Methods for providing economic safety in business transactions in the context of currency risk

Author(s): Ireneusz Miciuła / Language(s): English Issue: 412/2015

The crisis in the financial markets has contributed to the significant downturn of the global economy in recent decades and perturbations, including the foreign exchange market. In the modern world the exchange rate has a fundamental impact on the profitability of international economic relations. The article shows the importance of currency risk for the company’s activities and management strategies that are inherent in the operation of international companies. The paper presents a conservative approach, the aim of which is to eliminate the transactional currency risk. As part of this strategy the available methods and instruments are described and analyzed by which it becomes possible to eliminate the exchange rate risk. The article describes the classification of financial instruments used to manage foreign exchange risk by companies in Poland. It analyzes the status and structure of the Polish market exchange rate risk management instruments used in economic practice.

Willingness to disclose information versus investors’ expectations in companies listed on the Warsaw Stock Exchange

Author(s): Magdalena Mikołajek-Gocejna / Language(s): English Issue: 412/2015

The purpose of the work is to establish a relationship between the information asymmetry and the level of enterprise’s willingness to disclose information and between the asymmetry index of investor relation (AIR) and the metrics describing the value of investors’ expectations in companies listed on the Warsaw Stock Exchange. Publicly traded companies have a major influence over the indices of information asymmetry in relations to external shareholders. For this reason, for the purpose of this study an asymmetry index of investor relations (AIR) has been constructed. This metric represents a company’s ability to convey information about its operations. AIR was based solely on the guidelines of value reporting as proposed in the IC Rating™ Model [Jacobsen et al. 2005]. Adopting the IC Rating Model as a basis for the AIR allowed to encompass all the information voluntarily disclosed by companies to the market, and not only the disclosures required by legal regulations. As the metrics describing the value of investors’ expectations were used: cost of equity (CE), future EVA growth (FGV) and threshold market value added (threshold MVA). The study has been based on stock market data, financial reports, and an analysis of the information published on the websites of companies listed on the Warsaw Stock Exchange within the continuous trading system, and for which all data necessary for the relevant calculations were available. As it has been revealed there exist statistically significant correlations between asymmetry indicators and investors’ expectations. Companies with a high willingness to disclose information are more capable of creating investors’ expectations. There are also statistically significant correlations between the indicators that represent the level of information asymmetry in investor relations (AIR) and companies’ results.

Aktywność innowacyjna przedsiębiorstw a przynależność do sektorów przemysłu wynikająca z różnych poziomów techniki w świetle badań ankietowych

Author(s): Dorota Starzyńska / Language(s): Polish Issue: 412/2015

The aim of the paper is to analyse innovation activities in manufacturing enterprises classified according to their technology levels. The analysis is based on the results of the study conducted in 2012 among 257 manufacturing enterprises in the region of Łódź. For the needs of the study analyzed businesses were divided into four industry sectors by the levels of technology in accordance with the latest list of industries developed by the OECD and Eurostat in 2008. The research hypothesis is that innovation in manufacturing enterprises determined by the level of technological advancement of their production. Conducted analysis of innovation activities in investigated enterprises confirms the importance of innovation for the development of manufacturing enterprises, in particular those from high-tech and medium high-tech industries. These enterprises much more frequently implement product and process innovations and, additionally, make attempts to conduct their own R&D activities, which favours technological innovation.

Ocena konkurencyjności rynku zamówień publicznych na przykładzie oprogramowania informatycznego

Author(s): Wacława Starzyńska,Magdalena Sobocińska / Language(s): Polish Issue: 412/2015

The degree of competitiveness of the public procurement market is often characterised by indicators such as: the number of bids for each tender, price dispersion or the type of procedure. It seems that these measures do not fully reflect the level and intensity of the transaction. In assessing the degree of competitiveness of markets Herfindahl-Hirschman Index is often used, which allows to specify the scale of concentration in the market. In addition, the analysis of changes in market shares allows for the dynamic diagnosis of the competitive situation. The aim of the paper is to evaluate the competitiveness of public procurement markets on the example of the computer software sector using the Herfindahl-Hirschman. In the paper there is used data from the Public Procurement Bulletin from the years 2010-2012. Because of dynamic development of markets connected with IT activity services, the article concentrates on the segment of computer software classified in the Common Procurement Vocabulary as 48000000-8 Software packages and information systems.

The relation between the share of family enterprises in the credit portfolio and the quality of the entire bank credit portfolio and profitability of selected cooperative banks’ asset

Author(s): Emilia Stola,Artur Stefański / Language(s): Polish Issue: 412/2015

For decades family enterprises have been constituting the significant economic strength in the majority of countries in the world. Family corporations are characterized by a greater ability to survive than average ones. These enterprises function very well in times of crisis mainly because they join family, social and economic functions which translates into characteristics of finances of these subjects. Family corporations are characterized by a little tendency to take a risk which is connected with the stability preferred by them of functioning out of concern about long-term (multigenerational) surviving. This could be a cause that their financial management is more conservative, and their nature has considerable influence on a debt level which as a rule is much lower than in other enterprises. The cooperative banks were strongly structurally transformated in years 1996-2011. They changed their profile from niche, directed to farmers and agribusiness, into universal with more diversified banking products, directed at family entrepreneurs. Additionally the specificity of the cooperative banking, as for instance an aspiration to meeting the needs of its members, can be quite close for family entrepreneurs, which, strictly commercial by destinations, also often realizes other purposes. The aim of the elaboration is to present the process of forming the chosen group of customers –family enterprises in the structure of the credit portfolio, quality of the entire credit portfolio, and profitability of selected cooperative banks’ assets. In order to fulfil the purpose the authors used the analysis of multidimensional models of the multiple regression with data from chosen cooperative banks, functioning in the Polish banking industry, out of which two − Bank B and Bank D function in urban-rural communes, and Bank A and and Bank C on the area of rural communes. In the study quarterly data, starting from 2010 up to 2014, was used.

Pozacenowe kryteria wyboru najkorzystniejszej oferty a nowelizacja prawa zamówień publicznych

Author(s): Jarosław Szymański / Language(s): Polish Issue: 412/2015

Awarding of public procurement is inextricably linked to a number of risks to which the entity is exposed to. They depend on legislative environment, economic, social and political expectations. They also form and perpetuate negative phenomena in the public procurement system. Its example is the conservative behavior of public procuter which is manifested by aversion to the use of non-price evaluation criteria. A change in the legislation introduced by the last amendment of public procurement law was intended to limit this practice. The study attempts to assess the effectiveness of these administrative tools in improving the functioning of public procurement system.

Bezpośrednie koszty emisji akcji w pierwszej ofercie publicznej na GPW w Warszawie

Author(s): Anna Wawryszuk-Misztal / Language(s): Polish Issue: 412/2015

The paper aims to assess the level and the structure of direct costs of share issuance in the initial public offerings (IPOs) on the Warsaw Stock Exchange (WSE) in the years 2006-2014. The direct costs of share issuance consist of: costs of preparing and conducting the issuance, the underwriting fee, costs of preparing the prospectus, costs of promotional activities. The research hypothesis states that during the financial crisis of 2008- -2009 there was the increase in the costs of stock issuance in relation to gross proceeds from IPO. The research sample consists of 102 companies who in IPO process offered only newly issued shares. The data used in the analysis was gathered from the current reports for each company from the sample. The analysis was carried out separately for two groups of companies identified according to gross proceeds (less and more than 50 million PLN). Then, each of these two groups was divided into two subsequent groups, due to the date of IPO, i.e. 2006-2008 and 2009-2014. Statistical tests were used to compare various financial characteristics of firms going public before and after the peak of the financial crisis. The analysis allows to conclude that in the research sample the direct costs of IPO increased after the financial crisis peak but only for companies raising less than 50 mln PLN.

Performans i apstraktna vizualizacija arhetipske simbolike kubusa

Author(s): Baisa Bakin,Maja Hrvanović / Language(s): Bosnian,Croatian Issue: 11/2014

One of the symbols of pure abstraction, the cube called “Theatron”, which was set up in the exhibition hall of the Academy of Drama Arts, was converted into a form of action art. Black cube with the working title "Theatron" as an ideal of avant-garde space remain an open story of the conscious artistic provocation which can, in a subjective way, continue to collect, interpret and document various ideas and concepts. The function of the suprematic space was reviewed by actors of the Academy of Dramatic Arts in Tuzla (ADU), guided by their knowledge and experience and by inspiration and coordination from their mentor Baisa Bakin. The show “Theatron - Art Cube on the trip around the world, “which was created as part of a seven-day art workshop “Theatron” with German artist Wassa Marjanov and with students of The Academy of Drama, University of Tuzla, was performed on Monday evening at the Academy of Drama in Tuzla. It was designed by docents and assistants of the Academy - Baisa Bakin, Sanela Babić, Damir Altumbabić and Dragan Pirić. The show included seven actors, students of the second year of ADU in Tuzla, in the class of professor Vlado Kerošević: Damir Masić, Ana Franjčević, Edin Suljetović, Haris Mrkonja, Gordana Džepina, Siniša Kahvić and Asja Husičić. ( A. D. S. , 2007).

Posttranzicijski kazališni izazovi i produkcijska forma

Author(s): Srđan Vukadinović / Language(s): Bosnian,Croatian Issue: 11/2014

Risk existency challenges of modern society in the theater over the producer. Besides the unquestionable knowledge production, moments he was informed of the turbulent currents of social (in) significant impact on the production process. Produced by the addition, which is a good connoisseur of theatrical art, and someone who has strong qualities and the ability to recognize at some point social movements and anticipate the challenges of a new organizational positioning institution or project. Understanding the broader context existency theaters in a particular social setting is a special brand of producer who understands the time and adjusts his theatrical form with which to manifest. Social stunts form of theater that challenges the very least be a stimulating and creative designers work on the formation of new theatrical forms.During the post­transition produces a multitude of byproducts whose essence are speed, quantity, superficiality and banality, which undoubtedly has its reflection in organizational and production company in the field of theater. In such an environment to be faced with by­products, both in society and in the theater, and try to eliminate as many of their causes. Completely no by­product can not be eliminated from society, but in a theater production company sphere can be kept under constant control of the invention to cause lands adapting organizational or production form. Positioning and placement under the technical control and supervision of byproducts in the theater is something that is risky in terms of society, such as post­transition , is very good and desirable.Production form that will meet the challenges of the post­transition times were both in repertoire and in terms of production, is a small, mobile, movable chamber. Through a little theater production form, at a time when theater clumsy organisms can hardly survive, topics that are a serious threat to society, very fast, mobile and effectively convey adventures men theater. For his act of socially engaged theater, mobility and convincing interpretation of creation exposes a very effective way of what could have disastrous consequences. In this way, a small theater form has broader social role of missionaries conotation about that because of the closed society can not be publicly discussed by other means, to those theatrics, while the sense of production, realistic and achievable.

Filološki i lingvističkometodički rad Nikole Simića: Udžbenička literatura u postkalajevskom periodu ili Raskid s bosanskom lingvometodičkom školom

Author(s): Sead Nazibegović,Izet Beširović / Language(s): Bosnian,Croatian Issue: 11/2014

O filološkom i lingvističkometodičkom radu Nikole Simića nema posebnih naučnih razmatranja u našoj lingvističkoj literaturi iako se radi o značajnom autoru. Simićeva Gramatika imala je svoju zanimljivu predhistoriju. Naime, 1907. godine ministar zajedničkih poslova i finansija u Zemaljskoj vladi Štefan Burijan pod pritiskom javnosti, osobito srpskog i hrvatskog lobija, donio je iznuđenu odluku/naredbu o napuštanju naziva bosanski jezik, a zvanični naziv jezika u Bosni i Hercegovini postao je "srpsko-hrvatski jezik". Godine 1912. Zemaljska vlada raspisala je Anketu o jeziku i pravopisu u BiH u nastojanju da pravopisno ujednači nove školske udžbenike. Za Anketu je glavni elaborat izradio profesor Gimnazije u Banjoj Luci Nikola Simić koji će 1913. godine podnijeti glavni referat za savjetovanje pod nazivom: "Tehnički izrazi u gramatičkoj nastavi srpsko-hrvatskog jezika". Iste godine bit će štampana i gramatika srpsko-hrvatskog jezika na njemačkom jeziku ("Serbokroatische Grammatik", Berlin und Leipzieg, 1913.) koju će objaviti Vladimir Ćorović, ugledni istoričar i književni kritičar iz Sarajeva, inače djelatnik u Zemaljskom muzeju BiH u Sarajevu. Sve ove knjige i dešavanja u domenu jezičke politike nakon 1910. godine bili su svojevrsne predradnje za pojavu kapitalno važne "Gramatike srpsko-hrvatskog jezika" (1916.) Nikole Simića. Ovu je gramatiku M. Okuka označio kao modernije djelo "nego što je bilo Vuletićevo, i u sadržaju, a posebno u terminologiji".

Metodika nastave pravopisa i pravogovora

Author(s): Izet Beširović,Sead Nazibegović / Language(s): Bosnian,Croatian Issue: 11/2014

U metodici nastave jezika i književnosti preporučuje se da se nastava pravopisa i pravogovora u principu odvija simultano sa nastavom gramatike. Poseban akcenat u metodici nastave pravopisa (ortografije) i pravogovora (ortoepije) treba staviti na tzv. pravopisne vježbe (prepisivanja, diktati, ispravljanja). Diktati su posebno značajni za nastavu pravopisa i pravogovora, a isto tako, koriste se i u nastavi gramatike, stilistike, leksikologije, semantike itd. Za diktat se uvijek treba tražiti funkcionalan tekst, a ukoliko to nije moguće, onda treba kreirati tekst koji treba da djeluje kao logički povezana cjelina. Može se slobodno kazati da u metodici nastave maternjeg jezika postoji i “metodika diktata” kao posebna matodička oblast. Sve postojeće klasifikacije diktata u bivšoj južnoslovenskoj metodici pravopisa proizašle iz sovjetske diktatske škole, a bosanska škola metodike diktata u nastavi maternjeg jezika gotovo da i ne postoji.

Normativno stanje u romanu Liber memorabilium Ivana Lovrenovića

Author(s): Dubravko Jakić / Language(s): Bosnian,Croatian Issue: 11/2014

U ovome radu iznijet će se činjenice o jezičnim aspektima književne orijentacije i jezične građe Ivana Lovrenovića. Govor upotrijebljen u romanu posjeduje štokavsku bazu ijekavskog i ikavskog izgovora. Normom, jezik u romanu je obilježen, ne do u krajnosti ispoštovan, o čemu svjedoče razne leksikološke varijacije, postojeća gramatička i ortografska rješenja. Primjeri leksikološkog višeznačja, funkcionalne stilizacije, morfološke fleksije, sintaksičkog veznog ustrojstva na razini teksta i rečenice ­ odraz su postojećeg “neadekvatnog” izraza što svjedoči piščev manir i svjesnu odluku da suvremena pitanja u jeziku prodiskutira književnostilskim nijansiranjem postignutih značenja. Funkcionalnost izraza ne postiže se samo potvrđivanjem stilističkih pravila, nego i unošenjem povijesnih frazema, dijalektizama, historijski potvrđenih leksema u državnom i jezičnom povijesnom oblikovanju, čime sociopolitika potvrđuje konkretnu nivelizaciju bivših normativnih oblika gramatičnouzusnog pojavljivanja leksika, rečenične konstrukcije, tekstualne veze i konkretizacije jezične zbilje u ispoljavanju jezika kao sredstva različitih govornika, mogućnosti pisane predodžbe povijesnog uobličavanja bosanskohercegovačkog prostora u kontekstu komunikacije civilizacija raznih vidova književnog, prije svega, jezičnog stvaralaštva.

Prikaz fizičkog nedostatka junaka u suvemenoj biografskoj američkoj drami

Author(s): Nadira Puškar Mustafić / Language(s): Bosnian,Croatian Issue: 11/2014

U svjetlu reklame i reklamnog oglasa

Author(s): Ivica Tokić / Language(s): Bosnian,Croatian Issue: 11/2014

In the contemporary world of fast-growing and mass media the phenomenon of advertising is gaining a more significant and powerful role each day. The power of the language of advertising resides in its ability to positively affect readers, to evoke some positive connotations in them. Presently, the broad term advertising encompasses not only traditional advertisements but also multimedia texts, as well as complex texts the focus of which lies in argumentation, the capturing of attention, the making of promises, and in persuasion. The paper presents an attempt to define the term advertisement and to clarify the distinction between traditional commercial advertisements and similar forms of advertising. Additionally, the potential of the language of advertising as well as its linguistic properties are elaborated on. The aforementioned aspects are analyzed with respect to the current information overload in the market and with respect to general conditions in the area of advertising

Sintaksičke funkcije imeničkih fraza u njemačkom jeziku

Author(s): Sanja Tunjić / Language(s): Bosnian,Croatian Issue: 11/2014

The Language of Information Technology: Figurative Use of Computer Terms

Author(s): Sanel Hadžiahmetović Jurida / Language(s): English Issue: 11/2014

The rapidly emerging terminology associated with the Internet and its use result in highly figurative use of the terminology in this domain (the Internet), and its supporting technology (the computers). The present paper takes a look at the figurative use of computer terms from a cognitive linguistics point of view, arguing the vocabulary of the language of information technology is created in a number of ways, including neologisation, derivation, blending, conversion, analogy to general language vocabulary, compression, etc., with metaphor being highly used in the language of information technology. The paper introduces the language of information technology and its accompanying features in thecontext of Netspeak as a new online medium of communication.

The Place of the English Language in Post-Colonial Caribbean Literature

Author(s): Demir Alihodžić / Language(s): English Issue: 11/2014

This paper examines how selected Caribbean writers use the English language to represent their nations’ cultural and social contexts. The political and sociolinguistic transmutations the English language undergoes in post-colonial literary contexts and societies have engaged the attention of both literary and linguistic scholars over the years. As conceptualized in my paper, language as a synecdoche of cultural identity counter-identifies with the language and culture of the metropolitan centre; language as a marker of cultural identity challenges the hegemonic territoriality of the dominant code of the so-called standard English. The writings to be examined in this paper epitomize how post-colonial writers adapt and modify the English language to fit their own cultural, social, and political exigencies.

Kurzer Ausschnitt aus der wissenschaftlichen Arbeit zum Thema Musik und Gender - Über die Frauenrolle in den Massenmedien

Author(s): Gabriela Petrović / Language(s): German Issue: 11/2014

Struggles Against Global Racism Production (Blues) in The Period of The 1960s - 1990s

Author(s): Jasmin Mujanović / Language(s): English Issue: 11/2014

Drugi govor protiv Gaja Vera, V, 41–100

Author(s): / Language(s): Croatian Issue: 11/2014