Journals UITM University of Information Technology and Management
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THE INTELLECTUAL CAPITAL PERFORMANCE OF POLISH BANKS: AN APPLICATION OF VAIC™ MODEL
Get PDFIn the knowledge based economy intangible resources are the primary value drivers. This is particularly true of companies such as banks. However, intangible resources (also called Intellectual Capital) appear difficult to measure. Today, there are several methods that allow us to measure Intellectual Capital in listed companies. However, not all methods of measurement are adequate for listed banks. This paper uses the Value Added Intellectual Coefficient™ (VAIC™) ratio to measure the Intellectual Capital efficiency of the Polish listed banks using a five years period data set from 2005 to 2009. Three value efficiency indicators, Human Capital Efficiency (HCE), Capital Employed Efficiency (CEE) and Structural Capital Efficiency (SCE) which are the components of the VAIC™ ratio, were used in the analysis. The data set was divided into two groups of banks. The first group was that of 10 listed Polish banks and the second group was comprised of 10 listed comparable banks from Europe (which was the peer group). The results of the rankings of the banks for the average of five years (2005-2009) showed that for VAIC™ the top two performers in the study were Komercni Banka and BRD Groupe Societe Generale S.A. The BCGE - Banque Cantonale de Geneve, Bankas Snoras and BOŚ Bank were the worst performers. The results of ranking based on Human Capital Efficiency (HCE), showed similar results as that of VAIC™
THE USE OF EXCHANGEABLE BONDS DURING THE PRIVATIZATION PROCESS
Get PDFIn our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds may be successfully applied during privatization of state companies throughout the world. It may be profitable for many reasons. Firstly, the exchangeables offer a much lower coupon in comparison with the ordinary government bonds which may be crucial for highly indebted countries. Secondly, throughout the entire maturity period the state remains the owner of the privatized firm which means that the government can be a beneficiary of high dividends paid by the public enterprises and can actively manage them. Thirdly, in the case of unfavorable market conditions the authorities get an opportunity to wait for the end of economic turmoil in order to avoid selling the equity participations under their true value. Finally, the issue of certain types of exchangeables (e.g. callable exchangeables or mandatory exchangeables) and adding several provisions (e.g. greenshoe option or clean-up call) makes the instrument more flexible for the issuer. We also present a few examples of the privatization processes by means of exchangeable bonds i.a. in Germany and in Austria. Most of such operations, e.g. German Deutsche Post, Austrian Telekom Austria or Portuguese Galp Energia SGPS S.A. were completed with success
THE USE OF MARKETING INDICATORS TO MEASURE AND MONITOR THE EFFECTS OF IMPLEMENTING THE CONCEPT OF USER-DRIVEN INNOVATION
Get PDFThe importance of users as a source of information for company innovation activity was raised in the 1980s by von Hippel. Today, a concept of a similar basis is known and developed in Europe under the name of User-Driven Innovation (UDI). The UDI is based on the belief that enterprises which are able to create, often in close cooperation with customers, products and services with features desired by users will survive in the market. In order to achieve the above, companies are trying to identify the hidden, often unconscious, needs of users, in order to try to meet these needs (UDI - Consumer Voice) or implement ready-made innovative solutions attributed to consumers (UDI - Consumer Leadership) (Warzybok, et al., 2008; NORDEN, 2006). Due to the growing significance of users as a source of information for innovation activities it is important to find measures which could assess the impact of this source on company innovativeness (Krawczyk, 2013b). The aim of this paper is to show that marketing indicators focused on measuring the relationship with customers can be used to measure the effects of implementation of UDI in innovative companies
THE ROLE OF ACCOUNTING ENGINEERING IN SHAPING THE BALANCE POLICY OF A COMPANY
Get PDFThe issue discussed in the present paper is associated with a theoretical view of accounting engineering in which it is perceived as covering activities based on the use of variant solutions permitted by Polish balance sheet law. These possibilities are defined as the accounting policy of a given company. Keeping the accounts of a business enterprise in accordance with the accounting engineering paradigm requires a full use of codified variant accounting. The accounting policy of a company should, in these respects, be characterized by entries which are the least precise and the most facultative. The view of accounting assumed in the present article sees it as an auxiliary science for management and organizational studies. In this respect, it is also synonymous with recognizing accounting engineering as a paradigm of company management
THE ANALYSIS OF TRAINING NEEDS IN PUBLIC INSTITUTIONS OPERATING IN HEALTH CARE SECTOR IN THE PODKARPACIE PROVINCE
Get PDFThe article is an attempt at diagnosing training needs of the employees of units operating in health care sector in the Podkarpacie Province. In times of permanent changes affecting each sphere of economy, providers of health care services cannot afford to remain outside this trend. Improving qualifications, adaptability of the offer, influencing its quality, and above all, the awareness of the necessity of these changes, have become an element which is fully integrated also with this sphere of public sector operations. Taking into account the above, the article verifies not only training needs articulated by employees of Health Care Centers (HCC) operating in the Podkarpacie Province, but also the way they are perceived by the managers of these centers, the ability to define training needs and their compatibility with characteristic features of analyzed HCCs. Therefore special emphasis has been placed on demonstrating the variety of diagnosed training needs with reference to such criteria as the size of analyzed centers, the market serviced by them, and their location
REVIEW OF CURRENT TRENDS IN SHAPING FINANCIAL KNOWLEDGE
Get PDFThe activity of local government units requires them to constantly deepen the financial knowledge and competence of their employees. This article presents review of current trends in shaping financial knowledge of local government units in Poland. The first part of this paper shows trends concerning sources of gaining financial knowledge. The second part shows the most interesting areas of financial knowledge. The third part contains the review of the most popular financial knowledge sharing methods
WORKING CAPITAL MANAGEMENT IN MANUFACTURING ENTERPRISES
Get PDFThe paper presents different lengths of working capital cycle and cash conversion cycle in manufacturing companies in Poland in two sub-periods: 2001-2004 and 2005-2008. The conducted research shows that the working capital cycle is varied, related to the sector. In most sections it has a positive value and is longer than 18 days in the first analyzed period, while in the period of 2005-2008 it is longer than 35 days. This means that companies have enough working capital for an increasingly long period of time. The cash conversion cycle in the analyzed period also varied in particular years and sections. In most sectors it was longer than 30 days, which means that enterprises require additional financing in a period of more than one month. On the basis of conducted research we can conclude that the policy of working capital and cash management was appropriate, adjusted to the current economic situation of the country
COST OF CAPITAL CALCULATION IN EMERGING MARKETS: RECTIFICATION OF THE BETA ESTIMATES
Get PDFWhen investing in emerging market investors face issues regarding the valuation of potential investment that may affect the investment decision considerably. This article discusses the challenges of valuing a company in European emerging markets. We will focus on several issues regarding the reliability and fitness of the estimated Betas on cross-border investment valuation
THE ACTIVITY OF THE CENTRAL BANK AND THE VIEWS OF THE AUSTRIAN SCHOOL OF ECONOMICS
No full textDuring recent decades, politicians and most economists have increasingly highlighted the positive aspects of the state\'s activity in the economy. This activity (interventionism) is supposed to solve problems arising from market imperfections. It is also used to ensure the financial stability of the entire economy. The main features used in these activities are: fiscal policy and monetary policy. Monetary policy is guided with indirect methods by the central bank. The main purpose of this public institution is to ensure economic growth and avoid inflation. It uses three main tools to do it: interest rates, open market operations, and reserve requirements. Despite the great importance for the process of a market economy, attributable to the central bank, it has also bitter rivals. Some of them are for example economists from the Austrian school of economics. The purpose of this article is to present central banking activities, and views of the Austrian school of economics. 
THE INFLUENCE OF FINANCIAL CRISIS ON INSURANCE SALES – COMPARISON OF ACTUAL DATA AND FINANCIAL INTERMEDIARY OPINIONS
No full textThis article presents results of research conducted among financial intermediaries who work in insurance companies in the Podkarpackie region. The main issue is to compare actual data on the influence of the financial crisis on insurance sales and financial intermediary opinions. On the basis of the data, the authors observe that a recession in the insurance market is perceptible. Sales of insurance as well as other products and services is currently more difficult. However, some financial intermediaries also say that the crisis had a positive impact on some insurance sales