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Vol. 8 No. 1 (2024)
Vol. 7 No. 2 (2023)

Dear Readers,

Welcome to the latest edition of Research Papers in Economics and Finance from the Poznan University of Economics and Business Press. This release features a selection of six papers, carefully chosen for their positive reviews, offering diverse and inspiring insights within the fields of economics and finance. The authors have provided impactful research that meets rigorous academic standards while offering fresh perspectives on contemporary issues. We extend our gratitude to both the authors and reviewers for their contributions, aiming to spark intellectual curiosity and serve as a source of inspiration for readers in academia and beyond. We invite you to explore the diverse array of articles in this edition.

The issue opens with an empirical paper entitled The Consumption of Lifetime and consumption habits in the face of pandemic written by Joanna Staniszewska from the Poznan University of Economics and Business, Poland. The author emphasises the importance of Lifetime Consumption and proves the influence of the digitalisation of society during the COVID-19 pandemic on consumption-related decisions. As the author shows, the process of digitalisation intensified as the pandemic and its restrictions subsided, with society adapting to remote work, extended periods in front of computer screens as well as the widespread use of remote communication devices. One of the conclusions of this work is that computers and smartphones have evolved into indispensable tools for remote work, education and communication within society.

The second paper entitled Carbon footprint and economic growth in Nigeria and Ghana has been written by Joel Obayagbona from the University of Benin, Nigeria. The author proves that greenhouse gas emissions and renewable energy consumption exhibit a significant negative impact on economic growth in both Nigeria and Ghana. Electricity consumption and trade openness display insignificant positive and negative relationships with economic growth, respectively. The author recommends implementing a carbon pricing law by governments. Imposing higher taxes would discourage practices such as indiscriminate bush burning, leading to reduced environmental pollution and degradation. In brief, this measure is anticipated to mitigate adverse greenhouse gas emissions and contribute positively to economic growth.

The third paper entitled Digital public transport in New Economy – contemporary mobility trends has been written by Marcin Jurczak from the Poznan University of Economics and Business, Poland. In this study, the author analyses current trends shaping urban mobility, particularly focusing on the development of public transportation. Key elements, including IT systems, big data, alternative energy, autonomous mobility and the sharing economy, are considered in the context of technological progress. The macroeconomic factors of the COVID-19 pandemic, inflation and migration trends are also examined for their impact on transportation services in cities. The primary goal is to explore the interplay between technology and the evolution of public transport systems, addressing two key research questions. The study provides valuable insights into the challenges and opportunities of urban transportation in the digital and post-pandemic era.

The fourth paper entitled The role of rules and norms in conditional cash transfer programs – Latin American experience has been written by Marta Sordyl from Krakow University of Economics, Poland. The author has undertaken a comprehensive analysis of conditional cash transfer (CCT) programs, emphasising the significance of conditioning social transfers based on predetermined requirements related to healthcare and education. This conditioning, termed co-responsibility, is grounded in the belief that enhancing human capital accumulation will lead to a sustainable upliftment of beneficiaries from poverty. While the existing literature predominantly focuses on the cost-effectiveness of CCTs and their impact on poverty rates and income inequalities, the author addresses a notable gap by exploring the often-overlooked rules and norms that play a crucial role from an institutional perspective.

The fifth paper entitled Local housing strategies in Poland as a tool to develop social and affordable housing: Barriers for development has been written by Agnieszka Cieśla from Warsaw University of Technology, Poland. The paper aims to identify barriers hindering the formulation of clear housing strategies at the local level in Poland. Drawing insights from existing housing strategies of certain Polish municipalities and experiences gained while working on a housing strategy for a medium-sized city in Poland, the author highlights key impediments including a lack of robust demographic data, insufficient housing inventories as well as demand for skilled experts and guidance to formulate structured strategies. The research underscores the growing importance of local strategies, particularly in crisis-affected cities, in the light of impending EU investments in housing. The anticipated financial aid for social housing further underscores the imperative for well-crafted housing strategies in Poland.

Last but not least, the final paper entitled Job insecurity and job performance as the key research issues of the modern labour market has been written by Joanna Wyrwa and Anna Łoś-Tomiak from the University of Zielona Góra, Poland. The author has undertaken an analysis of the contemporary labour market, emphasising the need for a comprehensive and multidimensional interpretation of the concept of “insecurity” concerning employment, job retention and evolving working conditions. The analysis highlights correlations between the notion of uncertainty and factors such as work efficiency and time. The study emphasises the dynamic nature of job insecurity over time, suggesting that employees achieve better professional results when they feel secure about their future in the workplace. The authors outline the mechanisms underlying job insecurity and labour productivity, proposing a thesis that posits a non-linear or “U-shaped” relationship between job insecurity and self-assessment of work performance. In brief, job insecurity is thought to negatively impact work productivity by diminishing occupational energy known as vigour or enthusiasm for work.

Piotr Lis
Editor-in-Chief
Vol. 7 No. 1 (2023)

Dear Readers,

We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznan University of Economics and Business Press. To create this issue, we made a considerable selection of papers. As a result, we are sharing with you only the best articles. We believe that the papers we publish add significant value to science in the field of economics and finance.

The issue opens with an empirical paper entitled Smart public goods: A smart bench does not necessarily a make smart city in the Czech Republic written by Kamila Turečková and Jan Nevima from Silesian University in Opava, Czechia. The authors emphasise the importance of smart public goods in urban spaces that change our perception of place. Their research found that the majority of Czech residents are not familiar with innovative public goods and do not use them re- gardless of age. The authors recommend more promotion of these solutions to raise public awareness. A threat to the proper development of smart benches is their use by the homeless as well as drug or alcohol addicts.

The second paper entitled The definition and taxonomy of collaborative hous- ing as bottom-up and community-based forms of meeting housing needs in Poland has been written by Zuzanna Rataj from the Poznan University of Economics and Business, Poland. In this paper the author emphasises that the key features of collaborative housing are: dwellers’ participation in the costs of construction and design, extensive shared areas fostering social integration as well as democ- ratisation of housing stock management through a non-hierarchical structure. According to the author, collaborative housing in Poland is mainly based on its narrower form, i.e. cohousing realised in housing cooperatives.

The third paper opens the second part of the issue and moves us to the discipline of finance. The paper entitled The weak-form efficiency of cryptocurrencies has been written by Jacek Karasiński from the University of Warsaw, Poland. The author examines the weak-form efficiency of 24 most capitalised cryptocurrencies. According to his research, the cryptocurrencies under analysis were efficient most of the time, however, their efficiency turned out to be time-varying, which validates the adaptive market hypothesis. The author did not find any evidence for the impact of the COVID-19 pandemic outbreak and the Russian invasion of Ukraine on the weak-form efficiency of the examined cryptocurrencies.

The fourth paper entitled Currency rate of the Cycle of Money Theory has been written by Constantinos Challoumis from the National and Kapodistrian University of Athens in Greece. According to the author, the current inflation is the result not only of rising prices but also of a mismatch between price growth and productivity. The author argues that inflation leads to a reduction in the money cycle, which is also reflected in the exchange rate, as it is also reduced. Small and medium-sized enterprises are a major part of any economy, and according to the theory of the money cycle, they should have lower taxes than larger companies that replace their operations.

The fifth paper entitled Market beta coefficient and enterprise risk management: A literature review has been written by Mike Skorupski, an independent researcher with US entrepreneurial experience. The author explores the relationship between the market beta coefficient (commonly utilised in the Capital Asset Pricing Model) and Enterprise Risk Management (ERM), with timing and focus being crucial elements of an effective ERM system. According to the author, those who can respond fastest with correct measures or countermeasures will mitigate or exploit those circumstances and preserve or enhance business value. The au- thor identifies gaps in the literature on a specific cause-and-effect relationship between ERM and the market beta coefficient.

Last but not least, the final paper takes us into the field of sports economics. The article entitled Does stock market take into consideration football players’ injuries? has been written by Mrhari El Mehdi and Hassouni Mohamed from the Ibn Tofail University in Morocco. The authors examine the consequences of football players’ injuries to the market returns of six European clubs: Ajax, Borussia Dortmund, Manchester United, Olympique Lyonnais, Benfica and Juventus. They prove that the sensitivity of stock prices of the above-mentioned football clubs to the injuries of their football players is very low. According to the authors, injury date is statistically significant, whereas injury duration, player status and COVID-19 are insignificant variables.

Yours faithfully,
Piotr Lis Editor-in-Chief
Vol. 6 No. 2 (2022)

Dear Readers,

We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznań University of Economics and Business Press. We have invested a lot of work to ensure that the papers we present to you add significant value to the scientific discussion. We hope that the studies presented together with their results will meet your expectations.

Contents
1. Reforms to the Israeli income tax - Beny Tzarfati
2. Environmental, Social and Governance Responsibility, financial performance and assets: A study of Exchange Traded Funds - Gerasimos G. Rompotis
3. Economic openness, institutional quality and per capita income: Evidence from the Economic Community of West African States (ECOWAS) - Innocent Chile Nzeh, Hycenth Oguejiofoalu Richard Ogwuru, David Ogomegbunam Okolie, Jonathan Ibekwe Okolie
4. Application of the vector-autoregression VAR model in the analysis of unemployment hysteresis in the context of Okun’s Law - Patryk Kołbyko
5. Third time lucky: An analysis of Paris’ bids for the Olympic Games in 2008, 2012 and 2024 - Julia Jastrząbek
6. Limiting meat consumption in the view of the students of the Poznań University of Economics and Business - Marceli Hązła, Kamila Michowska

Piotr Lis,
Editor-in-Chief
Vol. 6 No. 1 (2022)

Dear Readers,

We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznań University of Economics and Business Press. We have selected five scientific papers that we consider important for the academic discussion, works which inspire and provide substantial added value.

This issue opens with a theoretical paper written by Dr Karolina Nowak from the Poznań University of Economics and Business, Poland entitled On the Concept of Good with Continual Reference to Economy. What is the axiological background of collaborative consumption society? The authors of the article analyse selected examples of redefinition of the concept of good in the context of new social narratives and the grounding of certain beliefs related to the idea of degrowth and sharing economy. The understanding of good as the community of consumption, focused on degrowth and the future generations and awareness of limited resources, is not becoming more widespread. Sharing economy, which grew out of the opposition against the consumption “drive” and the narration of profit, in a way substantiates the need to possess and the idea of growth to which it stands in opposition.

The second great paper entitled Entrepreneurship as an Occupational Choice has been written by Prof. Aleksandra Gaweł from the Poznań University of Economics and Business, Poland. The author of the article shows thatthe flows between proper entrepreneurs and quasi-entrepreneurs connected with decisions to either hire or lay off staff are crucial for moderating the occupational choice, and thus, lead to changes in the employment structure. The revival of the market situation prompts us to follow the path of proper entrepreneurship or to become employed persons, abandoning quasi-entrepreneurship. The recession of business opportunities, in turn, is the reason for the reduction of relevant entrepreneurs and the reduction of employment, leading to an increase in the number of quasi-entrepreneurs.

The third paper entitled Impact of Government Spending and Corruption on Foreign Direct Investment in Indonesia has been written by Dr Adya Utami Syukri from STIE Tri Dharma Nusantara, Makassar, Indonesia and Basri Hasanuddin, Abdul Hamid Paddu, Sultan Suhab from Hasanuddin University, Makassar, Indonesia. The results of the study clearly show that the higher the corruption level in the country, the lower the investment inflow. Hence, postulates have been formulated for the Indonesian government to fight corruption in the country, which is a significant barrier to the development of the economy.

The fourth original and topical paper written by Prof. Ryszard Barczyk, Dr Joanna Spychała, Dr Zuzanna Urbanowicz and Dr hab. Agnieszka Ziomek, prof. UEP from the Poznań University of Economics and Business, Poland is entitled What to look for to increase work added value? Remote work and perceived productivity: A study in Poland, Hungary and the Czech Republic. The authors have used surveys to identify factors determining perceived productivity of individual workers who perform their job remotely and to measure the importance of factors determining labour productivity. The authors proved that high stress, low employee control and limited communication with managers minimise the growth of remote work productivity, since social relationships at work are correlated with productivity. Nonetheless, work organisation traits such as the proper work environment, travel cost savings, access to technical assistance and a fast Internet connection remain positively related to remote work productivity.

The fifth paper entitled Index of the cycle of money - the case of Poland has been written by Constantinos Challoumis from the National and Kapodistrian University of Athens in Greece. According to the results obtained,Poland is above the worldwide average index of the cycle of money. The author proved that Poland is a well-structured economy able to overcome an economic crisis.

Yours faithfully,

dr hab. Piotr Lis, prof. UEP, Editor in Chief
Vol. 5 No. 1 (2021)

Dear Readers,

This issue opens with an empirical paper written by Eugenia Sozinova and Tetyana Oriekhova from Vasyl’ Stus Donetsk National University in Ukraine entitled Evaluating the transnationalisation potential of the economies in the countries of South-Eastern Europe. The work is an attempt at evaluating the potential for transnationalisation of the economies of South-Eastern Europe. The authors constructed an index to measure the phenomenon of transnationalisation. Using this approach, they proved that Albania is the leader in transnational business, while Bosnia and Herzegovina is an outsider.

The second great paper entitled Significance of the EU funds in regional development on the example of NUTS-3 units in Poland has been written by Joanna Spychała and Marcin Spychała from the Poznań University of Economics and Business. The authors conducted three-stage research at the level of 73 NUTS-3 units in Poland, proving that the European Union funds absorption impacted to the largest extent the changes in the level of innovativeness and entrepreneurship in the Polish subregions of the NUTS-3 level. Furthermore, the results of the EU fund absorption supporting innovativeness or the material capital are visible in a relatively short time period.

The third original and topical paper written by Edyta Małecka-Ziembińskafrom Poland is entitled Fiscal transparency in recovery from the COVID-19 pandemic crisis. The author proved that in the vast majority of countries around the world the condition of public finances has deteriorated significantly as a result of measures taken to reduce the effects of the COVID-19 pandemic. The author demonstrated that large-scale expenditure is made without public procurement procedures or an assessment of its effectiveness.

The fourth paper entitled Housing conditions in social housing stock vs. marginalisation risk – evidence from Poland has been written by Zuzanna Rataj and Katarzyna Suszyńska from Poland. In the study, the authors used questionnaire interviews with dwellers of council flats in Poland. The survey results showed that the standard of municipal housing in Poland is low and makes it difficult for low-income households to meet their housing needs. Small dwelling areas, overcrowding, as well as poor quality of construction materials have been identified as important determinants increasing the risk of housing exclusion in municipal dwellings.

The fifth paper entitled Young Customers’ Expectations in Terms of Implementing Modern Technologies on the Local Primary Residential Market in Poland has been written by Anna Górska, Anna Mazurczak and Łukasz Strączkowski from Poland. The authors used surveys targeting young people in the city of Poznań and proved that a large group of customers are aware of modern technologies, claiming that they would be willing to pay more for the technologies they choose. According to the authors’ opinions, this number could be increased if the buyers were pointed to specific savings from investing in modern solutions.

The sixth paper entitled Economic security of an industrial enterprise in competitive conditions has been written by Alona Revko from Chernihiv Polytechnic National University and Svitlana Tulchynska & Tetiana Tkachenko from National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine. The study focuses on ensuring economic security of industrial enterprises in competitive conditions. The authors proved that economic security of an industrial enterprise is a multifaceted, multi-vector concept, according to which the main emphasis is put on the efficiency of all types of resources in the process of ensuring competitiveness of an industrial enterprise.

Yours faithfully,
Piotr Lis
Editor in Chief
Vol. 4 No. 4 (2020)

Dear Readers,

We are pleased to present the latest issue of the Research Papers in Economics and Finance published by the Poznan University of Economics and Business. We have selected a few scientific papers that we consider important for the academic discussion, inspiring and providing substantial added value.

This issue opens with a great paper written by Hanna Mielniczuk from Brickendon Consulting Poland, entitled Norwegian Organizational Culture. A case study from a Norwegian organization. The author has identified the organisational culture profile of the selected Norwegian organisation culture and checked the compliance of the cultural profile of the organisation under study with the determinants of Norwegian organisational culture. The preferred type of culture in organisation showed the dominance of the clan culture. Employees of the organisation identified with their internal system of values, which increased the effectiveness of their work and social relations. It is worth emphasising that the author's research is based on several important variables: knowledge of the Norwegian language, experiencing Norwegian culture through living in Norway and numerous interpersonal contacts of the author of the paper.

The second paper entitled The influence of effective human resource management on the success of SMEs in Gaziantep and its environment in 2018 has been written by Selim Corekcioglu, Deniz Horuz, Muhammed Paksoy from the Szent Istvan University in Hungary and Gaziantep University in Turkey. The authors examined Small and Medium Enterprises (SME) in Gaziantep. The survey was conducted on 136 companies, 89 of which stated that there are no organised human resources units and management systems in their enterprises. According to the authors, SMEs which perform human resources management effectively have been economically successful in terms of competitiveness, employee counts, employee performance, market growth and economic development.

The third paper written by Israel Michael Nachzac from Israel is entitled The use of the risk management procedure in Hi-Tech project management. Following the author’s survey based on 21 completed questionnaires received from project managers who managed about 550 projects, there is a gap between the acting managers’ understanding of how to manage the actual project risk during a life cycle of the hi-tech and understanding the importanceof management in controlling the variety of risks. The author concluded that the implemented project risk management does not meet the PMs’ expectations and risk management is still at infancy. According to the author, the managers should pay more attention to inherent risks and those emerging in their projects through their management organisation as part of the overall traditional management, as well as emphasise the awareness of using the risk management procedure by all levels of management.

The fourth paper entitled Analysis of music festival customers in Poland in 2018-2019 has been written by Agata Truszczyńska from the Academy of Music Managers in Warsaw, Poland. In the study, the author uses Chan Kim and Renée Mauborgne’s concept of customer and non-customer analysis in the music festival industry in Poland. The conclusions of the paper are based on a questionnaire survey conducted by the author. Three layers of non-customers have been distinguished. The main issue for non-customers is a very poor catering offer in terms of food for vegans and vegetarians. A number of people feel fear and danger when they are in a crowd. Some non-customers like spending their free time at home instead of spending time at music festivals.

The fifth paper entitled Innovative development of countries in the context of global economic imbalances has been written by Mariia Shkurat and Alisa Temerbek from Vasyl’ Stus Donetsk National University in Ukraine. According to the authors, the level of innovative development of the countries and technological equipment of industries create opportunities to improve the living standards of people and determine the level of economic development of countries. The authors explain that these processes deepen technological and economic gaps between the regions of the world. Furthermore, developed countries have more opportunities for active development of the innovative component in the national economy, but their indicators in innovation and high-tech industries have declined in contrast to developing countries.

Yours faithfully,

dr hab. Piotr Lis, prof. UEP, Editor in Chief
Vol. 4 No. 3 (2020)

Dear Readers,

We are pleased to present the next issue of the Research Papers in Economics and Finance published by the Poznan University of Economics and Business. We have selected five papers from different parts of Europe.

This issue opens with a great paper, which received very good reviews, written by Tetyana Marena from Mariupol State University in Ukraine, entitled “Poland’s financial sector development in terms of global financial transformations”. Research of individual countries by scientists from outside the country could be very cognitively valuable. While integrating into the global financial system, Poland will increasingly feel the impact of global transformations. The effects of these processes for Poland’s financial sector could appear in a loss of confidence and a decline in private consumption and investment due to increased financial uncertainty, increasing exchange rates and capital flows volatility.

The second paper entitled “Global experience in providing social protection of population” has been written by two authors: Oleksandr Tregubov, Larysa Holovina from Vasyl’ Stus Donetsk National University and Donbass State Engineering Academy in Ukraine. In this paper the authors point out that the effective system of social protection of population is based on the efficient interaction and cooperation of state structures, business sector and involvement of public organisations. The main aims of social policy should be ensuring a stable standard of living, increasing the employment level, reducing income inequality, enhancing social protection and reducing poverty.

The next paper “Basic income: economy and psychology” has been written by Larysa Hevlych, Ivan Hevlych and Natalia Dutova from Vasyl' Stus Donetsk National University in Ukraine. The authors argue that unconditional basic income is not only a humanistic idea, but also a practical tool for building a civilised society. The positive results include the involvement of people with disabilities in public life, the experience of creating a welfare state and greater confidence in the future. Furthermore, implementation of the idea of basic income may be a solution to the world’s problem of mass layoffs due to the robotic business processes.

The fourth paper has been created by Selim Corekcioglu from Szent Istvan University in Hungary and concerns “Economic Freedom and FDI: Co-Integration Analysis”. This paper attempts to explain that Foreign Direct Investment and Economic Freedom were related in Turkey for the period between 1996-2018. The test result also showed that the variables are co-integrated, so they move together in the long run. Foreign direct investment inflows play an important role in solving investment problems arising from the domestic savings shortage.

Last but not least, this issue of REF ends with a paper entitled “Polish zloty as an instrument to support the economy in the era of coronavirus” which has been written by Eryk Łon from the Poznan University of Economics and Business in Poland. This paper, apart from the analytical layer, contains a wide discussion and an expressive opinion of the author of the study. In particular, the analysis focuses on monetary sovereignty. This paper shows the positive role of the National Bank of Poland in counteracting the economic crisis caused by the coronavirus epidemic. According to the author, monetary authorities in Poland during the coronavirus epidemic managed to stop the decline in Gross Domestic Product and the rise in the unemployment rate.

Yours faithfully,
dr hab. Piotr Lis, prof. UEP, Editor in Chief
Vol. 4 No. 2 (2020)

Dear Readers,

We are pleased to present the next issue of the Research Papers in Economics and Finance published by the University of Economics and Business in Poznan, Poland. We have selected five articles from different parts of Europe.

This issue opens with a great paper, which received excellent reviews, written by Hubert Witczak, entitled “The systemic-praxeological approach to the methodology of primary scientific activity of the management science system”. According to the author, methodology is a subsystem of the core of primary scientific activity of Msc (the scientific methodology of management science) comprising the components of scientific practice focused around the scientific method (methods). Its objective domain extends beyond the cognitive function (C), encompassing value assignment (A), determination of post-diagnosis scientific action (R), decisions about scientific models (N) and implementation of scientific models (I) – CARNI system. The main factors defining and providing focus to the methodology system are scientific problems, aims and methods. From this perspective, according to the author, scientific reasoning and inference are not separate scientific methods, but rather necessary ingredients of any scientific method, and therefore – scientific methodology. The relationship between the scientific methodology of management science (Msc) and practice is threefold: 1) MSc follows practice; 2) MSc precedes practice; 3) mixed.

The second paper entitled “International mobility of students in modern conditions of transformation in the global market of services (regional aspect)” has been written by two authors: Olena Bulatova and Оleg Zaikovsky from the Mariupol State University in Ukraine. In this paper the authors identify the waves and substantiate the factors of international student mobility in the context of the transformation of the global market of educational services. In the development of international student mobility, three main waves have been identified, the development of which is due to geopolitical and geoeconomic factors of influence. With the development of international student mobility, the institutional drivers of this process have been transformed from research and finance to innovation. The leaders in attracting foreign students are highly developed countries. The change in the number of foreign students is unequal among the leading countries. The main directions of foreign student flows are formed from China. Changes in American migration policy, as well as Brexit have significantly affected the reduction of foreign students in the leading countries – the United States and the United Kingdom.

The next paper concerns “The Belt and Road Initiative as a tool for promoting EU-China trade. Poland’s case”. This paper has been written by Alina Szypulewska-Porczyńska from the Warsaw School of Economics, Poland. The author examined the nature of the main barriers affecting mutual trade and the composition of Poland-China trade. According to the author, in the light of the significant increase in non-tariff barriers on EU manufacturing products exported to China and the railway transport infrastructure performance in Poland, priority should be given to efforts to reduce trade barriers. The BRI could become an effective tool for improving the business environment for EU exporters. By contrast, the BRI project is more suitable for China and the EU as a whole than for Poland in terms of commodity structure of bilateral trade.

The fourth paper has been created by three authors: Volodymyr Tkachenko from The London Academy of Science and Business, England, Iryna Tkachenko from the Academy of the State Penitentiary Service, Ukraine and Polina Puzyrova from the Kyiv National University of Technologies and Design, Ukraine. It concerns “Fundamentals of financial and economic security management of Ukrainian enterprises”. The financial and economic security of an enterprise is a complex system that includes a certain set of internal characteristics aimed to ensure the efficiency of corporate resources use in each direction of activity. According to the authors, the content and structure of the financial and economic security system depend on the specifics and nature of the activity of the enterprise, its potential, the markets that it operates, as well as its management. The financial and economic security system of an enterprise must be comprehensive and independent from similar systems of economic entities.

The whole issue ends with a great paper entitled “Examining market concentration levels of available global financial commodity products” which has been written by Subhakara Valluri from the Institute of Economics of the Polish Academy of Sciences, Poland. The author found disparities in the commodity product offerings in various financial markets across the world along with their market concentration levels. The study showed that the ratio of commodity products available in exchanges is not consistent across various regions of the world. During the analysed period between 2012 and 2016, Asia noted tremendous growth in terms of commodity contracts trade volume, followed by Europe. North America showed moderate constant growth as the market had been well-developed before Asia and Europe. Although Africa and Turkey showed a good growth rate, still these countries need further development in order to catch up with the total number of traded contracts. Surprisingly, Latin America depicted a negative growth rate.

Yours faithfully,

dr hab. Piotr Lis, prof. UEP – Editor in Chief
Vol. 4 No. 1 (2020)

Dear Readers,

We are pleased to present the next issue of the Research Papers in Economics and Finance published by the University of Economics and Business in Poznan, Poland. We have selected five articles from different parts of Europe.

This issue opens with a great paper, which received three excellent reviews, written by Mihaela Simionescu from the Institute for Economic Forecasting of the Romanian Academy entitled “Bayesian combined forecasts and Monte Carlo simulations to improve inflation rate predictions in Romania”. The author has proved, using empirical data for Romania, that the Bayesian combined forecasts using experts’ predictions as priors, when the shrinkage parameter tends to infinity, improved the accuracy of the predictions based on individual models.

The second paper entitled “Risk management system references in construction” has been written by four authors: Volodymyr Tkachenko, Maryna Klymchuk, Tetiana Ilina from Kyiv National University of Construction and Architecture and Iryna Tkachenko from the Academy of the State Penitentiary Service in Kyiv, Ukraine. In this paper the authors examine the basic methods of risk management in construction: avoidance of risk, localisation, dissipation and compensation. Formalised functional structuring of risk management in construction was proposed, allowing for the implementation of management functions at two levels – executive and coordinating, with the help of a special structural component in the enterprise management system or a specialised unit in the organisational structure.

The next paper concerns “Information demand of foreign labour market from the point of view of Chinese students”. This paper has been written by Anna Pilarczyk and Tomasz Naprawski from the University of Szczecin, Poland. The authors have used the companies’ and students’ surveys which identified the main problems facing employers (like a small number of applicants or lack of expertise and experience) and foreign employees (like organisational problems or formal requirements in a foreign country) during the job application process. The proposed information-logistics engine was designed as a core for the software architecture of target-oriented application, in which the user requirements are not clear but have the highest priority.

The fourth paper has been created by Joanna Ratajczak from the University of Economics and Business in Poznan, Poland, and concerns “Recruitment and motivation of Generation Z in the face of the employee's market”. The study involved 390 students in Leszno, Poland. The author has proved that despite the low level of unemployment and the problem of finding people willing to work in Leszno in 2018, employers did not fully respond to the expectations of young people. The employee market in the opinion of the employees themselves, especially in smaller towns, where a low unemployment rate is observed, does not translate into improved employment conditions.

The last paper entitled “Statutory regulations and corporate governance standards in cooperative banks” has been written by Mikołaj Jalinik from Bialystok University of Technology, Poland and Krzysztof Łukaszuk from the Cooperative Bank in Bielsk Podlaski, Poland. According to the authors’ research, although the regulations of the European Parliament duplicate the solutions already existing on the domestic legal grounds in some areas, they are part of the general policy and practice of developing financial sector regulations, unifying requirements for financial institutions and raising standards in the area of corporate governance. In the case of cooperative banks, doubts arise as to whether, being entities different from commercial banks, implementing solutions (including those of the European Parliament) under pressure from the regulator, the results obtained will prove to be adequate to the specificity of the entities covered by it.

Yours faithfully,

dr hab. Piotr Lis, prof. UEP
Vol. 3 No. 2

“Research Papers in Economics and Finance” is a quarterly journal, with the second issue this year containing five research papers. The first and the second paper were presented during the 10^thEnvironmental PhD Candidates’ Conference “Economy. Technology. Society.” (GTS), organised by the Heads of Doctoral Studies together with the PhD Council of the Poznań University of Economics and Business.

The purpose of the conference was to share knowledge and expertise in the areas of economy, technology and society between PhD Candidates and young academics from the University and from other economic departments in Poland. The conference was held under an honorary patronage of: the Rector of the Poznań University of Economics and Business – Professor Maciej Żukowski, PhD; the Vice-Rector for Research and International Relations of the Poznań University of Economics and Business – Professor Elżbieta Gołata, PhD; the Polish Economic Society Branch in Poznań and the Poznań Society for the Advancement of Arts and Sciences. During the conference, there were also workshops with the following business practitioners: Chias Brothers Europe Sp. z o. o., Franklin Templeton Investments Poland and the Wielkopolska Province Development and Promotion Fund.

Five research papers were published in this issue of the journal. The first one focuses on changes in the employment structure caused by the development of automation technologies. The second article presents the role of the social responsibility of the state in shaping the reputation of the largest donors of official development assistance. The third article describes the theoretical background of motivation and market statistics of distressed investments on global mergers and the acquisitions market. Another article focuses onthe efficiency of the R&D sector in the European Union countries. The final article presents the interactions between tax sheltering and other instruments of fiscal policy in Nigeria.

Yours faithfully, Katarzyna Woźniak, M.Sc. – Chair of the PhD Council PUEB
Vol. 3 No. 1

The first article refers to the mechanism for assessing the competitiveness of an industrial enterprise in the information economy. It brings up the instrumental approach on how to measure competitiveness of an industrial company involved in technological progress and market competition. The paper presents a comparative evaluation model adapted to the industrial area of business, especially focused on the Ukrainian economy.
The next work focuses on complexity and deals with a multilevel model of AHP being non-subjective and reducing the uncertainty instrument. The author aims here to answer the question of whether the balance between economic viability, social responsibility and environmental sustainability serves the purpose of balanced development of an enterprise. The paper includes decomposition driven by hierarchic understanding of the concept and structure of balanced development.
This issue of the journal also presents an insight into the mechanism of public-private partnership implementation to coal mining enterprises in Ukraine. The syndicate form of this business branch and producers-consumers relationships are considered as well. The authors focus on the effectiveness of sales management policy in a body of this partnership and suggest extending amendments to the current laws and regulations.
Another work discusses the issue of an agricultural chain of production. The article entitled “Development of an Agro-Food complex on the basis of economic integration” includes qualitative and quantitative associations of determinants serving a way to understand complexity of the economic system. Conclusions are driven mostly by the unstable energy supply and ecological crises on the planet, having previously addressed arguments on agro-food complex development for energy production.
Last but not least, the next article is widely associated with the energy problem and focuses on investing in building the energy cluster in Ukraine. However, the authors have been far more concerned with exploring this issue by the financial aspect laid in attracting funds mostly in the form of municipal bonds and compensatory financing on the basis of tax.

Yours faithfully, dr hab. Agnieszka Ziomek, prof. nadzw. UEP – Member of the Editorial Committee
Vol. 2 No. 4

The first paper entitled “Strategic planning for Sustainable Development from the standpoint of economic security оn the example of the railway transport of Ukraine” focuses on the concept of strategic planning of the sustainable development combining. Authors Yurii Kharazishvili and Andrii Shevchenko propose the original concept of strategic planning of the sustainable development of the country, regions or other types of economic activity from the standpoint of the economic security. They introduce a definition of the structure of sustainable development which subsequently they apply to identify and estimate the level of sustainable development and the imbalances at the constituent level. As a case study, they discuss the railway transport in Ukraine.

In the second paper “The outlook for the development of the electric car market in Poland until 2025 compared to the Norwegian market”, Piotr Dembiński discusses the development of electric cars in Poland in comparison to Norway. To determine the possibility of developing and introducing this technology in Poland, the Author applied two measures: Weight Attractiveness Scores and Three-tiers of Noncustomers. According to his analysis, Poland is far away from implementing this technology on a significant level. The analysis shows that national policy is heading in the right direction. However, it is still not sufficient to become a leader, or a significant member, in implementing this technology, compared to Norway. The Author states that even though some electric cars in Poland will grow at a very rapid pace, the dissemination of this product on Polish roads is highly unlikely until 2025. As he concludes, the role of the state in the successful implementation and acceptance of this technology is crucial. Based on the Norwegian case, where the government created a great climate for the development of electric cars, the main recommendation for the Polish government is to offer several facilities and tax breaks.

The aim of the next paper “Development of the educational environment through the formation of Private Corporate Universities”, written by Sergey Kravchenko, is to analyse experiences of establishing and functioning private corporate universities. They are an important element not only of the educational system but also of the social infrastructure. The Author lists potential benefits of the interactions and co-operation between an individual, a private corporate university and companies in a region. As he outlines, establishing private corporate universities could contribute to the intensification of the corporate social responsibility practices, which is one of the possible ways to promote the development of an educational environment for life-long education.

Next two papers focus on banking sectors from different perspectives. Krystyna Nizioł, in her paper “The control of the banking sector concentration in Poland – Legal and economic aspects. Selected Issues”, deals with an important economic problem of market monopolisation in the banking sector in Poland. She aims to analyse selected legal and economic issues connected with the control of bank concentration in Poland. In particular, she discusses the methods of measurement and aims of the control of the concentration applied by the Polish antitrust authorities (UOKiK) with respect to the financial regulations. Theoretical and legal discussions are followed by a statistical description of the scale of the concentration in the banking sector. In conclusion, the Author evaluates that the Polish antitrust authority has sufficient legal instruments to control mergers and takeovers which resist the monopolization of the financial market.

Finally, the fifth paper “Current trends of development of HR Management in the bank sphere of the Russian Federation”, written by Nataliia Vodolazskaya, focuses on the personnel policy in the bank sector, highlighting its crucial role in the creation of competitive advantage. As she writes “The bank wins and succeeds if it not only is accurately organised, but also has the competent, devoted and disciplined personnel capable of being reconstructed and retrained quickly.” She analyses Russian commercial banks and the development of HR management in them. Based on that, she discusses the perspectives of developing highly skilled personnel in banks which could cause higher financial performance.

Yours faithfully, dr hab. Katarzyna Szarzec, prof. nadzw. UEP – Member of the Editorial Committee
Vol. 1 No. 1

The article entitledThe Impact of Monetary Policy Announcements on Stock Market Index in Poland by H. Kołodziejczyk examines whether the NBP’s announcements have an impact on either stock returns or volatility and whether the content of such communiqué (either interest rate cut or raise) matters.The results suggest that, in fact, interest rate changes do have a significant impact on both returns and volatility. However, the reactions to news are different with respect to the type of announcement.

The article entitled Exchange rate volatility and trade: the case of Ukraine by O. Popova, J. Jablinski and T.M. Lukashenko concerns the subject matter ofthe exchange rate volatility and its influence on international trade on the basis of Ukraine. Even if there has not beenany significant visible correlation between trade and the exchange rate volatility, it does not mean that there is no relationship between these two factors, because there are a lot of factors which affect the level of trade.

The article entitled Potential fiscal and non-fiscal consequences of introducing a poll tax in Poland by E. Małecka – Ziembińska and Ł. Ziębakowski verifies the claims made by the supporters of the introduction of a poll tax in Poland in relation to its amount. The poll tax would not gain acceptance in Poland nowadays. Potential consequences of this change must be considered not only in the fiscal, but above all – social context. The rates of the poll tax assessed on the basis of the concept of its followers are regressive. This is a disqualifying factor of this tribute, because it would bring a number of undesirable consequences to the economy and society.

The article entitled Capital outflow in the countries exporting oil and gas as a deterrent to the economic development by Y.Y. Finogenova, D.V. Domaschenko, О.V. Boyko, V.A. Krylov, touches upon the subject matter ofcapital outflows under the financial account of the trade balancein some countries exporting oil and gas. The main reasons for capital outflows lie in the specific features of the national law concerning foreign exchange as well as in the psychology of the behaviour of the economic agents carrying out activities on the territory in question. The capital outflow is caused not only by a higher exposure of business operations, corruption, weak competitiveness of the economy etc. The authors have demonstrated that the most vulnerable countries exposed to the highest level of the capital outflow risk are the countries with hybrid exchange rate regimes, in contrast to the countries adopting hard exchange rate pegs or the floating exchange rate regime.

The article entitled Complex assessment of plant growing development in regions of Ukraine to work out recommendations for institutional changes in agriculture by N. Shmygol presents the prospects and trends of crop production development in Ukraine, as well as the methods and ways of supporting this industry by the state.The author has made an appropriate ranking of Ukraine regions according to the area of sown crops in Ukraine, based on which four sectors of Ukraine areas have been allocated and grouped by crop production development level.The article goes on to give the recommendations for decision making supporting investments and state aid for each of the selected sectors to further develop crop production in the regions of Ukraine.

The article entitled The effectiveness of using electric cars for reducing the CO2 emissions in Poland by Mikołaj Walkowiak concerns the estimation of indirect CO2 emissions associated with using electric engines in Poland. The current structure of the Polish power system, which serves as the supplier of the prime mover for electric cars, uses mainly the conventional (high-emission) sources of power. Using electric cars becomes an indirect cause ofthe emission of pollution into the atmosphere. The author of this study compares the influence of electric cars on the environment in relation to adequate parameters which characterise cars with combustion engines. Special attention has been paid to: the specificity of the Polish system of production and distribution of energy, energy consumption and the level of emissions in the cars under analysis. The author has also presented in the article his own methodology for estimating the indirect emissions of exhaust generated by electric cars with reference to the area in which the energy is taken.

Yours faithfully, dr hab. Piotr Lis, prof. nadzw. UEP, Editor in Chief
Vol. 2 No. 1

The article entitled The economic and environmental productivity of agriculture in the process of development by J. Staniszewski reviews the economic theories which describe the relationship between agricultural productivity growth and economic development. The review proves that improvements in the productivity of agriculture is both a precondition for economic development and its catalyst. The article also describes a negative impact of agriculture industrialization on the environment. The present process of extending the traditionally understood economic sense of productivity to ecological aspects is also explained. Finally, calculation of environmental productivity is presented as a still unsolved problem.

The article entitled Income inequality in Israel between 2003 and 2014 by B. Tzarfati aims to describe the distribution of income in Israel and provide solutions for a more equal distribution of income. The author also discusses the impact of income inequality on economic growth. Empirical studies show the fact that the increase in inequality measured by the share of the highest income is positively related to the economic growth. While in the case of the overall dispersion of income (measured by the Gini coefficient), the results of empirical studies are inconclusive.

The article entitled Ukrainian perspectives of using world experience in investing in energy innovations by D. Lazarenko and I. Krutogorskyi presents the world economic trends of alternative energy. An analysis of international programs and innovative projects that are implemented and used in the energy sector is introduced. Conceptual proposals and innovative research in the field of alternative energy are represented. The authors also suggest ways of formation of effective energy management and rational energy policy.

Yours faithfully, dr hab. Edyta Małecka-Ziembińska, prof. nadzw. UEP – Member of the Editorial Committee
Vol. 2 No. 2

The article entitled Proposal of alternative typology of social economy by A. Waligóra presents an alternative proposal of division in social economy, focusing on the social functions of its entities – social enterprises. The proposed solution serves to fulfil the dominant discourse of the social economy in new ways of thinking about the reasons and motivations connected with creating social enterprises. The article’s conclusions are considered in the light of Piotr Sztompka’s social capital theory and the theory of social cost.

The article entitled Investigation of the social factors of development of society in the territories with transforming environment by O. Kvilinskyi, A. Mieshkov and I. Bondaryeva aims at identifying the main social factors that affect the vital activity of society at the present stage of development of territories which have unstable socio-economic and political environment. The authors have developed a methodology of an expert assessment of the importance of the factors of forming the system of vital social activity. A set of recommendations for the coordinated impact on the economic and social processes in the conditions of transforming the market system have been proposed as a result of the research.

The article entitled Family Firms as a potential source of growth for the Warsaw Stock Exchange by S. Filipczak discusses the possibility that family firms will step into the state’s shoes and become a more meaningful source of new issuers for the Warsaw Stock Exchange. The paper identifies the reasons for a possible increase in family firms listings on the WSE as well as key elements for that to happen. The author notes that an increasing number of family firms are big enough to meet the WSE requirements, and thus a wave of succession in family enterprises is expected in the coming years.

The article entitled Theoretical Framework for Stock Pricing Process based on Micro-Economic Decision Model by V. Kanagov introduces a theoretical framework for a new model which aims at avoiding the problems of CAPM, the most common model for asset pricing, and keeping its advantages, therefore allowing universality of asset pricing. It is based on the micro-economic decision model, involving an expected value and dividing a stock price to objective and subjective prices. As a result, rational based individuals, just like individuals with non-rational factors, may use the model to calculate a future price stock in exactly the same way.

The article entitled Analysis of the EUR/USD exchange rate in binary-temporal representation by M.D. Stasiak deals with the topic of exchange rates by employing an algorithm that transforms the exchange rate represented by tick data into a binary string. Each course change equal to a given discretisation unit is assigned a binary value indicating the direction of the change. The main goal of the presented research is to verify the existence of any dependences between the duration of a change and the probability of future direction of the change. The EUR/USD analysis performed by statistical tests and presented in the article suggests relations between the direction and order of historical data and the direction of a future change.

The article entitled The main priority of achieving resource safety of agricultural production by Y. Pushak, M. Orobchuk and O. Marchenko touches upon the subject matter of resource safety in agriculture, in particular the maintenance of land resources through increased use of organic fertilizers, the optimization of croplands and strengthening legislation and ecological awareness. The authors conclude the paper with recommendations.

Yours faithfully, dr Hanna Kołodziejczyk - Member of the Editorial Committee
Vol. 2 No. 3

In the paper entitled Housing needs, choice and responsibility as three concepts to understand the role of housing markets and government intervention in Israel the author, Avi Perez, explores and analyses the concepts of need, choice, and responsibility in the context of the Israeli housing market. These concepts are quite important for the understanding of the interactions between households and government intervention on housing markets. In recent years the Israeli government has limited its involvement in the free housing market as well as in public housing. This has resulted in a significant increase in housing prices since the 2008 subprime crisis. These changes have forced the government to redefine the housing needs and government intervention while maintaining the freedoms and households’ abilities to make their own choices. In the conclusions, the author suggests that the government should limit its intervention and allow individuals to define their own needs, to ensure a genuine freedom of choice and to express the responsibility that comes with it.

The article entitled The system of the Treasury in Ukraine: actuality and prospects of development by Eleonora Kurganskaya presents findings from an analysis of the current state of managing financial resources in the Ukrainian system of the Treasury. The author of the article touches upon several unresolved issues, claiming that the system of the Treasury undoubtedly requires some changes. The introduction of the Treasury Single Account provided an opportunity to have information on the budget. The State Treasury has introduced changes in the institutional structure and legal relations between all the participants of the budget process. Research has shown that free funds have increased to a great extent.

Yours faithfully, dr hab. Piotr Manikowski, prof. nadzw. UEP - Member of the Editorial Committee