses data from financial statements for Poland derived from Emerging Markets Information Services (EMIS), related to companies listed on the Warsaw Stock Exchange and NewConnect. Estimations were made using the Ordinary Least Squares method with robust standard errors, and results made it clear that cash flow has a positive significant impact, indicating that most companies operate on the imperfect and incomplete market, and with constrained or costly access to external financing. Further, it is found that the impact is significantly strong in the slowdown, as financial constraints are more binding. These results seem to confirm that the balance-sheet channel of monetary transmission is operative in Poland.

Słowa kluczowe

  • investment
  • cash flow
  • ICFS
  • balance sheet channel
  • financial accelerator

JEL Classification

  • C33
  • E22
  • E44
Otwarty dostęp

Working Conditions and Satisfaction of Transport Service Employees

Data publikacji: 19 Nov 2020
Zakres stron: 172 - 185

Abstrakt

Abstract

The transition of the Polish economy has brought about profound changes in the nature of contracts between employees and employers. These changes have been affected by the process of globalisation and dynamic technological progress. In particular, the characteristics of the contracts and the work itself have changed, which has affected the utility derived from employment by employees. The article attempts to identify the factors providing job satisfaction using the example of railway service employees. In particular, factors such as the position held, levels of tension and stress at work, level of autonomy, opportunities for personal development, the level of accordance between employees’ skills and job requirements, convenient working hours, length of vacation and the level of social respect enjoyed are important. In the study, an innovative discrete choice experiment method and econometric analysis were used to make a comprehensive examination of the factors providing satisfaction to transport service employees. Conclusions from the study indicate that although remuneration is an important element influencing job satisfaction, other non-wage factors also affect the satisfaction. The most important factors include managerial position, opportunities for personal development and the level of social respect related to the given occupation/position.

Słowa kluczowe

  • employee satisfaction
  • employment attributes
  • labour market
  • working conditions

JEL Classification

  • J28
  • J81
Otwarty dostęp

Economic analysis of corruption at the company level

Data publikacji: 20 Nov 2020
Zakres stron: 186 - 204

Abstrakt

Abstract

Corruption is a factor that affects a company severely either directly or indirectly. It may have a positive or negative impact on the economic situation of the company. This article verifies the hypothesis about the corporate perception of corruption as an obstacle to business performance. It also identifies which factors do have a substantial effect on the perception of corruption by companies. The study was carried out using the logit model. The data used were obtained from the Business Environment and Enterprise Performance Survey (BEEPS) database for 2016.

Słowa kluczowe

  • corruption
  • companies
  • extortion

JEL Classification

  • G34
  • G38
Otwarty dostęp

Tax revenue and economic growth in developing country: an autoregressive distribution lags approach

Data publikacji: 20 Nov 2020
Zakres stron: 205 - 217

Abstrakt

Abstract

Tanzania, like most other developing countries, faces numerous economic challenges in striving to achieve sustainable economic growth and development through taxation. In the literature, the debate on how effective taxes are as a tool for promoting economic growth and economic development remains inconclusive, as various research have reported mixed effects of tax on economic growth. This article investigates the effect of taxation on economic growth in Tanzania using the recently developed technique of autoregressive distributed lag model (ARDL) bounds testing procedure for the period from 1996 to 2019. Various preliminary tests were conducted including stationary tests as well as the pair-wise Granger causality test. According to the results obtained, domestic goods and services (TGS) taxes are positively related to GDP growth and are statistically significant at 1% level. Income taxes, on the other hand, were found to be negatively related to GDP growth and to be statistically significant at 5% level. The pair-wise Granger causality results indicated that there is bidirectional Granger causality between TGS and GDP growth at 1 % significance level. The government should aim at growing, nurturing and sustaining tax base to positively drive economic growth even further.

Słowa kluczowe

  • taxation
  • economic growth
  • foreign direct investment
  • domestic investment
  • ADF test
  • autoregressive distributive lags model

JEL Classification

  • H20
Otwarty dostęp

A note on the optimal scope of professional self-regulation

Data publikacji: 12 Dec 2020
Zakres stron: 218 - 226

Abstrakt

Abstract

Professions such as doctors and lawyers often enjoy some degree of self-regulation, i.e. they can set the codes of conduct in the market and even determine the rules for joining the profession. We address the problem of the optimal scope of self-regulation. Specifically, we model a profession that can decide about the quality of the service, and we examine if the profession should also be allowed to determine the number of suppliers. We assume that a larger number of professionals reduce the fixed cost of providing quality, and hence the motive to restrict entry is mitigated. Nonetheless, we find that for well-behaved fixed costs functions, the size of the profession preferred by the professionals is smaller than the socially optimal one. Still, if the only alternative to self-regulation is free entry to the profession, then self-regulation is the preferable regime. These findings are relevant for the services that are difficult to substitute by the services produced outside the profession.

Słowa kluczowe

  • professions
  • self-regulation
  • oligopoly
  • vertical product differentiation

JEL Classification

  • L13
  • L84
  • D69
Otwarty dostęp

The regional research policy of the Austrian federal states

Data publikacji: 12 Dec 2020
Zakres stron: 227 - 241

Abstrakt

Abstract

This research focuses on the regional research policy of the federal states. The paper analyses the existing academic research sources of the regional research policies and answers questions of the regions's analysis.

The methodology uses specific working papers essential for the European region's and sources of the Austrian public administration. Concerning the empirical part, this paper uses qualitatively focussed structured guideline surveys. The research will facilitate discussions on aspects of methodological approaches to research, data capture and analysis, perceived research outcomes and contributions to the body of knowledge.

Essential is the separation of subvention policy, which means the matter of distinct locational competition and it occurs the establishment of co-production within the regions to present itself mutual externally to persist in the global contest.

The findings indicate that even through this concept for success is highly influenced by funding's that are not very controllable by the regions, such as the federal states, and it is a positive prototype for prospective similar cases.

Słowa kluczowe

  • Universities
  • Federal States
  • Regional Factors
  • Subvention
  • Funding
  • Institutions

JEL Classification

  • I22
  • R11
  • H83
Otwarty dostęp

Do local governments use municipal companies for off-balance-sheet financing?

Data publikacji: 12 Dec 2020
Zakres stron: 242 - 257

Abstrakt

Abstract

This paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.

Słowa kluczowe

  • debt
  • municipal companies
  • municipalities
  • corporate governance
  • off-balance-sheet financing

JEL Classification

  • G30
  • G32
  • C51
Otwarty dostęp

Economic Integration and Migrant Networks: The Case of Ukrainian Migrants in the Warsaw Agglomeration

Data publikacji: 31 Dec 2020
Zakres stron: 258 - 278

Abstrakt

Abstract

In the past years, Poland has been not only a country of (mass) immigration but also a country where foreigners have begun to play a much larger role in the domestic labour market than ever before. This makes the analyses of foreigners’ integration increasingly important both to understand the situation of immigrants in Poland and their impact on the national economy and social processes. In this context, this article aims to quantify one of the dimensions of the economic integration of immigrants. We look at the level of earnings as one of the indicators of their integration process. Additionally, we refer to the impact of social capital (in the form of migrant networks) on the economic situation of immigrants. We focus on immigrants from Ukraine—the most numerous group of foreigners in Poland. Based on a unique data set, we empirically identify the key dimensions that have an impact on their incomes, including gender, employment sector and legal status. We also point to the statistically significant effects of migrant networks on migrants’ earnings.

Słowa kluczowe

  • economic integration
  • earnings
  • immigration from Ukraine

JEL Classification

  • I26
  • J24
  • J61
Otwarty dostęp

Ridesharing in the Polish Experience: A Study using Unified Theory of Acceptance and Use of Technology

Data publikacji: 18 Dec 2020
Zakres stron: 279 - 299

Abstrakt

Abstract

The main aim of this article is to examine the factors that influence the acceptance of ridesharing technologies in Polish society, including dynamic vanpooling on demand. The study was conducted using the UTAUT 2 model (Theory of Acceptance and Use of Technology). We have employed statistical and econometric data analyses such as factor analysis and linear regression using the Partial Least Square (PLS) method. Based on the review of the publications on ridesharing in the context of sharing economy, we have modified the UTAUT 2 model by supplementing it with the trust factor, which is a significant contribution to the development of this theory when applied to the acceptance of ridesharing technologies. Further, the outcomes allowed us to identify the factors that influence people's attitudes in using shared-ride technology (performance expectancy, hedonistic motivation and habit) and the intention to use this technology (effort expectancy, performance expectancy, price value, habit and trust). This study has practical implications as it has helped identify the factors that affect the acceptance of ridesharing technologies in Poland and these factors are significant for the suppliers of these technologies. The findings can certainly become a starting point for further research on other communities and the application of other models of technology.

Słowa kluczowe

  • sharing economy
  • ridesharing
  • vanpooling
  • Technology Acceptance Model
  • Unified Theory of Acceptance and Use of Technology

JEL Classification

  • O30
  • O33
  • M10
Otwarty dostęp

Factors Determining the Survival of New Companies

Data publikacji: 31 Dec 2020
Zakres stron: 300 - 315

Abstrakt

Abstract

This article discusses the determinants of the survival of new companies, with particular emphasis on their sources of financing. We have analysed the impact of experience in the same focal industry, of having a competitive advantage and intellectual property rights (patents and trademarks) and of debt financing on the probability of a start-up's survival, using a logit model based on the Kauffman Firm Survey (KFS) database data covering 4,928 American companies which operated from 2004 to 2011. Additionally, we can demonstrate that start-ups that use debt financing have a better chance of staying in business. Factors such as intellectual capital and competitive advantage are also positively correlated with the prospects for start-up survival.

Słowa kluczowe

  • start-up
  • survival of new companies
  • sources of financing

JEL Classification

  • M13
  • G30

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