Template-Type: ReDIF-Article 1.0 Author-Name: Katarzyna Woźniak Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Preface Publication-Status: Published Abstract: Dear Readers, I have the pleasure of presenting to you the second issue of the research journal entitled “Research Papers in Economics and Finance” (REF), published by the Faculty of Economics at Poznań University of Economics and Business.  The first and the second paper were presented during the 10thEnvironmental 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. 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   Keywords: Poznań University of Economics and Business; Research Papers in Economics and Finance; 10thEnvironmental PhD Candidates’ Conference “Economy. Technology. Society.”; Poland Journal: Research Papers in Economics and Finance Pages: 5-6 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.0 File-URL: https://journals.ue.poznan.pl/REF/article/view/87 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/87/38 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:87 Template-Type: ReDIF-Article 1.0 Author-Name: Katarzyna Schmidt Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: The impact of low interest rates on the debt of polish listed companies Publication-Status: Published Abstract: Central bank decisions have an impact on the whole economy. Increasing or lowering interest rates as part of a specific policy determines not only changes in macroeconomic aggregates or decisions of financial entities, such as banks, but also has a significant impact on business decisions. Low interest rates, which have been maintained for several years, encourage reflection on the impact of interest rates on the financing structure of companies. The main objective of the research is to verify the relations between monetary policy, in particular low interest rates, and the level of indebtedness of Polish listed companies. The analysis showed that the level of total interest-bearing liabilities for the selected sample of companies remains in a clear upward trend, and interest rates – in a downward trend, excluding the increases in 2008 and 2012. The Pearson correlation for the variables in question should be considered strong, especially in the case of the relationship between long-term interest-bearing liabilities and interest rates. Considering the above, it should be noted that interest rates influence the level of indebtedness of companies, bearing in mind that this is a transmission channel of monetary policy, which operates with a time lag. Keywords: interest rate; debt; financing structure of companies; polish listed companies; Poland Journal: Research Papers in Economics and Finance Pages: 7-16 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.1 File-URL: https://journals.ue.poznan.pl/REF/article/view/88 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/88/39 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:88 Template-Type: ReDIF-Article 1.0 Author-Name: Mateusz Mikutowski Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Why and how healthy enterprises invest in distressed companies? Theoretical background of motivation and market statistics of distressed investments on global M&A market Publication-Status: Published Abstract: The utilisation of opportunities by enterprises as the main factor in their development has been the subject of many researchers’ deliberations in recent years. In the author’s perspective, the processes of mergers and acquisitions, in particular, related to investments in distressed assets are a very clear reflection of the strategy of entrepreneurial opportunities utilisation in both passive and creationist approaches. In this paper, the author tries to identify areas where the theory of entrepreneurial opportunities as a part of management studies are reflected in mergers and acquisitions operations. By applying distressed asset investments to the theory of entrepreneurial opportunities, a more in-depth understanding of the motivation of enterprises to make mergers and acquisitions is possible. Additionally, by referring to market practice and empirical research, the author intends to present arguments that allow combining the elements of the leading theories concerning management through opportunities, and this type of investment is a crucial part of modern company management strategy. Keywords: opportunities; mergers and acquisitions; strategic management; competitive position; distressed assets Journal: Research Papers in Economics and Finance Pages: 17-26 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.2 File-URL: https://journals.ue.poznan.pl/REF/article/view/71 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/71/40 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:71 Template-Type: ReDIF-Article 1.0 Author-Name: Marcin Leszczyński Author-Workplace-Name: Poznań University of Economics and Business, Poland Author-Name: Aleksandra Anna Rabczun Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: The reputation of the biggest donors of official development assistance Publication-Status: Published Abstract: The global crisis of trust has led to a shift in the paradigms of shaping competitiveness. The states as entities of global competition, in times of growing demand for trust, conduct activities in various areas in order to build their position in the world. One of these tools is international public relations and its specialisation, which is the country’s social responsibility. One of the most important tools of social responsibility of the country is the official development assistance (ODA). The aim of this article is to verify the role of the social responsibility of the state in shaping the reputation of the largest donors of official development assistance.   Keywords: country’s reputation; international public relations; country’s social responsibility official development assistance; donors Journal: Research Papers in Economics and Finance Pages: 27-35 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.3 File-URL: https://journals.ue.poznan.pl/REF/article/view/89 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/89/41 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:89 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Albert Homski Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Efficiency of the R&D sector in the EU states. Does the source of funds matter? Publication-Status: Published Abstract: The first aim of this study was to measure the efficiency of the R&D sector in the EU countries. The findings have indicated that the sector’s efficiency was different in particular countries. It was more than three times higher in the most efficient states than in the least efficient ones. The results also indicate that decreasing returns to scale are characteristic in the R&D sector in the EU countries. The second aim was to examine the relationship between the efficiency of the R&D sector and the structure of its financing. The empirical results occurred to be consistent with the research hypotheses – the public sector’s share in the R&D financing structure affects the efficiency of the R&D sector positively, while the private sector’sshare affects it negatively.   Keywords: R&D sector; R&D financing; R&D efficiency; R&D financing structure; EU countries Journal: Research Papers in Economics and Finance Pages: 37-44 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.4 File-URL: https://journals.ue.poznan.pl/REF/article/view/78 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/78/42 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:78 Template-Type: ReDIF-Article 1.0 Author-Name: Ifeanyi Francis Osegbue Author-Workplace-Name: Chukwuemeka Odumegwu Ojukwu University, Nigeria Author-Name: Austin Nweze Author-Workplace-Name: Enugu State University of Science and Technology, Nigeria Author-Name: Meshack Ifurueze Author-Workplace-Name: Chukwuemeka Odumegwu Ojukwu University, Nigeria Author-Name: Chizoba Mary Nwoye Author-Workplace-Name: Chukwuemeka Odumegwu Ojukwu University, Nigeria Title: Effects of tax sheltering on earnings management in Nigeria Publication-Status: Published Abstract: This study examines how tax sheltering and its interactions with cash effective tax rate, long-term effective tax rate, tax savings, book tax gap, temporary difference of tax shelter and permanent difference of tax shelter impacted the modified Jones earnings model (earnings quality manage-ment) from 2009 to 2016. The study used a sample of all 116 listed companies on the Nigerian stock exchange ranging from all sectors excluding financial services sector due to its reporting system.  We concluded that the cash effective tax rate, long term effective tax rate, tax savings temporary and permanent tax difference are insignificant meaning that stakeholders in Nigeria are interested in companies that produce quality financial reports, which clearly shows that there is high earnings manipulation among Nigeria quoted companies as most firms manipulate earnings through abnormal accruals.  Keywords: tax sheltering; earnings management; cash ETR; tax savings; Nigeria Journal: Research Papers in Economics and Finance Pages: 45-69 Volume: 3 Issue: 2 Year: 2018 Month: August DOI: 10.18559/ref.2018.2.5 File-URL: https://journals.ue.poznan.pl/REF/article/view/79 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/79/43 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:3:y:2018:i:2:id:79