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O przyszłości społecznej odpowiedzialności biznesu – wyniki badań europejskich

Author(s): Robert Kudłak / Language(s): Polish Issue: 1/2017

The academic interest in Corporate Social Responsibility (CSR) reaches back to the 1940s. of the twentieth century. So far researchers have developed numerous theories and revealed empirical evidence that highlights the emergence and development of CSR and its influence on the corporate performance. However, we know rather little about the future of CSR. Some socio-economic processes which occurred during last decades such as ubiquitous globalization, trade liberalization as well as constantly weakening role of the nation states seem to suggest that corporations will play bigger and bigger role in society. In particular, there is an expectation that corporations will increasingly engage in voluntary actions targeting their employees, local community and the natural environment. The purpose of this article is to answer the following question: what will be the future of CSR in Europe? In order to answer this question the Delphi study has been carried out among more than 500 experts representing numerous European countries. The article also presents the importance of different groups of stakeholders as well as CSR policies in stimulating the future role of socially responsible corporate behavior. Finally, the paper reveals the future trends that – according to experts – will affect the growth of the CSR importance in the selected sectors, i.e. automotive, construction, IT, retail and textile.

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Evaluating of the Effectiveness of Public-Private Partnership Projects in the Republic of Kazakhstan with the Analytic Hierarchy Process

Author(s): Sarsengali Abdymanapov,Aigul TOXANOVA,Alma GALIYEVA,Ainur Abildina,Maksat KULUBEKOV,Anar Altkaliyeva,Zhuldyz Ashikbayeva / Language(s): English Issue: 60/2018

Evaluation of the effectiveness of public-private partnership (PPP) projects is one of its important aspects. However, it is difficult to accurately evaluate the benefits the state acquires from PPP contracts, to determine the reliability of the declared efficiency and outcome of the projects, and mechanisms for evaluating their effectiveness have not been developed properly; all this necessitates the creation of a methodology for the integrated evaluation of PPP projects that is different from traditional methods. Goal of the research is to develop a new approach to the evaluation of PPP projects based on an integrated indicator that takes into account not only traditional economic factors but also social and socio-political factors, including the multiplicative effect of project implementation, employment, environmental conservation, reduction of social tension and others. To calculate the integral indicator in the evaluation of the projects effectiveness, the authors used the analytic hierarchy process (AHP) which allows to evaluate not only quantitative, but also qualitative information. The authors developed recommendations for devising a methodology which would enable to evaluate the effectiveness of PPP projects and which makes it possible to determine not only economic but also social effectiveness at the stage of their implementation. The application of the new approach enabled to assess the impact of not only economic factors, but also non economic, social, political, etc., providing a comprehensive evaluation of the project effectiveness.

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Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece

Author(s): George Drogalas,Iordanis Eleftheriadis,Michail Pazarskis,Evgenia Anagnostopoulou / Language(s): English Issue: 4/2017

In the aftermath of the financial crisis, many companies have implemented extensive risk management procedures. Additionally, internal audit has increasingly attracted the attention of managers as it constitutes the core of modern corporate governance. However, regarding Greek companies, there is a lack of empirical research on factors that affect risk management. Therefore, the purpose of the present paper is to analyze specific factors associated with effective risk management. Primary data were collected using questionnaires distributed to employees in companies that are listed on the Athens Exchange. Multiple regression analysis was conducted in order to examine the relationship between effective risk management, risk based internal audit, internal auditors’ involvement in risk management and top management support. Our findings demonstrate that the above factors contribute positively to effective risk management.

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Identification of the basic elements of the innovation-analytical platform for energy efficiency in project financing

Author(s): Tetyana Marchuk,Dmytro Ryzhakov,Galyna Ryzhakova,Sergiy Stetsenko / Language(s): English Issue: 4/2017

This analytical study focuses on the financing of energy efficiency projects in Ukraine. In this article, the authors analyze the state and dynamics of the modern market of energy resources both on a global scale and within Ukraine, and it was discovered that the potential of the energy efficiency market is extremely large and interesting for different groups of bank investors. In the course of the study, it was revealed that private households and industrial enterprises are the largest energy consumers in Ukraine, which confirms the necessity of implementing a public program for financing energy efficiency projects. The study of Ukraine’s legislative framework has made it possible to clearly define the concept of energy efficiency and to highlight which projects can be considered energy-efficient. It is noted that the state actively develops and implements a policy to increase energy consumption savings both among private individuals and among producing enterprises, which is implemented at the state level by a specially created Energy Efficiency Fund. As a specific tool for analyzing energy efficiency projects, the authors suggest using benchmarking technology, which provides the opportunity to highlight the strengths and weaknesses of a specific energy saving project, as compared to the top project in the industry. As a result, in the course of the conducted analytical studies, the authors proposed a specific tool for the analysis of energy efficiency financing projects in Ukraine, which includes five priority areas for which it is necessary to build a methodology for assessing the borrower’s creditworthiness, which seeks to implement a project in the field of energy saving.

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The effect of ambiguity on the UK stock market: evidence from a new empirical approach

Author(s): Run Qing Tan,Viktor Manahov,Jacco Thijssen / Language(s): English Issue: 4/2017

This study developed a new ambiguity measure using the bid-ask spread. The results suggest that the degree of ambiguity has an impact on the daily UK stock market returns, but ambiguity does not cause changes in the returns. This implies that UK stock prices or returns cannot be predicted using variation in the degree of ambiguity through linear models, such as the VAR model, which was used in the study. The two sets of results in the study show that the degree of ambiguity from the previous two days might affect stock market returns. The authors observe that an increase in the degree of ambiguity two days ago is associated with a positive premium required by the investors. On the other hand, the degree of ambiguity tends to be affected by its past five-day values. Thus, the degree of ambiguity seems to persist for five days until investors update their priors. The intuition behind the result is that the degree of ambiguity can affect the returns of the UK stock market and UK stock market returns can in turn have an impact on the degree of ambiguity. The authors also observe that the degree of ambiguity does not seem to predict stock market returns in the UK when one applies linear models. However, this does not mean that there is no non-linear relationship between the degree of ambiguity and stock market returns or stock returns.

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Prediction of financial strength ratings using machine learning and conventional techniques

Author(s): Hussein A. Abdou,Wael M. Abdallah,James Mulkeen,Collins G. Ntim,Yan Wang / Language(s): English Issue: 4/2017

Financial strength ratings (FSRs) have become more significant particularly since the recent financial crisis of 2007–2009 where rating agencies failed to forecast defaults and the downgrade of some banks. The aim of this paper is to predict Capital Intelligence banks’ financial strength ratings (FSRs) group membership using machine learning and conventional techniques. Here the authors use five different statistical techniques, namely CHAID, CART, multilayer-perceptron neural networks, discriminant analysis and logistic regression. They also use three different evaluation criteria namely average correct classification rate, misclassification cost and gains charts. The data are collected from Bankscope database for the Middle Eastern commercial banks by reference to the first decade of the 21st century. The findings show that when predicting bank FSRs during the period 2007–2009, discriminant analysis is surprisingly superior to all other techniques used in this paper. When only machine learning techniques are used, CHAID outperform other techniques. In addition, the findings highlight that when a random sample is used to predict bank FSRs, CART outperform all other techniques. The evaluation criteria have confirmed the findings and both CART and discriminant analysis are superior to other techniques in predicting bank FSRs. This has implications for Middle Eastern banks, as the authors would suggest that improving their bank FSR can improve their presence in the market.

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Źródła finansowania innowacji w polskich przedsiębiorstwach rodzinnych (przegląd dotychczasowych badań)

Author(s): Alicja Winnicka-Popczyk / Language(s): Polish Issue: 7.2/2015

The author tries to find out the resources of financing innovations in Polish family businesses referring to the results of empirical research. She formulates the hypothesis that along with the development of market economy in Poland, particularly after its joining the European Union, the structure innovation financing sources positively evolves. The significance of capital financing (public and private) and European funds enhances and debt financing decreases.

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El estudio del financiamiento de las tortillerías en macuspana, Tabasco, México

Author(s): Salvador Neme Calacich,Aida Dinorah García Álvarez,Gina Laura María de Lourdes Baena Paz / Language(s): Spanish Issue: 6.3/2016

Tortilla shops, object of study on this research, present several problems due to uncontrolled growth, producing below their installed capacity and the high concentration of these micro–enterprises in urban areas. Their lacks are in organization, management and knowledge of quality standards. This creates uncertainty for bidders funding, believing that tortilla shops remains on the market few years. They are “survival” business because of the constant increase recorded by the inputs used by the industry and the public anger at the rising cost of the product. El objective was to analyze the importance of obtaining financing in the tortilla to boost their growth and development. A quantitative research, based on the lifting of surveys of entrepreneurs in the industry to determine the sources of financing, backed by the FAEDPYMES questionnaire in research on MSMEs. The results show us lack of information, financial and accounting, requested by reliable suppliers of credit; prevents these micro–enterprises the ability to obtain financing. As a conclusion, the source of funding for lower cost and risk to the tortilla shops located in Macuspana in the state of Tabasco, Mexico are: owners resources and in a few cases factoring.

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Profitability – Financial Liquidity Relation under Bank Dependence During the Financial Crisis. Case of Polish Companies

Author(s): Elżbieta Bukalska,Marcin Król / Language(s): English Issue: 67/2020

The aim of the paper is to find the impact of financial crisis on profitability, financial liquidity, and on the relation between profitability and financial liquidity. We did it by including additional dimension: companies’ dependence on bank financing (companies that rely and do not rely on the bank financing). Our analysis covers the country that was perceived as resistant one to financial crisis – Poland. The analysis was conducted for panel sample of 183 companies listed on Warsaw Stock Exchange for the period of 2005-2016 (8,784 quarter-company observations). We found that Polish companies seem to be quite robust to the financial crisis impact in general. The strongest impact of financial crisis was on turnover ratios – DIO and DPO increased during and after financial crisis. As for companies with low and high bank dependence we found that high bank dependent companies underwent the financial crisis more heavily – their profitability and financial liquidity decreased radically during financial crisis time but also after financial crisis (in the short and long-term).

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Менеджмент інформаційної безпеки комерційного підприємства

Author(s): Volodymyr Panchenko / Language(s): Ukrainian Issue: 3 (36)/2019

The basic concepts of information security such as properties, threats, vulnerabilities, risks, controls are reviewed. The classification and examples of information security threats are given. The information security management system is described. The measures of security in the context of ISO 27001 are discussed.The article considers the preconditions of enterprise information security and the control features are defined by it, that associated with the continuous development of enterprise information infrastructure, the provision of various types of information services, automation of financial and operational performance, as well as the business processes of modern organizations.It was determined that the purpose of information management is to ensure the effective development of a business enterprise through the prompt and flexible regulation of various types of information activities (search, collection, analysis, synthesis, processing, transmission, storage and use of various information).The advantages for the commercial enterprise from the introduction of the information security management system are revealed: (a) protecting information and documents against theft; (b) increasing the confidence of business partners who are confident in protecting their business information, production secrets and business; (c) improving the positive image of the company; (d) increasing competitive advantage by protecting information; (e) creating an effective management mechanism for identifying and managing risks while ensuring information security of a business enterprise.Determined concept, purpose and methods of information security improvements of enterprise information environment at the present stage of development economics. Classification and unification of the most commonly used methods for information security. In order to ensure the confidentiality of information were provided recommendations for improving the information security of domestic enterprises.

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Контрольовані операції у сфері зовнішньоекономічної діяльності: сучасний стан оподаткування та облікового забезпечення

Author(s): Halyna Nazarova,Mykhailo Vasyliev / Language(s): Ukrainian Issue: 3 (36)/2019

The article is dedicated to the research of the current state of the controlled transaction in the field of foreign trade activity accounting support and taxation. The following types of controlled transactions were analyzed – transactions with non-residents – related parties, deals on goods purchase and sell with commissions agents, transactions with non-residents, which do not pay profit tax (corporate tax), transactions between non-resident and its permanent representation in Ukraine. The definition of transactions as controlled ones when the certain conditions are fulfilled, particularly - when the year income and the sum of such transactions exceed the limits. The term of the arm’s length principle was defined for the purpose of profit tax calculation. Pointed out types of tax differences, which appear in the field of foreign trade activity.The research of controlled transactions in the field of foreign trade activity accounting support and taxation demonstrates severe burden for accountants to make reports for controlling authorities. Implementation of some subaccounts for transactions with non-residents were recommended to improve accounting support. Implementation of these subaccounts will make possible to summarize information on controlled transactions to calculate differences to define the tax profit object.The above mentioned necessity to afford the legal right to choose a method of price calculation for profit tax payer to define whether terms of controlled transaction meet the arm’s length principle or not, without additional approval of tax authority. The conclusion that it is necessary to have the completed controlled transactions report when profit tax declaration is filing was made while analyzing the method of making annex TTs to profit tax declaration and controlled transactions report, in spite of the fact that time limitation of filing the last one is mush later. The necessity of controlled transaction report cancellation was demonstrated. The necessity to improve the method of controlled operations pricing preliminary approval with tax authorities, instead of existing method, was demonstrated along with necessity to develop the procedure of tax payers administrative and court appeal of pricing preliminary approval results by tax authorities.

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The Role of e-Commerce in the Success of Low-cost Carriers

Author(s): Marco Ginanneschi,Pietro Piu / Language(s): English Issue: 4/2018

This research aims to answer the question if e-commerce favoured in a special way the growth of low-cost carriers within the civil aviation market. After defining low-cost and traditional carriers’ business models, data on transported passengers were collected for three countries (Italy, Germany and Spain) and confronted with the number of e-consumers. Despite a significant correlation in all the three markets, only in Italy our hypothesis has been supported by Granger causality, and the regression analysis allows to forecast a future characterized by a growing dominance of LCCs. Although the definition of an econometric model will require further studies, the distinctive features of the Italian market might represent a starting point for future research on the complex relationship between e-commerce and air transport.

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Analysis of the Notes to the Financial Statement Related to Balance Sheet in Case of Hungarian Information-Technology Service Companies

Author(s): Veronika Fenyves,Elvira Böcskei,Zoltán Bács,Zoltán Zéman,Tibor Tarnóczi / Language(s): English Issue: 1/2019

The main aim of the study to examine the extent to which the companies of a specific Hungarian sector fulfil their obligation to provide information in their notes to the financial statements as stipulated by the Accounting Act. Accordingly, it should be examined whether the notes to financial statements contains the required data regarding the balance sheets of companies investigated. For the analyses, it was used the notes to the financial statement of 8,226 companies with Hungarian headquarters, which are regulated by the Hungarian Accounting Act and which have information-technology services as the main business activity. It was investigated 95.78% of the financial reports containing the notes. The analysis was performed using text mining method, utilizing every available notes to the financial statement of the sector. Findings of the study reveal that the amount of published information shows greater and lesser differences and in many cases, the quantity of published data does not fulfil even the minimal obligations stipulated legally.

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Sprawozdanie z Ogólnopolskiej Konferencji Naukowej pn. „Przychody oraz koszty według prawa podatkowego oraz bilansowego”, Lublin, 5 kwietnia 2019 r.

Author(s): Artur Pierzchała,Jakub Wielgus / Language(s): Polish Issue: 1/2020

Place: Lublin; Date: April 5th, 2019.

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Rekreasyonel Tema Parkların Ekonomik Etkileri: İsfanbul Tema Park Örneği

Author(s): Ilgın Mutlubaş,Selman Bayrakçı,Ceyhun Can Özcan / Language(s): Turkish Issue: 2/2020

The theme park market is growing steadily in recent years the worldwide. Strong customer demand nurtures this growth. These parks have become a part of tourism not only because of their size and the large number of people they entertain, but also because of their economic and social impact. Theme parks affect not only the economy of the country in which they are established, but also the economic conditions of the people living in that region. The aim of this study is to determine the effect of Istanbul Theme Park on the economic income of the people living in the region. This study, which was prepared to determine the economic impacts of Istanbul Theme Park in Istanbul, was prepared with a quantitative research approach. The data were obtained by using questionnaire method. According to the results obtained; Although “Socio-Cultural”, “Crowded” and “Density”, “Environmental”, “Services” and “Taxes”, which are independent variables, affect the economic return of local residents, “Attitude of the Residents” had no significant effect. In this study, it is suggested that policy makers should give more importance to the rational design and management of theme parks in terms of regional development and sustainability of destinations.

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Çift-Körleme Hakemlik Sürecinin Etkinliği Konusunda Turizm Akademisyenlerinin Düşünceleri

Author(s): Eray Polat / Language(s): Turkish Issue: 2/2020

The manuscripts sent to peer-reviewed journals are subjected to an audit called the peer review process in order to control them from various angles. The double-blind peer review process (CK), which is one of these processes, is predominantly preferred by scientific journals in the discipline of tourism and has been carried out for many years. However, in recent years, CK has been subject to criticism in various aspects. In this context, the aim of the study is to determine the thoughts of tourism academicians about the CK. In this research, where qualitative research methods are used, the population consists of the academicians taking part in the scientific committee of the 20th National Tourism Congress. The population is required to be accessible and because of this no need for sampling. The semi-structured interview form, which was interviewed electronically, was used in order to collect data. The obtained data were analyzed by descriptive analysis method. According to the results, tourism academicians (69%) think that the process increases the quality of the manuscripts. In addition, the process, objectivity and quality assurance in terms of providing advantages; it also has the disadvantages that time and referees can make sloppy review. Finally, it is foreseen by the academicians that the process can be improved by some precautions taken by the editors and referees.

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İmaj ve Sosyal Sorumluluk Sadakat Yaratabilir mi? Sivil Havayolu İşletmeleri Örneği

Author(s): Yusuf Emre Karakaş,Berat Çiçek / Language(s): Turkish Issue: 2/2020

In this study, it is aimed to reveal the effect of corporate images of civil airline companies on customer loyalty and the moderator role of corporate and environmental social responsibility perception in the relationship between these two variables. For this purpose, a quantitative research has been carried out. In order to collect data for the research, a face-to-face survey was conducted with passengers traveling from Antalya Airport with airline companies of Turkish origin. According to the findings of the research conducted with 488 passengers, the corporate images of the companies positively affect customer loyalty. In addition, corporate and environmental social responsibility perception of customers moderate the relationship between corporate image and customer loyalty by strengthening it. In addition, it was found that control variables such as gender, age and frequency of travel did not have a positive effect on customer loyalty.

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An Assessment of the Reliability of Discriminatory Models on the Basis of the Bankruptcy of Comapanies in the Food Industry in Poland

Author(s): Karolina Kozioł,Rafał Pitera / Language(s): English Issue: 1/2020

Research background: The widespread occurrence of the phenomenon of bankruptcy leads to an analysis of the scale and causes of this phenomenon in Polish conditions. It should be remembered that the features that inextricably accompany the conduct of any business are uncertainty and risk, hence the phenomenon of the bankruptcy of enterprises is not foreign and it is impossible to eliminate. Purpose: Assessment of the credibility of Polish discriminatory models as a method of the early warning of bankruptcy of enterprises on a sample of enterprises from the Polish food industry. Research methodology: Literature review and verification of 10 methods using a linear function of discrimination most frequently adopted by people dealing with bankruptcy issues and examination of the financial condition of companies. The food industry was subject to analysis and financial assessment regarding the forecast of the bankruptcy of companies in the process of empirical verification. Results: The interpretation of the results was based on the financial statements of the survey sample consisting of 50 Polish companies (25 with a good financial condition and 25 that were bankrupt) which in the years 2005–2016 declared bankruptcy). Novelty: The results are based on a sample of food industry companies point to the legitimacy of the research. The use of a linear discriminant function confirms the usefulness of early warning models (prognostic reliability around 70%). The study presents a classification of models according to prognostic reliability. Guided by the criterion of model credibility, one can use tools with high prognostic efficiency in assessing the financial situation.

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Ewolucja podejścia do procesu rocznej oceny pracowniczej

Author(s): Marcin Łapiński / Language(s): Polish Issue: 4/2018

Purpose – Currently, many companies manage their results based on performance management. It is nothing more than a process of continuous planning, monitoring and evaluation of the achievement of goals resulting from the adopted company strategy. To improve human resources management, companies are testing new solutions. The aim of this article is to answer the question whether the Objectives & Key Results (OKR) method increase the efficiency of the results management system in relation to the Management by Objectives (MbO) method. Design/methodology/approach – The method is an empirical study conducted in a large commercial bank on a representative sample of 400 employees. Findings – Based on the test implementation, the OKR approach in a better way supports the effective management of human resources than MbO. Practical implications – The results of the work can be used as a basis for further academic research on the management of results and as tips for practitioners in the construction and calibration of performance management systems. Originality/value – Thanks to the new management approach (OKR) tests on a large sample of employees (400) it is possible to check its effectiveness and efficiency in relation to already used methods (MbO). Verifying also whether this approach has a potential.

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Controlling as a tool for SME management with an emphasis on innovations in the context of Industry 4.0

Author(s): Přemysl Písař,Diana Bílková / Language(s): English Issue: 4/2019

Research background: Small and medium-sized businesses are significant economic power and employer in the European Union. The modern globalized world, new technologies, and advanced connectivity bring SMEs a wide range of opportunities, but also threats. Increasing the stability and competitiveness of SMEs is one of the main goals of national governments and the EU. The research is based on personal research in SMEs, its experiences and backward testing of reached results. Purpose of the article: The aim of the paper is to analyze the possibilities the potential of using controlling as a managing tool of SMEs for increased competitiveness in the context of Industry 4.0 with an emphasis on innovations. Methods: The study is based on a detailed analysis of 341 SMEs from the Czech Republic obtained in the years 2017–2019. The data were analyzed using statistical methods such Pearson correlation, stepwise regression for the purpose of determining the relationship between the controlling management system of a company, its innovation potential, level of process maturity, number of employees, internal audit, financial stability and strategic plan. Statistical analysis confirmed the close relationship of the analyzed variables and backwards experimental testing of the statistical analysis conclusions defined critical factors in the area of people in an organization, usage of advanced information systems and Industry 4.0 technologies implementation. Findings & Value added: Those important areas were determined as essential for the successful development of SMEs, as well as the most significant threats in the Industry 4.0 environment. The information obtained is useful in practice and can be applied to a more in-depth analysis of the issues. The research findings are showing possible opportunities and treads for SMEs long term stability and development as well as ways to increase enterprise performance based on controlling management system.

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