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Tom 40 (2013): Zeszyt 1 (December 2013)

Tom 39 (2013): Zeszyt 1 (September 2013)

Tom 38 (2013): Zeszyt 1 (June 2013)

Tom 37 (2013): Zeszyt 1 (March 2013)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-5361
Pierwsze wydanie
17 Oct 2014
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

Tom 39 (2013): Zeszyt 1 (September 2013)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-5361
Pierwsze wydanie
17 Oct 2014
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

8 Artykułów
Otwarty dostęp

Comparative Price Levels of New EU Member Countries

Data publikacji: 17 Oct 2014
Zakres stron: 9 - 17

Abstrakt

Abstract

This article analyzes comparative price levels of 10 new EU member countries from Central, East, and South-East Europe and discusses their main determinants. A comparison of comparative price levels is logically followed by a comparison of relative GDP per capita in purchasing power parities. Further, the Balassa-Samuelson efect is theoretically explained and empirically tested using a sample of EU27 countries (excluding Luxemburg). The results of simple regression analysis confrm that diferences in comparative price levels can be explained by the diferences in relative GDP per capita in purchasing power parities. Besides the Balassa-Samuelson efect there are, however, many other factors that have an impact on comparative price levels. Tey are related to the lower competitiveness of domestic companies on international markets as the result of such factors as a lower quality of production, inefcient organizational structures and management styles, insufcient marketing and business skills, or a poor approach to international distribution channels.

Słowa kluczowe

  • Price convergence
  • comparative price levels
  • European Union
  • Balassa-Samuelson efect

JEL

  • F15
  • F31
Otwarty dostęp

Empirical Evidence and Frst Assessment of the Competitiveness Clusters Policy in France

Data publikacji: 17 Oct 2014
Zakres stron: 18 - 27

Abstrakt

Abstract

The paper is an attempt to show the competitiveness clusters policy as a key element of the new French industrial policy using recent evaluation results of this policy. The aim of the paper is threefold. Firstly, objectives of the competitiveness clusters policy as well as their characteristics, spatial distribution across the country, selected statistical data concerning their functioning are overviewed. Secondly, evaluation results of the French competitiveness clusters policy and a comparison of this instrument to similar ones existing in leading EU countries are provided. Thirdly, some crucial challenges resulting from the evaluation and policy orientations are proposed in order to increase the effectiveness of the competitiveness clusters policy in France. The descriptive analysis has been used in the paper as research method.

The competitiveness clusters policy was launched in 2005 to raise the international profile of French technology clusters and promote growth and job-creation in high value-added industries, anchoring these industries in a regional context. Apart from selected positive effects of the competitiveness clusters policy, some not very promising conclusions concerning this policy can therefore be drawn in terms of the number of innovation or patent applications. In order to improve the effectiveness of this industrial policy measure, some structural changes presented in the paper need to be implemented in this field.

Słowa kluczowe

  • competitiveness cluster
  • France
  • industrial policy
  • assessment

JEL

  • L52
  • F59
  • O52
Otwarty dostęp

Exploring Links Between Cooperation, Internationalization and Proftability: A Study of Polish Manufacturing Companies

Data publikacji: 17 Oct 2014
Zakres stron: 28 - 50

Abstrakt

Abstract

The paper is focused on developing a predictive, statistical model depicting the relationships among companies' involvement in internationalization, engagement in cooperation with business partners and their fnancial performance.

Data were collected through a CATI survey of managers of medium-sized Polish manufacturing enterprises. The principal statistical technique employed was binary logistic regression. The regression equation model contained four statistically significant dichotomous predictors: (1) sales abroad above 30% of total sales, (2) cooperation with foreign suppliers, (3) cooperation with domestic distributors, and (4) Export-Only Early-Internationalized status of the company. The two former variables were correlated positively with the profit margin, while the two latter shown negative associations.

The principal limitation of the study was a relatively small sample size of 110 units that, while enough to detect patterns with strong and medium-strong effect sizes, might not have provided sufficient power to identify weaker associations. Generalizations were also constrained by the selection criteria of the sample to medium-sized Polish enterprises from traditional manufacturing B2B industries.

The study yielded a regression model that permitted isolation of the main factors linked to the degree of sales profitability, which could assist managers in their efforts to enhance profit margins and in competitor analysis. The originality of the approach involves using a comprehensive list of 25 potential predictors in analysis that represented salient dimensions of cooperation and internationalization. The predictive capacities of the model were found to be sufficient to make it useful for both scholars and practitioners. The research relied on a sample drawn from the population that has rarely been studied on similar subjects.

Słowa kluczowe

  • cooperation
  • internationalization
  • proftability
  • medium enterprises
  • Poland

JEL

  • C25
  • C83
  • F23
  • M16
Otwarty dostęp

The Role of Knowledge Absorption and Innovation Capability in the Technological Change and Economic Growth of EU Regions

Data publikacji: 17 Oct 2014
Zakres stron: 51 - 69

Abstrakt

Abstract

The framework of the endogenous growth models and empirical evidence argue that two dimensions determine a region's ability to narrow its technological gap and improve its productivity growth. The first is its absorptive capacity, e.g. its ability to imitate foreign advanced technologies. The second is its innovative capability, namely the extent to which it is able to produce new, advanced knowledge. Thus, the narrowing knowledge absorption and innovation gaps between regions improve a region's productivity level and move it up the value chain towards specialization in knowledge-intensive and high value-added activities. The following paper attempts to contribute to the existing empirical findings and theoretical discussion on the inter-linkages between knowledge absorption, innovation capability, determined technological change, and economic growth of EU regions. The author's results show that despite the fact that the EU has a long tradition in education and new knowledge generation, there is a very modest ability to make EU regions more productive and grow them. The important role of productivity and knowledge-based sectors in improving EU regional prosperity suggests to carefully examine which knowledge activities drive productivity and the catching-up process of the EU regions. Overall, prospects for catching up will depend largely on how regions balance higher education and R&D priorities and place emphasis on the above activities. These results may be regarded as supportive of recent EU regional policy based on the Lisbon and Europe 2020 Strategies of Smart Growth.

Słowa kluczowe

  • knowledge absorption
  • innovation capability
  • technological change
  • growth

JEL

  • O1
  • O3
  • O4
  • J24
  • J25
Otwarty dostęp

Do Investor Preferences Drive Corporate Dividend Policy?

Data publikacji: 17 Oct 2014
Zakres stron: 70 - 81

Abstrakt

Abstract

This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

We noted a systematic decline in percentage of companies that paid out dividends in a sample of American publicly-traded companies, excluding companies of low capitalization and low profitability. Next, we observed a parallel declining tendency in dividend premiums in our sample. The decrease in the readiness to pay out dividends among companies on the American market can be linked to the fact that investors have assigned less weight to dividends over the years, and so in turn they were less willing to reward dividend-paying companies with higher valuations. Periodic fluctuations in investor mood with regard to dividend-paying companies, and the resulting changes in their relative valuation, influence the propensity of managers to pay out dividends. We showed a statistically significant relationship between changes in dividend premiums in one year, and the proportion of companies that paid out dividends in the following year. Additionally, it looks like companies try to compensate shareholders by paying out dividends in years of worse performing market and are less likely to distribute their earnings when shareholders gain on rising stock price. We found a negative correlation between the change in proportion of companies paying out dividends and changes in the S&P500 index. However, this does not seem to reflect investor preferences and taste for dividends. We found no statistically significant correlations between the change of the dividend premium and changes in the S&P500 index and, surprisingly, we observed relatively worse valuation of dividend-paying frms in years of market downturn.

In terms of originality, our work contributes to the ongoing dividend puzzle discussion in a number of ways. First, we use a sample of American companies after excluding small capitalization stocks. Second, we assume a time lag between a shift in investor preferences and a change in corporate payout policy. Finally, our studies also account for the impact of general market conditions on dividend decisions.

Słowa kluczowe

  • dividend policy
  • catering theory of dividends
  • behavioral corporate fnance

JEL

  • G35
  • G02
Otwarty dostęp

Subjective and Objective Health of the Population Aged 50+ and the Welfare State Regimes in 16 European Countries

Data publikacji: 17 Oct 2014
Zakres stron: 82 - 107

Abstrakt

Abstract

Health at 50+ issues are particularly important now, when the inevitable increase in the old-age dependency ratio calls for governmental involvement in measures that are aimed at mitigating the negative effects of population aging in Europe. The investigations of differences between the subjective and objective health measures in a welfare state regime perspective have not been conducted before although it can be assumed that such analyses might provide valuable information about the impact of welfare regime on health as well as about the interchangeability between the self-reported and measured health.

The main objective of this study was to determine whether the type of welfare regime influences the subjective and objective health of the population aged 50+. Hierarchical logistic regression models were applied to examine this subject. Analyses were conducted for 16 European countries (N=57236) classified into four different types of welfare regimes: social democratic, post-socialist, conservative-corporatist and Mediterranean. The empirical results suggest that the type of welfare regime helps to explain the variations in the subjective health between countries as well as the differences between individuals. However, it does not explain the differences in objective health when analyzing all socio-economic groups collectively. Analyzes performed within defined socioeconomic groups showed that the types of welfare regimes differentiated between both subjective and objective health in the majority of defined groups, however, the health of those least well-of in all of the analyzed welfare regimes was found to be similar. The different results obtained for both subjective and objective health in post-socialist and Mediterranean countries suggest that these two types of measurement should not be used interchangeably.

Słowa kluczowe

  • subjective health
  • objective health
  • welfare state regime
  • aging
  • logistic regression
  • multilevel analysis
  • SHARE

JEL

  • I10
  • I14
  • I18
Otwarty dostęp

The Investigation into Motivations, Success Factors and Barriers Among Women Small Business Owners: An Overview of Extant Literature

Data publikacji: 17 Oct 2014
Zakres stron: 108 - 125

Abstrakt

Abstract

Women entrepreneurship, as an object of scientific inquiries, has elicited suitable recognition among researchers during the early 1980s. However, female business owners have attracted far less attention from the academic community than their male counterparts despite their reported increasing contribution towards the economic growth of both developed and emerging nations. This article attempts to bridge this gap in knowledge by providing readers with an overview of influential international research papers that investigate some of the key issues presented in the literature about women small business management and entrepreneurship.

The studies discussed herein examine the motivation of women to establish frms; a variety of definitions of favorable performance applied in studies; the most important determinants of success in business, and the barriers encountered by businesswomen in the process of setting up as well as running their respective companies. In the final section, the author provides some future directions of research in areas touched upon in this paper that could be explored by scholars. Finally, the paper highlights key policy recommendations for decision-makers that are aimed at encouraging women to enter into entrepreneurship and fostering the growth of existing female-owned frms.

Słowa kluczowe

  • barriers
  • motivation
  • small business owners
  • success factors
  • women entre-preneurship
Otwarty dostęp

Fostering Innovation and Competitiveness in the EU at National and Regional Level: Report from the Conference

Data publikacji: 17 Oct 2014
Zakres stron: 126 - 129

Abstrakt

8 Artykułów
Otwarty dostęp

Comparative Price Levels of New EU Member Countries

Data publikacji: 17 Oct 2014
Zakres stron: 9 - 17

Abstrakt

Abstract

This article analyzes comparative price levels of 10 new EU member countries from Central, East, and South-East Europe and discusses their main determinants. A comparison of comparative price levels is logically followed by a comparison of relative GDP per capita in purchasing power parities. Further, the Balassa-Samuelson efect is theoretically explained and empirically tested using a sample of EU27 countries (excluding Luxemburg). The results of simple regression analysis confrm that diferences in comparative price levels can be explained by the diferences in relative GDP per capita in purchasing power parities. Besides the Balassa-Samuelson efect there are, however, many other factors that have an impact on comparative price levels. Tey are related to the lower competitiveness of domestic companies on international markets as the result of such factors as a lower quality of production, inefcient organizational structures and management styles, insufcient marketing and business skills, or a poor approach to international distribution channels.

Słowa kluczowe

  • Price convergence
  • comparative price levels
  • European Union
  • Balassa-Samuelson efect

JEL

  • F15
  • F31
Otwarty dostęp

Empirical Evidence and Frst Assessment of the Competitiveness Clusters Policy in France

Data publikacji: 17 Oct 2014
Zakres stron: 18 - 27

Abstrakt

Abstract

The paper is an attempt to show the competitiveness clusters policy as a key element of the new French industrial policy using recent evaluation results of this policy. The aim of the paper is threefold. Firstly, objectives of the competitiveness clusters policy as well as their characteristics, spatial distribution across the country, selected statistical data concerning their functioning are overviewed. Secondly, evaluation results of the French competitiveness clusters policy and a comparison of this instrument to similar ones existing in leading EU countries are provided. Thirdly, some crucial challenges resulting from the evaluation and policy orientations are proposed in order to increase the effectiveness of the competitiveness clusters policy in France. The descriptive analysis has been used in the paper as research method.

The competitiveness clusters policy was launched in 2005 to raise the international profile of French technology clusters and promote growth and job-creation in high value-added industries, anchoring these industries in a regional context. Apart from selected positive effects of the competitiveness clusters policy, some not very promising conclusions concerning this policy can therefore be drawn in terms of the number of innovation or patent applications. In order to improve the effectiveness of this industrial policy measure, some structural changes presented in the paper need to be implemented in this field.

Słowa kluczowe

  • competitiveness cluster
  • France
  • industrial policy
  • assessment

JEL

  • L52
  • F59
  • O52
Otwarty dostęp

Exploring Links Between Cooperation, Internationalization and Proftability: A Study of Polish Manufacturing Companies

Data publikacji: 17 Oct 2014
Zakres stron: 28 - 50

Abstrakt

Abstract

The paper is focused on developing a predictive, statistical model depicting the relationships among companies' involvement in internationalization, engagement in cooperation with business partners and their fnancial performance.

Data were collected through a CATI survey of managers of medium-sized Polish manufacturing enterprises. The principal statistical technique employed was binary logistic regression. The regression equation model contained four statistically significant dichotomous predictors: (1) sales abroad above 30% of total sales, (2) cooperation with foreign suppliers, (3) cooperation with domestic distributors, and (4) Export-Only Early-Internationalized status of the company. The two former variables were correlated positively with the profit margin, while the two latter shown negative associations.

The principal limitation of the study was a relatively small sample size of 110 units that, while enough to detect patterns with strong and medium-strong effect sizes, might not have provided sufficient power to identify weaker associations. Generalizations were also constrained by the selection criteria of the sample to medium-sized Polish enterprises from traditional manufacturing B2B industries.

The study yielded a regression model that permitted isolation of the main factors linked to the degree of sales profitability, which could assist managers in their efforts to enhance profit margins and in competitor analysis. The originality of the approach involves using a comprehensive list of 25 potential predictors in analysis that represented salient dimensions of cooperation and internationalization. The predictive capacities of the model were found to be sufficient to make it useful for both scholars and practitioners. The research relied on a sample drawn from the population that has rarely been studied on similar subjects.

Słowa kluczowe

  • cooperation
  • internationalization
  • proftability
  • medium enterprises
  • Poland

JEL

  • C25
  • C83
  • F23
  • M16
Otwarty dostęp

The Role of Knowledge Absorption and Innovation Capability in the Technological Change and Economic Growth of EU Regions

Data publikacji: 17 Oct 2014
Zakres stron: 51 - 69

Abstrakt

Abstract

The framework of the endogenous growth models and empirical evidence argue that two dimensions determine a region's ability to narrow its technological gap and improve its productivity growth. The first is its absorptive capacity, e.g. its ability to imitate foreign advanced technologies. The second is its innovative capability, namely the extent to which it is able to produce new, advanced knowledge. Thus, the narrowing knowledge absorption and innovation gaps between regions improve a region's productivity level and move it up the value chain towards specialization in knowledge-intensive and high value-added activities. The following paper attempts to contribute to the existing empirical findings and theoretical discussion on the inter-linkages between knowledge absorption, innovation capability, determined technological change, and economic growth of EU regions. The author's results show that despite the fact that the EU has a long tradition in education and new knowledge generation, there is a very modest ability to make EU regions more productive and grow them. The important role of productivity and knowledge-based sectors in improving EU regional prosperity suggests to carefully examine which knowledge activities drive productivity and the catching-up process of the EU regions. Overall, prospects for catching up will depend largely on how regions balance higher education and R&D priorities and place emphasis on the above activities. These results may be regarded as supportive of recent EU regional policy based on the Lisbon and Europe 2020 Strategies of Smart Growth.

Słowa kluczowe

  • knowledge absorption
  • innovation capability
  • technological change
  • growth

JEL

  • O1
  • O3
  • O4
  • J24
  • J25
Otwarty dostęp

Do Investor Preferences Drive Corporate Dividend Policy?

Data publikacji: 17 Oct 2014
Zakres stron: 70 - 81

Abstrakt

Abstract

This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

We noted a systematic decline in percentage of companies that paid out dividends in a sample of American publicly-traded companies, excluding companies of low capitalization and low profitability. Next, we observed a parallel declining tendency in dividend premiums in our sample. The decrease in the readiness to pay out dividends among companies on the American market can be linked to the fact that investors have assigned less weight to dividends over the years, and so in turn they were less willing to reward dividend-paying companies with higher valuations. Periodic fluctuations in investor mood with regard to dividend-paying companies, and the resulting changes in their relative valuation, influence the propensity of managers to pay out dividends. We showed a statistically significant relationship between changes in dividend premiums in one year, and the proportion of companies that paid out dividends in the following year. Additionally, it looks like companies try to compensate shareholders by paying out dividends in years of worse performing market and are less likely to distribute their earnings when shareholders gain on rising stock price. We found a negative correlation between the change in proportion of companies paying out dividends and changes in the S&P500 index. However, this does not seem to reflect investor preferences and taste for dividends. We found no statistically significant correlations between the change of the dividend premium and changes in the S&P500 index and, surprisingly, we observed relatively worse valuation of dividend-paying frms in years of market downturn.

In terms of originality, our work contributes to the ongoing dividend puzzle discussion in a number of ways. First, we use a sample of American companies after excluding small capitalization stocks. Second, we assume a time lag between a shift in investor preferences and a change in corporate payout policy. Finally, our studies also account for the impact of general market conditions on dividend decisions.

Słowa kluczowe

  • dividend policy
  • catering theory of dividends
  • behavioral corporate fnance

JEL

  • G35
  • G02
Otwarty dostęp

Subjective and Objective Health of the Population Aged 50+ and the Welfare State Regimes in 16 European Countries

Data publikacji: 17 Oct 2014
Zakres stron: 82 - 107

Abstrakt

Abstract

Health at 50+ issues are particularly important now, when the inevitable increase in the old-age dependency ratio calls for governmental involvement in measures that are aimed at mitigating the negative effects of population aging in Europe. The investigations of differences between the subjective and objective health measures in a welfare state regime perspective have not been conducted before although it can be assumed that such analyses might provide valuable information about the impact of welfare regime on health as well as about the interchangeability between the self-reported and measured health.

The main objective of this study was to determine whether the type of welfare regime influences the subjective and objective health of the population aged 50+. Hierarchical logistic regression models were applied to examine this subject. Analyses were conducted for 16 European countries (N=57236) classified into four different types of welfare regimes: social democratic, post-socialist, conservative-corporatist and Mediterranean. The empirical results suggest that the type of welfare regime helps to explain the variations in the subjective health between countries as well as the differences between individuals. However, it does not explain the differences in objective health when analyzing all socio-economic groups collectively. Analyzes performed within defined socioeconomic groups showed that the types of welfare regimes differentiated between both subjective and objective health in the majority of defined groups, however, the health of those least well-of in all of the analyzed welfare regimes was found to be similar. The different results obtained for both subjective and objective health in post-socialist and Mediterranean countries suggest that these two types of measurement should not be used interchangeably.

Słowa kluczowe

  • subjective health
  • objective health
  • welfare state regime
  • aging
  • logistic regression
  • multilevel analysis
  • SHARE

JEL

  • I10
  • I14
  • I18
Otwarty dostęp

The Investigation into Motivations, Success Factors and Barriers Among Women Small Business Owners: An Overview of Extant Literature

Data publikacji: 17 Oct 2014
Zakres stron: 108 - 125

Abstrakt

Abstract

Women entrepreneurship, as an object of scientific inquiries, has elicited suitable recognition among researchers during the early 1980s. However, female business owners have attracted far less attention from the academic community than their male counterparts despite their reported increasing contribution towards the economic growth of both developed and emerging nations. This article attempts to bridge this gap in knowledge by providing readers with an overview of influential international research papers that investigate some of the key issues presented in the literature about women small business management and entrepreneurship.

The studies discussed herein examine the motivation of women to establish frms; a variety of definitions of favorable performance applied in studies; the most important determinants of success in business, and the barriers encountered by businesswomen in the process of setting up as well as running their respective companies. In the final section, the author provides some future directions of research in areas touched upon in this paper that could be explored by scholars. Finally, the paper highlights key policy recommendations for decision-makers that are aimed at encouraging women to enter into entrepreneurship and fostering the growth of existing female-owned frms.

Słowa kluczowe

  • barriers
  • motivation
  • small business owners
  • success factors
  • women entre-preneurship
Otwarty dostęp

Fostering Innovation and Competitiveness in the EU at National and Regional Level: Report from the Conference

Data publikacji: 17 Oct 2014
Zakres stron: 126 - 129

Abstrakt

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