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EN
Concept of innovation induces a high degree of association with the problem of high costs and the highest possible risk. Many companies solves a significant problem in the management of production associated with the financing of technological development and innovation. In every large company manufacturing managers declare that they have more projects they would like implemented as funds that may be used. Reasons for this are : low expected return, risk and unreliability associated with the project, and excessive optimism group managers. This article focuses on the theoretical aspects of innovation financing and outlines the importance of venture funds to finance innovation in companies. Summarizes and gives an overview of the most important works and basic ideas in this area of research, together with an outline of the capabilities and limitations posed by venture funds as a source of innovation funding for SMEs. Refine addresses factors affecting the financing of innova tion, and specifically discussed in this context the problem of asymmetric information, moral hazard, fiscal aspects and cash flow. Opens the problem size Companies. capital flows and based on extensive studies, particularly in the United States supports the view that small businesses have specialized as a suitable alternative to finance their venture capital for innovative projects.
EN
This paper studies the determinants of the total factor productivity (TFP) for Ukrainian firms in the manufacturing sector across macro-regions using recent micro-level datasets for 2013. Our empirical results show some degree of heterogeneity across Ukrainian macro-regions; in particular, the link between the total factor productivity, firm size, imports and the level of competition seems to be valid for all macro regions. However, the effects of private ownership status, capital intensity and exports seems to be region specific. In addition, we found no relationship between firm productivity and foreign ownership for any of the regions.
EN
Quite often, people have negative views on government-linked companies (GLCs) due to the unsatisfactory performance of some key players. In order to improve the performance of GLCs in the country, Malaysian government implemented GLC Transformation Program (GLCT) in 2004. As the program is approaching its ending phase, some efforts are needed to assess the performance of GLCs. This study aimed to examine the influence of EO dimensions on the performance of GLCs. The sample of this study consisted of 153 subsidiaries and branches of G20. Based on the multiple regression analysis performed, this study found that all the five dimensions in EO, namely innovativeness (INNO), pro-activeness (PROA), risk-taking (RISK), competitive aggressiveness (COMP) and autonomy (AUTO) recorded significant positive effects on performance of GLCs. Competitive aggressiveness was identified as the most important factor that influences the performance of GLCs. As such, all the hypotheses developed for this study were supported. The results suggested that EO is not only suitable to be applied in privately owned companies, but also in GLCs. Hence, GLCs should not be perceived as public entities and they should be more entrepreneurial in managing their organizations to achieve high performance. Furthermore, this study also verified that EO is a good determinant of GLCs’ performance. At the end of this paper, recommendations for future research have been put forth.
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EN
The aim of the study has a theoretical and researching character. The first part includes the presentation of scientific achievements in foreign and Polish literature and the authorial systematics of methods of firms’ life duration analysis (statistical and econometric study of firms cohorts). Methods of data censoring are discussed. The empirical part presents examples of the results of economic entities established in the Zachodniopomorskie Voivodship in 2009−2011 (cohort) and observed until 31 December 2013.The study of firms cohorts, such as human cohorts, are carried out using the methods of survival analysis (duration). The paper presents the possibility of using duration tables and intensity function (hazard) of firm’s liquidation. This function can take a typical inverted U-shape.
EN
Rapidly expanding literature on the new strand in the new trade theo- ry and empirical research in this area indicate factors which can posi- tively influence export participation of firms. The analysis presented in this study concentrates on verifying which barriers met by the European firms are significant constraints to their exports with an aim of ascertaining if problems identified at the microeconomic level may have their roots in macroeconomic situation. Estimation results indicate that the probability of exporting depends on a combination of a wide set of firms’ characteristics. Country-level macroeconomic and institutional conditions are responsible for a considerable part of country specific determinants of firms’ export and significantly influence participation in the international trade. The level of economic development, economic freedom and financial market regulations are important determinants of export decisions. The constraints perceived by the European entrepreneurs have rather limited direct impact on a probability of being exporter, however they influence negatively firms’ main competitiveness factor − TFP. Moreover, the analysis suggests that government policy going beyond creating friendly business environment and supporting the development of financial institutions is not effective. Any kind of public support, even directed to particular firms, does not increase their international competitiveness.
EN
Business and commerce, and their connections to ethical thinking, are as old as civilization. This paper raises questions about the overlap and reciprocally supportive interface between business ethics and corporate social responsibility, as well as about their mutual exclusivity. Business ethics imply a system of moral principles and rules of conduct applied to business so that the business should be conducted according to certain self-recognised moral standards. Corporate social responsibility is a form of corporate selfregulation integrated into a business model. It is also called as corporate conscience, corporate citizenship, social performance, or sustainable responsible business.
EN
Research of firms cohorts, such as human cohorts, are carried out by means of the methods of survival analysis (duration). The paper presents the possibility of using expectancy tables and intensity function (hazard) of firms liquidation. This function may take a typical shape such as shape of a “bathtub” – the intensity of deaths, or the shape of an inverted U – the intensity of firms liquidations.
EN
The main goal of the paper is to study the significance of businesses as a component of smart specialization, on the basis of the Opolskie Voivodship Development Strategy. The structure of the paper consists of two sections. The first part is related to theoretical studies which consider companies as an element of smart specialisation. The second part of the paper contains the analysis of Opolskie Voivodship Development Strategy with regard to the relevance of companies in a smart specialization of the voivodship in question.
PL
Głównym celem artykułu było podjęcie próby scharakteryzowania znaczenia przedsiębiorstw jako komponentu inteligentnych specjalizacji, na przykładzie województwa opolskiego. Strukturę artykułu tworzą dwie części. W pierwszej z nich przeprowadzone zostały wyniki badań literaturowych w zakresie istoty przedsiębiorstw jako elementu składowego inteligentnych specjalizacji. Natomiast w drugiej części artykułu zwrócono uwagę na opolskie przedsiębiorstwa jako komponent inteligentnych specjalizacji, w oparciu o analizę „Strategii Rozwoju Województwo Opolskiego do 2020 r.”
EN
Modern companies, operating in a dynamically changing environment, are subject to the permanent determinism of the institution. On the other hand, companies are more and more often perceived as complex networks of interpersonal relations in often dispersed organizational structures. Relationships seem to play the role of a link between human activities. The latter, being dependent on the level of his/her opportunism, limited rationality, uncertainty and defined costs of transaction execution within the company, take actions consistent with the company's goal. Man-made activities seem to be more and more often characterised by market transactions concluded within the frames of a company. The whole mechanism of company functioning cohabits under the influence of institutional determinism. Such a context of social and economic reality observed within the frame of the company has become a contribution to the emergence of the question which inspires the author's scientific work within the scope of the new institutional economics. What are the reasons for the existence of various forms of transaction organization and ways of their implementation within the company? The following article is an attempt to answer such a question in the context of the theory of institutions. The presented considerations, through the theoretical meanders of neo-institutionalism, ultimately lead to the localization of institutional determinism, which shapes the way transactions are carried out within the company.
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PL
W artykule przedstawiono wyniki badań ankietowych, przeprowadzonych przez Bank Światowy w latach 2014-2015, z kierownictwem 500 firm sektora MŚP w czterech regionach Polski. Celem badania było zidentyfikowanie głównych czynników i ograniczeń innowacji w MŚP, odkrycie firm o największym potencjale wzrostu opartym na innowacjach oraz ocena jakości publicznego wsparcia. Badanie wykazało, że jest duża grupa przedsiębiorstw o znaczącym potencjale tego typu wzrostu, których potencjał nie jest w pełni wykorzystywany. Zdaniem autorów, to wskazuje na konieczność unowocześnienia form publicznego wsparcia dla innowacji.
EN
The article presents the main results of the World Bank study undertook between 2014 and 2015, during which the Bank conducted more than 500 face-to-face interviews with top management of SMEs in four regions of Poland. The objective of the study was to identify key drivers and constraints of SME innovation, discover firms with the most innova-tion-based growth potential, and assess the quality of public support for innova-tion-oriented SMEs. The study found that among the interviewed SMEs there was a large group of companies with a significant potential for innovation-based growth. To help in-novative SMEs fully leverage their capa- city, public support for innovation will need to be modernized.
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Determinants Of Productivity Of Ukrainian Firms

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PL
W niniejszym artykule zbadane zostały determinanty całkowitej produktywności czynników produkcji (TFP) ukraińskich przedsiębiorstw w sektorze produkcji przemysłowej oraz sektorze usług na podstawie danych mikroekonomicznych w latach 2005 i 2013. Najpierw oszacowane zostały regresje dla połączonego zbioru danych dla sektora produkcji przemysłowej i usług, a następnie odrębnie dla każdego sektora. Nasze wyniki empiryczne wykazują pozytywny związek między całkowitą produktywnością czynników produkcji, wartościami niematerialnymi i prawnymi, kapitałochłonnością, wielkością firmy, konkurencją w branży, statusem własności, oraz umiędzynarodowieniem firmy (eksport i import). Ponadto okazuje się, że determinanty produktywności różnią się między sektorami oraz latami naszej próby.
EN
This paper examines the determinants of total factor productivity (TFP) of Ukrainian firms in manufacturing and services, using micro-level data for the years 2005 and 2013. We first estimate regressions for the pooled dataset for the manufacturing and service sectors jointly, and then separately for each sector. Our empirical results show a positive link between the total factor productivity, intangible assets, capital intensity, firm size, competition in the industry, ownership status, and firm internationalization (exports and imports). In addition, we find that the determinants of productivity differ among the sectors and years of our sample.
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