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EN
Appraising projects with intergenerational effects is a complex task, incorporating the issue of bringing future impacts to present value. This is usually achieved by applying the discount factor. However, the choice of discount rate to intergenerational context faces multiple technical and moral problems. The paper analyses a theoretical rationale behind the concept of intergenerational discount rate and preliminary assessment of intergenerational discount rate level in Poland based on survey done in 2012 among Finance & Insurance Faculty students at University of Economics in Katowice showing the decline in the value of discount rates with time.
PL
Celem artykułu jest analiza postrzegania perspektywy międzypokoleniowej w małych przedsiębiorstwach w odniesieniu do decyzji ekonomicznych oraz subiektywnego stosunku właścicieli. Przedstawione zostały wybrane rezultaty ankiety przeprowadzonej wśród śląskich małych przedsiębiorstw, co pozwoliło na określenie perspektywy międzypokoleniowej oraz motywu dziedziczenia jako dość istotnych w opinii właścicieli małych przedsiębiorstw. Ponadto zauważyć należy, że właściciele postrzegają długą perspektywę jako czynnik pozytywnie wpływający na wartość ich przedsiębiorstwa.
EN
The paper aims at identification of motives of implementing intergenerational investment projects by owners of family businesses and the consequences of embracing intergenerational perspective for business and investments valuation. Of special interest are the issues of including emotional valuation along with financial valuation of the company itself and its investments.
EN
The readiness to sacrifice profit while making socially responsible investments among millennials, as future investors and managers, was examined. Specifically, a multi-level perspective on willingness to pay for socially responsible investment was assumed to understand how nationality, personal values and investment knowledge affect millennials’ readiness to sacrifice profit to achieve sustainability goals. Using survey data of 521 business students from Italy, Poland and Ukraine, it is showed that a considerable share of millennials prefer social and environmental performance of investment over financial return and that their nationality is the most powerful factor in explaining willingness to pay for socially responsible investment along with their sensitivity to environmental issues that takes the leading role among all personal values motivating investors to accept lower rates of return. The results can be relevant for financial institutions aiming at developing socially responsible investment products. Policy implications of the results are insights into nationality-related tensions while Europe-wide regulation of socially responsible investment could enter into force.
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