„Nie” dla MSSF dla MSP w Unii Europejskiej – słuszna decyzja czy duży błąd?

Author(s): Hanna Czaja-Cieszyńska / Language(s): Polish / Issue: 313/2013

In 2009 International Accounting Standard Board (IASB) published International Financial Reporting Standard for Small and Medium-sized Enterprises Oryginalna nazwa dokumentu to: Financial Reporting Standard for Small and Medium-sized Entities as a result of long and complicated research. The IFRS for SMEs is a self-contained standard of 230 pages, designed to meet the needs and capabilities of Small and Medium-sized entErprises (SMEs). Over 80 jurisdictions have either adopted the IFRS for SMEs or stated a plan to do so within the next few years. In spite of this fact, the European Commission has not adopted the standard in the EU legal order. Was it the right decision? Focusing on the attempt to answer this question, the article uses SWOT analysis method to conclude on the legitimacy of application of IFRS for SMEs in the EU states.

„Nowa hipoteka” jako instrument poprawy społeczno-gospodarczej efektywności zabezpieczania wierzytelności

Author(s): Wojciech Fill / Language(s): Polish / Issue: 1/2011

„Nowe” atrakcje kulturowe i ich wykorzystanie w promocji regionów wypoczynkowych w Polsce (na przykładzie Pojezierza Kaszubskiego)

Author(s): Małgorzata Durydiwka,Katarzyna Duda-Gromada / Language(s): Polish / Issue: 1/2017

The purpose of this paper is to present selected so-called “new” cultural attractions and their use in the promotion on the web pages of gminas located in the Kashubian Lake District (Fig. 2) which is an example of a recreational region. Recreational regions are usually associated with areas of significant natural amenities and with recreational 3S tourism (sun, sea, sand). In recent times, however, tourists’ preferences are changing and 3S tourism is replaced by 3E tourism (education, entertainment, excitement). When creating the tourist offer it becomes more important to increase the share of cultural sites and venues, in particular of the so-called “new” cultural attractions, that is, attractions providing three components: education, entertainment, and excitement (Stasiak, Włodarczyk, 2013). In the Kashubian Lake District such “new” cultural attractions are, for instance, Center for Education and Promotion of the Region in Szymbark, Museum of Kashubian Pottery of the Necel Family in Chmielno, and Archeological Reserve in Węsiory. One can ask whether these tourist attractions are used in promoting the Kashubian Lake District. Research has shown that the analyzed venues and sites are promoted mainly on the official web pages of the gminas of the relevant region. They are also mentioned on the web pages of the neighboring gminas (Fig. 8). This is not surprising, since every gmina is obliged to promote their own tourist attractions, and from the point of view of the tourist, it is the Kashubian Lake District as an entire region that is important, not the individual gminas. In fact, on web portals devoted to the entire region (such as “Szwajcaria Kaszubska” – www.szwajcariakaszubska.eu) one can find information on all the analyzed “new” tourist attractions. Scarcity of information about such well recognized tourist attractions on the web pages of many gminas of this region is an evidence for a lack of cooperation among the gminas as regards the promotion of the entire Kashubian Lake District. It seems therefore that the “new” tourist attractions constitute a still unused potential for the promotion of the entire region on the web pages of the individual gminas.

„Nowe” sprawozdanie finansowe – głos w dyskusji

Author(s): Danuta Dziawgo / Language(s): Polish / Issue: 62/2011

IASB and FASB justify the revision of financial reporting as attempt to increase its utility for investors. Therefore, the article concentrates on that group of financial information users. The article presents chosen results of a survey con-ducted by the author for the Polish market based on a sample representative of Polish society, and in particular on target groups: individual investors, sell-side analysts and companies listed on Warsaw Stock Exchange. It was found that the financial community does not postulate revolutionary changes in financial reporting. They rather are looking for more information in cross-section of branches, segments and geographical areas. The main postulates are: - parallel synthetic information and maximally detailed information on the ele-ments which influence profitability, - wider context of information such as domestic and international competition, and macroeconomic environment, - responsibility for information accuracy and reliability. If accounting is to be more widely understood, appreciated and used, this opinion cannot be ignored. Accounting has always been closely related to business practice and oriented to the needs of financial information users. But this time the proposed change seems to fail to meet their expectations.

„Oddolne” budowanie aplikacji ICT w administracji publicznej

Author(s): Ludosław Drelichowski,Marian Niedźwiedziński / Language(s): Polish / Issue: 31/2014

The article discusses self-dependent development of ICT applications by clerks in public administration. The problem has become especially up-to-date because of recent corruption affairs. It seems that ICT applications’ development made “from below” can be a way to limit these occurrences. The article also presents basic information concerning PICTURE-tool. This tool, created within the European Project of the same name, can play a role of a specific instrumentation for self-dependent applications’ development by clerks in public administration.

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“ Bendrieji reikalavimai straipsnių rankraščiams

Author(s): Author Not Specified / Language(s): other / Issue: 52/2009

1. The scientific paper should have a clearly indicated research problem. It should deal with a topical issue, give a solution to it and analyze scientific literature on that subject. The author ought to point out the research object, targets, tasks, research methods, to formulate well-founded results, conclusions and to end the paper with the list of references. 2. The paper could be written in Lithuanian or English. At the beginning of the paper there should be an English annotation of the article – 250 print characters, followed by the keywords. It is also necessary to attach the Abstract in English with the volume of no less than 3000 print characters. 3. The paper should be literary edited. 4. The following order should be maintained while preparing the paper: name and surname of the author; title of an article; English annotation; keywords; introduction with a research object, target and methods indicated; body of the paper; conclusions; list of references; abstract. 5. Every work cited in the text – notes, appendixes, tables, and figures – must appear in the References. For two or more publications by the same author(s) in the same year, list them alphabetically by title and use 2003a, 2003b. 6. Pictures, tables and figures should be prepared in black and white colors. Pictures and figures are accepted only in: tif, jpeg, gif cdr, bmp, eps, doc, rtf, and xls formats. 7. While submitting the manuscript the following data about the author should be indicated: name and surname; scientific title and degree; research field; organization, occupation, address, phone and fax numbers, e-mail; scientific interests and subjects; other information if consid¬ered important by the author. Every paper is reviewed by at least two reviewers - active scientists - whose names are not announced in advance. At least one outside expert from abroad reviews papers of foreign authors. All manuscripts are evaluated by Scientific Editor, who recommends either accept, reject, or return the manuscript to the authors for revision. A request for revision does not guarantee that the article will be accepted for publication. 9. The author is expected to provide the Editorial Board with the 10-15 pages’ electronic version of the paper and a copy printed on one side of A4 format page. A printed copy of the manuscript should be signed by the author(s). The paper should be prepared using the text preparation system Microsoft Word (Microsoft for Windows) and the Times New Roman font (12pt, single). The paper could be send by e-mail: orgvad@evf.vdu.lt. 10. The postal address of the Editorial Office: “Management of Organizations: Systematic Research” Vytautas Magnus University Faculty of Economics and Management S. Daukanto St. 28 -312, Kaunas LT 44246 Lithuania

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“ STRAIPSNIŲ REIKALAVIMAI

Author(s): Author Not Specified / Language(s): / Issue: 73/2015

Reikalavimai straipsnių rankraščiams Manuscript Requirements

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“/Bendrieji reikalavimai straipsnių rankraščiams

Author(s): Author Not Specified / Language(s): Lithuanian / Issue: 47/2008

1. The scientific paper should have a clearly indicated research problem. It should deal with a topical issue, give a solution to it and analyze scientific literature on that subject. The author ought to point out the research object, targets, tasks, research methods, to formulate well-founded results, conclusions and to end the paper with the list of references. 2. The paper could be written in Lithuanian or English. At the beginning of the paper there should be an English annotation of the article – 250 print characters, followed by the keywords. It is also necessary to attach the Abstract in English with the volume of no less than 3000 print characters. 3. The paper should be literary edited. 4. The following order should be maintained while preparing the paper: name and surname of the author; title of an article; English annotation; keywords; introduction with a research object, target and methods indicated; body of the paper; conclusions; list of references; abstract. 5. Every work cited in the text – notes, appendixes, tables, and figures – must appear in the References. For two or more publications by the same author(s) in the same year, list them alphabetically by title and use 2003a, 2003b. 6. Pictures, tables and figures should be prepared in black and white colors. Pictures and figures are accepted only in: tif, jpeg, gif cdr, bmp, eps, doc, rtf, and xls formats. 7. While submitting the manuscript the following data about the author should be indicated: name and surname; scientific title and degree; research field; organization, occupation, address, phone and fax numbers, e-mail; scientific interests and subjects; other information if consid¬ered important by the author. Every paper is reviewed by at least two reviewers - active scientists - whose names are not announced in advance. At least one outside expert from abroad reviews papers of foreign authors. All manuscripts are evaluated by Scientific Editor, who recommends either accept, reject, or return the manuscript to the authors for revision. A request for revision does not guarantee that the article will be accepted for publication. 9. The author is expected to provide the Editorial Board with the 10-15 pages’ electronic version of the paper and a copy printed on one side of A4 format page. A printed copy of the manuscript should be signed by the author(s). The paper should be prepared using the text preparation system Microsoft Word (Microsoft for Windows) and the Times New Roman font (12pt, single). The paper could be send by e-mail: orgvad@evf.vdu.lt. 10. The postal address of the Editorial Office: „Management of Organizations: Systematic Research“ Vytautas Magnus University Faculty of Economics and Management S. Daukanto St. 28 -312, Kaunas LT 44246 Lithuania

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“/Bendrieji reikalavimai straipsnių rankraščiams

Author(s): Author Not Specified / Language(s): Lithuanian / Issue: 49/2009

1. The scientific paper should have a clearly indicated research problem. It should deal with a topical issue, give a solution to it and analyze scientific literature on that subject. The author ought to point out the research object, targets, tasks, research methods, to formulate well-founded results, conclusions and to end the paper with the list of references. 2. The paper could be written in Lithuanian or English. At the beginning of the paper there should be an English annotation of the article – 250 print characters, followed by the keywords. It is also necessary to attach the Abstract in English with the volume of no less than 3000 print characters. 3. The paper should be literary edited. 4. The following order should be maintained while preparing the paper: name and surname of the author; title of an article; English annotation; keywords; introduction with a research object, target and methods indicated; body of the paper; conclusions; list of references; abstract. 5. Every work cited in the text – notes, appendixes, tables, and figures – must appear in the References. For two or more publications by the same author(s) in the same year, list them alphabetically by title and use 2003a, 2003b. 6. Pictures, tables and figures should be prepared in black and white colors. Pictures and figures are accepted only in: tif, jpeg, gif cdr, bmp, eps, doc, rtf, and xls formats. 7. While submitting the manuscript the following data about the author should be indicated: name and surname; scientific title and degree; research field; organization, occupation, address, phone and fax numbers, e-mail; scientific interests and subjects; other information if consid¬ered important by the author. Every paper is reviewed by at least two reviewers - active scientists - whose names are not announced in advance. At least one outside expert from abroad reviews papers of foreign authors. All manuscripts are evaluated by Scientific Editor, who recommends either accept, reject, or return the manuscript to the authors for revision. A request for revision does not guarantee that the article will be accepted for publication. 9. The author is expected to provide the Editorial Board with the 10-15 pages’ electronic version of the paper and a copy printed on one side of A4 format page. A printed copy of the manuscript should be signed by the author(s). The paper should be prepared using the text preparation system Microsoft Word (Microsoft for Windows) and the Times New Roman font (12pt, single). The paper could be send by e-mail: orgvad@evf.vdu.lt. 10. The postal address of the Editorial Office: „Management of Organizations: Systematic Research“ Vytautas Magnus University Faculty of Economics and Management S. Daukanto St. 28 -312, Kaunas LT 44246 Lithuania

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“/Bendrieji reikalavimai straipsnių rankraščiams

Author(s): Author Not Specified / Language(s): Lithuanian / Issue: 48/2008

1. The scientific paper should have a clearly indicated research problem. It should deal with a topical issue, give a solution to it and analyze scientific literature on that subject. The author ought to point out the research object, targets, tasks, research methods, to formulate well-founded results, conclusions and to end the paper with the list of references. 2. The paper could be written in Lithuanian or English. At the beginning of the paper there should be an English annotation of the article – 250 print characters, followed by the keywords. It is also necessary to attach the Abstract in English with the volume of no less than 3000 print characters. 3. The paper should be literary edited. 4. The following order should be maintained while preparing the paper: name and surname of the author; title of an article; English annotation; keywords; introduction with a research object, target and methods indicated; body of the paper; conclusions; list of references; abstract. 5. Every work cited in the text – notes, appendixes, tables, and figures – must appear in the References. For two or more publications by the same author(s) in the same year, list them alphabetically by title and use 2003a, 2003b. 6. Pictures, tables and figures should be prepared in black and white colors. Pictures and figures are accepted only in: tif, jpeg, gif cdr, bmp, eps, doc, rtf, and xls formats. 7. While submitting the manuscript the following data about the author should be indicated: name and surname; scientific title and degree; research field; organization, occupation, address, phone and fax numbers, e-mail; scientific interests and subjects; other information if consid¬ered important by the author. Every paper is reviewed by at least two reviewers - active scientists - whose names are not announced in advance. At least one outside expert from abroad reviews papers of foreign authors. All manuscripts are evaluated by Scientific Editor, who recommends either accept, reject, or return the manuscript to the authors for revision. A request for revision does not guarantee that the article will be accepted for publication. 9. The author is expected to provide the Editorial Board with the 10-15 pages’ electronic version of the paper and a copy printed on one side of A4 format page. A printed copy of the manuscript should be signed by the author(s). The paper should be prepared using the text preparation system Microsoft Word (Microsoft for Windows) and the Times New Roman font (12pt, single). The paper could be send by e-mail: orgvad@evf.vdu.lt. 10. The postal address of the Editorial Office: „Management of Organizations: Systematic Research“ Vytautas Magnus University Faculty of Economics and Management S. Daukanto St. 28 -312, Kaunas LT 44246 Lithuania

„ORGANIZACIJŲ VADYBA: SISTEMINIAI TYRIMAI“/Bendrieji reikalavimai straipsnių rankraščiams

Author(s): Author Not Specified / Language(s): Lithuanian / Issue: 50/2009

1. The scientific paper should have a clearly indicated research problem. It should deal with a topical issue, give a solution to it and analyze scientific literature on that subject. The author ought to point out the research object, targets, tasks, research methods, to formulate well-founded results, conclusions and to end the paper with the list of references. 2. The paper could be written in Lithuanian or English. At the beginning of the paper there should be an English annotation of the article – 250 print characters, followed by the keywords. It is also necessary to attach the Abstract in English with the volume of no less than 3000 print characters. 3. The paper should be literary edited. 4. The following order should be maintained while preparing the paper: name and surname of the author; title of an article; English annotation; keywords; introduction with a research object, target and methods indicated; body of the paper; conclusions; list of references; abstract. 5. Every work cited in the text – notes, appendixes, tables, and figures – must appear in the References. For two or more publications by the same author(s) in the same year, list them alphabetically by title and use 2003a, 2003b. 6. Pictures, tables and figures should be prepared in black and white colors. Pictures and figures are accepted only in: tif, jpeg, gif cdr, bmp, eps, doc, rtf, and xls formats. 7. While submitting the manuscript the following data about the author should be indicated: name and surname; scientific title and degree; research field; organization, occupation, address, phone and fax numbers, e-mail; scientific interests and subjects; other information if consid¬ered important by the author. Every paper is reviewed by at least two reviewers - active scientists - whose names are not announced in advance. At least one outside expert from abroad reviews papers of foreign authors. All manuscripts are evaluated by Scientific Editor, who recommends either accept, reject, or return the manuscript to the authors for revision. A request for revision does not guarantee that the article will be accepted for publication. 9. The author is expected to provide the Editorial Board with the 10-15 pages’ electronic version of the paper and a copy printed on one side of A4 format page. A printed copy of the manuscript should be signed by the author(s). The paper should be prepared using the text preparation system Microsoft Word (Microsoft for Windows) and the Times New Roman font (12pt, single). The paper could be send by e-mail: orgvad@evf.vdu.lt. 10. The postal address of the Editorial Office: „Management of Organizations: Systematic Research“ Vytautas Magnus University Faculty of Economics and Management S. Daukanto St. 28 -312, Kaunas LT 44246 Lithuania

„Pakiet usługowy” Komisji Europejskiej – remedium na bariery na unijnym rynku usług?

Author(s): Joanna Stefaniak,Adam A. Ambroziak / Language(s): Polish / Issue: 487/2017

The EU services market is an important part of the EU Internal Market, where many administrative and regulatory barriers still exist. After many years of stagnation in practical implementation of the freedom to provide services, since the beginning of the 2000s many new initiatives have been adopted, including the service directive of 2006. However, due to the lack of substantial progress in eliminating obstacles in the internal market, the Juncker Commission has taken concrete steps to reduce some existing burdens. The aim of the paper is to give an initial assessment of the initiatives proposed by the European Commission under the “service package” in the light of existing barriers in the EU services market. Based on examined strategic European legislative documents and analysis we found that the Commission’s proposals address both administrative and regulatory barriers. However, it seems that these initiatives are not ambitious enough for the completion of the free movement of services within the EU.

„Pakiet z Bali” a perspektywa zakończenia Rundy z Doha WTO

Author(s): Joanna Skrzypczyńska / Language(s): / Issue: 369 vol 2/2014

The Doha Round began with a ministerial-level meeting in Doha, Qatar in 2001. Despite the ambitious agenda of the negotiations, the WTO members failed to meet the deadline settled in Doha. The main negotiations problems still are: agriculture, the special safeguard mechanism (SSM), sensitive products, NAMA. The causes of lack of compromise are also the system of decision making under WTO and a domestic situation in member countries caused by the financial crisis. The purpose of this article is to analyze the latest findings in the negotiations − the so-called. “Bali Package”, and to answer the question about the chances of completion of the Doha Round.

„Pakt fiskalny” a polityka fiskalna

Author(s): Iwona Wojciechowska-Toruńska / Language(s): Polish / Issue: 306/2013

This paper presents new elements of fiscal rules for the EU countries in the socalled “fiscal pact”. It shows a change in fiscal policy in Poland from anti-cyclical expansionary in 2003-2004 to pro cyclical expansionary in 2010-2011 as a result of strengthening the fiscal rules. ‘Fiscal Pact’ enables sustainable fiscal policy at the national level through the introduction of a constitutional rule of the structural budget balance.

„Papież statystyki”, czyli Władysław Bortkiewicz i końskie kopnięcia

Author(s): Katarzyna Ostasiewicz / Language(s): Polish / Issue: 15/2017

Władysław Bortkiewicz was a Polish-Russian-German scientist and is re-called in contemporary text-books in the context of Poisson distribution and the number of deaths caused by horse kicks in the Prussian army. His influence, however, was much more than fitting empirical data to theoretical distribution. His achievements, today mostly forgotten, range from statistical theory (e.g. the law of small numbers), through probabilistic law of radioactive decay till the improvements of Marx economy. He was close to be granted with the priority in quantifying inequalities: he published a paper similar to Gini’s work and they had a dispute over priority on the subject (lost by Bortkiewicz). He was called by contemporaries “a pope of statistics”. To the group of his students and co-workers belong such important scientists as Emil Gumbel and Wassily Leontieff. The paper summarizes the life and work of Władysław Bortkiewicz.

„Parteneriatul Estic” la Vilnius: Încotro?

Author(s): Mihail E. Ionescu / Language(s): Romanian / Issue: 3-4/2013

Recent development with the Eatsren Partnership suggests that the future and solidity of this structure are in doubt, because of the difficult domestic reforms accomplished by partner states (Republic of Moldova, Ukraine, Armenia etc.) but also because of the strong Russian opposition and pressures put on these former Soviet states to abstain from signing the free trade agreements and visa liberalization regime with the EU. In spite of the economic crisis and the Russian alternative projects (the custom union with Belarus and Kazakstan and the future Eurasian Union), the EU will continue to push the eastern neighbors to prepare for the Vilnius Summit and accept that their future lies with the united Europe. The Vilnius Summit should be used as an opportunity to consolidate EU support for its partners.

„Płatność cukrowa” a dochody plantatorów buraka cukrowego w Polsce. Stan obecny i perspektywy

Author(s): Michał Borychowski,Andrzej Czyżewski,Sebastian Stępień / Language(s): Polish / Issue: 3/2014

The aim of this article is to present the importance of a separate sugar payment in Poland and its impact on the income of sugar beet growers in Poland. The article presents the structure and dynamics of the World, the EU and the Polish sugar market and sugar beet market, as well as the instruments of Common Agricultural Policy (CAP) for the sugar market, which provides a background for further consideration. The profitability of sugar beet production is shown in recent years in Poland and in comparison to Germany, one of the leaders in this sector of agriculture in the European Union. As results show in the paper sugar beet is being gradually displaced by sugar cane on a global scale. Following the reform of the sugar market (in 2006) in the European Union there many unfavourable changes occurred which have led to the cessation of sugar production in some countries, resulting in the total supply of this product decreasing and the EU becoming a net importer of sugar (even though for many years it had production surpluses and exported these). Sugar payments in nine countries, including Poland was one form of compensation for the loss of revenue of sugar beet growers caused by the introduction of this reform. According to the findings this payment is to be paid for the lasttime in 2014. Therefore it is necessary to consider the sense of the introduction of another support mechanism for sugar beet growers in Poland and other new member states of the European Union. An increase in the level of basic direct payment rate seems to be such a solution. It could improve profitability of sugar beet production in Poland. Celem artykułu jest ukazanie znaczenia oddzielnej płatności z tytułu cukru (tzw. płatności cukrowej) w kształtowaniu dochodów plantatorów buraków cukrowych w Polsce. Przedstawiono strukturę i dynamikę światowego, unijnego oraz polskiego rynku cukru i buraków cukrowych, a także instrumenty polityki rolnej Unii Europejskiej w zakresie rynku cukru i buraków cukrowych, co stanowi tło do dalszych rozważań. Dochodowość produkcji buraków ukazano w Polsce na przestrzeni ostatnich kilku lat oraz w odniesieniu do Niemiec, jednego z liderów w tym segmencie w UE. Jak wynika z poniższego opracowania, w ujęciu globalnym cukier z buraków jest sukcesywnie wypierany przez cukier trzcinowy. W wyniku reformy rynku cukru z 2006 roku w Unii Europejskiej nastąpiły niekorzystne, z punktu widzenia tej gałęzi, zmiany, które doprowadziły do rezygnacji z produkcji cukru przez niektóre kraje członkowskie, wskutek czego łączna podaż tego produktu zmniejszyła się do tego stopnia, że UE stała się jego importerem netto (mimo iż przez wiele lat osiągała nadwyżki produkcyjne i eksportowała je). Formą rekompensaty spadku dochodów plantatorów buraków cukrowych, który zaznaczył się po wprowadzeniu tej reformy miała być płatność cukrowa wprowadzona do systemów wsparcia w dziewięciu krajach, w tym w Polsce.

„Przedsiębiorczość dla mnie brzmi groźnie” – o znaczeniu przedsiębiorczości w pracy aktora

Author(s): Małgorzata Sternal / Language(s): Polish / Issue: 1/2015

This article attempts to present the significance of entrepreneurship in the professional life of actors. The results of a pilot research have been presented in the context of relationships between the arts and business. As described by the respondents entrepreneurship can be regarded as a a particular personality trait or a set of skills, or finally a certain attitude towards their personal and professional life. It has been linked to responsibility for one’s professional activities and to value creation, not only in the economic dimension. The article concludes with general remarks on some factors contributing to possible misunderstandings of the concept of entrepreneurship in the artistis professions.

„Przedsiębiorstwa Fair Play” – praktyczny wymiar społecznej odpowiedzialności biznesu

Author(s): Anna Szcześniak / Language(s): Polish / Issue: 220/2011

The article presents cases of activities which are inherent in Corporate Social Responsibility implemented by the winners of the promotion of enterprise culture program named “Business Fair Play”, gathered within the execution of the program. It also presents the criteria which a company must meet to obtain the status of “Business Fair Play” and recalls the rules for verification of companies that want to get this title and certificate to show in how many ways they are socially responsible, and also how this has been carefully checked. Almost each of “Business Fair Play”, according to an internal need, implements various voluntary initiatives to their stakeholders. Most of these activities are a conscious, systematic and long-term action, but there are also examples of one-off campaign in response to an emergency situation. Every year, there are the 600-700 companies among the program winners, which have proved their reliability and sensitivity to the needs of different social groups, as well as high environmental awareness.

„Pułapka” rentowności w polityce finansowej przedsiębiorstw

Author(s): Wiesław Szczesny / Language(s): / Issue: 399/2015

The article applies to this fragment of the financial policy of an enterprise which is linked to the trend of the profitability of equity. In the article, the author discusses two aspects of this policy which are generally ignored in the theory and practice of finance. The first is the “congestion” of payment in economic transactions, the second is the cost of the capital and its influence on the investment decisions of the company. The author assumes that in certain situations the pursuit of profitability of equity can create negative consequences for the company itself, and for the whole economy too.