The price stability oriented monetary policy of the European Central Bank

The aim of this paper is to present the price stability oriented monetary policy of the European Central Bank. The European Central Bank began activities in 1998 and the primary objective of the European System of Central Banks is to maintain price stability and the ESCB should also support the general economic policies in the Community. Monetary policy is a special tool that national governments and central banks uses to influence on its economy, especially to control the supply of money and to influence on the level of economic indicators. This paper investigates the assumed objective of the European System of Central Banks which is to maintain price stability. What is more, we would like to present the monetary policy strategy of the European Central Bank and analysis of the Harmonized Index of Consumer Prices.Celem niniejszego artykułu jest przedstawienie polityki pieniężnej EBC w kontekście stabilizacji cen. EBC rozpoczął swoją działalność w roku 1998 i od tego czasu wraz z Europejskim Systemem Banków Centralnych odgrywa istotną rolę w prowadzeniu polityki pieniężnej Unii Europejskiej. Polityka ta jest specjalnym narzędziem stosowaną przez bank centralny oraz rządy narodowe w celu oddziaływania na gospodarkę. Jednym z działań jest oczywiście wpływ na podaż pieniądza i innych istotnych wskaźników. W niniejszym artykule autorzy starają się dokonać analizy polityki pieniężnej prowadzonej przez EBC ze szczególnym uwzględnieniem HICP

Sustainable development of transport enterprises in Poland - statistical assessment

The main purpose of this paper is to show a statistical evaluation of the sustainable development issues at the transport enterprises level. Initial considerations are devoted to the discussion of theoretical issues related to sustainable development businesses. The main part of the article is devoted to the statistical analysis of the sustainable development of Polish transport companies. The results of the study made it possible to assess that the sustainable development of transport companies in 2009-2015 takes place. This development is more rapid compared to the average development of the entire enterprise sector. The average level of the indicator of sustainable development of transport enterprises in the whole analyzed period it amounted to 0,89. At the same time, it should be noted that economic development is accompanied by improvement of conditions and quality of work and reduction of negative impact on natural resources

ZMIANY ZAPASÓW W SPÓŁKACH NOTOWANYCH NA GIEŁDZIE PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE

The aim of the study was to investigate the behavior of inventory investment in differentproductive sectors. The hypothesis of this article is expressed by the statement that the level ofinventory in relation to other financial variables is stable, which can be the result of inventorycontrol that is exercised by companies.The research was conducted on the basis of quarterly financial statements of 88 companieslisted on the Warsaw Stock Exchange in the period IQ 2007–IQ 2013. The statistical methods ofdata analysis (e.g. correlation analysis, mean, the coefficient of variation) were used to verify thehypothesis.This paper finds positive correlations between inventory and sales dynamics for most ofanalyzed sectors. Moreover, the analysis of indicators describing the relationship betweeninventory and other financial variables indicate their low volatility during the research period.However, there are differences in the level of these indicators, which might be caused byspecificity of each sector. The findings of this paper lead to the conclusion that research oninventories should be conducted in order to find the factors affecting decisions on inventoryinvestment

Determinants of the Development of Small and Mediumsized Enterprises in Poland in the Years 1990-2011

This article aims to present the analysis of the development of small and mediumsized enterprises in Poland in the years 1990-2011. Political changes to which the Republic of Poland invaded after 1989 led to the emergence of a market-oriented economies. New economic system, has discovered plenty of opportunities for enterprise development and contributed to the development of small and medium enterprises. The development of small and medium enterprises is crucial for the correct functioning of the economy and the mechanisms in place. The intention of the article is to determine the degree of development of the sector by carrying out a study on the evolution of the number of enterprises depending on the specific macroeconomic conditions. Analyses have been developed based on data from the Polish Agency for Enterprise Development, Central Statistical Office and Eurosta

Diversity on management and supervisory board and accuracy of management earnings forecasts in IPO prospectuses

Motivation: Although the issue of accuracy and bias of earnings forecasts revealed in the IPO prospectuses has attracted attention of many researchers, the literature on the relationship between board characteristics and the quality of such financial projections is still very limited, especially for a two-tier board structure consisting of the management and the supervisory board. The policy of diversity on the boardroom is promoted in many countries and composition of the management and supervisory boards is expected to be comprehensive and diverse, among others, in terms of gender, education, age and professional experience of the members.Aim: The main objective of this study is to analyse the relationship between the accuracy of the earnings forecast disclosed in the IPO prospectus and the diversity of company’s corporate governance institutions. More specifically, we ask a question whether the extent of diversity in the board system features may have an impact on the accuracy of such forward-looking financial information.Results: Using a sample of 104 IPOs from the Warsaw Stock Exchange, we find that certain characteristics of the management and supervisory board enhance the usefulness of forward-looking financial information from a IPO prospectus, as some of boards characteristics are important for the evaluation of the earnings forecasts credibility at the time of IPO. For example, in accordance with our expectations, the age diversity results in more accurate forecasts. This evidence may be seen as an argumen

Macroeconomic stability and transport companies’ sustainable development in the Eastern European Union

The paper’s primary aim is to evaluate the influence of macroeconomic stability on transport companies’ sustainable development in the eastern EU from 2008 to 2019. The first part discusses the theoretical problems. The empirical part includes the methodology, results of the research and conclusions. To determine the relationship between variables, we use Pearson’s R and the Ordinary Least Square Method. The contribution to knowledge is using the pentagon of macroeconomic stability to evaluate macroeconomic stabilisation’s influence on transport companies’ sustainable development. The results indicate that macroeconomic stability is one of the essential determinants of the transport companies’ sustainable development. According to Pearson’s R, the highest level of dependence is in Slovenia (0.96), Bulgaria (0.9), and Slovenia (0.83). The lowest is in Latvia (0.69). The OLS regression results indicate that the highest significance is in Slovakia (α1 = 1.994), the lowest is in Lithuania (α1 = 0.691). The states’ economic policies should favour the freedom to conduct business, create appropriate legal regulations, and support ecological investments. It is necessary to act for a stable and fair tax system, ensure access to finance. The issue is contemporary and requires further analysis. First published online 14 December 202

Polish Economic Situation and the Development of Small and Medium Enterprises

This article aims to present the influence of socio-economic situation in Poland on the development of small and medium-sized enterprises. SME development is determinated by the external environment and internal inherent in the organization and its management system. The macroeconomic factors have an important impact on the development of SMEs. The starting point for the statistical analysis is to discuss theoretical issues related to the impact of the environment on the development of the SME sector. The rest of the work will be devoted to discussing the basic indicators which determine the economic situation of the Polish Republic and evaluation of the development of the SME sector. The final consideration will be devoted to statistical regression analysis, the impact of selected macroeconomic indicators of the financial performance of the SME sector.Artykuł ma na celu ukazanie wpływu sytuacji społeczno-gospodarczej w Polsce na rozwój małych i średnich przedsiębiorstw. Rozwój MŚP jest uwarunkowany czynnikami zewnętrznymi, jak i uwarunkowaniami wewnętrznymi przedsiębiorstwa. Punktem wyjścia dla rozważań jest omówienie zagadnień teoretycznych związanych z wpływem otoczenia na funkcjonowanie MŚP. Dalsza część artykułu poświęcona została ocenie sytuacji społeczno-gospodarczej Polski oraz poziomu rozwoju sektora MŚP. Końcowe rozważania dotyczą statystycznej oceny wpływu sytuacji społeczno-gospodarczej Polski na wyniki finansowe MŚP

Nowoczesne metody zarządzania przedsiębiorstwem w warunkach nowej gospodarki – implikacje w sektorze TSL

W naukach ekonomicznych i o zarządzaniu istnieje szereg zjawisk i problemów badawczych, które pomimo prób ich kwantyfikacji, opisu i naukowego wyjaśniania pozostają wielowymiarowe i nie znajdują jednolitych rozwiązań. Zagadnienia wyboru odpowiednich metod zarządzania rozwojem przedsiębiorstwa są niezwykle interesującym problemem badawczym. Rozwój ten determinowany jest przez szereg czynników zarówno o charakterze wewnętrznym, jak i zewnętrznym. Niewątpliwie złożoność uwarunkowań nowej gospodarki oraz technologii informacyjno-komunikacyjnych ma kluczowe znaczenie dla funkcjonowania i rozwoju organizacji. Wybór odpowiedniej metody ma ważne znaczenie dla efektywności podejmowanych działań. Podstawowym celem opracowania jest zaprezentowanie wybranych metod zarządzania przedsiębiorstwem w warunkach nowej gospodarki. Szczególną uwagę poświęcono analizie przedsiębiorstw z sektora TSL. Początkowe rozważania zawierają omówienie podstawowych zagadnień teoretycznych związanych z nową gospodarką i metodami zarządzania. W dalszej części opracowania opisano wybrane metody zarządzania wykorzystywane przez przedsiębiorstwa transportowe

Sustainable development of manufacturing enterprises in the socio-economic context. The case of Poland and Germany

Purpose – The article aims to assess the impact of contemporary external socio-economic deter-minants, including globalization, eco-innovation, social development, and macroeconomic stabilization, on the sustainable development of manufacturing enterprises in Poland and Germany from 2008 to 2020. Research method – This paper is empirical. The survey covers the manufacturing enterprises in Poland and Germany. The first part discusses the conceptual background related to the sustainable deve-lopment of enterprises in a socio-economic context. The empirical part includes the methodology and results of the study. To determine the relationship between socio-economic factors and sustainable development, the author uses the Least Square Method (OLS) and Seemingly Unrelated Regression (SUR). Results – The research results show a statistically significant relationship between the variables. Socio-economic indicators are vital determinants of the sustainable development of manufacturing enter-prises. The models show that the impact of individual exogenous determinants is different in Poland and Germany. Originality/value/implications/recommendations – The statistical assessment of the socio-economic impact on enterprises’ sustainable development is relatively poorly understood. The issue is new, contem-porary and requires further analysis. The exogenous socio-economic factors are important for enter-prises sustainable development. It is important to launch macroeconomic efforts to implement sustain-able development goals. 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Zrównoważony rozwój przedsiębiorstw, CSR i ESG w dobie kryzysu makroekonomicznego i geopolitycznego

The main aim of the paper is to discuss selected problems related to sustainable development, corporate social responsibility (CSR) and the concept of environment, social responsibility and corporate governance (ESG) in the era of geopolitical and economic crisis. The research hypothesis is: “Sustainable development/CSR/ESG is resistance to changes and crises for enterprises that want to meet market challenges and build their competitive position”. Implementing the research objective required the method of retrospective and critical review of selected Polish and English-language literature on the subject. The literature review based on the Scopus, Web of Science and BazEkon databases. The analysis results indicate that sustainable development/CSR/ESG eliminate negative phenomena in crises, prevents the degradation of the natural environment, supports social inclusion and integrates the organization and management of economic entities.W artykule omówiono wybrane problemy związane ze zrównoważonym rozwojem, społeczną odpowiedzialnością biznesu (Corporate Social Responsibility – CSR) oraz koncepcją środowisko, społeczna odpowiedzialność i ład korporacyjny (Environmental, Social and Corporate Governance – ESG) w dobie kryzysu geopolitycznego i gospodarczego. W tym kontekście sformułowano następującą hipotezę badawczą „Zrównoważony rozwój/CSR/ESG wpływa na odporność przedsiębiorstw na kryzysy, gdyż pozwala sprostać wyzwaniom rynku i budować pozycję konkurencyjną”. Realizacja celu badawczego wymagała zastosowania metody retrospektywnego i krytycznego przeglądu wyselekcjonowanej polskiej i anglojęzycznej literatury przedmiotu. Przegląd literatury sporządzono na podstawie baz Scopus, Web of Science i BazEkon. Wyniki analiz wskazują, że zrównoważony rozwój, CSR i ESG pozwalają na niwelowanie negatywnych zjawisk w sytuacjach kryzysowych, zapobiegają degradacji środowiska naturalnego, wspierają inkluzję społeczną oraz integrują organizację i zarządzanie podmiotami gospodarczymi