Template-Type: ReDIF-Article 1.0 Author-Name: Sebastian Kubala Author-Workplace-Name: Krakow University of Economics, Kraków, Poland Author-Name: Marcin Stanuch Author-Workplace-Name: Krakow University of Economics, Kraków, Poland Author-Name: Wioletta Kornaś Author-Workplace-Name: University of the National Education Commission in Krakow, Kraków, Poland Title: Assessment of the competitive position of foreign thermal coal trade in European countries in 2010–2023 Publication-Status: Published Abstract: The main objective of this study was to present changes in the competitiveness of foreign thermal coal trade in European countries in the years 2010–2023. The research used the adjusted RCA index, the Trade Coverage Index and the Import Penetration Index. The research results indicate that there has been a dynamic and diversified nature of the changes in the competitive position of foreign coal trade in Europe. Although many European countries are gradually moving away from the use of coal, there are still countries that maintain competitiveness in this market, in particular Russia. Keywords: energy policy; import; coal market; export Journal: Research Papers in Economics and Finance Pages: 9-30 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2390 File-URL: https://journals.ue.poznan.pl/REF/article/view/2390 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2390/1117 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2390 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Manikowski Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Preface Publication-Status: Published Journal: Research Papers in Economics and Finance Pages: 5-7 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2857 File-URL: https://journals.ue.poznan.pl/REF/article/view/2857 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2857/1130 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2857 Template-Type: ReDIF-Article 1.0 Author-Name: Mateusz Mikutowski Author-Workplace-Name: Poznan University of Economics and Business, Poland Title: Are debt collection agencies truly acyclical and crisis-proof? Publication-Status: Published Abstract: This paper examines the resilience of debt collection agencies during economic downturns and financial crises, challenging the notion that the industry is acyclical. The motivation stems from a gap in academic literature assessing how economic cycles impact debt collectors’ financial performance. Using a combination of case study analysis and statistical methods, the study evaluates the financial results and stock returns of 13 publicly listed debt collection companies over two major crises: the 2007–2009 financial crisis and the COVID-19 pandemic. Findings reveal that while the industry slows during crises, it is not immune. The contribution lies in providing new insights into the cyclical vulnerability of this under-researched sector. Keywords: debt collection; financial analysis; macroeconomics; economic cycles Journal: Research Papers in Economics and Finance Pages: 31-52 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.1952 File-URL: https://journals.ue.poznan.pl/REF/article/view/1952 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/1952/1118 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:1952 Template-Type: ReDIF-Article 1.0 Author-Name: Katarzyna Woźniak-Jasińska Author-Workplace-Name: Poznań University of Economics and Business, Poland Author-Name: Włodzimierz Lewoniewski Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Exploring the relationship between R&D investment and the labour market outcomes in the OECD countries Publication-Status: Published Abstract: This paper examines the relationship between labour market outcomes, labour market policies, and investment in R&D in OECD countries from 2011 to 2021. Firstly, the relationships between labour market variables and R&D investment variables were estimated using Pearson correlation. Subsequently, predictive models were developed using eight algorithms to assess their performance in explaining labour market outcomes. K-fold cross-validation was employed to average results over multiple train/test splits. Initial findings indicate that R&D investment was positively associated with the employment rate and labour force participation rate, and negatively associated with the unemployment rate. Furthermore, public spending on active labour market policies showed a significant association with R&D investment variables. Additionally, findings based on the performance of predictive models revealed that data on R&D investment and labour market outcomes exhibit complex interactions best captured by ensemble techniques – Random Forest and Gradient Boosting. Regardless of the model used, the strictness of employment protection for temporary contracts consistently emerged as an important predictor for all labour market outcomes. Moreover, indicators related to R&D investment demonstrated relatively strong predictive power, suggesting a meaningful contribution of such investment to employment outcomes. Innovation-related measures also emerged as relevant factors influencing labour market outcomes in OECD countries. Keywords: Industry 4.0; innovation; labour market; labour market institutions; OECD countries; research and development Journal: Research Papers in Economics and Finance Pages: 53-74 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2454 File-URL: https://journals.ue.poznan.pl/REF/article/view/2454 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2454/1121 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2454 Template-Type: ReDIF-Article 1.0 Author-Name: Asmaa Hamdy Abdelaziz Mohamed El Mahdy Author-Workplace-Name: October University for Modern Sciences and Arts (MSA), Egypt Author-Name: Nour Amr Samir Author-Workplace-Name: October University for Modern Sciences and Arts (MSA), Egypt Title: Do agency costs matter? Evidence from Egypt on the capital structure-performance nexus Publication-Status: Published Abstract: This study has two main objectives: (i) to explore the relationship between capital structure (CS) and firm performance (FP) among non-financial firms listed on the Egyptian Exchange (EGX30), and (ii) to analyze how agency costs (AC) influence this relationship as a moderator. The research uses Panel Least Squares (PLS) to examine how AC affects the association between CS and FP. The sample includes 200 firm observations annually from 20 non-financial firms listed on the Egyptian Stock Exchange (EGX30) from 2014 to 2023. The debt-to-equity ratio (D/E) measures CS, while return on equity (ROE) assesses FP. The asset utilization ratio (AUR) gauges AC. Results indicate that CS positively affects FP. Additionally, AC demonstrates a positive moderating effect on the relationship between CS and FP. To the best of the authors’ knowledge, this is the first study to examine the moderating influence of AC on the association between CS and FP in Egypt. Keywords: capital structure; firm performance; agency costs; panel least squares; EGX30 Journal: Research Papers in Economics and Finance Pages: 75-96 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2658 File-URL: https://journals.ue.poznan.pl/REF/article/view/2658 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2658/1122 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2658 Template-Type: ReDIF-Article 1.0 Author-Name: Patryk Janusz Król Author-Workplace-Name: Poznań University of Economics and Business, Poznań, Poland Author-Name: Krzysztof Kaczmarek Author-Workplace-Name: Poznań University of Economics and Business, Poznań, Poland Title: CBDC as an element of the fight against financial exclusion on the example of Nigeria Publication-Status: Published Abstract: The article examines the potential of central bank digital currency (CBDC) as a policy tool to reduce financial exclusion, with particular reference to Nigeria’s eNaira project. The study investigates whether implementing a CBDC can facilitate access to financial services and contribute to improving inclusion levels, especially in regions affected by persistent economic and technological disparities. Nigeria serves as a representative case due to its pioneering role among developing economies in introducing a national digital currency aimed at enhancing financial inclusion. The methodological framework is based on a critical literature review supported by both quantitative and qualitative evidence. The literature search covered 2018–2025 and included databases and sources such as Google Scholar, World Bank publications, central bank repositories, and peer-reviewed academic journals. The inclusion criteria encompassed studies addressing CBDC implementation, financial inclusion indicators, and digital infrastructure in Nigeria. The findings suggest that while CBDCs can enhance accessibility to financial services, their effectiveness depends on factors such as digital literacy, infrastructure quality, and public trust in digital financial systems. The case of the eNaira highlights both the opportunities and limitations of CBDC deployment in developing countries, offering valuable implications for policy design and financial innovation strategies. Keywords: CBDC; eNaira; financial exclusion; industry 4.0 Journal: Research Papers in Economics and Finance Pages: 97-116 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2486 File-URL: https://journals.ue.poznan.pl/REF/article/view/2486 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2486/1124 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2486 Template-Type: ReDIF-Article 1.0 Author-Name: Jacek Jankiewicz Author-Workplace-Name: Poznań University of Economics and Business, Poland Author-Name: Armagan Aktuna Gunes Author-Workplace-Name: Ph.D from Paris School of Economics, Université Paris I Panthéon-Sorbonne, Centre d’Economie de la Sorbonne Author-Name: Okay Gunes Author-Workplace-Name: Ph.D from Université Paris I Panthéon-Sorbonne, Centre d’Economie de la Sorbonne Author-Name: Przemysław Garsztka Author-Workplace-Name: Poznan University of Economics and Business, Poznan Title: Informal Earnings and Domestic Production - the size of the shadow economy of the household. Case of Turkey Publication-Status: Published Abstract: We performed our calculations to find out the value of domestic production and the size of the informal economy of the households. The dataset used in this estimation was obtained by matching the Turkey Time Use Survey of 2006 with the Household Budget Survey for the years 2007 to 2011. Informal earnings were measured using household budgetary declarations and the concept of full income (including monetary values of time use on non-market activities). In our analysis we use terms of extended incomes (i.e. monetary incomes with the informal earnings of households) and extended full incomes (i.e. monetary incomes and monetary time values including informal earnings). An important result is that an increase in domestic production yields a decrease in the size of the informal economy for the self-employed, but it is contrary in case of among wage earners. The average estimation of the size of the informal economy in Turkey decreased on average from 73.59% to 70.89% of GDP respectively for monetary and full expenditure for the years 2007-2011. Further deeper analysis is needed to analyse income inequality among wage earners and self-employed workers participating in informal activities. Keywords: informal economy; time use; extended full income; full prices Journal: Research Papers in Economics and Finance Pages: 117-142 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2770 File-URL: https://journals.ue.poznan.pl/REF/article/view/2770 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2770/1131 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2770 Template-Type: ReDIF-Article 1.0 Author-Name: Ameeta Jaiswal-Dale Author-Workplace-Name: University of St. Thomas, Minnesota, USA Author-Name: Romain M. Lorentz Author-Workplace-Name: University of St. Thomas, Minnesota, USA Author-Name: Ernest L. Owens Author-Workplace-Name: University of St. Thomas, Minnesota, USA Author-Name: Bhuvanesh Singh Author-Workplace-Name: University of St. Thomas, Minnesota, USA Title: Blockchain technology and smart contracts: A potential tool for improving operational profit margin Publication-Status: Published Abstract: This study presents a practical framework for implementing blockchain technology, specifically smart contracts, to optimise operations and enhance financial performance in the Consumer Packaged Goods (CPG) sector. It identifies best practices for operational efficiency and outlines the structural flow and challenges of implementing smart contracts in a small-scale CPG company. While blockchain is often associated with cryptocurrency, its value lies in enhancing core business processes such as vendor selection, procurement and legal compliance monitoring. The framework integrates blockchain-enabled smart contracts with project management lifecycle updates to streamline operations, enhance cash flow and reduce the Cost of Goods Sold (COGS). It highlights how procurement processes, legal requirements and vendor management can be streamlined through smart contracts, providing transparency, reducing delays and ensuring regulatory compliance. Blockchain is a decentralised database, and its applications span procurement, production processes and inventory management. However, leveraging blockchain effectively requires smart contracts. Integrating these contracts with project management tools ensures efficient operations and measurable financial metrics. This interdisciplinary approach combines technology, business law and project management to deliver actionable insights. The study highlights how modest operational efficiencies can drive profitability in low-margin industries, such as CPG, and establishes a foundation for future implementation studies across other sectors. Keywords: blockchain; smart contracts; COGS; EBIT; procurement; inventory; profit margin; corporate operations Journal: Research Papers in Economics and Finance Pages: 143-168 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2022 File-URL: https://journals.ue.poznan.pl/REF/article/view/2022 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2022/1125 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2022 Template-Type: ReDIF-Article 1.0 Author-Name: Marcin Wiśniewski Author-Workplace-Name: Poznań University of Economics and Business, Poland Author-Name: Daniel Budzeń Author-Workplace-Name: Gniezno College Milenium, Poland Title: The role of the primary balance in assessing the financial situation of local government Publication-Status: Published Abstract: The key aspect of assessing the financial condition of local government units in Poland is compliance with the individual debt repayment and service ratio. Equally important is the budget balance – especially if it is negative, in which case funding sources must be identified. The operating balance, the difference between current revenues and expenditures, also significantly impacts debt service ability and is embedded in the Polish legal-financial framework. Currently, financial assessments focus mainly on the budget and operating balances. However, the authors propose incorporating an additional measure – the primary balance – defined as the difference between total revenues and expenditures, excluding debt servicing. This study aims to apply the primary balance to evaluate the financial condition of all local government units in Poland over 2004–2023. The findings confirm the value of using the primary balance as a key indicator of financial stability. Keywords: local finance; financial risk; stability of local finance; primary balance Journal: Research Papers in Economics and Finance Pages: 169-186 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2493 File-URL: https://journals.ue.poznan.pl/REF/article/view/2493 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2493/1128 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2493 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Łuczka Author-Workplace-Name: Poznań University of Economics and Business, Poland Title: Measuring price dynamics from the perspective of the poorest households in Poland Publication-Status: Published Abstract: Poland, like many other countries, lacks a price dynamics index tailored to the poorest households. The aim of this article is to develop a Subsistence-Adjusted Price Index (SAPI) – an indicator of the dynamics of the costs of living. SAPI complements the Consumer Price Index (CPI) by enabling a more accurate assessment of the real cost of living faced by the poorest households, while also allowing for regional analysis. The analysis is based on data on the subsistence minimum from the Polish Institute of Labour and Social Studies and CPI inflation data from Statistics Poland covering the period 2006-2024. The analysis revealed substantial discrepancies between the two measures: the cumulative price increase measured by the SAPI amounted to 154.87%, whereas the CPI indicated an increase of only 87.58%. In addition, the SAPI appears to lead the CPI by approximately two years. It was recommended that the SAPI be included in official statistics and adopted as an indexing factor for social benefits, minimum wages and pensions, which could improve the effectiveness of social policy and reduce income inequality in Poland. Keywords: Subsistence-Adjusted Price Index (SAPI); CPI; subsistence minimum; inflation; social benefits Journal: Research Papers in Economics and Finance Pages: 187-207 Volume: 9 Issue: 2 Year: 2025 Month: December DOI: 10.18559/ref.2025.2.2729 File-URL: https://journals.ue.poznan.pl/REF/article/view/2729 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2729/1132 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:9:y:2025:i:2:id:2729