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Journal articles on the topic 'Capital market – Poland'
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1
Grzegorek, Jan, Dariusz Prokopowicz, Adrian Chojan, and Mirosław Matosek. "THE DEVELOPMENT OF THE BANKING SYSTEM IN POLAND DETERMINED BY THE PROCESSES OF ADJUSTMENT TO THE NORMATIVE AND TECHNOLOGICAL STANDARDS OF THE EUROPEAN UNION AND CONTEMPORARY PROCESSES OF ECONOMIC AND INFORMATIONAL GLOBALIZATION." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 339–67. http://dx.doi.org/10.5604/01.3001.0013.0022.
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The current processes of economic and information globalization are mainly related to the successively progressing integration of financial markets, the development of ICT and Internet technologies. The liberalization of capital flows, progressing since the 1970s, was determined by many economic and political factors, including the modification of the international monetary system. The main determinants of economic and information globalization include such processes as liberalization of capital flows, deregulation of international financial markets and progress in the field of ICT. These processes constituted favorable conditions for the reconstruction of the market financial system, including the banking sector in Poland in the 1990s. Since the beginning of the systemic and economic transformation that has been taking place in Poland since 1989, the banking system and capital market institutions have been rebuilt. It referred to the Warsaw Stock Exchange market institutions, taking into account the opening of the economy to foreign capital. Foreign financial corporations taking over domestic banking entities in Poland have introduced their modern transactional and teleinformation technologies and new standards for entering into financial transactions. These processes were the main determinants of economic and information globalization that has been made in Poland since the 1990s.
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Lin, Carol Y. Y. "Intellectual capital of South Africa: a comparison with Poland and Romania." Journal of Intellectual Capital 19, no. 3 (May 14, 2018): 498–518. http://dx.doi.org/10.1108/jic-12-2016-0146.
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Purpose The purpose of this paper is to uncover the national intellectual capital (NIC) of South Africa by making comparisons with Poland and Romania. Design/methodology/approach Based on a database of an NIC measurement model spanning 2001-2015, this study plotted the development trend of the NIC and its component capitals – human, market, process and renewal capitals. Their correlations with GDP per capita (ppp) (GDP hereinafter) were also presented. Findings The NIC of South Africa is lower than that of both Poland and Romania. Except for the increase of its human capital together with its GDP, the other capitals have lower relevance. Poland experienced highly correlated growth for its NIC and GDP, shedding light for South Africa. The qualitative findings are also reported. Research limitations/implications The IMD database carries South African data only for the African continent. Therefore, this paper cannot cover other countries from the continent. Practical implications There are three implications from both the quantitative and qualitative analyses: initiate national transformation from the two core issues of education and health; invite and provide attractive incentives for South African returnees from abroad and members of local private sectors to take part in the national transformation efforts; and learn from the NIC development pattern of Poland and Romania by investing in market capital and process capital as soon as possible for faster results. Social implications The research findings of this paper unveil the root of the social problems in South Africa, including education, health, high unemployment and so on. Suggestions are provided for mid-term and long-term potential solutions. Originality/value This paper demonstrates the value of an NIC in the economically successful Poland whose growth and GDP growth occurred at a similar pace.
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Tarczynski, Waldemar. "The development of the capital market in Poland." International Journal of Economic Policy in Emerging Economies 1, no. 2/3 (2008): 208. http://dx.doi.org/10.1504/ijepee.2008.019264.
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Podogrodzka, Małgorzata. "Diversity of Human Capital in Poland’s Labor Market." Kwartalnik Ekonomistów i Menedżerów 39, no. 1 (January 31, 2016): 85–106. http://dx.doi.org/10.5604/01.3001.0009.7513.
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The purpose of the article is to analyze diversity of human capital in Poland within 2001‑2011 in relation to the situation in local labor markets (regions and provinces). The analyses is based on verifying the hypothesis of lack of human capital diversity in Poland, no changed recorded to its image within the time span under review and the fact that the quality of human capital determines the situation in the job markets throughout the country. The analysis proves that employment and unemployment does not influence human capital – its quality is determined by text age education and death rate.
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Sosnowski, Tomasz. "Comparative Analysis of Private Equity Market in Poland and Other Central and Eastern European Countries." Comparative Economic Research. Central and Eastern Europe 13, no. 5 (May 9, 2011): 87–107. http://dx.doi.org/10.2478/v10103-010-0005-8.
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The main goal of this article is an analysis of the development stage attained by the private equity market in Poland and its comparison with similar markets in other countries of Central and Eastern Europe. The main emphasis has been laid on the very essence of this source of capital and its importance for development of small and medium-sized enterprises. The performed analysis has allowed to verity the hypothesis saying that private equity funds in Poland display a greater involvement in comparison with such funds in the remaining countries of this region, which is confirmed by the value of capital invested in Polish enterprises and the value of divestments in Poland. The empirical data used in this article come from statistical reports of the European Private Equity and Venture Capital Association.
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Rollnik-Sadowska, Ewa, Marta Jarocka, and Ewa Glińska. "TAXONOMIC ANALYSIS OF DIVERSITY OF LOCAL LABOUR MARKETS IN POLAND." SOCIETY. INTEGRATION. EDUCATION. Proceedings of the International Scientific Conference 6 (May 25, 2018): 437–48. http://dx.doi.org/10.17770/sie2018vol1.3194.
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The situation in the labour market is conditioned by many factors that often have a local dimension. Identification of different levels of development of labour demand as well as potential of labour supply on the local level is a crucial element of diagnosis of reasons for regional and local diversity and implementation of an appropriate labour market policy. As there is available a variety of indicators describing regional labour relations, there is a need to create synthetic measure to include different aspects of the labour market situation. The aim of the paper is identification of the diversity of the situation in the local labour markets of all 16 Polish voivodeships. At the first step, a synthetic measure including eight variables was created. At the second stage 16 Polish voivodeships were clustered following Ward’s and k-means methods. As the authors assume that the position of voivodeship labour markets is connected with the position of capital cities, the analysis was deepened by ranking voivodeship cities based on Hellwig’s method. As a result of conducted research and the classification of Polish voivodeships and their capital cities in the context of the situation in the labour market, there have been identified the reasons of regions’ positions and proposed recommendations for the labour market policy.
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Sieradzka, Katarzyna. "Sources of financing for innovative business activities in Poland." Central European Review of Economics & Finance 22, no. 6 (December 31, 2017): 29–40. http://dx.doi.org/10.24136/ceref.2017.025.
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Financing of innovative business activities at early stages of their development is an extremely important condition of their growth. Start-ups, facing limited access to the formal capital market, look for an alternative. This is the informal market of capital investors, venture capital funds, and increasingly popular crowdfunding. It is the objective of this paper to analyse and evaluate sources of financing for innovative start-ups.
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Meluzin, Tomas, and Marek Zinecker. "Trends in IPOS: the evidence from cee capital markets." Equilibrium 11, no. 2 (June 30, 2016): 327. http://dx.doi.org/10.12775/equil.2016.015.
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The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the previous research. Applying descriptive statistics, relevant local developments are analysed first before being compared with leading European markets (London Stock Exchange and Deutsche Börse). We also investigated the assumption that a growing market has an explanatory power for the accelerating IPO activity. For this purpose we performed a Spearman correlation analysis. The data were evaluated at the significance level of α = 5 %. All CEE capital markets recorded strong dynamism over the observed period. All fundamental capital market parameters increase the attractiveness of individual capital markets, although their values lag behind developed European capital countries. The sole leader in the region is Poland with a flourishing IPO market. Our assumption that a growing market has a positive impact on IPO activities could not be supported by empirical evidence.
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Jóźwicki, Rafał, Paweł Trippner, and Karolina Kłos. "Algorithmic Trading and Efficiency of the Stock Market in Poland." Finanse i Prawo Finansowe 2, no. 30 (June 30, 2021): 75–85. http://dx.doi.org/10.18778/2391-6478.2.30.05.
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The aim of the article is to investigate the impact of algorithmic trading on the returns obtained in the context of market efficiency theory. The research hypothesis is that algorithmic trading can contribute to a better rate of return than when using passive investment strategies. Technological progress can be observed in many different aspects of our lives, including investing in capital markets where we can see changes resulting from the spread of new technologies.
The methodology used in this paper consists in confronting a sample trading system based on classical technical analysis tools with a control strategy consisting in buying securities at the beginning of the test period and holding them until the end of this period.
The results obtained confirm the validity of the theory of information efficiency of the capital market, as the active investment strategy based on algorithmic trading did not yield better results than the control strategy.
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Gruszczyńska-Brożbar, Elżbieta. "INSTITUTIONAL CONDITIONING OF THE DEVELOPMENT OF CAPITAL MARKET IN POLAND." Ekonomia i Prawo 2, no. 1 (December 31, 2006): 319. http://dx.doi.org/10.12775/eip.2006.018.
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Metghalchi, Massoud, Adriano Pinho, and Adriana Sarmento. "EMERGENT CAPITAL MARKETS’ EFFICIENCY: THE CASE OF POLAND." Journal of Prediction Markets 8, no. 1 (June 17, 2014): 27–41. http://dx.doi.org/10.5750/jpm.v8i1.850.
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We apply two well-known technical indicators to the Polish Stock index over the period of 9/4/1998 to 4/18/2013. Our findings support the predictive power of technical trading rules for each sub-period and for the entire period. We then ask whether an investor can use the predictive power of technical analysis to beat the profitability of the buy-and-hold strategy considering both transaction costs and risk. We conclude that it is not possible to beat the buy and hold strategy when considering transaction costs and risk. We could say the Polish market is efficient.
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Sobol, Dorota. "The Influence of Enterprises with Participation of Foreign Capital on the Labour Market Situation in Poland." Olsztyn Economic Journal 11, no. 1 (March 31, 2016): 45–57. http://dx.doi.org/10.31648/oej.2901.
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The aim of the article is to present the influence on the labour market of enterprises with participation offoreign capital in special economic zones (SEZ) in Poland. The research utilised selected results of the surveys conducted among enterprises with participation of foreign capital operating in all Polish special economic zones for the scientific project called Foreign direct investments in the special economic zones of Poland'. These findings are complemented by opinions from management boards of all the zones in Poland concerning the influence of the foreign direct investments (FDI) located in the individual zones on the labour market of the region in which they operate.
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Białas-Szymańska, Małgorzata. "Współczesne determinanty efektywności rynku kapitałowego na GPW w Warszawie." Nierówności społeczne a wzrost gospodarczy 70, no. 2 (2022): 159–74. http://dx.doi.org/10.15584/nsawg.2022.2.10.
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The aim of the article is to characterise selected historical issues and the contemporary perception of the response of financial asset prices in the capital market. It also attempts to partially analyse the most important reasons for the current level of effectiveness of the Warsaw Stock Exchange. This is significantly related to the widespread interest of investors in the functioning of capital markets, especially stock exchanges. Therefore, it is necessary to identify the mechanisms shaping share prices. The presentations of the following key theories may prove helpful in this respect: Efficient market hypotheses, the concept of a coherent market, and hypotheses of adaptation markets. The efficiency of the capital market, especially the stock exchange market, can be understood in various ways, although most often in economic research, this concept is equated with information efficiency. Importantly, care for an efficient capital market is crucial from the point of view of economic development based on innovations, which are largely financed by this market. The efficiency of the capital market is one of the most discussed topics among practitioners because it has very serious consequences for investors. The article presents the latest regulations that are to have a positive impact on the development of the capital market in Poland and in the European Union, as well as historical content in the scope of the above-mentioned effective market hypothesis, the concept of a coherent market and the hypothesis of adaptation markets. The author has also attempted to characterise contemporary conditions that affect or are to affect the development of the domestic capital market in the near future.
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Wypych, Mirosław. "Foreign Capital in Poland During Recession." Przedsiebiorczosc i Zarzadzanie 16, no. 2 (February 1, 2015): 45–59. http://dx.doi.org/10.1515/eam-2015-0016.
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AbstractThe system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth.The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.
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Trippner, Paweł. "Assessment of Financial Investors’ Assets Level and Importance on Financial Market in Poland." Przedsiebiorczosc i Zarzadzanie 16, no. 2 (February 1, 2015): 31–44. http://dx.doi.org/10.1515/eam-2015-0015.
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AbstractThe main purpose of the submitted article is the estimation of financial investors’ potential in Poland. There are four groups of collective investors on financial market in Poland like Banks, Insurance companies, Investment funds and Open Pension Funds, which have been analyzed. Their importance on financial market and especially on capital market in Poland is still rising. The dynamics of their assets value in 2009 – 2013 periods has been analyzed. Financial investors’ assets and Gross National Product in Poland ratio has been calculated. The influence of the financial crisis and post-crisis time on the investment portfolios structure has been also reviewed.
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Fuksiewicz, Marcin. "An extended list of calendar anomalies in the context of the efficient market hypothesis." Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu 93, no. 2 (October 31, 2021): 89–101. http://dx.doi.org/10.5604/01.3001.0015.5914.
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The efficient market hypothesis is commonly tested mainly with regard to capital markets, but it has also been applied to currency and commodity markets. Although the theory has been used to confirm that different markets vary in their effectiveness, certain cyclical anomalies can be observed in these markets. Particularly noteworthy are calendar anomalies, which can be used to develop investment methods and procedures. In addition to commonly known anomalies, such as the January or the December Effect, or short-term ones, like the Friday or Monday Effect, there are many others that are largely unknown in Poland, such as those related to the Presidential Election Cycle in the USA or very short-lived ones, associated with individual hours of investing in a trading session. The aim of the article is to present a possibly complete list of calendar anomalies recognized in foreign capital markets, but largely unknown in Poland, such as short-lived anomalies and exotic ones (e.g. related to phases of the moon).
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Sroka, Robert. "ESG Transparency on the Polish Capital Market." Annales. Etyka w Życiu Gospodarczym 21, no. 2 (July 2, 2018): 55–72. http://dx.doi.org/10.18778/1899-2226.21.2.04.
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The article presents the results of five years of research on transparency levels regarding the disclosure non‑financial data by companies listed on the Warsaw Stock Exchange (WSE). The research was conducted as part of a project entitled “ESG analysis of companies in Poland”. The goal of the project is to provide credible knowledge about the quality of environmental, social and corporate governance (ESG) data on the Polish capital market. The article mainly contains the results of a comprehensive analysis of how well the listed companies reported ESG related data in 2016. The five years of analysis enable us to show a change in the level of non‑financial data disclosure between 2012 and 2016.1 The results of the research show that, from an investor’s perspective, there is still a huge information gap on the Polish capital market, especially in the reporting of environmental and social data.
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Zasępa, Piotr. "Trends in Underpricing of Private Equity Backed IPO at the Capital Market in Poland in the Years 2000–2018." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 53, no. 4 (December 31, 2019): 153. http://dx.doi.org/10.17951/h.2019.53.4.153-162.
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<p>The global economy is distinguished by the dynamic development of financial markets and with it creating a new specific segments of the market. One of them is the market for venture capital and private equity funds, which is developing very dynamically for more than 50 years. This article aims to analyze the level of underestimation of the IPO on the Warsaw Stock Exchange companies supplied by venture capital and private equity funds. Analyzing the rates of return of 54 companies supplied with VC funds and 453 companies which do not have the support of venture capital funds in the 2000–1018 period, it should be stated that traditional companies reached the lower level of underestimation. For companies a broad market level underestimation of the IPO was 9.99% and for companies with VC/PE support – 9.12%.</p>
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Stereńczak, Szymon. "State-Dependent Stock Liquidity Premium: The Case of the Warsaw Stock Exchange." International Journal of Financial Studies 8, no. 1 (March 6, 2020): 13. http://dx.doi.org/10.3390/ijfs8010013.
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The effect of stock liquidity on stock returns is well documented in the developed capital markets, while similar studies on emerging markets are still scarce and their results ambiguous. This paper aims to analyze the state-dependent variance of liquidity premium in the Polish stock market. The Polish capital market may serve as a benchmark for other emerging markets in the region of Central and Eastern Europe, hence the results of this research should be of great interest for investors and policy makers in Poland and other post-communist European countries. In the empirical, study a unique empirical methodology has been applied, which guarantees the uniqueness of the results obtained. The results obtained suggest that on the Polish stock market exists stock liquidity premium, which is statistically significant, but constitutes only a small fraction of returns. It also does not increase during periods of bearish market, what results from the lengthening of average holding period when market liquidity decreases.
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LISZKA, MAGDALENA, and ANNA BARWIŃSKA-MAŁAJOWICZ. "YOUNG PEOPLE IN THE LABOR MARKET IN POLAND - BARRIERS AND OPPORTUNITIES." sj-economics scientific journal 23, no. 4 (December 30, 2016): 74–84. http://dx.doi.org/10.58246/sjeconomics.v23i4.255.
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Unemployment is a phenomenon that affects the individual, the family and society. Job loss and difficulty in finding a new cause in humans pessimism and apathy, health problems and financial. No possibility of raising income for their work is one of the main sources of poverty and social exclusion. Polish youth education is an essential component of intellectual capital. The resources contained in human capital, structural, social and relational can be a source of current and future welfare of the country.
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Buchowicz, Izabela. "EDUCATION AND THE LABOUR MARKET IN POLAND – SELECTED ISSUES." Polityka Społeczna 559, no. 10 (October 31, 2020): 2–7. http://dx.doi.org/10.5604/01.3001.0014.4747.
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Education is considered as an important factor of well-prosperous economy. Education which corresponds to the needs of a labour market becomes the key educational target of young people and employees who want to adopt to the changes at the labour market. Therefore there are still challenges for education in Poland – how to modify the process of teaching and how to infl uence the process of learning in such a way that education would become an important factor in growth of human and social capital. Contemporary education should take into account variable requirements of the labour market, including also needs of the present and future employees and employers. An important challenge for education in Poland is to adopt its structure and teaching programs to the needs of employees not only on the domestic labor market, by also on the labour markets of other countries, mainly in Europe. Simultaneously, Polish educational system must be competitive with respect to those of other European countries, take into account demographic and technological changes in order to prepare employees willing to work in diff erent countries.
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Rącka, Izabela, and Saira Khalil ur Rehman. "Housing Market in Capital Cities – the Case of Poland and Portugal." Geomatics and Environmental Engineering 12, no. 3 (2018): 75. http://dx.doi.org/10.7494/geom.2018.12.3.75.
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Jagodzińska-Komar, Ewa. "Integration of capital markets in the European Union from the perspective of Poland." Kwartalnik Nauk o Przedsiębiorstwie 44, no. 3 (September 20, 2017): 85–93. http://dx.doi.org/10.5604/01.3001.0010.4694.
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The aim of the single capital market of the EU is the access of all Member States to the funds, according to the same principles, and the diversification of sources of financing for enterprises, paying special attention to the SME sector. The author highlights that the improvement of attractiveness of the capital markets in the EU countries would result in a greater number of investments from the world. This, in turn, would increase the ability of the European economy to respond to shocks and to reduce debt.
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Shuplat, Olena, Valentyna Shevchenko, Nataliia Lutsiv, Serhii Nekrasov, and Halina Hovda. "FINANCING THE FIXED ASSETS REPRODUCTION OF WOODWORKING ENTERPRISES: INNOVATION AND INVESTMENT ASPECT." Financial and credit activity problems of theory and practice 4, no. 45 (September 5, 2022): 48–57. http://dx.doi.org/10.55643/fcaptp.4.45.2022.3801.
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The current market economy implies that the search for effective sources of financing the fixed assets reproduction is one of the key tasks in managing the fixed capital of the economic entity. In the changing external environment, modernized equipment of enterprises provides an opportunity to carry out innovative activities, as well as to implement investment projects. The aim of the research was to outline a modern approach to financing the reproduction of fixed assets based on the identification of the relationship between investments and innovations in this process. The research involved the following methods: analysis and synthesis to determine trends in the dynamics of capital investment in Ukraine and the Republic of Poland; regression analysis to forecast the capital investment volume in Ukraine and the Republic of Poland; the internal rate of return to evaluate the effectiveness of the innovation and investment project of a woodworking enterprise. Capital investment volumes in Ukraine and Poland are determined. The 2025 capital investment volume is projected at $8.02 billion in Ukraine (provided a stable rate of further economic decline), and at $110.2 billion in the Republic of Poland. The strategic priorities for the development of woodworking enterprises are outlined: the production of innovative products; implementation of effective solutions for products and markets provided full implementation of innovation and investment strategy; focus on current market needs; ensuring a minimum degree of risk with maximum control of the innovation and investment project; achieving a short-term return on investment with maximum liquidity of the project and the implementation of innovation and investment strategy. An innovation and investment project was developed for the production re-equipment to create an innovative model of interior doors, and its economic justification was carried out.
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Dittmann, Iwona. "Primary and Secondary Residential Real Estate Markets in Poland – Analogies in Offer and Transaction Price Development." Real Estate Management and Valuation 21, no. 1 (May 1, 2013): 39–48. http://dx.doi.org/10.2478/remav-2013-0006.
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Abstract The paper presents the results of a comparison of the development of mean offer and transaction prices per 1m2 in primary and secondary residential real estate markets in 16 provincial capital cities in Poland, during the time period from the 3rd quarter of 2006 to the 3rd quarter of 2012. The quarterly data came from the residential real estate price database of the National Bank of Poland (NBP). The research concerns the dependencies in the residential real estate market between the following four price categories: offer prices in the primary market, transaction prices in the primary market, offer prices in the secondary market and transaction prices in the secondary market. For each city, the dynamics of each price category per 1m2, the existence of a linear correlation between the individual mean price categories in chosen subintervals and their convergence and variability in time were studied and compared.
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Bosek-Rak, Dominika. "Institutional investors and company market value – the case of Poland." Journal of East European Management Studies 27, no. 1 (2022): 87–105. http://dx.doi.org/10.5771/0949-6181-2022-1-87.
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Institutional investors have contributed to the development of capital markets in transition economies, including Poland’s. Since they leverage detailed fundamental analysis and actively seek the highest possible returns on investments, their decisions are expected to be accurate and are observed carefully, often treated as signals for other investors to follow. As a result, the market valuations of target companies are expected to increase. The objective of this paper is to determine whether the presence of institutional investors in the ownership structure coexists with a higher market valuation of a listed company. The estimation of a panel model with fixed effects (681 companies listed on the Warsaw Stock Exchange, WSE, between 2014 and 2018) indicates that a higher share of institutional investors in the ownership structure coexists with a higher Price to Book Value (PB).
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Kwaśny, Jakub, and Artur Sajnóg. "International Determinants of Comprehensive Income Reporting by Groups – An Analytical and Comparative Study of Poland and Germany." Comparative Economic Research. Central and Eastern Europe 25, no. 2 (June 20, 2022): 163–85. http://dx.doi.org/10.18778/1508-2008.25.18.
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The mainstream theoretical and empirical research presented in the study is a comparative analysis of comprehensive income reporting by groups listed in the Polish and German capital markets. The theoretical part of the article is dedicated to a scientific discussion on the determinants of the capital market and corporate governance in continental Europe and the so‑called ‘new governance’, related to the convergence of financial reporting standards, including IFRSs, that oblige groups of entities to prepare consolidated statements of comprehensive income. It also assesses the relevance of comprehensive income to capital market players. The empirical part contains the results of comparative research on the format and structure of consolidated statements and the nomenclature of their components, as well as the findings from studies of the value relevance of comprehensive income for the WIG30 and DAX groups in 2009–2019.
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Wolski, Rafal, and Magdalena Załęczna. "Closed-End Real Estate Funds in Comparison with other Investment Opportunities in Poland." Real Estate Management and Valuation 25, no. 1 (March 1, 2017): 19–31. http://dx.doi.org/10.1515/remav-2017-0002.
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Abstract The first closed-end real estate investment funds in Poland began to appear in 2004, along with the development of the capital market and the real estate market. The funds invested both in the housing market and in the commercial market. In general, they encouraged potential investors to purchase investment fund units by pointing to positive results obtained by similar funds in other countries, as well as the dynamic growth of prices in domestic real estate markets. However, the analysis of the performance of closed-end real estate funds in Poland shows that they have failed to earn satisfactory rates of return. The aim of the study was to compare their performance with the profitability of other investment instruments in the 2004 to 2014 period. In addition, the authors aimed to establish why closed-end real estate funds had failed to succeed in Poland, by analyzing, among other things, their institutional context. The study was based on a comparison of the characteristics and performance of particular funds, and also analyzed the profitability of selected alternative investments.
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Rykova N. V. "FEATURES OF REGULATORY MECHANISMS FOR CAPITAL INTEGRATION IN THE CORPORATE SECTOR (ON THE EXAMPLE OF POLAND)." International Journal of Innovative Technologies in Economy, no. 3(30) (June 30, 2020): 21–25. http://dx.doi.org/10.31435/rsglobal_ijite/30062020/7146.
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The development of the corporate sector in Poland has become an important element in the formation of a new economic environment and the transformation of social relations. The article analyses the regulatory mechanism in the corporate sector of Poland, which concerns, in particular, the mechanisms of integration and capital development, with the help of the content analysis method. Considerable attention is paid to updating Polish legislation in accordance with the requirements of the European Union (EU). The author carried out a retrospective analysis of the process of the development of market economy in Poland and the place of privatization in it. The study describes significance of privatization processes in Poland for new progressive tendencies of development of public relations. The article analyses the problems that still remain relevant for the development of the corporate sector in Poland. The regulatory features of the activity of transnational companies in modern Poland and their significance for the economy are studied. The author notes the role of Poland’s membership in the EU to ensure further development of the market economy, the development of the corporate sector in it on the basis of capital integration. It is concluded about a significant capitalization of Polish companies. Access of Polish companies to capital is a necessary condition for dynamic development, as small Polish businesses are unable to accumulate investment funds on their own and incur high loan costs.
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Filip, Dariusz. "Market conditions of mutual funds functioning in Poland." Central European Review of Economics & Finance 17, no. 1 (February 28, 2017): 65–81. http://dx.doi.org/10.24136/ceref.2017.004.
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The purpose of the paper is to discuss the structure of financial intermediaries market with particular reference made to mutual funds, and to present the role they have played in the financial sector. Moreover, the study focusses on the presentation of the environment of the mutual funds functioning in Poland, which is possible by comparing the level of assets values in main groups of financial institutions over the long-term perspective. Furthermore, it is essential in the cognitive context to determine the influence of market trends on the popularity of given segments of funds. The analysis has shown that the development of collective investment institutions industry in Poland is incontestable. Even though the mutual funds have gained a relatively strong position on the financial intermediaries market, they clearly give priority to the banking sector institutions. The volume of market shares of main types of funds has changed over time, which could be dependent on capital market factors.
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Gad, Jacek. "The market for audit services provided to public companies listed on the Polish capital market." Zeszyty Teoretyczne Rachunkowości 2018, no. 97 (153) (May 10, 2018): 9–30. http://dx.doi.org/10.5604/01.3001.0012.0353.
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The aim of the article is to identify changes in the concentration on the market for audit services provided to public companies listed on the Warsaw Stock Exchange. The additional aim is to identify changes in the level of rotation among firms providing audit services to public companies listed on the Warsaw Stock Exchange. The research conclusions were based on the analysis of 2 652 annual reports prepared in the years 2011-2016 by companies listed on the Warsaw Stock Exchange. Reports came from the websites of the surveyed companies. The data was collected manually. It was found that in the years 2011–2016 the concentration in the market for audit services provided to public companies increased. Six audit firms, referred to in the article as “leading” firms, provided their services to over half of public companies. Their share in the audit services market varied across sectors. The level of rotation of audit firms providing their services to public companies in particular sectors was also different. It should be pointed out that the level of concentration in the market for audit services provided to public companies in Poland is lower than the average level of concentration for all EU countries. In Poland, in 2015, the CR4 indicator was around 41%, while the average value of this indicator for the EU countries was around 70%. So far, there has been no comprehensive analysis of the Polish audit services market in the relevant literature. This article seeks to fill a research gap in this respect.
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Szczepankiewicz, Elżbieta Izabela. "Concept of using the InCaS model to identification, measuring and presenting relational capital of a network enterprises / Koncepcja wykorzystania modelu InCaS do identyfi kacji, pomiaru i prezentowania kapitału relacyjnego w przedsiębiorstwach sieciowych i innych nowoczesnych organizacjach." Management 17, no. 1 (May 1, 2013): 136–52. http://dx.doi.org/10.2478/manment-2013-0010.
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Summary Relational capital factors are an important component of the market value of many business entities. For many years attempts have been made at developing uniform methods and models for identification and valuation of relational capital. “Intellectual Capital Statement - Made in Europe” (InCaS) that constitutes a particularly useful, complex tool to assess, to report and to develop the intellectual capital and relational capital of an modern companies. The paper shows application of InCaS project for measuring and presenting relational capital in 25 pilot-SMEs in Europa, in this in 5 pilot-SMEs in Poland. The paper shows also practical application of InCaS concept for assess, to report and to develop the relational capital on the example of a modern company the industry of IT services in Poland - BLOOMING Technologies Sp. z o.o.
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Paga, Leslaw A. "The capital market in Poland—institutions, manner of operation and legal regulations." Communist Economies 2, no. 2 (June 1990): 251–62. http://dx.doi.org/10.1080/14631379008427643.
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Majewska, Agnieszka. "Real estate derivatives as financial instrument – possibility prospects of usage in Poland." Investment Management and Financial Innovations 17, no. 3 (September 18, 2020): 148–59. http://dx.doi.org/10.21511/imfi.17(3).2020.12.
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The article refers to the theoretical framework of the possibility of using real estate derivatives in the Polish financial market. Although the Polish property market is well developed, and Poland is the leader in the Central and Eastern Europe region, there is a gap in the use of financial instruments concerning the property market. Given the lack of a property derivatives market in Poland, conditions and opportunities for this market development are presented. The experience of the United Kingdom and the United States in this field shows that one of the most important aspects is stable and a well-functioning financial market. Therefore, the macroeconomic data and the data of the Polish financial market are examined.The analysis carried out indicates sufficient conditions and opportunities for the development of real estate derivatives in Poland. The macroeconomic data and data from the capital market have shown the economic environment’s stability and balance. One of the limitations is the existence of a clear and respectable index used as an underlying asset in derivatives on the Polish market. Only WIG real estate index is listed on the Polish Exchange. Although there are sufficient conditions for introducing the real estate derivatives in Poland, the success of all financial innovations depends on the willingness of potential users to use them.
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Wierzbicka, Katarzyna. "Crowdfunding as an Alternative Method of Raising Capital." e-Finanse 14, no. 4 (December 1, 2018): 56–66. http://dx.doi.org/10.2478/fiqf-2018-0027.
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AbstractCrowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest of potential investors, individual social sponsors and large-scale activities of institutions promoting knowledge about the functioning of crowdfunding aimed at encouraging and promoting it as a source of capital for new ventures, there is a lack of knowledge and, consequently, experience on its development and achievement. The aim of this study is to analyze this source of financing, assess its development globally and in Poland. In the preparation of the article,. a critical analysis of foreign and Polish literature was carried out, and descriptive and comparative research methods applied. The research task undertaken in the study was to analyze the crowdfunding market globally and in Poland. The Polish crowdfunding platforms were detailed and compared in terms of value in relation to the largest global platforms. The source for analyses of crowdfunding development in Poland was available literature on the analyzed topic and secondary data from the websites of specialized internet platforms. The article depicts a new, but important, aspect of financing the activity of enterprises, which is crowdfunding. It should be emphasized that there is still insufficient knowledge about this type of institution and, as a result, the importance and role that social financing plays in the financial market.
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Klonowska-Matynia, Maria. "Human Capital as a Source of Energy for Rural Areas’ Socio-Economic Development—Empirical Evidence for Rural Areas in Poland." Energies 15, no. 21 (November 5, 2022): 8281. http://dx.doi.org/10.3390/en15218281.
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This article deals with the issue of human capital as a factor responsible for the emergence of development inequalities in rural areas. Its main goal is to analyze and evaluate the existing differences in the distribution of human capital resources in rural areas in Poland in relation to their socio-economic situation. The essence of human capital is expressed through the analogy of energy and capital in relation to the concept of homo energeticus. The essence of human capital is also expressed in terms of two components of its structure, i.e., health and the labor market. The level of human capital was expressed using two synthetic measures, i.e., the human capital ratio in the field of health (HCH) and the labor market (HCLM). The obtained research results indicate the existing differences in the spatial distribution of human capital, resulting in a polarization effect in the center-periphery system, and showing relations with the socio-economic structure of rural areas, their agricultural function, and the ongoing population processes. The assumption about the existing relations between the individual components of the structure of human capital, i.e., health and the labor market, with the socio-economic situation of individual communes should be considered correct. The obtained results of the empirical analysis constitute an important contribution to the description of the mechanism explaining the causes of the existing disproportions in the level of rural development; they allow for a more optimal planning of the instruments supporting their development at the local level. The empirical analysis was carried out in spatial terms with regard to rural areas in Poland defined in accordance with the administrative criterion of the Central Statistical Office at the lowest local (rural) level of data aggregation. The analysis covers rural and urban-rural communes in Poland, i.e., 2172 spatial units. The source of data for the synthetic measures (HCH and HCLM) was Local Data Bank Statistics Poland (LDB SP), and that for the indicator of the level of socio-economic development for rural areas (S-EDI) was the European Fund for Polish Rural Development (EFRWP).
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Zasępa, Piotr. "Interwencja instytucji publicznych na rynku funduszy venture capital w Polsce w latach 1998 – 2014." Prace Naukowe Akademii im. Jana Długosza w Częstochowie. Pragmata tes Oikonomias 9 (2015): 81–93. http://dx.doi.org/10.16926/pto.2015.09.07.
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Małecka, Joanna. "Alternative Sources of Financing for SMEs in Poland in the Light of Empirical Research." Proceedings 2, no. 24 (November 13, 2018): 1521. http://dx.doi.org/10.3390/proceedings2241521.
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The dynamic economic development supported by progressive globalisation can be observed in every EU country. It would, therefore, seem that financial market instruments are not only known to, but also used by, the managers of SME’s (99% of all Polish businesses). It would seem that SME should all the more penetrate the financial market in search of thus far unseized subsidising opportunities. The article presents the results of the author’s own research concerning the respondents’ perception of capital market instruments, and defines the potential of companies with a legal status which enables them to establish cooperation with the key capital market institution in Poland (based on the responses of 400 persons representing various branches of entrepreneurship in the Wielkopolska region).
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ASLANISHVILI, DAVID. "GREEN ECONOMY AND ACCESS TO FINANCE IN GEORGIA (GOING BEYOND THE COMMERCIAL BANKING SECTOR TO FINANCE BUSINESSES IN GEORGIA)." Globalization and Business 4, no. 7 (June 25, 2019): 87–95. http://dx.doi.org/10.35945/gb.2019.07.011.
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This research will explore other possible financial vehicles that go beyond traditional sources of private capital offered by commercial banks. It will look at international experience and the opportunities to use public support, green bonds to raise green finance as well as the work of energy service companies (ESCOs) to finance green investments. We have offered our view of what should be done in fact (not in paper in Georgia as it has been in the past 15 years) to change the situation and end the negative and harmful monopoly of the commercial banks and the National Bank of Georgia and to have in place the two independent sources to attract and invest resources in Georgia. This will increase the capitalization of the country and is a proven way to eradicate the country›s lagging and accelerate economic growth. Why should we focus on this issue? 1. According to WHO›s latest data, over 7 million people die each year because of breathing air with solid particles, and one of its main pollutants is vehicles. (Cereceda Rafael, Cuddy Alice. 2018.....) 2. Georgia’s Capital - Tbilisi - is occupying the 3rd place in the light of air pollution, 3. Due to the critical situation, the public demand to live in a clean ecological environment, day by day increases. In our research the following Questions are discussed and overviewed: • Is it important to act on the issues of Georgia›s position on the global scale? • What unique components can be used to prolong the average life of people? • What investors do the country need for building ecoprojects and their realization? • What type of ecofriendly technologies can be developed for potential customers in Georgia? In that field we have studied the following: • The links between economic growth, green growth (e.g. clean energy), high living standards and capital markets; • Why the Commercial Banks are the main and the only source of finance for green (and not only) investments in Georgia; • Situation on capital markets of Georgia (stock and bond markets) - as an indicator of economic growth and an alternative source of financing; • Possible benefits of non-bank financing, including for clean energy projects and the SME sector (e.g. small hydro, energy efficiency); • The role of government in supporting capital market development; • The role of international community (donors, IFIs, international organization) to support Georgia’s efforts to develop capital markets Georgia – Recent level of development To illustrate the wide gap between the developed economy and the weak one, let us compare the current level of per capita GDP of Switzerland, Hungary, Poland to Georgian one (source: https://tradingeconomics.com/switzerland/gdpper-capita; https://tradingeconomics.com/poland/gdp-percapita; https://tradingeconomics.com/hungary/gdp-per-capita; https://tradingeconomics.com/georgia/gdp-per-capita); • The Gross Domestic Product per capita in Switzerland was last recorded at 76667.44 US dollars in 2017. The GDP per Capita in Switzerland is equivalent to 607 percent of the world›s average. • The Gross Domestic Product per capita in Hungary was last recorded at 15647.85 US dollars in 2017. The GDP per Capita in Hungary is equivalent to 124 percent of the world›s average. • The Gross Domestic Product per capita in Poland was last recorded at 15751.23 US dollars in 2017. The GDP per Capita in Poland is equivalent to 125 percent of the world›s average. • The Gross Domestic Product per capita in Georgia was last recorded at 4290.17 US dollars in 2017).The GDP per Capita in Georgia is equivalent to 34 percent of the world›s average.
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ASLANISHVILI, DAVID. "GREEN ECONOMY AND ACCESS TO FINANCE IN GEORGIA (GOING BEYOND THE COMMERCIAL BANKING SECTOR TO FINANCE BUSINESSES IN GEORGIA)." Globalization and Business 4, no. 7 (June 25, 2019): 87–95. http://dx.doi.org/10.35945/gb.2019.07.011.
Full textAbstract:
This research will explore other possible financial vehicles that go beyond traditional sources of private capital offered by commercial banks. It will look at international experience and the opportunities to use public support, green bonds to raise green finance as well as the work of energy service companies (ESCOs) to finance green investments. We have offered our view of what should be done in fact (not in paper in Georgia as it has been in the past 15 years) to change the situation and end the negative and harmful monopoly of the commercial banks and the National Bank of Georgia and to have in place the two independent sources to attract and invest resources in Georgia. This will increase the capitalization of the country and is a proven way to eradicate the country›s lagging and accelerate economic growth. Why should we focus on this issue? 1. According to WHO›s latest data, over 7 million people die each year because of breathing air with solid particles, and one of its main pollutants is vehicles. (Cereceda Rafael, Cuddy Alice. 2018.....) 2. Georgia’s Capital - Tbilisi - is occupying the 3rd place in the light of air pollution, 3. Due to the critical situation, the public demand to live in a clean ecological environment, day by day increases. In our research the following Questions are discussed and overviewed: • Is it important to act on the issues of Georgia›s position on the global scale? • What unique components can be used to prolong the average life of people? • What investors do the country need for building ecoprojects and their realization? • What type of ecofriendly technologies can be developed for potential customers in Georgia? In that field we have studied the following: • The links between economic growth, green growth (e.g. clean energy), high living standards and capital markets; • Why the Commercial Banks are the main and the only source of finance for green (and not only) investments in Georgia; • Situation on capital markets of Georgia (stock and bond markets) - as an indicator of economic growth and an alternative source of financing; • Possible benefits of non-bank financing, including for clean energy projects and the SME sector (e.g. small hydro, energy efficiency); • The role of government in supporting capital market development; • The role of international community (donors, IFIs, international organization) to support Georgia’s efforts to develop capital markets Georgia – Recent level of development To illustrate the wide gap between the developed economy and the weak one, let us compare the current level of per capita GDP of Switzerland, Hungary, Poland to Georgian one (source: https://tradingeconomics.com/switzerland/gdpper-capita; https://tradingeconomics.com/poland/gdp-percapita; https://tradingeconomics.com/hungary/gdp-per-capita; https://tradingeconomics.com/georgia/gdp-per-capita); • The Gross Domestic Product per capita in Switzerland was last recorded at 76667.44 US dollars in 2017. The GDP per Capita in Switzerland is equivalent to 607 percent of the world›s average. • The Gross Domestic Product per capita in Hungary was last recorded at 15647.85 US dollars in 2017. The GDP per Capita in Hungary is equivalent to 124 percent of the world›s average. • The Gross Domestic Product per capita in Poland was last recorded at 15751.23 US dollars in 2017. The GDP per Capita in Poland is equivalent to 125 percent of the world›s average. • The Gross Domestic Product per capita in Georgia was last recorded at 4290.17 US dollars in 2017).The GDP per Capita in Georgia is equivalent to 34 percent of the world›s average.
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Dziembowska, Maria. "Corporate governance in post-socialist Poland." Corporate Ownership and Control 3, no. 4 (2006): 44–51. http://dx.doi.org/10.22495/cocv3i4p13.
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In this paper, I focus specifically on how changes in the legal framework shape the ownership and control structure of new and recently privatized companies in the emerging market economy of post-socialist Poland. I discuss the market for capital, which also depends on the legal system, as investors’ decision to invest is bound up with the sort of protection they are likely to receive against those who appropriate their money for the operations of the firm. I argue that governmental actions aimed at stimulating investment and economic development in post-socialist Poland and the emergent model of corporate governance is conditioned both by internal dynamics - such as previous corporate arrangements and the origins of the commercial law - and by external factors - such as EU accession, directives and policies regarding investment obligations and shareholder rights.
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Domański, Henryk, and Artur Pokropek. "Regional variation in the effect of schooling on people's incomes in Poland." Miscellanea Geographica 19, no. 1 (March 1, 2015): 12–18. http://dx.doi.org/10.2478/mgrsd-2014-0029.
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Abstract The analysis, based on a Polish national sample from 2006, aims to cast light on the regional variation in the effect of education on incomes. Building on the conceptual framework developed in the theory of human capital we investigate to what extent pay-offs for human capital differ across detailed administrative districts in Poland. By incorporating contextual characteristics, we examine how micro- and macro-level factors shape labour market outcomes. Our findings provide further support for the hypothesis that there is much regional variation in the influence of education on incomes, which suggests that there are better and worse places for the development of a meritocratic distribution of incomes. It appears that education pays more highly in more economically-developed regions, marked by a higher rate of occupational activity.
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Drachal, Krysztof. "Causality in the Polish Housing Market: Evidence from Biggest Cities." Financial Assets and Investing 9, no. 1 (May 31, 2018): 5–20. http://dx.doi.org/10.5817/fai2018-1-1.
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The aim of the paper is to examine the causal relationship between the real property prices in biggest Polish cities within VAR model framework. Both offer and transactional prices are used. Existing stock market, as well as primary market are analysed. The data are quarterly and taken from 17 biggest Polish cities. The analysed period is 2006-2015. Both VAR and VECM approaches were applied. Their limitations and possible predictions were discussed. A significant interaction between various regional real estate markets in Poland has been observed. However, the leading role of the capital city could not be confirmed by the methodology used.
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Janicka-Michalak, Teresa. "Venture Capital and Private Equity Funds as Source of Financing Enterprises in Poland." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 13, no. 3 (September 1, 2020): 307–27. http://dx.doi.org/10.2478/ers-2020-0023.
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SummarySubject and purpose of work: The main issue of the work is to present the essence of venture capital, i.e. Venture Capital funds and Private Equity funds. The aim of the article is to indicate the size of the share and the role of funds in financing enterprises located in Poland. The time horizon of the presented data covers the years 2012-2019.Materials and methods: The material for analysis is available statistical data, reports of commercial companies and other entities researching the size of the Venture Capital and Private Equity sector in Poland. For the purposes of the study, the literature on the subject was used as well as the data of: Narodowy Centrum Badań i Rozwoju, KPMG Sp. z o.o., the State Development Fund, the Startup Poland Foundation and the European Association of Venture Capital and Private Equity Investors. The method of analysis and criticism of the literature and the method of examining documents were used.Results: The research carried out in Poland makes it possible to assess the size of the implemented venture capital investments, i.e. VC and PE funds, over the years 2012-2019. The presented data indicate that the share of funds in financing Polish enterprises has a variable tendency. The percentage share of VC and PE investors in Europe in 2017-2018 is also variable.Conclusions: The Polish economic market is an attractive investment area in terms of cash allocation needs by venture capital funds. Increasing awareness of enterprise managers about the benefits of using these capitals to subsidize the activities of entrepreneurs allows them to discount VC and PE funds in innovative startups and in other processes, the implementation of which takes place in further phases of the company’s operations. The studies conducted so far cover the entire territory of Poland and are of an overview nature. The VC and PE funds, which are a new financial instrument, allow Polish enterprises to implement innovative projects.
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Izabela, Elżbieta. "The use of InCaS model to identification and measuring of structural capital in small and medium enterprises." Management 16, no. 2 (December 1, 2012): 102–16. http://dx.doi.org/10.2478/v10286-012-0059-8.
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Abstract The use of InCaS model to identification and measuring of structural capital in small and medium enterprises Structural resources are an important component of the market value of many business entities. For many years attempts have been made at developing uniform methods and models for identification and valuation of structural capital. “Intellectual Capital Statement - Made in Europe” (InCaS) that constitutes a particularly useful, complex tool to assess, to report and to develop the intellectual capital and structural capital of an modern SME companies. The paper shows application of InCaS project for measuring and presenting structural capital in 25 pilot-SMEs in Europa, in this in 5 pilot-SMEs in Poland. The paper shows also practical application of InCaS concept for assess, to report and to develop the structural capital on the example of a modern company the industry of IT services in Poland - BLOOMING Technologies Sp. z o.o.
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Rymarzak, Małgorzata, and Dariusz Trojanowski. "Asset Management of the Public Sector in Poland." Real Estate Management and Valuation 21, no. 1 (May 1, 2013): 5–13. http://dx.doi.org/10.2478/remav-2013-0001.
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Abstract Public sector bodies own diverse, valuable but capital-intensive assets, which require the following of all the changes taking place in their environment and their trends (conducting market analyses), as well as the anticipation of future effects of present-day actions (decisions). It seems, however, that many public bodies/entities make decisions according to current needs, hardly ever conducting market analyses or market valuation of their assets. Today, both theory and practice offer a variety of methods - instruments supporting the process of decision-making concerning the creation of a rational structure of real property, sources of its financing, evaluation of the effectiveness of using individual fixed assets and their impact on the economic situation of each body/entity. The purpose of this paper is to present the nature and scale of the problem of asset management, as well as the main elements of the process of the management of real property owned by public entities, based on a case study of the biggest Polish cities. At first, we will outline the scale of the problem, including the gross value of buildings and structures and capital expenditures of the public sector. Then, we will present the definition of asset management and classification of real property as tools and conditions for effective asset management, as well as the results of empirical research conducted with officials responsible for property management in Poland's six largest cities.
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Wiktorowicz, Justyna. "Professional deactivation in Poland." Wiadomości Statystyczne. The Polish Statistician 60, no. 4 (April 28, 2015): 28–41. http://dx.doi.org/10.5604/01.3001.0016.0852.
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A longer working life is one of the major objectives pursued by social policy developed in Poland and other European countries. A considerable, even though decreasing, proportion of older adults takes advantage of early retirement or special solutions that allow them to retire much earlier than the mandatory retirement age. As a result, every third Pole aged 45–69 years is retired. The purpose of the article is to analyse the scale and extent of economic inactivity among men and women aged 45–69 years and its determinants. The article is mainly based on the results of a Poland-wide study the “Diagnosis of Current Situation of Women and Men Aged 50+ on the Labour Market in Poland” financed from the Operational Programme Human Capital.
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Gajdzik, Bożena, Krystian Janiszewski, and Jan Szymszal. "Strategic Investments of Restructured Metallurgical Companies in Sustainability Business." Solid State Phenomena 226 (January 2015): 205–8. http://dx.doi.org/10.4028/www.scientific.net/ssp.226.205.
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The article presents the strategic investments implemented in metallurgical enterprises in Poland in time of economical changes. After 1989 Polish steelwork plants started restructuring process connected with technological investments. Polish steelwork plants became a part of foreign capital groups or domestic capital groups. Privatised metallurgical enterprises after economic transformation gradually implemented new technology to their business activities. In the publication an overview of the definitions of strategic and development investments was conducted together with the presentation of the key investments which influence the sustainability of the business in the metallurgical enterprise on Polish market. As a case study was used ArcelorMittal Poland company. In 2004 international concern LNM (ArcelorMittal Poland today) bought the biggest Polish steelwork plants. Since that time the capital group invested 3 billion zlotys in new technology and modernization of the plants. Key strategic investment projects in the company were characterized in the paper.
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Nawojczyk, Maria, and Shane Walton. "Polish Perspectives on the Morality of Capital Accumulation." Journal of Interdisciplinary Studies 16, no. 1 (2004): 111–32. http://dx.doi.org/10.5840/jis2004161/27.
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This essay examines market morality from a sociological perspective. Focusing upon a case study of Poland, it highlights the effects historical socio-political forces have upon popular attitudes toward unequal accumulation. Poland's unique mythology of wealth is rooted in both peasant and literary subcultures, and the communist experience. Public opinion surveys demonstrate that negative attitudes toward wealth accumulation were pervasive in Poland during the early 1990s. Actual capital accumulation suggests that, in the early years of the post-communist transition, Polish reality largely substantiated Polish mythology. Political connections were often used to enter the Polish business elite, and shady practices employed to maintain such positions. The essay explores this correlation, highligjhting social mythology's joint dependence on cultural residue and reality, as well as the effects of social, political, and economic forces upon societal attitudes toward morality in the marketplace.
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Kałdoński, Michał, Tomasz Jewartowski, and Jacek Mizerka. "Capital market pressure, real earnings management, and institutional ownership stability - Evidence from Poland." International Review of Financial Analysis 71 (October 2020): 101315. http://dx.doi.org/10.1016/j.irfa.2019.01.009.
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