Journals Poznań University of Economics and Business
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Preface
Get PDFDear Readers,
We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznan University of Economics and Business Press. To create this issue, we made a considerable selection of papers. As a result, we are sharing with you only the best articles. We believe that the papers we publish add significant value to science in the field of economics and finance.
Yours faithfully, Piotr Lis, Editor in Chief
 
Divest or engage? Effective paths to net zero from the U.S. perspective
Get PDFThe aim of this article is to critically review and evaluate two ESG-based investment strategies—divestment and engagement for alignment of investment portfolios with climate change mitigation goals of the United Nations. The article compares both approaches in terms of their effectiveness of decarbonization, using the case study method. First, the case on fossil fuels divestment by Harvard Management Company is analysed. The second case study discusses shareholder engagement endeavors by Engine No. 1 hedge fund and its investment in ExxonMobil. The findings indicate that divestment may have non-immediate impact on corporate behavior and carries political and legal retribution risks. Engagement, on the other hand, presents itself as a more plausible option as it takes less time to deploy and, therefore, can produce more immediate and impactful results. Nevertheless, both divestment and engagement can play mutually supportive roles in addressing climate change by the investment industry
Russian aggression against Ukraine and the changes in European Union countries’ macroeconomic situation: Do energy intensity and energy dependence matter?
Get PDFThe study aims to assess whether there are significant differences among EU member states regarding the Russo-Ukrainian-conflict-driven changes in macroeconomic indicators and whether these differences are linked to the country’s energy vulnerability. Applying the k-means clustering, there are distinguished three country groups similar with regard to regarding their energy intensity, energy dependence (including Russian gas dependence) and household budgets\u27 exposure to energy prices. Based on Kruskal-Wallis and Wilcoxon pairwise comparison tests, the study reveals statistically significant differences among the distinguished country clusters in the level of inflation and interest rates at the time of this conflict and differences in the 2022 forecasts\u27 changes for GDP, inflation, budget balance and unemployment. The results indicate that EU economies characterised by the most significant energy vulnerability economically suffer the most in the aftermath of the Russian invasion of Ukraine
Is value investing based on scoring models effective? The verification of F-Score-based strategy in the Polish stock market
Get PDFThe aim of the paper is to analyse the effectiveness of F-Score-like models using the example of the Polish stock market. F-Score is a scoring model based on a high B/M investing strategy, which uses fundamental signals to assess the economic condition of an entity. So far, its effectiveness has been generally proven in numerous stock markets worldwide. However, no comprehensive study focusing on the Polish market has been conducted. Therefore, F-Score and similar models (FS-Score and PiotroskiTrfm) were analysed in this regard. It was shown that companies with higher scores generated positive both raw and market-adjusted returns on average. However, they were lower than the mean returns of low-score companies (for FS-Score) or total high B/M portfolio (regarding F-Score and PiotroskiTrfm). The results of the study show that F-Score, FS-Score and PiotroskiTrfm are generally effective investing tools. However, it might be more advisable for value investors to choose a total high B/M portfolio instead of shares of high-score entities according to F-Score or PiotroskiTrfm
Challenges for higher education in the era of widespread access to generative AI
Get PDFThe aim of this paper is to discuss the role and impact of generative artificial intelligence (AI) systems in higher education. The proliferation of AI models such as GPT-4, Open Assistant and DALL-E presents a paradigm shift in information acquisition and learning. This transformation poses substantial challenges for traditional teaching approaches and the role of educators. The paper explores the advantages and potential threats of using generative AI in education and necessary changes in curricula. It further discusses the need to foster digital literacy and the ethical use of AI. The paper’s findings are based on a survey conducted among university students exploring their usage and perception of these AI systems. Finally, recommendations for the use of AI in higher education are offered, which emphasize the need to harness AI\u27s potential while mitigating its risks. This discourse aims at stimulating policy and strategy development to ensure relevant and effective education in the rapidly evolving digital landscape
Conformité des pratiques de reporting en matière de développement durable avec le cadre de la Global Reporting Initiative : Une analyse du secteur mondial de la santé
No full textPurpose : The purpose of the paper is to investigate the compliance with the GRI Framework of sustainability reporting practices in the worldwide healthcare sector. Design/methodology/approach : 2,440 sustainability reports published in 1999-2019 by 632 healthcare organisations worldwide were examined using a content analysis. A descriptive research methodology, including a literature review, was applied in order to address the stated purpose. Findings : The results indicate that (1) the growing tendency of healthcare organisations to publish sustainability reports in line with the GRI Guidelines or the GRI Standards is noticed every year; (2) 68% of all 2,440 reports published by healthcare services and products organisations comply with the GRI Framework. Noticed trends concerning sustainability reporting compliance with the GRI Framework might provide a complete picture of non-financial disclosure practices in the worldwide healthcare sector. The paper offers interesting insights on sustainability reports that are the most common instruments used by organisations to provide accountability about the economic, environmental and social performance. Originality/value : This research contributes to a growing literature on the standardization of sustainability reporting in the worldwide healthcare sector by providing an empirical view on the actual use of the GRI Framework. Research fills a research gap in the field of non-financial reporting practices of healthcare organisations from all over the world.(original abstract)Purpose: The purpose of the paper is to investigate the compliance with the GRI Framework of sustainability reporting practices in the worldwide healthcare sector.
Design/methodology/approach: 2,440 sustainability reports published in 1999–2019 by 632 healthcare organisations worldwide were examined using a content analysis. A descriptive research methodology, including a literature review, was applied in order to address the stated purpose.
Findings: The results indicate that (1) the growing tendency of healthcare organisations to publish sustainability reports in line with the GRI Guidelines or the GRI Standards is noticed every year; (2) 68% of all 2,440 reports published by healthcare services and products organisations comply with the GRI Framework. Noticed trends concerning sustainability reporting compliance with the GRI Framework might provide a complete picture of non-financial disclosure practices in the worldwide healthcare sector. The paper offers interesting insights on sustainability reports that are the most common instruments used by organisations to provide accountability about the economic, environmental and social performance.
Originality/value: This research contributes to a growing literature on the standardization of sustainability reporting in the worldwide healthcare sector by providing an empirical view on the actual use of the GRI Framework. Research fills a research gap in the fieldof non-financial reporting practices of healthcare organisations from all over the world.L\u27Objectif : Le but de cet article est d\u27étudier la conformité des pratiques de reporting en matière de développement durable pour le secteur de la santé avec le cadre de la Global Reporting Initiative (GRI).
Conception/méthodologie/approche : 2440 rapports de développement durable publiés entre 1999 et 2019 par 632 organisations de santé dans le monde entier ont été examinés à l\u27aide d\u27une analyse de contenu. Une méthodologie de recherche descriptive, comprenant une revue de la littérature, a été appliquée afin d\u27atteindre l\u27objectif déclaré.
Résultats : Les résultats indiquent que (1) la tendance croissante des organisations de santé à publier des rapports de développement durable conformément aux lignes directrices GRI ou aux standards GRI est remarquée chaque année ; et que (2) 68% des 2440 rapports publiés par les organisations de santé (services et produits) sont conformes au cadre GRI. Les tendances observées concernant la conformité des rapports avec le cadre GRI pourraient fournir une image complète des pratiques de divulgation des informations non financières dans le secteur mondial de la santé. L\u27article offre une étude intéressante sur les rapports de développement durable qui sont les instruments les plus couramment utilisés par les organisations pour rendre compte de leurs performances économiques, environnementales et sociales.
Originalité/valeur : Cette recherche contribue à une littérature croissante sur la standarisation des rapports de développement durable dans le secteur mondial de la santé en fournissant une vision empirique de l\u27utilisation réelle du cadre GRI. L\u27article comble une lacune en matière de recherche dans le domaine des pratiques de reporting extra-financier des organisations de santé du monde entier
Currency rate and the Cycle of Money theory
Get PDFThe current paper explains the fundamental concepts of CM theory (Cycle of Money Theory or otherwise known as Cycle Money Theory). The theory of the Money Cycle examines an economy as a whole, therefore the structure of the economy and the distribution of money in the economy is evaluated in terms of how they interact. An economy with a high index of the money cycle indicates prosperity. The current paper demonstrates that tax evasion causes a delay in tax revenue. Tax evasion, on the other hand, has caused economic harm to the economy because money is stored for tax havens rather than the local banking system. Inflation is the economic disease of the inadequate structure of the economy, because of the not appropriate distribution and reuse of money. Functionality (economic activity) and structure of the economy are connected through the way that money moves in an economy or is lost from it. The currency rate in this paper is analyzed based on the theory of the Cycle of Money
Does stock market take into consideration football players’ injuries?
Get PDFInjuries are a frequent risk in sports. This article analyses the repercussions of football players’ injuries on the market returns of six European clubs: Ajax, Borussia Dortmund, Manchester United, Olympique Lyonnais, Benfica and Juventus over a period of three years. The originality of this study comes from the absence of scientific articles in this field. Based on the event study methodology, the results indicate that the sensitivity of stock prices to injuries is very low. Furthermore, the results show that the date of injury is a significant variable causing the effect on returns (Borussia Dortmund). However, injury severity, player status and COVID do not influence the price share
Carbon footprint and economic growth in Nigeria and Ghana
Get PDFThe study investigates the relationship between carbon footprint and economic growth in Nigeria and Ghana over the period 1990 to 2020 (31 years). The carbon footprint related variables used in the study include greenhouse gas emissions, renewable energy consumption, electricity consumption and trade openness; these were regressed against GDP per capita (a proxy for economic growth). The fully modified least square and panel dynamic least square were employed for the main analysis of the study. The findings revealed that greenhouse gas emissions and renewable energy consumption have significant negative effect on economic growth in Nigeria and Ghana; while electricity consumption and trade openness have insignificant positive and negative relationship with economic growth respectively. The study recommends among others that, the governments should initiate carbon pricing law which should be implemented through a tax policy specifically on the emissions from burning of biomass which consist of methane (CH4) and nitrous oxide (N2O) from the combustion of biomass in forest areas and carbon dioxide gas from the combustion of organic soils. High taxes will scare and deter indiscriminate bush burning among others resulting in serious environmental pollution and degradations. This measure will help reduce adverse GHG emissions and positively impact economic growth
