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1
100%
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
137-150
EN
The article is attempting a new reflection on the problem of risk management, corporate risk. Does not respect the principles of corporate governance poses a potential risk factors for the operation of the Corporation, and, consequently, for all its stakeholders and the environment. While the compliance by corporations to those rules restrict largely corporate risk. Study presents analysis of selected Polish corporates energy optimized for the application of the principles of corporate governance in the context of enterprise risk management.
EN
The author shares his view of future threats related to human activity. Whereas the natural disasters become more and more predictable, the future consequences of man's cognitive activity, discoveries and political ambition became threats, which should not be ignored. As the cognitive motive of exploration and technological advancement cannot be reduced or stopped by any social (international consensus), the consideration of accompanying risk should be enhanced. The awareness of the real benefits and potential losses included in technological aspirations becomes crucial for the welfare of the humanity.
EN
The aim of the study was to assess the methods of reinsurance management in insurance companies operating in the Polish market during the years 2004-2008. Determination of reinsurance applied by insurance companies in each of the eighteen groups of section II insurance types (according to the Act on insurance activities), including also the discussed group thirteen, i.e. in general third party insurance nit included in groups from nine through twelve was the base for the assessment. Each reinsurance type defines the risk sharing, that is the liability of the insurance company (the assignor) and reinsurer in case of insurance damage, in a different way. The reinsurance method and the scope of damage also influence the reinsurer's commission and the share in profits of the reinsurers that insurance companies receive from the reinsurers. The values of those financial parameters have a very large influence on the operational results of insurance companies as concerns the balance or reinsurance operations, which should oscillate around zero in a longer time perspective.
EN
In this article we introduce microfinance investment funds as financially viable socially responsible investment. We provide a brief overview of the microfinance investment funds that are the most relevant to a commercially oriented investor who is besides the socially responsible aspect of this type of investment interested in the financial benefits of the inclusion of these funds into his personal investment portfolio. In regard to the dependence of returns of microfinance funds on the performance of stock and fixed income markets in deve-loped and emerging economies we find slightly negative correlation. We also show that microfinance investment funds provide modest but in time stable returns compared to benchmark market indices.
EN
A firm choosing among various solutions in working capital needs to decide what level of risk is acceptable for its owners and capital suppliers. That choice results in financial consequences, especially in the cost level. In this paper we consider the relation between risk and expected benefits from the working capital decision and its results on financing costs for the firm. The paper discusses a relation between the choice of strategy of investment in current assets and the results of that choice on the growth of firm value.
6
80%
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
91-101
EN
The risk management is a fundamental problem in the among enterprises. Proper mitigation of the risk will define the future level of an enterprise's profit/loss. The study presents the nature and typology of the risk, the notion of frisk, risk management and the issue of mitigation thereof.
EN
With the purpose of efficient risk management they are offering, banks might be divided into 'traditional', for example, credit, depositary, percentage, currency risks and 'nontraditional', caused by their specialization and expansion activities. Concerning traditional risks there is a powerful arsenal of methods of influence. Both systematization of methods of management by the traditional risks of the bank and separate recommendations for the increase of efficiency of management by untraditional bank risks have been recommended.
EN
Proper evaluation of banks' activity requires an analysis of profitability and risks undertaken by these institutions. For the purposes of internal reporting banks use Risk Adjusted Performance Measures (RAPM). Brief review of those indicators is presented in the article. Author pointed out the difficulty in determining these indicators by external entities. In authors opinion simple approach based on ROE volatility analysis may be treated as complementary method. In this article the author using ROE volatility analysis assessed the profitability and risk for a group of banks listed on the Warsaw Stock Exchange in 2004-2009.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
151-161
EN
The article rise the subject risk management as part of corporate governance in case of crises. There are sown different local codes which help to implement proper risk management system basic on OECD directives. Additionally there is shown an example of running risk management system implemented by French VINCI Group which relay on AFEP-MEDEF code. The author point out critical elements which have influence on proper risk management system as part of corporate governance.
EN
Activities of economic entity are realized in the system of choosing the ideal ratio between control and risk, that is typical for growth process. The necessity of choice comes out when an enterprise, while functioning, cannot maximize the processes of control and growth, as the given approaches involve different expenses of economic entity. Consequently, to improve economic efficiency an enterprise has to apply cost management algorithm, based on the use of different tools and methods. Under “control” strategy conditions it was suggested to apply methods focused on more complete accounting and cost minimizing (method of direct accounting, standard method etc); under risk strategy to apply methods, intended to maximize income (not full cost accounting etc).
11
80%
Zarządzanie i Finanse
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2012
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vol. 4
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issue 2
219-228
EN
The 2007-2009 financial crisis has had numerous causes. One of the most important has been the weakness of the corporate governance systems in most of the financial institutions. These systems were not efficient enough to prevent managers from taking too risky decisions, oriented on short-term profits. The abnormally high risk appetite has been encouraged by wrong incentive systems, rationalization mechanisms and opportunities created by lax regulatory framework. Corporate governance systems of financial institutions need to be improved .In particular the orientation of these systems needs to shifted form short-term perspective of shareholders returns to longer-term perspective of company performance and interests of all stakeholders
Lud
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2012
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vol. 96
75-92
EN
The article is devoted to the role of risk in tourist experience. It particularly concentrates on risk as a figure of travel narratives, the identity boundaries marker. The empirical material comes from a study on Polish niche tourism to the countries of the former USSR, the rarely chosen destination in post-1989 Poland. The niche status of tourists is defined by the choice of destination and the mode of travel (budget self-organized tourism usually involving some contacts with nature and local dwellers). Risk is present in tourist accounts yet it is not central – the interlocutors do not see themselves as adventure tourists. The theoretical models of risk are presented in the second part of the article to the end of establishing the cultural and historically specific meanings of risk such as uncertainty or change as well as the correlation between risk and control, including control over one’s destiny. In the final part of the article the empirical material is analyzed through the lens of presented theoretical models. The strategy of backgrounding risk in narratives serves several goals. It produces counter-hegemonic (affirmative) representations of the visited region; it also creates the image of tourists as exceptional and different thus boosting their social status at home. The side effect of these strategies of risk presentation is however the image of the countries of the former USSR as pre-modern, outdated and pristine, as opposed to the (late) modern sophisticated Europe, with which the tourists associate themselves.
EN
The aim of this paper is to analyse the phenomenon of Personal Web Usage (PWU) in the workplace with particular emphasis on the risks to the organizations and the consequences of the PWU. The most common reactions of employers and methods of coping with too frequent PWU are discussed. In the final part of the article practical issues concerning the implementation of acceptable Internet usage policy in business organizations are addressed.
EN
The article deals with the issue of maintaining ecological economic well-being in the conditions of world trade liberalization. We analyze the present state of environmentally safe trade liberalization in developed and developing countries and determine the main prospects and ways of trade and environment spheres harmonization.
EN
In this article risk typology in a small enterprise has been presented. In the aspect of a small enterprise's characteristic features that have been synthetically described, the author has tried to define the crux and position of individual risk types in the operation of small market entities. In economy practice, identification and risk management conduct of risk categorization facilitates.
16
80%
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
77-89
EN
The paper presents complexity of decisions made by manager responsible for its effectivenes in corporate environment. Every manager should have awarenes that any decision situation he is in determines organization’s functioning. The article also shows the meaning of circumstances having influence on modern manager’s ability to make decisions. Manager’s decision-making skills in different decision circumstances are very important because they guarantee efficiency of organization.
Zarządzanie i Finanse
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2012
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vol. 4
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issue 1
495-508
EN
The aim of the paper is to examine impact of systemic risk on global financial market. The literature analysis shows the nature of systemic risk and its possible consequences. It explains also the potential effects of risk emerging from the systemically important financial institutions. The paper discusses particular categories of such institutions and an assessment methodology for systemic importance. The paper concludes with a discussion on the impact of the published list of global systemically important banks to the global financial system.
EN
The aim of this paper is to attempt to characterize the role of risk management among growing external risk factors. The authors believe that currently there are a number of factors posing a serious risk of destabilizing the global financial system. Under such conditions, proper identification and risk management in enterprises can be very important for their secure operation. The authors believe there may be situations where implementation of a risk management system might be beneficial even if it does not lead directly to increased business value. Within the risk management process, risk management methods should be carefully observed, with some requiring supplementation with stress tests.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
113-121
EN
The paper is empirical in its character. In particular, it presents the excerpts from the scientific research conducted by the author among the selected group of the largest construction and assembly companies in Poland. The key aim of the paper is to outline and discuss the results of the empirical research into risk in business activities carried out by the surveyed companies. The research has covered only the largest contractors as large and very large construction and assembly companies tend to act as general contractors and carry out the biggest investment projects which, by definition, involve the highest risk. The execution of such projects requires the identification of risks, which occur at all stages of the investment and construction process.
EN
Although threat has been always a part of human existence, a systematic scientific attempt to study its various forms in relation to society is a rather recent development. After the Second World War the term risk became an important issue in the natural sciences and public discourse. Consequently, it was discussed in the social sciences and humanities, where all concepts of threat had in common the principle that its causes and consequences are represented through social processes. The paper aims to overview the main theoretical notions of threat and the empirical research on the related topics in Slovak ethnology. In the first part of the paper the author offers a brief overview of the ideas which have emerged in sociology and socio-cultural anthropology since the 1960s, with the central notions of risk and danger. The second part of the paper brings an outline of empirical studies in Slovak ethnology and related disciplines. They indicate the social processes which are perceived as threats in Slovak society.
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