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Toward the „new normal” after COVID-19 – a post-transition economy perspective Cover Image

Toward the „new normal” after COVID-19 – a post-transition economy perspective
Toward the „new normal” after COVID-19 – a post-transition economy perspective

Contributor(s): Ewa Mińska-Struzik (Editor), Barbara Jankowska (Editor)
Subject(s): Politics / Political Sciences, Politics, Economy, Gender Studies, Media studies, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Agriculture, Energy and Environmental Studies, International Law, Human Rights and Humanitarian Law, Governance, Sociology, Economic policy, Environmental and Energy policy, International relations/trade, Management and complex organizations, Economic development, Environmental interactions, Migration Studies, EU-Accession / EU-DEvelopment, Financial Markets, Sports Studies, Marketing / Advertising, Tourism, Human Resources in Economy, ICT Information and Communications Technologies, Business Ethics, Globalization, EU-Legislation, Peace and Conflict Studies, Transport / Logistics, Asylum, Refugees, Migration as Policy-fields
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: COVID-19;economic crisis;European integration;globalization;sustainable development (SD);Central Bank;foreign direct investment (FDI);international business;sport;video game market;tourism market;logistics;e-commerce;consumption;Industry 4.0;companies;
Summary/Abstract: Toward the „new normal” after Covid-19 – a post-transition economy perspective contains a collection of 21 papers addressing the societal, political, economic, and managerial challenges of the post-pandemic world. The book is divided into three parts. Part one touches on the supranational and national level aspects of the Covid-19 pandemic. Part two focuses on business sectors and industries, whereas part three provides the perspective of companies.Authors – researchers from the PUEB’s Institute of International Business and Economics – share their research results, voice concerns, and offer recommendations on creating today’s world more immune to shocks and ready for unknowns. The pandemic of Covid-19 revealed many weaknesses of the global economy, national economies and states, business sectors, and individual companies. It’s undoubtedly the turning point, but simultaneously it’s an opportunity and a spur to change toward the new and sustainable normal.

  • E-ISBN-13: 978-83-8211-061-6
  • Print-ISBN-13: 978-83-8211-060-9
  • Page Count: 271
  • Publication Year: 2021
  • Language: English
The economy battling Covid-19: A macroeconomic approach

The economy battling Covid-19: A macroeconomic approach
(The economy battling Covid-19: A macroeconomic approach)

  • Author(s):Tadeusz Kowalski
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy
  • Page Range:11-29
  • No. of Pages:19
  • Keywords:macroeconomic model;COVID-19;supply and demand shocks;
  • Summary/Abstract:Purpose: The chapter identifies the complexities of Covid-19’s impact on the economy. The empirical part presents and assesses initial reactions of inflation, industrial production, unemployment rate, Gross Domestic Product (GDP) growth rate, and shifts in the GDP expenditure structure. Design/methodology/approach: Acomplete Keynesian macroeconomic model is used to outline how the negative shock hit the economies. The model shows potential implications of the use of reactive economic policy measures. Based on the model, the empirical part provides comparative analyses of reactions of four economies of the European Monetary Union (EMU) – namely France, Germany, Italy and Spain – two non-EMU economies of Hungary and Poland, and two major large open economies: the USA and Japan. Findings: The Covid-19 pandemic has sent a universal, global shockwave with asymmetric outcomes in individual economies. Covid-19 hit all economies and struck both the demand side and – after ashort time lag – the supply side. Although interconnected, the economies have maintained notable structural differences and, therefore their autonomous reactions to negative demand and supply shocks were diverse. Practical implications: The complete macroeconomic Keynesian model allows for the conceptualization of the transmission of the Covid-19 shock on the economy’s supply and demand sides. The model is also a helpful tool in the analysis of the potential role of economic policy in reaction to the supply and demand shocks triggered by the pandemic. Originality and value: The empirical analyses unveil the eight economies’ differentiated reactions to similar counter-crisis policy measures. Their scale in all cases pushed the state back to the center of economic life. This structural shift requires attention and systematic theoretical and empirical studies.
How Covid-19 impacted the European integration processes? The case of EU Cohesion Policy and budget

How Covid-19 impacted the European integration processes? The case of EU Cohesion Policy and budget
(How Covid-19 impacted the European integration processes? The case of EU Cohesion Policy and budget)

  • Author(s):Ida Musiałkowska, Piotr Idczak
  • Language:English
  • Subject(s):Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Economic policy, Government/Political systems, EU-Accession / EU-DEvelopment, Fiscal Politics / Budgeting, Globalization, Asylum, Refugees, Migration as Policy-fields
  • Page Range:30-43
  • No. of Pages:14
  • Keywords:EU Cohesion Policy;EU budget;multiannual financial framework;COVID-19;European integration;
  • Summary/Abstract:Purpose: The current pandemic crisis caused by Covid-19 significantly impacted the processes of European integration. The European Union decided to act within and beyond existing competences and instruments to support the efforts of its Member States, along with regional and local authorities, in the fight against Covid-19. Our study sheds light on the instruments and solutions proposed within the framework of the cohesion and budget policy to tackle the problems related to Covid-19 in Europe. The analysis focuses on two strands: 1) EU assistance offered through cohesion policy (CP) instruments toward above areas; 2) the future evolution of EU budget, and therefore integration shifts, provoked by the Covid-19 crisis. Design/methodology/approach: The study analyzes statistical data with regard to the use of instruments of the Cohesion Policy under the Covid-19 pandemic, but also the amendments introduced to legal acts and decision-making processes that refer to the multiannual financial framework (MFF) for 2021–2027. Findings: We notice a strong shift of priorities regarding environment transformation, digitalization, and health protection, reflected in the MFF. The coordinative role of European institutions and the redirection of different financial instruments to health care follows the neofunctionalist paradigm and represents a spillover effect resulting from integration. The crisis analyzed from the institutional perspective is seen as a chance to reform the decision-making process, while on the other hand, as a threat to the inclusive integration of all Member States. Originality and value: The paper is an original contribution on the overall use of both financial and legislative instruments in the times of unprecedented health and economic crisis caused by Covid-19 in the European Union. The text can be a valuable insight for both researchers and practitioners in the field of broadly understood European studies.
The European Union’s Common Commercial Policy and the Covid-19 pandemic: Reactions and challenges

The European Union’s Common Commercial Policy and the Covid-19 pandemic: Reactions and challenges
(The European Union’s Common Commercial Policy and the Covid-19 pandemic: Reactions and challenges)

  • Author(s):Grzegorz Mazur
  • Language:English
  • Subject(s):Politics, Economy, Supranational / Global Economy, Economic policy, International relations/trade, EU-Accession / EU-DEvelopment
  • Page Range:44-53
  • No. of Pages:10
  • Keywords:EU – European Union;Common Commercial Policy;trade policy;Covid-19;pandemic;
  • Summary/Abstract:Purpose: The general aim of the chapter is to investigate trade measures implemented in the EU in the aftermath of the Covid-19 outbreak and define general potential effects of the current economic turbulences on the future shape of the Common Commercial Policy (CCP). Design/methodology/approach: The chapter is based on literature/EU official documents studies and statistical analysis of the EU’s merchandise trade. It has been structured into three parts. The first one presents recent trends in the EU’s external merchandise trade caused by the pandemic’s economic repercussions. This is followed by ashort analysis of temporary trade restrictions implemented by many EU Members States and the EU in response to supply shocks. The third part refers to the potential impact of current trade and economic processes on the post-pandemic trade strategy of the EU. Findings: Although the future shape of global trade system and the pandemic’s impact on the nature of the CCP are subjects of high uncertainty, the conducted analysis offers some general conclusions. The implemented trade restrictions should be limited and made temporary as future trade openness is essential for economic recovery. There is also ageneral consensus that the EU’s CCP should ensure the necessary resilience to future trade distortions. However, this should not be connected with protectionism and narrowly understood self-sufficiency. Among important factors that reinforce the resilience, we should mention the solutions delivered by new technologies (e.g. automation, AI, three-dimensional printing), fair competition, higher transparency of trade policies, international standards, certification schemes, and stronger multilateral cooperation, including World Trade Organization’s reforms. The renewed trade strategy will also be accompanied with global trade and economic tendencies such as the reshoring and regionalization of trade. Originality and value: The chapter is addressed to students, scholars, and policymakers by contributing to the current debate on the post-pandemic shape of global trade relations and the future nature of the EU’s Common Commercial Policy.
The future of the European Migration and Asylum Policy

The future of the European Migration and Asylum Policy
(The future of the European Migration and Asylum Policy)

  • Author(s):Judyta Cabańska
  • Language:English
  • Subject(s):Politics, Economy, International Law, Human Rights and Humanitarian Law, Sociology, Migration Studies, EU-Accession / EU-DEvelopment, EU-Legislation, Peace and Conflict Studies, Asylum, Refugees, Migration as Policy-fields
  • Page Range:54-62
  • No. of Pages:9
  • Keywords:migration;asylum;COVID-19;Pact on Migration and Asylum;
  • Summary/Abstract:Purpose: Migration is acomplex issue, with many facets that need to be weighed. Five years after the 2015 refugee crisis and the European Agenda on Migration, the EU still lacks a common migration and asylum policy. The aim of the chapter is to discuss the future of the migration and asylum policy in the European Union. Design/methodology/approach: The chapter analyzes the current migration situation in Europe, the impact of Covid-19 on migratory flows in Europe, challenges faced by the EU, and legislative initiatives proposed under the New Pact on Migration and Asylum. The text indicates key challenges related to migration faced by the European Union and provides an overview of the legislative proposals that seek to address the identified gaps. Findings: Covid-19 pandemic highlighted the need for the EU to be prepared to address situations of force majeure and broader crises, which impact migration and asylum management systems. The Pact on Migration and Asylum sets out the Commission’s new approach to migration, addresses border management, and ensures more coherence to integrate the internal and external dimensions of migration policies. Originality and value: The chapter attempts to contribute to the literature on international migration by delivering analysis results of Covid-19 pandemic’s impact on the migration flows in Europe and the analysis of EU’s new approach to migration and asylum policy.
Central Bank policy toward the Covid-19 pandemic: Seeking patterns among the most powerful central banks

Central Bank policy toward the Covid-19 pandemic: Seeking patterns among the most powerful central banks
(Central Bank policy toward the Covid-19 pandemic: Seeking patterns among the most powerful central banks)

  • Author(s):Anna Matysek-Jędrych, Katarzyna Mroczek-Dąbrowska
  • Language:English
  • Subject(s):Politics, Economy, Economic policy
  • Page Range:63-74
  • No. of Pages:12
  • Keywords:central banks;COVID-19;monetary policy;pandemic;regulatory framework;
  • Summary/Abstract:Purpose: The main objective of this chapter is to identify the role of central banks in managing the crisis created by the Covid-19 pandemic. In order to explore this subject, the chapter attempts to identify similarities and differences in the behavior of selected central banks, those most important from the viewpoint of the global economy. Design/methodology/approach: The study encompassed 29 countries, mostly European economies (16) and other economies that bear the impact on the global output. The empirical analysis was based on k-means clustering analysis, which enabled us to identify groups of countries that followed similar solutions in response to the Covid-19 crisis. Findings: The analysis conducted in this chapter indicates the diverse nature of central banks’ policies and, in many cases, to aspecific bias toward an increase in monetary or financial policies. The intensification of the use of the tools of certain policies must be seen from the perspective of the purpose of those policies, but also in the context of the legal or statutory constraints imposed on central banks. Research limitations/implications: An interesting direction of research into the diverse nature of central bank policies will undoubtedly be to seek answers to the question of the effectiveness of these policies in the context of crisis. Such astudy, carried out ex post, may provide astarting point for designing future central bank crisis policy and implementing institutional solutions of anational or even supranational nature. Originality and value: The chapter shed some light on the regulatory and statutory sphere of central banking. We may clearly state that key central banks of the world do not operate within the framework of asingle universal rule and that there simultaneously is no optimal combination of crisis policy tools even for the same crisis. Therefore, when looking for regulatory and legal solutions, we should treat each case individually by designing regulations in away that corresponds to the specific features and conditions prevailing in the given financial and economic system.
International portfolio diversification during the Covid-19 onset: A study of correlations among CEE post-transition and developed countries

International portfolio diversification during the Covid-19 onset: A study of correlations among CEE post-transition and developed countries
(International portfolio diversification during the Covid-19 onset: A study of correlations among CEE post-transition and developed countries)

  • Author(s):Paweł Śliwiński
  • Language:English
  • Subject(s):Politics, Economy, Supranational / Global Economy, Economic policy, Financial Markets
  • Page Range:75-89
  • No. of Pages:15
  • Keywords:international portfolio theory;COVID-19 crash;international diversification;
  • Summary/Abstract:Purpose: The chapter examines the hypothesis that during the Covid-19 onset, the higher positive correlations between stock exchange indices persist, preventing the use of international diversification to reduce the volatility of global portfolio. Design/methodology/approach: The study focuses on CEE post-transition countries and their main stock exchange indices’ correlations with developed markets stock exchange indices. The data cover the period starting from January 8, 2004, until the end of October, 2020. The bivariate relationship between stock indices and VIX was measured by the Pearson coefficient of correlation. Findings: The findings of correlations estimation in three periods (long-term, Covid-19 on-set, and recovery) indicate that except for a period of large volatility measured by the VIX index lower relationships between developed and emerging stock markets persist. However, the results of the study concerning the shaping of correlation between the stock indices and the global risk shows a significant negative relationship between them, approaching very high levels close to 1 during the Covid-19 onset. All the CEE stock exchanges – even those low correlated in the longer term – behaved very similarly during the stock exchange crunch with its epicenter in March 2020. Practical implications: The answer to the research questions concerning the shaping of correlations on international markets is important for the portfolio theory itself in its international aspect, but also from the viewpoint of its applicability in practice. Huge market synchronization in terms of comovements in stock indices is troubling. It significantly reduces or even eliminates the benefits of international diversification during market crashes.
Foreign direct investment and the Covid-19 pandemic: The real economy perspective and theoretical implications

Foreign direct investment and the Covid-19 pandemic: The real economy perspective and theoretical implications
(Foreign direct investment and the Covid-19 pandemic: The real economy perspective and theoretical implications)

  • Author(s):Marian Gorynia, Piotr Trąpczyński
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy, Business Economy / Management
  • Page Range:90-99
  • No. of Pages:10
  • Keywords:foreign direct investment;Covid-19 pandemic;globalization;international business;
  • Summary/Abstract:Purpose: The objective of this chapter is to discuss the effects of the Covid-19 pandemic on the international operations of firms, with a particular focus on foreign direct investment. Design/methodology/approach: The real economy perspective was adopted, whereby basic relationships in terms of the development of FDI flows and transactions worldwide were analyzed. In addition, primary data from a survey of internationally operating Polish firms were analyzed in order to shed additional light on the influence of the pandemic on international economic activity. In addition to formulating observations with regard to general patterns emerging from the data, an attempt has been made to outline the likely theoretical implications of the pandemic for FDI research. Findings: In the short term, there was a significant limitation of FDI, caused mainly by the introduction of lockdowns. In the middle and long run, the current crisis will likely translate into acontinued slowdown in FDI flows. On the other hand, as we may see from the early evidence analyzed in the chapter, the impacts on the international economic activity vary across locations at different levels of economic development, but also between different industries and business models. Research implications: From a theoretical perspective, we must note that in the short run the existing theoretical concepts can be helpful in explaining the present phenomena. However, in the long-term perspective a number of fundamental assumptions may require several revisions outlined in the chapter. Originality and value: The chapter includes an analysis of recent macro- and micro-level data on the effects of the pandemic on international business, along with forecasts for the post-pandemic period. Apart from the practical dimension of the analyzed primary and secondary data, the chapter also offers a number of theoretical implications.
The impact of Covid-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions

The impact of Covid-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions
(The impact of Covid-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions)

  • Author(s):Monika Andrzejczak
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, International relations/trade
  • Page Range:100-123
  • No. of Pages:24
  • Keywords:Balance of Payments;financial decisions;European Union (EU);COVID-19;
  • Summary/Abstract:Purpose: The analysis of the impact of the Covid-19 pandemic on the finances of economic entities from the perspective of the structure of financing, investments and dividend policy. Design/methodology/approach: The research covered the countries of the EU, due to the specific type of ties between these countries. Research stages: 1. Classification of countries in terms of the selected IIP and the BP statistics and macroeconomic data in 2018–2019 (pre-pandemic period), average levels for 2018–2019 in relation to GDP; 2. Presentation of the development of selected monthly BP statistics during the pandemic period (from January 2020), in terms of: (i) changes in the share of GDP (first half of 2020 in relation to the first half of 2019); (ii) year on year changes. Research methodology: data source: Eurostat, annual, quarterly, and monthly data in million EUR, the collected statistics were adjusted to the Harmonised Index of Consumer Prices (HICP). Findings: At the end of November 2020, it is difficult to identify the pattern of changes to the flows of the discussed categories based on the analysis of information from the pre-pandemic period. Practical implications: The creation of a“new” division between the EU countries as a result of Covid-19 may result in a change in the priorities of functioning within the entire Union and in a change in the rules of redistribution of the EU funds. Originality and value: An original way of framing decisions on capital structure, investment decisions and dividend policy through the prism of the Balance of Payments flows.
Internal substitution in the tourism market: Effects of the Covid-19 pandemic

Internal substitution in the tourism market: Effects of the Covid-19 pandemic
(Internal substitution in the tourism market: Effects of the Covid-19 pandemic)

  • Author(s):Agnieszka Niezgoda, Ewa Markiewicz, Klaudyna Kowalska
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Micro-Economics, Tourism
  • Page Range:127-136
  • No. of Pages:10
  • Keywords:tourism market;Covid-19 pandemic;internal substitution;tourist behaviour;
  • Summary/Abstract:Purpose: The effects of the global COVID-19 pandemic are difficult to estimate, but the impact on the tourism industry is undeniable. This also applies to consumers’ behavior in the tourism market, whose attitudes towards travel may change radically. The aim of this chapter is to analyze substitution processes in the tourism market caused by the COVID-19 pandemic. Design/methodology/approach: This paper is a review in nature and includes papers on tourism economics, particularly the tourism market, as well as secondary data on changes in tourism (tourism participation and consumer behavior) due to the COVID-19 pandemic. Findings: The Covid-19 pandemic does not have to be the factor slowing travels, as it may affect internal substitution on the tourism market. In the situation of the Covid-19 pandemic, all internal substitution options listed in the chapter were noticed on the tourism market in Poland. Research limitations/implications: As long as the emergency situation restricting the functioning of the tourism market continues, the results of the study cannot be definitive. Practical implications: The results can be useful for tour operators, especially in the process of planning tourism development after the crisis caused by the pandemic. Social implications: The chapter indicates changes in consumer behavior on the tourism market caused by COVID-19 pandemic, which may characterize tourists after the end of the pandemic. Originality and value: The article identifies types of internal substitution that occurred in the tourism market in Poland as a result of the COVID-19 pandemic.
Effects of the Covid-19 pandemic on sport, video game, and tourism industry. Sentiment analysis of press, internet articles, and Twitter data

Effects of the Covid-19 pandemic on sport, video game, and tourism industry. Sentiment analysis of press, internet articles, and Twitter data
(Effects of the Covid-19 pandemic on sport, video game, and tourism industry. Sentiment analysis of press, internet articles, and Twitter data)

  • Author(s):Łukasz Bryl, Justyna Majewska, Szymon Truskolaski
  • Language:English
  • Subject(s):Social Sciences, Economy, Business Economy / Management, Micro-Economics, Sports Studies, Tourism
  • Page Range:137-151
  • No. of Pages:15
  • Keywords:COVID-19 pandemic;sport;video games;tourism industry;sentiment analysis;media;
  • Summary/Abstract:Purpose: The chapter examines the extent and level of the pandemic impact on sport, video game, and tourism industry by analyzing the emotional narration of articles related to Covid-19 effects on these industries so as to assess and predict the situation of industries during the pandemic and in the following years, but also to explain sources of positive sentiment for a given industry. Design/methodology/approach: The study provides a sentiment analysis of the global disclosure of the Covid-19 pandemic in the press, online articles, and social media (Twitter) with the use of three independent R packages. The final sample consisted of 142 articles; the oldest was published on January 23, 2020, whereas the newest one on October 14, 2020. Findings: Sentiment analysis revealed that the emotional tinge of the articles is much more positive for video games and soccer than in the case of tourism. In the case of video games and soccer, positive emotions such as “trust” or “anticipation” prevailed over much more common emotions of “fear” and “sadness” used about tourism. The impact of the pandemic was similar for video games and soccer, which was a mixture of negative and positive events. Research limitations/implications: Further research should use other resources such as the mass media or other data sources in addition to social media information and include a long-term analysis divided into stages of the pandemic as reactions and moods have been changing over time. Moreover, the factors influencing the perception of situations in different sectors of the economy should be identified in future research. Practical implications: The use of sentiment analysis shows that such quantification may be performed for new social phenomena before any hard (e.g., financial) data are available. Social implications: An approximation was obtained for quantifying the societal “general feeling” with regards to specific sectors affected by the pandemic. Originality and value: The chapter compares the response to the pandemic crisis of different sectors that reveal the sentiment contributing to the growth or difficulties of a given industry. The use of sentiment analysis enabled us to assess and predict the situation of industries during the pandemic before the hard and comprehensive data will occur.
Goods road transport sector facing pandemic crisis

Goods road transport sector facing pandemic crisis
(Goods road transport sector facing pandemic crisis)

  • Author(s):Piotr Banaszyk, Sylwia Konecka, Anna Maryniak
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Transport / Logistics
  • Page Range:152-170
  • No. of Pages:19
  • Keywords:road transport;supply chains;COVID-19 pandemic;crisis;
  • Summary/Abstract:Purpose: The aim of the study is to indicate the scope and intensity of the COVID-19 pandemic impact on the goods road transport companies’ performance and to indicate how the dedicated “support system” should work. Design/methodology/approach: The research was conducted with the use of a structured electronic questionnaire, primarily via the Intranet. In order to obtain high-quality research, the respondents were guaranteed anonymity and the data was presented in a collective agreement. Findings: On the basis of the conducted research, we found that as a result of the crisis situation the most destabilized became the transport carried out in the international space. The most important problems – out of the eighteen assessed – include a decrease in orders and a reduction in shipping rates, which with the low profitability of the industry, resulted in: serious problems in financial liquidity; retaining employees; and low levels of cooperation in the supply chain, especially concerning smaller service providers. In order to strengthen the competitiveness on the market, future strategies will focus more on the differentiation of transport services in terms of products and geography and on the regionalization of activities. We should assume that all previous predictions from month to month will be increasingly optimistic, and there will be anoticeable dynamic increase in road transport, driven by the growing demand of all sectors of the economy in need of logistics services and resulting also from the broader entry of non-European markets. Research limitations/implications: The research was conducted using the survey method, i.e. based on the opinions of respondents. The responses were often emotional in nature. Practical implications: The text includes proposals for the expected external support for the transport industry. Originality and value: The results are one of the first studies of the transport industry in Poland during the pandemic crisis. Information may be important to industry and central government representatives
The Polish logistics real estate market as a link in international supply chains during the Covid-19 crisis

The Polish logistics real estate market as a link in international supply chains during the Covid-19 crisis
(The Polish logistics real estate market as a link in international supply chains during the Covid-19 crisis)

  • Author(s):Waldemar W. Budner
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Economic development, Marketing / Advertising, Globalization, Transport / Logistics
  • Page Range:171-176
  • No. of Pages:6
  • Keywords:logistic;real estate market;supply chains;COVID-19 pandemic;crisis;
  • Summary/Abstract:Purpose: The aim of the study is to determine the emerging trends of changes related to the situation of uncertainty and increased risk in supply chains, and at the same time limiting the negative effects of the epidemic on the logistics industry. Design/methodology/approach: The study focuses on the analysis of changes in the logistics real estate market in Poland. The analysis period covers the years 2004–2020. The data used here comes from reports from real estate advisory companies and Statistics Poland. Findings: The last dozen or so years has been aperiod of dynamic development in the Polish market of logistic space and facilities. The year 2019 turned out to be arecord year in the history of the market in terms of the increase in warehouse space and Poland has become the sixth biggest warehouse market in Europe. The year 2020 and SARS-CoV-2 has brought a lot of uncertainty about the future, and the recession has become afact. Practical implications: More than half a year after the outbreak of the pandemic, several emerging trends of changes related to the situation of uncertainty and increased risk in supply chains, as well as approaches to limit the negative effects of the epidemic on the logistics industry, can be observed. These include: an increase in e-commerce preferences in relation to traditional trade; increase in stock levels; relocation of production sites. Originality and value: The observed phenomena indicate moderate optimism and the resilience of the logistics industry in the medium term. In turn, in the long run, production can be expected to be relocated to closer areas (domestic or European) in order to shorten the supply chain.
Disruption of European agri-food markets due to Covid-19. The case of Poland

Disruption of European agri-food markets due to Covid-19. The case of Poland
(Disruption of European agri-food markets due to Covid-19. The case of Poland)

  • Author(s):Magdalena Śliwińska, Rafał Śliwiński
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Agriculture, Marketing / Advertising
  • Page Range:177-185
  • No. of Pages:9
  • Keywords:agri-food sector;food supply;COVID-19 pandemic;supply chain;lockdown effects;food market
  • Summary/Abstract:Purpose: The chapter describes the economic impact of Covid-19 on the agri-food market in Poland and its influence along food supply chains by discussing demand accommodation and alterations in supply channels. Design/methodology/approach: The study delivers a critical literature review, analyzes secondary data, and utilizes available statistics. Findings: The chapter shows the impact of Covid-19 on the various branches of agri-food sector like cattle meat, cereal, poultry, pork, milk, and horticulture. It shows quantitative information, time period, the level of sales decreases and increases, and price fluctuations caused by the coronavirus pandemic. Furthermore, the study scrutinizes consumer reactions to the first and latter period of economy lockdown in respect to the food products. Food demand adjustments were shown in respect to types of food product, shopping frequency, and the use of alternative delivery channels. Practical implications: The analysis of the agri-food market reaction to the Covid-19 pandemic allows us to find bottlenecks in the system and design support programs to help farmers, intermediaries, and delivery channels of food to build resistance to similarly extreme situations. Originality and value: The chapter presents in a short and complex manner the Polish agri-food market’s reaction to the coronavirus pandemic. The reactions of particular branches and the entire agri-food sector can be of interest to academics, governmental institutions, administration officials, and students.
Consumer acceptance of AR Technology in e-commerce in the light of the Covid-19 pandemic. A conceptual perspective

Consumer acceptance of AR Technology in e-commerce in the light of the Covid-19 pandemic. A conceptual perspective
(Consumer acceptance of AR Technology in e-commerce in the light of the Covid-19 pandemic. A conceptual perspective)

  • Author(s):Małgorzata Bartosik‑Purgat, Tomasz Grzegorczyk, Wiktoria Rakowska
  • Language:English
  • Subject(s):Economy, Media studies, Business Economy / Management, Micro-Economics, Sociology of the arts, business, education, Marketing / Advertising, ICT Information and Communications Technologies
  • Page Range:186-195
  • No. of Pages:10
  • Keywords:Augmented Reality;consumer acceptance;consumer behaviour;e-commerce;COVID-19 pandemic;
  • Summary/Abstract:Purpose: The main objective of the chapter is threefold: to conduct literature review, to develop a model of consumer acceptance of augmented reality (AR) in e-commerce, and research hypotheses. The model will emphasize the factors (motives and risks) affecting the acceptance of AR technologies by e-commerce consumers. Design/methodology/approach: The study used inductive research approach whose results will be the key basis for primary research. The main research method was literature review: the meta-synthesis method. Findings: We developed a model of factors influencing the acceptance of AR technology in e-commerce based on the Unified Theory of Acceptance and Use of Technology (UTAUT2). The following factors were included into the proposed model as predictors of acceptance: performance expectancy, effort expectancy, hedonic motivation, perceived AR risk, privacy risk. Research limitations/implications: The main limitation of this research is its conceptual character. Future research should aim to empirically verify the proposed model. Practical implications: By showing the possibilities and actual acceptance of AR’s use in selected countries, the research might contribute to the development of a set of guidelines for enterprises in the e-commerce branch and, eventually, improve their international competitiveness, e.g. by guiding product and promotion strategies. Originality and value: Based on the literature review, this chapter proposes anovel research model of consumer acceptance of AR in e-commerce, which can be verified in the future research.
Challenges for innovation cooperation in the biopharmaceutical industry during the Covid-19 pandemic

Challenges for innovation cooperation in the biopharmaceutical industry during the Covid-19 pandemic
(Challenges for innovation cooperation in the biopharmaceutical industry during the Covid-19 pandemic)

  • Author(s):Łukasz Puślecki
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Marketing / Advertising, Business Ethics
  • Page Range:196-208
  • No. of Pages:13
  • Keywords:biopharmaceutical sector;COVID-19 pandemic;open innovation;R&D alliances;patient care;
  • Summary/Abstract:Purpose: This chapter seeks to verify the development of new partnerships and R&D alliances in the biopharmaceutical industry during the Covid-19 pandemic, but also to present the related challenges for innovation cooperation. Design/methodology/approach: The main method applied in this research was scientific study, meaning that the study applied descriptive, comparative, documentation, and desk research methods, along with deductive and inductive forecasting. Findings: The text presents new partnerships undertaken by biopharma companies (in and outside the industry) in order to face the pandemic and to discover and deliver anew vaccine for SARS-CoV-2 to the market. Moreover, the chapter describes the research projects in the European Union focused on the Covid-19 pandemic defeating. Thanks to more flexible and open cooperation, companies will greatly support the possibility to defeat the Covid-19 pandemic faster. Practical Implications: We should consider that due to the current situation caused by the Covid-19 pandemic, the cooperation of companies and all entities in the biopharmaceutical R&D innovation ecosystem is even more challenging than before. Moreover, we should remember that the organizational fluidity of open innovation initiatives and multiparty relations increases the complexity of alliance management. The use of an open innovation model can significantly hasten the production process of new drugs and vaccines. Originality and value: Biopharma-university alliances can significantly increase the likelihood of creating better medical therapies for patients. Results of such cooperation enable a number of innovative projects, given the significant pressure on innovativeness and challenges caused by the pandemic. Using the latest IT technologies will allow physicians to even better monitor, diagnose, and care for patients with afocus on the patient-centered approach.
The adoption of Industry 4.0 solutions as a remedy against the pandemic crisis. The case of Polish companies

The adoption of Industry 4.0 solutions as a remedy against the pandemic crisis. The case of Polish companies
(The adoption of Industry 4.0 solutions as a remedy against the pandemic crisis. The case of Polish companies)

  • Author(s):Barbara Jankowska, Ewa Mińska-Struzik
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Micro-Economics, Management and complex organizations, Human Resources in Economy, ICT Information and Communications Technologies, Business Ethics, Globalization
  • Page Range:211-222
  • No. of Pages:12
  • Keywords:Industry 4.0;VUCA;COVID-19 pandemic;crisis;Polish companies;
  • Summary/Abstract:Purpose: The authors aim to briefly present the adoption of Industry 4.0 technologies among Polish companies in the realm of the VUCA world. These solutions may work as measures that increase the resilience of companies against the Covid-19 crisis and support the recovery in “the new normal” reality. Design/methodology/approach: The paper combines literature studies with an empirical investigation in the form of computer-assisted telephone interviews conducted among 400 Polish manufacturing companies. Findings: Polish industrial manufacturing firms lag in implementing I4.0 technologies compared to their Western European counterparts. Research limitations/implications: The empirical part of the study was conducted among Polish companies. Similar studies among firms from other CEE countries will be necessary to conclude about this part of the world’s readiness to adopt 4.0 technologies. Practical implications: The pandemic era and increasing I4.0 adoption pose particular tasks for companies. They should revise their contractual arrangements with IT service providers and focus on data privacy and security topics, but also industry-specific regulations. Triggered by the Covid-19 crisis, these actions may contribute to developing companies’ comprehensive digital strategy in the “new normal” reality. Originality and value: The chapter contributes to the discussion on the readiness of companies and economies to adopt the Industry 4.0 technologies. It also provides the level of the adoption of these solutions in the context of a post-transition economy.
Future competences in times of an economic crisis

Future competences in times of an economic crisis
(Future competences in times of an economic crisis)

  • Author(s):Anna Łupicka
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Communication studies, Sociology, Management and complex organizations, Sociology of the arts, business, education, Human Resources in Economy, ICT Information and Communications Technologies, Globalization
  • Page Range:223-233
  • No. of Pages:11
  • Keywords:future competences;COVID-19 pandemic;economic crisis;technical skills;managerial skills;social skills;
  • Summary/Abstract:Purpose: The aim of the chapter is to present the competence patterns before and during the economic crisis and to determine the importance of individual competences for doing business in a turbulent environment. In many sectors of the economy, global changes triggered by Covid-19 called into question the use of existing sets of competences needed to run businesses effectively in supply chains. The continuous improvement of supply chains – or lean and agile management – will no longer work in current conditions. Faced with an increasingly unstable economy triggered by a global pandemic, many economists ask whether the existing competence patterns in companies or supply chains remain appropriate and proper for the current economic situation. Design/methodology/approach: In 2017, a survey was conducted among selected experts in the pharmaceutical sector. The same questionnaire distributed in September 2020, during the Covid-19 pandemic. The experts were highly qualified managers employed in transnational companies. The 10 respondents were asked to indicate selected competencies. The choice of the pharmaceutical sector was motivated primarily by its specific characteristics as it is particularly important not only economically but also socially, by providing life-saving medicines. Findings: Technical competences are becoming the necessary ones. This is due to the need for self-sufficiency in lockdown situations, when it is difficult to find external employees and the possibility of outsourcing skills. In the case of managerial competence, it is clear that creativity and entrepreneurial thinking have increased in importance. When analyzing social competences, what comes to the fore is diversity of intercultural skills: foreign language skills, the ability to compromise, the ability to transfer knowledge, and finally, the ability to adapt to change. Originality and value: This chapter answer what competences seem necessary for future managers in the pharmaceutical industry in a turbulent environment, which is crucial for research and teaching centers who seek to educate future managers at the highest level of specific competences and skills. Due to the dynamic development of the industry, the text identifies the needs in the areas of technical, managerial, and social skills.
The impact of the crisis on the maintenance of sustainable development initiatives. A comparative analysis of local and international companies

The impact of the crisis on the maintenance of sustainable development initiatives. A comparative analysis of local and international companies
(The impact of the crisis on the maintenance of sustainable development initiatives. A comparative analysis of local and international companies)

  • Author(s):Łukasz Małys
  • Language:English
  • Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Management and complex organizations, Economic development, Environmental interactions, Marketing / Advertising, Business Ethics, Globalization
  • Page Range:234-243
  • No. of Pages:10
  • Keywords:sustainable development (SD);companies;COVID-19 pandemic;crisis;
  • Summary/Abstract:Purpose: The aim of the chapter is to compare the declarations of local and international companies regarding the maintenance of sustainable development initiatives during acrisis. Design/methodology/approach: The article presents the results of a survey conducted in September 2020 on a sample of 500 enterprises located in Poland. Respondents were asked to declare if they will maintain or abandon sustainable development initiatives in a crisis situation. The examples presented a pandemic similar to the one caused by Covid-19, an economic crisis, or a significant decrease in company revenues. Findings: The research showed that the largest group of companies in acrisis situation will completely abandon their initiatives in the field of sustainable development. Another group will give up those initiatives that generate the highest cost. There are some small differences in responses of local and international companies. Companies with foreign entities in the ownership structure seems less likely to give up all initiatives in the field of sustainable development. International companies more often than local companies declare that they do not know which initiatives they will abandon and which will they keep. Research limitations/implications: Factors other than international involvement (e.g. company size, strategic approach to sustainable development) may have a decisive impact on decisions regarding the maintenance of sustainable development initiatives in acrisis. Originality and value: The chapter illustrates the approach to sustainable development by companies classified into various categories: local and international.
Women’s entrepreneurship in the Covid-19 pandemic

Women’s entrepreneurship in the Covid-19 pandemic
(Women’s entrepreneurship in the Covid-19 pandemic)

  • Author(s):Alicja Hadryś-Nowak
  • Language:English
  • Subject(s):Economy, Gender Studies, Business Economy / Management, Labor relations, Management and complex organizations, Sociology of the arts, business, education
  • Page Range:244-253
  • No. of Pages:10
  • Keywords:women’s entrepreneurship;Covid-19 pandemic;crisis;entrepreneursh
  • Summary/Abstract:Purpose: The main goal of the chapter was to shed light on the challenges that women entrepreneurs face during the Covid-19 pandemic and answer how women entrepreneurs reorient their businesses in this situation. Design/methodology/approach: The study used secondary data (literature and reports), along with direct interviews with women entrepreneurs located in Poland. Findings: The Covid-19 pandemic and the ensuing disruption have disproportionately impacted women. In the near future, women will experience increased unemployment and household responsibilities, along with the exacerbation of social injustice. At the same time, the Covid-19 pandemic catalyzed changes. The findings indicate that some women entrepreneurs aggressively adapted their businesses to resist the short-term impact of the Covid-19 pandemic. There appeared acceptance for remote work models, acceleration in the use of digital channels on both the demand and the supply side, and a shift toward digital over physical interactions, all of which have the potential to level the playing field, especially for women entrepreneurs. Research limitations/implications: Further research in this area should focus on the effects of protracted restrictions on doing business and the growing problems associated with managing a pandemic. Originality and value: The study adds anew dimension to entrepreneurship considerations by recognizing that gender issues are rarely considered in times of crises of economies.
Challenges in currency derivatives management in the OTC market in Poland during the Covid-19 pandemic

Challenges in currency derivatives management in the OTC market in Poland during the Covid-19 pandemic
(Challenges in currency derivatives management in the OTC market in Poland during the Covid-19 pandemic)

  • Author(s):Piotr Wybieralski
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Financial Markets
  • Page Range:254-263
  • No. of Pages:10
  • Keywords:currency risk management;OTC derivatives;pre-settlement limits;currency;risk management;
  • Summary/Abstract:Purpose: The aim of the chapter is to analyze the impact of the Covid-19 pandemic and market volatility increase on risk management in the OTC derivatives market in Poland. Design/methodology/approach: The chapter describes the legal background of derivatives trading with non-financial enterprises, then identifies the main risks, and discusses possible actions of market participants. In this regard, the study conducts volatility analysis based on selected market data. Findings: Due to volatility increase and the resulting negative valuation of non-matured currency derivatives by Polish exporters, margin call clauses were triggered, entailing the need to post additional collateral or prematurely close contracts. The described situation is particularly difficult when the pre-settlement limit is fully utilized on deal date, usually in the case of long-lasting large open exposures in non-flexible transactions. Research implications: To determine market risk, studies often apply the VaR approach. Inthis way, the specific amount of risk is analyzed on adaily basis and used by banks both to determine the maximum amount of the contract and to control pre-settlement risk. Apart from many advantages of the VaR approach, there are some drawbacks, especially related to volatility estimation, which usually relies on historical market fluctuations. It may cause that the risk will not be properly valued under crisis conditions. In such situations, supplementary methods should be also implemented (stresstests). Practical implications: Under high market volatility, preventive actions should be prepared in advance, including treasury limit increase, additional funds for collaterals, or contracts modification (flexible products should be considered).Originality and value: The study covers a challenge that banks face, which is rarely described in professional literature but very serious for bank management. Under normal market conditions, if the margin call clause appears and no additional collateral is posted, the transaction should be closed to limit the counterparty’s loss. However, this type of action during the pandemic may impose the risk of force majeure. From the company perspective, using such instruments threatens their early settlement and the need to finance closeout amount.
Donation crowdfunding as a source of relief for small businesses

Donation crowdfunding as a source of relief for small businesses
(Donation crowdfunding as a source of relief for small businesses)

  • Author(s):Marcin Wieczerzycki
  • Language:English
  • Subject(s):Economy, Business Economy / Management, Marketing / Advertising
  • Page Range:264-271
  • No. of Pages:8
  • Keywords:crowdfunding;Covid-19 pandemic;small businesses;relief;
  • Summary/Abstract:Purpose: The purpose of this chapter is to examine advantages and limitations of donation crowdfunding as away of providing relief for small businesses and assessing its potential development in that field in the post-pandemic future. Design/methodology/approach: The chapter is based on critical literature analysis, supported by empirical examples for illustrative purposes. Findings: Donation crowdfunding can be aviable way of providing relief to small companies during the times of crisis, by positioning companies as beneficiaries of charitable endeavors carried out by consumers. Practical implications: Companies ability to trigger altruistic responses in their consumers is an important information in times of crises. Moreover, the information serves as an additional argument for building meaningful relationships with consumers and establishing locally embedded or virtual communities, which make securing relief through donation crowdfunding easier. Originality and value: The subject of using donation crowdfunding by companies to secure relief funds has seen very limited elaboration in the current literature.
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