Socially responsible project management

In recent years we have observed the global awareness of threats posed by unrestrained and irresponsible growth gaining ground. Hence, continuous searches for sustainable solutions which enable to put in place measures that promote global, national, and local efficiency seem to make sense.This paper aims to examine and assess the current state of affairs and proposes directions for the development of sustainable and socially responsible project-related activities. It explains how the idea of social responsibility emerged as a natural consequence of the evolution of an organisation with respect to sustainable development. Against the background of these notions we define the place and role of project management in socially responsible development and discuss different views on the subject presented by authors from different countries. Theoretical considerations are supplemented with the discussion of the findings of own surveys focused on the role and relevance of social responsibility in project management in organisations active in this field in Poland. It was an exploratory study, the first of its kind in Poland.

Dynamic measurement of the financial liquidity of Polish companies listed on the Warsaw Stock Exchange between 2002 and 2017: cross-sectoral comparative analysis - Part 2

The purpose of the present research was to analyse Polish listed companies in terms of liquidity management in 2002-2017 in a dynamie context. Evaluation of the dynamie model of corporate financial liquidity was carried out with the use of classical descriptive statistics tools and methods applied in sueh analyses. The eompanies were analysed in the new seetoral layout implemented by the Management Board of the Warsaw Stoek Exehange in January 2017. The study of the dynamie finaneial liquidity of enterprises on the basis of seleeted ratios eonsisted of two parts. In the first part of the study, a series of medians was determined for eaeh of the liquidity ratios in partieular seetors. Eaeh element of the series is assoeiated with the quarter from whieh the data eame. The ratios within sectors were then compared so that coexistence of changes over time, shifts in rela- tion to one another, or the lack of clear interdependencies could be observed. Unlike the first part, which covered the relationship between the different ratios within a sector, the second part focuses on cross-sectoral comparative analysis. Descriptive statistics based on quantiles were derived for data covering the entire period under consideration and for all enterprises in the sector. Half of the surveyed listed companies (i.e. all the ratio values between the first and third quartiles), were adopted as the central standard. Numerical values of standards for particular ratios and sectors are presented in a tabular form.

Eco-design as a sign of environmental maturity of manufacturing enterprises: the vivisection of the agricultural machinery industry

Eco-design, a new stage in product development, has been gaining in importance for some years already. Against this backdrop, a series of studies was conducted aimed principally to assess envi- ronmental maturity of enterprises reflected in considering environmental aspects at early stages of product design when decisions are made, inter alia, as to materials that will be used, production technologies, and product durability. With regard to the above stated goal, the following actions have been recommended as necessary: at the theoretical level, identifying prerequisites against which we can assess the degree of environmental maturity using the reconstruction methodology and subject-matter literature review; at the project level, developing a research tool in the form of an evaluation sheet as a product of the exploration of writings and discussions held by a purpose- fully selected group of experts; and at the empirical level, identification of the eco-maturity degree of agricultural machinery manufacturers. In the context of the above stated goal, it seems justified to plan the studies based on literature review, expert knowledge, creative discussion, and direct interviews with selected representatives of the industry covered by the research. To managers, these studies having solid theoretical foundations should provide grounds for evaluation and inspire them to build their own eco-design strategies.

Creating value in investments with the use of private equity funds

The influence of the private equity sector on the contemporary economy is quite significant. This is why the present paper attempts to examine mechanisms private equity investors apply in order to increase the value of their investments. The literature review has identified the most fundamen- tal elements of creating value on the basis of empirical, academic studies that verified hypotheses regarding the influence of particular mechanisms on the process of value creation in private equity investments. This paper is divided into five parts that describe the elements of the investment pro- cess, research into value creation, financial arbitration, as well as direct and indirect mechanisms of creating investment value. The paper is mainly based on the review of foreign-language literature.

Institutional determinism of the execution of transactions within the company

Modern companies, operating in a dynamically changing environment, are subject to the permanent determinism of the institution. On the other hand, companies are more and more often perceived as complex networks of interpersonal relations in often dispersed organizational structures. Rela- tionships seem to play the role of a link between human activities. The latter, being dependent on the level of his/her opportunism, limited rationality, uncertainty and defined costs of transaction execution within the company, take actions consistent with the company's goal. Man-made activ- ities seem to be more and more often characterised by market transactions concluded within the frames of a company. The whole mechanism of company functioning cohabits under the influence of institutional determinism.Such a context of social and economic reality observed within the frame of the company has become a contribution to the emergence of the question which inspires the author's scientific work within the scope of the new institutional economics. What are the reasons for the existence of various forms of transaction organization and ways of their implementation within the company? The following article is an attempt to answer such a question in the context of the theory of institutions. The presented considerations, through the theoretical meanders of neo-institutionalism, ultimately lead to the localization of institutional determinism, which shapes the way transactions are carried out within the company.

Financial crises and the perils for the world economy

In this paper, we wish to address the issue of financial crises. We focus on the causes and implications for the world economy and financial stability. For this reason, we attempt to identify the relative phenomena that encourage the emergence of financial crises. The amplification of the financial sector at the international level and the high degree of financial integration render the debate of financial crises solemnly significant. The world economy has become unstable and vulnerable to the emer- gence of unanticipated financial events. Such events are not simply limited to a large bank default but also to the inability of a multinational firm or an agent to validate their debts. Thus, we mainly emphasize the insights of Hyman Minsky into the global financial crisis, who suggested that the flaws of the current dominant financial status would eventually entail instability and probably lead to crises with contagion effects at the international level. Therefore, the aim of this paper is to indi- cate that the perils of financial crises for the global economy must be perceptible and considerable ex ante in order to be successfully confronted.

The development of the regional innovation system in Ukraine under decentralization

The main concepts of the term ‘region' have been determined in this paper and the term ‘innovation' has been analyzed. The problem of regional innovation system's place and role in the development of a region and its internal potential in its competitiveness has been emphasized. Moreover, the diag- nostics model of innovation product implementation has been proposed as well as the comparison of innovation indexes, which are identified at the level of an individual country or a group of them. Finally, the Polish experience of the regional innovation system development under decentralization changes in the country has been explored.

German tax consolidation regimes in an international comparison

The tax climate of a jurisdiction may encourage or discourage potential investors. There are many tax factors taken into account by multinational enterprises when making location decisions. One of those factors is the possibility of creating a group for tax purposes. Consolidation allows two or more companies to be potentially considered as a single entity for tax purposes. The European Union and OECD member states offer tax grouping regimes on different conditions. This article reviews the German tax consolidation model and discusses requirements and options for that consolidation. Moreover, it compares German consolidation rules with the ones implemented in selected countries. The methodology of this article is determined by the research objectives and the research topic. The requirements for tax consolidation are specified in the law implemented in European countries. Hence, this article includes a legislative analysis of the regulations comprised in selected national acts. It also reviews the literature on the topic analysed, along with the statistical data collected by the German Federal Ministry of Finance in regard to the tax groups and their functioning.

Rational microeconomic decisions and their non-optimal macroeconomic outcomes: the role for social institutions

The paper analyzes possible policy and institutional responses to underconsumption (deficient consumption spending that leads to depressed economic activity). Underconsumption is an effect of a specific market failure; uncoordinated rational microeconomic decisions to keep labour costs low result in sub-optimal macroeconomic outcomes. Traditionally, any manifestations of demand constraints have been corrected with expansionary fiscal and monetary policies. These methods have ceased to be effective and viable. Alternative measures aimed directly to change income distribu- tion are considered. Such measures (progressive income tax, stronger labour unions) would rather not gain acceptance of entrepreneurs even though in principle they should boost business activity. Non-confrontational solutions are beyond the reach of economic policy but good apprehension of the problem at hand in the democratic debate might lead to a better compromise with respect to social distribution of incomes.

External financing in Central and Eastern European countries after the global financial crisis

The aim of the paper is to analyse changes in the financial account of the balance of payments in 11 Central and Eastern European countries (CEE) during the years 2007-2017. The analysis comprises changes in the value of the financial account's components. The economic crisis reversed existing tendencies in net capital flows to CEE countries. They transformed from net recipients of capital to providers of capital to the rest of the world. This situation is completely different than the pre-crisis period when CEE countries experienced significant net inflows of mainly direct invest- ment, with capital moving ‘downhill', mostly from richer EU countries. The fall in the surplus on the financial account of the balance of payments was determined mainly by a large drop in net other investments and even their outflow, especially during 2012-2015. The net outflow of capital was also caused by the accumulation of reserves by central banks. In relation to other transactions of the financial account, a slowdown in net capital inflows was recorded. The lowered surplus on the CEE countries' financial balances can have an effect on their external stability, however, they have seen a reemergence of inflows in recent quarters, including in non-FDI flows.