The impact of low interest rates on the debt of polish listed companies

Author(s): Katarzyna Schmidt-Jessa / Language(s): English Issue: 2/2019

Central bank decisions have an impact on the whole economy. Increasing or lowering interest rates as part of a specific policy determines not only changes in macroeconomic aggregates or decisions of financial entities, such as banks, but also has a significant impact on business decisions. Low interest rates, which have been maintained for several years, encourage reflection on the impact of interest rates on the financing structure of companies. The main objective of the research is to verify the relations between monetary policy, in particular low interest rates, and the level of indebtedness of Polish listed companies. The analysis showed that the level of total interest-bearing liabilities for the selected sample of companies remains in a clear upward trend, and interest rates – in a downward trend, excluding the increases in 2008 and 2012. The Pearson correlation for the variables in question should be considered strong, especially in the case of the relationship between long-term interest-bearing liabilities and interest rates. Considering the above, it should be noted that interest rates influence the level of indebtedness of companies, bearing in mind that this is a transmission channel of monetary policy, which operates with a time lag.

Why and how healthy enterprises invest in distressed companies?

Author(s): Mateusz Mikutowski / Language(s): English Issue: 2/2019

The utilisation of opportunities by enterprises as the main factor in their development has been the subject of many researchers’ deliberations in recent years. In the author’s perspective, the processes of mergers and acquisitions, in particular, related to investments in distressed assets are a very clear reflection of the strategy of entrepreneurial opportunities utilisation in both passive and creationist approaches. In this paper, the author tries to identify areas where the theory of entrepreneurial opportunities as a part of management studies are reflected in mergers and acquisitions operations. By applying distressed asset investments to the theory of entrepreneurial opportunities, a more in-depth understanding of the motivation of enterprises to make mergers and acquisitions is possible. Additionally, by referring to market practice and empirical research, the author intends to present arguments that allow combining the elements of the leading theories concerning management through opportunities, and this type of investment is a crucial part of modern company management strategy.

The reputation of the biggest donors of official development assistance

Author(s): Marcin Leszczyński,Aleksandra Rabczun / Language(s): English Issue: 2/2019

The global crisis of trust has led to a shift in the paradigms of shaping competitiveness. The states as entities of global competition, in times of growing demand for trust, conduct activities in various areas in order to build their position in the world. One of these tools is international public relations and its specialisation, which is the country’s social responsibility. One of the most important tools of social responsibility of the country is the official development assistance (ODA). The aim of this article is to verify the role of the social responsibility of the state in shaping the reputation of the largest donors of official development assistance.

Efficiency of the R&D sector in the EU states. Does the source of funds matter?

Author(s): Albert Homski / Language(s): English Issue: 2/2019

The first aim of this study was to measure the efficiency of the R&D sector in the EU countries. The findings have indicated that the sector’s efficiency was different in particular countries. It was more than three times higher in the most efficient states than in the least efficient ones. The results also indicate that decreasing returns to scale are characteristic in the R&D sector in the EU countries. The second aim was to examine the relationship between the efficiency of the R&D sector and the structure of its financing. The empirical results occurred to be consistent with the research hypotheses – the public sector’s share in the R&D financing structure affects the efficiency of the R&D sector positively, while the private sector’sshare affects it negatively.

Effects of tax sheltering on earnings management in Nigeria

Author(s): Ifeanyi Francis Osegbue,Austin Nweze,Meshack Ifurueze,Chizoba Mary Nwoye / Language(s): English Issue: 2/2019

This study examines how tax sheltering and its interactions with cash effective tax rate, long-term effective tax rate, tax savings, book tax gap, temporary difference of tax shelter and permanent difference of tax shelter impacted the modified Jones earnings model (earnings quality manage-ment) from 2009 to 2016.The study used a sample of all 116 listed companies on the Nigerian stock exchange ranging from all sectors excluding financial services sector due to its reporting system. We concluded that the cash effective tax rate, long term effective tax rate, tax savings temporary and permanent tax difference are insignificant meaning that stakeholders in Nigeria are interested in companies that produce quality financial reports, which clearly shows that there is high earnings manipulation among Nigeria quoted companies as most firms manipulate earnings through abnormal accruals.

Preface

Author(s): Katarzyna Woźniak / Language(s): English Issue: 2/2019

The first and the second paper were presented during the 10thEnvironmental PhD Candidates’ Conference “Economy. Technology. Society.” (GTS), organised by the Heads of Doctoral Studies together with the PhD Council of the Poznań University of Economics and Business.Five research papers were published in this issue of the journal. The first one focuses on changes in the employment structure caused by the development of automation technologies. The second article presents the role of the social responsibility of the state in shaping the reputation of the largest donors of official development assistance. The third article describes the theoretical background of motivation and market statistics of distressed investments on global mergers and the acquisitions market. Another article focuses onthe efficiency of the R&D sector in the European Union countries. The final article presents the interactions between tax sheltering and other instruments of fiscal policy in Nigeria.

“You are witnesses of these things” (Lk 24,48). Importance of Witness in Contemporary Missionary Activity

Author(s): Paweł Mazurek / Language(s): English Issue: 1/2019

The author deals with the theme of “mission as witness” in Luke’s Gospel and Acts of the Apostles. Then, he reflects on the concept of witness in the documents of the Church. He also presents the specificity of the vocation of the laity to bear witness in their everyday life. He also analyses the characteristics of the witness to peoples of other faiths in the light of the documents of the Missionaries of Africa. Showing a special interest in the Church in Africa, the author reflects on the new challenges which the concept of witness – through missionary activity – evokes in this continent. Today we need a change of perspective in the understanding of the mission of the Church on every continent. The new way of looking at the Church is dictated by the significant changes that have taken place in the social, political, religious and cultural levels throughout the world. The new vision of the Church will also result from the need for an in-depth analysis of those Biblical pericopes that have been misinterpreted and even distorted by individual local Churches and their missionaries in recent centuries. Missionary activity requires permanent biblical reinterpretation.

Evangelizing in the Key of Encounter

Author(s): Władysław Madziar / Language(s): English Issue: 1/2019

The author draws attention to the value of truly human encounters in the process of evangelization. The development of mass media does not change the fact that many people are lonely, left to their own fate. The anonymity of WhatsApp or Facebook and other communication applications does not generate lasting interpersonal relationships. Meanwhile, evangelization should cultivate the value of specific, personal and lasting interpersonal encounters. A human being is created to live in a community. Therefore, authentic, unplanned encounters can become a moment of faith sharing. The author sees the evidence of this thesis in the practice of the annual benediction of houses in the parish of St. Marcella in Rome. This form of encounter, as well as other (on the street, on the bus, on the beach) can initiate something that belongs to the action of the Holy Spirit. To make this possible, every Christian must first experience a personal friendship with Jesus.

Chrześcijaństwo pentekostalne a doświadczenie religijne

Author(s): Karol Jasiński / Language(s): Polish Issue: 1/2019

The aim of the article is to draw attention to three issues: the transformation of Christianity in Europe, the process of its pentecostalization and the issue of religious experience. It consists of three parts, respectively, in which the following theses were posed: 1. Christianity in Europe is in retreat, but it experiences revival in other parts of the world; 2. The secularization paradigm has been weakened and there is a growing interest in various forms of religion; 3. In the global dimension a more conservative and charismatic version of the Christianity of the South begins to dominate; 4. The process of pentecostalization is an expression of the changes taking place in Christianity; 5. Pentecostalization, despite some shortcomings, has great potential and can contribute to the renewal of faith, deepening the sacramental practice and social commitment; 6. One should reject the conviction of many Pentecostal Christians for the possibility of a direct experience of God; 7. The experience of the sacred, being the core of religious life, is always mediated by an interpreted medium (human conditions, signs, events and activities).

Padre Arnoldo Janssen: straordinaria efficacia del leader umile e fiducioso

Author(s): Andrzej Miotk / Language(s): Italian Issue: 1/2019

In 1875, Father Arnold Janssen founded an institution that was to have a significant impact on the missionary work of the Church: the Society of the Divine Word. Following the evidence established during his beatification process, as well as other publications, the author identifies a number of factors that positively influenced Janssen’s work. He measures Janssen’s personality against criteria proposed by Alexandre Havard in his book Etyka przywódcy [Leader’s Ethics] (Gdańsk 2011; New York 2007). According to Havard, leaders’ assessment should take into account the classical notion of the cardinal virtues, as well as their generosity and humility; the latter two highly praised by the ancients. Critical analysis of Janssen’s life reveals him as an efficient leader, who allowed God’s grace work on his weaknesses. Though Janssen was not endowed with any special charisma, the sources reveal him as a man of God who achieved extraordinary perfection in the practice of the cardinal virtues: prudence, justice, courage and temperance. He did this thanks to his authentic humility and simplicity. His life work speaks for itself. Janssen’s greatness is rooted in the supernatural realm. Through unceasing and heroic human efforts and harmonious cooperation with God’s grace he became an universally admired leader, wholly deserving the title Dux, engraved on his tombstone in Steyl.

Mistrz Jan Hus – słowiański prekursor Reformacji. Spór o prawdę?

Author(s): Leonard Górka / Language(s): Polish Issue: 1/2019

The article presents the thinking and activity of the medieval Czech reformer, master Jan Hus, against the background of the historical and doctrinal context of ecclesiastical life. The ideas exposed by Hus in his theological work De Ecclesia, as well as the accusations against him at the Council of Constance, have been pointed up in a special way. Today, we can make an argument that the tragic history of master Jan Hus and his ecclesiological doctrine stand between the reformate Churches and the Roman Catholic Church, forming a common heritage. The ecclesiological thinking of Jan Hus, shown in the context of contemporary theological and doctrinal attitudes as well as in the perspective of criticizing abuse in Christian life, justifies the need to reform the Church, to search for the causes of divisions, and the need to renew the moral conduct of clergy and common believers. The article also poses a question: is the assessment of reasoning and activity of Jan Hus pointing to the defense of his confessional affiliation, or about seeking the truth?

Pojęcie sprawiedliwości według ks. dra Marcina Lutra

Author(s): Grzegorz Brudny / Language(s): Polish Issue: 1/2019

One cannot study theology of Rev. Martin Luther in isolation from his biography and the historical context. Family home, upbringing, education, religious life, personal experiences - all that had a great impact on the Reformer of Wittenberg and his theology. The main area of interest for the Father of Reformation was the question about God’s righteousness and righteousness (or lack thereof) of man. He was looking for answers in the Bible. There he found the truth that man would never reach righteousness without the grace of Jesus Christ, which justifies the sinner. Man receives this grace through faith and henceforth he may live the righteouness given him by Christ. Faith makes a person (fides facit personam) – said Luther. In these words, one can also find an ethical interpretation of the Reformer from Wittenberg. A good (just) deed is all that is in accordance with the commandment of God and what has been done with faith.

Apostata, heretyk, prorok czy mędrzec?

Author(s): Jan Bocian / Language(s): Polish Issue: 1/2019

The article presents a religious and theological reflection with regard to the life and activity of the Pharaoh of the 18th Dynasty of Egypt, Akhenaten (Amenhotep IV), prevailing in the years 1350-1334 before Christ. Although the available documents are not very numerous, and the person of the ruler is an extremely controversial figure, his activity is worth considering. After a short presentation of the monarch’s biography, the author showed the doctrine of Atonism – a monotheistic religion that the pharaoh proclaimed and imposed on his subjects. Then he considered what reasons could lead to the adoption of this religion by the ruler. He drew attention to the similarities between Atonism and Jahvism (Mosaism-Judaism). One of the possible causes of the religious revolution of Akhenaten was the attempt of an intellectual (logical) look at the issue of the religion of ancient Egyptians. The author showed the figure of Akhenaten and his wife Nefertiti as an example of a rational approach to religion.

Koncepcja dobra najwyższego w ujęciu Tomasza z Akwinu i Immanuela Kanta

Author(s): Marcin Sieńkowski / Language(s): Polish Issue: 1/2019

Analyzes carried out in this article aim at showing the essence as well as the role that concept of the highest good fulfills in the realistic morality of Thomas Aquinas and in the transcendental philosophy of Immanuel Kant. The notion of the highest good has a different meaning in both philosophical systems. The designatum of this concept in realistic philosophy is the good and the purpose that fully update all human potentialities. The highest good understood in this way is identified with God. Individual decisions and human activities are directed towards it as an ultimate goal. The analysis of Kant’s theory of moral behavior proves that the human moral actions are also aimed at the highest good. Kant understands them as nothing beyond anything else. Realization of the highest good is also the goal of morality flowing from the imperative of practical reason. However, this kind of good is not identified with God in the sense of realistic philosophy. It is a construct and the composition of two goals arising from human nature. One of them flows from a rational nature, the other from a sensual one. Only the a priori synthesis of these two approaches, that is virtue and happiness, constitutes the highest good. Its implementation, however, requires the adoption of human immortality and the existence of God, that is, postulates of practical reason.

Werbiści polskiego pochodzenia na misjach w Indiach

Author(s): Janusz Brzozowski / Language(s): Polish Issue: 1/2019

According to tradition, the history of the Church in India dates back to the apostolic times and is associated with the activities of St. Thomas the Apostle. Missionary work in India acquired a very evangelizing dynamism with arrival of the Jesuits in 1542, with St. Francis Xavier and Robert de Nobili among them. Their fruitful work led to an increase in the number of local communities. Likewise, its effect was the adaptation of Christianity to the local culture. The so-called accommodation disputes frustrated this great achievement. Despite many adversities, the Church in India endured and was consolidated. Since 1932, the Society of the Divine Word was contributing to her growth too. Among the Divine Word Missionaries working in India, there were also 10 Poles. First they got engaged in day-to-day pastoral ministry, later they undertook special tasks – in particular, in the field of inculturation. This study reminds of those personalities.

Ecological Conversion and Eco-Spirituality.

Author(s): Paul B. Steffen / Language(s): English Issue: 1/2019

Theologians are looking at the ecological crisis from a gospel perspective. The Asian bishops are aware of the ethical implications of the ecological crisis. They claim that the task of stewardship for creation is an obligation for any human being, it places us all squarely in creation’s ecology today in the face of climate change and climate justice. We should also learn more from indigenous people, regarding their understanding of the natural world. Christian communities and their leaders and theologians have to enter into dialogue with all religions and especially into dialogue with all Cosmic or Primal religions as they are part of the cultural Theologians are looking at the ecological crisis from a gospel perspective. The Asian bishops are aware of the ethical implications of the ecological crisis. They claim that the task of stewardship for creation is an obligation for any human being, it places us all squarely in creation’s ecology today in the face of climate change and climate justice. We should also learn more from indigenous people, regarding their understanding of the natural world. Christian communities and their leaders and theologians have to enter into dialogue with all religions and especially into dialogue with all Cosmic or Primal religions as they are part of the cultural and spiritual heritage of all indigenous peoples all over the world. There is much they can offer not only to Christians but to all members of contemporary plural and secular societies. Christians at grassroots level in their families and as members of Small Christian communities and parishes as places of communion of communities are adequate and relevant places where eco-theology and eco-spirituality is creatively received, practiced and further developed.

Wyzwania duszpasterskie w listach biskupów Kościoła katolickiego w Papui Nowej Gwinei na temat małżeństwa i rodziny

Author(s): Wojciech Niścigorski / Language(s): Polish Issue: 1/2019

The article analyzes pastoral letters of the New Guinean bishops on the subject of marriage and family. Discussion on these documents allows to distinguish pastoral solutions proposed by the bishops in a specific pastoral context. The Gospel has been preached in PNG for over 100 years, but cultural customs and practices from the past are still alive. The author first discussed the marital-family challenges in today’s Church in PNG and then presented the Church’s teaching with regard to four areas of pastoral challenges: birth control, polygamy, sexual and domestic violence. These challenges call for decisive action arising from the Gospel message and the Church’s teaching. The presented analysis of pastoral activities of the Church in PNG indicates an increase in faith in this region of the world as well as the need for further missionary activity in Melanesia.

Od czasopism do Web 3.0. Polskie media misyjne po Vaticanum Secundum. Część druga: Nowe media misyjne w Polsce – geneza, treść, perspektywy

Author(s): Marcin Wrzos / Language(s): Polish Issue: 1/2019

Investigations carried out in the first part of the study showed the technological development of the means of social communication, which aroused the Church’s interest from the very beginning. Missionary magazines issued after the Vaticanum Secundum were analyzed and their current crisis was pointed out. It is worth noting that the author presented the probable causes of this phenomenon.The content of this study refers to the issue of new missionary media in Poland, their origin, development and perspectives. The author presented new media in the Web 1.0, 2.0 and 3.0 perspective, scrutinizing the portal, websites and web applications. In addition, he presented some possibilities of their use in information, formation and mission animation.

Appreciation for the Missionary Life and Works of Fr. Marian Żelazek SVD in India

Author(s): John Barwa / Language(s): English Issue: 1/2019

Review: Karel A. Steenbrink, Catholics in Independent Indonesia 1945-2010 (Verhandelingen Van Het Koninklijk Instituut Voor Taal-, Land en Volkenkunde, Vol. 298) Brill, Leiden-Boston 2015, 634 pages, ISBN-10: 900428513X, ISBN-13: 978-9004285132.

Author(s): Paul B. Steffen / Language(s): English Issue: 1/2019