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Wpływ transakcji insiderów na ceny akcji na Giełdzie Papierów Wartościowych w Warszawie w latach 2010–2020

Author(s): Kamil Gemra,Piotr Kwestarz / Language(s): Polish Issue: 4/2021

Since presenting Fama’s research on market efficiency, scientists have been investigating any anomalies that interfere with market efficiency. The use of information asymmetry by insiders is just such an anomaly. A lot of scientific papers have been written in which the impact of insider transactions on the rates of return was described. Our extensive and comprehensive work completes Polish literature in this area. The purpose of this article is to investigate the impact of disclosing information about insider deals on the movement of the share price. We examined the impact of the disclosure of information about the change in shareholding by the president of the management board, members of the management board, chairman of the supervisory board, or members of the supervisory board (collectively referred to in this work as insiders) on the price of companies listed on the Warsaw Stock Exchange (WSE). The study was carried out using the method of event studies and statistical analysis with the use of computer programming for calculations and data analysis. The analysis covers the period of 10.5 years: from January 1, 2010 to July 16, 2020, in which we took into account ESPI announcements issued by companies from the WSE main market. During the audited period, companies listed on the WSE spent over 400,000 ESPI messages, 743 of which met the criteria for the study, and we took these into account. The research described in this article confirms that the published announcements about the change in share ownership by insiders constitute important information for investors investing on the WSE and have a significant impact on the share price – they are price-setting.

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State Aid for SMEs During the Pandemic in Poland

Author(s): Marta Kluzek / Language(s): English Issue: 4/2021

The global SARS-CoV-2 virus pandemic is affecting everyone, either directly or indirectly. To mitigate the negative economic outcome of the restrictions introduced in order to limit the spread of the virus, the majority of countries have introduced a number of solutions enabling enterprises to survive and maintain employment. Poland has also implemented a whole range of instruments aimed at supporting enterprises and people who have lost their livelihood. The aim of the paper is to review selected support instruments for enterprises from the SME group and to determine the degree of their use. Research was carried out to verify the hypothesis that these instruments played a significant role in the survival of enterprises, however, their lump sum nature meant that the aid was not adequate to the needs at a micro-economic level. Six instruments were subjected to evaluation, i.e. the standstill benefit, exemption from the Social Insurance Institution fees, low-interest loans from the Labour Fund for micro-enterprises, partial financing of business and partial financing of salary costs, as well as a financial subsidy used by 157 SMEs up to November 30, 2020. During the first step, an analysis was conducted regarding the number of instruments that were used by enterprises, in particular, subgroups. In the second step, using a correlation analysis, the amount of aid obtained in 2020 from 6 analyzed instruments under the shields launched in the first half of the year, used by entrepreneurs by the end of 2020, was compared with the revenues and pre-tax results of enterprises from a given sample. State aid was necessary to maintain jobs and satisfactory financial conditions of companies. However, the aid introduced in the first months of the pandemic did not match the real needs of enterprises. The conditions of availability regarding individual instruments made it possible to use them by entities that did not, in reality, require state aid. Nonetheless, from the fall of 2020 (during subsequent waves of the pandemic), the aid was targeted at specific industries, and its use required more stringent conditions to be met.

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Assessing the Effectiveness of Selected European Innovation Systems

Author(s): Edyta Dworak / Language(s): English Issue: 2/2022

The growing importance of innovation in the modern economy has revived the interest of economic sciences in studies on the mechanisms that govern innovation and its impact on economic development. This growth of interest induced the concept of the national system of innovation (NSI), which occupies an important place in the innovation policy of all developed market economies. The economic literature distinguishes various typologies of innovation systems. The aim of the article is to assess the effectiveness of the system of European integration, the socio‑democratic system, and the mutated system, measured by the level of innovation of the economies that belong to these systems, in 2014 and 2019. The article analyzes the literature on the subject of innovation systems. The method of linear ordering, which makes it possible to build a synthetic measure calculated using the Hellwig method, is used to assess the effectiveness of innovation systems. The article formulates a research hypothesis that the most effective innovation systems are the socio‑democratic system and the system of European integration. This hypothesis has been positively verified.

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Integrated Evaluation of Innovative Development of the New EU Member States and Other EU Countries

Author(s): Olena Dovgal,Nataliia Goncharenko,Viktoriia Karp,Georgij Revyakin / Language(s): English Issue: 2/2022

This study investigates the problem of estimating various aspects and qualitative features of innovative development. A new methodological approach to comprehensively assessing the polystructural nature of modern innovative development in the new EU member states and other EU countries is proposed, which allows us to identify growth points and promising areas to increase their innovative development. Aspects such as information adaptability, innovative orientation, and synergetic efficiency are considered. The analysis is based on a logical evaluation of indicators that characterize science, technology, and the digital society in accordance with the data presented in the public domain, from which the main indicators that characterize these three aspects of the EU’s innovative development were selected. According to the algorithm of the matrix method for the new EU member states and other EU countries, the maximum (reference) value was chosen for each indicator and the coefficient of compliance with the reference value of a particular indicator was calculated. As a result, integrated indicators of assessing information adaptability, innovative orientation, and synergetic efficiency and the integrated indicator of innovative development of the EU countries were calculated, which allowed us to rate them. The innovative development of the economies of the EU countries differs significantly in some indicators and aspects. The assessment and comparison of innovative development at the national level depends on many factors but is primarily determined by public policy and national priorities of a particular country. That is why a promising direction of increasing the innovative development of all EU countries should be, first of all, the further development of their mutual exchange of technologies based on the existing integration scientific and technical potential.

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Macroeconomics and active methodologies in higher education: A possible pairing and a possible binomial

Author(s): Asier Arcos-Alonso,María Garcia-Alvarez,Amaia Garcia Azpuru / Language(s): English Issue: 1/2022

This article presents an experience of teaching innovation based on the application of active methodologies in economics and business education at the University of the Basque Country (UPV/EHU). The proposal builds on a competency teaching approach, whose objectives were to verify the effectiveness of these methodologies in the area of economics in order to reconnect the university with its social environment and enhance the competency and student-learning values. During the 2019–2020 academic year, a multidisciplinary process based on the ProblemBased Learning methodology was developed in the Introduction to Economics II: Principles of Macroeconomics course. Various teaching techniques were applied to encourage participation, autonomous student work, group work, as well as elements of social responsibility and values education. The results of the process collected quantitatively and qualitatively show improvements in the acquisition of knowledge by students and greater appropriation levels linked to greater motivation. However, reluctance and misgivings about the process also arose, which would require further work in class and a leading role by students. Greater planning, time and coordination requirements were also limiting factors for the teaching staff; however, the relevance of applying the methodology sequentially is suggested.

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In quest for sustainable quality assurance in higher education: An empirical investigation

Author(s): Hasnan Ahmed,Mohammad Ali Ashraf,Kabirul Islam,Raquiba Hasinat / Language(s): English Issue: 5/2022

The main intent of the present research is to explore the particular practices of human resource management (HRM) to impact on sustainable assurance in quality higher education. Specifically, how promotion opportunity, performance appraisal, work condition and payment package influence teachers’ job satisfaction which, in consequence, impacts on education quality in the private universities. To attain this objective, this research applies the two factor theory of Herzberg as its theory background. Data (n = 517) were collected from 21 private universities’ faculty following the technique of random sampling. The study analyzed the data utilizing structural equation modeling through the analysis of moment structure. Results demonstrate that all four HRM variables are statistically positively significant to influence faculty job satisfaction. It also indicates that faculty job satisfaction also influence positively quality education. The study also indicates that if proper HRM practices are nurtured in private higher education institutes (HEIs) that will enhance faculty satisfaction which will sustain the development of quality education.

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Socio-pedagogical aspects of management in the field of physical culture and sports

Author(s): Sagat Syrlybayev,Yesset Baitassov,Taiyrzhan Iskakov,Laura Sabyrbekova,Tlekshi Yessimgaliyeva / Language(s): English Issue: 5/2022

Radical changes in the economic, social, political, and cultural spheres of a country, directly and indirectly, affect the development and functioning of the socio-economic system of physical culture and sports. The present work aims to study the organizational and pedagogical aspects of training specialists in national sports and sports management. The research collected data with the help of a sociological survey of managers and specialists of sports organizations of various forms of ownership. The research identified and classified the factors that affect the effectiveness of the personnel management system, with Henry Fayol’s principles as the framework. The stages of creation, formation, and distribution of physical culture and sports student organizations in Kazakhstan are defined. In addition, the article describes the socio-pedagogical aspects of management in physical culture and sports organizations, taking into account the new socio-economic conditions of the development of the physical culture movement.

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STRATEGIC MANAGEMENT OF THE DEFENSE INDUSTRY: A REVIEW ON CLUSTERING STRATEGY

Author(s): Ebru Caymaz / Language(s): English Issue: 1/2022

In addition to its military and political significance, the defense industry is also a strategic sector in terms of economy. There are several strategic decision areas in both the public and private sectors operating within the industry. In today's rapidly changing conditions, being able to develop and implement effective strategic decisions necessitates maturity in strategic management. In this respect, the clustering strategy implemented by the Turkish defense industry has brought many strategic advantages. Accordingly, this study aims to examine the strategic management process of the Turkish defense industry in the context of clustering strategy. Therefore, the dimensions of strategic management, its important components and the relationship between performance indicators and clustering strategy are examined. After a literature review on strategic management and clustering strategy in the defense sectors, evaluations and recommendations are discussed.

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INNOVATION ACTIVITIES IN EUROPEAN UNION ENTERPRISES: AN OVERVIEW

Author(s): Cristina Antonoaie / Language(s): English Issue: 1/2022

Nowadays innovation is more than necessary for an enterprise to survive the competition on the market. The Community innovation survey from the EUROSTAT Database provides us with the data necessary to analyze the innovation activities of the enterprises in EU Countries. In this paper we will focus on the latest data from 2018 describing the enterprises with innovation activities by activity and size class and the enterprises that introduced new or improved processes by type of innovation, activity and size class.

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Czynniki kształtujące poziom ujawnień obligatoryjnych o wartościach niematerialnych polskich spółek giełdowych

Author(s): Olga Grzybek / Language(s): Polish Issue: 2/2022

Purpose: The purpose of this paper is to investigate the factors that influence compli-ance with IAS 38 mandatory disclosure requirements for intangible assets by companies listed on the Warsaw Stock Exchange.Methodology/approach: Based on the content analysis of 117 consolidated financial statements for 2018, disclosure indexes were calculated, which serve as independent variables in multiple regression analysis.Findings: In line with signaling theory, entities signal their superiority (high profita-bility) with costly signals, i.e., disclosing information that cannot be easily obtained from accounting systems (referred to as advanced disclosures). Low-quality firms (with lower profitability) disclose basic information more intensively, which can be easily obtained from accounting systems, and at a low cost. A higher number of significant shareholders (higher information asymmetry) forces better compliance, especially with regard to advanced disclosure.Research limitations/implications: Limited and cross-sectional research sample.Originality/value: The paper demonstrates that mandatory disclosure items differ with respect to the preparation cost. Considering basic and advanced disclosure (with low and high preparation costs, respectively) is potentially beneficial for a deeper un-derstanding of the field.

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Comparing earnings management and creative accounting. A general review

Author(s): Diana Bachtijeva,Daiva Tamulevičienė / Language(s): English Issue: 2/2022

Purpose: The aim of this article is to compare the concepts of earnings management and creative accounting and to determine their similarities and differences. Methodology/approach: In the study, it is assumed that earnings management and creative accounting are two different phenomena. A comparative study is carried out in three stages using theoretical study methods. In the first stage, by applying the genetic and historical approaches, the origin and development of earnings management and creative accounting are compared. The purpose of the comparison is to assess the origins, period, and causes of earnings management and creative accounting, and to determine the differences in origin and the points of contact. In the second stage, the def-initions of phenomena are compared using comparative analysis methods. In the third stage, using comparative analysis and analogy methods, earnings management techniques and creative accounting methods are compared. Findings: The results of the study show that earnings management and creative accounting are two terms that describe the same phenomenon. To avoid confusion and ambiguity of the terminology, it is recommended that the term “earnings management” be used. Practical implications: By abandoning the term “creative accounting” and using only the term “earnings management”, a contradiction between the academic community and practitioners, as well as terminological confusion, would be eliminated. Originality/value: The terms “earnings management” and “creative accounting” are used in both different and similar contexts in the literature, and it is difficult to identify which actions describe earnings management and which ones describe creative accounting. A comparative study of earnings management and creative accounting assists in solving the terminological problems in the literature.

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Environmental disclosures in the non-financial reporting of energy companies. Creating a reliable business image or impression management?

Author(s): Arleta Szadziewska,Jarosław Kujawski / Language(s): English Issue: 2/2022

Purpose: The purpose of the article is to determine whether and what impression management techniques are used by Polish listed energy-sector companies in their non-financial reporting to possibly create not a true but an embellished image of their oper-ations.Methodology/approach: The research entailed examining the non-financial annual reports published (in Polish) by eight large, listed companies. Both quantitative content analysis, to determine the scope of environmental disclosures, and qualitative content analysis, which focused on the visual and narrative style, were applied. The word count method was also applied concerning the positive (good) and negative (bad) wording used in the reports. Our linguistic analysis took into account both the semantic and inflexion aspects of Polish idiomatic expressions.Findings: We found that the companies exploited various manipulation techniques, both in the visualisation and the narrative used in their non-financial reports. Perfect graphics, blameless narrative style, or dynamic text organisation are among the top positive aspects. At the other end of the scale are aspects such as excessive wording, unnecessary repetitions of various keywords, or the intentional omission of adverse vocabulary. While both sets of techniques are more likely to be applied by bigger enti-ties, smaller companies do not seem to care as much for such details.Research implications/limitations: This research provides a valuable contribution to a better understanding of how companies employ modern narrative-oriented infor-mation management techniques relating to readers’ perceptions of non-financial state-ments. This may lead to enhancing formal requirements concerning the quality of non-financial disclosure in corporate reporting. The research was limited to only eight (all) energy companies listed on the Warsaw Stock Exchange for the financial years 2017–2020. Thus, there is a need to investigate whether other listed companies use impres-sion management techniques in non-financial reporting.Originality/value: This article is the first publication to show how Polish large energy-sector joint-stock companies manage their environmental impression in non-financial reporting. The analysis extends the knowledge on creating a business operations image that is favourable to stakeholders by companies with a high environmental impact. This is of particular importance considering the non-financial reporting obligation that such entities have to meet as per Directive 2014/95/EU.

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AŞAĞI YÖNLÜ RİSK ÖLÇÜTLERİ VE MODERN PORTFÖY TEORİSİNİN KARŞILAŞTIRILMASI: BORSA İSTANBUL ÖRNEĞİ

Author(s): Fikret Bayat,Şule Yüksel YİĞİTER / Language(s): Turkish Issue: 25/2022

The concept of risk entered the portfolio world with the work of Harry Markowitz. By considering risk and return together, Markowitz accepts the return distribution symmetrically to create optimal portfolios so that investors can obtain the least risk (variance) and the highest return. When the return distribution is symmetrical, variance can give accurate results as an indicator of risk. But what if the returns show an asymmetrical distribution, can this be the case? Based on this question, the purpose of our research is to compare the portfolio return, risk and covariances of 10 different stocks traded in BIST100 between 1.1.2011-31.4.2021 according to Modern Portfolio theory and Downside risk criteria. In our study, it has been found that Modern Portfolio does not diversify sufficiently, creates portfolios from stocks with high return-risk features, and when the returns do not show a symmetrical distribution, it is insufficient. On the contrary, it has been understood that portfolios created against downside risk measures contain less risk and that more accurate results can be achieved with downside risk measures in asymmetric return distribution.

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BELİRSİZLİKTEN KAÇINMA VE UZUN DÖNEME ODAKLANMA PERSPEKTİFİNDEN İNFORM RİSK ENDEKSİNİN İNCELENMESİ

Author(s): Feyza Çağla ORAN / Language(s): Turkish Issue: 25/2022

In this study, it is aimed to evaluate countries in terms of Inform risk indices, based on Hofstede's cultural dimensions, focusing on the long-term and avoiding uncertainty. The population of the research consists of the data of 191 countries included in the Inform risk index. Research data were analyzed using the SPSS 24 statistical package program and the findings were interpreted. It has been observed that the country groups with low uncertainty avoidance and longterm focus have a high level of capacity deficiencies to cope with dangers and risks. This study tries to explain the perspectives of countries on risk management in the fight against disasters.

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GİRİŞİMCİLİK SÜRECİNİN SOKRATİK BAKIŞ AÇISIYLA DEĞERLENDİRİLMESİ

Author(s): Uğur Keskin,Orkun Şen / Language(s): Turkish Issue: 25/2022

Entrepreneurs are expressed as individuals who aims meet the needs of their cultures. The fact that the concepts of creativity, innovation and entrepreneurship are closely related to each other. In every period of history, entrepreneurs have put to work the ideas that contribute to humanity in their minds. This aspect of entrepreneurial individuals is in clear parallel with Socrates's making the knowledge, thought or approach that is implicit in the minds of the people he encounters explicit and making them functional. Because Socrates considers the emergence of valuable ideas that will contribute intellectually to the person as a development that starts with pregnancy and ends with birth and also identifies the emergence of ideas. In this article, concepts that express information gathering, incubation, birth of idea, experimentation and similar developmental periods in the context of entrepreneurship, innovation and creativity are explained and interpreted in accordance with Socrates' point of view.

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ONLINE ALIŞVERİŞLERDE MÜŞTERİ BAKIŞ AÇISIYLA PSİKOLOJİK SÖZLEŞME İHLALİ: BİR ÖLÇEK UYARLAMA ÇALIŞMASI

Author(s): Yağmur KERSE,Kamile Meriç / Language(s): Turkish Issue: 25/2022

In this study, it is aimed to adapt the psychological contract breach scale developed by Chang and Zhang (2019) into Turkish. In the literature, it is seen that the concept of psychological contract breach is generally handled in the organizational context. Chang and Zhang (2019) on the other hand, discussed the concept from the perspective of the customer and the seller. Within the scope of the study, the said measurement tool consisting of four expressions was translated into Turkish. 388 participants selected by convenience sampling method were included in the study. The obtained data were analyzed using SPSS 18 and AMOS 18 package programs. It was concluded that the form adapted to Turkish was reliable and valid on the selected sample.

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EFFECT OF THE STORE ATMOSPHERE ON COMPULSIVE BUYING BEHAVIOR

Author(s): Alişan BALTACI,Zeliha Eser / Language(s): English Issue: 25/2022

Compulsive buying is a behavioral disorder that drives consumers to buy more than they need unintentionally. Negative feelings such as depression, sorrow, denial, lack of self-esteem, Etc., are stated as the reasons for this behavior. This research aims to exert the triggering effect of store atmosphere on compulsive buying behavior. Both qualitative and quantitative methods have been applied to achieve this aim. Finally, we found that the effect of store atmosphere on compulsive buying behavior has three dimensions. These dimensions are physical environment, promotion, and conspicuous consumption. Statistical tests made by applying the Structural Equation Model show that our model has construct validity, the result of the factor analysis exerts that %73,98 of the total variance is explained, and the reliability score of our questionnaire is .929.

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TEKSTİL SEKTÖRÜNÜN ORAN ANALİZİ VE TOPSİS YÖNTEMİ İLE DEĞERLENDİRİLMESİ

Author(s): Yasemin Ezin / Language(s): Turkish Issue: 25/2022

In this study, the general conditions of the C13 textile manufacturing sector were examined comparatively by considering the liquidity, financial structure, activity and profitability ratios of the textile sector, which is both the main sector and the sub-sector, in the light of the TCMB sector 2009-2020 financial table data. In addition, Entropy and TOPSIS analyzes were applied in the performance evaluation in line with the financial ratios of 13 businesses in the BIST textile, clothing and leather sector between the years 2019-2021. As a result of the ratio analysis, the textile manufacturing sector remained below the general sector values in the conversion of stocks into cash and the collection of receivables, entropy analysis, the criterion weighted profitability ratios and the importance of financial structure ratios, TOPSIS analysis, it has been observed that BOSSA has the highest performance and HATEKS and KORDS enterprises have the lowest performance over the years.

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IN THE CONTEXT OF BEHAVIORAL FINANCE, DO INVESTOR CHARACTERISTICS AFFECT STOCK HOLDING PERIOD?

Author(s): Abdulmuttalip Pilatin / Language(s): English Issue: 25/2022

The aim of this study is to determine whether the holding period of stocks varies according to the socioeconomic characteristics of the investors. According to the logit model results, it has been determined that there is a significant relationship between the variables of BIST investors' occupation, the type of asset most invested in, the number of years invested in stocks, the annual stock investment amount and the variables of following the market every day and the period of holding the stock. The results reveal that those who invest in foreign currency are 0,172 times less likely to hold their stocks than those who have invested in shares and in terms of the time it takes to start investing in stocks, those who have invested for 1 to 3 years are 1,72 times more likely to hold the stock than those who have invested for less than 1 year. It shows that those who have invested for 3 to 6 years are 2.5 times more likely to hold the stock than those who have invested for less than 1 year.

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COMPANIES WITH VISIONARY LEADERS POSITIONED FOR FUTURISTIC TECHNOLOGY: SIX CASE STUDIES OF BENCHMARKS FOR SURVIVAL

Author(s): David Steven ALEONG,Gözde TÜRKTARHAN / Language(s): English Issue: 25/2022

This paper is an attempt at unraveling some of the enduring characteristics that have catapulted six successful businesses to the orbits they have reached. Case studies outlining the vision, strategies, and implementation policies are useful because they provide a roadmap for others to follow. This paper will explore how they actualized their mission from their inception and over the last year during the Covid crisis. The case studies are as follows: Alfapac AB, Zoom, Amazon, Alibaba, Tencent, and Netflix. The research shows that the companies selected used the contravening forces to pivot back to their original organizational vision, mission and core values.

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