Suchergebnisse

In this research we design a motivation system mechanism which prevents the occurrence of sandbagging in the goal-setting process. Goal setting is one of the most vital management processes in the company. However, it is vulnerable to several inefficiencies and malpractices, which hinder the company's development. One of the common phenomena is the hiding of information by employees regarding the real possibilities of business development in order to negotiate the lowest possible goals for their incentive systems (sandbagging). The proposed solution is based on the introduction of the ex ante determined ambitiousness parameter to the bonus system, combined with the parameters for the evaluation of plan execution and the bonus grades for variable compensation. The model stimulates truth-telling behaviour for managers in the goal-setting process and eliminates sandbagging. The concept has self-learning ability – based on past performance, managers will adjust their behaviour to maximize their risk-weighted rewards. ; 33rd International Business Information Management Association Conference, IBIMA 2019, Granada, Spain, 10-11 April, 2019. ; 5413–5423

In this research we design a motivation system mechanism which prevents the occurrence of sandbagging in the goal-setting process. Goal setting is one of the most vital management processes in the company. However, it is vulnerable to several inefficiencies and malpractices, which hinder the company's development. One of the common phenomena is the hiding of information by employees regarding the real possibilities of business development in order to negotiate the lowest possible goals for their incentive systems (sandbagging). The proposed solution is based on the introduction of the ex ante determined ambitiousness parameter to the bonus system, combined with the parameters for the evaluation of plan execution and the bonus grades for variable compensation. The model stimulates truth-telling behaviour for managers in the goal-setting process and eliminates sandbagging. The concept has self-learning ability – based on past performance, managers will adjust their behaviour to maximize their risk-weighted rewards. ; "Education Excellence and Innovation Management through Vision 2020", 33rd International Business Information Management Association Conference, IBIMA, Granada, Spain, 10-11 April, 2019. ; 5413–5423

The local government (LG) sector plays an important role in the EU economies. Besides providing a vast range of public services, it accounts for over 8% of total investment. The crisis, which started in 2008, resulted in increased LG indebtedness and raised concerns over the sector's debt repayment capacity. This paper proposes an alternative methodology of risk assessment of LGs to statutory debt limits, the Altman model and non-financial indicators. Firstly, it employs a corporate finance approach to evaluate the financial standing of individual entities. The measures are based on free operating cash flow and net debt. Next, Data Envelopment Analysis is used to derive the relative performance of LGs in debt utilization. The indicators used are available from the LG financial reports and also allow risk to be monitored on a quarterly basis. The proposed approach allows the ranking of the risk of individual LGs according to both their debt service capacity and long-term ability to manage costs and carry out a rational investment policy. The results obtained using the DEA method also enable the identification of LGs with persistently inferior risk profile. The quantitative analysis is conducted for the local governments in Poland for the period 2008-2015. ; 3 ; 329-351 ; 7

The financial standing of local governments across the European Union was strongly affected by the economic crisis. The local government sector conducted vast investment policies reaching 10.2% of all investments in the EU countries in 2010. However, at the same time its indebtedness expanded significantly. The current low interest rate environment makes the sector vulnerable to future interest rate increases. The presented research analyses the impact of several scenarios of interest rate changes in Poland on the local governments' ability to service their current debt burdens. Simulations are conducted with the Monte Carlo method. Some scenarios indicate a high vulnerability of local governments to adverse changes in market interest rates, but only if they are combined with a reduction of sector's operating surplus. Such an economic setup may give rise to systemic problems for the whole public sector.

This research investigates whether investors on the Warsaw Stock Exchange are willing to pay a premium to invest in large companies with a relatively more favourable environmental, social and governance (ESG) risk profile. The theory is that lower exposure to ESG risks and better ESG risk management practices are perceived by investors as a signal of potentially lower financial uncertainty and improved ability of companies to grow future earnings. The analysis was conducted for companies included in the mWIG40 and WIG20 indices. The relationship between market ratios reflecting company valuation, such as price to net book value and enterprise value to EBITDA, and their ESG risk ratings was modelled using regression models. Those were estimated using ordinary and generally least squares techniques. Although ESG management practices are still at a relatively early stage of implementation in Central Europe (including Poland), the results of the analysis confirm a strong negative relationship between the severity of ESG risks and the relative valuation of the company, accompanied by the existence of significant valuation differences across industries. Of particular note is the impact of a favourable ESG risk rating on a higher Enterprise Value to EBITDA ratio. This ratio is important because it is very often used as a valuation basis in corporate buy-sell transactions. The research confirms that investors are willing to pay more for companies that have built business models that are less vulnerable to future ESG risks and have a quality management culture. As a result, the research provides evidence that consciously investing in climate risk mitigation and improving corporate governance practices in large companies pays off for shareholders.

Despite one of the fastest rates of economic growth among the European Union countries in 2010-2019, Poland did not experience any significant improvement in meeting the housing needs of less affluent households. The stock of municipal housing is characterised by low availability and a high degree of asset depreciation as well as growing rent arrears. In the face of the upcoming economic downturn caused by the SARS-CoV-2 coronavirus pandemic, the implementation of municipal tasks in the field of housing will be further hindered. To prevent this, the authors present a number of recommendations for regulatory changes for local government units and central institutions that will improve the implementation of the state's housing policies in the field of municipal housing.

As a consequence of the global financial crisis which began in 2008, the amount of debt of the local government sector in OECD countries has remarkably increased. In Poland, the debt of local governments has started to fall gradually after reaching its peak in nominal terms in 2014. In this article, we examine how the ability of local governments to repay their debts changed over the 2007-2016 period. The analysis reveals that, despite their considerable nominal indebtedness, local governments had already returned to a strong debt repayment capacity at the end of 2016, observed formerly at the end of 2009. However, at the end of 2016, one in eight local governments has become overindebted in terms of their repayment capacity, despite the rigorous statutory debt limits imposed in Poland. The most worrying situation is in towns with county rights: in 33% of these entities, the debt repayment period is estimated at longer than 15 years. This category represents 33% of Poland's population, and therefore it is of a systemic importance. ; W konsekwencji światowego kryzysu zapoczątkowanego w 2008 r. zadłużenie sektora jednostek samorządu terytorialnego w krajach OECD znacząco wzrosło. W Polsce nominalne zadłużenie jednostek samorządu terytorialnego osiągnęło najwyższą wartość w 2014 r. W niniejszym artykule analizowane są zmiany w zdolności do spłaty zadłużenia przez jednostki samorządu terytorialnego w latach 2007-2016. Przeprowadzona analiza ukazuje, że mimo wysokiego zadłużenia jednostki samorządu terytorialnego odbudowały przestrzeń do jego obsługi do poziomu z przełomu lat 2009/2010. Wszelako na koniec 2016 r. co ósma jednostka samorządu terytorialnego ma zbyt wysokie zadłużenie, biorąc pod uwagę generowane nadwyżki operacyjne. Najmniej korzystna sytuacja występuje w miastach na prawach powiatu, gdzie co trzeci podmiot ma szacowany ponad 15-letni horyzont spłaty swego zadłużenia. ; 2 ; 5-18

The analysis of rural areas in Poland on the LAU2 level reveals significant heterogeneities among these entities. Research based on demographic, wellbeing and infrastructure indicators showed that there was no uniform pattern of change in the rural areas. Two main groups emerged from the analysis – systematically depopulated and financially stressed peripheral boroughs and rural boroughs adjacent to large municipalities, which undertook skilful free rider strategies. The latter limited their own provision of public goods such as healthcare, and education on the one hand and, on the other, attracted residents and businesses from the municipalities. Such a strong differentiation between rural boroughs indicates the need for a reconsideration of the criteria for regional cohesion policies to design context-dependent regional policy instruments instead of the currently prevailing approach of 'one size fits all' allocation policies. ; Suppl. No. 1 ; 117-134 ; 27

Theory of political business cycles in democratic systems indicates that politicians have an incentive to operate with different economic instruments to acquire voters or secure re-election. Such phenomena also take place on the local government level, with incumbents manipulating the scale of expenditures, investments, or the amount of debt raised before elections. In this article, we focus on the analysis of local government investment as it is one of the most flexible parts of the budget so there is a strong incentive to use it as an election support instrument. Based on the panel data for the three full electoral cycles in Poland, we check the existence of the relationship between investment budget sizes and the phase of the electoral cycle. The results of the analysis show that even as a single explanatory variable, the election cycle is a significant factor explaining the behaviour of local public investments. It causes fluctuations of local investments by over 20% around their average level. This confirms the existence of a strong political budget cycle in Polish local governments. As this also provides evidence of political rent seeking, our findings provide a general rationale for limiting the number of office terms for incumbents in local authorities.

One of the key challenges for climate policies is the identification of strategies that will effectively support the implementation of environmental goals. Environmental policies are connected with other development policies carried out by governments. In order to comprehensively shape environmental policy, it is important to understand the interactions between sustainable development goals (SDGs) as well as their impact on environmental goals. Employing econometric modeling based on the least absolute shrinkage and selection operator (Lasso) method and full-factorial analysis, the authors identify a number of statistically significant relationships between the implementation of sustainable development goals and the environmental variable represented by greenhouse gas emissions. Analysis reveals that implementation of particular sustainable development goals, namely SDG4 (Ensure inclusive and equitable quality education and promote lifelong learning opportunities) and SDG17 (Strengthen the means of implementation and revitalize the global partnership for sustainable development), explicitly facilitate the achievement of environmental policies. In addition, other SDGs exert an indirect influence on environmental goals through their reinforcing interactions with SDG4 and SDG17 variables. These are: SDG1 (End poverty), SDG3 (Ensure healthy lives and promote well-being), SDG8 (Promote sustained, inclusive and sustainable economic growth, and productive employment) and SDG15 (Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests and halt biodiversity loss). These findings have important implications for proper identification of effective government policy instruments which indirectly support the achievement of environmental goals. ; 8 ; 1-22 ; 14

Environmental risks, in particular climate change and environmental pollution, are among the key challenges faced by modern governments nowadays. Environmental risks are associated with specific costs and expenditures necessary to mitigate their negative effects. In this context, the financial system plays a significant role, particularly the public financial system, which allocates and redistributes public resources and has an impact on market participants by imposing environmental taxes. This study assessed the interdependence between environmental degradation and public expenditure, financial sector development, environmental taxes, and related socioeconomic policies. The aim was to diagnose and define the relationship between environmental degradation and sustainable fiscal instruments used in the financial system. The original research approach adopted in the study is the inclusion of variables representing a sustainable approach to assessment of the financial system. Two groups of European Union countries were analyzed for the period 2008–2017, namely, converging economies from Central and Eastern Europe and the largest developed economies of Western Europe. The authors found a strong relationship between greenhouse gas emissions and fiscal instruments, especially expenditure on research and development, and the development of the financial sector. In the case of environmental taxes, their impact differed depending on the country, being predominantly beneficial in countries with higher greenhouse gas emissions but unfavorable in countries with lower emissions levels.