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EN
Multisided, digital platforms attract considerable attention in business and academic circles. Seven out of the ten most valuable companies in the world derive much of their value from multisided platforms. The problem of defining and measuring value remains a major challenge in management literature. In this paper I analyze the relationship between the sales (revenue) and market capitalization of companies with digital platform business models. Data was used from a sample of 19 companies that used platform business models in 2017. To assess the correlation, Pearson correlation coefficient was applied. The results indicate that there was a significant positive relationship between revenue and market capitalization in 2017. This suggests that revenue may be used as the main variable in the valuation of companies using platform business models. The results point to future research problems that may be addressed using casebased methodology.
EN
Expenditures on innovation activity can be analysed by type of activity and sources of their financing. The aim of this paper is to identify the changes in financing of innovation in manufacturing companies based on data from the Central Statistical Office of Poland. Findings suggest that changes in sources of funding impact the types of investments.
PL
W artykule dokonujemy przeglądu teorii, cech aktywności i niedoszacowania cen emisyjnych (IPO underpricing) pierwszych ofert publicznych na Rynku Głównym Giełdy Papierów Wartościowych w Warszawie. Potwierdzamy, iż wiele zjawisk związanych z IPO nie ma charakteru stałego. Bazując na behawioralnych aspektach niedoszacowania cen emisyjnych akcji weryfikujemy dokładność wycen giełdowych sporządzanych przez analityków przed pierwszymi ofertami publicznymi. Analizując bazę danych stworzoną na potrzeby artykułu obserwujemy rozczarowujący brak dokładności nie tylko w zakresie wycen spółek, ale także w prognozach przychodów, na których owe wyceny bazują.
EN
We review the theory and evidence on IPO activity and underpricing focusing on the Warsaw Stock Exchange and confirm that many IPO phenomena in Poland are not stationary. Focusing on the behavioural reasons for underpricing, we investigate the accuracy of analysts’ valuations made prior to initial public offerings. Using a unique set of data, we find a disappointing lack of accuracy, not only in the results of valuations but also in the underlying forecasts of revenues. 
PL
W artykule analizujemy teorię oraz dowody występowania zjawiska niedoszacowania cen emisyjnych pierwszych ofert publicznych akcji na Giełdzie Papierów Wartościowych w Warszawie. Mimo że temat był już w przeszłości badany, uważamy, że ostatnia dekada niskich stóp procentowych zasługuje na szczególną uwagę. Zbadaliśmy zjawisko niedoszacowania cen emisyjnych w tym okresie, a także wykazaliśmy, że trzy czynniki miały istotnie statystyczny wpływ na wielkość zjawiska: rok emisji, stopa procentowa wolna od ryzyka oraz poziom zamknięcia indeksu szerokiego rynku w dniu emisji.
EN
We review the theory and evidence on IPO activity and underpricing focusing on the Warsaw Stock Exchange. Although the topic has been under investigation in the past, we believe that the recent decade of low interest rates deserves inquiry. We research the extent of underpricing during this period and further conclude that three factors had a statistically significant influence on initial public offering underpricing during this period: the year of IPO, risk-free rate and WIG close value.
EN
The paper concerns integration processes aimed at business and region development. Effective cooperation should be based on networks that comprise interrelations between organizations, activities and resources. Network cooperation is based on knowledge and information, which determines the innovativeness of organizations in the region. The study is based on research conducted in łódzkie region. The aim of this paper is to consider the role of integration processes in managing innovations in łódzkie voivodeship during the 2007-2013 period in the context of 2030 strategy objectives
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