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: 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
items: Spillovers between European markets
items: Development of key performance indicators of capital market-oriented entities in the Prime Standard since the introduction of DRS 20
items: How to define macroeconomic announcement surprises? An example of the impact of US macroeconomic news on stock prices on the Warsaw Stock Exchange
items: Gamified Recruitment: A Way to Win the Talent of Tomorrow?
items: Changes in the quality of bank loan portfolios in EU countries – with the particular case of Poland
items: The dependencies of subindexes of Stoxx 600 during the Covid-19 pandemic
items: Forecasting the economic impact of a vacuum tube high-speed transport system in Poland: An input-output approach
items: The impact of the COVID-19 pandemic on the German banking industry - a critical analysis of regulatory easing for banks
items: Calculating capital requirements for operational risk

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

Spillovers between European markets
type: item
description: Financial integration has been proven to benefit European economies. However, it may obstruct diversification attempts, and so attracts the attention of investors and researchers. The aim of this paper is to analyze changes in spillovers between European markets, the European Index, and the World Index, over a period of two decades (2000–2021), with regard to the level of development. Mature markets have higher spillovers than emerging and frontier ones. The main finding is that non-developed markets’ spillover levels in tranquil periods did not substantially increase in the last two decades, despite ongoing integration with developed European markets. However, spillover rises in time of global or regional crisis (e.g. Great Financial Crisis, Eurozone Debt Crisis, COVID-19 pandemic) for all markets, regardless of economic development, which can undermine diversification attempts just when they are most needed. Afterwards, the transmission of shocks falls back to the pre-crisis level, with the exception of the spillover between Eurozone markets and European Index, which remained very high even after the end of the particular crisis.
subject: Articles
  topic: section
creator: Agnieszka Choczyńska
rights: Copyright (c) 2023
date: 2023-02-20
publication date: 2023-02-20
starting page: 111
ending page: 111
doi: 10.7494/manage.2022.23.2.111

Development of key performance indicators of capital market-oriented entities in the Prime Standard since the introduction of DRS 20
type: item
description: This paper examines the performance indicators of 168 Prime Standard entities since the introduction of DRS 20, focusing on the core question of how the use of performance indicators has changed over time. For this purpose, we compare the published key performance indicators from various companies in different years to point out existing differences. Furthermore, we examine which KPIs are changed most often and how frequently businesses adjust their performance indicators. The companies examined are differentiated according to size and sector.
subject: Articles
  topic: section
creator: Philipp Blumenstein
creator: Robert Schmidt
creator: Jessica Hastenteufel
rights: Copyright (c) 2023
date: 2023-01-15
publication date: 2023-01-15
starting page: 7
ending page: 7
doi: 10.7494/manage.2022.23.1.7

How to define macroeconomic announcement surprises? An example of the impact of US macroeconomic news on stock prices on the Warsaw Stock Exchange
type: item
description: The definition of a news surprise plays a crucial role in the analysis of the impact of unexpected macroeconomic news announcements. In this paper, we study the properties of the most commonly used measure of news surprise, defined as the difference between the announced and expected value of the indicator. Due to the high vulnerability of this measure to outliers, we consider alternative definitions of macroeconomic surprises. Based on the analysis of announcements of 15 American macroeconomic indicators, we show that taking into account the heterogeneity of analysts’ forecasts or the variability of the previous surprises, noticeably improves the properties of the distribution of surprise measures. An additional study performed with the use of a dynamic model proves a strong linear relationship between surprise measures and WIG20 returns in the first five minutes after news announcements.
subject: Articles
  topic: section
creator: Tomasz Wójtowicz
rights: Copyright (c) 2023
date: 2023-01-15
publication date: 2023-01-15
starting page: 77
ending page: 77
doi: 10.7494/manage.2022.23.1.77

Gamified Recruitment: A Way to Win the Talent of Tomorrow?
type: item
description: Organizations are faced with increased competition in the war for talent, and their sustained competitive advantage may depend on the ability to attract suitable candidates. The gamification of HR recruitment processes can be one solution, as it creates employer brand awareness and enables candidates to better assess their fit with the organizational culture and job requirements. Based on a comprehensive literature review and through focus groups and qualitative content analysis, we develop guidelines for effective application design and implementation. Our findings are mirrored against UTAUT 2 theory and consolidated in a Model for Acceptance of Gamified Recruitment Elements. Results suggest that gamified recruitment is an effective option to support traditional recruitment processes in orienting candidates and companies about the individual employer fit, ultimately increasing the quality of applications and strengthening organizations’ talent pools. From the results, we derive guidelines on how to effectively implement design features.
subject: Articles
  topic: section
creator: Hannah Martensen
creator: Malte Martensen
creator: Johannes Asanger
rights: Copyright (c) 2023
date: 2023-01-15
publication date: 2023-01-15
starting page: 49
ending page: 49
doi: 10.7494/manage.2022.23.1.49

Changes in the quality of bank loan portfolios in EU countries – with the particular case of Poland
type: item
description: As non-performing loans (NPLs) can cause monetary crises that may turn into financial crises affecting an entire economy, monitoring them is very important. If NPLs are not identified and recognized efficiently, both in terms of speed and scope, NPL resolution effectiveness is undermined, which in turn will have negative effects on the banking sector and ultimately on GDP growth. The main aim of this article is to identify changes in the quality of bank loan portfolios in European Union (EU) countries in 2009–2021, using an example of the Visegrad Group (Czech Republic, Poland, Slovakia, Hungary) as well as France and Germany. Keeping in mind the fact that the share of loans to households in EU portfolios is approximately 60%, it has a significant impact on the share of non-performing loans (NPL) in a bank’s entire portfolio. Therefore, it is important to identify macroeconomic determinants influencing the creditworthiness of households and their loan servicing capacity. The specific aims are, first, to present the differences in NPLs, debt servicing costs, and the structure of loan portfolios in the selected EU countries. Second, to identify countries with high-quality portfolios and those undertaking restructuring. Thirdly, to examine the determinants of NPL for household loans based on the example of Poland, i.e., a country considered representative in terms of the average level of NPL and the portfolio structure in the group of countries studied. This chapter presents the changes of NPLs, debt service ratio, and household loans in selected EU countries in 2009–2021. Moreover, an NPLs econometric model for Poland is constructed, which considers the main factors determining the creditworthiness of households, i.e., macroeconomic factors, financial standing, and debt servicing costs. Tools such as the VECM model, the variance decomposition and the impulse response functions are used. The results for Poland confirm that the NPLs ratio for households was the stronges…
subject: Articles
  topic: section
creator: Aneta Kosztowniak
rights: Copyright (c) 2023
date: 2023-01-15
publication date: 2023-01-15
starting page: 27
ending page: 27
doi: 10.7494/manage.2022.23.1.27

The dependencies of subindexes of Stoxx 600 during the Covid-19 pandemic
type: item
description: In this index study, the relationships between Stoxx Europe 600 and sector indices are analyzed. This research uses DCoVar and MES as analytical tools developed as a measure of systemic risk and applied to financial institutions, to sectoral subindexes. For the sake of systemic risk assessment we calculate the dynamic correlation model with bivariate t copula distribution. We focus on the impact of sectors on the market. Despite the similarity between the time series plots of both measures, with maximum values on similar days, the compatibility of daily rankings, measured as a percentage of concordant pairs, is equal to about 50%. The rankings of the most and least risky sectors are different and depend on the choice of measure, but in the case of both we observe poor stability. When sectors are ranked in terms of the highest and lowest mean values at specific intervals (designated by the structural break estimation method, which surpisingly detects very similar dates of structural changes) we draw the same conclusions. For both measures we note huge percentage changes in mean values of risk, especially in the period from February 24, 2020 till August 20, 2020 with respect to the previous period. The percentage changes for both intervals indicate the same most risky sectors, but the indications of both measures are not consistent.
subject: Articles
  topic: section
creator: Henryk Gurgul
creator: Robert Syrek
rights: Copyright (c) 2022
date: 2022-07-03
publication date: 2022-07-03
starting page: 73
ending page: 73
doi: 10.7494/manage.2021.22.2.73

Forecasting the economic impact of a vacuum tube high-speed transport system in Poland: An input-output approach
type: item
description: The aim of this paper is to specify the multiplier effects that are induced in the national economy in reference to the construction of Hyperloop lines in Poland using tunnel and trestle technology. In particular, we calculate the added value and employment growth for several industries that will contribute to the construction process. We use an input-output analysis that enables us to take the detailed structure of inter-industry linkages in Poland into account. According to our results, constructing a Hyperloop infrastructure in Poland would have the greatest stimulating impact on several sectors of the Polish economy, including crude oil and natural gas, metal ores, other mining products, building objects and construction work, products from other non-metallic raw materials, finished metal products, land and pipeline transport, and wholesale trade. However, this impact will be affected by the choice of construction technology (tunnel versus trestle). In addition, our calculations relate to particular routes of the potential Hyperloop network. This study contributes to the body of literature on transport infrastructures and public investments as well as Hyperloop technology development. Additionally, it contributes to the econometric methodology by employing an input-output analysis for forecasting the multiplier effects of constructing a Hyperloop system. This study has practical implications for the decision-making process on Hyperloop network development in the future.
subject: Articles
  topic: section
creator: Łukasz Lach
creator: Marcin Suder
creator: Rafał Kusa
creator: Joanna Duda
rights: Copyright (c) 2022
date: 2022-07-03
publication date: 2022-07-03
starting page: 113
ending page: 113
doi: 10.7494/manage.2021.22.2.113

The impact of the COVID-19 pandemic on the German banking industry - a critical analysis of regulatory easing for banks
type: item
description: The COVID-19 pandemic was a challenge for all aspects of life. Besides others, this includes health and social life as well as the overall state of the economy. To contain the spread of the coronavirus, governments throughout the world imposed temporary closures (lockdowns). The banking industry was affected by these lockdowns in multiple ways. To mitigate the potential negative impact of the COVID-19 pandemic on banks, the national and international supervisory authorities passed comprehensive measures. The aim of this paper is to highlight the main regulatory facilitations for German banks by focusing on measures regarding capital buffers and the operating areas of banks. Besides this, an expert study was conducted to analyze how the measures are perceived by German banks and to develop recommendations for action. The results of the study show that the measures have mainly had a signaling effect on banks. However, measures like the easing of capital requirements are also related to higher risks for the banks. The results illustrate that most banks have hesitated in taking these additional risks if they can avoid them, with other measures like general moratoria on payments considered helpful. Overall, the results demonstrated that the experts prefer a cautious approach to using the easing measures.
subject: Articles
  topic: section
creator: Jessica Hastenteufel
creator: Anke Haag
creator: Maria Eschenroder
rights: Copyright (c) 2022 Managerial Economics
date: 2022-07-03
publication date: 2022-07-03
starting page: 95
ending page: 95
doi: 10.7494/manage.2021.22.2.95

Calculating capital requirements for operational risk
type: item
description: Operational risks have become increasingly important for banks, especially against the background of growing IT dependency and the increasing complexity of their activities. Further-more, the corona pandemic contributed to the increased risk potential. Therefore, banks have to back these risks with own funds. There are currently three measurement approaches for determining the capital requirements for operational risk. In recent years, and especially during the Great Financial Crisis of 2007/2008, however, some of the weaknesses inherent in these approaches have become apparent. Thus, the Basel Committee on Banking Supervision revised the current capital framework. Therefore, this article examines the various measurement approaches, addresses inherent weaknesses and moreover, presents the future measurement approach developed by the supervisory authorities.
subject: Articles
  topic: section
creator: Gerd Waschbusch
creator: Sabina Kiszka
rights: Copyright (c) 2021 Managerial Economics
date: 2021-12-07
publication date: 2021-12-07
starting page: 35
ending page: 59
doi: 10.7494/manage.2021.22.1.35