Journals UITM University of Information Technology and Management
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MANAGERIAL FACTORS IN INVESTMENT RISK: EVIDENCE FROM POLISH MUTUAL FUNDS
Get PDFThe aim of this study is to examine whether investment risk is related to the managerial factors characterising portfolio managers. The study employs four risk measures and a set of individual manager characteristics, including socio-demographic variables determining a manager profile. The analysis is conducted based on data for 144 portfolio managers from 43 domestic equity funds operating in Poland in the period 2000-2015. The examinations are made possible by using static panel models. The obtained results indicate the existence of a relationship between managerial characteristics and risk measures, such as: standard deviation, beta coefficient, tracking error and bear-market percentile ranking. To our knowledge, it is the first paper to evaluate the investment risk of Polish mutual funds in relation to managerial characteristics.
TRADE FAIR FEE AS A SOURCE OF INCOME FOR THE BUDGETS OF MUNICIPALITIES IN POLAND ON SELECTED EXAMPLES
Get PDFThe public finance system in force in Poland provides for a trade fair fee (Polish - „opłata targowa”) as part of municipalities’ own revenues. The trade fair fee is collected from persons selling at marketplaces located in the municipality. It constitutes own income for the commune’s budget and is an archaic form of public tribute. According to the legal regulations in force in Poland, communes may waive the collection of the exhibition fee, however, there are still many communes collecting it. The assessment of income to the commune budget from the trade fair fee was carried out on the basis of a survey of income to the budget of selected 10 coastal communes in Pomorskie Voivodeship. The selection of coastal municipalities was determined by their specificity in terms of retail trade on markets and squares. This is because the holiday season attracts many tourists and entrepreneurs who sell the goods they offer in the mode of direct retail trade carried out on local markets, streets or squares (often located near the entrance to local beaches). The analysis of income from the fair fee was carried out on the basis of reports on the implementation of the budgets of communes and reports on the income of communes Rb-27s published by commune authorities on the pages of the Public Information Bulletin of a given local government unit. Verification of the revenue of the selected 10 municipalities from the fair fee for 2016-2019 revealed a very low share of the fair fee in the total revenue to the municipalities’ budgets (maximum 1.60% for the Łeba municipality in 2016). Moreover, the communes incur significant costs related to the collection of the trade fair fee, which are connected with the payment of commissions on the collected amounts up to 25% of the total income from the fee. The results of the research indicate that it would be reasonable for the authorities of the analysed communes to consider abolishing the trade fair fee in their area, as the revenue is small compared to the costs incurred. The liquidation of the market fee may attract more traders and improve the image of the commune as a facilitator of business activities involving trade in marketplaces. 
DETERMINANTS OF INFLATION IN EUROPE – A DYNAMIC PANEL ANALYSIS
No full textThis article offers an empirical analysis of determinants of inflation in 28 European economies that belonged to the transition group of countries in the end of the last century. We rely on dynamic panel methodology and find that economic and structural variables, including economic openness, unemployment, real wages, institutional effects, as well as external factors, such as prices of food and oil, determine the short-run inflationary dynamics in these countries. The obtained results also indicate that inflation rate is autoregressive in the observed period (2005-2015), confirming that contemporaneous inflation rate is determined by the entire history of these determinants. Our further investigation reveals long- term effects of the majority of these variables on price dynamics. Interestingly, distinction between the current EU and transition countries in the model does not lead to different conclusions. 
SPATIAL AND INSTITUTIONAL ANALYSIS OF THE VOIVODSHIPS EXPENDITURE ON CULTURE IN THE YEARS 2003 – 2015
Get PDFFollowing the completion of the process of decentralisation of public administration in Poland in 2003, a number of tasks implemented previously by the state authorities were transferred to the local level. One of the most significant changes to the financing and management methods of the local authorities was the transfer of tasks related to culture and national heritage to the set of tasks implemented by local governments. As a result of the decentralisation process, the local government units in Poland were given significant autonomy in determining the purposes of their budgetary expenditures on culture. At the same time, they were obliged to cover these expenses from their own revenues. This paper focuses on the analysis of expenditures on culture covered by the voivodship budgets, taking into consideration the structure of cultural institutions by their types, between 2003-2015. The location quotient (LQ) was applied to two selected years (2006 and 2015) to illustrate the diversity of expenditures on culture in individual voivodships. 
ADJUSTING BANK RECRUITMENT TO THE SPECIFICS OF THE MILLENNIAL GENERATION AS CONDITIONS OF ATTRACTIVENESS DECLINE FOR EMPLOYMENT IN THE BANKING SECTOR
Get PDFThe article discusses the problems of commercial banks related to the deterioration of their image as employers, especially in eyes of the millennial generation, which soon will become the most attractive category for employment in modern business. The main criteria that guide the millennial generation when choosing a future job are identified. A detailed analysis of the strengths andweaknesses of banks as employers has been carried out, and advice for image improvement has been formulated, aimed at the young audiences of potential bank employees. It was proven that banks should build not only an effective PR campaign to create a powerful image of a reliable employer, but at the same time they should establish a reliable system to counteract unfair competition, ultimately aimed at destabilizing financial institutions, which are most sensitive to image problems
PROVISION OF LOANS AS A STRATEGIC CHOICE OF AN ENTERPRISE
Get PDFThe article presents motives and purposes of provision of loans by non-financial enterprises. Moreover, it describes how provision of loans influences both the internal and market situation of lenders who are not listed on the stock exchange. We point out effects of provision of loans by non-financial enterprises, while, based on literature review, we signal the market reaction (positive and negative) to information about lending activities of non-financial enterprises. On the one hand, the phenomenon of providing loans by non-financial enterprises may be considered positive, as it provides financing for entities with limited access to bank loans or provides liquidity management in a business group. On the other hand, it may lower the viability and amount of investment of companies providing loans. Loans obtained from outside the business group enable borrowers and the business group to use a tax shield, yet they increase the bankruptcy costs and limit the investment of lenders. An empirical study was carried out with the use of a panel approach (generalized method of moments GMM). The research sample includes 31 075 observations from the financial statements of limited liability companies and unlisted joint-stock companies for the years 2003- 2014. 
DETERMINANTS OF INVESTMENT DECISIONS ON THE CAPITAL MARKET
Get PDFThe article deals with the psychological determinants of investment decisions made by an individual investor on the capital market. The purpose of this article is to try to assess the relationship between capital involvement and selected personality traits and how individuals perceive investments in securities of different nominal unit price. The author attempts to verify whether specific price thresholds affect respondentsin a similar way as prices of goods and servicesto customers, in the context of capital investment. The results of the nationwide survey of 564 individual investors are based on analyses using the model of the willingness to invest in shares with a specific nominal value compared to the individual characteristics of the respondents. The results of the study indicate a significant relationship between personality traits and the tendency to choose stocks with relatively low or very high denomination (current transaction price).
INFLUENCE OF STATE PARTICIPATION ON BUSINESS CONDITIONS AND ENTREPRENEURSHIP IN THE EU COUNTRIES OF THE FORMER EASTERN BLOC
Get PDFThe purpose of this paper is to show the extent to which state interference in the economy affects the conditions of functioning for small and medium-sized enterprises in economies of the former eastern bloc which have already gone through the EU accession process. The data on SMEs’ situation were taken from the Fact Sheets of the EU program Small Business Act. Due to the fact that the variables proposed to describe the business environment differ significantly it was necessary to standardize them. The zero unitarization method was applied to rank countries properly. Special attention in this paper is devoted to Poland and the situation of businesses operating in this country. The research has identified some areas requiring urgent changes. It is crucial to improve the situation so that companies can play a proper role in the economy. A country which could be an example of good solutions that support business development is also described. 
A REAL OR A MARGINAL TREND IN PARTICIPATORY BUDGETS IN LOCAL GOVERNMENTS
Get PDFThe purpose of the article is analysis of participatory budgets as a tool forshaping decisions of local communities on the use of public funds. The authors ask the question of whether the current practice of using the participatory budget is actually a growing trend in local government finances or, after the initial euphoria resulting from participation, society ceased to notice the real possibilities of influencing the directions of public expenditures as an opportunity to legislate public policies implemented. It is expected that the conducted research will allow us to evaluate the participatory budget and indicate whether thistool practically acts as a stimulusfor changesin the scope of tasks under public policies. The authors analyzed and evaluated the announced competitions for projects as part of the procedure for elaborating participatory budgeting for selected LGUs. Then, they carried out an in-depth analysis of the data used to assess real social participation in the process of establishing social policies. 
THE IMPACT OF QUANTITATIVE EASING ON EMERGING MARKETS – LITERATURE REVIEW
Get PDFThe article presents the results of the review of the empirical literature regarding the impact of quantitative easing (QE) on emerging markets (EMs). The subject is of interest to policymakers and researchers due to the increasingly larger role of EMs in the world economy and the large-scale capital flows occurring after 2009. The review is conducted in a systematic manner and takes into consideration different methodological choices, samples and measurement issues. The paper puts the summarized results in the context of transmission channels identified in the literature. There are few distinct methodological approaches present in the literature. While there is a consensusregarding the direction of the impact of QE on EMs, its size and durability have not yet been assessed with sufficient precision. In addition, there are clear gaps in the empirical findings, not least related to relative underrepresentation of the CEE region (in particular, Poland).