Journals UITM University of Information Technology and Management
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TAX EXEMPTIONS IN EXCISE DUTY IN THE CONTEXT OF FISCAL EFFICIENCY
Get PDFThe basic function of taxes is the fiscal function, which consists in collecting revenue by public authorities. The imposition of non-fiscal functions on taxes causes the weakening of their basic function. The purpose of the article is to present tax exemptions, as well as to assess the fiscal consequences of their application in excise duty in Poland in 2012-2016. The Polish excise duty solutions provide for numerous tax exemptions, whereby it should be noted that a significant part are attributable to EU solutions resulting from harmonisation of this tax. In light of the conducted research, it may be concluded that the applied tax exemptions have a significant influence on fiscal efficiency (causing an average revenue decrease of approximately 7% during the examined period). 
EXCHANGE TRADED COMMODITIES AS A CATEGORY OF INNOVATIVE PRODUCTS ON EUROPEAN FINANCIAL
Get PDFThe article presents the main features of one category of innovative financial products – exchange traded commodities (ETCs) and results of the analysis of the European market for ETCs. ETCs are products listed and traded on the stock exchanges and they offer investors returns based on various assets (commodities or currencies). In contrast with the most widely recognized exchange traded funds (ETFs), ETCs are structured as debt instruments due to legal requirements regarding investment funds in the European Union. The European ETCs market is the largest in the world (in terms of assets its share in the global market in 2015 was close to 98%). It had developed rapidly until 2012 when total assets reached the record-high value of ca. 26,6 billion EUR (i.e. 9,5% of total assets of all exchange traded products listed in Europe). Over the next few years both the value of assets and marketshare of ETCs decreased significantly, mostly due to decline of the tracked assets’ prices (especially commodities) – during the analyzed time periodthe average flows to commodity or currency ETCs were close to 0. An important feature of the European market is its high concentration level, both in terms of companies launching ETCs and locations of the trade in the share of ETCs. Four ETC providers manage most of the assets (with the cumulated market share of over 94%). Three exchanges –in London, Milan and Frankfurt am Main account for almost the entire regulated market turnover of ETCs in Europe. 
THE IMPACT OF TRADING LIQUIDITY ON THE RATE OF RETURN ON EMERGING MARKETS: THE EXAMPLE OF POLAND AND THE BALTIC COUNTRIES
Get PDFEach type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity premium’. In this paper I present various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock return on the Warsaw Stock Exchange (WSE) and Nasdaq stock exchanges in Tallinn, Riga and Vilnius. 
Logic and Metalogic: a Historical Sketch
Get PDFThis paper briefly discusses the relations between logic and metalogic in history. Metalogic is understood as a reflection on logic in its various senses, particularly sensu stricto (formal, mathematical) and sensu largo (formal logic plus semantic plus methodology of science). It is shown that metalogic in its contemporary understanding arose after mathematical logic had become a mature discipline. Special passage is devoted to metalogic in Poland. The last part of the paper discussed so-called logocentric predicament
Logic and Law: A Matter of Values Behind Content and Form
Get PDFThis special issue on Logic and Law consists of four research papers and one interview focusing on epistemological reflections on relationships between logic and law, whether in a reductionist or complementary approach. Logic aims to elucidate through formal frameworks, yet it often grapples with the intricate nuances of everyday legal discourse. While law endeavors to delineate permissible conduct within defined jurisdictions, it often encounters challenges stemming from the ambiguity of terms, leading to frequent judicialinterpretations and the perception that proliferating exceptions undermines the efficacy of the rule itself
Did Antinatalism Precede Philosophy?
Get PDFThe interview given by Matti Häyry, PhD, Professor of Philosophy of Management at the Aalto University School of Business. Prof. Häyry has been involved in reproductive ethics and antinatalist philosophy since 1984. His 2004 A rational cure for prereproductive stress syndrome is considered to be the first expression of the so-called risk argument against procreation. His most recent publications on the topic, with Amanda Sukenick, include Imposing a lifestyle: A new argument for antinatalism and Antinatalism, Extinction, and the End of Procreative Self-Corruption. The origin and evolution of his views have been chronicled in detail on The Exploring Antinatalism Podcast, especially in its episode #65 and in episodes #1, #2 and #3 of its subchannel Hankikanto – Falling into the Anti/Natal Abyss
THE SOCIAL POTENTIAL OF FACT-CHECKING IN VERIFYING INFORMATION ABOUT THE WAR IN UKRAINE - A CASE STUDY
Get PDFThe emergence of new media has turned the formerly passive recipients of content into active users who, as a part of various initiatives, are willing to establish virtual communities. The aim of the argument is to present the social dimension of fact-checking in social media through the example of the analysis of the profile of the Demagog Association in the first month after the outbreak of the war. The author will attempt to answer questions about the social nature of fact-checking - what topics and values the community in the Demagog profile gathers around, whether fact-checking has social potential and whether the community around fact-checking organizations has the potential to educate and activate the rest of society in social media
Convergence Processes and Digital Transformation in Polish Media Companies
Get PDFThe thematic scope of the paper outlines the direction of transformation of Polish media concerns and Polish branches of global concerns, which are transforming into media-technology concerns, as well as technology-based multi-business holdings. The aim of this paper and the research conducted is to find out how the use of convergence processes and digital transformation influence the activities of Polish media concerns. It is particularly important to establish what business activities Polish media concerns undertake in response to the dynamic development of technology and what role convergence plays in formulating the product offer of media concerns. The paper presents selected projects and business steps undertaken by the companies in 2020-2023 and th
DIFFERENCES IN BUSINESS FRAUD BETWEEN STATE-OWNED AND PRIVATE COMPANIES: CASE OF CROATIA
Get PDFFraud presents a serious problem and arising issue for all of society at national and global levels. According to global fraud research conducted by the Association of Certified Fraud Examiners, it is estimated that the average company loses about 5% of its annual revenue due to different types of business fraud. Total estimated annual fraud losses according to global ACFE research reaches about 4.7 trillion dollars. Business frauds also present an important issue for the Croa-tian economy, business community and society as a whole. Thereby, considerable attention should be given to this issue with the aim of raising awareness throughout society on fraud and its negative and destructive impact on all of society. The main purpose of this paper is to exam-ine differences in fraud characteristics between state-owned and private companies in the Re-public of Croatia. Research was based on data on business frauds obtained by the Association of Certified Fraud Examiners Croatia which included 124 respondents. Data were related to frauds that occurred in Croatian companies in 2021 and 2020. In this paper we focused on fraud charac-teristics such as fraud loss, type of fraud, fraud duration and methods of fraud detection in order to determine whether fraud in privately owned companies differs significantly from fraud in state-owned companies. Research results revealed how differences in fraud characteristics among privately and state-owned companies exist. Based on a sample of Croatian companies that were victims of fraud, it is noted how fraud in state-owned companies lasts longer and cre-ates greater loses in comparison to fraud in private owned companies. Moreover, data related to estimated fraud loss and fraud duration were statistically significant in terms of differentiating these two groups of companies. Based on data on discriminatory variables a logistic regression model correctly classified 78.46% of companies in the group of companies that are privately or state-owned
HOW COVID-19 AFFECTED CORPORATE DIVIDEND DECISIONS: NOVEL EVIDENCE FROM EMERGING COUNTRIES
Get PDFThe study aims to investigate the corporate dividend policy decisions in emerging countries during the COVID-19 pandemic. Our sample consists of 5,869 publicly listed firms from 29 emergingcountries to explicate the observed trends in dividend policy during the pandemic. Logistic regressions are used to investigate the main factors that drive the propensity to change dividendpayouts. Our analysis reveals that most firms opted to either increase or decrease their dividends, with a minority proportion deciding to maintain dividends. Notably, our findings demonstrate that firm profitability is the main driver of all types of dividend changes, except when firmsopt to maintain or decrease dividends. Moreover, we find that when firms reduce dividends byover 70%, profitability emerges as a crucial determinant, thus bolstering the signaling hypothesis. The results are robust to sample size sensitivity and different levels of dividend changes. Thefindings of the study might have practical implications for corporate managers and policymakersin designing dividend decisions and policies under uncertain conditions. This research underscores the impact of the COVID-19 pandemic on corporate dividend policy in emerging countriesand emphasizes the need to consider the level of dividend changes in exploring the dividendpuzzle