Template-Type: ReDIF-Article 1.0
Author-Name: Yanina Dymitrowska
Author-Workplace-Name: Poznan University of Economics and Business, Poznań, Poland
Title: Natural resource funds, institutional qualityand governance: A systematic literature review
Publication-Status: Published
Abstract: In recent years, there has been an international debate on the effectiveness of resource funds in the context of the “resource curse”. One aspect of assessing the effectiveness of these funds, which is receiving increasing attention, is determining the relationship between the funds and institutional quality and governance. The objective of this study is to systematically evaluate all available evidence regarding the relationship between the ef- fectiveness of natural resource funds, institutional quality and governance in the context of countering the “resource curse”. The study employed the SLR technique to examine 40 carefully selected articles for the period 1990–2023. In order to enhance the credibility of the analysis, an up-to-date information map derived from the literature was generated using the VOSviewer software. The study found that the analysed issue is both new and relevant, with many aspects lacking unanimous solutions. It was observed that the relationship between funds and institutional quality and governance exists, as indicated by both qualitative and quantitative research. The most significant studies on this topic emerged after 2005. The literature is largely concentrated on the significance of institutional quality and governance for fund effectiveness. 
Keywords: natural resource funds; governance; institutional quality; resource curse; systematic literature review
Journal: Research Papers in Economics and Finance
Pages: 6-23
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.949
File-URL: https://journals.ue.poznan.pl/REF/article/view/949
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/949/979
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:949

Template-Type: ReDIF-Article 1.0
Author-Name: Piotr Lis
Author-Workplace-Name: Poznań University of Economics and Business, Poland
Title: Preface
Publication-Status: Published
Keywords: preface
Journal: Research Papers in Economics and Finance
Pages: 4-5
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1974
File-URL: https://journals.ue.poznan.pl/REF/article/view/1974
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/1974/1021
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1974

Template-Type: ReDIF-Article 1.0
Author-Name: Zofia Polkowska
Author-Workplace-Name: Warsaw School od Economics, Poland
Title: Development of innovationin the Polish banking sector
Publication-Status: Published
Abstract: The rapidly developing market for new technologies is driving the introduction of innovative solutions in the banking sector. As a public trust sector, they are subject to numerous regulations. Supervisors and central banks are trying to support the develop- ment of new technologies in the sector by reducing regulatory uncertainty and support programs aimed at FinTech (Financial Technologies) companies. The purpose of the study is to analyse existing regulations and regulators’ initiatives on new technologies in the banking sector. The author seeks to answer the research question of whether the introduced regulations support or limit the digital transformation of the banking sector in Poland. An im- portant aspect in the sector is customer security, so regulations should focus on protecting the banking customer and ensuring the stability of the sector. They are analysed by regulators so that the relevant regulations enable the introduction of innovative yet safe solutions. The author points out possible synergies resulting from cooperation between banks and FinTech companies. In conclusion, dialogue between banking sector institutions, regulators, central banks and banks leads to the creation of an environment that allows the introduction of innovative solutions while maintaining customer protection and banking sector stability.
Keywords: innovation; banking sector; new technology; regulations; FinTech
Journal: Research Papers in Economics and Finance
Pages: 24-37
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1065
File-URL: https://journals.ue.poznan.pl/REF/article/view/1065
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/1065/978
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1065

Template-Type: ReDIF-Article 1.0
Author-Name: Kamil Gemra
Author-Workplace-Name: SGH Warsaw School of Economics, Collegium of Business Administration, Warsaw, Poland
Author-Name: Piotr Kwestarz
Author-Workplace-Name: Independent researcher, p.kwestarz@strefainwestorow.pl
Title: Investor demand for stocks in Initial Public Offerings and their price behaviour after debut. Evidence from Poland
Publication-Status: Published
Abstract: This article investigates the relationship between investor demand during an IPO and the long-term behaviour of share prices following a company’s stock market debut. Specifically, the study examines the impact of the demand observed during the public offering and the size of the offering on abnormal return rates for a sample of 116 IPOs on the Warsaw Stock Exchange between 2012 and mid-2022. The primary research hypothesis tests whether the medians of abnormal return rates, influenced by these factors, are statistically significant over several time intervals ranging from 3 to 12 months after the debut. The findings confirm that certain information from the completed public offering, particularly the relatively low number of new shares offered, plays a significant role in predicting abnormal changes in share prices during these periods. This research offers valuable insights for investors, emphasising the key factors within the IPO process that can influence the trajectory of share prices following a company’s market debut.
Keywords: IPO; stock return; individual investors; capital market; demand for IPOs
Journal: Research Papers in Economics and Finance
Pages: 38-57
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1002
File-URL: https://journals.ue.poznan.pl/REF/article/view/1002
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/1002/984
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1002

Template-Type: ReDIF-Article 1.0
Author-Name: Izabela Witczak
Author-Workplace-Name: University of Lodz, Łódź, Poland
Title: The significance of tax risk for Polish companies based on the findings of an empirical study
Publication-Status: Published
Abstract: Discussion of the problem of tax risk based on the empirical study. The paper explains the main aspects of tax risk, tax risk areas and its assessment. Critical analysis of existing literature and tax laws. Conclusions are formulated using a deductive method in the framework of tax theory and based on the analysis of tax laws and the author’s survey into the problem of tax risk conducted in the Wielkopolskie voivodeship in 2020. The survey results show that managers are increasingly aware of the tax risks associated with the activities of their companies and the industries in which they operate. They also indicate that, regardless of their size, companies should use tax risk management systems aligned with their tax strategies and managed by qualified staff. The article contributes to the analysis of tax risk.
Keywords: tax risk; sources of tax risk; tax risk management; level of tax risk; tax law
Journal: Research Papers in Economics and Finance
Pages: 58-77
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1121
File-URL: https://journals.ue.poznan.pl/REF/article/view/1121
File-Function: Abstract page
File-Format: text/html
File-URL: https://journals.ue.poznan.pl/REF/article/download/1121/989
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1121

Template-Type: ReDIF-Article 1.0
Author-Name: Lenka Přečková
Author-Workplace-Name: Silesian University in Opava, School of Business Administration in Karvina, Czech Republik
Author-Name: Eva Vávrová
Author-Workplace-Name: Masaryk University, Faculty of Economics and Administration, Brno, Czech Republic
Title: Evaluation of the impact of the COVID-19 pandemic on the financial health of commercial insurance companies in the Czech Republic
Publication-Status: Published
Abstract: This article focuses on assessing the impact of the COVID-19 pandemic on the insurance operations of commercial insurance companies in the Czech Republic. The aim of the article is to determine the impact of the pandemic on the financial health of commercial insurance companies in the Czech Republic. In order to achieve this, ratio indicators suitable for measuring the financial health of commercial insurance companies, such as the growth rate of premium income, cost-effectiveness, profitability or solvency, have been employed. Because insurance activities in non-life and life insurance differ and show different values of ratio indicators of financial health, insurance companies have been divided into two groups: those with a predominance of life insurance and those with a predominance of non-life insurance. The impact of the pandemic on the financial health indicators of individual commercial insurance companies has been monitored. The period from 2016 to 2021 has been selected to determine the impact of the pandemic. The authors have used data from the statistics of the Czech Association of Insurance Companies and annual reports of insurance companies.
Keywords: pandemic; insurance companies; non-life and life insurance; financial ratios; Czechia
Journal: Research Papers in Economics and Finance
Pages: 78-90
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1188
File-URL: https://journals.ue.poznan.pl/REF/article/view/1188
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/1188/1007
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1188

Template-Type: ReDIF-Article 1.0
Author-Name: Piotr Manikowski
Author-Workplace-Name: Poznan University of Economics and Business, Poznań, Poland
Author-Name: Weronika Szymczak-Łączna
Author-Workplace-Name: Independent Researcher, Poland
Author-Name: Bojan Srbinoski
Author-Workplace-Name: University St. Kliment Ohridski, Bitola, North Macedonia
Title: Insurability of cryptocurrency wallets
Publication-Status: Published
Abstract: This article concerns the possibilities of insuring cryptocurrency wallets using various assumptions and characteristics of perfectly insurable risk. The main goal of this article is to examine if and how cryptocurrency wallets risk fulfils the requirements of an ideally insurable risk. The topic of the research is important looking at the newest trends in financial markets and the growing number of cryptocurrency investors. The paper presents authors’ innovative method of approaching a part of cryptocurrency risk to insurance industry. Authors analysed requirements of an insurable risk and applied these requirements to a specific risk, i.e. the cryptocurrency wallet risk to further check if it is possible to insure such a risk. By introducing and defining cryptocurrency wallet risk, we found an element of cryptocurrencies which shows traits of a non-speculative risk and possibly fulfils insurability characteristics.
Keywords: cryptocurrency; cryptocurrency wallet risk; insurability
Journal: Research Papers in Economics and Finance
Pages: 91-104
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1868
File-URL: https://journals.ue.poznan.pl/REF/article/view/1868
File-Function: Abstract page
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File-URL: https://journals.ue.poznan.pl/REF/article/download/1868/1020
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1868

Template-Type: ReDIF-Article 1.0
Author-Name: Jacek Jankiewicz
Author-Workplace-Name: Poznań University of Economics and Business, Poland
Author-Name: Przemysław Garsztka
Author-Workplace-Name: Poznań University of Economics and Business, Poland
Author-Name: Jyoti Thakur
Author-Workplace-Name: National Council of Applied Economic Research (NCAER), New Delhi, India
Title: The economic activity of women in families from different cultures
Publication-Status: Published
Abstract: The presented analysis uses data from time-use surveys which were conducted in India and Poland in the late 1990s and early 2000s. The calculations made use of statistical information describing individual households and their members. The applied method of multiple regressions for cross-sectional data made it possible to take into account selected socio-demographic and economic characteristics of the analysed members of the population. The results obtained served for assessing the impact of such characteristics as marital status, children presence on the production activity of women. We present the time allocation of individuals with similar characteristics, but at different stages of their life cycle.
 Performing analogous estimations for Poland and India made it possible to directly compare the situation of women in these countries. Despite considerable differences in terms of social and cultural norms between the analysed societies, the situation of women living in them is in some respects similar. However, marked differences were also observed such as those related to economic activity depending on the level of education. Also, the influence of marriage on the allocation of time is different, as illustrated by comparing the situation of married women to those without a partner.
Keywords: Polish and Indian families; time allocation; economic activity of women; developing countries
Journal: Research Papers in Economics and Finance
Pages: 105-134
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1900
File-URL: https://journals.ue.poznan.pl/REF/article/view/1900
File-Function: Abstract page
File-Format: text/html
File-URL: https://journals.ue.poznan.pl/REF/article/download/1900/1018
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1900

Template-Type: ReDIF-Article 1.0
Author-Name: Damian Luty
Author-Workplace-Name: Poznań University of Economics and Business
Author-Name: Rafał Iwański
Author-Workplace-Name: University of Szczecin
Title: Underdetermination problem in methodology of economics
Publication-Status: Published
Abstract: This paper explores the Duhem-Quine (DQ) problem and its impact on economic methodology, focusing on how the reliance on auxiliary assumptions complicates the testing and validation of theories. The DQ problem shows that no hypothesis is tested in isolation, as it depends on additional assumptions and background knowledge, making it challenging to pinpoint where errors lie. This issue is particularly relevant in economics, where complex models and assumptions about human behavior play a significant role, and in finance, where the robustness of models is critical for decision-making under uncertainty.
 The paper highlights two key gaps: (i) the limited discussion of the DQ problem in economic methodology, and (ii) the lack of alternative approaches to ensure rational methods in light of DQ. To address these issues, it proposes a multi-criterial framework for evaluating theories, emphasizing consistency, diverse data, localized testing, comparing models, and varying assumptions systematically.
 Using examples like housing market models and the Ultimatum Game, the paper illustrates how addressing the DQ problem involves avoiding arbitrary changes to assumptions while adopting clear, rational strategies. By providing a stronger methodological foundation, this approach enhances the reliability of economic and financial theories, improving their influence on policy-making and practical applications.
Keywords: Duhem-Quine problem; economic methodology; methodological rationality
Journal: Research Papers in Economics and Finance
Pages: 135-148
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1902
File-URL: https://journals.ue.poznan.pl/REF/article/view/1902
File-Function: Abstract page
File-Format: text/html
File-URL: https://journals.ue.poznan.pl/REF/article/download/1902/1017
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1902

Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Challoumis
Author-Workplace-Name: National and Kapodistrian University of Athens, Greece
Title: Quantitative analysis of money cycle and economic stability in economocracy
Publication-Status: Published
Abstract: The paper discusses economocracy and representative econo-mocracy as innovative approaches proposed by author. These new economic systems, analogous to the political system of de-mocracy, aim at managing global debt and promoting economic sustainability. Economocracy is presented as a reformed economic system, distinct from capitalism, that incorporates the mechanisms of a free-market economy to address disruptions such as wars (re-construction of countries), recessions and economic crises. The results imply that economocracy has the potential to provide so-lutions to global economic issues by effectively circulating capital while promoting democratic governance and stable economies. The research involves a quantitative analysis of economic mod-els, specifically focusing on the Economic Productive Reset (EPR) and Economic Periodic Injections (EPI) as tools to alleviate global indebtedness and maintain economic stability.
Keywords: banking system; capital distribution; economocracy; cycle of money; regulatory policy
Journal: Research Papers in Economics and Finance
Pages: 149-171
Volume: 8
Issue: 2
Year: 2024
Month: December
DOI: 10.18559/ref.2024.2.1709
File-URL: https://journals.ue.poznan.pl/REF/article/view/1709
File-Function: Abstract page
File-Format: text/html
File-URL: https://journals.ue.poznan.pl/REF/article/download/1709/1019
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Handle: RePEc:jbl:ref000:v:8:y:2024:i:2:id:1709