Numer 1/2022

Od redaktora naukowego

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

Zapraszamy do lektury!

Issue content

Problems Related to the Capital Assets Pricing Model on the Warsaw Stock Exchange: Applications of the 5-Factor Fama and French Model (11 pages)
Author: Michał Gnap
Keywords: Fama-French factors, asset pricing, Warsaw Stock Exchange
PP. 4 - 14
DOI: 10.7172/1733-9758.2022.36.1
This paper represents an attempt at empirically assessing the applicability of the Fama and French five-factor model in explaining the cross-sectional variation of stock return for the Polish market. Consistent with Fama and French results, this research shows that value, profitability and investment risk factors play an important role in assessing the expected return of an asset. Many researchers have since sought to identify alternative asset pricing models that could serve as the benchmark empirical asset-pricing model. It is hoped that the analysis conducted in this paper tests whether the revised five-factor model that incorporates the profitability and investment factors can address some of the issues of the three-factor model and could be incorporated in explaining the cross-section of stock returns for Poland.
The Importance of Capital Requirements in the Banking Sector (14 pages)
Author: Ilona Sobień
Keywords: banking risk, bank profitability, capital requirements, Basel III
PP. 15 - 28
DOI: 10.7172/1733-9758.2022.36.2
The paper attempts to present the significance of capital requirements in the Polish banking sector, through the analysis of literature, financial reports and financial data in relation to bank risk. Based on the literature review, we can conclude that the main purpose of capital requirements is to improve the quality of banks’ loan portfolios and to prevent their failure, which reduces systemic risk. However, adequate recapitalization of banks is not the solution to the problem, attention should also be paid to the proper management of bank risk. Supervision of the banking sector, including monitoring of bank risk levels, is supported by the introduction of new macroprudential regulations to improve and maintain the stability of the financial system. However, it is worth noting that overly restrictive regulatory requirements may put too much of a cost burden on banks, so it is important to strike a balance in introducing new regulatory rules. Financial data in relation to capital requirements show how important credit risk is in banking activities, so it is important for banks to maintain the quality of their loan portfolios, which is reflected in the costs incurred in the future.
Impact of Infrastructural Investments on the Development of the Railway Sector in the European Union Countries (14 pages)
Author: Krzysztof Jaworski
Keywords: railway, infrastructural investments, efficiency, public investments
PP. 29 - 42
DOI: 10.7172/1733-9758.2022.36.3
Identification of railway transport as a key element of sustainable and effective transport showcases the necessity of strengthening the role it plays, both on the EU policy level as well as in the EU Member States. The consequence of such a policy is strong financial support allocated to the railway sector, e.g. in the form of infrastructural investments. This leads to questions on the efficiency of such support and its influence on the railway sector. In this respect, the analysis of the public support impact on railway transport in relation to variables describing the condition of this sector has been conducted. The analysis was focused on the evaluation of the impact of railway infrastructure investments. The results indicate significant differences in the effects among particular countries, illustrating the heterogeneous impact of an independent variable on measures concerning transport performance in passenger and freight services (passenger-kilometre and tonne-kilometre). Countries with higher support for infrastructure investments, in general, achieve better results in respect to the above-mentioned measures. Nevertheless, the strength of this impact is highly differential, which indicates the necessity of increasing the efficiency of infrastructural investments in the railway sector in particular countries.
The Use of Green Bonds and Green Covered Bonds in the Realization of the Principles of the European Green Deal (11 pages)
Author: Joanna Muczyńska
Keywords: European Green Deal, green bonds, green covered bonds, green investment funds, ESG (Environment, Social and Corporate Governance)
PP. 43 - 53
DOI: 10.7172/1733-9758.2022.36.4
The main aim of the article is to present the prospect of usage of green bonds and green covered bonds as the implementation tools for the principles of the European Green Deal. The material is based on the analysis of the sources of current Polish and European legal and financial public information acts, as well as the case study on the issuance of green bonds and green covered bonds. The European Green Deal was presented on December 11, 2019, as an action plan for more efficient use of resources, by transitioning to a clean circular economy, preventing climate change, countering biodiversity loss and reducing pollution. Special attention was given to the necessary investments and available financial tools. The ways of ensuring a fair transformation were also explained. Achieving the goals outlined in the European Green Deal will require significant investment. It is estimated that in order to meet the currently set climate and energy targets for the period until 2030, it is necessary to increase investment outlays by an amount of EUR 260 billion per year, or around 1.5%. 2018 EU GDP. Such investment will require the mobilization of both the public and private sectors. The aim of the article is to analyze the financial instruments in terms of the possibility of associating them with the implementation of the principles of the European Green Deal. The conclusions of the article indicate that taking into account the necessity to implement the European Union strategy in the field of environmental and climate protection, the use of green bonds and green covered bonds is possible. The basis of green bonds issuance is the realization of investment projects in the field of conservancy which coincide with the European Green Deal goals. Green covered bonds are based on green mortgages intended for financing energy-efficient buildings, which is one of the European Green Deal keystones.
Factors Determining the Market Value of Football Players on the Example of Ekstraklasa (15 pages)
Author: Łukasz Leksowski
Keywords: market value, players valuation, sports results, market competition, international market
PP. 54 - 68
DOI: 10.7172/1733-9758.2022.36.5
The aim of the study is to answer the question of what factors determine the market value of players and what is their impact on the market valuation of players in Ekstraklasa clubs. Using linear regression, the parameters of the models determining the impact of individual exogenous variables on the market value of footballers in Ekstraklasa clubs were determined. The results of the analysis indicate a significant, positive relationship between the market value of players and the results of clubs in national and international competitions. The expenses on transfers of Ekstraklasa clubs turned out to be negatively correlated with the market valuation of players. Moreover, expenses on salaries and revenues turned out to be positively correlated with the market value of the players in Ekstraklasa clubs. An important factor that has a significant impact on the value of players is also their age. The most valuable players are players with experience at the highest level of competition, who at the same time have many years of professional football career ahead of them. In order to correctly assess the market value of footballers, many factors that could potentially affect their valuation should be taken into account. The business model used by Ekstraklasa clubs is significantly different from those of the leading European leagues, especially those belonging to the top league. The most effective way to find a player with high market value is to invest in the development of young, talented Polish players with high sales potential. The article is an extension of the research on the factors determining the market value of footballers, taking into account many variables that have not been fully verified so far. The study also distinguishes the time span, covering 15 seasons of the Ekstraklasa. A comprehensive approach allows for identifying the main trends in shaping the Polish football market.
Fiscal Crimes Related to Tax Avoidance (12 pages)
Author: Karol Szymon Orzeszak
Keywords: criminal fiscal law, doing business under another’s company, tax fraud
PP. 69 - 80
DOI: 10.7172/1733-9758.2022.36.6
Fiscal crimes (tax crimes) penalized in the Fiscal Penal Code constitute a specific area of criminal law, as they lie at the junction between criminal law and tax law. Criminal fiscal law plays a key role in protecting the tax interest of a public-law entity, and more broadly, the financial interest of the state. The article comments on the crimes of tax evasion and fraud,doing business under another’s company and presents statistical data on them.
Image Crisis of an Entire Industry – Case Study of the Polish Escape Room Market (20 pages)
Author: Oliwia Dusińska
Keywords: crisis management, image crisis, media crisis, analysis of media messages, escape rooms
PP. 81 - 100
DOI: 10.7172/1733-9758.2022.36.7
In January 2019, a fire broke out in one of the escape rooms in Koszalin, Poland. That tragic event caused an image crisis for the entire industry. This article is an analysis of the crisis, its course, the parties involved in the conflict and the actions they implemented. The results of the keyword research of press publications show that there has been a significant deterioration in the image of the industry and the way it was presented in the media. Escape rooms – previously equated with great fun – suddenly became symbols of death, danger and putting profit above safety. The image rebuilding phase continues. It should also be followed by the phase of drawing conclusions for the future – both among escape rooms and other developing but comparatively fragmented sectors.
The Culture of Diversity and Creativity or the Monotony of Processes and the Culture of Servitude? The Analysis of the Characteristic Features of the Organizational Culture of the Shared Service Centers of Transnational Corporations (13 pages)
Author: Maria Niewierko
Keywords: organizational culture, manifestations of the organizational culture, Shared Service Centers (SSCs), headquarters (parent company)
PP. 101 - 113
DOI: 10.7172/1733-9758.2022.36.8
Poland is the European center of specialized, outsourced competences and services, an example of which is the growing number of Shared Service Center (SSC) of transnational corporations in Poland. One of the factors that influence the quality and nature of the work in SSCs is their organizational culture. The objective of the article is to get to know the characteristic features and manifestations of SSC organizational culture, which is crucial to understanding the specificity of the work in SSCs. The article is theoretical and practical. Due to the multifaceted and definitional complexity of the organizational culture, the theory in the theoretical part was organized in such a way that four areas of its analysis were defined. In the practical part, the analysis of the characteristic features and manifestations of the organizational culture of Shared Service Centers, as well as its relationship with the parent company (headquarters), was carried out on the basis of the conducted empirical research.