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1

FUNDUSZE INWESTYCYJNE JAKO ALTERNATYWNA FORMA LOKOWANIA OSZCZĘDNOŚCI

100%

Grzelczak M.

Acta Universitatis Lodziensis. Folia Oeconomica

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2014

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vol. 2

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issue 301

PL

Fundusze Inwestycyjne to forma wspólnego inwestowania polegająca na zbiorowym lokowaniu środków pieniężnych. W Polsce zgodnie z ustawą o funduszach inwestycyjnych są onezarządzane przez Towarzystwa Funduszy Inwestycyjnych w formie spółek akcyjnych. W większości przypadków TFI należą do największych banków. Można wyróżnić cztery podstawowe grupy funduszy inwestycyjnych: fundusze akcji, fundusze hybrydowe, fundusze papierów dłużnych, fundusze gotówkowe i rynku pieniężnego. Istotnymi uczestnikami rynku finansowego są gospodarstwa domowe, czyli tzw. inwestorzy indywidualni. Gospodarstwa domowe mają szeroki wybór różnych form lokowania swoich oszczędności – depozyty bankowe, akcje, obligacje, nieruchomości, jednostki uczestnictwa w funduszach inwestycyjnych lub utrzymywanie gotówki. W ostatnim czasie nastąpił wyraźny wzrost zainteresowania gospodarstw domowych funduszami inwestycyjnymi będący efektem obniżek stóp procentowych przez Radę Polityki Pieniężnej. Największą popularnością w ostatnim czasie cieszą się fundusze gotówkowe i pieniężne, a także fundusze dłużne. Do głównych zalet inwestowania w fundusze należą: bezpieczeństwo, elastyczność, porównywalność i transparentność. Fundusze nie mają żadnych barier wejścia i wyjścia, są tanie i proste w obsłudze. Mogą stanowić całkiem dobrą alternatywę wobec lokat bankowych.

2

Cashless Payments and Economic Growth in Selected European Countries

63%

Grzelczak M., Pastusiak R.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2020

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vol. 54

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issue 3

EN

Purpose of the article: The aim of the paper was to show connections between the instruments of cashless payments and economic growth. The goal was to find the answers to the following research questions: What is the current share of payments with the use of particular forms of cashless payments in total payments?; What forms of cashless payments are connected with economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?; What is the relation between the value of cashless payments and economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?Research methods: Spearman’s rank correlation.Research results: The authors have found that the highest share in terms of the number of payments in total payments in the countries of Central and Eastern Europe constituted payments with the use of payment cards, then, the payments with the use of a transfer order. Whereas, in the countries of Western Europe, apart from the fact that high percentage of payments in total constituted payments with the use of payment cards and transfer orders, more and more payments are made with the use of the instruments of e-money. Examining mutual relationships, information about correlational connections that occur between economic growth measured by GDP per capita and value of payments with the use of some instruments of cashless payments was obtained. The main conclusion that can be drawn after data analysis is positive relationships between the value of payments with the use of a transfer order, payment card and economic growth found both in the countries of Central and Eastern Europe and the countries of Western Europe. In the countries of Western Europe, the payments with the use of a direct debit turned out to be insignificant, whereas the payments with the use of instruments of e-money were significant. Taking into account the force of relationships, it can be said that higher positive correlation is shown by the value of payments with the use of a transfer order with reference to real GDP per capita in the countries of Western Europe (0.80). In the countries of Central and Eastern Europe, it is only 0.48. Mutual connections between the value of payments with the use of payment cards and economic growth are similar in both groups of countries. What is interesting, high impact on real GDP per capita – about 0.80 – is shown by the payments with the use of instruments of e-money. This study may represent a contribution to further research, that is, an analysis of cause-and-effect relationships in the field of cashless payments and economic growth, including division of countries in terms of, for example, the level of wealth.Added value: Analysis of current literature on the impact of cashless payments on economic growth and an empirical analysis.

PL

Purpose of the article: The aim of the paper was to show connections between the instruments of cashless payments and economic growth. The goal was to find the answers to the following research questions: What is the current share of payments with the use of particular forms of cashless payments in total payments?; What forms of cashless payments are connected with economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?; What is the relation between the value of cashless payments and economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?Research methods: Spearman’s rank correlation.Research results: The authors have found that the highest share in terms of the number of payments in total payments in the countries of Central and Eastern Europe constituted payments with the use of payment cards, then, the payments with the use of a transfer order. Whereas, in the countries of Western Europe, apart from the fact that high percentage of payments in total constituted payments with the use of payment cards and transfer orders, more and more payments are made with the use of the instruments of e-money. Examining mutual relationships, information about correlational connections that occur between economic growth measured by GDP per capita and value of payments with the use of some instruments of cashless payments was obtained. The main conclusion that can be drawn after data analysis is positive relationships between the value of payments with the use of a transfer order, payment card and economic growth found both in the countries of Central and Eastern Europe and the countries of Western Europe. In the countries of Western Europe, the payments with the use of a direct debit turned out to be insignificant, whereas the payments with the use of instruments of e-money were signifiant. Taking into account the force of relationships, it can be said that higher positive correlation is shown by the value of payments with the use of a transfer order with reference to real GDP per capita in the countries of Western Europe (0.80). In the countries of Central and Eastern Europe, it is only 0.48. Mutual connections between the value of payments with the use of payment cards and economic growth are similar in both groups of countries. What is interesting, high impact on real GDP per capita – about 0.80 – is shown by the payments with the use of instruments of e-money. This study may represent a contribution to further research, that is, an analysis of cause-and-effect relationships in the field of cashless payments and economic growth, including division of countries in terms of, for example, the level of wealth.Added value: Analysis of current literature on the impact of cashless payments on economic growth and an empirical analysis.

3

Financial Resilience of Agri-Food Enterprises from Mazowieckie Voivodship

51%

Grzelczak M., Soliwoda M., Kurdyś-Kujawska A.

Zagadnienia Ekonomiki Rolnej

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2024

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vol. 379

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issue 2

49-72

EN

The main objective of the article was to assess the financial resilience of agri-food companies operating in the Mazowieckie Voivodship between 2018 and 2020. An intermediate objective was additionally to assess the financial health of these entities. The study used descriptive statistics methods, ratio analysis, and Taffler’s discrimination model. Empirical data were derived from annual financial statements downloaded from Dun & Bradstreet and EMIS databases. The results showed that between 2018 and 2020, most entities in the agri-food sector were doing very well and there was a low probability that their financial situation would deteriorate. It is worrying that during the period under analysis, there remained a considerable number of agri-food enterprises with a high probability of financial problems (Z-score below 0.2). This group of enterprises accounted for approximately 30% of the sample. Entities with an elevated risk of financial problems struggled with significant excess liquidity and recorded negative profitability ratios – ROS and ROA. Asset indebtedness was a factor strengthening the financial resilience of the entities under analysis. The results of the analyses can be the basis for deepening the methods for assessing resilience in the agricultural sector (e.g., as part of the CAP 2023–2027 evaluation). Future research should include, inter alia, the identification of differences in Z-score by company size or production type, as well as the identification of determinants of financial resilience in terms of other factors that have not been analyzed yet.

PL

Głównym celem artykułu była ocena odporności finansowej przedsiębiorstw sektora rolno-spożywczego działających w województwie mazowieckim w latach 2018–2020. Celem pośrednim była dodatkowo ocena kondycji finansowej tych podmiotów. Wykorzystane metody badawcze obejmowały: metody statystyki opisowej, analizę wskaźnikową oraz model dyskryminacji Tafflera. Dane empiryczne pochodziły z rocznych sprawozdań finansowych pobranych z baz danych Dun & Bradstreet oraz EMIS. Jak wykazały wyniki badań autorów, w latach 2018–2020 większość podmiotów sektora rolno-spożywczego radziła sobie bardzo dobrze i występowało małe prawdopodobieństwo, że ich sytuacja finansowa ulegnie pogorszeniu. Jednocześnie niepokojące jest to, że w analizowanym okresie utrzymywała się dość znaczna liczba przedsiębiorstw rolniczych, u których istniało wysokie prawdopodobieństwo pojawienia się problemów finansowych (Z-score poniżej 0,2). Ta grupa przedsiębiorstw stanowiła około 30% próby. Podmioty charakteryzujące się wysokim ryzykiem wystąpienia problemów finansowych zmagały się ze znaczną nadpłynnością finansową i odnotowywały ujemne wskaźniki rentowności – ROS i ROA. Zadłużenie aktywów było czynnikiem wzmacniającym odporność finansową analizowanych podmiotów. Wyniki uzyskanych analiz mogą być podstawą do pogłębienia metod oceny odporności w sektorze rolnym (m.in. w ramach ewaluacji WPR 2023–2027). Przyszłe badania powinny obejmować m.in. zidentyfikowanie różnic w wartości Z-score w zależności od wielkości przedsiębiorstwa czy typu produkcyjnego, a także zidentyfikowanie czynników determinujących odporność finansową, pod kątem innych czynników, które nie zostały jeszcze przeanalizowane.

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1 Acta Universitatis Lodziensis. Folia Oeconomica

1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 Zagadnienia Ekonomiki Rolnej

3 Grzelczak M.

1 Kurdyś-Kujawska A.

1 Pastusiak R.

1 Soliwoda M.

1 2024

1 2020

1 2014

FUNDUSZE INWESTYCYJNE JAKO ALTERNATYWNA FORMA LOKOWANIA OSZCZĘDNOŚCI

Cashless Payments and Economic Growth in Selected European Countries

Financial Resilience of Agri-Food Enterprises from Mazowieckie Voivodship