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1
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Distinctive determinants of financial indebtedness: evidence from Slovak and Czech enterprises

100%
Valaskova K., Kliestik T., Gajdosikova D.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2021
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vol. 16
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issue 3
639-659
EN
Research background: Indebtedness indicators are used to monitor the structure of corporate financial resources. The company's share of its own and foreign resources affects the financial stability of the company. A high share of own re-sources makes the company stable, and independent. With a low share, on the contrary, the company is unstable, market fluctuations and credit uncertainty can have serious consequences. However, foreign capital is cheaper, and too high indebtedness ratios can jeopardize the existence of enterprises. Purpose of the article: In general, the economic recession worsens the capital structure of enterprises, especially their debt management. Thus, the paper aims to apply the set of 13 indebtedness ratios to a sample of 779 Slovak and Czech enterprises from the construction sector to determine key microeconomic determinants that may influence the level of indebtedness. Methods: A non-parametric one-way analysis of variance ? the Kruskal-Wallis test ? was used to determine whether the set of indebtedness ratios is the same across countries, districts, and sizes. For analyzing the specific sample pair of stochastic dominance, the pairwise comparison was realized using the Dunn'stest with Bonferonni correction. The Mann-Whitney test was used to compare the differences in the set of indebtedness ratios between two independent groups of enterprises, based on their legal form and country. Findings & value added: The level of total indebtedness ratio and the self-financing ratio depends on the region as well as on the size of the enterprise and the legal form. In the case of credit indebtedness and debt-to-cash-flow indebted-ness, their dependence on the size of the enterprise and the legal form is obvious. The importance of the region and the legal form of enterprises, vice versa, affect the level of the financial independence ratio. These outputs are relevant for au-thorities, policy makers, or financial institutions to identify financial constraints that construction enterprises face and, as a result, make a long-term contribution to theory in this field.
2
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Strategies of Investing in the Construction Sector Based on Market Anomalies Occurring at Warsaw Stock Exchange

100%
Kutryb T.
Olsztyn Economic Journal
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2014
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vol. 9
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issue 1
71-86
EN
During the last twenty years, the importance of construction sector in the economy of the country was subject to fluctuations a number of times. This is noticeable as the change in the dynamics of construction-assembly production against the background of the GDP. For this study, two objectives were assumed. The main goal was to determine the strategy of investing in the construction sector at the Warsaw Stock Exchange based on market anomalies Identification of those anomalies was the auxiliary objective of the paper. Determination of deviations from the market efficiency will give the average investor the possibility of generating abnormal rates of return atmosphere at the capital markets. In the paper, the method of literature studies, the method of comparisons and the method of studies on historical material were applied. Indicator analysis was necessary for evaluation of selected fundamental indicators. Profitability of investments was computed by applying the logarithmic rate of return. Based on the results of studies it can be concluded that higher than average rates of return may be obtained independent of the atmosphere at the capital markets and in the entire economy. Based on the analysed time anomalies, the shares of construction companies should be purchased on Wednesdays and sold on Fridays. Purchasing shares of construction companies at the beginning of the year one should sell them at the end of the first year quarter.
3
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Measuring the Relative Efficiency of Economic Sectors. Advices for Policy Makers in Poland

100%
Czarnecki P., Szarota R., Woźniak D.
Management Business Innovation
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2010
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vol. 6
4-15
EN
The main goal of the paper is to present an idea of the Data Envelopment Analysis model and its potential as a method of evaluation of economic sectors efficiency. An empirical part is concentrated on the use of the DEA model to assess efficiency of the construction industry in Poland from 1999 to 2007. The first part of the article addresses the concept of DEA (CCR model) and the next section presents data and results of the analysis. To obtain the outcomes DEA solver software was applied.
4
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General bankruptcy prediction models for the Visegrád Group. The stability over time

88%
TOMCZAK S. K.
Operations Research and Decisions
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2023
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vol. 33
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issue 4
171-187
EN
Managers of enterprises must constantly face the continual changes on the market and fight for survival in a world of high competition. Therefore, it is important to systematically monitor the company’s financial condition. This will help to identify problems and give specific time to take corrective action. Bankruptcy prediction models are usually constructed for local goals. The purpose of the article is to build not only regional but also general discriminant and logit models for the SMEs operating in the construction industry in Visegrád Group countries. A total of 32 unique models were built and verified along with the Altman model for emerging markets. The paper also contributes to the literature by assessing the stability of the constructed models over time, which the models’ authors do not usually measure. The results showed that regional models are characterized by higher accuracy than general ones. However, general models can be adapted to the analyzed Visegrád Group with an accuracy of approximately 90%. The G1 LR model can be considered the best model, as it has relatively high accuracy and over-time stability.
5
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General bankruptcy prediction models for the Visegrád Group : the stability over time

88%
Tomczak S. K.
Operations Research and Decisions
|
2023
|
vol. 33
|
issue 4
EN
Managers of enterprises must constantly face the continual changes on the market and fight for survival in a world of high competition. Therefore, it is important to systematically monitor the company’s financial condition. This will help to identify problems and give specific time to take corrective action. Bankruptcy prediction models are usually constructed for local goals. The purpose of the article is to build not only regional but also general discriminant and logit models for the SMEs operating in the construction industry in Visegrád Group countries. A total of 32 unique models were built and verified along with the Altman model for emerging markets. The paper also contributes to the literature by assessing the stability of the constructed models over time, which the models’ authors do not usually measure. The results showed that regional models are characterized by higher accuracy than general ones. However, general models can be adapted to the analyzed Visegrád Group with an accuracy of approximately 90%. The G1 LR model can be considered the best model, as it has relatively high accuracy and over-time stability.
6
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Sektor budowlany w Polsce ze szczególnym uwzględnieniem budownictwa mieszkaniowego oraz sytuacji mieszkaniowej w województwie małopolskim

75%
Płaziak M., Szymańska A. I.
Prace Komisji Geografii Przemysłu Polskiego Towarzystwa Geograficznego
|
2015
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vol. 29
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issue 2
94-112
PL
W opracowaniu dokonano analizy stanu sektora budowlanego w Polsce w ujęciu całościowym i regionalnym, ze szczególnym uwzględnieniem województwa małopolskiego. Dodatkowy akcent położono na sytuację budownictwa mieszkaniowego. Analiza budownictwa mieszkaniowego dotyczyła lat 2006–2012, obejmujących okres bezpośrednio poprzedzający światowy kryzys gospodarczy, a także jego pierwsze fazy. W artykule stwierdzono opóźnione reagowanie sektora budowlanego na kryzys. Ponadto zauważono, iż kryzys dotknął różnych działów tego sektora w różnym stopniu. Najbardziej dotkliwy okazał się dla budownictwa mieszkaniowego. Mimo to w ciągu dwóch ostatnich dekad zaobserwowano w tym dziale korzystne tendencje dotyczące wzrostu liczby i powierzchni mieszkań oddawanych do użytkowania, przy czym zaznacza się tendencja do wzmożonej dynamiki oddawanych mieszkań na terenach dotychczas najsłabiej zainwestowanych w tym zakresie, zarówno w skali regionalnej, jak i lokalnej. Jednakże Polskę nadal charakteryzuje przepełnienie mieszkań ludnością, a województwo małopolskie plasuje się pod tym względem poniżej średniej krajowej.
EN
In the article the situation of the construction sector in Poland and the Małopolska Region is analysed. Particular emphasis is put on the situation in the field of housing. A detailed analysis concerning housing in the Małopolska Region concerned the years 2006–2012, covering the period just before the global economic crisis and during the crisis. The study found delayed response to the construction industry in crisis, as well as noted the fact that the crisis touched different areas of this sector and in varying degrees. The most acute it was for housing construction. However, over the past two decades in the field of housing the favourable trend in the increase in the number and surface area of completed dwellings for the use has been observed. Also, it has been observed that there is a tendency for increased dynamics of donation in housing – so far the least invested in both regional and local scale. However, Poland is characterised by the overcrowded dwellings and the Małopolska Region ranks in this respect below the national average.
7
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Budownictwo polskie w latach światowego kryzysu gospodarczego

63%
Starzyk E., Kozik R.
Świat Nieruchomości
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2011
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issue 1(75)
40-47
EN
The article presents Polish construction industry in the period of present crisis in world economy. Dynamics of construction/ assembly production, capacity utilization of construction enterprises, intensity of construction activity, variability of prices in construction, employment in construction industry, structural changes and the general business tendency climate in construction have been taken into consideration. Statistical data describing years 2006-2009 show that the shape of Polish construction industry and its production change worse noticeably but not drastically during the last year of the considered period.
PL
W artykule przedstawiono obraz polskiego budownictwa w latach trwającego obecnie globalnego kryzysu gospodarczego. Uwzględniono dynamikę produkcji budowlano-montażowej, wykorzystanie potencjału produkcyjnego przedsiębiorstw budowlanych, intensywność ruchu budowlanego, dynamikę cen i produkcji budowlano-montażowej, dynamikę zatrudnienia i wynagrodzeń w budownictwie, zmiany w strukturze sektora budowlanego oraz ogólną koniunkturę w budownictwie polskim. Dane statystyczne opisujące lata 2006-2009 dają podstawę do stwierdzenia, że kondycja i wyniki polskiej branży budowlanej zauważalnie, choć nie drastycznie pogorszyły się w ostatnim roku analizowanego okresu.
8
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Comparative analysis of professional competencies of VET trainers in the construction sector in Poland, France and Romania

51%
Sławińska K.
Szkoła - Zawód - Praca
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2017
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issue 13
125-139
EN
The article presents the selected results of the comparative analysis of professional competence standards for the VET trainers in the construction sector, carried out within the Erasmus+ project „Certified VET trainer in the construction sector”. The aim of this study is to provide an overview of VET area in the construction sector and especially the requirements for the VET trainers in this specialisation, which until now have not been researched as such. The findings are used to identify the key issues and problems as well as areas where actions are most urgently needed to make working in this specific field of vocational education and training more attractive.
PL
W artykule przedstawiono wybrane wyniki badań porównawczych opisów standardów kompetencji zawodowych dla trenera kształcenia i szkolenia zawodowego (VET) w branży budowanej, przeprowadzonych w projekcie „Certified VET trainer in the construction sector” (CertiVET). Z analizy literatury wynika, że istnieje cały szereg inicjatyw wspierających edukację pozaformalną, które mają na celu lepszą prezentację kwalifikacji i umiejętności zawodowych, dzięki czemu kwalifikacje stają się bardziej czytelne, są łatwiejsze do zrozumienia i porównania w różnych systemach i w różnych krajach, a przede wszystkim ułatwiają mobilność na europejskim rynku pracy, promując ideę Lifelong learning (LLL) – uczenie się przez całe życie. Celem badań w projekcie CertiVET była identyfikacja i analiza porównawcza modeli standardów kwalifikacji / kompetencji zawodowych w krajach partnerskich (Francja, Polska, Rumunia) lub innych równo ważnych dokumentów powiązanych z trenerem VET w branży budowlanej, z uwzględ nieniem wymagań Europejskiej Ramy Kwalifikacji (EQF) i Krajowych Ram Kwalifikacji (NQF) dla uczenia się przez całe życie (5 poziom EQF/NQF).
9
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Projektowanie Sektorowych Ram Kwalifikacji w Polsce – na przykładzie branży budowlanej

51%
Symela K., Woźniak I.
Edukacja Ustawiczna Dorosłych
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2017
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issue 3
106-118
EN
The development of the sectoral qualifications frameworks in Poland is a part of the wider context of work on qualifications systems in the European Union member states related to, among others, the implementation of the Recommendation of the European Parliament and of the Council (of 2008) on the establishment of The European Qualifications Framework for lifelong learning and the creation of national qualifications frameworks. The article presents the experiences and feedback from research on creating the Sectoral Qualifications Framework in the Construction Industry (SQF-Bud) in Poland. At present, we can observe an ever faster development of the construction services market on the European ground, and thus an increase in the demand for a qualified workforce. Increasingly, employees work outside the country of their origin, whether they are delegated by the company in which they are employed, or by themselves seeking employment abroad. SQF-Bud will facilitate national and international activities in construction industry thanks to more transparent descriptions of qualifications and more readable certificates for the labour market and diplomas obtained in formal and nonformal education. In addition, SQF-Bud will help employees in the construction industry to present their qualifications, and will facilitate their evaluation by employers. Thus, SQF-Bud will support human resources management, the idea of lifelong learning and continuous professional development. Thanks to this, we can also expect the growth of competitiveness of the Polish construction sector. During the research conducted with the participation of a wide group of the construction industry representatives, the boundaries of the construction sector, sectoral determinants and sectoral contexts were determined, according to which the key professional competences for the construction industry were identified. They have become the basis for determining the characteristics of levels 2-8 of the Sectoral Qualifications Framework in the Construction Industry.
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