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ATMs  Decline or Development of E-banking Services

Author(s): Jacek Binda / Language(s): English Issue: 3/2016

The paper is devoted to one of the channels of electronic banking – terminal banking. It presents the efforts of banking sector towards reducing the presence of cash in the financial turnover and lowering the costs of cash transactions thanks to development of high-tech ATM devices. The author points to the dynamics of changes related to the advances in this particular channel of contact, draws attention to the risks accompanying this form of contact and presents alternative forms of communication between a bank and its clients. The paper quotes data obtained from the Polish National Bank, the Polish Banks Association and EAST.

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Współpraca transgraniczna drogą do zwiększenia konkurencyjności i innowacyjności wschodniej Słowacji oraz województwa podkarpackiego

Author(s): Martin Mizla,Patrycja Pudło / Language(s): Polish Issue: 1/2009

Poland and Slovakia as a border countries have many natural, cultural and economical similarities, which can be a foundation of further cooperation these two countries. This article shows area of cooperation and possibilities of financing this collaboration

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Leasing składników majątku – skutki podatkowe dla korzystającego

Author(s): Bożena Sowa / Language(s): Polish Issue: 1/2013

A company's development is an essential task for any entrepreneur. To start a new business or expand the existing range, the entrepreneur must, above all, achieve funds for in-vestment. Capital requirements normally exceed the available financial resources, which makes it necessary to obtain missing capital from external sources.One of the forms of business financing is leasing – especially attractive for entrepreneurs, who are just starting their business. It gives the possibility to finance investments from outer funds, i.e. from financing entity, which is particularly useful in situations, when the potential customer’s orders cannot be met due to technological shortcoming of an entrepreneur.The purpose of the publication is to present leasing in terms of tax implications for entre-preneur (beneficiary), especially in the field of income tax.

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Comprehensive market microstructure model: considering the inventory holding costs

Author(s): Doojin Ryu / Language(s): English Issue: 2/2017

The purpose of this study is to propose a structural market microstructure model and examine the intraday price and spread dynamics in a highly liquid market. We extend the model of Madhavan, Richardson, and Roomans to devise a comprehensive order indicator model that considers the order duration, order size, market liquidity, and most importantly, inventory holding costs. Our empirical analyses on the KOSPI200 futures market indicate that the inventory holding costs of liquidity suppliers explain a significant portion of model-implied spreads. Meanwhile, the duration and size of traded orders convey significant information content on the inventory holding component. Market liquidity is also an important consideration for futures traders who have to manage their inventory holding costs.

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Kondycja ekonomiczna dominujących podkarpackich przedsiębiorstw w warunkach kryzysu gospodarczego

Author(s): Marek Smoleń,Katarzyna Grzebyk / Language(s): Polish Issue: 1/2013

Nowadays, enterprises are forced to effective usage of its financial, material assets and the potential of employees. Strategies and methods used in management few years ago become out-of-date. Company survival depends on building competitive advantage and here big importance is put on knowledge. Every company has to learn how to adapt to new conditions and how to be creative.Suitable strategy relies on quick problems solving and drawing conclusions. The aim of this article was to show dynamics of growth of particular parameters presenting the economic condition of key enterprises in podkarpackie province in 2007, 2010 and in 2012.Results show that those enterprises seek its place in economic map of Poland. They put big impact on innovativeness and constantly look for new chances of development.

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Formy organizacyjne podmiotów leczniczych – uwarunkowania prawne i ekonomiczne

Author(s): Ewelina Rabiej / Language(s): Polish Issue: 1/2013

In the study analysis of organizational forms of health care operators was conducted, including selected legal and economic conditions. Changes in the area of regulations of health care sector were provided, economic conditions of the process of transformations of health care organizations were also examined. It results from conducted studies that the transformation of the health care system should aspire parallel to improving efficiency through taken action in the micro- and macroeconomic, i.e. on the level of health care organization and their legal and economic environment. Leaving the form of SPZOZ, dominating today, for companies, is a huge challenge and can turn out for SPZOZ with both the chance and the threat.

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Paradoksy innowacyjne na przykładzie małych i średnich przedsiębiorstw

Author(s): Martin Mizla / Language(s): English Issue: 1/2013

Obecnie burzliwe otoczenie przedsiębiorstw przynosi wiele koniecznych zmian innowacyjnych. Jednakże, wdrażanie innowacji w tych przedsiębiorstwach przynosi nie tylko planowane efekty i korzyści, ale również skutki negatywne. Ten artykuł prezentuje owe paradoksy czy skutki wdrażania innowacji, ich wpływ na małe i średnie przedsiębiorstwa czy możliwe reakcje, zachowania tych przedsiębiorstw

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A system for the management of old building retrofit projects in historical centres: the case of Portugal

Author(s): Rui A. F. Oliveira,Jorge Lopes,Hipólito Sousa,Maria Isabel Abreu / Language(s): English Issue: 2/2017

The retrofitting works in old buildings require appropriate knowledge of the vernacular techniques. Previous researches have identified retrofitting works as more intrusive and using more unnecessary demolition materials than real needs. This study constitutes a new framework that focuses on the project management success of old building retrofitting in historical centres by developing a methodological system for this purpose. It uses a construction sector system approach, reviews legal requirements, framework specifications, recommendation practices and sustainable measures adapted to old building projects. It presents 50 parameters adapted to these works’ specificities that could be used by construction market stakeholders. The research uses a case study methodology divided in two parts. The first one involves the review of building retrofitting projects in historical centres, complemented by a questionnaire in the second part. The results of the projects review have shown little concern with the underlying sustainability aspects of retrofitting works in all project designs analysed. However, the questionnaire results have revealed a high interest and applicability of all parameters omitted in the project designs data. The study describes a useful management system in a toolkit format which might contribute to reduce uncertainty in the management of retrofitting projects in historical centres.

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Managing the financial risks affecting construction contractors: implementing hedging in Sri Lanka

Author(s): Charith Kaushalya Fernando,Mohammad Reza Hosseini,Edmundas Kazimieras Zavadskas,B. A. K. S. Perera,Raufdeen Rameezdeen / Language(s): English Issue: 2/2017

The aim of this study is to ascertain the major financial risks affecting construction contractors in Sri Lanka and to investigate the suitability of available hedging techniques as remedial solutions in managing such financial risks. To this end, the study identifies the most serious financial risks and the most commonplace hedging techniques to deal with the identified risks for Sri Lankan contractors through three unstructured interviews and a questionnaire survey administered among financial experts resulting in 33 duly completed responses. Analysis of the results is performed mainly using Analytic Hierarchy Process (AHP) methodology. As per the findings, the most serious financial risk affecting contractors was found to be associated with variations in material prices. The most commonplace hedging technique used by contractors to deal with the identified financial risks was ‘forward contracts’. The study prioritises the hedging techniques with respect to their suitability for dealing with financial risks in form of an integrated model. This study provides an illuminating insight into financial risks and measures to mitigate them through implementing hedging techniques with a focus on construction contracting in Sri Lanka. The findings can be held up as examples for other developing countries suffering from similar issues.

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Kredyt bankowy jako zewnętrzne źródło finansowania dla przedsiębiorstw rozpoczynających działalność gospodarczą

Author(s): Małgorzata Wilczyńska / Language(s): Polish Issue: 1/2016

Sector of small and medium-sized enterprises (SMEs) is significant in every market econ-omy. Small and medium-sized enterprises are generally considered as an element powering the economy despite the economic slowdown in Poland and turbulences in the economies of Member States of the European Union. Micro-enterprises have the largest share of enterprisesbelonging to the SME sector – in Poland, they consist of 95.7% of the market (in the European Union – 92.2%). This sector produces a significant portion of GDP and generates numerous workplaces. However, SMEs are often confronted with market imperfections. They have diffi-culties in obtaining capital or credit, particularly in the start-up phase of the enterprise. Finan-cial resources are their foundation. What is more, they are the basis for the operation of each enterprise. In Poland, there are various possibilities of obtaining financing sources; however, their variety does not imply that all parties have equal access to these resources. Currently, the most important source of funding, in addition to equity capitals, are bank credits. The aim of this paper is to present a credit offer for enterprises beginning an economic activity by selected institutions of the Polish banking sector.

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Ocena kondycji finansowej przedsiębiorstwa w warunkach gospodarki rynkowej

Author(s): Renata Nesterowicz / Language(s): Polish Issue: 1/2016

The main objective of this paper is to attempt to evaluate the selected financial ratios as a tool to assess the financial condition. The source material for the analyzes are empirical data contained in the financial statements of the company Inżyniweria Rzeszow S.A for 2011–2015.Financial reporting is useful because the company not only to the proper interpretation of numbers but above all to make better use of resources, improve performance, meet market needs and expectations of the owners. Thus it aims to facilitate the decision, which will ensure the effective development of the company in the future.It is important to emphasize the fact that the modern world is constantly changing, which are dynamic caused by the influence of the processes. These processes are; social, economic, political and cultural characteristics of each of which is subjected to the process of globaliza-tion treated primarily as a phenomenon or state of the global economy.The development of the market economy and globalization increases the demand of enter-prises for economic information. In the modern economy, information is regarded as one of the important resources of the organization and is the subject of management. This information flow from the analyzes assess the financial condition and significantly determine investment decisions and financial.

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Transitions Online_Around the Bloc-More Discontent in Russia as Truckers Strike

Author(s): TOL TOL / Language(s): English Issue: 04/04/2017

Protest organizers say 10,000 trucks will block roads and disrupt traffic across the country.

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Local Support Mechanisms for Entrepreneurship: The Approach of Local Development and Innovation Institutions

Author(s): Fotios Katimertzopoulos,Charis Vlados / Language(s): English Issue: 1/2017

Purpose: The growth potential of SMEs entrepreneurship is examined at regional and local level, initially on a Global scale and then for the case of Greece. Additionally, the possibility of an economic development policy beyond the macroeconomic approach is examined, focusing on business growth and competitiveness in the light of meso and micro-economic policy approach. Design/methodology/approach: This research leads to the proposal of building knowledge mechanisms and direct and efficient systematic development and innovation at the local level, particularity during a time of economic crisis. The establishment of Institutes of Local Development and Innovation (ITAK) is primarily geared towards promoting innovative entrepreneurship and extroversion of locally installed businesses. As part of the proposal for the establishment of ITAK, a questionnaire was developed - a tool to initially measure companies' opinions on the need for outside help in the macro, meso and micro environment, in order to demonstrate that ITAK local-level structures could be developed. Findings: The survey results were accrued via the analysis of questionnaires distributed to companies. The results of the questionnaires in the micro-environment in relation to those in the macro-environment shows a lower tendency to change business, which may be because managers perceive economics several times more in macroeconomic terms ratherthan in meso and micro economic (terms). Research limitations/implications: The restrictions of this particular research are the small sample of study of businesses in one country (Greece); this is because the approach of study, which is quantitative-qualitative, limits analysis to small data sets in the current phase. Originality/value: The results in the micro-environment, in relation to those at macro-environmental, shows a lower tendency to change business, something which may be because managers perceive economics several times more in macroeconomic terms, rather than in meso and micro economic (terms).

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Management Control Systems and Strategy: A Resource based Perspective. Evidence from Greece

Author(s): Nikolaos Theriou,Dimitrios Maditinos,Georgios Theriou / Language(s): English Issue: 2/2017

Purpose: The purpose of this paper is to empirically examine from the resource-based perspective, the relationship between the use of management control systems (MCS) and organisational capabilities in the Greek context.Design/Methodology/Approach: The study follows Henri's (2006) methodology and explores the relationships between the diagnostic and interactive uses of performance measurement systems (PMS) and the five capabilities (e.g. market orientation, organisational learning, entrepreneurship, innovativeness and market responsiveness) leading to strategic choice. Structural equation modelling represents the relationships between the variables and data collected from the survey, which was analysed as a statistical tool with AMOS. Findings: Results revealed that diagnostic use of PMS negatively influence only the organisational learning, while the interactive use positively interacts with most of the capabilities. Research limitations/implications: This study can be further extended by incorporating more factors in the proposed model, such as environmental uncertainty, size and organisational culture, and examine their possible effect on the relationship between PMS uses, organisational capabilities and performance. Originality/Value: There is no similar empirical research in the context of Greece.

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Transitions Online_Around the Bloc-We Stopped Second Cyber-Attack, Ukraine Says

Author(s): TOL TOL / Language(s): English Issue: 07/11/2017

Businesses, government agencies still in recovery after last week’s malware blitzkrieg.

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Accounting and Controlling Business Management System

Author(s): David Mareš / Language(s): English Issue: 2/2016

The author examines an efficient accounting and management system that gives a true picture of an economic reality with a direct link to the consumer to achieve maximum effectiveness of financial planning and the business as a whole. By this, the accounting information system and its role across the entire business is defined and linked to other subsystems of the business information system at the same time. On the basis of inputs and outputs from information accounting system, the author makes conclusions with regard to linking the accounting information system to preferences and social status of the customer, both using Customer Relationship Management or through his consumption expenditures in relation to his consumption needs pyramid and preferences. The paper expands the scientific knowledge in broader context, as it does not examine the given factors of business success separately, but rather in its entirety forming a direct link consumer – accounting information system – controlling – financial plan – performance of individual departments – business performance.

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Charakterystyka przedsiębiorców a kształtowanie ładu korporacyjnego w inwestycjach venture capital w Polsce

Author(s): Rafał Morawczyński / Language(s): Polish Issue: 103/2017

The aim of the article is to analyze influence of characteristics of entrepreneurs on venture capitalists’ decisions regarding governance structures created in their portfolio companies. Theoretical part discusses: meaning of financial capital and entrepreneurial capital, features of venture capital investments, influence of founders on development of their companies, main features of governance systems created by funds in their portfolio firms. Special attention is paid to the contract agreed between VC funds and entrepreneurs in light of the agency theory. The empirical part presents results of the research carried out in 25 Polish venture capital funds in 2015. The evidences prove that the high quality entrepreneurs are able to decrease level of restrictiveness of contract clauses used by the venture capitalists. But it is true mainly for clauses that do not pose threats to safety of their investments. Another evidence proves that such outstanding characteristics of the entrepreneurs are vital but standard policy of VCs together with market features of an investment opportunity may be even more important.

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Ocena wyników finansowych firm rodzinnych w kontekście zaangażowania właścicieli w proces zarządzania

Author(s): Błażej Socha,Aleksandra Majda / Language(s): Polish Issue: 103/2017

The main purpose of this article is to verify the impact of corporate governance model on the financial performance of small family businesses in Poland. Implementation of the aim was held on the basis of empirical analysis of financial results over 24,000 small family businesses from the period 2008–2013. Basic descriptive statistics and the one-way analysis of variance with post-hoc tests were used. The results may suggest that involvement of the owner of the family business and external manager in the governance structure yields positive results in terms of achieved by those entities operating margin, net profit margin and return on equity and assets. These results may be an indication for the owners of family businesses in shaping the governance model.

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Zmiany struktury pracujących w Polsce w kontekście budowy gospodarki innowacyjnej

Author(s): Edyta Żmurkow-Poteralska / Language(s): Polish Issue: 103/2017

The aim of the article is an evaluation of trend of changes in the structure of employment in Poland in terms of their compliance with structural changes characteristic of the process of building an innovative economy. This paper attempts to answer the following questions: whether the structure of employment in Poland transforms? Are there any changes indicating its adjustment to the needs of an innovative economy? The study covers detailed analysis of changes in the employment structure across economic activities with special emphasis on high-tech industry and knowledge-intensive services, and across occupations and qualifications and levels and fields of education. In addition, the perspective of future changes in employment structure across sectors and occupational groups by 2022 is presented. Also changes in the Occupations and Specialties Classification, which indicates transformation of Polish labor market, have been analysed. Moreover, the paper contains a reference to the government policy in differe t areas, which could have a potential impact on adjusting the employment structure to the needs of an innovative economy.

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Probabilistyczne metody podziału zbioru dóbr niepodzielnych

Author(s): Marek Bożykowski / Language(s): Polish Issue: 26/2016

In fair distribution of a set of indivisible goods it is problematic to provide basic equality if the goods differ in value. One of the most popular solutions to the problems are lotteries. The paper presents seven selected probabilistic procedures: random distribution, lexicographic procedure of equal chances of satisfaction, random serial dictatorship, core from random endowments, probabilistic serial, top trading cycles from equal division and random priority with infi nite k factor. Some of these procedures always lead to the same result as some other procedure, therefore these procedures are equivalent. The formal features of the procedures are also analysed in the paper: ordinal efficiency, ex post efficiency, and both strong and week version of: envy-freeness, proportionality, equitability, and individual strategy-proofness.

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