Numer 1/2021

Od redaktora naukowego

Z przyjemnością oddajemy w Państwa ręce kolejny numer pisma naukowego „Studia i Materiały”.

Zapraszamy do lektury!

Issue content

Strategie cenowe – analiza porównawcza nieeksportujących przedsiębiorstw i intensywnych eksporterów na przykładzie polskich MŚP (13 pages)
Author: Adam Oleksiuk
Keywords: pricing policy, pricing strategies, Polish SMEs, non-exporting enterprises, intense exporters
PP. 5 - 17
DOI: 10.7172/1733-9758.2021.34.1
The research aim of the paper is to verify the differences with regard to the pricing strategies being implemented among non-exporting enterprises and intense exporters based on the example of Polish SMEs. The study presented was conducted between May – June 2019 on a representative sample of Polish SMEs created after 2004: non-exporters and exp orters with a min. 25% share of exports in the total sales. The research method applied is computer assisted web interviewing (CAWI) and computer assisted telephone interviewing (CATI). The total count of the sample is 240 businesses, randomly selected from a database which contains 2969 Polish companies. The study emphasizes that between exporting companies and non-exporting companies, there are differences in the pricing strategy application. Exporting enterprises more frequently have a differentiated pricing policy. No significant connection between the pricing strategy and the quality strategy was observed, both among non-exporting enterprises and intense exporters.
A behavioural perspective on the consumer decision-making process in the electricity market (10 pages)
Author: Aleksandra Aziewicz
Keywords: consumer behaviour, electricity market, behavioural economics
PP. 18 - 27
DOI: 10.7172/1733-9758.2021.34.2
The aim of the paper is to (1) verify the validity of choosing behavioural economics to analyse irrational consumer behaviour in the electricity market and (2) considering the occurrence of cognitive biases, proposing actions influencing consumer behavior to achieve the desired effects. The reason for taking up this subject is the conviction that the neoclassical economic models cannot fully explain the phenomena observed in the electricity market. Those models assume that the process of making individual decisions in the market is fully rational. Meanwhile, observations and analyses of literature and research point to deviations from rationality in consumer behaviour in the electricity market. The paper will describe consumer behaviour in the electricity market and, if possible, characterise the observed deviations from rationality from the point of view of behavioural economics.
Impact of the limit introduction for B2B cash transactions on the value of cash circulation in Poland in 2017 (16 pages)
Author: Arkadiusz Manikowski
Keywords: banknotes, demand for cash, cash payments, payment limit, informal economy
PP. 28 - 43
DOI: 10.7172/1733-9758.2021.34.3
The study analyses the impact of the introduction of 15,000 zloty limit for a B2B cash transaction for the value of cash in circulation in Poland in 2017. For this purpose, the econometric ARDL model of the demand for money was used. The obtained results prove that the introduction of limits caused an increase in cash circulation in 2017 by 2.16 pp. less in relation to a situation without such limits. This change is significant at the level of above 0.05. However, in the second year of the implementation of the limit, i.e. in 2018, no effect on the demand for cash was observed.
Discriminatory models as a tool for bankruptcy risk assessment industrial capital groups – the chemical sector (17 pages)
Author: Eryk Bobowski
Keywords: discriminant analysis, ratio analysis, bankruptcy models, capital groups, bankruptcy
PP. 44 - 60
DOI: 10.7172/1733-9758.2021.34.4
The article presents research on the use of discriminatory models in the assessment of the risk of bankruptcy of industrial capital groups operating in the Polish chemical sector. The research work was focused on examining the efficiency and effectiveness of the use of analytical models in forecasting bankruptcies of multi-entity organizations by tally and comparing the results calculated for the capital group and the parent company. The analysis uses models for assessing and forecasting the economic and financial condition of enterprises by Polish scientists, which are dedicated to domestic companies operating in the Polish economic realities. Research works on their development were carried out in the main research and development centers of universities.
Impact of applying the idea of social responsibility on financial results – assessment of statistical significance on the example of enterprises operating in Poland (14 pages)
Author: Beata Mirowska
Keywords: CSR, CFP, social interest, financial results
PP. 61 - 74
DOI: 10.7172/1733-9758.2021.34.5
Currently, the ideas of social responsibility are widely used in business management, and became important criteria of their assessment, at the same time there is a cognitive gap in area of the impact of CSR on the financial results of companies. The purpose of this article is to try to answer the following questions: is the pursuit of companies’ policies focused on corporate social responsibility CSR (Corporate Social Responsibility) influences the financial results CFP (Corporate Financial Performance)? Attempting realization of taken assumption, the following hypothesis is taken, there is a statistically significant relationship between the use of CSR and financial results of enterprises. In the article special attention is given to the impact of CSR on the net result, return on assets and return on sales, because those are the basic indicators identifying the company’s financial condition. The results of the study indicate opublikowathat statistically CSR does not have a significant impact on the value of the financial result, as well as on return on assets and return on sales.
Advertising of dietary supplements and advertising of drugs – similarieties and differences (8 pages)
Author: Joanna Chlebiej
Keywords: pharmaceutical law, pharmaceutical advertising, parapharmaceutics, medicine, dietary supplements
PP. 75 - 82
DOI: 10.7172/1733-9758.2021.34.6
Dietary supplements, medical devices and other parapharmaceutical products, due to the form of their distribution, places of sale and the method of their promotion, may be perceived by patients as drugs. The article will define the basic concepts and selected scientific issues related to the promotion of dietary supplements and drugs. The differences between the definitions of individual, important concepts related to the promotion of dietary supplements and drugs in the literature and legal regulations will also be illustrated. The aim of the article will be to identify the differences and similarities in the legal possibilities of promoting drugs and dietary supplements, which may affect the perception of drugs and dietary supplements by consumers. The similarities and differences will be determined on the basis of an analysis of legal regulations and a review of the literature on the promotion of drugs and dietary supplements. Differences and similarities in the context of promotion and perception of drugs and dietary supplements may be important in a social context. The effects of this promotion may have
Before a teenager starts to change the world. Adolescent entrepreneurship: a systematic literature review (19 pages)
Author: Grzegorz Simborowski
Keywords: adolescent entrepreneurship, youth entrepreneurship, entrepreneurial intentions, entrepreneurial education
PP. 83 - 101
DOI: 10.7172/1733-9758.2021.34.7
Adolescence is a period of heightened search for one’s identity and formation of one’s psychosocial self. Is this significantly different from entrepreneurial experimentation and identification of market opportunities? The main goal of this systematic literature review was to discover the existing body of knowledge about adolescent entrepreneurship, to identify a potential research gap, and to identify existing trends. The result indicates that in the eyes of most researchers, entrepreneurship has nothing in common with the joyful process of creating something new without looking at the resources available. They try to convince us that adolescents need to be prepared for entrepreneurship – properly nurtured, shaped and educated.
Platformization in the digital economy – new challenges for regulation (17 pages)
Author: Włodzimierz Szpringer
Keywords: digital platform, digital services, digital finance, technology management,, datafication, regulation
PP. 102 - 118
DOI: 10.7172/1733-9758.2021.34.8
The aim of the article is to examine the changing role of regulation in a digital economy based on data. Inspiration of the study is based on the latest concepts of regulating digital platforms (BigTech), literature in the field of law and economics, systemic analysis of law, practice and compliance, regulatory innovations. The law should be technologically neutral. The problem consists in emphasizing the regulation of services, taking into account the legal context of innovation: competition protection, prevention of misuse of market power, e.g. in the case of digital platforms operating on two- (multi-)sided markets. However, the rights, often adopted in an analogue era, must also keep up with technology. It is a novelty to emphasize the problem of supporting the law by code or transforming the law into code, supervision over the implementation of algorithms based on artificial intelligence, as well as redefine the role of law as a technology management instrument.
Plant protection inspection management in a turbulent world – from stringent control to flexible supervision? (15 pages)
Author: Michał Kołtuniak
Keywords: international trade, phytosanitary certificate, plant protection, agricultural commodities, procedures
PP. 119 - 133
DOI: 10.7172/1733-9758.2021.34.9
The research issues presented in the article focuses on the State Plant Health and Seed Inspection Service and its tasks. Its role of phytosanitary inspection is particularly emphasized. This institution is responsible for the control of plant products that are moving across borders and the issuing of phytosanitary certificates. In the deliberations, an attempt is made to verify the thesis that with the current material resources, the method of financing this institution and its complex organizational structure, it will be important to take actions aimed at increasing the effectiveness of its operation. In the context of the export of agricultural products, this can be done by simplifying the procedures for issuing phytosanitary certificates. Global forecasts speak of the growing role of trade in plant products, but also of the difficulties that may be imposed on it. Poland is a significant exporter of such products. To maintain this status, good cooperation between PIORiN – farmers, agricultural producers and exporters is essential. It may require the development of common procedures, the fulfillment of which by manufacturers would pay off with a simplified certification procedure, and PIORIN would allow focusing efforts on other tasks required by the regulations.
Insurance Segment of Advanced Emerging Markets (16 pages)
Author: Tadeusz Winkler-Drews
Keywords: capital market, insurance.
PP. 134 - 149
DOI: 10.7172/1733-9758.2021.34.10
The present article analyses the evolution between 2000 and 2017 of the insurance segment of markets classified by FTSE Russell as Advanced Emerging. The considerations were carried out in two categories: the ratio of premium to GDP and the ratio of premium capitalization to the value of bank deposits.
Ekonomia i porządek ekonomiczny społeczeństw (11 pages)
Author: Zbigniew Hockuba
Keywords: systems of economic thinking, theory of choice, concept of economic order, systemic change, institutional scaffolds, moral order
PP. 150 - 160
DOI: 10.7172/1733-9758.2021.34.11
Departing from the distinction proposed by J. Buchanan between thinking in economics in terms of the theory of choice and analysis in categories of exchange and coordination, we claim that the Hayekian concept of economic order has a significant heuristic potential and can be fruitfully used to explain some important socio-economic phenomena. The goal of this paper is to confirm this claim through the application of the concept of economic order in the analysis of economic transformation and the discussion of the relation between economic order and moral norms. The paper is organised as follows. Section I contains introductory remarks. In section II, the two systems of economic thinking and reasoning: the theory of choice and analysis in categories of exchange and coordination are briefly presented. Section III contains a discussion of the concept of economic order, its origin, relation to the Freiburg School notion Ordo, and J. Buchanan’s perspective on the market and exchange. In section IV, two areas of the application of the concept of economic order are presented: a) systemic transformation as a change in formal and informal institutions, their subjective representation by economic agents and the complex economic order, b) a relation between economic order and moral norms. Conclusions are drawn in section V.
Public administration as a learning organization – a survey of PIORiN service users (14 pages)
Author: Paweł Kłobukowski, Kalina Kłobukowska
Keywords: public administration, learning organization
PP. 161 - 174
DOI: 10.7172/1733-9758.2021.34.12
The purpose of this paper is to present the results of a survey of PIORiN service recipients in the context of a learning organization. Respondents identified categories related to staff subject matter expertise as strengths of the inspection. As possible areas of research they indicated a possible too slow pace of work. Further research is indicated to examine the impact of stereotypes affecting customer perceptions of officials. The study is the first comprehensive survey of PIORiN based on a nationwide sample.
Financial instruments and investment strategies based on volatility – proprietary strategies and market-neutral financial products (5 pages)
Author: Iwona Sroka, Kamil Seliga
Keywords: volatility, volatility exposure, derivatives, investment strategies, option pricing, investment portfolio
PP. 175 - 179
DOI: 10.7172/1733-9758.2021.34.13
The paper presents a comprehensive introduction to volatility trading, from explaining the definition of volatility, through simple strategies for getting exposure to volatility, to advanced ETN products constructed from derivatives on the VIX index. The theoretical part discusses the idea of volatility trading derived from the assumptions of the Black-Scholes option valuation model. The remainder of this paper presents derivatives that provide exposure to volatility along with the opportunities and pitfalls faced by investors in this market. The practical part presents the proprietary approach to creating investment strategies based on the anomalies of implied volatility of the S & P500 and model portfolios built of products from the Volatility ETP segment and the ETF for the S & P500 index, dedicated to cautious investors, which can be an alternative to mixed equity and bond portfolios.