Journals Poznań University of Economics and Business
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Financial performance and cash flow: Evidence from the US banking industry
Full text linkThis study examines the relationship between cash flow and financial performance with a sample of 122 American banks covering the period 2019-2022. Panel data analysis is applied. Financial performance is computed as the Return on Assets (ROA) and Return on Equity (ROE). The explanatory variables used are the net cash flow, free cash flow, cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, size of banks, the leverage ratio, i.e., total liabilities to total assets, the liquidity ratio, i.e., current assets to current liabilities, and the efficiency ratio, i.e., total revenue to total assets. The results provide evidence of a negative relationship between financial performance and net cash flow. This is also the case for cash flow from investment and financing activities. On the contrary, the relationship of free cash flow with performance is positive. On the other explanatory variables, leverage and efficiency are positively related to financial performance.  
Quantitative analysis of money cycle and economic stability in economocracy
Full text linkThe paper discusses economocracy and representative econo-mocracy as innovative approaches proposed by author. These new economic systems, analogous to the political system of de-mocracy, aim at managing global debt and promoting economic sustainability. Economocracy is presented as a reformed economic system, distinct from capitalism, that incorporates the mechanisms of a free-market economy to address disruptions such as wars (re-construction of countries), recessions and economic crises. The results imply that economocracy has the potential to provide so-lutions to global economic issues by effectively circulating capital while promoting democratic governance and stable economies. The research involves a quantitative analysis of economic mod-els, specifically focusing on the Economic Productive Reset (EPR) and Economic Periodic Injections (EPI) as tools to alleviate global indebtedness and maintain economic stability
Central bank communication in unconventional times: Some evidence from a textual analysis of the National Bank of Poland communication during the COVID-crisis
Full text linkThe article analyses the communication of the National Bank of Poland (NBP) one year after the announcement of the crisis response package adopted after the outbreak of the COVID pandemic. It presents the perspective of a central bank that first entered unconventional monetary ground during the COVID-crisis. The analysis aims to answer the question of what message about monetary policy objectives may have been conveyed in communication with regard to possible interpretations of the response actions by economic agents. Misinterpretations of policy actions at the time, fuelled by the increased attention to inflation, could later contribute to higher inflation persistence. The article presents findings based on the innovative use of MAXQDA Pro 2022 solutions for textual analysis of central bank’s communication. It points to three inconsistencies in the NBP’s communication that could potentially lead to misinterpretation of the NBP’s policy actions in response to the crisis and thus affect the formation of expectations
The effects of technology and innovation adoption on firm performance among small and medium enterprises: Evidence from Vietnam’s logistics sector
Full text linkIn Industry 4.0, technology and innovation constitute a driver for enhancing firms’ performance, particularly for small and medium-sized enterprises (SMEs). Our study aims to examine whether that statement is correct for SMEs in a developing country. We develop a generic model and employ multiple regression techniques, including ordinary least-squares, robust standard errors and weighted least squares, to test this hypothesis and address heteroskedasticity. Using a micro-level dataset including 11,630 SMEs in Vietnam’s logistics sector, an emerging logistics market in a developing country, our results reveals that the effects of technology on firm performance may differ depending on particular metrics of this performance. Furthermore, not all forms of innovation significantly affect SME performance. Control variables such as “firm’s age”, “firm’s size”, “state ownership”, “education of the manager” and “foreign activities” also play a significant role in SME performance, underscoring the importance of both internal capabilities and external technological elements
Religious service attendance and consumer financial outcomes: Evidence from a longitudinal survey
Full text linkPrevious literature has pointed to strong links between religion and economic outcomes. However, little is known about how individual consumers ’ religiosity is related to their financial management outcomes. Using longitudinal data from a national representative survey of households in Poland (more than 90% of believers declaring Roman Catholic religious denomination), we examine the associations between religious service attendance (RSA) and three subsequent consumer financial outcomes: savings, debt, and financial satisfaction. Social contacts, general trust, and risk tolerance have been tested to mediate these associations. The results indicate that RSA is prospectively associated with all three consumer financial outcomes: savings (positive), debt (negative), and financial satisfaction (positive). Only one mediation effect was found: the association between RSA and savings is mediated by social contacts. This implies that religiosity, as measured by RSA, is prospectively associated with financial outcomes, and social contacts have some potential to mediate the process.
Role of agriculture in the process of structural transformation in West Africa
No full text Objectif : L’objectif de cet article est d’analyser le rôle de l’agriculture dans le processus de transformation structurelle en Afrique de l’Ouest.
Conception/méthodologie/approche : Pour ce faire, nous utilisons un modèle de panel à effet aléatoire avec les données de la Banque mondiale et de la CNUCED de 16 pays sur la période 1980–2018.
Résultats : Les résultats de cette analyse montrent que la valeur ajoutée agricole et l’indice de capacité productive sont des accélérateurs puissants de la transformation structurelle des pays d’Afrique de l’Ouest. En revanche, le capital humain, le taux d’emploi agricole et le taux d’alphabétisation des adultes constituent des freins à ce processus. En outre, les IDE (Investissements Direct Étrangers) se sont révélés être un puissant canal de cette dynamique. Globalement, les résultats suggèrent aux gouvernements de veiller à la modernisation du secteur agricole afin de le rendre plus compétitif et de concentrer les investissements dans les secteurs à forte productivité.
Originalité/valeur : Enfin, ces résultats exhortent les décideurs à créer un environnement propice à une mobilisation accrue et soutenue des IDE, tant donné que, associés à l’emploi agricole, ils amplifient significativement la transformation structurelle.Purpose: The objective of this article is to analyze the role of agriculture in the process of structural transformation in West Africa.
Design/methodology/approach: We use a random-effects panel model with World Bank and UNCTAD data from 16 countries over the period 1980–2018.
Findings: The results of this analysis show that agricultural value added and the productive capacity index are powerful accelerators of structural transformation in West African countries. On the other hand, the human capital, the agricultural employment rate and the adult literacy rate are obstacles to this process. Furthermore, FDIs (Foreign Direct Investments) have proven to be a powerful channel for this dynamic. Overall, the results suggest that governments should ensure the modernisation of the agricultural sector to make it more competitive and concentrate investments in high productivity sectors.
Originality/value: Finally, they urge policy makers to create an enabling environment for increased and sustained mobilisation of FDI, given these, combined with agricultural employment, significantly amplify structural transformation
Quantile connectedness between social network sentiment and sustainability index volatility: Evidence from the Moroccan financial market
Full text linkThe goal of this paper is to investigate the connectedness between investor sentiment and volatility on the environmental, social, and governance index (ESG) in Morocco. Therefore, on the basis of an investor sentiment index constructed from the X platform, and using quantile and frequency connectedness approaches, the findings reveal a significant connectedness between sentiment and ESG volatility, particularly during turbulent events. Although sentiment acts most of the time as a net receiver of shocks, notably during the COVID-19 pandemic and geopolitical crises, it sometimes becomes a net sender of shocks. Furthermore, the spillovers between sentiment and ESG volatility are determined mainly by the long-term component, especially during extreme events, implying the persistence of shock transmission due to high uncertainty. The results also illustrate the impact of market conditions on the spillovers between sentiment and ESG volatility. The conclusions of this study provide useful guidance for pro-ESG investors, policymakers, and companies
The asset-backing risk of stablecoin trading: the case of Tether
Full text linkThis article aims to analyse the asset-backing risk of stablecoins, focusing on international accounting standards, classification criteria, and auditing standards and using Tether as a case study. It examines Tether’s issuance, backing, controls, ratios, and regulations to assess risk transmission and mitigation. The results suggest a need for unified and strengthened accounting and auditing standards to enhance user confidence. Liquidity, solvency, and debt ratios were applied to Tether\u27s balance sheets; while Tether has made efforts to increase its transparency, and although it possesses highly liquid assets, challenges remain regarding its liquidity, solvency, and debt. An independent auditors\u27 valuation is crucial for investor confidence, demonstrating that more specific regulations are required for stablecoins. Future research should explore other stablecoins to comprehensively understand the accounting and auditing challenges in the field
CEO pay ratio versus financial performance in Polish public companies
Full text linkIn this paper, we aim to investigate the relationship between CEO pay ratio and corporate financial performance in Polish public companies. Using a sample of 259 companies listed on the Warsaw Stock Exchange, we demonstrate that links between the pay gap and accounting measures of performance differ from market ones. Our findings indicate a negative correlation between CEO pay ratio and return on sales. This implies that companies pay executives less during periods of high profitability, possibly to avoid the negative impact of excessive pay on firm performance. We also discover that the pay gap, measured by CEO pay ratio, is positively linked with Tobin’s Q and annual stock returns. A high CEO pay ratio signals strong incentives for top executives to perform, potentially leading to better strategic decisions and, consequently, higher Tobin’s Q ratios and annual stock returns
Recettes de la taxe sur la valeur ajoutée face aux chocs économiques et changements structurels (analyse comparative de la France, de l’Allemagne et de la Pologne)
No full textPurpose: This paper aims to compare VAT performance in France, Germany and Poland. The first part provides an insight into VAT design in these countries. The objective of the second—is to compare selected indicators, and that of the last—is to evaluate the recent changes implemented in the VAT system to improve its efficiency.
Design/methodology/approach: The article uses a range of comparative legal methods (historical, structural and functional). It examines VAT performance based on indicators such as the C-efficiency ratio, the VRR or the VAT gap. The final part of the article is devoted to assessing the challenges that governments face and the reform measures that need to be taken to improve VAT efficiency.
Findings: Despite an advanced level of VAT harmonisation, significant differences in its functioning between Member States have a notable impact on the performance of this tax. For many years, VAT performance has been relatively higher in Germany than in France and Poland. Indeed, France and Poland are countries where performance indicators are below the EU average. On the other hand, in Germany, they are around this average.
Originality/value: The article examines the performance of VAT, a topic usually discussed using the example of a single country or groups of EU member states, taking into account statistical data from Eurostat. However, it is rare for authors to analyse this issue by focusing on a few countries, while taking into account original legal sources, national statistical data, reports and literature. This publication does just that. Three countries were selected: Germany, France and Poland and their choice being based on various legal and historical aspects.Objectif : Cet article vise à comparer la performance de la TVA en France, en Allemagne et en Pologne. La première partie offre une perspective générale sur l’application de la TVA dans ces pays. L’objectif de la seconde – est de comparer les indicateurs de performance, et celui de la dernière – est d’évaluer les changements récents mis en oeuvre dans le systèmede TVA pour améliorer son efficacité.
Conception/méthodologie/approche : L’article utilise un éventail de méthodes juridiques comparatives (historiques, structurelles et fonctionnelles). Il examine la performance de la TVA sur la base d’indicateurs tels que ratio d’efficience/consommation, RRT, ou l’écartde la TVA. Une partie de l’article est consacrée à l’évaluation des défis auxquels seront confrontés les gouvernements et aux mesures de réforme à prendre pour améliorer la productivité de la TVA.
Résultats : Malgré un niveau avancé d ’ harmonisation de la TVA, des différences significatives dans son fonctionnement entre les États membres ont un impact notable sur la performance de cette taxe. Depuis de nombreuses années, la performance de la TVA est plus élevée en Allemagne qu’en France et en Pologne. En effet, la France et la Pologne sont des pays où les indicateurs de performance sont inférieurs à la moyenne de l’UE. En revanche, en Allemagne, ils se situent autour de cette moyenne.
Originalité/valeur : L’article examine la performance de la TVA, un sujet généralement abordé à l’exemple d’un seul pays ou de groupes d États membres de l’UE, en se basant sur les données statistiques d’Eurostat. Cependant, il est rare que les auteurs analysent cette question en se concentrant sur quelques pays, tout en tenant compte des sources originales du droit, des données statistiques nationales, des rapports et de la littérature. C’est précisément ce que fait cette publication. Trois pays ont été sélectionnés - l’Allemagne, la France et la Pologne