Numer 1/2023

Od redaktora naukowego

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

Issue content

Pro-Environmental Activities and Financial Indicators of an Organization (14 pages)
Author: Krzysztof Rudziński
Keywords: pro-environmental activities, communication, non-financial information, ROA
PP. 4 - 17
DOI: 10.7172/1733-9758.2023.38.1
Purpose: The article aims to determine the relationship between the scope of reporting proenvironmental initiatives and the financial results of an organization. Design/methodology/approach: The article uses the method of text analysis of non-financial reports of organizations operating in the food industry sector listed on the Warsaw Stock Exchange. Thirteen criteria related to pro-environmental activities were indicated according to which the analysis was conducted. In terms of these criteria, the surveyed organizations were divided into two groups: group 1 – from 7 to 13 criteria and, group 2 – fewer than 7 criteria were reported. They were a measure of the communication scope of pro-environmental activities. Two most popular financial indicators were adopted: return on assets (ROA) and return on equity (ROE). Findings: An analysis was carried out using statistical methods to verify the hypotheses. The data statistical analysis did not allow for confirmation of the assumed research hypotheses about the positive impact of the reporting activities’ scope on both ROA and ROE. The surveyed organizations were divided into two groups, and their differences were analyzed for significance. No statistically significant disparities were found. Research limitations/implications: In the conducted research, some limitations were also identified, i.e. a small research sample or the lack of an obligatory form of reporting. Originality/value: The article examines how the scope of reporting pro-environmental activities affects the financial results of an organization. There is a discrepancy in the literature regarding these relationships; therefore, it is necessary to conduct further research in this area.
Transmission Mechanisms of the European Union Climate Policy to the Polish Energy Policy (12 pages)
Author: Rafał Matusik
Keywords: energy policy, climate neutrality, coal energy, European Union law
PP. 18 - 29
DOI: 10.7172/1733-9758.2023.38.2
Purpose: The aim of the article is to identify and describe the relationship between climate policy of the European Union and energy policy of Poland. Design/methodology/approach: The main research problem is to understand the mechanisms of policy transmission from the European Union level to Poland and to evaluate these transmission mechanisms from the point of view of energy policy coherence. The article rests upon the results of qualitative research based mainly on official documents and the law. Findings: The article is a synthetic presentation of the policy transmission mechanisms. It points out methodological problems in the fundamental policy assumptions. Research limitations/implications: The study is limited by the potential bias of some lobbying sources, as well as the fact that energy policy development is a process. Programs are constantly being developed, which in turn means that some assumptions may be modified due to changing circumstances. Originality/value: The originality and value of the article manifests itself in a context-free diagnosis of the goals, effects and methods of implementing the tasks adopted in the climate and energy policies of the European Union and Poland.
Tax and Balance Sheet Valuation of Sale and Leaseback in the Books of Lessee. Case Study (9 pages)
Author: Piotr Kica
Keywords: leasing, sale and leaseback, operating lease, finance lease, deferred tax
PP. 30 - 38
DOI: 10.7172/1733-9758.2023.38.3
Purpose: The aim of this academic article is to analyze and evaluate the tax and balance sheet valuation of sale-and-leaseback agreements for lessees, based on a case study. Sale and leaseback, being one of the financing methods, allows companies to increase their financial liquidity and optimize asset management. The subject of the study is the impact of this method on the tax situation and balance sheet of the company. Design/methodology/approach: In the article, a detailed description of sale-and-leaseback agreements, their advantages, and legal and economic consequences is presented. The research is based on a case study of a real company that decided to implement a sale-and-leaseback agreement in order to improve its financial situation. Findings: As a result of the research, the author identifies key aspects related to the tax and balance sheet valuation of sale-and-leaseback agreements and presents practical recommendations for entrepreneurs. Through the analysis, the author demonstrates that sale and leaseback has an impact on the financial performance of a company as well as its tax burden. It is also shown that proper preparation and implementation of a lease agreement can lead to favorable tax and balance sheet effects, which translates into increased competitiveness of the company in the market. Moreover, the study results indicate the need to consider the specifics of sale and leaseback when developing a company’s financial strategy and maintaining accounting records. Research limitations/implications: The results are based on the analysis of a single company, which may limit their overall representativeness. As a result, the conclusions may not be fully transferable to other organizations, especially those with different structures, sizes, or industries. Originality/value: The value of the study lies in combining theoretical knowledge with economic practice, which translates into useful recommendations for entrepreneurs and financial advisors. The obtained results allow for a better understanding of sale and leaseback as a financial tool and its impact on the competitiveness of companies. Moreover, the study highlights the importance of proper preparation and implementation of lease agreements and points to possibilities for optimizing tax and balance sheet management in the context of sale and leaseback. The article makes an original contribution to the literature by exploring the practical implications of sale and leaseback for lessees and developing an understanding of the associated tax and balance sheet consequences, serving as a valuable reference point for future research in this area.
Competencies of Employees of the Polish Financial Sector – Identification, Evolution, Meaning and Future (13 pages)
Author: Magdalena Laskowicz
Keywords: soft skills, financial sector, development of competencies, hard skills, accounting
PP. 39 - 51
DOI: 10.7172/1733-9758.2023.38.4
Purpose: The purpose of this article is to present the identification and analysis of the competencies of people employed in enterprises in the financial sector in Poland. Design/methodology/approach: The methodology used in the presented paper is based on empirical research supported by literature studies. In this approach, a reactive research tech nique based on a questionnaire was applied to gather opinions in terms of the importance and structure of competencies. Findings: The conducted study shows that soft skills are assessed as useful in everyday work in financial departments in Poland; however, the respondents assessed soft skills as less important in relation to hard skills. Research limitations/implications: The research was conducted among a small group of specialists who declared their professional activity in two Polish voivodeships (Lesser Poland and Masovian). It is worth indicating that the importance of the type of competency may vary depending on the analyzed sector – in this research only the financial sector was surveyed. The research results presented in the article may be an indication for further in-depth research on a larger scale. Originality/value: A major benefit of the conducted research is the developed hierarchy list of top competencies for the financial sector in Poland. Additionally, the conducted research reveals a new research perspective targeted to the competencies of the future in the analyzed financial sector in Poland.
Financial Standing of Penny Companies Listed on the Warsaw Stock Exchange (WSE) (12 pages)
Author: Magdalena Lesiak
Keywords: economic and financial analysis, financial standing, statistical measures, Warsaw Stock Exchange, penny companies
PP. 52 - 63
DOI: 10.7172/1733-9758.2023.38.5
Purpose: The main aim of the article is to assess the financial standing of penny companies listed on the Warsaw Stock Exchange. Design/methodology/approach: To determine the financial condition of the analyzed entities, the evaluation system was used in two analytical dimensions, i.e. economic and financial analysis in the area of operational efficiency, debt, financial liquidity and profitability, as well as statistical measures to assess the diversity of individual indicators. Findings: The results of the analysis showed that penny companies, to a large extent, were not characterized by a high degree of indebtedness, low financial liquidity or a lack of profits, which characterizes entities threatened with bankruptcy. Research limitations/implications: The result of the analysis carried out entitles us to conclude that penny companies are not entities that can be categorically classified as entities threatened with bankruptcy. Originality/value: The article is a study on the results of research in the area of the financial condition of penny companies listed on the Warsaw Stock Exchange.
The Impact of the Outbreak of Russia-Ukraine War on Commodity, Stock and Cryptocurrency Markets (12 pages)
Author: Jacek Karasiński, Jan Zadrożny
Keywords: event study, global crisis, Russia-Ukraine war, Russian invasion of Ukraine 2022
PP. 64 - 75
DOI: 10.7172/1733-9758.2023.38.6
Purpose: This paper analyzes the impact of the Russian invasion of Ukraine in February 2022 on returns of three groups of assets, i.e., commodities, stocks, and cryptocurrencies. Methodology: The study was conducted using the event study method which allows for quantifying the reaction of market participants to releases of various types of information. Findings: The cumulative abnormal returns (CARs) suggest a mostly positive effect of the conflict outbreak on returns of several commodities, especially precious metals. The obtained results suggest that in times of global crises, investors may consider precious metals as a safe haven. The study also indicates that on the event day the examined stock markets reacted negatively to information about the war, but to varying degrees. The Russian aggression against Ukraine did not affect the cryptocurrency markets in a statistically significant manner. Research limitations: The future studies related to the issue of the impact of Russian aggression against Ukraine on different markets may utilize larger research samples. They also may look for some factors affecting the reaction of markets to information related to the Russian military aggression, like the size of markets, trading volume, or geographical proximity, and economic dependence in the case of equity markets. Value: The study may provide some practical implications for both investors and regulators, especially in relation to the expected behavior of the markets and their informational efficiency in times of global crisis.
Two Approaches to Organizational Conflict Management (9 pages)
Author: Andrzej W. Kozina
Keywords: organizational conflicts, managing organizational conflicts, classical approach to organizational conflict management, turquoise approach to organizational conflict
PP. 76 - 84
DOI: 10.7172/1733-9758.2023.38.7
Purpose: On the one hand, to characterize two approaches to managing organizational conflicts, i.e. classical and turquoise ones, and to compare their features, and on the other – their initial empirical verification, i.e. to analyze their application in a large local government administration office. Design/methodology/approach: The theoretical characteristics of both considered approaches were developed based on a comparative analysis of the literature on the subject. The basic tools of the empirical research were two questionnaires addressed to managers employed in the considered office, necessary to identify their approaches to managing organizational conflicts. Findings: As a result, a comparative analysis of both considered approaches to conflicts, i.e. traditional and turquoise ones, was made and the extent to which they are used in the analyzed office was assessed. Research limitations/implications: Narrow scope of empirical research. Originality/value: It may be expected that the author’s original analysis will contribute to a comprehensive explanation of the features of both approaches as well as to a remarkable improvement of the conflict management processes in practice.
False Respondents in Web Surveys (11 pages)
Author: Marta Kabut
Keywords: online survey, false respondents, survey research
PP. 85 - 95
DOI: 10.7172/1733-9758.2023.38.8
Purpose: The aim of the conducted analyses was to propose and test an FR procedure for detecting false respondents (who answer survey questions mindlessly) in online surveys. Design/methodology/approach: Statistical analyses of data from 9 online surveys with a total of 4224 respondents, and 3 offline surveys (a total of 3169 respondents), aimed to identify false respondents using 4 warning signs (WS) based on: (WS1) too short answering time, (WS2) attention check questions, (WS3) rating style that considers, among others, the number of “Don’t know”, (WS4) logical consistency test of the answers and self-reported engagement of respondents. Findings: The percentage of respondents flagged by any of 4 signs (strict criteria) ranged from 5.2% to 71% depending on the survey. With lenient criteria (allowing respondents to be flagged by one warning sign), the percentage of excluded respondents ranged from 0% to 45.9%. Respondents could be excluded from analyses locally (for a specific block of items) or globally. Research limitations/implications: The surveys used in the analyses in this paper were of high quality (designed to minimize the participation of false respondents), which means that the percentages of false respondents for surveys made available to all interested parties will be higher. The analyzed data included respondents with at least secondary education. Originality/value: The conducted analyses provide evidence for the necessity of cleaning data obtained in online surveys. The tested FR procedure proved to be useful. The utility of the FLEXMIX procedure for examining the logical consistency of respondents’ answers was also demonstrated.
Interval Working Style as a Predictor of Professional Achievement (17 pages)
Author: Mariola Majchrak
Keywords: working style assessment, interval working style, achievement motivation, academic performance
PP. 96 - 112
DOI: 10.7172/1733-9758.2023.38.9
Purpose: The conducted analysis aimed to examine the relationship between compartmental work style and professional achievements (at university and work). The role of achievement motivation was also tested. Methodology: Study 1 involved 188 students from the Faculty of Management. Study 2 involved 609 employees – respondents of the Nationwide Research Panel. In both CAWI surveys, the Activity Styles Survey (SSA) was used, which allows for the measurement of both the compartmental activity style (PSA) and achievement motivation. To assess student achievements, (1) points obtained from one subject (5 knowledge quizzes + presentation grade) and (2) the average grades over two years of study were used. Results: In the student study (N = 188), the compartmental style was a significant predictor of both the average grades from the period of two years and the points for the subject. In comparison to point students, interval students had better grades and obtained more points. In the employee study (N = 609), the compartmental style was not a significant predictor of professional achievements. Achievement motivation was a significant predictor in both studies. Limitations/Implications: The study only examined students from one field of study. In the future, it would be worth checking whether the observed relationship “better results for point scorers” will not be stronger in fields such as pharmaceutical studies and change direction in artistic studies to “better results for interval scorers”. In the employee study, the profession they were performing was not known. It can be assumed that the lack of matching of interval style to the specifics of the profession performed (e.g., interval accountant) will affect lower professional achievements. Originality/Value: These are the first studies in which the relationship between interval style and grades in studies was analysed. For the first time, the relationship between interval style and professional achievements of such a large group of employees was analysed.