Search results - CEJSH

1

Statistical Control Charts: Performances of Short Term Stock Trading in Croatia

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Dumičić K., Žmuk B.

Business Systems Research Journal

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2015

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vol. 6

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issue 1

22-35

EN

Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC) methods into the stock trading process. Methods/Approach: The individual (I), exponentially weighted moving average (EWMA) and cumulative sum (CUSUM) control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.

2

Characteristics and realization of the dividend policy of companies quoted on the Warsaw Stock Exchange for the period 2008--2017

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Jabłoński B.

Nauki o Finansach

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2019

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issue vol. 24 no. 3

1-12

EN

The article takes up the issue of the characteristics and the implementation of the dividend policy of companies quoted on the Warsaw Stock Exchange in Warsaw for the period 2008-2017. The purpose of the research is the characteristics of dividend policy company satisfaction mechanism, including an assessment of its actual implementation. To study the characteristics and implementation of the dividend policy by the company’s dividend, eventually it was necessary to classify the companies that during the period of 2009-2018 paid dividends for the period 2008-2017 without a break (at 31.07.2018). The test results indicate a high average annual growth rate of paid dividends. Unfortunately, more than half of the companies developed a dividend policy and those that have it as the basis for their decision on the amount of payment of dividends indicate net profit and investment needs.

3

Identification of risks of investments into residential premises for rent in Poland

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GÓRSKI A., PARKITNA A., URBAŃSKA K.

Operations Research and Decisions

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2021

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vol. 31

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issue 4

53-68

EN

While looking for investment opportunities, investors analyse whether a potential investment will bring satisfactory returns, the level of which depends on many risk factors. That is why it is necessary to analyse the potential risks in the process of investment management. Investors need to possess knowledge of such risks, their influence on the investment, and the methods of avoiding risk. Given the scale of investments into residential property, the focus has been on the risk factors determining the return on investment, which is crucial for a large number of small investors. Identification of different kinds of risks associated with residential premises is crucial for the management of such investments and translates directly into the level of return on the investment. The increase of the investments into residential property is caused by some small investors who are looking for an alternative method of investing. Their funds do not bring a satisfactory level of returns while in bank deposits. Those investors recognise the opportunity which arises from renting flats. The temptation of high returns compensates for the level of risk.

4

Inwestycje mikroprzedsiębiorstw województwa lubelskiego z uwzględnieniem źródeł ich finansowania

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Ziętek-Kwaśniewska K.

Zeszyty Naukowe PWSZ w Płocku. Nauki Ekonomiczne

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2015

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vol. 2(22)

323-332

EN

The aim of the article is to analyse the investment activity of micro-enterprises from the Lubelskie voivodeship, and to indicate the sources of its financing, with particualar emphasis on EU funds. During the period 2009-2013, the investment outlays of micro-enterprises from the Lubelskie voivodeship were subject to significant fluctuations. The data analysis indicates the moderate investment activity of entities from the other regions of Poland. Micro- and small enterprises from the Lubelskie voivodeship financed their investments mainly from their own resources. The usage of UE funds in investment financing was relatively small. For micro-entrepreneurs from the Lubelskie voivodeship, barriers to using EU funds of particular importance were: bureaucracy, lack of own resources, and insufficient knowledge.

5

Dividend policy of companies listed on European and American capital markets – comparative analysis

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Jabłoński B., Kuczowic J.

Nauki o Finansach

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2016

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issue 4(29)

35-48

EN

This paper discusses the issue of the dividend distribution from the perspective of capital market investors and dividend distributing companies, listed on the largest stock exchanges. The goal of the study is to demonstrate the specificity of the dividend policy of companies functioning on the world’s most developed capital markets – the USA and Western Europe. The study covers 150 companies, their dividend policy, as well as the regularity and dynamics of dividend distribution in the period 2011-2015. The results of the study indicate that in companies listed on the developed capital markets, systematic dividend distribution constitutes a stable element of remunerating investors. The analysis also pointed to the considerable differences between the dividend policy adopted by companies listed on the Warsaw Stock Exchange and the dividend policy of companies which are components of the S&P500, FTSE100, DAX, and CAC40 indices

6

ARTIFICIAL NEURAL NETWORK SUPPORTING THE PROCESS OF INVESTING ON THE FOREIGN STOCK EXCHANGES

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Halicki M., Kwater T.

Metody Ilościowe w Badaniach Ekonomicznych

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2015

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vol. 16

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issue 1

116-125

EN

The publication presents the use of artificial neural networks as a tool expert that supports the process of decision-making for the quarterly period to invest in selected stock exchanges. It proposes a set of 10 features of exchanges, which is of enough universal character that the approach presented in the publication may be useful for any chosen stock exchange. The conducted study was based on actual data.

7

How to strengthen the Polish venture capital market? An analysis of the solutions in selected countries

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Fałat-Kilijańska I.

Nauki o Finansach

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2015

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issue 4(25)

9-23

EN

The history of venture capital funds has shown that they are crucial for the promotion of innovation and competitiveness of the economy. By funding projects that are considered by others as too risky, they contribute to the increase in the number of modern enterprises as well as create jobs and constitute a significant participant in the capital market. This article aims to identify the factors having an impact on the condition of the Polish market of venture capital investments. An analysis of the system solutions adopted by the US and European leaders in the venture capital market indicates that of greatest importance are the legal regulations on the organisational forms of funds and their fiscal transparency as well as those on the system of tax reliefs and exemptions and pension funds’ participation possibilities. Such aspects as the corporate income tax rate and the capital gains tax rate proved to be of secondary importance for the operation of venture capital funds.

8

The role of geography in the analysis of industrial development strategies within the spatial organisation of a region

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Wali A. A.

Bulletin of Geography. Socio-economic Series

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2014

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vol. 24

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issue 24

231-244

EN

Through presenting the main axes in this study, it is clear that identifying a precise concept of industrial development is related to a wider idea of development. Despite that, the geographical view gives a wider and more comprehensive concept of the industrial development. Moreover, balanced spatial development is closely related to industrial and agricultural development within the space of a geographical region. Industry and agriculture represent productive activities which form the economic basis for a region. Industrial development is the most important tool which is used in developing rural areas. Moreover, industrial development has a great role in developing other activities, especially services in a region. This is done through the capability of industry to provide requirements of other activities and absorb labour force surplus from other economic sectors. In addition, the industry sector increases economic revenues for the region and raises the individuals’ incomes. Strategies of achieving industrial development spatially differ from region to region. This relates to a group of variables, such as political and economic conditions in a region, its development, as well as size of industrial investments. However, accomplishing industrial development spatially requires putting appropriate developmental strategies which conform with a region’s development level and available industrial investments, particularly, in underdeveloped regions with limited financial resources. These regions need to be identified as the most underdeveloped ones in order to attract industrial investments according to the unparalleled spatial development model. What should be taken into consideration is focus on adopting the modern technological development of industry in the field of spatially achieved industrial development through providing appropriate spatial elements. This should be followed by the distribution of modern industrial projects of large production capacity which exploit ideally the available geographical qualifications to attain big economic revenues that supports and develop other economic activities. This is reflected positively in the balanced spatial development of a geographical region

9

Ocena zgodności z Konstytucją przepisow ustawy o inwestycjach w zakresie elektrowni wiatrowych

100%

Zbigniew G.

Zeszyty Prawnicze BAS

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2019

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issue 2(62)

249-334

EN

The provisions reviewed by the Constitutional Tribunal concern the location of wind farms in Poland. The applications of a group of Deputies contained concerns regarding, inter alia, the distance between wind turbines and residential buildings, as well as the impact of these facilities on natural environment. According to opinion, the location of the power plant only on the basis of a spatial development plan does conform to the Constitution. Before the act came into force, the construction of a wind farm could also take place in an area uncovered by the spatial development plan. On the other hand, provisions regarding cancellation of initiated or unfinished proceedings regarding a decision on development conditions relating conform to the Constitution.

10

Condo hotels as a way to invest in new market challenges

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Stoch-Chyc H.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2019

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issue vol. 63, nr 9

185-199

EN

The Polish hotel market has been witnessing a continuous growth in the supply of condo facilities. Thanks to them, areas where investments are located benefit from them (infrastructure development takes place, region attractiveness increases, the city’s budget is augmented by taxes) and also individual entrepreneurs investing in the purchase of premises. The aim of this paper is to identify the values generated by investments in condo hotels in Poland. The analysis covered selected facilities whose profit proposals were compared with the level of interest rates. The practical part, determining the costs and benefits of owning a condo apartment, was preceded by theoretical considerations on investment. The whole issue has been determined within the scope of behavioral economics which has a dominant influence on purchasing decisions. The paper is a result of the analysis of available literature sources, primary data obtained from condo operators and secondary data on investment issues.

PL

Wzrost podaży condo hoteli następuje na polskim rynku hotelarskim od kilku lat. Dzięki przedsięwzięciom condo korzyści odnoszą nie tylko pojedynczy przedsiębiorcy, ale także zyskują obszary, na których zlokalizowane są inwestycje (następuje rozwój infrastruktury towarzyszącej, wzrost atrakcyjności danego regionu, miasto uzyskuje dodatkowe wpływy do budżetu). Celem artykułu jest analiza inwestycji w hotele condo w Polsce. Analizie poddano wybrane hotele, dla których porównano potencjalne zyski z poziomem stóp procentowych. Całość rozważań została osadzona w ramach teoretycznej ekonomii behawioralnej, która ma dominujący wpływ na decyzje zakupowe. Część praktyczną, ustalającą zyski z posiadania apartamentu condo, poprzedziły rozważania teoretyczne na temat inwestycji w nieruchomości. Artykuł jest wynikiem analizy dostępnych źródeł literaturowych, danych pierwotnych uzyskanych na podstawie informacji od operatorów obiektów condo oraz danych wtórnych dotyczących zagadnień inwestycyjnych.

11

Finansowanie inwestycji w gospodarce wodno-ściekowej w Polsce

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Rosiek K.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 907

137-155

EN

One of the challenges contemporary economies face is to ensure a sufficient supply of optimal quality water for different user needs while at the same time preserving the principles of ecosystem protection. Poland deals with a significant developmental and civil challenge in this area, mainly due to previous negligence in sewage management. When it joined the European Union, Poland assumed certain obligations in this area resulting from the implementation of the so-called Sewage Sludge Directive and the Water Framework Directive. At the same time, the EU budget designated financial resources to facilitate quicker achievement of the appropriate objectives. It is therefore revealing to track changes in the area of water and sewage management, especially those involving the share of funds from abroad and budgetary commitments of individual municipalities used to co-finance these as well as changes in the regional provision of the relevant infrastructure. Accordingly, the aim of the paper is to analyse investment expenditure in the area of water and sewage management in Poland by region with a special focus on changes in selected sources of financing, especially funds originating from abroad and from municipality budgets.

12

Theoretical Principles of Human Capital Investment in Informational Society

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Zhyvko Z., Podra O., Volnykh A.

Security Dimensions: International & National Studies

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2015

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vol. 16(16)

166-183

EN

Under conditions of information society development more and more attention is paid to the human capital conception research and its investments efficiency determination, because a high level of individual capabilities, which were created in the process of investing, provides a worker competitiveness, flexibility and realization in economic activity, stimulates subsequent development and self-perfection under conditions of the information society formation. The development of the “human capital” concept, basic approaches to its determination and modern development features in domestic and foreign scientists’ research works are researched in the article. The process of a human capital formation is analyzed, general and excellent lines with contiguous concepts are selected. The concept of investments in human capital is explored, investment mechanism of human capital development under condition of information society transition is analyzed in the article. Possible consequences of such investments for main investment process participants are analyzed. It was found out that investments must be done on the early stages of human potential formation on the basis of education, medical providing, humanitarian and cultural development, and as a result there is a formation of highquality components, which provide the higher level of competitiveness and mobility at the labour market. The existent classification of investment subjects was extended, and added to them participants of market infrastructure, to which were included the financial and credit institutes, non-state pension fund, insurance companies, venture funds, accumulation funds, recruiting agencies.

13

Determinanty inwestycji przedsiębiorstw

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Kasprzak-Czelej A.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2013

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vol. 47

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issue 2

EN

The article provides a brief review of internal and external factors that determine corporate investment. The results of empirical researches on investment determinants are quoted. They suggest that the key factors for investment, generally speaking, are connected with an economic condition, uncertainty and risk, and the level of financial development.

PL

Artykuł nie zawiera abstraktu w języku polskim

14

Significance of the EU Funds in Investments of Small and Medium-Sized Enterprises

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Spoz A.

Oeconomia Copernicana

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2014

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vol. 5

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issue 4

61-74

EN

Nowadays competitiveness of enterprises is determined by the size and range of implemented investment projects. The investments need to involve necessary resources. In the case of the SME sector, enterprises have limited financial assets. Therefore, Poland’s accession to the European Union and the opportunity to use its funding is a chance for development of this sector. The aim of the paper is to discuss the significance of EU funds in investments of SMEs and to present the most important advantages and barriers to their spending. The research methods used in this paper are: study of literature and analysis of secondary data. The research material comprises programming documents and the results of research carried out at the request of the European Leasing Fund, the Polish Agency for Enterprise Development and the Polish Confederation Lewiatan. Conclusions: EU funding is an attractive source of financing investments for enterprises. It is one of the most affordable forms of obtaining capital. Acquisition of additional financial means can determine the start of an investment, extend its scope, increase its rate and improve its quality. However, in practice the share of EU funds in financing SMEs investments is still small and entrepreneurs face many barriers to using this form of support. Major obstacles include: excessive bureaucracy, strict procedures, over-scrupulous office workers, lengthy verification of payment applications, as well as delays in payments to beneficiaries.

15

Przesłanki podejmowania inicjatyw partnerstwa publiczno-prywatnego – analiza porównawcza na przykładzie wybranych gmin województwa małopolskiego

100%

Węgrzyn J.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 913

125-136

EN

The aim of this paper is to determine the motives to implement public-private partnership (PPP) in municipalities. It was assumed that the implementation of such projects is determined by characteristics that can be aggregated into three areas: the availability of infrastructure, the size of the financial resources at the disposal of municipalities, and the ability to finance an investment project without exceeding the limits of liability. A quantitative study of these relations was done using taxonomic analysis. The study failed to clearly resolve the impact of having an infrastructure gap on PPP decisions. The results have confirmed, however, that municipalities are suffering from rising public debt, which threatens the investment process. Research shows that PPP is perceived by the communities under consideration as a remedy to the problems associated with obtaining investment financing.

16

Governance of Tanzanian pension fund investment

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Westerman W., Chande mpinga Z.

Central and Eastern European Journal of Management and Economics (CEEJME)

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2016

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issue 3

189-209

EN

This study aims to examine how mainland Tanzania pension fund investments are governed and which developments can be foreseen. The literature provides ample leads for a conceptual and practical framework on pension fund investment governance. This framework is filled in along a case research design drawing upon system participant interviews. It is shown that whilst the system is gaining strength, its inherent limitations may call for change measures. The pension fund’s investments work out fine and contributors receive value for money. Also, the oversight is thought to work reasonably well. Quirks include investments limitations set by the markets and the government, and also a still low coverage, the heavy weight of the government, a load of administrative costs, employer compliance, beneficiary withdrawal, insufficient education throughout and ignorance in general. The system is governed by complex but strict controls and is being professionalised. To lower administrative costs and raise investment returns, the role of the Ministries versus the Regulator may be amended, while keeping Central Bank in the loop. The paper demonstrates that the hierarchical system engenders agency conflicts that are curbed by a trust grounded common strive for optimal financial value. In specific the paper argues that the investment governance benefits from strict controls and professionalising, especially if financial markets and government limitations are lessened

17

Opinia prawna na temat sprawozdania Komisji Infrastruktury o poselskim projekcie ustawy o inwestycjach w zakresie elektrowni wiatrowych

100%

Jaroszyński T.

Zeszyty Prawnicze BAS

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2016

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issue 2(50)

185-196

EN

Some provisions of the proposed bill are incompatible with European Union law. They violate the principle of proportionality. The proposed draft law can also affect effective implementation by Poland of its obligations resulting from Directive 2009/28/EC (15% share of energy from renewable sources in gross final energy consumption in Poland in 2020). The mechanism of re-applying for a decision authorizing the operation of the wind power plant can be regarded as a formality that discourages service providers from doing business. The charges provided for in the bill are in contradiction to this provision, because they are not reasonable and proportionate to the cost of the authorization procedures. The bill is subject to notification, the initiation of the notification procedure does not preclude the adoption of the proposed legislation. The consequence of failure to notification may be the finding by the courts of the ineffectiveness of the provisions of the bill, as well as the commencement of proceedings against Poland under Article 258 TFEU.

18

In What To Invest After Surviving – The Investment Structure of Growing SMEs

100%

Pauli U.

Journal of Entrepreneurship, Management and Innovation

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2015

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vol. 11

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issue 4

93-114

EN

The main goal of the article is to present the research testing a model of investment structure in different phases of SMEs’ growth. The author assumed that the share and structure of investments vary in accordance with the stage of the company’s growth, and it is possible to describe the path which SMEs follow in their development. In the study based on organizations’ growth models, demand for particular resources in subsequent growth stages is presented. The model and investments structure is verified on a sample of 286 SMEs.

19

Relationship between fiscal instruments and investments of industrial SMEs and LEs in Poland

100%

Woźniak M., Lisowski R.

Managerial Economics

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2016

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vol. 17

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issue 2

261-275

EN

The authors used statistical tools to analyze the relationship of fiscal support instruments and the level of the investment of industrial micro, small, and medium–sized enterprises in comparison to large companies in Poland in the years 2006–2014. The results revealed that there is a significant relationship between the level of investment in micro–, small–, and medium–sized enterprises and the majority of tax instruments. There is a negative relationship between the instruments and some of other factors that should influence on the investments of enterprises.

20

Nouvelle réglementation juridique de la planification du territoire en Pologne

100%

Pańko W., Podgórski K.

Contemporary Central and East European Law

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1985

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issue 1-4(65-68)

79-93

EN

The article analysis the Law of the 19th July 1985 on Spatial Planning which introduced changes necessary after the reform of administrative division of the state and the introduction of the communes. Furthermore, more and more intensive industrialisation resulted in adjusting the local plans to the planned localisation of new investments. Also, the growing society needed more residential space what was not possible to achieve without the changing of the existing spatial plans. It is highlighted that the aim underlying the introduction of new law was to guarantee the coordination of general and local interest, by introducing the measures allowing to take into account social, natural and economic conditions of each region. The plans are adopted on several levels (national, regional and local). The national one covers the general provisions that takes into consideration the aims of the country development, the environmental protection concerns, protection of natural resources and the cultural heritage, the need for constant development of social and technical facilities for residential needs, sustainable development (taking into account both industrial and agricultural needs) and security and defence issues. There are some imprecisions with defining the regional level. Accordingly to new administrative division of the country, it should mean the voivodeships, what is highlighted in the article. Nevertheless, the plans on this level should emphasis the development of voivodeship, without neglecting its influence on the neighbouring voivoideships. The local plans should take into consideration the needs of the local community. The law predicts also the spatial plans for the special functionality terrains (mines, agglomerations, national natural parks). In the further part of the article, there is a brief review over the process of adoption of the abovementioned plans. They are prepared by the Planning Commission within the Council of Ministers and broadly consulted. The representatives of the administration bodies, the social element and the representatives of the councils of people are also engaged in the process. The further obligations linked to the adoption of these plans are analysed in the latter part of the article. The specific procedure for the localisation of investments is analysed in the last part of the article, it should have the form of the administrative act and is litigable before the Administrative Court. What’s more, it cannot change the provisions of the existing plans. What is more, in order to obtain consolidation with these plans, it need to be consulted with Planning Commission within the Council of Ministers if it regards the investment of national importance, and with local or regional authorities if the investment is of local importance. Moreover, it should be also consulted with the Environment and Water Resources Protection Office and the General Sanitary Inspection. The transition period provisions are of great practical value and regulate that all of the ongoing processes are conducted due to the old procedures. The new plans should be elaborated till the 31st December 1986 (it can be prolonged till the 31st December 1988).

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