Journals UITM University of Information Technology and Management
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THE EFFECT OF FOREIGN EQUITY OWNERSHIP ON CORPORATE SOCIAL RESPONSIBILITY: EMPIRICAL EVIDENCE FROM POLAND
Get PDFIn the literature on corporate social responsibility (CSR) the origin of the equity is seen as one the drivers of CSR. There is evidence of multinational corporations stimulating diffusion of CSR practices in a few emerging economies. There are no similar studies focusing on the Polish economy. Since CSR practices are country-specific it is important to investigate if and how capital flows foster corporate social responsibility among firms established and operating in Poland. The method applied in the study is a statistical analysis of the ownership structure of firm whose socially responsible practices are highly ranked by the independent think-tanks compared to the ownership structure of their most relevant competitors. The results allow for a more comprehensive understanding of CSR drivers in Poland as well as the role of foreign capital in reshaping economic structures in Poland. 
MANDATORY PENSION FUNDS IN CHILE: DECLINE OF THE ARRANGEMENT?
Get PDFChile has been both a pioneer and the most radical follower of the idea of converting pension savings into contributions to privately-managed capital funds. Two recent portions of reforms under President Bachelet extended the social safety net as well as re-introduced publicly-administered programs on behalf of retirees. Does such direction, in the country with the longest lasting evidence of privatized fully-funded pensions mean a fall of the arrangement? The article attempts a political-economic argumentation in aim to form the answer. The premise is that risk sharing constitutes a crucial issue in insurance industry where old-age security is largely placed. In social security segment the risk of default on liabilities is backed by taxing capacity of the state; in fully-funded-pensions plans normally this is individual contributor who faces the portfolio risk. Therefore change in risk sharing between the contributors to the funds, pension management companies and the state is fundamental for evaluation of the reforms. The review of Chilean reforms reveals an institutional arrangement which is fundamental to risk sharing, namely the relation between contribution and benefit, left intact. This finding supports the conclusion that bringing recently the state back into retirement system can not be conceived as any systemic revolution. 
SHOULD THE PARADIGMS OF BANKING THEORY BE REDEFINED BASED ON BANKING PRACTICE? (THOUGHTS ON THE POLARITY OF OPINION CONCERNING THE POLISH BANKING SECTOR)
Get PDFPolish banking sector In accordance with the principles of best academic practice, a research community is identified through an internalised paradigm comprising notions and theories that form the foundations of a given academic field or discipline. This paper aims to provide a selective overview of differing opinions with respect to solutions, phenomena or processes concerning the Polish banking sector, as an example of the degree of development of banking theory and practice. In view of the analysis a question arises as to whether finance and socio-economic practice holds a paradigm that would prove adequate in terms of the level of development of such practice, i.e. the so-called disciplinary matrix, involving symbolic generalisations, informational efficiency of financial markets hypothesis), methodological assumptions (reflecting the cognitive structure of the phenomena, processes or structures researched) or, finally, models for resolving scientific problems (handbooks, monographs, research reports) and practical experience (e.g. methods of arbitration valuation, estimating the risk premium). Or perhaps, as G. Kołodko would put it, the finance paradigm is really based on the fact that “things happen the way they do, because many things are happening all at once”. It cannot be ruled out that what finance needs is a change similar to the economics of complexity, defined by A. Wojtyna as the incorporation of a behavioral concept (reconstructing the homooeconomicus concept) and challenging the tradional understanding of economic system equilibrium and dynamics
CAN INCREASING DIVIDENDS BE A SYMPTOM OF THE FINANCIALIZATION OF THE POLISH ECONOMY?
Get PDFBecause operationally financialization may be detected by the increase of interest, dividends, or capital gains, the paper tries to answer the question as to whether the increased dividend payments observed in Poland can be a symptom of financialization. Analysis of basic tendencies of changes in propensities to pay dividends, values, structures and payout ratios of companies quoted in the years 1992–2014 on the Warsaw Stock Exchange tend towards the conclusion that the increase of dividend payouts at this time is not a sign of financialization of the economy. But because most of the phenomena connected with the dividend policy of the companies quoted on the WSE show similar tendencies to those of the developed equity markets, this may be a symptom of the financialization of the Polish economy in the future.
 
THE ECONOMIC CONSEQUENCES OF CHANGES IN THE FUNCTIONING OF OPEN PENSION FUNDS
Get PDFThe size of the public debt is now one of the main areas of interest of the entire society. As the size of the debt increases with time, one should consider possible ways of reducing it. Decision makers focus both on ways to reduce the increase in public debt and on ways to reduce its size. State expenditure connected with retirement pensions for citizens is one of the most important expenditure problems in the public sector. Retirement security of citizens is the constitutional duty of the state whereas the security of pension systems and protection of the insured are the most important tasks of the government. Thus, one of the most important factors determining the condition of public finances is the efficiency of solutions in the area of pension funds. This article presents the economic consequences of changes in the functioning of pension funds. It was based on the literature and available data on the website of the Ministry of Finance and the website of the Polish Social Insurance Institution
OWNERSHIP STRUCTURE AND COMPANY PERFORMANCE – RESEARCH AND LITERATURE REVIEW
Get PDFThe aim of this article is to summarize the results of published researches conducted in the area of influence of ownership forms on companies and financial performance and to highlight the specifics of these relations in the environment of transition economies. Several authors have documented greater efficiency of private companies compared to state-owned. According to different studies, an alternative option for transition economies is foreign ownership. Recent studies show that the effect of ownership forms on companies and financial performance is more significant in Eastern European countries compared to developed countries. However, study results are often contradictory, therefore they require additional research
THE ROLE OF CULTURE IN ACCOUNTING IN THE LIGHT OF HOFSTEDE’S, GRAY’S AND SCHWARTZ’S CULTURAL DIMENSIONS THEORIES – A LITERATURE REVIEW
Get PDFFor a long time many authors have been studying the factors that allow for a better explanation of different accounting practices among various countries. Cultural conditions are more often regarded as one of the reasons for these differences. Cross cultural psychology may prove helpful in becoming aware of one’s own cultural identity. Researchers of this field try to systematise the traits characterising particular cultural circles. The objective of this article is to present three basic typologies of cultural value models: the conception of S.H. Schwartz, G. Hofstede and S.J. Gray. Next more recent studies that have examined the impact of national culture on accounting using these theoretical frameworks are presented
DETERMINANTS OF BANKS’ COMPETITIVENESS IN LOCAL FINANCIAL MARKETS
Get PDFThe article presents the analysis of determinants of banks’ competitiveness in local financial markets, with respect to local (cooperative) banks and branches of large commercial banks. The paper also evaluates the competitive position of the banks using the synthetic measure of competitive advantage MPK. The article proves that there are considerable differences between the analyzed groups of banks, in terms of their competitiveness and its determining factors (which are banks’ assets). The paper also indicates the areas in which particular banks should make changes in their resources and operational strategies in order to improve their competitiveness in local financial markets
INSURANCE AND THE CORPORATE COST OF CAPITAL
Get PDFThe purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC) and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC). The paper explains the idea of insurance as a retrospective (post-loss) risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool) represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum) and its relatively low cost (the insurance premium) gives the possibility to the significant reduction of the cost of capital on average
DIAGNOSIS CONCERNING THE FINANCIAL KNOWLEDGE OF LOCAL GOVERNMENT UNITS (LGUS)
Get PDFSystemic management of a local government unit lacks viewing the LGU as an economic entity which should actively use modern financial knowledge in its activity in order to stimulate active construction of an economic and social potential. It need’s to stimulate processes of building in local government structures a financial knowledge based on a modern understanding of LGU finance while considering the new challenges in finance which have been revealed after the subprime crisis, complemented with practical concepts based on New Public Management. Considering the progressing reforms of the national public finance system and the resulting consequences for shaping the financial management of the LGUs, and also globalisation processes and the dynamic development of the financial services’ market, it is natural to require managers of the local government subsector of public finance to have thorough financial knowledge – current and interdisciplinary knowledge that would most importantly be reliable and practice-based