Publishing House of Wroclaw University of Economics and Business Journals
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Transfer Pricing and the Financial Performance: The Case of Algerian Companies
Get PDFThe increase of international trade represents more than 60% of the international economy, which is more profitable within the same group, moreover the continuous search for satisfactory financial performance by companies. Through this research we investigate whether transfer pricing has a positive and significant impact on corporate group’s financial performance in Algeria, over a period of 5 years since 2016 with a quantitative approach and SPSS software. We tested the regression of transfer pricing variables (tax burden, firm size and leverage) with the financial performance of 60 companies of corporate groups operating on different sectors as a sample of this study. We found that transfer pricing has a significant and positive impact on those companies at 10% error’s margin, despite of the fact that only the firm size has a significant positive impact on ROA of these companies in Algeria with a margin error of 1%. However, we conclude that the more the company has a considerable size, the more it should pay attention to its transfer prices and their declarations to avoid any tax adjustment can hinder its financial performance. separate text which purpose when it is read in isolation from the rest of the work is to inform about its content. It should include such elements as the formulation of research objective, identification of study object, essence of used method, the most important results, and conclusions
Analysis of work intensity in Slovakia using testing and estimation of linear combinations of GLM parameters
Get PDFNot only unemployment itself but also the reduced work intensity of a household has a major impact on the social exclusion of a person. The work intensity of households is currently being monitored in Europe mainly for purposes of identifying those people or households that are excluded from the labour market. The households’ work intensity directly affects the inclusion or exclusion from the labour market, which is one of the three social exclusion dimensions. Moreover, it also, as confirmed by several studies, fundamentally affects the other two dimensions of social exclusion, namely income poverty and material deprivation. The aim of the paper was to assess which factors in interaction with the economic activity status of a person significantly affect the household’s work intensity and, depending on these factors, to estimate the household’s work intensity. For this purpose, the general linear model and the associated analysis of marginal means and the contrast analysis were used. The analyses are based on a database EU-SILC 2020 for the Slovak Republic and performed in the SAS Enterprise Guide and by means of PROC GLM in the SAS programming language using CONTRAST and ESTIMATE statements. The article examines between which levels of significant factors there is a significant difference in terms of a household’s work intensity and in particular provides estimates of work intensity depending on the household type, educational attainment level and the age of a person. At the same time, in all three cases households are broken down by the economic activity status of the person. The presented analyses revealed categories of persons that are the most and the least threatened by labour market exclusion from the point of view of the considered factors
How much do we see? On the explainability of partial dependence plots for credit risk scoring
Get PDFRisk prediction models in credit scoring have to fulfil regulatory requirements, one of which consists in the interpretability of the model. Unfortunately, many popular modern machine learning algorithms result in models that do not satisfy this business need, whereas the research activities in the field of explainable machine learning have strongly increased in recent years. Partial dependence plots denote one of the most popular methods for model-agnostic interpretation of a feature’s effect on the model outcome, but in practice they are usually applied without answering the question of how much can actually be seen in such plots. For this purpose, in this paper a methodology is presented in order to analyse to what extent arbitrary machine learning models are explainable by partial dependence plots. The proposed framework provides both a visualisation, as well as a measure to quantify the explainability of a model on an understandable scale. A corrected version of the German credit data, one of the most popular data sets of this application domain, is used to demonstrate the proposed methodology
Should Poland join the euro area? The challenge of the boom-bust cycle
Get PDFThe article makes references to the existing cost-benefit analyses on adopting the euro in Poland and other new member states of the EU. In general, they considered a decrease in the cost of capital to be among the crucial benefits of adopting the common currency. As a result, the costs of a credit boombust cycle, to which adoption of the euro may lead, were at best underestimated. The authors discussed the possible solutions to mitigate the risk of boom-bust cycles and concluded that although they are conceptually simple, their effective implementation may be difficult, mostly due to political pressures. To overcome the feasibility problem, the power over undertaking macro prudential measures should be delegated to the central bank. Its past performance in stabilising the economy (at least until recently) suggests that it could make a good use of such a power. Furthermore, adopting the euro would resolve the problem of the ‘difficult cohabitation’ of monetary and macro prudential policy that such a delegation would otherwise create
Socio-ecological market economy: A research approach
No full textThe aim of this article was to present the possibilities offered by the ordoliberal theory that predispose it to determine a socio-economic order which makes it possible to tackle the dysfunctions and crises that afflict today’s economy and all human civilisation, especially in the ecological dimension. The analysis is based on critical study of the professional literature on the subject in question, which includes both publications on ordoliberal thought and texts which identify the threats present in the modern world. The ordoliberal theory of economic governance shows the potential for its development to include environmental issues, as well as its application as an intellectual basis for socio-economic policies capable of helping to solve contemporary problems. This article represents one of the first attempts to complement the ordoliberal theory of economic order and the concept of the Social Market Economy with ecological aspects
Rola etyki zawodowej w kształceniu potencjalnych kandydatów na biegłych rewidentów
Get PDFThe aim of this study is to define the role of ethics in the profession of statutory auditor in the education of potential candidates in the auditor’s profession. The study was based on a critical analysis of literature, legal acts, and an analysis of the syllabuses of Polish economic universities. Despite emphasizing the importance and role of ethics in the profession of statutory auditors, Polish education programs of economics universities in fields related to audit or controlling still offer a small number of ethical subjects. The literature review confirms students’ lack of ethical education (potential candidates). Therefore, it is worth considering expanding the educational offer in the future to increase the helpful knowledge to acquire qualifications and awareness of ethical attitudes of potential candidates for statutory auditors.Celem niniejszego badania jest określenie roli etyki w zawodzie biegłego rewidenta w kształceniu potencjalnych kandydatów na studiach wyższych w Polsce. Badanie zostało przeprowadzone na podstawie krytycznej analizy literatury, aktów prawnych oraz analizy programów nauczania w postaci sylabusów polskich uczelni ekonomicznych. Mimo podkreślania znaczenia i roli etyki w zawodzie biegłych rewidentów, polskojęzyczne programy kształcenia uczelni ekonomicznych na kierunkach lub specjalnościach związanych z audytem, rewizją lub controllingiem oferują niewielką liczbę przedmiotów w zakresie etyki zawodowej. Badania literaturowe potwierdzają braki w edukacji w zakresie etyki wśród studentów (potencjalnych kandydatów). W związku z tym warto w przyszłości rozważyć rozszerzenie oferty kształcenia w celu zwiększenia wiedzy niezbędnej do zdobycia kwalifikacji i świadomości postaw etycznych potencjalnych kandydatów na biegłych rewidentów
Efekty makroekonomiczne odchyleń od reguły Taylora w gospodarkach Europy Środkowej i Wschodniej
No full textA standard Taylor rule was estimated for several Central and Eastern European (CEE) countries (Czechia, Hungary, Poland, Romania) based on quarterly data over the 2002-2021 period. The SVAR model indicates, for all CEE countries, that the level of central bank policy rate below the Taylor rule implied rate is caused by both output gap and inflation, with the Taylor rule deviations having heterogeneous effects on other endogenous variables. Among other results, the depreciation of the exchange rate is contractionary and inflationary, the output gap is inflationary (except for Romania), while inflationary effects on output are different across the CEE countries.Wykorzystując dane kwartalne z okresu lat 2002-2021, standardową regułę Taylora oszacowano dla czterech krajów Europy Środkowej i Wschodniej (Czechia, Węgry, Polska, Romania). Przy pomocy modelu SVAR otrzymano, że we wszystkich krajach EŚW zaniżony poziom stopy procentowej banku centralnego względem stopy na podstawie reguły Taylora jest spowodowany przez lukę dochodu oraz inflacje. Jednocześnie odchylenia od reguły Taylora mają zróżnicowany wpływ na inne zmienne endogeniczne. Spośród innych otrzymanych wyników, deprecjacja kursu walutowego przeważnie powoduje cykliczny spadek dochodu oraz przyspieszenie inflacji, cykliczny boom jest inflacyjny (za wyjątkiem Rumunii), w tym jak efekty inflacyjne względem dochodu różnią się w przekroju poszczególnych krajów EŚW
Dochód krajów – partnerów handlowych i wzrost gospodarczy w Ukrainie
No full textThis study aimed to empirically estimate the long-term and short-term relations between the output of trading partners and economic growth in Ukraine. With the use of quarterly data over the 2004-2019 period, it was found that an increase of output in the euro area resulted in the most substantial stimulating long-term effect on the level of GDP in Ukraine, followed by spillovers from output growth in Poland. There was no long-term effect of output in other major trading partners, such as other Central and Eastern European countries (Czechia, Hungary, Slovakia) and the former Soviet Union countries (Belarus, Kazakhstan, Russia). In the short run, the stimulating effect of foreign output was confirmed only for spillovers from the euro area. Among other results, there was a longterm contractionary effect of both exchange rate depreciation and liberalisation of the economic environment, as indicated by the Index of Economic Freedom from the Washington-based Heritage Foundation (both factors are neutral with respect to Ukraine’s output in the short run).Przeprowadzone badanie ma na celu oszacowanie empiryczne relacji długo- i krótkookresowych między dochodem krajów – partnerów handlowych i wzrostem gospodarczym na Ukrainie. Na podstawie danych kwartalnych z lat 2004-2019 oszacowano, że największy wpływ na poziom PKB Ukrainy ma wzrost dochodu w krajach strefy euro, a kolejnym stymulatorem jest wzrost gospodarczy w Polsce. W długim okresie nie odnotowano oddziaływania wzrostu gospodarczego krajów Europy Środkowo-Wschodniej (Czechy, Słowacja, Węgry) oraz krajów byłego Związku Radzieckiego (Białoruś, Kazachstan, Rosja). W krótkim okresie potwierdza się stymulujący wpływ dochodu partnerów handlowych wyłącznie z krajów strefy euro. W długim okresie deprecjacja kursu walutowego oraz liberalizacja środowiska ekonomicznego ma niekorzystne oddziaływanie na wzrost gospodarczy Ukrainy, co ustalono na podstawie Indeksu Wolności Gospodarczej amerykańskiej fundacji Heritage Foundation (oba czynniki są neutralne względem wzrostu gospodarczego Ukrainy w krótkim okresie)
Agencje ratingowe wobec wojny w Ukrainie
No full textThe aim of this study was to find evidence of whether the ratings prior to Russia’s reinvasion of Ukraine in 2022 reflected the geopolitical risks, and if the rating actions taken in response to the aggression accurately informed the financial market participants of the conflict’s spillover impacts, transmitting them to the credit risk assessment. The rating actions in response to the Russia’s reinvasion in 2022 indicate a considerable shock from the underestimation of geopolitical and political risks in Russia, including autocracy risks. The pattern of the rating actions differed from those in response to the invasion in 2014, and also varied from those used over the past two decades during the outbreak of crises with underlying economic drivers. The CRAs signalled a high level of geopolitical uncertainty which may involve a necessary shift to ‘point-in-time’ ratings, as ‘through-the-cycle’ ratings could have little relevance due to the lasting geopolitical risk.Celem artykułu było znalezienie odpowiedzi na pytanie, czy ratingi przed inwazją Rosji na Ukrainę w 2022 r. odzwierciedlały ryzyko geopolityczne oraz czy decyzje agencji ratingowych podjęte w następstwie wybuchu wojny trafnie informowały uczestników rynku finansowego o wpływie ryzyka powstania konfliktu zbrojnego na ryzyko kredytowe. Działania ratingowe w odpowiedzi na agresję Rosji w 2022 r. wskazują na niedoszacowanie ryzyka geopolitycznego oraz ryzyka politycznego w Rosji, w tym ryzyka związanego z rządami autokratycznymi. Schemat działań ratingowych różni się od zastosowanego w 2014 r., a także odbiega od wzorca stosowanego w ostatnich dwóch dekadach podczas wybuchów kryzysów o podłożu ekonomicznym. Agencje ratingowe sygnalizowały wysoki poziom niepewności geopolitycznej, co sugeruje konieczność zmiany podejścia na „point-in-time” ze względu na to, że ryzyko geopolityczne znacząco ogranicza możliwość zastosowania formuły „through-the-cycle”
Polski nomadyzm cyfrowy
No full textDigital nomadism reflects the new trend among young people who work remotely so they can follow their passions and travel. The main research goal was to find out the determinant of the choice of such a lifestyle by Poles. The subject of the research were digital nomads of Polish descent. The method of literature analysis and in-depth interviews on a sample of 40 respondents was used. The study showed that Polish digital nomads do not identify with a larger community as they face misunderstanding and distrust the help of those they meet during their travels. A typical digital nomad works in the IT, marketing or education industry, is a young person looking for adventure while travelling, and not paying much attention to housing conditions. Characteristic features are also minimalism and a reluctance to start a family. The main determinants of the choice of a nomadic lifestyle include, first of all, the dissatisfaction with the living conditions in Poland, and the willingness to change.Cyfrowy nomadyzm stanowi odzwierciedlenie nowego stylu życia młodych ludzi, którzy pracują zdalnie. Mogą więc nieustannie podążać za przygodą i rozwijać swoje pasje. Głównym celem badawczym jest poznanie determinant wyboru takiego stylu życia przez Polaków. Obiektem badań są cyfrowi nomadzi polskiego pochodzenia. Zastosowano metodę analizy literatury oraz wywiadu pogłębionego na próbie czterdziestu respondentów. Badanie wykazało, że polscy cyfrowi nomadzi nie utożsamiają się z większą społecznością, ponieważ spotykają się z niezrozumieniem i nie ufają osobom poznanym w trakcie podróży. Typowy cyfrowy nomad pracuje zdalnie w branży IT, marketingu lub edukacji. Jest osobą młodą, szukającą przygód w trakcie podróży, nieprzywiązującą większej wagi do warunków mieszkaniowych. Cechami charakterystycznymi są również minimalizm i niechęć do zakładania rodzin. Do głównych determinant wyboru koczowniczego trybu życia należy przede wszystkim nieusatysfakcjonowanie warunkami życia panującymi w Polsce oraz chęć dokonania zmian