Search results

1

Sustainability and Performance in Agribusinesses: The Case of Vegetable Export Businesses in Mexico

100%

Jacobo-Hernandez C., Barrón-Borquez M., Ochoajiménez S.

Management of Sustainable Development

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2016

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vol. 8

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issue 1

15-21

EN

The study of sustainability has become an increasingly relevant topic for governments, companies, and researchers. As a result, the number of studies in this field has increased substantially, with a special focus on agribusiness. This study aims to analyze the performance of vegetable export enterprises in Mexico, taking into account the economic, social, and environmental dimensions of sustainability. To achieve this objective, a survey was designed and administered to vegetable exporters in the northwest of Mexico, and indicators were created that allowed each of the dimensions of sustainability to be evaluated. Additionally, a semi-structured interview was designed and conducted in a specific export company. The results indicate that performance is strongly oriented towards economic goals and that the social and environmental aspects of sustainability are not prioritized. In conclusion, one can claim that there is an imbalance among the three dimensions of sustainability within the companies studied, with performance primarily focusing on financial and economic indicators.

2

Manager’s gender and professional credentials in the performance of Polish investment funds

100%

Filip D.

Journal of Economics and Management

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2019

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vol. 38

46-66

EN

Aim/purpose – This paper focuses on establishing whether investment fund performance is related to managerial characteristics, such as a manager’s gender and professional credentials. Design/methodology/approach – The investigation was conducted on a relatively large study sample covering 275 managers of 98 domestic equity funds operating in Poland in the period 2000-2017. The verification of the hypotheses was based on three groups of research tools, including tests for differences in the mean values and distributions of rates of return in two samples of funds, where a gender and Chartered Financial Analyst (CFA) were grouping variables, and regression models, where a gender or CFA were dummy factors implemented into asset pricing models. Findings – The obtained results show that there are no disproportions in the performance achieved by funds managed by men and funds (co-)managed by women or managers with or without CFAs. However, the findings related to the latter variable are ambiguous, in particular when regression methods are employed or basic measures of return are used. Research implications/limitations – In order to clarify the influence of some managerial characteristics on fund performance further research in this field is needed. Nevertheless, the results may be of interest to both individual investors and fund families. Originality/value/contribution – To our knowledge, it is the first paper to evaluate the performance of Polish investment funds in relation to managerial characteristics. Moreover, what contributes to the originality of the research is the application of a relatively extensive set of measures of return and the use of a proprietary database with unique variables describing a fund manager’s profile.

3

Does leverage affect the financial performance of Nigerian firms?

100%

Afolabi A., Olabisi J., Kajola S. O., Asaolu T. O.

Journal of Economics and Management

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2019

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vol. 37

5-22

EN

Aim/purpose – This study examines the relationship between leverage and financial performance of Nigerian firms between the years 2007 and 2016. Design/methodology/approach – The study adopted ex-post facto research design to retrieve and study data for events which were already in existence. Inferential statistics adopted econometrics models with a concentration on panel data using regression analysis to achieve the three specific objectives of the study. The surrogates for the independent variable (financial leverage) were Debt Ratio (DR); Debt-Equity Ratio (DER); and Interest Cover Ratio (ICR) while Return on Capital Employed (ROCE), the only dependent variable, was used as financial performance proxy. Three control variables – Firm Size (SZ), Sales Growth (SG) and Growth in Gross Domestic Product (GGDP) were included in the model to capture other firms – specific and macroeconomic variables that may have an influence on the financial performance of the selected firms. Findings – The Random Effects Generalised Least Squares (REGLS) revealed a positive and significant effect between leverage (DR and DER) and ROCE (p < 0.05). However, ICR has a positive but insignificant effect on ROCE (p > 0.05). The outcome of the study was consistent with the Static trade-off theory of capital structure. Research implications/limitations – The study suggests that firms should continuously employ debt capital in order to benefit from available tax shields which ultimately enhance profitability. The limitation of the study is that only firms in the food and beverage sector in Nigerian business environment were covered by the study. Originality/value/contribution – The study contributed to the existing theory and literature by using empirical evidence from an emerging market to bridge the existing gap in knowledge of the effect of leverage on the performance of firms.

4

Development of Concepts and Models of Performance Evaluation from the 19thCentury to the Present

100%

Hornungová J.

DANUBE: Law and Economics Review

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2014

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vol. 5

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issue 2

143-154

EN

The main aim of this paper is to provide a framework of concepts and models from the area of performance measurement. Due to the fact that the business environment is con-stantly changing, changes also occur in the trends relating to performance. Traditional financial performance measures have been highly criticized and the need identified to integrate non-financial perspectives, such as level of innovation, degree of motivation, intellectual capital and other criteria. Intellectual capital is often a crucial factor in the creation of value in a company. This paper provides a literature review supplemented by the author’s research in the field of performance. The article shows that the performance appraisal system is currently focused on several areas that could affect the performance of the company, which is also part of the overall performance of the economy in the form of GDP growth. Based on the research, it can be said that, for the sample tracked, the selection of performance evaluation system does not depend on the legal form of the business.

5

Statistical Evaluation Of Work Performance Factors

88%

Maňák R.

International Journal of Entrepreneurial Knowledge

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2015

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vol. 3

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issue 1

32-45

EN

The paper deals with work performance as a complex of different areas and views. The goal of the presented paper is to evaluate the dependences between various work performance aspects and various types of companies. It is based on an empirical research, which was realized with help of a written questionnaire, and statistical evaluation of gained data. The results should show to which extend the type of company influences approach to work performance and the correlations between individual aspects of performance.

6

The Identity of Consumers in Social Networks Italian Internet Users and New Experience of Consumption

88%

Russo G.

Polish Sociological Review

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2012

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vol. 179

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issue 3

401-412

EN

Recent technological innovations (Web 2.0) in today’s society mean that a major socio-anthropological change is occurring. On the net, audiences can experience new forms of participation, share information and entertainment practices, and establish new relationships. This paper describes the main characteristics of Web 2.0 with specific reference to the Italian context and categories of users who use social networks (and their motivations), using the latest national survey data. This paper analyzes changes in the identity and culture of consumption,which thanks to social media are today expressed according to the logic of experience and performance. Through social media, performative consumption represents one of the most suitable way to describe the multiple aspects of the contemporary consumer’s identity.

7

Environmental, Social and Governance Responsibility, financial performance and assets: A study of Exchange Traded Funds

88%

Rompotis G. G.

Research Papers in Economics and Finance

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2022

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vol. 6

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issue 2

23-49

EN

Two research questions are examined in this study with a sample of 168 passive Exchange Traded Funds (ETFs). The first one asks whether a high Environmental, Social and Governance Responsibility (ESG) rating induces investors to allocate more money in an ETF. The empirical findings indicate that the level of assets is not affected by the ESG rating whatsoever, but it is affected by factors such as the historical performance, the expense ratio and the age of each fund. The second question raised concerns the relationship between the performance of an ETF and its ESG rating. The hypothesis examined is that the higher the ESG rating of an ETF is, the higher the return of the ETF should be. The results do not confirm this hypothesis. Not surprisingly, to a large extent, the performance of ETFs is driven by the return of the tracking indexes. To a lesser degree, expense ratio bears a negative impact on ETFs’ performance.

8

Organizational learning, organizational innovation and organizational performance: Empirical evidence among selected manufacturing companies in Lagos metropolis, Nigeria

88%

Bolaji Bello O., Adeoye A. O.

Journal of Economics and Management

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2018

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vol. 33

25-38

EN

Aim/purpose – The main purpose of this study is to examine the relationship between organizational learning, organizational i nnovation and organizational performance in Nigerian environment. The three hypotheses tested were consonant with the objectives of the study. Design/methodology/approach – Descriptive survey research method was used, pur- posive sampling method was used to select pa rticipants for the study and questionnaire administration engaged as instrument to elicit information from the participants. Kendall’s tau b correlation coefficient statistical technique adopted. Findings – The study confirmed that organizati onal learning had a positive correlation with organizational innovation; organization in novation in turn had positive correlation with organizational performance and organiza tional learning also had positive correla- tion with organizational performances. Research implications – The study looked at relations hip between organizational learn- ing, organizational innovation and organizati onal performance in relation to manufactur- ing industry in Nigeria. Originality/value/contribution – The study used non-financial perspectives, product, process, technology and non-technological i nnovations to establish may be relationships exist between the three constructs.

9

For a feminist gender horizon in productions and studies on men and masculinities in the performing arts

88%

Péclat C. P., Ferracini R.

Didaskalia. Gazeta Teatralna

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2022

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issue 171

102-127

EN

Taking as a starting point the construction of the conceptual framework of gender produced by the Brazilian authors Benedito Medrado and Jorge Lyra, the present article brings as a central focus the discussion on the creation of strategies, principles and methodological horizons for the insertion of masculinities in the scene. Developing the issue of the need for a welcoming of masculinities in the scenic activity beyond a simple opportune thematic interest for the construction of performances and plays, the authors propose the creation of clues/principles that can be developed so that masculinities enter the scene under a perspective of political and careful awareness of gender issues that goes beyond a dichotomous and binary model of power relations, resulting from a universalizing stereotyping of being a man and being a woman. The authors also include in their observation the creation of an expanded artistic territory where the work does not close in on itself and includes artistic proposals linked to intersectional factors (such as race, class, age, sexuality and coloniality) that constitute the relations of gender consider the vast and complex production of multiple masculinity models.

10

Innowacyjność strategiczna przedsiębiorstw XXI w.

75%

Dyduch W.

Studia Ekonomiczne

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2015

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vol. 222

19-33

PL

O procesach innowacyjności w organizacjach pisze się wiele, wskazując, że są one źródłem efektywności i przewagi konkurencyjnej. Najczęściej jednak konstrukt innowacyjności traktowany jest w izolacji od innych, tymczasem przecież sama innowacyjność nie tworzy wartości. Dopiero komercjalizacja innowacji może mieć przełożenie na efektywność i inne rezultaty. W artykule wskazano na potrzebę rozpatrywania innowacyjności w wymiarze strategicznym, jako procesów, które powinny zyskać wsparcie organizacji i być połączone z procesami przedsiębiorczości organizacyjnej. Przedstawiono też wyniki badań empirycznych, oceniających poziom innowacyjności strategicznej przedsiębiorstw w Polsce.

EN

Much has been said about organizational innovativeness, and its effects on competitive advantage or performance. However, innovativeness is often regarded as a stand-alone construct, and as it cannot create value on its own, it should be analyzed on the strategic level together with the entrepreneurship processes. This paper seeks to explain the construct of strategic innovativeness by linking various concepts and perspectives. Research results are presented, showing the level of strategic innovativeness in 606 Polish organizations, as well as analyzing their ability to reconcile the paradox between generating and discovering new ideas for innovations.

11

Analiza dokonań OPP, prezentowanych w ich sprawozdaniach rocznych z wykorzystaniem metody drążenia tekstu

75%

Dyczkowski T.

Studia Ekonomiczne

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2016

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vol. 274

57-66

PL

Artykuł ma na celu usystematyzowanie informacji charakteryzujących dokonania OPP, ujawnianych w ich rocznych sprawozdaniach z działalności, oraz zidentyfikowanie tych, które stymulują ofiarność indywidualnych darczyńców. Badanie przeprowadzono z zastosowaniem metod drążenia tekstu oraz eksperymentu laboratoryjnego na losowej próbie 177 polskich OPP. Uzyskane wyniki umożliwiły zidentyfikowanie głównych zagadnień prezentowanych przez OPP w narracyjnej części sprawozdania rocznego oraz wskazanie przesuniętych akcentów w opisach dokonań tych OPP, które szczególnie stymulują darczyńców do współdziałania.

EN

The article systematises performance related information disclosed by PBOs in their annual statements. It identifies also those disclosures which may particularly stimulate individual donations. The research comprises 177 randomly selected Polish PBOs. It applies the methodologies of text mining and of a laboratory experiment. The results obtained allowed identifying the key issues which PBOs focus on in narrative parts of their annual statements. They enabled also to observed a shift in focus of performance related narratives in those PBOs which earned more attention of donors.

12

Moderacje relacji innowacyjność organizacji - wyniki

75%

Karpacz J.

Studia Ekonomiczne

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2016

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vol. 280

47-57

PL

Celem opracowania jest rozpoznanie charakteru związków zachodzących między innowacyjnością przedsiębiorstwa a jego wynikami. Ustalenia badawcze odnoszące się do relacji innowacyjność organizacji – wyniki, są niejednoznaczne. Wskazują na pozytywny wpływ innowacyjności na wyniki organizacji. Studia literatury ujawniły istnienie czynników pośredniczących tej relacji. W opracowaniu odsłonięto niektóre zmienne moderujące tę relację. Identyfikacja zmiennych ma istotne znaczenie, pozwala bowiem na określenie warunków, w których omawiana zależność występuje i odróżnienie ich od warunków, w których zanika.

EN

The aim of the study is the recognition of the relationship between innovativeness of the firm and its performance. The findings of the research connected to the relationship of the innovativeness of the firm and the performance are not definite. However, they definitely indicate the positive impact of the innovativeness on the performance of the firm. The scientific literature studies revealed the existence of the factors mediating to this relationship. In the study some of the variables moderating the relationship innovativeness – performance were presented. The identification of these variables is of a great importance, because it allows to specify the conditions in which the described relationship exists and differentiates it from the conditions in which its disappears.

13

The association between body-built and injury occurrence in pre-professional ballet dancers – Separated analysis for the injured body-locations

75%

Zaletel P., Sekulić D., Zenić N., Esco M. R., Šajber D., Kondrič M.

International Journal of Occupational Medicine and Environmental Health

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2017

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vol. 30

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issue 1

151-159

EN

Objectives This study has aimed at identifying prevalence of injury-occurrence in 24 pre-professional-ballet-dancers (females, 16–18 years of age), and identifying the associations between the body-built and prevalence of injuries. Material and Methods The sample of variables included: body mass, body height, and 3 somatotype characteristics (mesomorph, ectomorph and endomorph) and data on injuries over the preceding year. Results Dancers were mostly ectomorphic-mesomorph (endomorphy: 2.6±0.54, mesomorphy: 3.99±0.77, ectomorphy: 3.23±0.54). The most commonly injured locations were the foot (17% of all injuries) and ankle (17%). Majority of the injuries occurred while practising but 37% of hip-injuries occurred while performing. Ankle-injuries resulted in longest absence from ballet. Endomorphy was related to ankle-injury (odds ratio (OR) = 1.9, 95% confidence interval (CI): 1.4–2.3), ectomorphy to foot injury (OR = 1.7, 95% CI: 1.1–2.9), and body-mass to injury to the toes (OR = 1.7, 95% CI: 1.4–3.1). Conclusions The results of this study allow for recognizing those dancers who are particularly vulnerable to injuries of certain body location. A more profound analysis of the possible mechanisms that lead to hip-injury during performance is needed. Int J Occup Med Environ Health 2017;30(1):151–159

14

Multimedialny widok z głębokiej wieży

71%

Matuszyk Ł.

ER(R)GO: Teoria – Literatura – Kultura

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2016

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issue 32

EN

A review of a poetic performance Widok z głębokiej wieży (A View from a Deep Tower) by Zenon Fajfer, dir. Teresa Nowak, Hipertekstowo project, Kinoteatr Rialto, Katowice, 25 April 2015 r.

PL

Recenzja poetyckiego performansu Zenona Fajfera, pt. Widok z głębokiej wieży, reż. Teresa Nowak, Projekt Hipertekstowo, Kinoteatr Rialto, Katowice, 25.04.2015.

15

Impact of Technological Change On Small and Medium Enterprises Performance in Lagos State

63%

DUROWOJU S. T., Paradowska M., Platje J. J., Słodczyk J.

Economic and Environmental Studies

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2017

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vol. 17

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issue 44

743-756

EN

Organizations are restructuring, re-engineering and rethinking how they do business in an effort to keep pace with changes in technology and other economic conditions in the world. The goal of technological change under study is the ability of SMEs to accept new innovative methods that will lead to higher performance of humans and machines for increased productivity. Descriptive survey research with the sample population of 153 respondents made up of managers and owners of small and medium enterprises within the Lagos metropolis was used for this study. The major statistical technique used was a linear regression technique. The hypothesis tested found that technological change has effect on organizational performance of small and medium enterprise within the Lagos metropolis. The coefficient of determination (R2 = 0.566) showed that 56.6% of the success recorded in the SMEs performance is accounted for by technological change. This result is statistically significant because the p-value of the result (0.000) is less than 0.05 level of significance used for the study. This indicates that technological change has a positive and significant impact on SMEs performance in Lagos State. In order to achieve success in change management through technology; human resources, culture and innovation must be recognized and respected. This will enhance SMEs performance both in the short and long run. It will also prevent unnecessary resistance of employees to change through deviant workplace behaviour.

XX

Organizacje starają się restrukturyzować, reinżynierować oraz ponownie obmyślać sposób prowadzenia biznesu w ramach wysiłku ukierunkowanego na dotrzymanie tempa zmianom technologicznym oraz innym uwarunkowaniom ekonomicznym na świecie. Celem artykułu jest określenie zdolności małych i średnich przedsiębiorstw do zaakceptowania nowych, innowacyjnych metod prowadzących do lepszej wydajności ludzi i maszyn dla zwiększonej produktywności. Dla osiągnięcia celu artykułu wykorzystano opisowe badania ankietowe, opierające się na próbie 153 respondentów, składających się z kierowników i właścicieli małych i średnich przedsiębiorstw w metropolii Lagos. Główną metodą statystyczną była regresja liniowa. Na podstawie testowanej hipotezy stwierdzono, że zmiany technologiczne mają wpływ na małe i średnie przedsiębiorstwa w stanie Lagos. Współczynnik determinacji (R2 = 0,566) wykazał, że 56,6% przypadków sukcesu odnotowanych przez małe i średnie przedsiębiorstwa wiąże się ze zmianami technologicznymi. Jest to wynik istotny statystycznie, ponieważ p-wartość wyniku (0,000) wynosi mniej niż poziom istotności 0,05 założony w badaniu. Na tej podstawie można stwierdzić, że zmiany technologiczne mają pozytywny i istotny wpływ na kondycję małych i średnich przedsiębiorstw w stanie Lagos. Dla osiągnięcia sukcesu w zarządzaniu zmianą poprzez technologię, należy rozpoznać i uszanować akie czynniki, jak zasoby ludzkie, kultura i innowacje. Wzmocni to kondycję małych i średnich przedsiębiorstw w krótkim i długim okresie. Zapobiegnie to także niepotrzebnemu sprzeciwowi pracowników wobec zmian poprzez odstępstwa od zachowań w miejscu pracy.

16

Multicriteria Assessment of the Academic Research Activity

63%

Kuchta D., Ryńca R., Ziaeian Y., Grudziński A.

Multiple Criteria Decision Making

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2017

|

vol. 12

103-118

EN

In this paper a network DEA approach to deal with efficiency assessment will be presented and applied to the assessment of performance of members of an academic faculty of Wroclaw University of Science and Technology. The purpose of this study is to propose a solution to the problem of multicriteria assessment of faculty members at universities, discussing at the same time its advantages and disadvantages in the context of the higher educational system in Poland.

17

Strategic Management Practices and Performance of Parastatals in Kenya

63%

Wanyama M. B., Aila F.

European Journal of Management Issues

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2022

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vol. 30

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issue 2

116-122

UK

Мета роботи: Мета дослідження полягає в тому, щоб допомогти фірмам використовувати стратегію як важливий інструмент, що допомагає як керівництву, так і працівникам контролювати та оцінювати, чи досягаються цілі установи. Дизайн / Метод / Підхід дослідження: Дослідники використовували пошукові методи дослідження, дані зібрано шляхом організованих інтерв’ю по телефону для максимального охоплення тематики дослідження. Зібрані якісні дані було проаналізовані шляхом виявлення подібності та відмінностей між відповідями, зібраними від різних установ, і відповідних висновків. Результати дослідження: Результати показують, що методи стратегічного управління є корисними прогностичними змінними ефективності. Зведене значення R2 становить 0,714, яке вказує на те, що 71,4% варіації ефективності напівдержавних підприємств у Кенії є результатом практики стратегічного управління. З цих практик впровадження стратегії мало найбільший вплив на ефективність. Найменший – оцінка стратегії. Теоретична цінність дослідження: Для аналізу результатів діяльності кожного напівдержавного підприємства було використано теорію стратегічної відповідності. Дослідниками було представлено дані за допомогою описового підходу з використанням ілюстративних цитат. Практична цінність дослідження: Показники діяльності напівдержавних органів хороші, як співробітники, так і користувачі повідомляють про високий рівень задоволеності. Оригінальність / Цінність дослідження: Для досягнення будь-яких цілей організації напівдержавного органу їх необхідно планувати, формулювати та реалізовувати. Цей документ призначений стимулювати вище керівництво напівдержавними організаціями до практики стратегічного управління, оскільки це показує позитивний вплив на ефективність роботи напівдержавних організацій у Кенії. Обмеження дослідження / Майбутні дослідження: Як і в багатьох інших дослідженнях, було вивчено невелику групу з 14 напівдержавних установ, і на основі результатів цього вибору було сформульовано висновки. Це привело до узагальнення, яке було застосовано до всіх інших суб’єктів у цій області. Це узагальнення виявилося кількома несправедливими судженнями про інші напівдержавні організації, з яких не були відібрані учасники, оскільки різні установи можуть мати різну культуру та рівень професіоналізму, практики та ефективності, якщо говориться про стратегічне управління.

EN

Purpose: The purpose of the study is to help firms use strategy as an important tool helping both management and employees in control and evaluation of whether or not the institution’s objectives are met. Design / Method / Approach: The researcher used an exploratory study design, and the data was collected through organised interviews via telephone to gather everything that is relevant for the study. Qualitative data collected was thereafter analysed by finding out similarities and differences among the responses collected from different institutions and conclusions made. Findings: The findings indicate that strategic management practices are useful predictor variables of performance. The composite R2 value of .714 which indicates that 71.4% variation of performance in parastatals in Kenya is as a result of strategic management practices. Of these practices, strategy implementation had the highest impact on performance. The least was strategy evaluation. Theoretical Implications: Strategic fit theory was used to analyse the performance of each parastatal. The researcher then presented the data using a descriptive approach by the use of illustrative quotes. Practical Implications: The performance of parastatals is good with both employees and consumers reporting high levels of satisfaction. Originality/Value: To achieve any organizational goals, a parastatal needs to plan, formulate and implement. The document is to encourage top management in parastatals to practice strategic management as it will have a positive impact on performance in parastatals in Kenya. Research Limitations / Future Research: Like many research studies, a small group of 14 parastatals was examined, and conclusions were made basing on the findings from this sample. This brought about a generalization that was applied to all other subjects in the field. This generalization appeared somewhat unfair judgement about other parastatals from where participants were not selected because different institutions may have different cultures and levels of professionalism, practice and performance when it comes to matters of strategic management.

18

Wybrane wskaźniki efektywności przedsiębiorstw w obszarze ZZL na przykładzie firm z WIG 30

63%

Kuźniarska A., Stańczyk I.

Studia Ekonomiczne

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2017

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vol. 328

147-162

PL

Celem artykułu jest przegląd i porównanie wybranych wskaźników związanych z efektywnością przedsiębiorstw, ze szczególnym uwzględnieniem wskaźników dotyczących zasobów ludzkich oraz związanych z nimi kosztów personalnych. Wskaźniki są prezentowane w przekroju rocznym i obejmują dane za 2015 r. Badanie przeprowadzono w wybranych przedsiębiorstwach z sektorów: odzież i obuwie, banki komercyjne oraz energetyka i media. Materiał empiryczny został przedstawiony w postaci tabelarycznej, a dane niezbędne do przeprowadzenia analizy uzyskano z raportów skonsolidowanych wybranych przedsiębiorstw.

EN

The aim of this article is to review and compare selected performancerelated indicators, with particular focus on human resources indicators and personnel costs associated with them. Indicators are presented in annual section and include data for 2015. The survey was conducted in selected companies in the sectors of clothing and footwear, commercial banks and energy and media.The empirical material was presented in tabular form and the data necessary for the analysis were obtained from the consolidated reports of selected companies.

19

Between Individual and Collective Actions: The Introduction of Innovations in the Social World of Climbing

63%

Kacperczyk A.

Qualitative Sociology Review

|

2019

|

vol. 15

|

issue 2

106-131

EN

This article, which is based upon the findings of a seven-year research project concerning the social world of climbing, discusses climbing as an organized social practice that possesses a strong historical dimension and collective character. It examines the relation between individual participants and that social world as a whole, and it accepts that an individual’s personal life may be inscribed in the development and formation of that world in two ways. These are 1) a given social world imposes the behavioral patterns, normative rules, institutional schemes of actions, and careers upon participants that characterize their identities and actions; and 2) the actions of an individual participant trigger significant change in that world. I am particularly interested in those unique situations in which when a participant induces a change that affects a given social world (or a sub-world) as a whole, and discuss two examples of this relation, namely, the history of designing and creating climbing equipment, and setting new standards of climbing performance. Briefly stated, innovative solutions are born in conjunction with particular climbing actions that are either promoted or hindered depending on whether or not the vision of the primary activity associated with those solutions was accepted by the majority of participants. The dynamics and transformations of the social world in question thus rely upon the activities of exceptional individuals who, as pioneers, innovators, and visionaries, attain mastery in performing the primary activity of that world and set new standards of performance for others. A new mode of acting-in order to be collectively adopted-must be accepted as both valuable and morally justified by all participants.

20

Rozproszenie wyników polskich funduszy inwestycyjnych

63%

Filip D.

Studia Ekonomiczne

|

2017

|

vol. 325

31-44

PL

Celem artykułu jest dokonanie wstępnej oceny efektów gospodarowania poprzez przeprowadzenie analizy rozproszenia wyników funduszy inwestycyjnych działających w Polsce w okresie 2000-2015. Próba badawcza składała się z 265 krajowych funduszy funkcjonujących w ramach czterech segmentów: akcji, mieszanych, obligacji oraz rynku pieniężnego. Badanie rozproszenia wskazało na istnienie pojedynczych podmiotów cechujących się wyższymi niż konkurencja wynikami przy relatywnie niskim poziomie ryzyka. Ustalenia odnoszące się do jednorodności poziomu ryzyka, mierzonego wariancją wyników, okazały się jednak niejednoznaczne. Fundusze akcyjne oraz rynku pieniężnego charakteryzowały się istotnym zróżnicowaniem zmienności osiąganych rezultatów w swoich segmentach. W przypadku funduszy mieszanych oraz funduszy obligacji rozproszenie wyników okazywało się relatywnie umiarkowane lub też małe, natomiast poziom zmienności osiąganych stóp zwrotu nie był statystycznie istotny.

EN

The aim of the paper was to preliminarily evaluate the asset management effects of mutual funds operated in Poland in the 2000-2015 period by means of the return dispersion analysis. The study sample was consisted of 265 domestic funds among four segments: equity, mixed, bond and money market. The analysis of dispersion showed the existence of individual entities with better returns than competitors at relatively low level of risk. The findings concerning risk homogeneity, measured by variances of returns, could be equivocal. Equity funds as well as money market funds were characterized by significant difference of obtained returns’ variability. In the case of mixed funds and bond funds, the dispersion of returns was relatively moderate or low. However the level of returns’ variability was statistically insignificant.

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Between Individual and Collective Actions: The Introduction of Innovations in the Social World of Climbing

Rozproszenie wyników polskich funduszy inwestycyjnych