Journals UITM University of Information Technology and Management
Not a member yet
1100 research outputs found
Sort by
THE EFFICIENCY OF A SUPPLEMENTARY OLD-AGE PENSION SYSTEM – THE CASE OF POLISH VOLUNTARY PENSION FUNDS
Get PDFThe aim of this article is to evaluate the effectiveness of voluntary pension savings plans in Poland,based on the principles of operation and rates of return of voluntary pension funds (pol. DobrowolneFundusze Emerytalne, DFE). The selection of those funds from a whole range of solutions available inthe 3rd pension pillar is due to the fact that only this type of voluntary pension saving plan providescomplete and transparent information about the actual investment policy, the composition ofpension investment portfolios, and the achieved rates of return. In order to evaluate the investmentpolicies and the effectiveness of DFEs, the following research methods were used: a literatureanalysis, an analysis of financial data, and basic methods of investment efficiency assessment. Theresults of the evaluation lead to the conclusion that despite their adoption of similar investmentstrategies, the DFEs have achieved very different values of effectiveness. In the years 2013-2018,selected funds achieved higher than average rates of return, while others achieved returns thatwere no better than the interest rates of standard bank deposits
CORPORATE DIVERSIFICATION AND CEO COMPENSATION: EVIDENCE FROM THE MODERATING EFFECT OF STOCK OWNERSHIP
Get PDFThe article is an attempt to assess whether Stock Ownership moderates the relationship between corporate diversification and CEO compensation. Based on agency theory, we develop the hypothesis of whether when CEOs hold a large fraction of their firms’ outstanding stock, the CEOs are acting more as owners or shareholders than employees. This reduces the principal and agency relationship of agency theory, since CEOs are acting as owners rather than employees; thus the demand for further stock-based compensation is likely to be reduced because the interests of CEOs and shareholders are relatively aligned. For the purposes of this study, a sample of 2,448 CEO compensations across 1,622 firms from 1997 to 2002 was used to test several hypotheses. Corporate diversification was divided into two categories; international diversification and industry diversification. To test the hypotheses, multiple regression analysis was employed to examine stock ownership as a moderator variable on the relationship between international diversification and industry diversification and CEO total compensation with tenure, age, duality, and gender as control variables. The results indicate that stock ownership negatively and significantly influences the relationship between International diversification and CEO compensation. Additionally, the findings also confirm that stock ownership negatively and significantly influences the relationship between industrial diversification and CEO compensation. Our results are consistent with our hypotheses and indicate that firms with lower Stock Ownership produce larger interaction effects to increase international diversification and total compensation pay to CEOs, and firms with lower Stock Ownership, produce larger interaction effects to increase industry diversification and total compensation pay to CEOs. 
DETERMINANTS OF PUBLIC INDEBTEDNESS IN EUROPEAN UNION COUNTRIES
Get PDFThe paper strives to determine the impact of fiscal variables on factors determining the dynamics of public debt in European Union countries. Based on the literature, the dynamics of public debt are determined by changes of three elements: the primary balance, interest-rate-growth-differential and the change of government assets. Therefore, itseemsreasonable to estimate the dynamics of these three values to find the variables crucial for limiting the growth of public debt. Three groups of dynamic panel regressions were estimated based on the one-step Generalized Method of Moments. The data was collected for the 1995-2015 period for 27 EU countries. Dependent variables included: primary balance, interest-rate-growth-differential and change of government assets. Independent variables consisted of: interest payable to GDP ratio, unemployment rate, squared unemployment rate, FDI stock to GDP, net FDI inflow to GDP, general government expenditures to GDP, share of social security expenditures and openness of the economy measured by the ratio of export and import to GDP. On the basis of statistical data, three components of debt changes were distinguished, and estimations of the dynamic panel regressions were applied to find the impact of independent variables. According to the basic models, the primary balance is lower for: countries with higher unemployment, greater FDI stock and higher general government expenditures. The interest-rate-growth-differential is lower in the case of: high subsidies and for a more open economy. However, unemployment and FDI remain the most important determinants of this variable. The change of government’s assets ratio decreases as FDI net inflows or the share of expenditures to GDP increase as well as in the case of very high unemployment. 
PRINCIPLE OF VAT NEUTRALITY AND THE REVERSE CHARGE MECHANISM
Get PDFThe principle of VAT neutrality is among the fundamental characteristics of this tax. It is implemented through reduction of VAT output by the amount of VAT input. The right of deduction constitutes an integral part of the VAT mechanism and is intended to free the entrepreneur entirely from the burden of VAT paid for the goods and services purchased within the framework of business activity. However, in certain situations it is possible to shift the obligation to pay VAT to the customer being a taxable person by introducing a reverse charge mechanism. The purpose of the article is to identify the relationship between the implementation of the principle of VAT neutrality and the reverse charge mechanism. The conducted analysis of the essence and functioning of the reverse charge and the detailed findings drawn on its basis allow us to conclude generally that this mechanism does not affect implementation of this principle. 
UNDERSTANDING FINANCIALIZATION: STANDING ON THE SHOULDERS OF MINSKY
Get PDFSince Hyman Minsky’s death in 1996, much has been written about financialization. This article — by means of the synthesis, interpretation, and assessment of an extensive literature — explores the issues that Minsky examined in the last decade of his life and considers their relationship to the financialization literature. At the heart of those issues is what Minsky called money manager capitalism, which he viewed through the lens of a theory of capitalist development inherited from Joseph Schumpeter. Advancing our understanding of the history of financial economics, the article shows how Minsky contributed to — indeed, anticipated much of — the study of financialization. The article also identifies two sources of Minsky’s insightfulness: his treatment of economics as a grand adventure, and his willingness to step beyond the world of theory and interact with the world of practice. Today, scholars with a Minsky perspective face formidable challenges, but, the author concludes, within Minsky’s writings is also a glimmer of hope: Economic systems are not natural systems; we can reshape them to achieve a more humane world. 
DEGREE OF CONVERGENCE OF THE EFFICIENCY OF THE POLISH EQUITY INVESTMENT FUNDS OBTAINED WITH MEASURES BASED ON THE SHARPE RATIO
Get PDFLong-term persistence of low interest rates and a decline in attractiveness of investing in low-interest bank deposits generate additional demand for investments in investment funds. In such a situation, it is expected to have widespread use of the investment efficiency measures which take into account not only return, but risk level. The study examines eight measures of efficiency based on the Sharpe ratio. The study uses monthly data for 22 active equity funds over the period 2005- 2015. It was found that the majority of funds were more efficient than the market in periods of moderate economic growth and less effective in the period of strong growth on the capital market. The most efficient funds retain high efficiency in all phases of the economic cycle. The efficiency values obtained using indicators: Shape, Treynor, Jensen, Sortino, Omega, Sharpe-Israelsen and IR were strongly correlated, while values of the UPR indicator were significantly different from the other results. 
THE INFLUENCE OF THE RECENT FINANCIAL CRISIS ON THE FINANCIAL SITUATION OF POLISH LISTED COMPANIES
Get PDFThe recent financial crisis that began in 2007, also known as the Global Financial Crisis, had a huge influence on the financial situations of enterprises and financial institutions around the world. The situation on world stock markets was also strongly affected by the crisis. As the behavior of investors may be affected by various factors which can impact their decisions on the stock exchanges, some of them may be unable to act in a rational manner and make the right decisions. The huge drop in share prices on world stock markets was visible in the early stages of the crisis. The share price does not always reflect the real situation of the company. The main purpose of this article is to evaluate the influence of the recent financial crisis on the financial situation and performance of Polish listed companies. Financial ratios will be utilized to evaluate the real changes in the financial situation of Polish listed companies during the crisis. A large group of companies will be covered by the survey in order to assess the impact of macroeconomic factors on the financial situations of enterprises in different phases of the crisis. Market tests will not be applied because they may be affected by changes in share prices which in turn are often affected by irrational decision-making and fear. 
THE EFFECTS OF BANKRUPTCY ON THE PREDICTABILITY OF PRICE FORMATION PROCESSES ON WARSAW’S STOCK MARKET
Get PDFIn this study we investi gate how bankruptcy aff ects the market behaviour of prices of stocks on Warsaw’s Stock Exchange. As the behaviour of prices can be seen in a myriad of ways, we investi gate a parti cular aspect of this behaviour, namely the predictability of these price formati on processes. We approximate their predictability as the structural complexity of logarithmic returns. This method of analysing predictability of price formati on processes using informati on theory follows closely the mathemati cal defi niti on of predictability, and is equal to the degree to which redundancy is present in the ti me series describing stock returns. We use Shannon’s entropy rate (approximati ng Kolmogorov-Sinai entropy) to measure this redundancy, and esti mate it using the Lempel-Ziv algorithm, computi ng it with a running window approach over the enti re price history of 50 companies listed on the Warsaw market which have gone bankrupt in the last few years. This enables us not only to compare the diff erences between predictability of price formati on processes before and aft er their fi ling for bankruptcy, but also to compare the changes in predictability over ti me, as well as divided into diff erent categories of companies and bankruptcies. There exists a large body of research analysing the effi ciency of the whole market and the predictability of price changes en large, but only a few detailed studies analysing the infl uence of external sti muli on the effi ciency of price formati on processes. This study fi lls this gap in the knowledge of fi nancial markets, and their response to extreme external events. 
The Warsaw School of Logic: Main Pillars, Ideas, Significance
Get PDFThe Warsaw School of Logic (WSL) was the famous branch of the Lviv-Warsaw School (LWS) – the most important movement in the history of Polish philosophy. Logic made the most important field in the activities of the WSL. The aim of this work is to highlight the role and significance of the WSL in the history of logic in the 20th century
100 Years of Logical Investigations at the University of Poznań
Get PDFThe aim of this paper is to describe the history of logical investigations at the University of Poznań. The organisational structures within the discipline as well as the outstanding logicians and their achievements are presented. Connections with the Lviv–Warsaw School are indicated