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Shareholders vs. stakeholders. The case of integrated reporting

Akcjonariusze vs. interesariusze. Przypadek raportowania zintegrowanego

Author(s): Maria Aluchna,Olga Mikołajczyk / Language(s): Polish / Issue: 436/2016

Keywords: integrated reporting; CSR; Directive 2014/95/UE

The aim of the article is to introduce the integrated reporting as a concept linking the orientation shareholders and financial reporting with the expectations of stakeholders and mainstreaming environmental and social reporting. Integrated reporting has been based on an analysis of the provisions of Directive 2014/95/EU, which introduces obligation of reporting of non-financial data for certain groups of companies from 2017. The new regulations are an example of a change in the approach to reporting and increasing of corporate responsibility for the consequences of its actions also in non-financial areas. These regulations adopt a practical form of regulation and standardization actions.

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Chemical accidents vs. ecological security

Wypadki chemiczne a bezpieczeństwo ekologiczne

Author(s): Joanna Antczak / Language(s): Polish / Issue: 436/2016

Keywords: ecological security; chemical accidents; disaster

A dynamic and wide-spread civilization progress of the contemporary world is on the one hand a source of welfare and development of human beings, but on the other hand it may result in different threats, including the ones linked to the environment pollution. The environment pollution may be of a specific character connected to the presence of chemical, biological or radioactive substance, having a negative impact on people, animals or nature. The aim of the article is to present the interdependence between chemical accidents and the ecological security. At the outset, an ecological security has been defined. A chemical disaster has been described as a consequence of chemical accidents in qualifying the ecological security. Secondly, chemical accidents which took place in the XXth and XXIst centuries and their consequences have been illustrated. Chemical accidents, pointed out in the article, resulted in downgrading and devastating the natural environment. The chemical disasters influenced a different approach in defining the ecological security. Not only the liquidation of chemical disasters’ results should be taken into consideration as it has been emphasized in the previous definitions, but also actions aiming at preventing the threats should be included when defining the ecological security. A literature analysis has been adopted as the main research method in this article.

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Environmental reporting – world trends of disclosure of environmental information

Sprawozdawczość środowiskowa – światowe trendy ujawniania informacji środowiskowych

Author(s): Anna Balicka / Language(s): Polish / Issue: 436/2016

Keywords: information about the environment; environmental reporting; information disclosure

The article presents reflections on environmental reporting. Particular attention was paid to the global trend of presenting environmental information in the reporting of the company. This article aims to identify trends in the disclosure of environmental information offered by different organizations. The paper characterizes the essence of environmental reporting and presents organizations with the development of guidelines to disclose environmental information. It also identifies the types of environmental information, which according to experts should be disclosed in the reports of business. The following test methods: literature studies, analysis and inference, are used. The development of environmental reporting and creating reporting guidelines by different units indicate an increase in the environmental awareness of external stakeholders.

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The idea of Corporate Social Responsibility (CSR in craft.

Realizacja idei społecznej odpowiedzialności biznesu w rzemiośle

Author(s): Aurelia Bielawska / Language(s): Polish / Issue: 436/2016

Keywords: Corporate Social Responsibility (CSR); craft; social cohesion

The article presents the general assumptions of Corporate Social Responsibility (CSR) in the craft area. The author analyses craft as an economic entity and describes local markets as the main place of supply for their products. The article demonstrates the importance of crafts in the society and in the economy and specifies the main determinants of its increasing significance in Poland, especially focusing on long-term state intervention. Because craft in small towns and in the countryside is often the only place of employment, it also contributes to socio-economic development of the region. Craft is a supplier of goods and services, which are unattainable in mass production and work in craft makes its employment more stable than in large enterprises. The effective “craft policy” contributes to the equalization of opportunities for people living in areas without large companies, and could reduce social stratification in Poland.

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Reporting on CSR data in Poland

Raportowanie danych CSR w Polsce

Author(s): Ewa Chojnacka,Jolanta Wiśniewska / Language(s): Polish / Issue: 436/2016

Keywords: Corporate Social Responsibility; CSR reports; non-financial disclosure

The Directive passed in 2014 obliges the biggest European companies to report part of their non-financial data, starting with financial statements for the financial year beginning in 2017. At present, in economic practice the form and extent of disclosures on Corporate Social Responsibility presented by entities are significantly varied. This paper seeks to show the impact of the participation of foreign capital, an organization’s experience in reporting non-financial data, and of the use of the services of external experts on the form and manner of the publication of CSR data. This objective has been achieved by applying the following research methods: studies of domestic and foreign literature and questionnaire survey. The results obtained indicate that companies with foreign capital use the support of a third-party with a view to preparing CSR data to a greater extent than companies with exclusively domestic capital. The most popular way to publish CSR data was issuing a separate CSR report, while the least popular was an integrated report. Companies that have only domestic capital and have longer experience in publishing non-financial data, prepare separate CSR reports to a greater extent in comparison to organizations with less experience in reporting non-financial data.

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Comparative analysis of the use and evaluation of the usefulness of financial analysis in the practice of auditing companies and business entities in Poland

Analiza komparatywna wykorzystania i oceny przydatności analizy finansowej w praktyce firm audytorskich i jednostek gospodarczych w Polsce

Author(s): Marlena Ciechan-Kujawa,Katarzyna Goldmann / Language(s): Polish / Issue: 436/2016

Keywords: financial analysis; financial statement; financial ratios; statutory auditor report

The aim of this article is to present the results of a questionnaire survey made on the use of elements of financial analysis in the practice of auditing companies and business entities in Poland. It was also tested for its suitability for assessing the financial situation of entities and managerial decision making. The conducted analysis allowed identifying differences in the elements of preliminary and indicator analyses used by external and internal units. They indicated a low level of usefulness of analysis drawn up by auditors, as well as the limited use of analytical methods in the risk assessment of cooperation with external units.

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Non-financial reporting importance from individual investors’ perspective

Znaczenie raportowania pozafinansowego w opinii indywidualnych inwestorów

Author(s): Danuta Dziawgo / Language(s): Polish / Issue: 436/2016

Keywords: financial statements; non-financial statements; individual investors

The article is of descriptive as well as explanatory nature and it deals with the importance of non-financial statements for individual investors investment decisions. The financial crisis in 2001 triggered a wide discussion on financial statements quality and usefulness in decision making process. In consequence, the International Accounting Standards and then International Financial Reporting Standards have been implemented worldwide. However, at the same time, there are still some who argue that financial reporting is of no value for financial market participants. As a result, the importance of non-financial reporting starts to grow to reduce the information gap between stakeholders. The article presents chosen results of a survey conducted on a sample of over 400 Polish individual investors. It was performed on the basis of the author’s project and requested by the Polish Association of Individual Investors. In the article, description, comparison and questionnaire methods were used.

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Non-financial information reporting following UE 2014/95/UE new directive as a challenge for companies

Raportowanie informacji niefinansowych zgodnie z nową dyrektywą UE 20142014/95/EU jako wyzwanie dla przedsiębiorstw

Author(s): Justyna Fijałkowska / Language(s): Polish / Issue: 436/2016

Keywords: nonfinancial information reporting; Directive 2014/95/EU

Increasing the credibility and transparency of the information disclosed by companies is a challenge for law makers and practitioners. The aim of this article is to emphasize the importance of non-financial information reporting in the light of the provisions of the latest regulations of the European Parliament − Directive 2014/95/EU and the difficulties and dilemmas related to its implementation and use. It was assumed that the new EU directive is a response to a long debate on the disclosure of non-financial information, which aims to improve the transparency and credibility of business communication with its stakeholders. At the same time it represents a significant challenge for enterprises. The method of literature study, theoretical and legal research of the actual state of law was adopted. As a reasoning method deduction and critical analysis were used.

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Selected aspects of applying valuation at fair value to balance sheet valuation

Wybrane problemy stosowania wyceny w wartości godziwej do wyceny bilansowej

Author(s): Tomasz Gabrusewicz / Language(s): Polish / Issue: 436/2016

Keywords: accounting; valuation; fair value; valuation methods

Fair value has been considered as a optimal pricing category, thanks to which a unit will be provided with information useful in the decision making process. By applying fair value accounting becomes more relevant, current and useful. Choosing the right method of measurement of enterprise resource requires knowledge of an enterprise, recipients of information and the purpose of their use. The main objective of this article is to analyze the use of fair value as the optimal method of valuation of selected resources of companies in Polish and international legislation. Valuation is a research area in the article. An analysis of literature and the method of deduction were used to write the article.

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Decision-making traps related to the environmental management system

Pułapki decyzyjne a system zarządzania środowiskowego

Author(s): Marzena Hajduk-Stelmachowicz / Language(s): Polish / Issue: 436/2016

Keywords: decision-making process; decision-making traps; ISO 14001; environmental management system; ISO 14001; organizational ecoinnovation

The paper presents examples of psychological, procedural and organizational dysfunction to show their consequences as sources of erroneous decisions. The aim of the study is to identify the elements (kind of traps) which in the decision making process are related to the functioning of organizational eco-innovation. Decision-making traps (related to the implementation, operation and certification of the environmental management system) are the result of considerable freedom in the interpretation of the international standard requirements. ISO 14001 standard refers only to management issues. Enterprises with ISO 14001 certificattion are not required to prove their eco-efficiency. Some of them can simply camouflage actually significant environmental aspects in order to meet the expectations from the supply chain partners – which are only to obtain the certificate. No systematic approach to proecological management generates additional costs. One of the reasons is that information from environmental auditors is used for controlling and punising employees − not to improve the system in order to generate environmental, economic and social benefits.

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Crowdfunding in Poland – the concept of social financing

Crowdfunding w Polsce – koncepcja finansowania społecznościowego

Author(s): Dominika Kordela / Language(s): Polish / Issue: 436/2016

Keywords: finance; social financing; crowdfunding

New technologies related to the development of the Internet have been changing many areas of social and economic life. In recent years finances have been changing, which has manifested in opening online bank accounts, online investment accounts or Internet trading platforms of financial instruments. A relatively new phenomenon of Internet are crowdfunding services that focus on intermediation in financing various projects. Aims, types and nature of projects are different, but the key point is to collect small amounts of money from a large number of individuals or organizations. The aim of the study is to present the issues concerning crowdfunding and its models, as well as the development of crowdfunding in Poland. The following methods have been used: an analysis of literature on the subject, descriptive and comparative method. A study of crowdfunding in Poland indicates a model of financing, costs, types of projects supported, and the size of financing.

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Business insurances as a factor to ensure sustainable economic development of farms

Ubezpieczenia gospodarcze jako czynnik zapewniający zrównoważony rozwój gospodarstw rolnych

Author(s): Agnieszka Kurdyś-Kujawska / Language(s): Polish / Issue: 436/2016

Keywords: sustainable development; level of development; business insurance in agriculture; farm

The effect of the realization of sustainable development in farms is increased production effectiveness and efficiency, guaranteeing food security, increased prosperity, stabilization of the financial situation of agricultural producers as well as increased labour safety and social security. The realization of sustainable development is determined by social, economic, organizational, legal and natural factors. The latter ones, due to the high level of natural risk in agricultural production, are of a particular importance to the functioning and development of farms. Guaranteeing of sustainable development in farms is made possible owing to adequate insurance protection. The purpose of the present study was to determine and assess the level of the development of those farms that use business insurance. Individual data related to those who are owners or manage farms from the Middle Pomerania region constituted the research material. The linear ordering method based on the taxonomic measure of development was used in the study. The studies performed demonstrated that the development level of farms with insurance cover was diversified. It was furthermore demonstrated that the more farmers tended to use business insurance, the higher the development level of farms was.

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Ethical aspects of combating financial frauds

Etyczne aspekty zwalczania nadużyć finansowych

Author(s): Małgorzata Kutera / Language(s): Polish / Issue: 436/2016

Keywords: ethics; code of conduct; financial fraud; risk of fraud

The purpose of this article is to present the ethical aspects of preventing economic frauds in enterprises. Its main thesis is that the effective implementation of ethical conduct rules and their promotion in an organisation can significantly cut the risk of financial fraud being committed. This article is based on an analysis of the literature of the subject and results of research on work ethics published by international institutions dealing with this problem. The method of source analysis has been used. This publication presents key issues related to employee loyalty and its effect on the risk of misconduct, the ethical attitude of the management and its influence on the remaining members of the organisation, the application of a zero tolerance policy, implementing codes of conducts and the related problems.

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Strategic report as a source of information for socially responsible investors in UK. Empirical research results

Raport strategiczny jako źródło informacji dla inwestorów społecznie odpowiedzialnych w Wielkiej Brytanii. Wyniki badań empirycznych

Author(s): Jan Michalak / Language(s): Polish / Issue: 436/2016

Keywords: strategic report; socialy responsible investment; usefulness of information; CSR

The article aims to evaluate the extent to which strategic reports (part of annual reports) of companies listed on the London Stock Exchange are useful as a source of information for investors using socially responsible investment strategies. The research metod used in the article is content analysis of 60 reports of companies included in the FTSE- TECHMARK. The survey results indicate that the strategic report is a valuable source of information for investors using ESG integration and commitment strategies, that dominate in the UK. Their usefulness is positivelly affected by the inclusion of CSR issues in strategic reports, especially indicators such as greenhouse gas emissions and gender-differentiated employees. Usefulness of strategic reports for socially responsible investors is, however, limited by a different format of the presented data and the relatively high variety of indicators that make them difficult to compare.

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New instruments of risk management in agriculture of the member states of the EU vs. sustainable development

Nowe instrumenty zarządzania ryzykiem w rolnictwie krajów członkowskich UE a rozwój zrównoważony

Author(s): Joanna Pawłowska-Tyszko / Language(s): Polish / Issue: 436/2016

Keywords: sustainable development of agriculture; stabilization of income; mutual funds; risk management in agriculture

The experience of Commonwealth countries indicates that the economic criteria of the free market and protectionism do not ensure sustainable development of agriculture and rural areas. Hence the search for new instruments of risk management that provide economic and environmental balance as well as durable and stable development of agriculture. The aim of the study is to assess risk management tools, with particular emphasis on mutual funds as instruments to promote the principles of sustainable development. The aim of mutual funds is to stabilize farm incomes which in turn contributes to the goals of sustainable development.

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Searching the impact of corporate social performance on corporate financial performance

W poszukiwaniu wpływu dokonań CSR na wyniki finansowe

Author(s): Monika Sobczyk / Language(s): Polish / Issue: 436/2016

Keywords: corporate social responsibility; corporate social performance; corporate financial performance

The issue of corporate social performance measurement and its relationship with financial performance is crucial for assessing the suitability of the concept of CSR. It remains, however, still open, as previously carried out research does not clearly indicate the relationship between these achievements. Therefore, the aim of this article is to determine the impact of corporate social performance (CSP) on corporate financial performance (CFP) on the example of companies included in the RESPECT Index portfolio of the Warsaw Stock Exchange. For this purpose, literature review and statistical analysis − descriptive statistics for the period 2008-2014 were used. The research established that the social responsibility of companies listed on the RESPECT Index, reflected in financial performance cannot be expected.

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The impact of financialization on the model business of enterprises and their financial reporting

Wpływ finansyzacji na działalność i sprawozdawczość przedsiębiorstw

Author(s): Anna Spoz / Language(s): Polish / Issue: 436/2016

Keywords: financilization; financial instruments; financial reporting

The aim of the article is to discuss the phenomenon of financialization and its impact on the model business of enterprises and their financial reporting. Financialization is a process of increasing size and role of financial sphere over real economy.This phenomenon is not marginal, and its influence can be seen both at the macro and micro level. At the enterprise level the most important change is to shift the perspective of the stakeholders to the shareholders, which significantly shortened the time horizons of decisions. Personnel management in search of extraordinary profits are increasingly investing in financial instruments. The increase in the value of financial instruments makes that acquisition of financial assets, their valuation and presentation should be proper in the financial statements. Financial reporting is the primary source of information about the company for a wide range of users.

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Venture capital as a source of financing innovative undertakings in the light of the policy of supporting innovativeness

Venture capital jako źródło finansowania przedsięwzięć innowacyjnych w świetle polityki wspierania innowacyjności

Author(s): Lidia Włodarska-Zoła / Language(s): Polish / Issue: 436/2016

Keywords: innovations financing; venture capital

A significant condition in terms of facilitating an enterprise to gain a competitive advantage is to implement innovations. There is a multitude of factors that determine the realization of investments of a high level of investment potential. One of these is undoubtedly the acquisition of access to the sources of finance. The aim of this publication is to present the investment of venture capital as being key to the shaping and development of the economy based on innovations. The herein paper presents the problematic issues of the functioning of the funds of venture capital, starting from the genesis of their development worldwide and in Europe, by means of defining the notion, specifics and sectoral structure of the investment of venture capital. Another issue undertaken is the illustration of the intricacy of the investment process – the acquisition of capital, preliminary analysis and selection of the potential projects, cooperation of the fund system with an enterprise during the course of the investment, as well as the stage of realization of profit and disinvestment. This publication shall also touch on the issue of advantages and disadvantages associated with this form of investments financing.

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Financial statements fraud in the opinion of auditors

Fałszowanie sprawozdań finansowych w opinii biegłych rewidentów

Author(s): Aleksander Zawadzki,Marlena Rybacka / Language(s): Polish / Issue: 436/2016

Keywords: creative accounting; financial statement fraud; accounting fraud

The aim of the paper is to identify practices related to financial reporting and accounting fraud in the opinion of auditors. In this paper the authors try to answer two questions: Which practices in financial reporting fraud are detected in the course of financial statement audit? How often the auditors encounter such practices? The paper consists of a theoretical part explaining the problems of manipulating and counterfeiting the accounting records, and a practical part presenting the results of survey among the auditors. The respondents concluded that the fraud was not so common. Also typical practices leading to falsifying financial statements have been identified.

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Punctuality of payments in transactions between businesses in Poland

Terminowość płatności w transakcjach między przedsiębiorstwami w Polsce

Author(s): Katarzyna Ziętek-Kwaśniewska / Language(s): Polish / Issue: 436/2016

Keywords: payment term; late payments; payment behaviour

The use of trade credit is a common practice in B2B transactions, connected with a risk of late or non-payment from a client. The aim of the article is to analyse the current situation regarding the punctuality of payments in B2B transactions in Poland. The research was done using data provided by, for example, Bisnode D&B Polska and BIG InfoMonitor S.A. The results of the analysis show that the late payment phenomenon is not homogenous. The payment behaviour of businesses varies by size and section. The problem of payment gridlocks affects businesses differently depending on their size, section and location.

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