1,720,967 research outputs found
Perspektywy rozwoju crowdfundingu
Full text linkThe aim of this paper is to show crowdfunding as a significant segment of the alternative finance market as well as the prospects of its development. The article presents the main idea of crowdfunding and describes its kinds and its scale by showing the value of crowdfunding market in selected European countries. It also emphasises some main advantages and disadvantages of this form of financing from beneficiaries’ (project authors) perspectives. In this context, the author identified the factors that determine the effective development of crowdfunding in Poland.Celem artykułu jest ukazanie crowdfundingu jako znaczącego segmentu rynku finansów alternatywnych oraz określenie perspektyw jego rozwoju. W opracowaniu nakreślono istotę crowdfundingu, omówiono jego rodzaje oraz ukazano jego skalę, prezentując wartość rynku crowdfundingu dla wybranych państw europejskich. Praca uwypukla ponadto główne zalety i wady tej formy fiansowania z perspektywy beneficjentów (autorów projektów). Na tym tle autorka dokonała próby określenia zespołu czynników determinujących skuteczny rozwój crowdfundingu w Polsce
Why Don’t Local Governments Buy Catastrophe Insurance? Biased Decision-Makers
Full text linkTheoretical background: Incorporating behavioral analysis into finance allows for finding responses to many questions that researchers have not been able to answer by relying on assumptions characteristic of the traditional, normative approach. One of the areas where recently the achievements of behavioral finance have been used to analyze selected problems is public finance. In this article, we use the achievements of psychology, incorporating them into public finance, which allows us to shed new light on decisions made by public managers in Poland.Purpose of the article: The aim of this paper is to present the reasons why local governments do not buy insurance that would protect them against potential losses resulting from the occurrence of a catastrophic event. In this paper, we rely on responses from 303 municipalities, following the premise that an obvious way to learn about motives, constraints, and the decision-making process is to ask decision-makers.Research methods: This paper examines the influence of behavioral determinants and the level of tax revenue per capita on the decisions made by public managers. The CART method was used for this purpose. The necessary empirical data were obtained through a CAWI survey conducted in 2020 between August 1 and September 21 by a consortium of two research agencies: Biostat Research & Development Sp. z o.o. and Biostat Sp. z o.o.Main findings: The analysis conducted in this paper demonstrates that behavioral factors significantly impact public managers' decisions not to purchase catastrophe insurance. Our results confirm the significant role of a decision maker's traits, judgments, views, feelings, and experiences in the decision-making process
The main challenges facing the retail banking industry in the era of digitalisation
Full text linkBoth the internal (micro) and external (macro) environment of banking institutions have changed significantly, redefining the competitiveness of the banking sector. The main changes observed lately, which will undoubtedly modify the view of future banks and banking, constitute: the new generation of bank customers and new client expectations, increasing competition from the FinTech, the digitalisation of the economy and the society, as well as new legal regulations - e.g. Payment Services Directive or Payment Accounts Directive. In this context, the aim of the article is to show the crucial changes in the internal and external environment of banking institutions and to identify the main challenges for banks in the near future. This paper examines the following research questions: (1) What factors and trends are the most disruptive for the modern banking industry? (2) What measures do banks have to take in order to meet both their new clients’ expectations and increasing FinTech competition? The basic research method used in the study is a review and a critical analysis of the subject literature as well as the survey method
Problem niecierpliwości jednostek w kontekście zachowań oszczędnościowych
Full text linkIn the recent years, excessive consumption is presented more and more often as one of the main changes in Polish society affecting significantly financial behaviours. Paying too much attention to present time, preferring current consumption make negative influence on savings. While concentrating on felt “losses” resulting from consumption postponement in time, the individuals underestimate benefits connected with saving. Facing the observed changes in financial behaviours, the aim of the contribution is to show the impatience as the essential feature influencing negatively the saving process. Na przestrzeni ostatnich lat jako jedną z głównych przemian w społeczeństwie polskim, wpływających w istotny sposób na zachowania finansowe, coraz częściej wskazuje się nadmierny konsumpcjonizm. Przykładanie zbyt wysokiego poziomu uwagi do teraźniejszości i preferowanie konsumpcji bieżącej wywiera niekorzystny wpływ na oszczędzanie. Koncentrując się na odczuwanych „stratach”, wynikających z odroczenia konsumpcji w czasie, jednostki nie doceniają korzyści związanych z gromadzeniem oszczędności. W obliczu zaobserwowanych zmian w zachowaniach finansowych celem niniejszego artykułu stało się ukazanie niecierpliwości jako istotnej cechy wywierającej negatywny wpływ na oszczędzanie
The Impact of Bequest Motive on Saving Decisions in the Light of the Own Surveys
No full textLCH and PIH, named as Life Cycle model constitute the dominant, normative saving theory. As it is presented by numerous studies, while confronted with real human behaviours this model is doubtful. One of the model assumptions is consumption smoothing in time. In long term this phenomenon is related to notion of saving adequacy, whose size should let keep the previous level of consumption also at retired age. The studies carried out on this problem prove in many cases that the consumption level in this period of time diminishes. One of the reasons for such situation is willingness of individuals to leave bequest. The aim of article is to present the main approaches and models relating to creating and leaving of bequest and the analysis of bequest motive impact on saving decisions among individuals in the light of the surveys carried out in cooperation with IIBR between 27.02.2013 and 1.03.2013
Corporate social responsibility in the context of banks’ competitiveness
No full textIn October 2011 the European Commission published a new policy on corporate social responsibility (CSR). The modern understanding of CSR is perceived as a necessity of integration of social, environmental, ethical, consumer concerns and human rights into their business operations and core strategy in close collaboration with their stakeholders. In case of banking institutions this concept can be treated as an opportunity to gain competitive advantage. The main aim of the article is to present the idea of corporate social responsibility as a tool for supporting competitiveness of banking institutions. In this contribution there have been indicated the key areas of CSR influence on banks competitiveness and related benefits. Positive influence of CSR on bank’s competitiveness can occur in the following key areas: enhancing public image and reputation, ethical behaviors, improving relations with employees, strengthening community involvement, building environment responsibility image and improving organizational governance. According to Banking of Sustainability Report, 2005 IFC Sustainability Survey of Financial Institutions shows that 68 % of commercial banks indicate improvement of credibility and reputation as the main reason why banks engage in social and environment activity [19]. In several economic studies [33, 10] corporate reputation is directly linked with its competitiveness, while reputational risk is one of the main risks which endanger its stability and financial performance. In this context, CRS strategy occurs as one of the effective solutions allowing to gain many different benefits for banks. It seems that being socially responsible, understood as taking into account not only own interests (e.g. profit maximization) but also interests of other stakeholders, behaving fair and responsible to them, can be viewed as a significant element of acquiring competitive advantage
Success drivers of equity crowdfunding campaign. Empirical evidence from Poland
Full text linkThe success factors of equity crowdfunding are already well recognized in the literature but have not previously been studied in Poland. The aim of the paper is to fill the research gap by identifying the determinants of equity crowdfunding success in Poland based on empirical data. The article investigates whether and how entrepreneurs’ conscious use of the non-financial benefits linked to equity crowdfunding (ECF) influences the campaign’s success in Poland. We used data from a survey on the determinants of the success of equity crowdfunding. We conducted the survey using CAWI and CATI methods between September 2021 and January 2022 in collaboration with the Biostat Research and Development Centre as well as Beesfund, Crowdway and FindFunds platforms. Fifty-six companies accepted the invitation to participate in the study. Ultimately, the logistic regression model estimation was based on data obtained from 49 companies (28 of which had already succeeded in the equity crowdfunding campaign). Using the acquired data, we estimated a logistic regression model. As the results of our research show, the likelihood of campaign success is increased by the perception of equity crowdfunding as a tool enabling the acquisition of product and market knowledge, while using this form of financing mainly to obtain funds adversely affects the likelihood of campaign success. The results confirm that inPoland, as in other European countries, equity crowdfunding is no longer seen as a source of last-resort funding but is becoming more than just a fundraising tool. We recommend that entrepreneurs who plan to use this form of financing take advantage of the knowledge and experience of investors and treat equity crowdfunding as a strategic or first choice
Wiedza finansowa jako jedna z determinant długoterminowego planowania finansowego
Full text linkThe aim of this paper is to show the influence of financial literacy on retirement planning, perceived as jump-start the retirement saving process. The article presents the results of the study in this area obtained by researchers in 8 selected countries. It also puts emphasis on the necessity for education with reference to saving, mainly in the area of long-term planning and personal finance management. In this context the author made an attempt to identify the conditions and factors determining the effective education with respect to the analyzed problem.Celem niniejszego artykułu jest ukazanie wpływu wiedzy finansowej na skłonność jednostek do długoterminowego planowania finansów osobistych, postrzeganego jako warunek niezbędny do skutecznego gromadzenia oszczędności emerytalnych. W opracowaniu wykorzystano wyniki badań w tym obszarze przeprowadzonych przez naukowców w ośmiu wybranych państwach świata. Praca uwypukla potrzebę edukacji w zakresie oszczędzania, w tym zwłaszcza w obszarze długoterminowego planowania i zarządzania finansami osobistymi w długim okresie. Na tym tle autorka dokonała próby określenia zespołu warunków i czynników determinujących skuteczną edukację w odniesieniu do analizowanego zagadnienia
Mental Accounting in the Context of Savings and Credit Decisions. Evidence from Poland
No full textThe main objective of this article is to identify and analyze the factors favouring the attitude of mental accounting in a wider sense. The analysis also helped identify the advantages and disadvantages resulting from the adoption of such an attitude as well as an assessment of the decisions made from the economic and psychological perspective. The following hypothesis was formulated: individuals characterised by debt aversion do not show an inclination to adopt the attitude of mental accounting in a wider sense. The core research method used in the study is logistic regression. The necessary empirical data of quantitative and qualitative nature were collected through surveys carried out in January 2013 through Computer Assisted Web Interview on a sample of 1000 Poles aged 15 or above. Other methods applied include a review and critical analysis of the subject literature. The study shows that among the factors identified, the strongest determinants of the mental accounting attitude are: having debt, having savings, debt aversion and the amount of monthly net income achieved. Both having debt and high monthly net income increase the likelihood of adoption of the attitudes of mental accounting, while the other factors have the opposite effect. In addition to the above factors, the behaviour of the people likely to do mental accounting is also affected by the objective of consumer spending as well as the time and the purpose of saving. Adopting the mental accounting attitude has some advantages, the most important of which is the fact that the attitude builds the ability to systematically manage the household budget and facilitates the efficient planning of income and expenditure as well as consistently sticking to previous decisions. Creating mental accounts helps organize personal finance and thus promotes achieving the goals of saving; this means that the psychological need of safety is met. With regard to the disadvantages of adopting the said attitude, it should be emphasized that the decision to protect savings, which results in the need for borrowing, exposes the individual to the risks of debt servicing and extra costs, which in extreme cases may bring about an over-indebtedness.(original abstract
Determinants of the adoption of innovative FinTech services by millennials
Full text linkFinTech Adoption Index, expressed as a percentage of the digitally active population, for 27 countries of the world in 2019 reached the level of 64%. Millennials are the generation which, compared to others, is characterized by the highest level of FinTech adoptions. In Poland, in 2019, about 75% of the Millennials used the services of FinTech. This paper aims to analyse and evaluate the selected determinants of using the innovative FinTech services by Millennials in Poland. To investigate how users adopt FinTech services, we have applied our own set of determinants – selected from an extensive literature review – covering both demographic, economic and behavioural characteristics. This approach allowed for an in-depth analysis of the examined issue. The essential empirical data were obtained based on the research using the CAWI method in December 2019 on a representative sample of Poles aged 25–40 at that time. Ultimately, 1,236 correctly completed questionnaires were used for the research. To analyse and evaluate the impact of selected determinants of FinTech adoption, a logistic regression model was used. The results obtained can thus be extremely important for managers of financial institutions. They provide information that can be used for activities aimed at maintaining FinTech’s customer base and allow to adjust the offer to the expectations of this group. Millennials most open to innovative FinTech services in Poland are young men with high and very high net income and not driven by low costs of financial services. They appreciate technological novelties, including the possibility of using a smartwatch, and when deciding on the choice of a financial institution, they do not care about the direct opinions of their relatives and friends, but take into account the opinions in social media
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