Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Lis Author-Workplace-Name: Poznań University of Economics and Business Title: List of Reviewers 2016 Publication-Status: Published Abstract: CZYŻEWSKI Bazyli, Poznań University of Economics and Business, Poland GRABOWSKI Grzegorz, Poznań University of Economics and Business, Poland JARNO Klaudia, Poznań University of Economics and Business, Poland KVILINSKYI Oleksii, National Economy of Sciences of Ukraine, Ukraine KWIATKIEWICZ Piotr, Military University of Technology MAZURKIEWICZ Joanna, Poznań University of Economics and Business, Poland MUTASCU Mihai, West University of Timisoara, Romania NIZIOŁ Krystyna, University of Szczecin PIĄTEK Dawid, Poznań University of Economics and Business, Poland POPOVA Olga, Donetsk National Technical University (Pokrovsk), Ukraine SAPA Agnieszka, Poznań University of Economics and Business, Poland SZCZERBOWSKI Radosław, Poznan University of Technology ZWIERZCHLEWSKI Sławomir, Poznań University of Economics and Business, Poland Keywords: list of reviewers 2016 Journal: Research Papers in Economics and Finance Pages: 55 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/52 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/52/18 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:52 Template-Type: ReDIF-Article 1.0 Author-Name: Hanna Zofia Kołodziejczyk Author-Workplace-Name: Uniwersytet Ekonomiczny w Poznaniu Title: Preface Publication-Status: Published Abstract: Dear Readers, I have the pleasure of presenting to you the second issue of our research journal entitled „Research Papers in Economics and Finance” (REF), published by the Faculty of Economics at Poznań University of Economics and Business. Caring about the highest level of the content of our publications, we publish only the manuscripts which have received two reviews under the “peer review” procedure, after initial verification done by the Editorial Committee. The articles published within REF are available online in English and in an open mode. REF is a quarterly journal, with the second issue containing six research articles. Two of the articles focus on the social and socio-economic aspects of development and business, one article looks at small family businesses and their path to growth; another paper dwells on the topic of sustainable agriculture, with two last research articles depicting financial subject matters such as currency rates and asset pricing.  Yours faithfully,  dr Hanna Kołodziejczyk - Editorial Committee Keywords: Research Papers in Economics and Finance; Vol.2 No 2(2) Journal: Research Papers in Economics and Finance Pages: 1-6 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/50 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/50/16 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:50 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Waligóra Author-Workplace-Name: Poznan University of Economics and Business Title: Proposal of alternative typology of social economy Publication-Status: Published Abstract: Due to the growing interest in the field of social economy and the increasing popularity of social entrepreneurship, these areas of theoretical knowledge and economical practice are constantly a subject of new analyses. The dominant classification of social enterprises is the division into the old and new social economy. These propositions do not cover all existing forms of social enterprises in Poland. The aim of the article is to present an alternative proposal of division in social economy focused 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 proposed Matrix of social enterprises creates a possibility to describe (and understand better) the manifestations of this social and economic phenomenon. The presented conclusions were considered in the light of Piotr Sztompka’s social capital theory and the theory of social cost. Keywords: social economy; the matrix of social economy; social capital; social enterprises; social cooperatives Journal: Research Papers in Economics and Finance Pages: 7-12 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/48 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/48/14 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:48 Template-Type: ReDIF-Article 1.0 Author-Name: Oleksii Kvilinskyi Author-Workplace-Name: Poznań University of Economics and Business, Department of Economic and Local Government Policy Author-Name: Andrey Mieshkov Author-Workplace-Name: Donetsk National Technical University Author-Name: Iryna Bondaryeva Author-Workplace-Name: Donetsk National Technical University Title: Investigation of the social factors of development of society in the territories with transforming environment Publication-Status: Published Abstract: Constantly changing environmental conditions lead to the necessity of regular updates, enhancements, and adaptation of existing approaches to the investigation of the development of societies that live in different territories. As a result, the purpose of the paper is to identify the main social factors of effective system formation of the social vital activity at the present stage of development of the territories, which have unstable socio-economic and political environment. Specific trends, reflecting the state of social and economic processes in the countries of the evolving political and legal system are considered (on the example of Donetsk region). Parameters defining the socio-cultural component of society of formation are determined: level of development of education, medicine, social infrastructure facilities, the environmental aspects, the social hierarchy and relationships in the community, the criminal and military risks, the demographic trends, the level of unemployment and informal employment. The authors carried out an expert assessment of the importance of factors of formation of system of the vital activity of society. A set of recommendations for coordinated impact on the economic and social processes in the conditions of transforming market system was proposed as a result of the research. Keywords: vital activity of society; Donetsk region; the socio-cultural environment; economic and social development; development of society Journal: Research Papers in Economics and Finance Pages: 13-19 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/36 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/36/10 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:36 Template-Type: ReDIF-Article 1.0 Author-Name: Szymon Filipczak Author-Workplace-Name: Poznań University of Economics and Business Title: Family Firms as a potential source of growth for the Warsaw Stock Exchange Publication-Status: Published Abstract: The Warsaw Stock Exchange  has been growing rapidly since its establishment. Privatization program undergone via the public market was one of the crucial factors that contributed to this growth. Currently, very few State-owned companies that might go public have left. The main goal of this article is to discuss the possibility that family firms will step into the State’s shoes and become a more meaningful source of new issuers for the WSE. This paper identifies reasons for possible increase in family firms listings on the WSE as well as key elements for that to happen. Keywords: Family Firms; Capital Market; Warsaw Stock Exchange; IPO Journal: Research Papers in Economics and Finance Pages: 21-28 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/39 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/39/11 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:39 Template-Type: ReDIF-Article 1.0 Author-Name: Vitaly Kaganov Author-Workplace-Name: PhD student, Poznań University of Economics and Business Title: Theoretical Framework for Stock Pricing Process based on Micro-Economic Decision Model Publication-Status: Published Abstract: The most common model for asset pricing (CAPM) is problematic and does not match the reality. In this article, I introduce a theoretical framework for a new model which aims at avoiding the problems of CAPM and keeping its advantages, therefore allowing universality of asset pricing. The model is built on the economic principles, using a budget constraint and a Risk Appetite (RA) function. 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. Keywords: Asset Pricing; CAPM; Risk Appetite; Economic Approach Journal: Research Papers in Economics and Finance Pages: 29-37 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/40 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/40/12 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:40 Template-Type: ReDIF-Article 1.0 Author-Name: Michał Dominik Stasiak Author-Workplace-Name: Poznan University of Economics and Business Title: Analysis of the EUR/USD exchange rate in binary-temporal representation Publication-Status: Published Abstract: An exchange rate between two currencies can be described in a binary representation. The binarization algorithm transforms the exchange rate represented by tick data into a binary string. Each course change equal to a given discretization unit is assigned a binary value indicating the direction of the change. The performed statistical analysis confirms the existence of a correlation between previous course changes and the probability of future direction of the changes. In order to conduct a more detailed analysis of the exchange rate in a binary representation, each shift in the trajectory can be assigned a parameter representing the duration of the change. Depending on the current market dynamics, course trajectory changes may occur at different moments in time. 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. Keywords: foreign exchange market; high frequency econometrics; technical analysis; modeling of currency exchange rates Journal: Research Papers in Economics and Finance Pages: 39-45 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/51 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/51/17 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:51 Template-Type: ReDIF-Article 1.0 Author-Name: Yaroslav Pushak Author-Workplace-Name: Lviv State University of Internal Affairs, Ukraine Author-Name: Mykhailo Orobchuk Author-Workplace-Name: 2Ivan Franko National University of Lviv Author-Name: Olga Marchenko Author-Workplace-Name: Lviv State University of Internal Affairs Title: The main priority of achievement of resource safety of agricultural production Publication-Status: Published Abstract: Resource safety of agricultural production is investigated as the main condition. Its dominant registers are land resources and fertility of soil. The bearing-out of nutritives is analyzed from soil together with the harvest of agricultural cultures. It shall be underlined that for providing maintenance of areas and fertility, it is crucial to maintain a balance between the bearing-out of nutritives from soil with the harvest of agricultural cultures and compensative bringing. The major directions of maintenance of the resource providing agricultural production are the following: increase of bringing of organic fertilizers, optimization of the structure of croplands, strengthening the responsibility of land users, development of ecological culture. Keywords: agricultural production; unsustainable agriculture; mineral and organic fertilizers; land safety legislation; ecological culture of land use Journal: Research Papers in Economics and Finance Pages: 47-54 Volume: 2 Issue: 2 Year: 2017 Month: March File-URL: https://journals.ue.poznan.pl/REF/article/view/49 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/49/15 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:2:y:2017:i:2:id:49