Managerial Economics
type: channel
description: The main aim of Managerial Economics (ISSN 1898-1143, e-ISSN 2353-3617) is to draw more attention to major decision problems and to present the principles of economic analysis which is required for optimal decision-making (i.e. making the decisions which are most appropriate taking into account the conditions in which the company and the economy operate and the factors that are necessary for the implementation of a given economic project). Managerial economics examines and analyses the functioning mechanisms of modern market economies. This is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access. ©2024 Authors. Creative Commons CC-BY 4.0
publisher: AGH University of Science and Technology Press.
language: en
publication name: Managerial Economics
issn: 1898-1143
copyright: Download, sign, scan and attach copyright statement form.
items: Linear vs. threshold cointegration approaches to price discovery: The case of the Warsaw Stock Exchange
items: Accuracy as one of the dimensions of the quality of stock market recommendations published by Polish brokerage houses
items: On the structural design of the EU Inter-TSO Compensation mechanism
items: The role of Employees’ Dynamic Capabilities in shaping job performance through fake and authentic leadership
items: High-Volume Return Premium on the Warsaw Stock Exchange: evidence, drivers, and strategy design
items: The impact of COVID-19 on the global renewable energy sector. An integrative review exploring the challenges and emerging opportunities
items: Segmenting SMEs in Central Europe’s coal mining region based on green finance awareness
items: Research trends and trajectories in quality management in the age of Industry 4.0 – the current state of knowledge
items: How can digital transformation and entrepreneurship influence business activities? A systematic analysis for cutting-edge economies
items: The impact of Ukrainian immigration on inter-voivodship migration in Poland – an attempt to estimate the regional “displacement” effect using the input-output method
items: The potential of artificial intelligence adoption for managerial decision making: A rapid literature review
items: The impact of macroeconomic measures on the valuation of listed equity in the US. Insights from high inflation periods
items: Price and income elasticities of fruit demand in Poland: Evidence from Household Budget Data
items: Functional business valuation – purpose is king!
items: The interdisciplinarity of the publications of the Medical University of Silesia in Katowice based on the analysis of the co-occurrence of issues specific to medicine and computer science
items: The St. Petersburg paradox with state dependent linear utility functions for monetary returns. A note
items: Strategies for trading in money markets
items: Investment attractiveness factors in the opinion of companies from Special Economic Zones in Poland
items: Introduction of a general class of entropy-based control charts: The Φ-chart
items: Fighting recent inflation: An empirical literature review of monetary and governmental policies
items: Literature review. Pricing rule alternatives for the European day-ahead market
items: The relationship between the inflation rate and the unemployment rate in Poland and their long-term associations with selected macroeconomic variables
items: The impact of markups and wages on changes in the level of inflation in Poland
items: The impact of digitization on corporate controlling and the role of controllers
items: The decision making criteria of a rational investor on the example of an investment portfolio analysis of listed companies and a basket of currencies
items: Expiration day effects of stock and index futures on the Warsaw Stock Exchange before and in the initial phase of the COVID-19 pandemic
items: A statistical interpretation of a market demand curve for a commodity obeying the law of demand
items: Hedging the investment portfolio with derivatives present on the Polish market
items: Tightening tax policy and changes to tax efficiency on the example of companies listed on the Warsaw Stock Exchange
items: The usefulness of big data in creating innovations. The example of Google Trends

Linear vs. threshold cointegration approaches to price discovery: The case of the Warsaw Stock Exchange
type: item
description: This study evaluates and compares the usefulness of the classical Vector Error Correction Model (VECM) and the Threshold Vector Error Correction Model (TVECM) in analyzing the price discovery process on the Warsaw Stock Exchange. The empirical analysis uses daily data on the WIG20 index and its futures contracts from 2018 to 2024. The VECM results indicate unidirectional long-run and short-run causality from the spot market to the futures market, with the latter primarily adjusting to deviations from equilibrium. The estimated common factor weights suggest that the spot market accounts for about two-thirds of the overall price discovery. Based on these findings alone, one might conclude that the dominance of the spot market is stable and persistent. However, the TVECM reveals substantial nonlinearities and regime-dependent dynamics that challenge this conclusion. It identifies three regimes, corresponding to undervaluation, near-equilibrium, and overvaluation of futures, within which the adjustment mechanisms differ notably. In both the lower and middle regimes, the error correction mechanism is weak or statistically insignificant, indicating that deviations from equilibrium are not systematically eliminated. In particular, the middle regime, which accounts for the majority of observations, can be interpreted as a no-arbitrage band in which mispricing is too small to trigger arbitrage activity. In the upper regime, although both markets respond to deviations, their adjustments occur in the same direction, preventing the restoration of equilibrium and suggesting a breakdown of the classical arbitrage mechanism. This behavior may reflect the presence of common informational shocks and heightened market uncertainty rather than a stable lead–lag relationship between the markets. The comparison demonstrates that while the VECM provides a convenient summary of average relationships, it oversimplifies the underlying dynamics by assuming a constant adjustment process. The T…
subject: Articles
  topic: section
creator: Milena Suliga
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 85
ending page: 85
doi: 10.7494/manage.2026.27.1.85

Accuracy as one of the dimensions of the quality of stock market recommendations published by Polish brokerage houses
type: item
description: The aim of this article is to provide an empirical analysis of investment recommendation accuracy on Polish Stock Exchange. The study also intended to defining the concept of investment recommendation quality and classifying the dimensions through which it can be assessed. Based on data from 2005 to 2019 the accuracy of investment recommendation was calculated using four approaches. All four indicators indicate low level of accuracy of investment recommendation in Poland.
subject: Articles
  topic: section
creator: Marek Straszak
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 53
ending page: 53
doi: 10.7494/manage.2026.27.1.53

On the structural design of the EU Inter-TSO Compensation mechanism
type: item
description: This paper examines the structural design of the EU Inter-TSO Compensation (ITC) mechanism, which aims to remunerate transmission system operators for the costs associated with cross-border electricity flows. Building on the established legal and institutional framework and earlier analytical critiques, the paper develops a new stylized three-zone counterexample to assess how the mechanism allocates costs under realistic network interactions. The analysis shows that settlement rules based on boundary-flow proxies can assign compensation in ways that diverge from the physical origin of network burdens and may fail to penalize behavior that increases reliance on external networks. This finding complements existing paradoxes in the literature and highlights how proxy-based clearing can mute or distort operational and investment incentives, particularly in meshed networks with internal congestion. The contribution is analytical rather than empirical and is intended to clarify the scope and limitations of what the ITC mechanism can reasonably be expected to achieve, given its current design and informational basis.
subject: Articles
  topic: section
creator: Dubravko Sabolić
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 37
ending page: 37
doi: 10.7494/manage.2026.27.1.37

The role of Employees’ Dynamic Capabilities in shaping job performance through fake and authentic leadership
type: item
description: This article examines the role of Employees’ Dynamic Capabilities (EDC) in shaping job performance through the influence of authentic and fake leadership styles. It addresses a critical gap by exploring how EDCs moderate the relations between leadership styles and job performance, mediated by intraorganizational trust, work engagement, work motivation, and organizational commitment. Data obtained from questionnaires from 289 organizations in Poland were analyzed using multigroup path analysis. The findings show that authentic leadership positively influences job performance by enhancing trust, engagement, commitment, and motivation, and the strength of this influence is higher among organizations with higher levels of EDCs. Conversely, fake leadership negatively impacts job performance, with more pronounced effects in low EDC environments. Most importantly, high EDC levels can buffer against the negative effects of fake leadership. The study highlights the importance of fostering EDCs to leverage authentic leadership benefits and mitigate fake leadership harms.
subject: Articles
  topic: section
creator: Agnieszka Bieńkowska
creator: Katarzyna Tworek
rights: Copyright (c) 2026 Agnieszka Bieńkowska, Katarzyna Tworek https://creativecommons.org/licenses/by/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 7
ending page: 7
doi: 10.7494/manage.2026.27.1.7

High-Volume Return Premium on the Warsaw Stock Exchange: evidence, drivers, and strategy design
type: item
description: This paper investigates the High-Volume Return Premium (HVRP) on the Warsaw Stock Exchange from 2002 to 2023. Building on prior research, it tests whether an unusually high trading volume predicts short-term return anomalies. Using daily data and long-only strategies based on relative trading volume, the study confirms the existence of the HVRP, with the strongest effects observed over one-day horizons, particularly for mid-cap and low-priced stocks. The premium weakens with longer holding periods and lower trading activity. These findings indicate that trading volume carries predictive information in an emerging market context and that volume-based signals can generate exploitable short-term return patterns. However, practical constraints such as transaction costs may limit the real-world profitability of such strategies.
subject: Articles
  topic: section
creator: Olga Sieradzan
creator: Tomasz Wójtowicz
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 265
ending page: 265
doi: 10.7494/manage.2025.26.2.265

The impact of COVID-19 on the global renewable energy sector. An integrative review exploring the challenges and emerging opportunities
type: item
description: The shift from traditional fossil fuel energy to cleaner, renewable energy has the potential to help achieve long-term sustainability goals. The COVID-19 pandemic has had a significant impact on the renewable energy sector. This study aims to provide an integrative review of the global impacts and challenges of the COVID-19 pandemic on the renewable energy sector and highlight the energy-related lessons and emerging opportunities by capturing the main trends in the field. First, the integrative review identifies five themes. Second, the study identifies the aspects of renewable energy that are influenced by the COVID-19 pandemic. Third, the study proposes a conceptual framework highlighting the impacts and challenges of the COVID-19 pandemic on renewable energy demand and consumption patterns, and these results are further supported by the aggregate dimensions identified through inductive analysis. The three main energy challenges are: the healthcare sector primarily dealing with disease control; associated environmental impacts with challenges relating to fluctuating and uncertain energy demand and consumption, structural and pattern changes, greenhouse gas emissions, local air quality, energy transmission infrastructure, and oil production and transmission network; associated economic impact dealing with industrial activities including households, agriculture, public and commercial sector, energy import/ export, sales revenue and expenditure, social sector factors, funding schemes, and subsidies, technology R&D, and overall economic welfare. The study also makes theoretical and practical propositions for researchers and policymakers.
subject: Articles
  topic: section
creator: Jaya Singh Parihar
creator: Mansi Gupta
creator: Gagan Deep Sharma
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 233
ending page: 233
doi: 10.7494/manage.2025.26.2.233

Segmenting SMEs in Central Europe’s coal mining region based on green finance awareness
type: item
description: The shift from traditional fossil fuel energy to cleaner, renewable energy has the potential to help achieve long-term sustainability goals. The COVID-19 pandemic has had a significant impact on the renewable energy sector. This study aims to provide an integrative review of the global impacts and challenges of the COVID-19 pandemic on the renewable energy sector and highlight the energy-related lessons and emerging opportunities by capturing the main trends in the field. First, the integrative review identifies five themes. Second, the study identifies the aspects of renewable energy that are influenced by the COVID-19 pandemic. Third, the study proposes a conceptual framework highlighting the impacts and challenges of the COVID-19 pandemic on renewable energy demand and consumption patterns, and these results are further supported by the aggregate dimensions identified through inductive analysis. The three main energy challenges are: the healthcare sector primarily dealing with disease control; associated environmental impacts with challenges relating to fluctuating and uncertain energy demand and consumption, structural and pattern changes, greenhouse gas emissions, local air quality, energy transmission infrastructure, and oil production and transmission network; associated economic impact dealing with industrial activities including households, agriculture, public and commercial sector, energy import/ export, sales revenue and expenditure, social sector factors, funding schemes, and subsidies, technology R&D, and overall economic welfare. The study also makes theoretical and practical propositions for researchers and policymakers.
subject: Articles
  topic: section
creator: Kristýna Klimková
creator: Rafał Rydzewski
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 207
ending page: 207
doi: 10.7494/manage.2025.26.2.207

Research trends and trajectories in quality management in the age of Industry 4.0 – the current state of knowledge
type: item
description: This study aims to analyse publication activity and identify development directions of scientific research themes in the area of enterprise quality management in the context of Industry 4.0, based on a bibliometric analysis of scientific literature from the Web of Science and Scopus databases up to the end of 2023. The article employs a systematic literature review method. The research included a bibliometric analysis of scientific literature sourced from the Web of Science and Scopus databases. Based on a predefined combination of keywords, a set of articles was selected, which – after initial screening and justified exclusions – was accepted for further analysis. The study enabled the characterization of, among others, publications production, sources of publications, time of publication, main authors and leading topics. Next, a word co-occurrence analysis and longitudinal thematic map analysis were conducted to examine the research field in depth and to identify research trends and trajectories in quality management in the age of Industry 4.0.The conducted research shows that the number of publications on quality management in the context of Industry 4.0 is constantly growing, and the topics are progressively evolving towards issues such as: the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, digitalization. These technologies are seen as key enablers for enterprises to cope with the growing uncertainty and complexity of the business environment and to achieve a competitive advantage. The study indicates that AI, IoT, big data analytics, and sustainable development are among the most rapidly growing and prominent themes in the literature on quality management in the Industry 4.0 context. Identifying research gaps and potential directions for scientific development in the field of quality management may contribute to the creation or improvement of new tools, approaches, and concepts including those based on Industry 4.0 technologies.
subject: Articles
  topic: section
creator: Ewa Czyż-Gwiazda
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 165
ending page: 165
doi: 10.7494/manage.2025.26.2.165

How can digital transformation and entrepreneurship influence business activities? A systematic analysis for cutting-edge economies
type: item
description: Over the last few decades, the business landscape has undergone significant changes, and new investors have faced severe challenges in achieving their desired goals. The business sector has compelled practitioners to introduce some innovative methods that promote the business’s activities at lower intrinsic costs. Thus, the inclusion of digital transformation in business activities has been proposed as the best solution to avoid the business loss trap. In the era of development, digital transformation has received immense attention from higher authorities to spur information technology in business activities. It behaves in a friendly manner across different regions of the globe in problematic situations such as pandemics, financial crises, and energy shocks. Therefore, for the first time, this study tries to demonstrate the critical role of information technology in new business activities for seven emerging economies from 2005 to 2021. However, this study employs different estimators to evaluate its objectives. The results of the basic model indicate that income, information technology, foreign direct investment, and financial inclusion make significant contributions to business start-ups. The entrepreneurial role remains positive and significantly contributes to new businesses by 0.005%. However, urbanization shows a positive but insignificant role in business activities. Additionally, this study examines the mediating role of information technology on income, entrepreneurship, foreign direct investment, and financial inclusion, revealing a significant impact on business start-ups. Finally, the systematic information technology analysis supports business activities in specified countries. Based on the findings, this study proposes some imperative implications for attracting investors to invest in new business projects.
subject: Articles
  topic: section
creator: Daniel Balsalobre-Lorente
creator: Naila Abbas
creator: Syed Ale Raza Shah
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 127
ending page: 127
doi: 10.7494/manage.2025.26.2.127

The impact of Ukrainian immigration on inter-voivodship migration in Poland – an attempt to estimate the regional “displacement” effect using the input-output method
type: item
description: The aim of the article is to estimate the strength of the “displacement” effect of the residents of Polish voivodeships to other regions of the country and determine the regional differentiation caused by the mass inflow of immigrants from Ukraine to Poland in 2022. The study used a modified input-output method, which allows for capturing and balancing both internal and external migration. The first stage of the study consisted in constructing inter-voivodeship migration tables, taking into account the inflow of immigrants from Ukraine. In the second stage of the study, the “displacement” effect was measured using the input-output method, which showed its strong spatial differentiation – the strongest effect was observed in voivodeships with a relatively higher level of the unemployment rate and lower wages (i.e. Warmińsko-Mazurskie and Świętokrzyskie), while the weakest – in voivodeships with large urban centres and capacious labour markets (i.e. Mazowieckie, Małopolskie, Dolnośląskie). The study also revealed a paradox, namely that the eastern provinces closest to Ukraine (i.e. Podkarpackie, Lubelskie) showed a relatively weak capacity to absorb Ukrainian immigrants, whose admission could cause greater disruptions in the local labour markets in these regions than in more distant provinces. The construction of the migration input-output tables was mainly based on data from the Bank Danych Lokalnych Głównego Urzędu Statystycznego (Local Data Bank of Central Statistical Office of Poland) and the Office for Foreigners for the years 2022 and 2015.
subject: Articles
  topic: section
creator: Jurand Skrzypek
rights: Copyright (c) 2025 ©2025 Authors. Creative Commons CC-BY 4.0 https://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 89
ending page: 89
doi: 10.7494/manage.2025.26.1.89

The potential of artificial intelligence adoption for managerial decision making: A rapid literature review
type: item
description: The article aims to investigate how Artificial Intelligence (AI) can support managers in making decisions. The methodology employed for this purpose involves a rapid literature review process. It is done in two stages that involve the graphic analysis of keywords, the systematic manner for rapid literature review and a directed search through online scientific article databases in pursuit of answers to the research questions. As a scientific basis for article selection, Scopus and Web of Science were chosen. The study indicates that AI supports decision-making processes by providing managers with more informed insights and predictions because of high data analysis capabilities. However, there is a lack of clear indication regarding the potential future applications of AI for decision-making purposes other than a supportive role. The study highlights the importance of AI in managerial decision-making processes. It particularly enhances analytical capabilities which led to the improvement of decision outcomes. It also stressed out the need for further research on future applications of AI in managerial decision-making contexts. The main concerns tackled challenges related to its adoption, such as reliability, accountability and ethical considerations. This article contributes to the literature by conducting a rapid literature review of the current state of research of AI applications for managerial decision-making. It highlights gaps in research on the future of AI for decision-making and emphasizes the need for additional research in this area.
subject: Articles
  topic: section
creator: Rafał Rydzewski
rights: Copyright (c) 2025 ©2025 Authors. Creative Commons CC-BY 4.0 https://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 77
ending page: 77
doi: 10.7494/manage.2025.26.1.77

The impact of macroeconomic measures on the valuation of listed equity in the US. Insights from high inflation periods
type: item
description: While the relationship between stock prices and macroeconomic indicators in the US has been widely examined, conflicting findings in the empirical literature suggest the presence of nonlinear dynamics that remain insufficiently explored. Following the work of A. López-Villavicencio and V. Mignon (2011), and A. Brick and D. Nautz (2008), inflation rates above a threshold level of 3% to 5% are associated with significant adverse effects on economic stability and stock market volatility. Therefore, there is a notable gap in the literature regarding the interactions between macroeconomic measures and stock prices during periods of elevated inflation, focusing on potential threshold effects. This study examines these relationships using monthly data from August 1973 to August 1982, representing High-Inflation Period 1, and from January 2021 to June 2024, representing High-Inflation Period 2. The analysis compares the direction and magnitude of the relationships across both periods. The results confirm that hedging against price level increases is a stronger determinant than withdrawal from capital markets due to heightened uncertainty caused by rising inflation rates, which would otherwise lead to declining stock prices. Additionally, the results highlight a strategic shift in US monetary policy, leading to better-anchored inflation expectations. The analysis also indicates that industrial production has become a less reliable proxy for economic activity in recent years, reflecting the US economy’s transition towards a service-oriented structure. Overall, the observed cointegration between stock prices and macroeconomic variables challenges the assumptions of the Efficient Market Hypothesis.
subject: Articles
  topic: section
creator: Dominik Novak
rights: Copyright (c) 2025 ©2025 Authors. Creative Commons CC-BY 4.0 https://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 23
ending page: 23
doi: 10.7494/manage.2025.26.1.23

Price and income elasticities of fruit demand in Poland: Evidence from Household Budget Data
type: item
description: The aim of this article is to provide an empirical analysis of fruit demand in Polish households using the QUAIDS model. Based on unit-level data from the 2022 Household Budget Survey conducted by Statistics Poland (GUS), income and price elasticities were estimated for six fruit categories: citrus fruits, bananas, apples, berries, stone fruits, and other fruits. The estimation employed the two-step procedure developed by J.S. Shonkwiler and S.T. Yen, accounting for demographic variables and the issue of zero expenditures. The results indicate high sensitivity of fruit demand to changes in both prices and income, particularly for imported fruits. The article provides recommendations for public policy aimed at supporting the domestic fruit market and promoting healthy dietary habits.
subject: Articles
  topic: section
creator: Amelia Madej
creator: Jacek Wolak
rights: Copyright (c) 2025 ©2025 Authors. Creative Commons CC-BY 4.0 https://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 7
ending page: 7
doi: 10.7494/manage.2025.26.1.7

Functional business valuation – purpose is king!
type: item
description: In the present contribution, we discuss the basic principles of functional business valuation. In addition to a distinction between objective and subjective valuation theory, the differences between finance-theoretical and investment-theoretical valuation approaches are worked out. The core of our discussion is devoted to an overview of the three main functions and value concepts of functional business valuation theory.
subject: Articles
  topic: section
creator: Christian Toll
creator: Thomas Hering
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-01-15
publication date: 2025-01-15
starting page: 159
ending page: 159
doi: 10.7494/manage.2024.25.2.159

The interdisciplinarity of the publications of the Medical University of Silesia in Katowice based on the analysis of the co-occurrence of issues specific to medicine and computer science
type: item
description: Over the years, the study of the interdisciplinarity of publications has taken various forms, from its identification based on the disciplines represented by the authors, through the examination of citations used when writing the article, to the analysis of the publication text itself. The last of these approaches seems to be the most reliable in the context of verifying the real integration between disciplines in a specific text. The approach utilized in the conducted research facilitates a deeper analysis of integration not only between disciplines in general but also between specific issues within their domains, aiding the examination of the intensity of such connections. The research was aimed at analyzing publications affiliated with the Medical University of Silesia in Katowice in terms of their connection with issues included in the area of Computer Science. OpenAlex, a bibliographic database supported by data mainly from Scopus, WoS and Google Scholar, which uses concepts that make up the Wikidata knowledge base to describe the content of publications was used. A list of 14,136 publications from the Medical University of Silesia in Katowice was downloaded from the OpenAlex bibliographic database including such data as: publication id, title, author, abstract, journal, date of publication, ISSN number or concepts. Overall, the most prevalent concepts in the publications were concepts regarding the field of the medicine (medicine, internal medicine, cardiology). The most prevalent concepts concerning computer science in the publications were: computer science, logistic regression and artificial intelligence. The strenght of the connections between concepts regarding medicine and computer science was calculated by calculating the arithmetic mean of the score value for each pair of IT and medical concepts contained in a single publication. The study showed the importance of computer Science issues in the medical publications and highligted the growing importance…
subject: Articles
  topic: section
creator: Ewelina Paluch
creator: Marcela Mikulska
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-01-15
publication date: 2025-01-15
starting page: 141
ending page: 141
doi: 10.7494/manage.2024.25.2.141

The St. Petersburg paradox with state dependent linear utility functions for monetary returns. A note
type: item
description: In the experiment underlying the St. Petersburg paradox, we use state-dependent linear utility functions for money with a countably infinite set of states of nature to show that a potential participant will be willing to pay no more than a finite sum of money to participate in the experiment.
subject: Articles
  topic: section
creator: Somdeb Lahiri
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-01-15
publication date: 2025-01-15
starting page: 133
ending page: 133
doi: 10.7494/manage.2024.25.2.133

Strategies for trading in money markets
type: item
description: Money market trading is a part of Investment Banking and highly business relevant to the Swiss Banking sector. It is astonishing, therefore, that there are very few scientific studies or papers available on this subject. The goal of this article is to clarify and analyse the relevance, chances, and risks of money market trading within the Swiss banking sector and provides comprehensive information not only to professionals such as employees of banks but also for other clients interested in this specific topic. Various aspects of the money market were analysed, taking in a mix of interviews with experienced banking professionals as well as literary analysis. These aspects include products of and participants in the money market and combine it with the politics of the Swiss National Bank over the last few years. Furthermore, the implications of Basel III on cash trading were explored and explained by way of an example. From the interviews with banking experts, some basic requirements for the job profile of money market traders were defined, 5 strategies for money trading designed and related risks identified.
subject: Articles
  topic: section
creator: Fabian Beck
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-01-15
publication date: 2025-01-15
starting page: 117
ending page: 117
doi: 10.7494/manage.2024.25.2.117

Investment attractiveness factors in the opinion of companies from Special Economic Zones in Poland
type: item
description: The purpose of the research is the identification of important determinants shaping the investment attractiveness of the country (region) from the point of view of potential investors and an assessment of the degree of stakeholder satisfaction with existing methods of examining the investment climate and their availability for practical use. In order to assess a set of determinants that exert the most significant influence on a country’s investment climate, a questionnaire was developed consisting of 25 questions of various orientations. These questions were designed to assess the opinions of potential investors regarding the degree of influence of various factors on their decision on capital allocation and the investment climate of a country. The survey was conducted among 506 enterprises and 14 management bodies of Special Economic Zones in Poland from June 10 to July 20, 2023. The final step involved the analysis of the survey results using statistical methods.
subject: Articles
  topic: section
creator: Piotr Misztal
creator: Vasili Kulakou
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-12-18
publication date: 2024-12-18
starting page: 71
ending page: 71
doi: 10.7494/manage.2024.25.1.71

Introduction of a general class of entropy-based control charts: The Φ-chart
type: item
description: We introduce a new class of Shewhart control charts, namely the f-chart. This new class is based on the cumulative paired f-divergence that generalizes both the cumulative (residual) entropy and the differential entropy. The f-chart contains several subclasses; of which one has a special case, the G-chart, which uses Gini’s mean difference as a measure of dispersion. We investigate the performance of three of the subclasses of f-charts in a showcase scenario, comparing its average run length under the Gaussian and several alternative distributions relevant to process control. We find especially the new Leik control chart to outperform classical Shewhart charts, which are based on ranks, standard deviation, or Gini’s mean difference. The results imply that monitoring a production process using f-charts results in faster detection of out-of-control processes, which can be crucial for a variety of application areas.
subject: Articles
  topic: section
creator: Benedikt Mangold
creator: Jens Konopik
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-12-18
publication date: 2024-12-18
starting page: 55
ending page: 55
doi: 10.7494/manage.2024.25.1.55

Fighting recent inflation: An empirical literature review of monetary and governmental policies
type: item
description: Inflation is a crucial issue for businesses and households, central banks and governments, in fact for all economic actors, as it has a strong impact on economic growth and welfare. This literature review captures how monetary policy and governmental policy can control inflation, how their measures work, and which are the key points to consider when conducting these policies, especially in times of crisis. It uses academic papers from the past eight decades, supplemented by publications from financial and economic institutions, but focuses on literature beginning with the 2000s to capture the latest methods and techniques to find out what drives inflation and how. Monetary policy and governmental policy should act together to effectively fight inflation. Monetary policy can have adverse effects on governments’ future tax revenues and debt-to-GDP ratios. Fiscal policy measures should be associated with altered government spending to avoid high inflation rates and/or high debt burdens in the future. Especially during and right after crises, measures have to be evaluated as too long support can fuel inflation in the future. Both parties should also take into account people’s inflation expectations, as these shape their economic behaviour.
subject: Articles
  topic: section
creator: Christof Haar
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-12-18
publication date: 2024-12-18
starting page: 7
ending page: 7
doi: 10.7494/manage.2024.25.1.7

Literature review. Pricing rule alternatives for the European day-ahead market
type: item
description: This literature review delves into the intricate realm of pricing rules in the day-ahead electricity market, spurred by a notable surge in 2022 electricity prices. Employing a comparative analysis of uniform pricing (UP), discriminatory pricing (DP), and the Vickrey–Clarke–Groves (VCG) pricing rule, the study navigates the complexities of these mechanisms. The evaluation unveils contrasting perspectives: the political push for consumer-friendly low prices versus the efficiency aspiration for a self-regulating market. DP, minimizing average prices but increasing volatility, and VCG, excelling in productive efficiency, are pitted against UP, the prevailing yet imperfect norm. The findings underscore the nuances of each rule; DP leads to reduced average prices and heightened volatility, while VCG ensures superior productive efficiency. Despite UP’s simplicity, it prompts inefficiencies and political costs. These insights illuminate the pivotal choice faced by policymakers, balancing efficiency, fairness, and market sustainability.
subject: Articles
  topic: section
creator: Felix Weißensteiner
rights: Copyright (c) 2024 Managerial Economics
date: 2024-04-05
publication date: 2024-04-05
starting page: 187
ending page: 187
doi: 10.7494/manage.2023.24.2.187

The relationship between the inflation rate and the unemployment rate in Poland and their long-term associations with selected macroeconomic variables
type: item
description: The purpose of this paper is to examine the relationship between the inflation and unemployment rates in Poland and to analyze their long-term relationships with selected macroeconomic variables: the WIG20 index, consisting of the 20 largest Polish companies noted on Warsaw Stock Exchange, the USD/PLN exchange rate, the Brent crude oil index, and the interest rate on 10-year government bond yields. The main objective of the study is to determine the relationship between inflation and unemployment. In this study, a vector error correction model (VECM) was used to study long-run dependence. The impulse response function and forecast error variance decomposition were also used to examine the interactions between variables. There is one long-run relationship between the factors studied. Both the values of the VECM model parameters and the results of the impulse response function indicate that there is a negative relationship between inflation and unemployment in the short term. In the long term, there is a positive relationship, resulting in the stagflation phenomenon.
subject: Articles
  topic: section
creator: Jan Koterwa
creator: Hubert Kycia
creator: Anna Czapkiewicz
rights: Copyright (c) 2024 Managerial Economics
date: 2024-04-05
publication date: 2024-04-05
starting page: 165
ending page: 165
doi: 10.7494/manage.2023.24.2.165

The impact of markups and wages on changes in the level of inflation in Poland
type: item
description: This paper analysis of the impact of markups and wages of enterprises on changes in the level of inflation in Poland in the years 2007-2022. the impact of markups and wages on changes in CPI were assessed using the VECM model, the impulse responses, and the variance decomposition. The results indicate that industrial sector, including the mining and quarrying section, showed the highest dynamics of changes in markups and wages. In the years 2005–2022, the impact of markups on changes in CPI was stronger, although it was losing importance, with a weaker but growing impact of wages. Forecasts of the degree of clarification of the CPI in Poland indicate a greater importance of markups, with the impact of wages weaker by half, but growing over time. The paper extends the state of theoretical and empirical studies on the determinants of the CPI and the inflation expectations. It also considers the context of persistent exogenous and endogenous shocks from the COVID-19 pandemic and the war in Ukraine, and changes in demand and supply impulses. The results of this study may be valuable as a contribution to the literature on inflation and its forecasts, and for monetary policy makers.
subject: Articles
  topic: section
creator: Aneta Kosztowniak
rights: Copyright (c) 2024 Managerial Economics
date: 2024-04-05
publication date: 2024-04-05
starting page: 145
ending page: 145
doi: 10.7494/manage.2023.24.2.145

The impact of digitization on corporate controlling and the role of controllers
type: item
description: Digitization is a megatrend that strongly influences organisations and is reflected in all business processes and operational functions. It is therefore not surprising that controlling is also affected by digitization. This paper first defines and explains the key sub-processes of controlling and describes the traditional role and tasks of controllers that are derived from this. Next, selected technologies such as the internet of things, big data, cloud computing and artificial intelligence are described in detail and their influence on controlling and the role of the controller is analysed. It is shown that digitization is already having a significant impact on controlling and still holds considerable potential for the future. This will also lead inevitably to a continuous refinement of the role and tasks of controllers, whereby they will have to further expand their knowledge and skills in the future.
subject: Articles
  topic: section
creator: Jessica Hastenteufel
creator: Max Dorow
creator: Susanne Weber
rights: Copyright (c) 2024 Managerial Economics
date: 2024-04-05
publication date: 2024-04-05
starting page: 107
ending page: 107
doi: 10.7494/manage.2023.24.2.107

The decision making criteria of a rational investor on the example of an investment portfolio analysis of listed companies and a basket of currencies
type: item
description: In today’s globalized world, investing is a key financial management strategy related to the hope of obtaining future economic benefits. Access to more and more information has created new opportunities for wealth creation, including investments in stocks, cryptocurrencies, gold, real estate and many other assets. The work emphasizes the importance of investing and diversifying the investment portfolio, especially in periods of inflation, using the example of a portfolio of listed companies compared to a currency portfolio. The study covers the period from December 2019 to December 2020, and the analysis aims to estimate the rate of return on investment based on the Markowitz and CAPM theories. The presented analysis method is applicable both in the academic environment and in real economic scenarios, encouraging further research on investments.
subject: Articles
  topic: section
creator: Karolina Tadla
rights: Copyright (c) 2023
date: 2024-04-05
publication date: 2024-04-05
starting page: 83
ending page: 83
doi: 10.7494/manage.2023.24.1.83

Expiration day effects of stock and index futures on the Warsaw Stock Exchange before and in the initial phase of the COVID-19 pandemic
type: item
description: This paper examines the existence of expiration day effects of stock and index derivatives on the Warsaw Stock Exchange. Event study analysis is employed to high-frequency data to check the occurrence of four types of anomalies: abnormal increase in trading volume and in intraday volatility of underlying stocks, price reversal and price shock. The study confirms that on expiration days trading volume of underlying stocks increase unusually during the time when final settlement prices of expiring futures are being calculated. Intraday volatility of stock prices is also abnormally high on expiration days. However, before 2020 this price effect occurred on expiration days during triple withing hour, while in the initial phase of COVID-19 pandemic it has been visible on expiration days only at the close and additionally at the beginning of the next trading session. The analysis of price reversal and price shock effects revealed that only the second anomaly is a phenomenon which constantly appears after futures expiration, indicating the distortion of stock prices on expiration days and their return to normal levels at the beginning of the next trading session. Division of the research period (2018-2020) into two parts allow to find out that after the outbreak of the pandemic, when the importance of hedgers’ activity on the futures market have increased, some of the analyzed anomalies have weakened and their duration have been shortened. However, distortions of underlying stock prices have been still visible at the close of the trading session on expiration days. This suggests that as long as the final settlement prices of stock future are equal to closing prices of underlying stocks, expiration day effects will occur on the WSE.
subject: Articles
  topic: section
creator: Milena Suliga
rights: Copyright (c) 2023
date: 2024-04-05
publication date: 2024-04-05
starting page: 39
ending page: 39
doi: 10.7494/manage.2023.24.1.39

A statistical interpretation of a market demand curve for a commodity obeying the law of demand
type: item
description: In this note we provide a statistical interpretation of the Marshallian market demand curve of a commodity that obeys the law of demand and which has a finite and positive level of satiation. A consequence of our approach is that in the context of two goods, we are able to obtain demand functions which are very similar to those obtained by “budget-constrained Cobb–Douglas utility maximization”, but now as a result of a “budget-constrained linear utility maximization” exercise, although our budget constraint is “slightly different” from the one that would be used for the former optimization problem.
subject: Articles
  topic: section
creator: Somdeb Lahiri
rights: Copyright (c) 2023
date: 2024-04-05
publication date: 2024-04-05
starting page: 27
ending page: 27
doi: 10.7494/manage.2023.24.1.27

Hedging the investment portfolio with derivatives present on the Polish market
type: item
description: This paper explores the evolving nature of the capital market in the second and third decades of the 21st century, characterized by its widespread accessibility to individual investors. Howthe study investigates practical methods to minimize risk, focusing on the limited availability of derivatives in the Polish capital market. The research develops and tests an investment portfolio, drawing on Markowitz’s portfolio construction theory and Hull’s hedging strategy. The Polish conditions using available tools and strategies.
subject: Articles
  topic: section
creator: Tomasz Bernat
creator: Robert Ruszkiewicz
rights: Copyright (c) 2023
date: 2024-04-05
publication date: 2024-04-05
starting page: 7
ending page: 7
doi: 10.7494/manage.2023.24.1.7

Tightening tax policy and changes to tax efficiency on the example of companies listed on the Warsaw Stock Exchange
type: item
description: The article presents an analysis of changes in the tax efficiency of companies listed on the Warsaw Stock Exchange. After 2017, some changes to the tax law aimed at tightening the regulations on an unprecedented scale were introduced. The research conducted showed that since 2018 there has been a decrease in tax efficiency measured with effective tax rate (ETR) and current effective tax rate (CETR). On average, in 2018–2019, the efficiency measured with CETR dropped by 17.7%, the median by 14.8% compared to the previous years. In 2018 and 2019, the value of the CETR was the highest in the entire analyzed period, i.e. from 2012 to 2019. At the same time, the propensity of companies to create deferred tax assets is declining, and the effective tax rate is also growing. The changes mainly concern companies with average tax efficiency, large entities forming capital groups, and companies implementing capital investments. The article presents a discussion on the observed trends and formulates directions for further research.
subject: Articles
  topic: section
creator: Michał Kowalski
creator: Janusz Nesterak
rights: Copyright (c) 2023
date: 2023-02-20
publication date: 2023-02-20
starting page: 153
ending page: 153
doi: 10.7494/manage.2022.23.2.153

The usefulness of big data in creating innovations. The example of Google Trends
type: item
description: A huge amount of data is collected by search engines. According to estimates, the Google search engine, which is dominant on the market, receives billions of search requests daily. Of particular note is that a large part of the collected data is available through the Google Trends service. As a consequence, various types of data can be used by enterprises for their development but they often do not take advantage of this opportunity. Therefore, the purpose of this article is to prove the suitability of the big data concept for creating and implementing product innovations, using the example of Google Trends. Discovering human needs and searching for answers to them is not only the domain of entrepreneurs, therefore this study may have a fairly broad practical applications. By adopting general assumptions, i.e. ones that do not refer to specific products or industries, the author has shown that the presented path may be recreated by both entrepreneurs and creators of political programs, as well as leaders of non-governmental organizations who need to implement innovations. The results revealed the selection of specific ways of entering queries in Google Trends and certain periods of analysis which are the most useful for creating innovations. Descriptive statistics (such as median) clearly show that the results typed in Google Trends are better when taken from a user perspective and can be used to create innovations. Despite substantial differences, the results do not allow for the conclusion that these differences were statistically significant. Thus, preliminary data supports the hypothesis, but more research is needed.
subject: Articles
  topic: section
creator: Joanna Hernik
rights: Copyright (c) 2023
date: 2023-02-20
publication date: 2023-02-20
starting page: 131
ending page: 131
doi: 10.7494/manage.2022.23.2.131