The Financial Sciences. Nauki o Finansach Journal (FinS) publishes high-quality empirical and theoretical research in the fields of accounting and finance, encompassing diverse perspectives. We welcome original research articles, review papers, conceptual frameworks, analytical models, case studies, and empirical studies that contribute to the advancement of financial and accounting knowledge. All submissions undergo rigorous editorial screening and a double-blind peer review process to ensure scholarly excellence and research integrity. ISSN 2080-5993 e-ISSN 2449-9811 <p style="box-sizing: border-box; line-height: 1.785rem; margin: 1.43rem 0px; color: rgba(0, 0, 0, 0.87); font-family: 'Noto Sans', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Have Questions About Your Submission? Meet the Editors! <p style="box-sizing: border-box; line-height: 1.785rem; margin: 1.43rem 0px; color: rgba(0, 0, 0, 0.87); font-family: 'Noto Sans', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">If you have any doubts about whether your article meets the publication criteria or any other questions regarding the editorial process, we encourage you to take advantage of our Meet the Editors initiative. <p style="box-sizing: border-box; line-height: 1.785rem; margin: 1.43rem 0px 0px; color: rgba(0, 0, 0, 0.87); font-family: 'Noto Sans', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Feel free to contact our Journal Manager (jadwiga.machnik@ue.wroc.pl) to schedule a meeting and get your needed guidance.
Publishing House of Wroclaw University of Economics and Business
Verification of Forecast Effectiveness for Selected Volatility Estimators
Aim: The aim of this study was to determine which volatility forecasting method produces results that are closest to the actual and whether the use of estimators with OHLC prices affects forecast accuracy. Methodology: This study examined five models – a historical model, GARCH(1,1) and three GARCH models with selected volatility estimators (Parkinson, Garman-Klass and Rogers-Satchell). The sample used daily prices, with each instrument having 2001 observations and a 20-day forecast horizon. Forecast accuracy was assessed using RMSE and MAE. Findings: The empirical results determined that no specific approach is universally regarded as superior. It is recommended that naive methods or the standard GARCH method be used as they are simpler than the complex models with selected estimators and save operating time. Volatility estimators enhanced accuracy for stocks but not for other instruments. For stocks, estimator-based models obtained better results; for others, classical methods were more effective. Implications and recommendations: This study can assist researchers in selecting the appropriate model for specific data and indicate whether the use of a different estimator would enrich the results of forecasts. Further research could investigate the impact of higher frequency data on the performance of volatility estimators. Originality/value: The study examined whether the Polish market responds to volatility estimators similarly to global markets. It also confirmed that the best model varies by instrument: the model with Rogers-Satchell estimator for stocks, GARCH(1,1) for currencies, and the historical method for commodities.
Copyright (c) 2025 Martyna Frankowicz https://creativecommons.org/licenses/by-sa/4.0
Stock Liquidity and Company Annual Reports. How Does Publishing the Annual Report Affect Stock Liquidity?
Aim: This study examines how management reports affect stock liquidity and compares the responses of stocks with low, medium, and high liquidity. Methodology: Stocks were classified into three liquidity groups based on the median Amihud (ILLIQ) ratio. The Wilcoxon test and the Mann-Whitney U test were used to verify the result. Lastly, quantile regression was used to show the role of initial liquidity levels, especially in higher quantiles. Findings: The main findings show that management reports generally affect stock liquidity, but stocks with lower liquidity display a stronger reaction. This means that new disclosures, especially for companies that already have weaker liquidity, can create larger market fluctuations. Implications: These results are significant for investors and market regulators because they can use the insights to better manage risk and make more informed decisions. From a managerial perspective, understanding how liquidity responds to disclosures can help companies refine their communication strategies. Researchers can also apply this event-based approach to study how other types of reports or market conditions influence liquidity. Originality/value: Focusing on management reports and their impact on liquidity in a less-studied market and using both nonparametric tests and quantile regression make this research unique, helping to understand how stocks with low liquidity may show more changes after management disclosures.
Copyright (c) 2025 Tohid Zeinali, Jan Makary Fryczak https://creativecommons.org/licenses/by-sa/4.0
Beyond Necessity: How Generation Z in Poland Engages with Informal Markets for Sustainable Consumption
Aim: This study focused on the interdependence of the informal economy and sustainable consumer behaviour. By using cluster analysis, it challenges traditional views that categorise the informal economy as marginal and economically backward. Methodology: A survey was used to collect the data from a group of respondents from Poland, representing generation Z (n = 115). Results: The research results made it possible to distinguish between two groups: one that actively chooses informal markets based on values, such as concern for the environment, social equality and identification with the global community, and another one that leans towards more traditional market approaches. The paper highlights that participation in the informal market involves a value-based choice influenced by ethical, environmental and ideological considerations, among others. Implications and recommendations: The findings offer valuable implications for policymakers and businesses, stressing the need for adaptive action that is in line with emerging consumer priorities and the changing role of the informal economy in sustainable development. Originality/value: This study links economic behaviour with psychological constructs. Previous research in this area focused on informal market participation to a very limited extent, mainly among marginalised groups (e.g. low-income populations). In turn, consumers with other characteristics, such as greater concern for the environment and a perceived need for equality, also engage in the informal economy, suggesting that ethical and sustainability considerations may guide informal market choices.
Copyright (c) 2025 Agnieszka Małecka, Gregor Pfajfar https://creativecommons.org/licenses/by-sa/4.0
Market Reactions to Dividend Increases and Cuts: A Decade-Long Event Study Analysis of the Warsaw Stock Exchange
Aim: This study examines how dividend increases and cuts influence stock prices on the Warsaw Stock Exchange over a decade, testing the signaling hypothesis and assessing market efficiency in an emerging market context. Methodology: Using an event study methodology, the author analysed 395 dividend increases and 232 decreases (2015-2024). Abnormal returns (AAR, CAAR) were calculated via the Market Model and Constant Mean Model, with statistical significance tested using one-tailed t-tests. Findings: Dividend increases triggered immediate positive reactions (+1.39% AAR on announcement day, p < 0.005), while cuts led to sharp declines (-1.23% AAR, p < 0.005). Cumulative effects were asymmetric: CAAR for decreases persisted at -2.97% (day +16), whereas post-announcement gains for increases partially reversed. Firms raising dividends exhibited higher yield (5.19%) and payout ratios (59.48%), signalling stability. Implications and recommendations: Practitioners should prioritise dividend policy as a strategic signal, particularly in emerging markets where reactions are amplified. Originality/value: This is the first decade-long event study on the WSE to compare dividend increases and cuts, offering insights into investor behaviour in Central and Eastern Europe. The dual-model approach strengthens
Copyright (c) 2025 Miłosz Michałowski https://creativecommons.org/licenses/by-sa/4.0
Factors Affecting Successful Capital Raising for Startups: Evidence from the US Capital Market
Aim: This article aimed to analyse the selected factors that have an impact on the success of acquiring capital of a startup company on the capital market. The discussed research question was: Does information, such as the founder’s background, education, experience, and amount of funding acquired previously, have a positive impact on the amount of capital that will be acquired in the next rounds of funding? Methodology: An econometric analysis was performed on the effect of the entrepreneur’s experience and background on the success of the next rounds of funding, using an OLS linear regression model. The study used selected factors that analysed data on the US market. Results: The model’s joint statistical significance suggests that the explanatory variables have an effect on the explained variable. Implications and recommendations: The results may be important for new startup companies requiring external financing from capital markets. The study focused on the initial financing situation of startups based on data from the USA. Originality/value: The main value of the research was the identification of factors showing low significance (type of profession: consultant, teacher, Google or Microsoft employee) and those significant (e.g. profession of director).
Copyright (c) 2025 Rafał Kraszek, Krzysztof Spirzewski https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Capital Structure of Banks with Islamic Branches in Algeria. The Case Study of Gulf Bank Algeria (AGB)
Aim: This study aims to analyze the impact of Islamic banking services on the capital structure of Gulf Bank Algeria (AGB), the first traditional bank in Algeria to offer Islamic financial products since 2008. Methodology: A multiple linear regression model is applied to examine the relationship between Islamic banking windows and key capital structure ratios, including debt-to-equity (DTE) and equity-to-total-assets (ETA). Additionally, the study assesses the influence of profitability metrics (ROA, ROE) and credit risk (CR) on these ratios. Findings: The findings indicate that Islamic windows have a positive impact on the DTE and ETA ratios of AGB. However, no significant relationship is found between profitability indicators (ROA, ROE) or credit risk (CR) and the bank’s capital structure. Implications: The study suggests that Islamic financial products can enhance financial inclusion in Algeria while maintaining manageable risk levels. For instance, murabaha can facilitate credit access for lower-income households, while mudaraba can support SME financing. Further diversification of Islamic financial products is recommended to align with international best practices. Originality/value: This research provides a unique insight into the capital structure of an Algerian bank offering Islamic banking services. Given the limited availability of data in this field, the study contributes valuable empirical evidence to the discourse on Islamic finance and its role in financial inclusion.
Copyright (c) 2025 Abderrahmane Bensaad, Selamne Benbaibeche, Yamina Bensaad https://creativecommons.org/licenses/by-sa/4.0
True and Fair View of Key Performance Indicators in Evaluating Companies’ Compliance with the EU Green Taxonomy Regulation
Aim: Identify the problems and challenges faced by accounting in the process of legitimising organizations with financial mandatory key performance indicators that are designed to measure the share of the company’s environmentally sustainable activities. Methodology: Literature review, regulatory analysis, desk research. Findings: The study identified the problems and challenges in the reporting of KPIs for three elements, namely revenue, CapEx, OpEx of environmentally sustainable activities. These problems arose from an analysis of the basic qualitative characteristics of information: its representational faithfulness, completeness, neutrality and accuracy. Implications: Provide a discussion base point for business practice in the area of sustainability reporting to mandatory financial KPIs, meeting the aims and objectives of the regulation. Originality/value: The article contributes and fills the existing gap in the literature on the true and fair view of environmentally sustainable economic activity in line with green taxonomy. The results may provide inspiration for future research.
Copyright (c) 2025 Wanda Skoczylas, Przemysław Mućko, Gabriela Kintop https://creativecommons.org/licenses/by-sa/4.0
Individual Investors and Corporate Bonds Market. Evidence from Poland
Aim: The aim of this article was to identify the preferences of individual investors in the context of investing in corporate bonds. Methodology: The study was based on two questionnaire studies with closed questions, conducted in 2018 and 2024. Findings: Firstly, the interest in investing in corporate bonds has been decreasing on the part of individual investors surveyed, while at the same time their investment portfolio has increased. Secondly, investors in both 2018 and 2024 indicated the same main factors that helped them in their investment decisions. Thirdly, the attitude towards the issuers’ industries has changed. Implications: The study has a high implicative value for corporate bond issuers, indicating areas that are important for individual investors. Originality/value: The article supplements the literature with the results of a survey on the area of corporate bonds in Poland.
Copyright (c) 2025 Kamil Gemra, Janusz Maruszewski https://creativecommons.org/licenses/by-sa/4.0
The Evolution and Future Prospects of BLIK: A Case Study
Aim: This paper aims to outline the development prospects of BLIK, examining the key factors influencing its growth. By analysing the drivers of BLIK’s expansion, the paper highlights its rise as a major player in the payment sector. Methodology: A thematic literature review and secondary data analysis, including data from the National Bank of Poland [Narodowy Bank Polski] and findings from scientific studies and industry reports, were utilised to fulfill the research aim. The discussion of BLIK’s advantages was structured using a functional model of payment execution. Findings: BLIK’s effective marketing strategy and robust informational-promotional efforts have propelled its expansion within the Polish payment market. The primary limitation for BLIK users is the requirement for a smartphone and digital proficiency, presenting a barrier for digitally excluded individuals. Nonetheless, analysis suggests BLIK’s position in Poland will continue to strengthen, with expansion into foreign markets evidenced by the adaptation of select international terminals to accept BLIK payments. Implications: BLIK’s increasing popularity is reshaping consumer payment preferences, helping businesses attract Polish customers, and prompting financial institutions to adapt their services and infrastructure to meet evolving market demands. Originality/value: This paper’s unique contribution is its analysis of the key factors behind BLIK’s rise, underscoring its significant impact on the payment sector.
Copyright (c) 2025 Jakub Kubiczek, Marta Czarkowska https://creativecommons.org/licenses/by-sa/4.0
Cointegration and Regression Analyses as Alternative Methods to Verify the Protective Properties of Inflation Hedge Investments
Aim: In the face of rising inflation, a variety of financial tools are increasingly important to protect capital from loss of value. This leads to questions about which investment to choose to protect capital from loss of value. The purpose of the work was to determine whether selected investment directions on the Polish capital market can protect capital against inflation-related loss of value. Methodology: The study used a cointegration analysis using the Engle-Granger test and a regression analysis using the OLS method. The research covered the period from Q4 2008 to Q4 2022, using the bond TBSP index, Bitcoin and gold, the WIG index, the WIG Real Estate stock index and the NBP hedonic index of property prices in the seven largest cities in Poland. These investments were related to the HICP harmonised inflation index published by the European Statistical Office (EUROSTAT). Findings: The analysis revealed different results depending on the survey methodology adopted. The co-integration analysis pointed to Bitcoin as an inflation hedging investment, whereas the regression analysis pointed to gold and residential property as inflation combined. Implications: The study enables a better understanding of the complex dynamics involved in preserving purchasing power during periods of high inflation. Originality/value: The study is an important contribution to filling the gaps in the Polish market in terms of analysis of capital protection options against inflation. Although the study focused only on the Polish market, this topic has not been addressed through a period of low inflation also in mature economies.
Copyright (c) 2025 Rafal Wolski https://creativecommons.org/licenses/by-sa/4.0
Examining the Determinants of Residential Real Estate Prices. Evidence from Poland
Aim: The aim of the research is to provide a comprehensive account of the determinants of residential property prices in particular the financial ones. This is an important issue for the Central Bank as well as for commercial banks, as the financing of the housing market is an important factor for conducting monetary policy as well as for assessing the level of credit risk. Methodology: An empirical survey method based on the pooled least squares (OLS) estimation model was used. Data published by the Central Statistical Office and the AMRON-SARFiN Centre were used. They were aggregated for voivodeships and quarters for the period 2010-2019. Findings: The result of the analysis allows researchers of this topic as well as practitioners to identify the priority determinants of residential property prices in Poland, which turned out to be the financial factor, i.e. income (average monthly earnings) and demographic factor (new marriages). Originality/Value: The main research’s value is the identification of the other analysed determinants, such as the cost of construction, interest rates and the supply of houses, as insignificant determinants of prices in the Polish real estate market in the periods under study.
Copyright (c) 2024 Michał Ruszuk, Krzysztof Spirzewski https://creativecommons.org/licenses/by-sa/4.0
Do the Current Accounting Regulations Facilitate the Creation of Provisions for Risks Related to IT Systems?
Aim: The research objective of the study was to examine whether accounting regulations clearly and precisely define when and how provisions should be created for the effects of risk in the IT area. Moreover, it was considered whether Polish enterprises create such provisions, and if not, why not. Methodology: In connection with these research questions, an analysis of the applicable accounting regulations was carried out. Data from the Central Statistical Office were analyzed in terms of the level of provisions created. Additionally, the results of interviews with accountants were described. Finally, an analysis of the financial statements of two banks was conducted in terms of the value of provisions created for risks related to IT systems. Findings: The analysis of the data from the Central Statistical Office showed a very low level of provisions created by enterprises operating in Poland. As a result of the interviews with accountant, it turned out that the reason for the lack of creation of provisions is the difficulties associated with estimating the amount of such provisions and (relative) sense of security in this respect. Implications: According to the author, the research conducted and the interviews with accountants indicate the lack of appropriate regulations explaining the methods of creating provisions the effects of risk in the IT area. Education regarding the risks that IT systems may generate also seems to be crucial. Originality/value: Researchers mainly deal with general analysis of the level of provisions in enterprises. However, there is a lack of research in the literature on provisions for risk effects in the IT area. The conducted research indicates the desired directions of changes in the accounting regulation of the principles and methods of creating provisions.
Copyright (c) 2023 Małgorzata Białas https://creativecommons.org/licenses/by-sa/4.0
Changes in the Composition of the WIG20 and mWIG40 Indices and the Operational Performance of Newly Added Companies
Aim: This article investigates whether the transition of companies from the mWIG40 index to the more prestigious WIG20 index affects their operational efficiency. Methodology: The study analyzes 17 companies that transitioned from mWIG40 to WIG20 between 2000 and 2020. Four operational efficiency indicators were calculated for each company in the four quarters preceding and following the index change. The t-Student test was applied to determine whether this shift had a statistically significant impact on operational performance. Findings: The analysis did not reveal statistically significant changes in the majority of the examined operational efficiency indicators following the transition. The exception was the net income on sales/total revenue ratio, which demonstrated statistically significant differences in certain quarters after the index change. Implications: These findings support the hypothesis that the transition of a company from the mWIG40 index to WIG20 does not lead to an improvement in its operational results. The results suggest that investors should carefully evaluate other factors when interpreting index transitions as signals of improved corporate performance. Originality/value: This study contributes to the existing literature by providing empirical evidence on the relationship between stock index transitions and operational performance in the Polish capital market, addressing a relatively underexplored research area.
Copyright (c) 2024 Ewa Blaszke https://creativecommons.org/licenses/by-sa/4.0
Non-Performing Loans and Banking Profitability
Aim: This article aimed to determine the effect of macroeconomic and specific variables on the ratio of non-performing loans, and study the recursive direction of bank profitability to NPLs in Tunisian banks. Methodology: To formalise this phenomenon, the author proposed a panel data model that covers a sample of ten listed Tunisian banks over a period from 2007 to 2015. Findings: The empirical results indicate the determining power of bank profitability measured by asset profitability, solvency ratio, credit growth rate, provision-based debt coverage rate, bank size, inflation and unemployment. Implications: The effect of these variables veered between the preservative and destructive aspects of the quality of bank assets. Originality/value: This study enabled not only to identify the explanatory factors of this phenomenon, but also to verify the existence of a simultaneous relation between NPLs and bank profitability.
Copyright (c) 2024 Imane Ameur https://creativecommons.org/licenses/by-sa/4.0
The Theoretical and Practical Rationale for the Role of Regional Development Funds in the Economy
The aim of the paper was to formulate a theoretical basis to justify the role of a specific financial institution, i.e. the Regional Development Fund (RDF), in the regional economy, and to establish the actual role of Regional Development Funds (RDFs) in Poland. The concept of comparative finance was used. Based on the principle of inference per analogiam in terms of the RDFs’ belonging to the market financial sector, the classical paradigm of financial intermediation and the paradigm transpositions of the bank’s role in the economy were used, and, complementarily, paradigms specific to public finance. In terms of establishing the actual role in the Polish reality, a descriptive method was used, after desk research analysis of RDFs financial reports, Investment Strategy documents, reports of the Association of Regional Development Funds. Theoretical paradigms appropriate to the specifics of the Regional Development Fund were obtained to explain its position in the region’s economy, moreover, the true role of such institutions in the Polish economy was established. The multidimensionality of the RDF’s role in the economy and its dual nature should be explained on the basis of paradigms of financial intermediation in their fusion with paradigms of the role of public finance. There are no arguments strong enough to undermine the legitimacy of the existence of current RDFs in Poland, yet it cannot be stated unequivocally that Polish RDFs perform sufficiently well in the assigned dual role. There are areas for improvement (the incentive system and the operational criteria in the Investment Strategies), which could significantly improve the usefulness of RDFs in the economy of the regions.
Copyright (c) 2024 Dorota Korenik https://creativecommons.org/licenses/by-sa/4.0
Should One Assume the Discount Rate to Be One of the Risk Factors?
The Monte Carlo simulation is the ultimate solution for considering nearly all possible scenarios in presumably any discounted cash flow valuation. This paper argues that a discount rate expresses an investor’s current requirement and should be respectively perceived as a parameter only. The consequences of qualifying a required rate of return (a discount rate) as a risk factor in a discounted cash flow valuation are described in the paper using a free cash flow financial model of an asset being a hypothetical publicly traded enterprise. The case study is a discounted cash flow valuation using the Monte Carlo simulation for risk analysis. The various sets of assumptions are considered to explain the consequences of qualifying a required rate of return in a discounted cash flow model as a risk factor. As indicated in the paper, the discount rate as an additional risk factor with an attributed probability distribution increases the volatility of a risk variable, then the distribution of a risk variable becomes more flattened. In previous studies, some authors indicated that a discount rate could be considered a risk factor in the Monte Carlo simulation (Krysiak 2000; Damodaran 2018).
Copyright (c) 2023 Jan Kaczmarzyk https://creativecommons.org/licenses/by-sa/4.0
The Impact of Fiscal Sovereignty in the Field of Real Estate Tax on Municipal Revenues
Aim: The aim of the article was to assess the significance of the fiscal sovereignty granted to municipalities in Poland in the real estate tax from the perspective of its impact on their revenues. The study determined the scale and nature of the use of fiscal sovereignty instruments by various types of municipalities and to analyse the financial impact of these actions. Methodology: The research encompassed all municipalities in Poland (including cities with county rights as well as urban, rural, and urban-rural municipalities), utilising data provided by the Ministry of Finance for the years 2018-2023. Empirical research methods such as observation, comparison, and measurement were employed, along with descriptive statistics techniques. Findings: The analysis indicated that from 2018 to 2023 the exercise of fiscal sovereignty by municipalities resulted in a total revenue decrease of PLN 20.2 billion (13% of total real estate tax revenue during this period). This confirms the significant impact of utilising fiscal sovereignty instruments on municipal revenues. Notable differences were observed among various types of municipalities, with rural municipalities showing a greater propensity to apply tax preferences. The primary instrument utilised in this regard was the reduction of upper tax rates. Implications: The research findings indicate a need for further, in-depth analysis of the long-term effects of exercising fiscal sovereignty, particularly in the context of local development and municipal competitiveness. Furthermore, they provide valuable information for policymakers and tax authorities, suggesting the potential necessity for modifying current regulations to optimise the municipal revenue system, considering the diverse needs and capabilities of different types of local government units. Originality/value: This study makes a significant contribution through its comprehensive analysis of the effects of fiscal sovereignty application on a national scale, identification of differences in tax strategies among various types of municipalities, and provision of current quantitative data on the scale and nature of the utilisation of specific instruments. Consequently, the research findings can serve as a foundation for further analyses and support in shaping tax policy at both local and national levels.
Copyright (c) 2023 Patrycja Świerczek-Dutka https://creativecommons.org/licenses/by-sa/4.0
Benchmark Ratio of Insurance Penetration (BRIP) as a New Relative Measure of Insurance Development and Benchmarks in Insurance
In various fields of science, certain patterns are used to describe and compare the studied features and phenomena, reference points (benchmarks), e.g.: reference rates (benchmark rates), reference ratios (benchmark ratio), or comparative analyses (the benchmarking) (EY, 2021). In insurance, certain measures (insurance ratios) are used to examine the description of market development, including: insurance premium (total gross premiums), density and penetration. To compare insurers or insurance markets, the average of the entire market is used as a standard (reference point), e.g. average premium, average density or average penetration rate (in a country, a geographic region or the world, e.g. the EU, OECD countries). However, the measures of insurance market development used are limited – premium and density as absolute measures which do not take into account economic development – or have been ‘devalued’ (penetration rate = direct gross premium/GDP, is a relative measure, often with different growth rates of premium and GDP). For this reason, a new, more robust paradigm for international comparisons of insurance markets is being sought, i.e. a new insurance growth pattern. The aim of the study was to analyse the benchmark ratio of insurance penetration (BRIP) proposed by (Zheng, Liu, Deng, 2008 and 2009) as a new, relative international measure of insurance development in the 21st century and examined its advantages and disadvantages in order to assess its suitability for comparisons of insurance markets. An additional aim was to examine the development pattern (benchmark) for comparing various insurance markets as an average of the entire market to establish whether it is a good reference point, i.e. appropriate statistics.
benchmark ratio of insurance penetration (BRIP)
Copyright (c) 2024 Agnieszka Pobłocka https://creativecommons.org/licenses/by-sa/4.0
Compulsory Liability Insurance of the Entity Conducting Medical Experiments – Polemical Remarks
Conducting medical experiments by healthcare entities is highly necessary as it is only through such actions that we can confirm the effectiveness of new solutions, however carrying out medical experiments involves unique risks that must/should be subject to special protection. The aim of this article is to address the debatable elements contained in the Regulation of the Minister of Finance regarding the civil liability of entities conducting medical experiments. The raised concerns are intended to improve the quality of the adopted legal solutions to increase the safety of all entities and individuals participating in the process of conducting medical experiments.
coverage amount for medical experiment insurance
insurance company liability in medical experiments
damage settlement in medical experiments.
Copyright (c) 1970 Maria Wegrzyn, Stanisław Wieteska, Magdalena Janiszewska https://creativecommons.org/licenses/by-sa/4.0
A Comparability of Information in the Financial Statements of Gaming Companies
The purpose of this article is to assess a comparability in the financial statements of entities from the Polish gaming industry. The article uses an unconventional approach to the analysis of comparability of financial statements, with particular emphasis on the business model of the entity. The overall conclusion is that Polish companies used similar accounting policies during the period under review regarding the methods of valuation of assets and liabilities. The scope of disclosures regarding impairment of assets does not allow for a full assessment of the premises underlying them. It is difficult to find out the criteria for qualifying costs for research and development, which are an important asset item. Deficiencies in disclosures are a common feature of the analyzed reports, which can be interpreted as a symptom of their comparability. The analyzed reports, despite the differences diagnosed, make possible to compare the financial situation and achievements of gaming companies.(original abstract)
Copyright (c) 2019 Małgorzata Czerny https://creativecommons.org/licenses/by-nc-nd/3.0/
Notions and Expectations Related to Work and Jobs Among First Year University Students
Demands concerning the labor market in Hungary tend to change these days faster than ever. It can be seen even in the plans and expectations of students enrolled in higher education institutions. In our research project, we have tried to find answers to the following questions: What kind of work experience did students have when they started their university studies in the 2019/2020 academic year? What jobs do they foresee for themselves in the future? What kind of salary do they expect to get for this, and what sort of considerations and persons influence them in the process of choosing a workplace? Furthermore, do they wish to live and work in Hungary or in another country? During the course of our survey, we used a questionnaire, for the analysis of which we completed correlation analyses and cross-tab(ulation) analyses among other things. After the evaluation of the findings and results, we may state that the majority of the students in the sample do have some work experience. Furthermore, the criteria influencing their choice of work(place) are also presented.(original abstract)
Copyright (c) 2019 Adrián Nagy https://creativecommons.org/licenses/by-nc-nd/3.0/
Usefulness of Comprehensive Income Statement - Preliminary Study on the Example of Companies from the WIG30 Index
The financial result of a company is undoubtedly the most frequently analyzed category in making economic decisions. The changing needs of financial statements users resulted in the replacement of the classic financial result with the broader concept of comprehensive income, which was regulated in the International Accounting Standard 1 Presentation of financial statements. As a result a statement of the entity's comprehensive income is created. An important element analyzed by the scientific community is the presentation of the mentioned comprehensive income and its usefulness. The purpose of the article is to determine the impact of introducing the obligation to prepare a statement of comprehensive income on the usefulness of the financial statement. The usefulness has been assessed from the perspective of the form of statement of comprehensive income and the relevance of other comprehensive income's items as compared with net income.(original abstract)
Copyright (c) 2019 Przemysław Czajor https://creativecommons.org/licenses/by-nc-nd/3.0/
Heteroskedasticity in Excess Bitcoin Return Data: Google Trend vs. GARCH Effects
This paper examines the mixture of distribution properties associated with heteroskedastic excess Bitcoin return data, using the volume of Google search queries as a proxy for the information arrival time, from a monthly data sampling period of June 2010 to May 2019. The results show that the volatility coefficients become highly statistically insignificant when the lagged volume of search queries is included in the conditional variance equation of the GJR-GARCH-M model. This clearly suggests that the volume of search queries is shown to provide significant explanatory power regarding the variance of heteroskedastic excess Bitcoin return, which can be traced from the ARCH process defined in the GJR-GARCH-M specification. A significant negative relationship between the conditional volatility and the volume of search queries indicates that Internet (online) information arrival reduces the risk premium in the Bitcoin market, which may improve market stability.(original abstract)
Copyright (c) 2019 Chamil W. Senarathne https://creativecommons.org/licenses/by-nc-nd/3.0/
Level of Financial Literacy of Academic Youth from Rural Areas in the Visegrad Group Countries
The aim of the study is to determine the level of financial literacy of academic youth from rural areas in the V4 Group countries, as well as to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference were primary information obtained from own research (PAPI method, 900 people). The research used a set of questions to assess the level of financial literacy of adults proposed by the OECD INFE. In addition to primary sources, secondary sources were also used to achieve the goal. The measures of descriptive statistics and one-way analysis of variance (F) were used. The level of financial literacy was determined at the medium level, which may indicate the low effectiveness of financial education measures implemented at different levels of education. The component of financial literacy where students from rural areas had the lowest scores was basic financial knowledge. Only 43% of people from rural areas achieved the minimum target score.(original abstract)
Copyright (c) 2019 Monika Szafrańska https://creativecommons.org/licenses/by-nc-nd/3.0/
The ACCA Accreditation in Poland - Accounting Educators' Perspective
Organizations certifying accountants, such as the Association of Chartered Certified Accountants (ACCA), play an important role in strengthening their professional status. Being accredited by them has recently become the goal of many institutions which offer accounting programs. Our paper aims to investigate the impact of ACCA accreditation on the accounting education in Poland, as well as to identify the important aspects of the collaboration between ACCA and accounting educators. The findings are based on a survey conducted among 50 faculty members from seven Polish universities. According to the respondents the accreditation increases the prestige of the offered teaching programs and has an important impact on the organization of exams taken by the students participating in accredited courses. The ACCA engagement in collaboration with universities consists mostly in promotion of the accredited programs. Despite some limitation the study provides new insights into the problem of accounting education in the accreditation processes context.(original abstract)
Copyright (c) 2019 Michał Biernacki https://creativecommons.org/licenses/by-nc-nd/3.0/
Is the Goodwill Recognised in a Business Combination an Indicator of the Future Profitability of the Combined Company?
The aim of the paper is to determine if there is any link between goodwill recognised in a business combination and the future performance of the combined company. The authors focused on examining the effects that business combinations had on the profitability of selected companies, performing a statistical analysis of their financial results. The study covered 730 Polish companies participating in a merger process (the acquiring company was examined at the time of the merger and 3 years after the merger date). The research included companies disclosing positive goodwill (99 companies) and not disclosing it (631 companies). The research period covered mergers in the years 2007-2012. The profitability analysis for 3 years after the merger covered the period until 2015. The result of the empirical research shows that the companies which recognised goodwill during the merger process were more profitable in the examined period of time. The study contributes to a wide research area focusing on examining the effects of business combinations on the future efficiency of combined companies.(original abstract)
Copyright (c) 2019 Magdalena Janowicz https://creativecommons.org/licenses/by-nc-nd/3.0/
Monte Carlo Simulation Approach to Calculate Value at Risk: Application to WIG20 and mWIG40
This paper reports our estimates of the Value at Risk using Monte Carlo simulations for which we developed a computer program. Our approach involves obtaining Monte Carlo parameters by fitting real historical data of different periods to probability distributions. We applied the algorithm to the WIG20 and mWIG40 stock indices, and performed simulations for the Value at Risk at 95% and 99% confidence intervals over six estimation periods ranging from 1 trading day to 250 trading days. This approach was evaluated using the percentage failures and the Kupiec Proportion of Failures test. Our results indicate that this method is highly influenced by the choice of past historical and estimation period lengths considered. Overall, we observed that the Monte Carlo computational scheme is a reliable method for quantifying VaR when parametrized well.(original abstract)
Copyright (c) 2019 Aleksandra Helena Pasieczna https://creativecommons.org/licenses/by-nc-nd/3.0/
SMEs Capital Structure Determinants: Empirical Evidence from Kazakhstan
Celem artykułu jest określenie czynników mających wpływ na strukturę kapitału małych i średnich przedsiębiorstw (MŚP). Analizie poddano funkcjonujące w Kazachstanie małe i średnie firmy ze wszystkich branż. Do badań wykorzystano metody panelowe. Zbadano wpływ takich kluczowych czynników, jak: rzeczowe środki trwałe, wielkość spółki i jej zmiany, rentowność, stawka podatku dochodowego. Badania przeprowadzono w kontekście teorii kompromisu oraz teorii hierarchii struktury kapitału. Wyniki pokazują, iż mimo pewnych różnic w oddziaływaniu wybranych czynników, wiele z nich wywiera istotny wpływ na stan kazachskiego sektora MŚP.(original abstract)
Copyright (c) 2019 Samal Kokeyeva https://creativecommons.org/licenses/by-nc-nd/3.0/
Self-deception is classified as the one of the decision-making errors which impede making reasonable decisions. The efficiency of the financial market is associated with the belief that all the participants of the market behave reasonably. They maximise their utility and are able to process all incoming information in the correct way. Considering the fact that financial market anomalies happen, it should be considered that the efficiency of this market is a specific situation in which it may be found. In this work, the research results of the conducted experiment were described. The hypothesis was studied that persons of a higher financial status are more likely to undertake more risky financial decisions which may result in obtaining higher collected financial funds. As a result of the conducted experiment the working hypothesis was confirmed. Due to self-deception consisting in strong identification with the chosen status in the game, strengthened with their own convictions regarding the behaviour of particular professional group representatives, persons with a higher status showed a much greater tendency to risk than persons with a lower status.(original abstract)
Copyright (c) 2019 Marta Maciejasz-Świątkiewicz https://creativecommons.org/licenses/by-nc-nd/3.0/
Performance Changes Around Banks Mergers and Acquisitions: Evidence from Poland
This study investigates the influence of M&A on the performance of banks operating in Poland. We use a sample of 14 transactions that occurred in the Polish banking sector from 2001 to 2015. Our data set includes pre and post-merger accounting information covering a period of two years before and after the merger. We follow Pilloff's [1996] approach to determine the average performance changes measured with ROAA and ROAE. According to the research results, M&As transactions seem to affect profitability as both ROAA and ROAE means change. However, these changes do not follow the same trend. The correlations between the acquirer's pre-merger weighted performance measured with ROAA and ROAE and merger-related changes in performance are significant and negative. The same situation is observed as regards the target pre-merger weighted performance measured with ROAE and merger-related changes in performance. The results also suggest that large acquirers are associated with less successful M&A.(original abstract)
Copyright (c) 2019 Katarzyna Budny https://creativecommons.org/licenses/by-nc-nd/3.0/