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1

Cross-border distribution of investment funds

Krupa Dorota Marzena

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2024

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z. 192

659--672

EN

Purpose: The aim of this article is to present the evolution of the European investment fund market in the context of its cross-border distribution and the challenges it faces. Design/methodology/approach: Legal acts, reports and data published by international institutions involved in investment fund market research, such as the European Fund and Asset Management Association and PriceWaterhouseCoopers, have been analysed. Findings: There were differences in the regulation of cross-border distribution of investment funds between Member States and between UCITS funds and alternative funds. The harmonisation of rules and the strengthening of cooperation between regulators in different EU countries have contributed significantly to the development of cross-border distribution of investment funds. These regulations also develop similar cross-border distribution rules for the two types of funds mentioned. The share of domestic funds in the structure of the total assets of European investment funds, although dominant, is gradually decreasing in favour of an increase in the share of assets held by cross-border funds distributing their shares or units in other EU countries and outside the EU. The level of development of cross-border distribution has increased, as measured by the ratio of the average number of registrations per cross-border fund. This demonstrates the significant impact of the investment fund market on EU competitiveness and development. It also confirms the positioning of investment funds established under EU law as a global brand, no longer limited to UCITS funds but also to alternative funds (AIFs), which are increasingly used for cross-border distribution. The still dominant position of Luxembourg as the country of choice for cross-border offered investment funds is no longer as strong as before, the position of other Member States (Ireland, France) is slowly increasing. Practical implications: The development of EU legislation on cross-border investment funds may pose a significant challenge to smaller, local investment fund markets. Institutions setting up and promoting investment funds should consider the growing interest of non-EU investors. Social implications: Cross-border distribution of investment funds can increase retail investors' access to a category of funds that is sometimes poorly served in domestic markets, particularly in the growing market for ESG-based sustainable funds. Originality/value: The article presents the evolution of cross-border distribution of investment funds, highlighting regulatory changes, market developments and structural changes in the countries chosen to host cross-border investment funds.

2

The evolution of Ukraine-China trade relations in the context of the Russo-Ukrainian War

Zheng Jinsheng

Systemy Logistyczne Wojsk

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2023

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Vol. 59, no. 2

55--72

EN

This paper addresses the research problem of Ukraine’s growing need for allies following the Russian war. It posits the hypothesis that analysing Ukraine-China trade within the broader context of international relations and entrepreneurship development, while considering current geopolitical factors, can provide valuable insights. The research presented here fills a research niche in the field, as the increasing global significance of China necessitates a comprehensive understanding of Ukraine’s relations with the country. The study’s primary objectives include assessing trade trends between Ukraine and China, drawing conclusions regarding their existing patterns, and employing analytical, abstract, and forecasting methods for this purpose. Special attention is dedicated to scrutinizing international trade specifics, providing trade statistics, and elucidating the impact of the Ukraine-Russia conflict on trade dynamics. Emphasis is also placed on agricultural product trade and its implications for entrepreneurship development. Furthermore, the paper outlines potential benefits and challenges in Ukraine-China cooperation, offering recommendations for informing Ukraine’s state policy, particularly in fostering high-quality enterprise development.

PL

Niniejszy artykuł porusza problem badawczy rosnącego zapotrzebowania Ukrainy na sojuszników po wojnie rosyjskiej. Stawia hipotezę, że analiza handlu między Ukrainą a Chinami w szerszym kontekście stosunków międzynarodowych i rozwoju przedsiębiorczości, przy jednoczesnym uwzględnieniu bieżących czynników geopolitycznych, może dostarczyć cennych spostrzeżeń. Przedstawione badania wypełniają niszę badawczą w tej dziedzinie, ponieważ rosnące globalne znaczenie Chin wymaga kompleksowego zrozumienia stosunków Ukrainy z tym krajem. Główne cele badania obejmują ocenę trendów handlowych między Ukrainą a Chinami, wyciągnięcie wniosków dotyczących istniejących wzorców oraz zastosowanie w tym celu metod analitycznych, abstrakcyjnych i prognostycznych. Szczególną uwagę poświęcono analizie specyfiki handlu międzynarodowego, dostarczeniu statystyk handlowych i wyjaśnieniu wpływu konfliktu ukraińsko-rosyjskiego na dynamikę handlu. Nacisk położono również na handel produktami rolnymi i jego implikacje dla rozwoju przedsiębiorczości. Ponadto w artykule przedstawiono potencjalne korzyści i wyzwania związane ze współpracą ukraińsko-chińską, oferując zalecenia dotyczące informowania o polityce państwa ukraińskiego, w szczególności w zakresie wspierania rozwoju wysokiej jakości przedsiębiorstw.

3

The decision making criteria of a rational investor on the example of an investment portfolio analysis of listed companies and a basket of currencies

Tadla Karolina

Managerial Economics

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2023

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Vol. 23, no. 1

83--94

EN

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.

4

Effect of shipping company demographic characteristics on cabotage vessel finance and repayment in Nigeria

Orogun Ambrose Chodja, Akpoghomeh Osis S., Emenike Gladys C.

Journal of Sustainable Development of Transport and Logistics

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2023

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Vol. 8, No. 2

164--183

EN

The research examined the effect of shipping company demographic characteristics on cabotage vessel finance and repayment in Nigeria. The Nigerian Maritime Administration and Safety Agency (NIMASA) have been concerned about the inability of the Ship Acquisition and Ship Building Fund (SASBF) beneficiaries to pay back disbursed loans fully, resulting in the suspension of further disbursement of the fund required for the development of Nigerian local content capacity. The Cabotage Act 2003 was intended for local content development of shipping and maritime logistics capacity. The fund realized through a 2% surcharge on cabotage trade has accrued since inception, but no shipowner has benefited from the CVFF loan. The study relied on both primary and secondary data. Data was collected through a well-structured questionnaire. The study utilized a Statistical Product Service Solution (SPSS v. 23) and a one-sample chi-square test as statistical tools for data analysis. The results reveal that demographic characteristics of shipping companies, such as age, number of vessels, number of employees and total annual revenue, significantly influence CVFF loan repayment. Purpose: To identify and analyze the shipping company demographic characteristics which influence cabotage vessel finance and repayment in Nigeria. The findings suggested practical steps for effective CVFF loan disbursement and reliable loan recovery. Methodology: The study utilized Statistical Product Service Solution (SPSS v. 23) and a one-sample chi-square test as statistical tools for data analysis. Results: The demographic characteristics of a shipping company, such as company age in years, number of employees, share capital, number of vessels and shipyards as well as the age of vessels and shipyards has a significant influence on her Character, Capacity, Credibility, Capital, Conditions, Collateral and Creditworthiness of the organization. Theoretical contribution: The research contributed to exploring, understanding, and applying the probability of credit default theory in shipping finance loan repayment. The demographic internal microeconomic organization Character, Capacity, Credibility, Capital, Conditions, Collateral and Creditworthiness significantly affects the ability of CVFF fund beneficiaries to repay the loans. Practical implications: Prospective borrower indigenous maritime operators should be duly and professionally evaluated to ensure sustainable cash flow and revenue projection during and after granting CVFF loans to guarantee complete repayment.

5

Signaling theory in dividend policy

Bogołębska Justyna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 158

85--94

EN

Purpose: The purpose of this paper is to examine the signaling theory of dividend policy in companies that are listed on the Warsaw Stock Exchange. Design/methodology/approach: Based on the literature review of signaling theory in dividend policy, the research hypothesis was stated: There is no relationship between future earnings and current dividend payments in the financial statements of Warsaw listed companies during the studied period 2010-2021. Accordingly, an empirical model was built which consisted of an explanatory variable (dividend in subsequent years) and explanatory variables (earnings in subsequent years). In addition, a research questionnaire was conducted for individual investors who have been investing in the Warsaw Stock Exchange for more than one year. Findings: The estimation results of the econometric model confirmed that there is no relationship between the dividend paid and the profit of a given company. On the other hand, the survey results indicated that dividend policy is an important element in the decision-making process of individual investors in the stock market. Originality/value: The research in the paper is complementary in nature - the signaling theory in dividend policy was examined in a multifaceted manner - econometric testing of the model and qualitative research in the form of a survey among 100 investors.

6

Long term projection of the demographic and financial evolution of the parliamentary pension scheme of Uganda

Mukalazi Herbert, Larsson Torbjörn, Kasozi Juma, Mayambala Fred

Operations Research and Decisions

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2022

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Vol. 32, No. 3

92--123

EN

We study the Parliamentary Pension Scheme of Uganda, a hybrid cash balance scheme which is contributory. It has two categories of members, the staff of the Parliamentary Commission and the Members of Parliament. A long term projection of the scheme’s demographic and financial evolution is done to asses its sustainability and fairness with respect to the two categories of members. The projection of the scheme’s future members is done using non-linear regression. The distribution of future members by age states is done by Markov model using frequencies of state transition of the scheme members. We project the future contributions, accumulated funds, benefits, asset and liability values together with associated funding ratios. The results show that the fund is neither sustainable nor fair with respect to the two categories of members.

7

Asset liability management for the Bank of Uganda defined benefits scheme by stochastic programming

Mukalazi Herbert, Larsson Torbjörn, Kasozi Juma, Mayambala Fred

Operations Research and Decisions

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2022

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Vol. 32, No. 2

105--124

EN

We develop a model for asset liability management of pension funds, which is solved by stochastic programming techniques. Using data provided by the Bank of Uganda Defined Benefits Scheme, which is closed to new members, we obtain the optimal investment policies. Randomly sampled scenario trees using the mean and covariance structure of the return distribution are used for generating the coefficients of the stochastic program. Liabilities are modelled by remaining years of life expectancy and guaranteed period for monthly pension. We obtain the funding situation of the scheme at each stage, and the terminal cash injection by the sponsor required to meet all future benefit payments, in absence of contributing members.

8

Social impact investments as a tool for funding social enterprises

Urmanaviciene Audrone, Mendis Kulamini Dilanka

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2021

|

z. 151

691--710

EN

Purpose: Social impact investments are essential to support and promote social entrepreneurship development. This article aims to identify the factors that could develop the local impact investment market in Sri Lanka as a tool for funding social enterprises. Design/methodology/approach: The methods of research are an analysis of scientific literature, experts’ interviews, and generalization. Findings: In order to accelerate the impact investment as a tool of funding, the impact investors, social enterprises, government and society must work collectively. Necessary social, cultural, and policy changes should be carried out, and specific recommendations have been made accordingly. Originality/value: This research study is essential in terms of sustaining and promoting impact investments in Sri Lanka as a tool of funding social enterprises and developing the ecosystem.

9

Decision-making Process in Manager's Work

Stachelek Dariusz

Logistics and Transport

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2021

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Vol. 49-50, No. 1-2

85--92

EN

The article deals with the decision-making process in the efficient operation of a manager. The author presented a model of the decision-making process focusing on managers who nowadays will have to make more and more difficult strategic decisions.

10

Efficiency analyse of airport commercial area

Tobisová Alica, Liptáková Dorota, Pilát Marek, Szabo Stanislav, Rozenberg Róbert, Káľavský Peter

Journal of KONBiN

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2021

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Vol. 51, iss. 2

93--101

EN

The article is focused on analysis of financial cost effectiveness and the utilization of business premises in the terminal building of Bratislava Airport. Our analysis is based on a comparison of sales, profitability, and number of customers of individual newsagents of the GGT a. s. company, which operates three such newsagent stands at the examined airport. Each of the newsagents are located in a different part of the airport terminal, namely Schengen, non-Schengen and check-in area. The examined shops will serve as a practical example of the usability of these areas, and our goal is to find out which of these parts of the Bratislava Airport terminal building is most used by passengers and airport visitors. The data was collected for the period from 1st January 2018 to 31st December 2018, covering one full calendar year, which is a sufficient period for our analysis.

PL

Artykuł koncentruje się na analizie opłacalności finansowej wykorzystania lokali użytkowych w budynku terminalu lotniska w Bratysławie. Nasza analiza opiera się na porównaniu sprzedaży, rentowności i liczby klientów poszczególnych kiosków firmy GGT a. s., która prowadzi trzy takie kioski na badanym lotnisku. Każdy z kiosków znajduje się w innej części terminala lotniska, a mianowicie w strefie Schengen, non-Schengen i strefie odpraw. Zbadane sklepy posłużą jako praktyczny przykład użyteczności tych terenów, a naszym celem jest dowiedzieć się, z której z tych części budynku terminalu lotniska w Bratysławie najczęściej korzystają pasażerowie i goście lotniska. Dane zostały zebrane za okres od 1 stycznia 2018 roku do 31 grudnia 2018 roku, obejmujący jeden pełny rok kalendarzowy, który jest wystarczającym okresem do naszej analizy.

11

Znaczenie polityki przemysłowej Unii Europejskiej dla polskiego sektora obronnego

Tomczyk Mariusz, Słomiany Witold

Gospodarka Materiałowa i Logistyka

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2021

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nr 4

36--41

PL

Artykuł zawiera wyniki badań dotyczące znaczenia polityki przemysłowej Unii Europejskiej dla polskiego sektora obronnego. Celem artykułu jest próba dokonania charakterystyki polityki przemysłowej Unii Europejskiej i możliwości (lub zagrożeń) wynikających z tego dla polskiego systemu gospodarczo- obronnego.

EN

The paper presents research results about the importance of European Union industrial policy for Polish defense sector. The aim of the article is an attempt of description of European Union industrial policy and its opportunities (or threats) resulting for the Polish defense-industrial sector.

12

An Optimized Stochastic Techniques related to Option Pricing

Todorov Venelin, Dimov Ivan, Fidanova Stefka, Apostolov Stoyan

Annals of Computer Science and Information Systems

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2021

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Vol. 25

247--250

EN

Recently stochastic methods have become very important tool for high performance computing of very high dimensional problems in computational finance. The advantages and disadvantages of the different highly efficient stochastic methods for multidimensional integrals related to evaluation of European style options will be analyzed. Multidimensional integrals up to 100 dimensions related to European options will be computed with highly efficient optimized lattice rules.

13

Znaczenie sektora energetycznego w kreowaniu funkcji kontrolno-zarządczych miast na świecie

Raźniak Piotr, Dorocki Sławomir, Rachwał Tomasz, Winiarczyk-Raźniak Anna

Rynek Energii

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2020

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Nr 5

12--20

PL

Sektor energetyczny jest jednym z najważniejszych sektorów przemysłu zwłaszcza w dobie wyczerpywania się źródeł surowców mineralnych, zagrożeń klimatycznych wynikających z negatywnego wpływu produkcji energii z paliw kopalnych na środowisko i związanej z tym konieczności rozwoju energetyki opartej na źródłach odnawialnych. Dlatego ważnym aspektem badawczym jest kondycja finansowa firm, zwłaszcza największych, należących do sektora energetycznego. Dlatego też celem artykułu jest określenie pozycji finansowej największych firm sektora energetycznego notowanych na liście Forbes Global 2000 oraz ich wpływ na funkcje kontrolno-zarządcze miast. Wykazano, iż sektor energetyczny jest jednym z wiodących sektorów w gospodarce światowej, zarówno rozpatrywanej w całości, jak i pod kątem wyników finansowych największych korporacji. Jednakże w niewielu miastach jest on dominującym sektorem (jedynie: Pekin, Moskwa, Houston i Haga). Jednocześnie biorąc pod uwagę wzrost znaczenia największych firm tego sektora w kształtowaniu funkcji kontrolno-zarządczych miasta powinno się również prowadzić badania nad prognozowaniem ich wyników finansowych i wpływu na funkcje miast w przyszłości.

EN

The energy sector is one of the most important industry sectors, especially in the era of depletion of mineral resources, climatic threats resulting from the negative impact of the production of energy from fossil fuels on the environment and the related need to develop renewable energy. Therefore, the financial condition of energy sector companies is an important research aspect. Therefore, the purpose of the article is to determine the financial position of the largest energy sector companies listed on the Forbes Global 2000 list and their impact on the command and control functions of cities. The energy sector is one of the leading sectors in the global economy, especially in financial results of major corporations. However, in few cities this sector is the dominant sector (Beijing, Moscow, Houston and The Hague). At the same time, taking into account the growing importance of the largest companies in this sector in shaping the command and control functions of the city, further research should also focus on forecasting their financial results and impact on future city functions.

14

Art, Finance and Logistics: Creative Combination for Economic Development

Houé Thierry

Logistics and Transport

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2020

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Vol. 45-46, No. 1-2

5--18

EN

The research focuses on the setting-up of a free zone strengthening the economic diversification of the Grand Duchy of Luxembourg. Dedicated to storage, handling and trading of high value items and in particular artworks and jewellery, The Luxembourg Freeport was inaugurated in September 2014. Using the Resource-Based View as theoretical framework, the paper aims to show what combinations of resources can have a positive impact on economic activities in connection with the Freeport. The research confirms that these activities go beyond pure logistical and operational sights. The findings highlight a triptych of resources justifying this location in an environment where art, finance and logistics seem to create a virtuous circle benefiting economic development of the country and promoting the rise of clustering effects.

15

Nowoczesne podejście do zarządzania przedsiębiorstwem górniczym z wykorzystaniem dedykowanego systemu informatycznego SZYK2

Łukaszczyk Zygmunt

Systemy Wspomagania w Inżynierii Produkcji

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2019

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Vol. 8, iss. 1

173--184

PL

W artykule przedstawiono mechanizmy do systemowego zarządzania majątkiem produkcyjnym i zapasami materiałowymi oraz omówiono szereg istotnych aspektów informatycznego systemu SZYK2 wspomagającego zarządzanie przedsiębiorstwem górniczym oraz jego funkcjonalność do zarządzania finansami i wielowskaźnikowej analizy parametrów ekonomiczno-finansowych przedsiębiorstwa. Szczególną uwagę poświęcono zawartym w systemie SZYK2 nowoczesnym narzędziom dla menedżerów, w tym analiz i raportów opartych o hurtownię danych oraz metod natychmiastowego dostępu do bieżących informacji zarządczych z wykorzystaniem portali i kokpitów menedżerskich.

EN

The article presents the mechanisms for systemic management of production assets and material inventory and discusses a number of important aspects of the SZYK2 IT system supporting management of a mining enterprise and its functionality for financial management and multi-factor analysis of economic and financial parameters of an enterprise. Particular attention was paid to modern tools for managers included in the SZYK2 system, including analyzes and reports based on data warehouse and methods of immediate access to current management information using managerial portals and dashboards.

16

Narzędzia i metody wspomagające zarządzanie płynnością finansową w grupach kapitałowych działających w branży chemicznej

Zimon Grzegorz

Przemysł Chemiczny

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2019

|

T. 98, nr 2

171--172

17

A study of challenges in entrepreneurship development and potential role of public sector in mitigating them – evidence from Kurdistan region of Iraq

Alavi Hamed, Ghafour Shano Ibrahim

Multidisciplinary Aspects of Production Engineering

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2019

|

Vol. 2, Iss. 1

589--599

EN

The purpose of this paper is to identify the main challenges faced by entrepreneurs in the Kurdistan region of Iraq and possible ways that regional public sector can take for the purpose of improving entrepreneurship development. Given the importance of entrepreneurs in the economic development and job creation, it’s critical to understand what drives entrepreneurs to become less effective and to investigate how the implementation of “entrepreneurship ecosystem” practiced by public policy makers mitigates these challenges. As a result, authors strive to answers two main questions in this paper: “What are the factors that hold back entrepreneurs in the Kurdistan Region to start their own businesses? “And “What measures the local government can take to mitigate such challenges?” The methodology used in this study is quantitative approach, involving a survey questionnaire. This paper consists of four parts: After the introduction, second part will provide empirical data on challenges facing entrepreneurs in Kurdistan Region of Iraq. Discussion and analysis of the findings are done in the third part. Finally, in the last part, paper will offer conclusions by summarizing the key findings.

18

Wybrane problemy realizacji procesu inwestycyjnego w obiektach zabytkowych na przykładzie Zamku Książąt Mazowieckich w Ciechanowie

Sobczak Antoni Krzysztof

Ochrona Dziedzictwa Kulturowego

|

2018

|

Nr 6

177--190

PL

Treść publikacji wynika z doświadczenia autora zdobytego podczas pierwszego etapu procesu rewitalizacji Zamku Książąt Mazowieckich w Ciechanowie. Publikacja przypomina XVI-wieczne tło i opisuje jego późniejszą historię. Przedstawia stan prac konserwatorskich oraz stan badań archeologicznych poprzedzających proces rewitalizacji. Przedstawia również przebieg procesu inwestycyjnego i procedurę jego realizacji. Artykuł wskazuje wybrane trudności natury organizacyjnej, technologicznej, finansowej, prawnej/administracyjnej i konserwatorskiej, które pojawiły się w trakcie realizacji, jak również stopień ich złożoności. Ponadto, w pracy podjęto się ewaluacji procesu wdrażania oraz wskazano jego wyniki i potrzebę dalszej kontynuacji prac konserwatorskich.

EN

The content of the publication resulted from the author’s experience gained during the first stage of the revitalization process of Mazovian Dukes Castle in Ciechanów. The publication recalls the background of the 14th century site and describes its later history. It presents the state of restoration works and the state of archeological research preceding the process of revitalization. It also depicts the course of the investor’s action and the procedure of implementation. The publication points to selected difficulties of organizational, technological, financial, legal/administrative, and conservation nature which arose during the implementation and its degree of complexity. Moreover, the publication undertakes to evaluate the status of the implementation process and indicates its results and the need for further continuation of the restoration works.

19

Finanse w łańcuchu dostaw : ujęcie teoretyczne

Pawlicka K., Właszynowicz M.

Gospodarka Materiałowa i Logistyka

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2018

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nr 10

11--21

PL

Celem artykułu jest przeprowadzenie analizy i wyciągniecie wniosków dotyczących zastosowania finansów łańcucha dostaw (ang. Supply Chain Finance, SCF). Według autorek istnieje potrzeba dokonania systematyzacji i krytycznej oceny dotychczasowych badań nad finansami łańcuchów dostaw. W wyniku przeprowadzonych studiów zostały wyróżnione główne obszary: metody zarządzania finansami łańcucha dostaw oraz skutki zastosowania tej koncepcji. Podjęte analizy wskazują również na kierunki dalszych badań.

EN

The cognitive goal of the paper is to derive implications and guidance on the application of the supply chain finance (SCF). According to the authors, there is a demand to systematize and critically evaluate previous research into the supply chain finance. The main areas distinguished as a result of the studies are: methods of managing the supply chain finances and the effects of applying this concept. Summing up the considerations, the authors suggest direction of further research.

20

Konkurencyjność miast na prawach powiatu województw wschodniej Polski

Pawlik Andrzej

Biuletyn Komitetu Przestrzennego Zagospodarowania Kraju PAN

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2018

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No 272

161--173

EN

We are observing an increase in development activity of the cities with poviat rights nowadays. It is visible especially in the area of obtaining European funds, financial policy, infrastructure or entrepreneurship. Those matters, especially experience of cities with poviat rights as the main beneficiaries became an interesting research area now. The aim of the article is to assess the competitiveness and development level of the cities with poviat rights in voivodships of Eastern Poland. For the purposes of this article, a synthetic measure has been used. Taking into account the availability and comparability of data as well as statistical criteria, the variables describing: financial situation, economy and infrastructure in the system of cities with poviat rights in voivodships of Eastern Poland were adopted. Data from the Local Data Bank of the Central Statistical Office for 2008, 2012 and 2016 were the main source of the article.