Journals UITM University of Information Technology and Management
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WORKING CAPITAL MANAGEMENT EFFICIENCY: A STUDY OF CERTIFIED FIRMS FROM THE EFQM EXCELLENCE MODEL
Get PDFWorking capital management (WCM) plays an important role in a firm’s value, financial risk, and firm profitability. WCM requires continuous management to maintain a certain level of the numerous components of working capital (WC). The main aim of this study is to estimate the efficiency of WCM of certified firms from the European Foundation for Quality Management (EFQM) Excellence Model. The study also tests the speed to attain each firm’s target level of efficiency using industry norms as the target level of efficiency. The financial data of the Czech certified firms from the manufacturing sector was derived from the CRIBIS database from 2015 to 2020. The efficiency of WCM is measured by utilization index (UI), performance index (PI), and efficiency index (EI). The findings revealed that Gerresheimer Horsovsky Tyn Spol., Miele Technika, and Koyo Bearings Česká Republika efficiently managed WC, as their indexes are greater than 1. The number of efficient firms was the lowest in 2020 based on the year-wise comparison which means that the efficiency of WCM of the firms was severely affected by the coronavirus pandemic (COVID-19). All the β values are lower than one, which signifies that none of the selected firms outperform the manufacturing industry as a whole. The findings of the current research are useful to the management of the firms and recommends that they give importance to the different indexes of WCM and efficiently use the current assets to generate sales
BUSINESS HYBRIDIZATION IN THE FINANCIAL SPHERE UNDER THE CONDITIONS OF POST-QUARANTINE ECONOMIC RECOVERY
Get PDFThe article discusses the alternatives for financial institutions related to global business reshaping after pandemic waves during post-quarantine economic recovery. To select the most acceptable variant of business hybridization, the theory of generations was used, which allows us to determine the value orientation of different age group representatives and impose it on the financial institutions’ human resource policy during the transition to a hybrid form of business organization. On the basis of the integral spiral dynamics theory, a theoretical assessment of the correspondence of the corporate culture of organizations of different types to the options for the transition to a hybrid business is given. Various models of hybrid organizations in the financial sector have been developed and presented and their degree of compliance with the level of business development in Ukraine has been assessed. Sociometric analysis done on the representative sample in the well-developed business center of Ukraine reveals the possible approaches to the hybridization in the financial sphere with regards to age distribution of employees
FINANCIAL LITERACY OF STUDENTS – THE CASE STUDY OF UITM IN RZESZÓW, POLAND
No full textThe article focuses on the phenomenon of financial literacy of students. Financial literacy is treated as a combination of financial knowledge and the decision-making process where one has to make a choice based on experience and theory. The aim of this paper is to draw attention to the essence of financial literacy, including knowledge of banking (especially of young people). For this purpose, a literature review was used. Own research complements the topic as a case study, where the author verifies whether students assess their knowledge in a way that corresponds to reality and verifies whether students need to expand their financial knowledge sorely necessary nowadays. The survey was completed by 380 students from University of Information Technology and Management in Rzeszów, of both economic and non-economic field of studies. There are some unexpected results, for example the most important is that students from a financial field of studies end up with worse results than their peers from the non-financial degree programs. 
A NOTE ON: AN EARLY WARNING SYSTEM FOR MARKET INEFFICIENCY
No full textViolation of the efficient market hypothesis (EMH) in a specific market may lead to construction of bubbles which is a signal of inefficiencies. Although speculative bubbles soon decay, if they exist for a long time, they will lead to financial crises. Early warning systems (EWSs) are designed to quickly alert the market to crises. Under EMH, the logarithm of price is a martingale process. Thus, it is necessary to use a suitable EWS tool for violation of martingale properties of the logarithm of asset prices. In this paper, using the auto-regressive (ARTA) models, and assuming Markov structure between financial random variables, the conditional means are formulated as a simple regression. Then, using the recursive formula for least square estimates of regression parameters, the hypothesis of variables being martingale is tested. This approach leads to a probability index which serves as an EWS. Then, throughout two real data sets, it is seen that the results of the study are applicable to construct EWS for detecting stock market crashes as well as exchange rate market crises. A discussion section is proposed. Finally, based on these results, conclusions are given. 
THE RATIONALE AND CONDITIONS FOR THE ISSUING OF POLISH TREASURY BONDS ON FOREIGN MARKETS
Get PDFThe aim of this article is to present the analysis of treasury bonds issued by the Ministry of Finance on international financial markets to finance debt. The author identifies the structure of bonds on the domestic and international markets. The study attempts to answer the question of whether the Ministry of Finance should issue bonds on foreign markets and what kinds of risk should be understood in the process of managing issues
COMPARATIVE ANALYSIS OF THE KEY FACTORS INFLUENCING HEALTHCARE SYSTEMS OF OECD COUNTRIES
Get PDFThe Health sector, as a part of the national economy, is extremely important for economic development. A well organized and operating healthcare system constitutes an important notion for both patients and national policy. That is why the organisation of healthcare systems is the subject of reform in many countries. The aim of this study is to identify homogeneous groups of countries from the OECD in terms of the level of delivery of medical services. Countries considered in the study will be analysed through the prism of selected characteristics. The results of the study will form the basis for international comparisons and application of solutions used by countries with better healthcare systems. The study will be backed up by a chosen multivariate statistical analysis — cluster analysis
ANALYSIS OF SPATIAL HOMOGENEITY OF INTEGRITY STANDARDS IN SELECTED EU OECD COUNTRIES
Get PDFThe principle of transparency not only is changing but its importance is increasing. International organizations, including the OECD, are seeking to develop harmonized standards of transparency in public administration. This fact is of particular importance in the search for common solutions for the OECD countriesin the implementation of transparency standards, but also this organisation has sought adequate methods for measuring implementation of these standards. The main purpose of the study is to analyze the level of spatial homogeneity in the area of application of the standards of “integrity” of the OECD, which are an expression of the principle of transparency in the member states of this organization, on the European continent. In the study vector calculus was used. 
COMPARISON OF SEMI-PARAMETRIC AND BENCHMARK VALUE-AT-RISK MODELS IN SEVERAL TIME PERIODS WITH DIFFERENT VOLATILITY LEVELS
Get PDFIn the literature, there is no consensus as to which Value-at-Risk forecasting model is the best for measuring market risk in banks. In the study an analysis of Value-at-Risk forecasting model quality over varying economic stability periods for main indices from stock exchanges was conducted. The VaR forecasts from GARCH(1,1), GARCH-t(1,1), GARCH-st(1,1), QML-GARCH(1,1), CAViaR and historical simulation models in periods with contrasting volatility trends (increasing, constantly high and decreasing) for countries economically developed (the USA – S&P 500, Germany - DAX and Japan – Nikkei 225) and economically developing (China – SSE COMP, Poland – WIG20 and Turkey – XU100) were compared. The data samples used in the analysis were selected from the period 01.01.1999 – 24.03.2017. To assess the VaR forecast quality: excess ratio, Basel traffic light test, coverage tests (Kupiec test, Christoffersen test), Dynamic Quantile test, cost functions and Diebold-Marino test were used. Obtained results show that the quality of Value-at-Risk forecasts for the models varies depending on a volatility trend. However, GARCH-st (1,1) and QML-GARCH(1,1) were found to be the most robust models in the different volatility periods. The results show as well that the CAViaR model forecasts were less appropriate in the increasing volatility period. Moreover, no significant differences for the VaR forecast quality were found for the developed and developing countries
LOCAL TAXES AND FEES AS A SOURCE OF REVENUE FOR POLISH MUNICIPALITIES: SUBSTITUTES OR COMPLEMENTS?
Get PDFThe main purpose of this article is analysis of the relationship between local tax and fee policies in Poland. We argue that local authorities have similar and significant discretion over tax and fee policy and, therefore, they can be analysed in a similar way. Links between these policies are analysed to find out whether they are of complementary or substitutive nature. Panel data on 578 Polish municipalities from 2012 to 2016 includes information on property tax rates and tariffs for water provision and sewage disposal for households and companies and is used to run panel regression analysis and to perform a quasi-experiment. The results indicate that there is a relationship between tax and fee policies as well as that taxes and fees are complements for local authorities. Only when a property tax rate has reached a “ceiling”, the municipalities increase fees at a faster rate than comparable municipalities below the ceiling – in this case a fee can be regarded as a substitute for a tax. The paper is based on results of the “Feesfor local public services- financial and political importance” research project. The project is funded by Narodowe Centrum Nauki (National Science Centre) grant number UMO-2015/19/B/HS4/02898 
CROWDFUNDING AS AN ALTERNATIVE METHOD OF RAISING CAPITAL
Get PDFCrowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest of potential investors, individual social sponsors and large-scale activities of institutions promoting knowledge about the functioning of crowdfunding aimed at encouraging and promoting it as a source of capital for new ventures, there is a lack of knowledge and, consequently, experience on its development and achievement. The aim of this study is to analyze this source of financing, assess its development globally and in Poland. In the preparation of the article,. a critical analysis of foreign and Polish literature was carried out, and descriptive and comparative research methods applied. The research task undertaken in the study wasto analyze the crowdfunding market globally and in Poland. The Polish crowdfunding platforms were detailed and compared in terms of value in relation to the largest global platforms. The source for analyses of crowdfunding development in Poland was available literature on the analyzed topic and secondary data from the websites of specialized internet platforms. The article depicts a new, but important, aspect of financing the activity of enterprises, which is crowdfunding. Itshould be emphasized that there isstill insufficient knowledge about this type of institution and, as a result, the importance and role that social financing plays in the financial market.