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Koniunktura w handlu: IV kwartał 2025: BADANIA KONIUNKTURY GOSPODARCZEJ INSTYTUTU ROZWOJU GOSPODARCZEGO SGH
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Koniunktura w rolnictwie: IV kwartał 2025: BADANIA KONIUNKTURY GOSPODARCZEJ INSTYTUTU ROZWOJU GOSPODARCZEGO SGH
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How indicative are the indicative financial tables – Case Study of the Operational Programme Infrastructure and Environment (2007-2020)
No full textThe article aims to assess the difference in the planned allocation of national and EU funds and their actual disbursement level in the Operational Programme ’Infrastructure and Environment’. This exercise is being done to evaluate the efficiency of the planning process undertaken by the Managing Authority in Poland. While evaluation reports being undertaken on the national or European Commission level, analyse the efficiency of a programme through the lenses of its outcomes, the financial governance of it is being scrutinised using other techniques. Thus, an area of the entire planning process is being ignored to a certain degree in the official review process. Poland is usually shown to be among the leaders in terms of EU funds absorption and has one of the lowest percentages of fraud (well below the results obtained by many of the Western European EU Member States). However, those show a technical ability to identify the best-suited projects and properly govern the entire financial process. The research identified discrepancies in the level of investment priorities, which were, in most cases, well below 1.0 pp.Celem artykułu jest ocena poziomu różnicy między planowaną alokacją środków krajowych i unijnych a rzeczywistym poziomem ich wydatkowania w ramach Programu Operacyjnego "Infrastruktura i środowisko". Ma to na celu ocenę skuteczności procesu planowania, który został podjęty przez Instytucję Zarządzającą. Podczas gdy raporty ewaluacyjne opracowywane na poziomie krajowym lub na poziomie Komisji Europejskiej analizują skuteczność programu przez pryzmat jego wyników, zarządzanie finansami jest badane przy użyciu innych technik. W ten sposób obszar całego procesu planowania jest do pewnego stopnia ignorowany w oficjalnym procesie ewaluacyjnym. Polska jest zwykle wskazywana jako jeden z liderów pod względem absorpcji funduszy UE i ma jeden z najniższych odsetków nadużyć finansowych (znacznie poniżej wyników uzyskanych przez wiele zachodnioeuropejskich państw członkowskich UE). Wykazują one jednak raczej techniczną zdolność do identyfikowania najlepiej dopasowanych projektów i zdolność do właściwego zarządzania całym procesem finansowym. Rozbieżności zidentyfikowane na poziomie Priorytetów Inwestycyjnych były w większości przypadków znacznie poniżej 1.0 pp
Duration Disparity in Losing versus Winning Forex Trades: Evidence from Individual Traders' Behavior
Full text linkThis paper delves into the realm of behavioral finance, drawing upon existing academic literature, research studies, and laboratory experiments to underscore the impact of psychological biases on decision-making processes. However, empirical investigations pertaining to trading behavior, particularly in the context of an escalating number of individual traders, remain scarce. To address this gap, the present study examines a substantial dataset comprising foreign exchange transactions executed by Bulgarian individual traders over a five-year period. Leveraging my prior experience as a capital and forex markets dealer, my objective was to deconstruct my own decision-making and establish a straightforward guideline for mitigating psychological influences on trading behavior. Consequently, this study employs the principles and tools of behavioral finance to scrutinize the extensive trading dataset, aiming to provide empirical support for the composite and intricate effects of loss aversion bias, status quo, endowment effect, and loss attention biases on forex traders' decision-making and their subsequent trading outcomes and returns. Specifically, the research centers on the analysis of time duration disparities between winning and losing trades, elucidating the interrelationship between these ratios and the trading performance of Bulgarian individual forex traders. To the best of the author's knowledge, the investigation into the time duration of winning and losing trades represents a novel addition to existing trading statistical ratios, serving as a means to substantiate and interpret the psychological influences on individual traders' trading outcomes. This pioneering research builds upon two prior behavioral finance studies conducted by the author and an fMRI study exploring distinct patterns of brain activation in response to real and hypothetical monetary outcomes.
 
The Family Foundation in Poland. Legislation, Economic Impact and Historical Context
No full textIt has been more than a year now since Family Foundation Act (FFA) has entered into force in Poland in May 2023. This is the first regulation regarding family business wealth management. The need for such a regulation was reported by the environment of family businesses that is now facing generational change for the first time since communism failed in Central and Eastern Europe countries. In the article, we discuss the historical and economic context of the family foundations. Next, we discuss the basic assumptions of the Family Foundation Act, focusing mainly on family governance. We also outline the economic context of family foundations along with some estimates. Our conclusion is that granting family businesses a new succession model that is adapted to their needs should be assessed positively. However, in the context of foundation law itself a negative aspect of the new regulation is the legislator's decision to introduce a new type of foundations instead of extending the understanding of the already existing foundations
Management in Decentralized Autonomous Organizations (DAO): Analysis of Proposals
Full text linkThe emerging trend in information technology, Web 3.0, offers the necessary technology to build Decentralized Autonomous Organizations (DAOs). These innovative, fully digital organizational structures utilize both human and artificial intelligence (AI). Operating entirely in the virtual realm and unaffiliated with any physical entities, DAOs function autonomously, free from external interference. Additionally, DAOs hold virtual assets that can be employed for creating and signing digital contracts with humans or for investment purposes. Governance within a DAO is a collaborative effort, managed by both AI and token holders.
My previous research established that DAOs have features and tools that empower their managers, whether AI or human, to carry out all four fundamental functions of management: Planning, Organizing, Controlling, and Leading. The cornerstone of DAO management is its proposal and voting mechanisms, which constitute its core functionalities.
The aim of this study was to investigate how DAOs use proposals to execute these fundamental functions of management. Given the transparent nature of DAOs and the permanent archiving of all proposals on the blockchain, I was able to examine a comprehensive dataset of proposals across a majority of existing DAOs. Latent Dirichlet Allocation (LDA) was employed for the analysis of proposal titles and content. As of the data collection date, a total of 15,256 DAOs were available for study, of which 175 were ultimately selected for in-depth analysis.
The most significant conclusion is that proposals are primarily utilized for the Planning and Organizing functions. The study also revealed that a considerable portion of management activities in DAOs occurs outside the formal proposal and voting mechanisms
Modele podstawowe AI – nowe dylematy platformizacji w gospodarce cyfrowej
Full text linkThe aim of this article is to examine the impact of AI foundation models on bigtech market power, platformization in the digital economy, and new challenges for regulation. The research methods include literature studies, Law&Economics, and regulatory impact assessment. Bigtechs use their collective monopoly on computing power, data, and technical knowledge, as well as cloud computing, search engines, and browsers, to gain an advantage in large-scale AI foundation models of AI (general purpose models). The foundation models (upstream market) are then fine-tuned for different applications (downstream market), which increases the threats of cartelization or vertical concentration and promotes platformization. Smaller companies, not having access to these limited resources, sign contracts with (or are acquired by) larger players in order to gain access to them. A theory of “moligopoly” is being built, which assumes that bigtechs coexist both as monopolistic and oligopolistic firms that compete with each other in an environment of significant uncertainty and economic dynamics, complementary technologies (startups) driving cooperation with bigtechs, etc. Two areas in particular are key issies: enforcement of competition policy and additional regulatory obligations imposed in the DMA and DSA on dominant “gatekeepers” and in the AI Act – on suppliers of AI foundation models.Celem artykułu jest zbadanie wpływu modeli podstawowych AI na siłę rynkową bigtechów, platformizację w gospodarce cyfrowej i nowe wyzwania dla regulacji. Metody badawcze to studia literaturowe, ekonomiczna analiza prawa i ocena skutków regulacji. Bigtechy wykorzystują swój zbiorowy monopol na moc obliczeniową, dane i wiedzę techniczną, a także chmur obliczeniowych, wyszukiwarek czy przeglądarek, aby zyskać przewagę w zakresie wielkoskalowych podstawowych modeli AI (foundation models – FM, general purpose models – GPM). Modele podstawowe (rynek upstream) są następnie dostrajane do różnych zastosowań (rynek downstream), co nasila zagrożenia kartelizacją lub koncentracją pionową (wertykalną) i sprzyja platformizacji. Mniejsze firmy, nie mające dostępu do tych ograniczonych zasobów, w celu uzyskania dostępu do nich podpisują umowy z większymi graczami (lub są przez nich przejmowane). Buduje się teorię „moligopolu”, która zakłada, że bigtechy współistnieją zarówno jako monopole, jak i firmy oligopolowe, które konkurują ze sobą w środowisku znacznej niepewności i dynamiki gospodarczej, technologii uzupełniających (startupy) napędzających kooperację z bigtechami itp. Kluczowe są w szczególności dwa obszary: egzekwowanie polityki konkurencji i dodatkowe obowiązki regulacyjne nałożone w DMA i DSA na dominujących „strażników dostępu”, a w AI Act – na dostawców modeli podstawowych AI
Inicjatywa obywatelska w Szwajcarii i w Polsce
Full text linkThe author of the article presents and compares the functioning of the citizens’ initiative in Switzerland and in Poland. He puts forward a hypothesis that (some solutions of Swiss direct democracy concerning the popular initiative enriching Polish political system by) introducing some of the solutions close to Swiss popular initiative could be beneficial for the Polish political system under certain conditions. He also claims that at least two of these conditions will not be met in the short term. This claim is supported, among others, by the fact that the majority of Swiss taking part in the voting is guided by arguments other than those of most Polish voters. The arguments guiding the Swiss are mentioned (to a limited extend) in the description of two popular initiatives included in the article.W artykule autor przedstawia i porównuje funkcjonowanie instytucji inicjatywy obywatelskiej w ramach demokracji szwajcarskiej i w Polsce. Formułuje hipotezę że wprowadzenie niektórych rozwiązań bliskich szwajcarskiej inicjatywie ludowej mogłyby, pod pewnymi warunkami, korzystnie wzbogacić polski system polityczny. Twierdzi też, że co najmniej dwa z takich warunków nie zostaną spełnione w najbliższych latach. Na rzecz tego twierdzenia przemawia m.in. to, że większość Szwajcarów biorących udział w głosowaniach kieruje się odmiennymi racjami niż ogół polskich wyborców. Racje Szwajcarów ukazuje (w niewielkim zakresie) zamieszczony w artykule opis dwóch szwajcarskich inicjatyw ludowych
Debt Maturity Structure and Stock Price Crash Risk in African Economies: The Moderating Role of Accounting Standards
Full text linkThis study examines the influence of debt maturity structure on stock price crash risk (SPCR) in African economies, focusing on the moderating role of accounting standards such as the IFRS and national GAAP. Drawing on data from 514 publicly listed non-financial firms across six countries: Nigeria, South Africa, Kenya, Egypt, Ghana, and Morocco spanning the period from 2007 to 2020, the research employs generalized least squares panel regression to test its hypotheses. The findings indicate that debt maturity significantly reduces SPCR, with this effect being more pronounced in developing economies where robust accounting standards are better enforced. The study reveals that higher-quality financial reporting frameworks enhance transparency and reduce information asymmetry, thereby amplifying the beneficial impact of debt maturity on SPCR. These insights underscore the critical role of debt maturity and stringent accounting standards in strengthening financial stability and corporate governance. By addressing a notable gap in the literature, this research offers valuable implications for policymakers, regulators, and investors in African market
Psychosocial dimensions of the work environment of medical workers during the COVID-19 pandemic
Full text linkThe work environment of medical workers changed significantly during the COVID-19 pandemic. It concerned not only physical, chemical, biological, but also psychosocial factors shaping working conditions. The study focuses on presenting the results of research carried out during the pandemic on a group of medical workers regarding the psychosocial aspects of a safe work environment. STATISTICA software was used in the process of developing research results. To assess the significance of differences in variables analyzed, non-parametric tests were used: Mann-Whitney U test (UMW), Kruskal-Wallis ANOVA test (AKW). Kendall’s tau correlation coefficient was used to assess the strength of correlations between variables. The research results revealed a significant deterioration of the psychosocial dimension of the work environment in relation to medical workers employed in public health care units, in particular in hospitals, including single- name hospitals. The results also indicate a very strong relationship between the family/home situation of the respondents and their feelings about security, satisfaction, and meaning of work