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Olsztyn Economic Journal
|
2009
|
vol. 4
|
issue 2
173-181
EN
The paper aims at determining the benefits from operation of enterprises with foreign capital involvement for individual municipalities and assessing the activities of local authorities in attracting foreign investors. The questionnaire-based studies were conducted in 2008 among representatives of local authorities from three voivodeships (37 municipalities of Warminsko-Mazurskie voivodeship, 43 municipalities of Kujawsko-Pomorskie voivodeship and 30 municipalities of Pomorskie voivodeship). Among the benefits resulting from the foreign capital inflow the municipalities covered drew attention to increase of employment (Kujawsko-Pomorskie voivodeship - 0.88, Pomorskie voivodeship - 0.52) and economic enlivening of the municipality (Warminsko-Mazurskie voivodeship - 0.65). The activities of authorities aiming at attracting investors focus on investment land improvement (Kujawsko-Pomorskie voivodeship - 0.94), assistance in finding investment land available (Pomorskie voivodeship - 0.35), and in Warminsko-Mazurskie on application of tax relief (0.48). Among the municipalities covered by the study, those from Kujawsko-Pomorskie voivodeship are outstanding as in both assessment of the benefits from foreign capital inflow and the activities supporting the investors dominate over the other voivodeships covered.
EN
Theoretical bases of the regional investment resources formation are considered. The sources of formation of investment resources of the Volhynia region were studied. Factors influencing the foreign capital flow into the region were determined. The necessity of elaboration of the complex regional strategy of foreign investments attractiveness is substantiated.
EN
In the post-war period the banking system in Poland underwent two important system transitions: after 1946 and after 1989. The third transformation began after May 1, 2004, but it did not have a systemic character. The Polish banking sector started to operate on the Single European Market. The first part of the paper is devoted to the problems of the banks' transformations after 1989 with a special focus on the quantitative development of banks in 1989-2008, and on subsequent privatization and consolidation processes. The former intensified in 1989-1999, and the latter in 1999-2002. The consolidation process was very noticeable in the sector of cooperative banks after 1994. The second part of the paper includes an economic and financial analysis of the banks. A lot of attention was paid to the liquidity of the banking sector. It was assessed as good, which was confirmed by a short-term rating of Moody's and by the Financial Stability Report 2009, published by the National Bank of Poland in June 2009. The comparison of the net profit of the banking sector in 1997-2008 shows its dependence on the economic situation and policy. The number of banks with capital adequacy ratio well above the minimum required by the banking supervision is rising. The financial power ratings are not favorable for the domestic banks. The third part of the paper focuses on the development directions of the Polish banking sector. It may be concluded on the basis of the analysis that privatization and consolidation processes will be continued. They will concentrate on the capital of foreign banks already operating in Poland. As compared with individual foreign banks, the potential of the Polish banking sector is week. The fourth part of the paper focuses on the presentation Polish banking sector in the context of European Union banking sector. The paper finishes with conclusions. Generally, Polish banks have to implement a strategy to enable them to compete on the Single European Market, i.e. to look for new revenue sources, to reduce costs and improve their loan portfolios. The comparison of selected aspects of the Polish banking sector in the most developed EU Member States shows that the differences are still too large. Therefore, it seems correct to claim that the Polish banking system is undergoing another transition. It is adjustment to the Single European Market.
EN
The main problem of capital supply is the suitable selection of funding sources for enterprise. Gaining strategic investor or inducing hitherto existing owners to enlarge their own capital is difficult and complicated process, particularly in the period of crisis. Sharpened credit politics, conducted by banks in relation to enterprises, forces companies to search for the alternative funding sources. Short - term commercial papers belong to the mentioned sources. It is the very widespread instrument of funding on developed financial markets. In the last period the interest in utilization of short-term commercial papers in funding enterprises grows also in Poland.
EN
The cost of acquired capital is the main factor determining capital structure. The models of capital structure are practically not applied in Poland because of little knowledge of their theoretical concepts and importance in business management. It has to be said that Polish regulations encourage high level of debts because percentage paid on foreign capital is tax deductible. Thus they are such as those of developed market economies. The difference is the relatively high cost of foreign capital due to the high level of rates in Poland. The necessary prerequisite of Polish enterprise prosperity is the taxing stability enabling to determine aims and effectiveness of financial and investment solutions. The article verifies the capital structure theories in the light of current and future tax regulations. The proper changes in the tax system may result in the increased interest in foreign capital use by enterprise. It may result in the lower capital cost.
EN
The aim of this paper is to verify the impact of the market structure on financial stability in the banking sectors in Central and Eastern European countries, with particular emphasis on the change in the concentration and the share of foreign capital in the period 1999 – 2015. Using the methodology of panel regression, GMM estimator, we examine the implications of banks’ concentration on bank stability of a group of countries from Central and Eastern Europe. Because many empirical studies have examined the role of market concentration, we complement our results with findings on the market concentration-bank fragility trade-off. Employing a concentration ratio (CR5 and HHI) we find that CEE banks are more fragile within a concentrated environment. Our results also reveal that the persistence of risk is affected by the level of bank concentration and this effect is exacerbated mainly during downturns. Finally, the results of this research did not lead to any definite conclusions as to the role of foreign capital participation and rather indicate the impact of bank size and concentration on bank stability.
EN
Capital as a vivid economic category is an indispensable starting point for a well-functioning economic system. Capital is an inseparable attribute of an enterprise as owning it in a suitable amount and time makes the essential condition to build up an enterprise, to function and expand. Capital determines the position of the enterprise in the market and its standing. Capital, which constitutes a central economic category, takes a high position in a widely considered accountancy which also covers the problems of financial analysis and financial record checking.
EN
The main goal of this study is to analyse whether the source of capital in foreign participation in the domestic banking markets of countries that joined the EU after 2004 influences the evolution of efficiency levels in domestic banks and, consequently, the efficiency levels within these markets. It assesses the level of activity of foreign commercial banks in the aftermath of the 2008 – 2012 financial crises and explores its relationship with banking sector efficiency. The study focuses on 13 countries, including Central European, South-Eastern European and Baltic states. Using the Data Envelopment Analysis (DEA) method, the research aims to determine whether foreign banks have gained or lost influence in these markets and the foreign countries that have the best performing banks in these markets. Further-more, it provides insights into the potential influence of sources of foreign capital on the overall performance of domestic banking markets, indicating how competition could drive high-achieving foreign banks to outperform in their established markets.
EN
It has been 20 years since Poland entered the group of democratic countries. The 1989 breakthrough forced the changes not only in political but also in media system. Foreign capital appeared on Polish market and West European trends followed. From two decades’ perspective not all of these effects were positive. One of the most disputable trends is media tabloidization. Nowadays it is hard to imagine press market without tabloids, which topped the selling lists. Changes which are taking part in traditional media are also the result of electronic media influence. Is this intersection fruitful for both sectors? The author of the article tries to create a preliminary balance of profits and losses as an effect of tabloids presence on Polish market.
EN
The aim of this study is to introduce three elements of structural characteristics of business activity - economic organisation with legal entities, private enterprises and foreign investments - in connection to Southern Slovakia and to draw attention to significant regional differences in business activities relating to the state and/or Southern Slovakia. Whilst examining these activities in different districts of Southern Slovakia the statistical data for Bratislava and Kosice are not included, because the social and economic indicators of these two cities would significantly distort the innovation potential of the compact territory that is situated at the border between Slovakia and Hungary and with a large Hungarian minority and 16 districts (of which 1/3 of the 1.5 million population is of Hungarian nationality). After three years, since the accession to the European Union the economic indicators of Southern Slovakian regions inhabited by the Hungarian minority have remained unfavourable when compared to similar indicators of other regions in the country (of which only Dunajska Streda and its close surroundings are the exception). Within Southern Slovakia the overwhelmingly Hungarian territories found themselves more or less outside the range of interest of foreign capital. This is partially a consequence of the separateness of the minority, but mostly it is due to the underdevelopment of the infrastructure generally, but particularly of the transportation network. Considering the existing social and economic conditions in Southern Slovakia we argue that the key to the socio-economic renewal of this region are the small and middle enterprises which in present lag behind their Slovak partners.
EN
This paper examines the situation of the banking system of Ukraine in the context of its involvement in the structure of foreign capital, it was studied the effectiveness and analyzed problems of securing country’s financial stability. A list of possible measures to minimize the consequences of the negative impact of foreign capital for expansion of financial and credit markets was suggested.
EN
The article defines the volume of expansion of foreign capital into the banking system of Ukraine and the possibility of state-owned banks, as government representatives in the banking sector, to oppose such expansion. The experience of foreign countries regarding the state’s presence in their banking systems is presented. It is proposed to increase state’s share of the banking system of Ukraine as a way to ensure financial security.
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