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The main objective of this monograph is to determine on the basis of the survey the role of controllers in contemporary Polish companies. The study confirmed that same of the tasks performed by contemporary controllers in Polish companies are the same as those performed by their counterparts around the world although same differences were also identified. Comparing the current role of controllers in Polish organizations with their role in foreign companies can contribute to improving the controller’s image in the organizations, and change the attitude of other employees to management accountants. This may lead to better cooperation between individual departments and controllers, and therefore to the mare efficient functioning of the company.
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PRICING The New Frontier by Gábor REKETTYE and Jonathan LIU underlines the importance of pricing and price management is growing all over the world, primarily due to the turbulent economic situation, accelerating technological development, the saturation of markets and the globalization of competition. All these trends affect the achievement of company objectives, place prices, pricing and price management in a context that differs greatly from what has been known before. At a time when almost continuous change is disrupting nearly all industries and the internet is putting ever more power in the hands of the customer, a book that treats pricing with substance and foresight is a welcome addition to the market. – John R. Schermerhorn, Jr., O'Bleness Professor Emeritus, Ohio University, United States
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This study attempts to make a multi-faceted description of ways of internationalization of Polish and Ukrainian enterprises, trying to fill an existing research gap in this regard. The threads discussed in this paper on the systematization of concepts and factors pertaining to this process required multidirectional research aimed at analysis of the literature of the subject (Polish and foreign); market of micro, small, medium and large enterprises in Poland and Ukraine; analysis of existing documents and reports regarding the status of the internationalization process; analysis of the legal status, state of support for internationalization; analysis of conditions resulting from the evaluation of local government administration in Poland and Ukraine. Important criteria for selecting organizations for research were their economic nature (maximizing profit), diversification in terms of size, diversification in terms of activity, diversification in terms of industries and willingness to participate in research. The study involved companies in Poland from the area of the Lodz region, and enterprises in Ukraine from the oblasts of Luhansk, Kiev, Kharkiv and Donetsk. The main goal was to gather, analyze and systematize knowledge about the internationalization process of enterprises in Poland and Ukraine. This goal was realized in the theoretical and empirical aspect. The theoretical aspect consisted in an objective analysis of the existing theory and building – based on it – new theories and scientific laws. The empirical aspect consisted in the verification of research hypotheses and the construction of outlines of ways of internationalization of Polish and Ukrainian enterprises. This part of the work was divided into six empirical research stages: three relating to the research of Polish enterprises (105 micro and small and 16 medium and large) and three relating to Ukrainian enterprises (12 micro and small and 6 medium and large). The last part of the study is a practical assessment of internationalization ways, related to the realities of the market; identification of ways and directions of internationalization. For the outline of the research procedure, the following cognitive objectives were formulated: presentation of the process of internationalization of enterprises by defining and clarifying the concept of internationalization; identification and analysis of motives and barriers to the internationalization process; identification of forms, outlines of models of ways of internationalization , methodology and strategy of internationalization; identification of the features of a modern international manager; identification of factors conditioning the possibilities and ways of internationalization of Polish and Ukrainian enterprises; identification of the scope of government and self-government assistance for enterprises wanting to go beyond the markets of their own country. The conducted research allowed for empirical confirmation that the ways of internationalization of Polish and Ukrainian enterprises are specific and different from each other. The research hypotheses were confirmed that: entering the foreign market requires different ways and methods, in relation to the situation of a given company and the situation in a given country (H1); state support is not a factor determining the internationalization process of enterprises (H2); the internationalization process depends primarily on the entrepreneurship of the managers, on the existence of the occasions and on the conditions prevailing in the host country (H3); there is a fundamental difference in the ways of internationalization of micro and small and medium and large enterprises (H4); internationalization ways of Polish and Ukrainian enterprises differ from each other (H5). The conducted research allowed for the formulation of many conclusions, of which the most important are: – Diversity and specificity of the internationalization of Polish and Ukrainian enterprises result from different legal, political, historical and market conditions; – Ukrainian enterprises are at the beginning of internationalization; – There is a fundamental difference in the ways of internationalization of Ukrainian enterprises due to their size. The basic determinant of the internationalization of micro and small Ukrainian enterprises is the lack of development opportunities on the home market, while in the case of internalization of medium and large enterprises it is mainly the search for opportunities on the foreign market; – Internationalization of Polish enterprises (regardless of their size) can be described as passive-active, as it is not only seeking opportunities but also avoiding threats resulting from an aggressive competition on the home market; – The way of entering a foreign market is determined by many factors, among which emerges to the fore the state of a country’s economy, social and legal conditions and entrepreneurial owners and managers. The studies conducted and conclusions formulated do not exhaust the set of factors affecting the internationalization process. There are rapid changes in the business environment, which may also change the preferences, determinants and ways of internationalization of enterprises in the future. // Monografia zawiera analizę teoretyczną problemów internacjonalizacji o charakterze poznawczym i utylitarnym, a także prezentację badań przeprowadzonych w polskich i ukraińskich mikro, małych, średnich i dużych przedsiębiorstwach w związku ze sposobami ich internacjonalizacji. Oparcie rozważań na wynikach przeprowadzonych badań oraz zamieszczenie studiów przypadków daje możliwość konfrontacji dróg internacjonalizacji polskich i ukraińskich przedsiębiorstw ze znanymi w świecie modelami. Zasadniczą treścią publikacji jest opis i analiza internacjonalizacji przedsiębiorstw w kontekście jej modeli. Autorka wychodzi poza konwencjonalny opis, dodając nowe zagadnienia i wątki, podkreślając rosnącą rolę procesu internacjonalizacji w zarządzani u przedsiębiorstwami oraz dla gospodarki. Zasadniczym atutem książki jest wypełnienie luki w zakresie prezentacji sposobów internacjonalizacji polskich i ukraińskich przedsiębiorstw z uwzględnieniem ich wielkości, a także przeanalizowanie problemu od strony biznesu, instytucji naukowych i samorządowych.
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The purpose of this book is to present the process of growth of companies on the capital market, taking into consideration the stages of their development in the context of selected determinants of growth, namely innovation, profitability and financial liquidity and assess their impact on the growth results, value and the market rate of return on the example of companies listed on NewConnect. Literature studies and the collected empirical material allow to formulate some conclusions related to the growth of enterprises and factors influencing this process. It is important to remember that not every form of business growth influences the value in a positive way, which is the main goal of companies on the capital market. Growth in assets, equity and even sales may not translate into earnings per share, and hence the value of an enterprise, when company is investing capital in unprofitable investment projects. Therefore, when analyzing the problem of growth of companies on the capital market, one should focus on the increase in earnings per share, which determines the increase in value for owners.
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The book discusses the theory of optimum currency area with particular attention given to the business cycle in Poland and Eurozone. The work is intended for students, researchers and public administration employees interested in the issue of European integration, especially in terms of Polish opportunities related to joining the Eurozone.
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The authors present the impact of specific fiscal policy measures on fertility, their cost, the state’s expenditure on particular immigration policy measures and the cost of stimulating compensatory immigration filling shortages in the labour market. They ask about the most effective demographic and financial policy countering population ageing in Poland and other European countries.
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An extended interview with Professor Henryk Woźniakowski, a specialist in computational mathematics, co-author and author of many fundamental information-based complexity (IBC) theorems and researcher in tractability of multivariate problems. Professor Woźniakowski answers the questions concerning mathematics and life with particular emphasis on the period of “Solidarity” and the political changes of the 80s and early 90s of the last century, in which he took an active part.
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The new vision of Poland’s development included in the Strategy for Responsible Development launched in 2016 assumes building the image of our country as an attractive, safe and open tourist destination. It includes development of the so-called leisure industry, including the tourism economy sector, as well as the concentration of the financial potential of local business on one large and comprehensive sustainable tourism product that enables effective promotional activities, which will stimulate sustainable tourism and contribute to economic growth. In this book, the authors propose to build an integrated sustainable tourism product around the idea of urban sustainable tourism and offer evaluation tools to assess the city’s cooperation with universities and ICT corporations in the implementation of pilot solutions. For the purpose of the publication, a list of potential pilot ICT projects supporting the strategy of urban sustainable tourism was created, including the construction of smart society as a part of revitalization projects implemented on a similar basis as in the perfect city projects in Tokyo or Berlin launched by the Panasonic corporation. A method of assessing and prioritizing ICT projects supporting the development of urban sustainable tourism was proposed, allowing to estimate the value of city cooperation with stakeholders in the implementation of joint innovative projects.
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In “Vehicle routing problems. Models. Methods. Applications.” knowledge and experience of vehicle routing problem from the last fifty years are gathered and systematized. Classic transportation problems, traveling salesman problems and vehicle routing problems are defined and its variants are presented. Then vehicle routing problems’s algorithms are presented, especially exact algorithms, heuristics and metaheuristics. // Ważnym wyzwaniem, przed jakim stoją decydenci zajmujący się planowaniem zaopatrzenia i dystrybucji w łańcuchach dostaw, jest obsługa transportowa. W publikacji dokonano próby zebrania oraz usystematyzowania wiedzy i doświadczeń z ostatnich kilkudziesięciu lat badań nad zagadnieniami z zakresu optymalizacji problemów transportowych. Omówiono metody rozwiązywania kwestii związanych z układaniem tras jednego i wielu pojazdów, a także zaprezentowano ich warianty.
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The 20th century brought significant changes to capital markets these were triggered by transformations within the economic and legal-regulatory environment, including those concerning the politics of profit share with shareholders. The trend that had its beginning in developed capital markets, particularly those in the United States, concerned broadening the range of solutions in the scope of the financial possibilities of settlements by the company with its owners. Firstly, the concept of payout policy started in the United States and later around the world, which means switching from a one-sided dividend policy to a multi-component payout policy (corporate payout policy, distribution policy). Such a broad approach to the payment policy which takes into account various possible forms of payment to the owners has been assumed by the author in this work. It should be emphasized that the dividend is in the historical sense dominant in the payout policy not only in Poland but also around the world. It is worth noting that in many European markets, at the beginning of the 21st century, it was not possible for a company to repurchase its own shares. Over the years, the experience of enterprises provided examples that in certain situations the repurchase of one’s own shares is a tool that increases the value of the company and, as a result, the value for shareholders. The share repurchase began to be treated as a tool to expand the possibilities of implementing the policy of paying out companies listed on the stock exchange. The monograph presents a comprehensive look at the issue of payout policy of nonfinancial companies listed on the Warsaw Stock Exchange. The objectives of this work are twofold. On the one hand the analysis and synthesis of the world’s research on dividend policy, share repurchases and payout policy. On the other hand – three empirical aims. First of all, to examine cash dividends and share purchases of nonfinancial companies listed on the WSE over the period of 2004–2016, secondly, to analyse the determinants of the firm’s propensity to either pay cash dividend or to repurchase shares, thirdly – to examine stock market reaction to dividend initiations and share repurchases announcements.
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This monograph is theoretical and its aim is to build an organization model from a communication perspective and to develop a research method based on the method of analysis of complex systems. The work includes extensive literature studies dating back to the beginnings of systemic theory in management, through classical management trends (turn of the 19th and 20th centuries) to the latest studies. It is a publication in the field of management sciences, in which the author integrates older concepts and management theories with a modern approach, giving these concepts a new meaning and developing them by adding current values. // Publikacja poświęcona jest podnoszeniu sprawności organizacji przez komunikowanie wewnętrzne. Autorka uznaje bowiem niewłaściwą komunikację wewnątrzorganizacyjną za główną przyczynę nieprawidłowego funkcjonowania organizacji. Zaprezentowany w monografii autorski model organizacji jako systemu sieci zintegrowanych relacji komunikowania stanowi propozycję opisu i analizy organizacji przez pryzmat komunikowania. Komunikacja odgrywa w nim rolę służebną wobec koordynacji, im lepsze jest narzędzie – komunikacja, tym lepszy efekt koordynacyjny. Model koordynacji organizacyjnej wraz z grupami wskaźników pozwala natomiast określić poziom sprawności organizacji oraz wskazuje obszary, w których wymaga ona poprawy. Oba modele zastosowane łącznie pozwalają na oznaczenie dynamiki zmian sprawności organizacji w czasie.
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A manual for people planning to set up their own business. It presents all phases of organising a new enterprise step by step: recognising potential, establishing a business model, writing a business plan and implementing methods. It also shows challenges connected with managing and running a company so as to develop it.
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The author presents an innovative understanding of parallel economic convergence and proposes alternative methods of its measurement. The authors discusses examples of empirical studies that make use of the concept of parallel convergence in different contexts.
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Using an interdisciplinary research apparatus, the author conducts an economic analysis of labor market regulations, focusing on Polish collective labor law in the field of trade unions, strikes and employee participation. Above all, the theoretical framework of considerations is institutional economics and economic analysis of law.
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The more general objective to extend access to finance for innovative companies, start-ups and small and medium-sized enterprises is part of the Action Plan on building a capital markets union, given that 60% of starts-ups survive during the first three years of activity and young companies account for 17% of employment while creating 42% of the new jobs. The Commission considers it to be vital to support such companies pass from the start-up phase to the expansion phase, having in mind stimulating investment that creates jobs and generates enhanced competitiveness of the European Union. In its turn, the European Parliament considers that a the capital markets union would enhance cross-border access to information on the companies looking for credit in order to promote growth of alternative financing models, including crowdfunding.Crowdfunding has witnessed different development levels in the member states of the European Union and, taken as a whole, represents a small share of the total volume of company finance. Nevertheless, besides the main objective of popularising and encouraging this funding method, the Commission is trying to facilitate and increase cross-border crowdfunding because, as a general rule, projects are regionally or locally financed.Still in its early ages in Romania (but also in other states), crowdfunding has relatively recently emerged as an alternative funding method for those companies or projects that do not have enough resources and/or are not eligible for traditional financing. At first, crowdfunding mainly addressed financing needs of projects involving a high level of risk and uncertainty: research-development, innovation and technology, social and humanitarian causes, creative-cultural industries, etc.Given the increasing role of the creative-cultural industries for a smart and sustainable development, as well as their impact on social inclusion, urban revitalisation and regeneration, it is high time to encourage and promote donation and philanthropy in this sector, the purpose of which is to supplement the existing public finance.The case of the creative-cultural industries is all the more interesting as the estimated revenues to be earned from such types of projects have a precarious character, and the ineligibility for banking crediting is justified by the inconsistency of gains. At the same time, the target audience does not represent a certain element. Such are the obstacles faced by unexperienced or young artists and creators and start-ups from other fields of activity.The purpose of this book is to present the multiple facets of crowdfunding as an alternative funding method of economic activities in general and of creative-cultural industries in particular, as well as to enhance awareness about it. According to the Council Resolution dated 16th of November 2007 regarding the European Agenda for Culture, some of the strategic objectives are: promoting cultural diversity and intercultural dialogue, promoting culture as a catalyst for creativity and promoting culture as a vital issue of the international relations of the European Union. Also, the Creative Europe 2014-2020 programme is aimed at enhancing European cultural and linguistic diversity, promoting the European cultural heritage and strengthening the European creative-cultural sector in order to achieve a smart, sustainable and inclusive growth. In this context, the aim of this work is to estimate the dimension of the crowdfunding phenomenon in Romania in the light of the creative-cultural industries and to analyse the opportunity of using this funding method. The first chapter deals with the issue of philanthropy in general and in the creative industries in particular by analysing the main legislative measures and governmental programmes implemented in the European countries. The second chapter presents an ingression in time and space with the purpose of identifying the origins and oldest forms of crowdfunding: Europe in the 18th and 19th centuries, America in the 19th century and Asia in the 20th century. The same chapter reveals the conditions under which the first modern crowdfunding campaigns and the first crowdfunding platforms occurred in the world. The main concepts and notions related to crowdfunding are dealt with in the third chapter. To this purpose both the specialized literature and the main European documents in the matter have been used. The fourth chapter is dedicated to the main valences and advantages of using crowdfunding, with a focus on creative-cultural industries. Additionally, the chapter includes an analysis of the aspects that need to betaken heed of in order to have a successful crowdfunding campaign. At the same time, the chapter advocates the importance of information transparency on crowdfunding platforms. The sixth chapter tackles the main legal aspects of crowdfunding in Romania. In this respect, the progress made in terms of legislating crowdfunding is presented and the accounting impact of crowdfunding operations are discussed. The seventh chapter presents a case study analysing the way in which the Romanian filmmaking industry is financed through crowdfunding.Last but not least, the final chapter analyses the amplifying role of the consumer within crowdfunding campaign. The consumer sometimes becomes a prosumer. The analysis is based, as in the previous chapter, on the filmmaking industry in Romania and its purpose is to highlight the prosumer’s role in successfully completing crowdfunding campaigns.
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“Branding în fotbal” (“Branding in football”, eng.) is a book that discusses how Romanian football clubs can use their brands in order to increase their sympathy with fans. The work highlights that football clubs in Romania do not yet properly use their brands so as to establish relationships with their fans based on trust. Branding theory is analyzed in relationship with customer management principles, highlighting that football brands can be used as levers to create long-lasting relationships between clubs and fans. Brands thus become a driver of fan loyalty. The book links Aaker’s concept of brand equity with seventeen antecedents (classified in three sub-systems: relational, market, internal) that have the potential to increase the equity. The book underlines that these antecedents should be used by football clubs in order to increase their brand value.
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The book contains a review of methods that enable the regular observation and analysis of inflation expectations based on consumer survey data. It also includes an evaluation of their usefulness in macroeconomic inference. The need for measuring inflation expectations arises predominantly from the necessity of an empirical verification of various models of formulating expectations and testing the impact of expectations on price changes in the economy. It seems especially important to draw attention to the need of applying different methods of measuring expectations and taking into account the limitations of the methods used when interpreting the results. Also of great significance is the comparison of the characteristics of inflation expectations of consumers in Poland and in the euro area.
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