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The crisis caused by the COVID-19 pandemic led to an increase in budget deficits. This resulted in significant growth in the general debt of many countries. The average debt in the European Union countries has exceeded 90% of GDP and is still growing. General government debt is one of the world’s most significant financial and economic problems today. The main objective of this work is to present the scale and reasons for the increase in general government debt in the European Union countries during the current crisis. In addition, attention was paid to the impact of debt on economic growth.
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The increase in general government debt during the coronavirus crisis in the EU countries

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This article examines the macroeconomic aspects of capital structure of companies in EU countries in the international context during the period 2011–2020. It aims at evaluating the capital structure of European non-financial companies in general, followed by the application of market timing theory and convergence tendencies in the companies within the EU countries. Our results suggest that the equity ratio of examined companies has grown over the last decade at the expense of credit sources of financing. Although our research could not confirm the possibility of market timing theory application, this was due to the limitations of our analysis caused also by an inappropriate data structure. The general result of the examination of convergence suggests that the historical capital structure has a strong impact on the current structure. Analysis of the capital structure of companies in individual European countries also shows that there are still significant differences between these countries, which have been reduced only partially in the medium term, and thus convergence trends are insignificant.
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Capital structure of non-financial companies in EU countries – macroeconomic view

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We present the problem of risk estimation/assessment of the new coronavirus (COVID-19) spread in Poland. In the literature, a method is given to explain the COVID-19 disease and try to predict the occurrence of the next wave of COVID-19. A Gaussian composite model is used in literature to identify COVID-19 disease. In this model, however, the prediction of the upcoming waves is dependent primarily on the set of selected samples. For different sets of samples, distinct timings of the upcoming waves are obtained. In this article, we assume that probability is associated with each set of samples, which are used for the prediction of the upcoming waves. By exploring this aspect, it is shown that a better prediction of the upcoming COVID-19 waves can be performed.
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Probability Calculation of Upcoming Waves of COVID-19 in Poland

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Problems that occur in enterprises are not always caused by risks from the external environment. Behaviour of employees, as well as their response to risks, has a great impact on problem occurrence, while among the risk factors that can be influenced are those on the inside of the enterprise, one of the crucial ones being the management of behavioural aspects of quality. The core of the article is its empirical research, i.e. the analysis of findings from a questionnaire, the objective of which was to identify the indicators that enterprises use to measure behavioural aspects of quality, and thus prevent potential risks in quality management. When evaluating the research results, we used methods of testing statistical hypotheses, and methods of descriptive statistics and data visualisation. The statistical program SPSS, version 25, was used to evaluate the collected data, while in testing the formulated hypotheses, the level of significance was determined at 0.05. Based on the research findings, we may claim that Slovak small and medium enterprises (SMEs) tend to track financial rather than behavioural indicators. It was also revealed that the more developed the behavioural component of an employee profile, the more frequently the behavioural indicators are tracked in the given enterprise. Among the most tracked indicators are service profitability, the enterprise’s profit rate of growth, the behaviour of employees in the workplace and the productivity of labour from a timeframe point of view.
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Measuring Behavioural Aspects of Quality in an Enterprise A Study of Indicators Using the Slovak SMEs to Track Behavioural Aspects of Quality

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Developing a suitable innovation strategy is crucial for the success of the enterprise and to increase its competitiveness. However, uncertainty and risk should be taken into account when the innovation strategy is developed. The aim of this work offering practical recommendations for the selection of innovation patterns for developing innovation strategy of an enterprise in conditions of uncertainty and risk by using retrospective analysis of innovation activity. <italic>Research objectives</italic>: Analysis of the concept of pattern-making of innovations and classification of innovations by patterns; development of method of quantitative measurement of innovation patterns and determination of intervals of values of the indicator of innovativeness, corresponding to each pattern; development of methodology and justification for the algorithm for decision-making on the innovation pattern during the development of innovation strategy on the basis of determination of degree of influence of each pattern on the economic indicators of the enterprise. <italic>Results of the work</italic>: The methodology of decision-making on the selection of innovation pattern, based on a combination of two decision-making methods: grey relational analysis and TODIM with determination of evaluating criteria weights using method IDOCRIW, is developed. <italic>Conclusions</italic>: The proposed methodology creates the opportunity to select innovation pattern with the least risk during development of innovation strategy of an enterprise because of the combination of calculation of closeness of each alternative to ideal alternative with pairwise comparison of alternatives taking into account expected losses, related to selection of each alternative. The paper proposes a method for choosing an innovation pattern based on a combination of two decision-making methods, largely presented in the works indexed in Scopus and Web of Science: grey relational analysis and the TODIM method. The presented methods of decision-making are based on the determination of the weights of the evaluation criteria, characterizing the significance of each of them. The weights of the criteria are proposed to be calculated using the IDOCRIW method. This method performs an objective determination of the weights of criteria based on determining the degree of dominance of the values of each criterion with simultaneous assessments of losses for each criterion. The proposed methodology allows for a detailed analysis of innovation patterns acting as evaluated alternatives, taking into account all criteria used in the evaluation and also the losses associated with the choice of each alternative.
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Kaliningrad branch of the Saint Petersburg State University of Economics

Decision-Making Of Innovation Pattern During Development Of Innovation Strategy Of Industrial Enterprise In Conditions Of Uncertainty And Risk

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The concept of leadership has been evolving for ages. Today, leadership focuses on the behaviour of leaders during organizational change and processes related to creating a vision for the future, as well as involving employees in undergoing transformations. Thus, leadership development is a key factor in the success of modern businesses. The twenty-first-century leader must analyse a rapidly changing reality, respond to unexpected events and recognize the benefits they generate. He or she should be characterized not only by flexibility but also by empathy towards his or her employees, provide safe working conditions and build solidarity within a team. The article presents the concept and definition of leadership, which are evolving when an organization’s environment changes. The crisis caused by the COVID-19 pandemic has shown that the role of a strong leader has become more important. The pandemic has become a test for leaders around the world. The aim of the discussion is to answer the question about leadership competencies during and after the crisis and explain how organizations should support the leaders of today’s organizations to ensure their market success in the event of future crises. The paper examines the role of leadership in business management, taking into account the challenges and problems caused by COVID-19. The study aims to answer questions about similarities and differences in work organization during the pandemic, to diagnose problems in managing a company in a situation of security threat to employees and an organization, and to compare the behaviour of leaders in managing teams of employees. It concludes by proposing solutions for leaders in the event of future crises.
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The Role of Leadership In the COVID-19 Pandemic Crisis

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In recent years attention has increasingly been drawn to factors that improve financial stability. The article systematizes the results of empirical scientific works which evaluate the influence of climate-related environmental factors, social factors, and factors related to the mechanisms of corporate governance (ESG) in terms of their contribution to financial stability. High ESG ratings, both within each group of factors and when they are taken as a whole, enhance the stability of the financial system. They do so both when viewed microprudentially, in reducing the aggregate individual risk of financial institutions, and when considered macroprudentially, in reducing their contribution to total systemic risk. However, there is noticeably more published work on the impact of environmental (climatic) factors and the role of corporate governance than on that social factors. At the end of this critical review of the relevant literature, possible directions for the development of this research are discussed.
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A New Approach to Sustainable Financial Stability and its Prospects

Volume 58 (2024): Issue 1 (January 2024)

Volume 57 (2023): Issue 1 (January 2023)

Volume 56 (2022): Issue 1 (January 2022)

Volume 55 (2021): Issue 1 (January 2021)

Volume 54 (2020): Issue 1 (January 2020)

Volume 53 (2019): Issue 2 (January 2019)

Volume 53 (2019): Issue 1 (February 2019)

WSB Journal of Business and Finance

WSB Journal of Business and Finance is an international, scientific journal published by WSB Merito University Gdansk that has been conducted since 2008. The Journal promotes theoretical and applied research in the area of business, finance and management.  The journal is published in English and its primary version is online one. Papers are double-blind peer-reviewed by scientists from foreign and Polish academic institutions.  WSB JBF is published once a year in an Open Volume system.  WSB JBF is an Open Access Journal, and does not charge readers or their institutions for access. The open access supports the rights of users to read, download, copy, distribute, print, search, or link to the full texts of these articles.  REJECTION RATE   About 20%   WSB JBF considers three types of papers:   Research – that presents author’s output within primary research;  Case studies – that present the experience from the application of existing method or procedure and brings relevant findings which could be valuable for research area;  Review articles - that presents the systematic review or comparative study of already known knowledge.   Thematic scopes of WSB Journal of Business and Finance focus on the following areas: Management, Entrepreneurship, Enterprise Economics, Macroeconomics, Strategic Foresight, Logistics, Supply Chain Management, Transportation, Accounting and Finance, International Trade and Finance, Marketing, Quantitative Methods.  Fees and Sources of Financing The editorial board does not impose any publication fees on authors for their contributions to the WSBJBF. As an open-access journal, we ensure that all articles are freely accessible, allowing users and institutions to read, download, and share the content without a subscription or purchase. The journal does not publish any advertisement. The WSBJBF had the privilege of receiving funding from the Polish Ministry of Science and Higher Education, per agreement number 741/P-DUN/2018. This grant, designated for the years 2018-2019, was aimed at supporting dissemination activities that contribute to the advancement of scientific knowledge and elevate the journal's scholarly and international stature. At present, the journal's operations are financially supported solely by subsidies from the University WSB Merito in Gdańsk. These funds are instrumental in maintaining the journal's commitment to fostering open scientific communication and excellence in publication.  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process.  Previous issues  WSB Journal of Business and Finance is a a successor od Prace Naukowe Wyższej Szkoly Bankowej w Gdańsku. The description of content back volumes of the journal under the former title can be found here: www.wsb.pl/gdansk/srodowisko-akademickie/dzialalnosc-naukowo-badawcza/prace-naukowe 