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Content available remote Finansjalizacja a zmiana matrycy instytucjonalnej
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EN
The article focuses on the problem of so called “financialization”. The applied method of analysis of this issue is rarely used in finance – the mechanism of the institutional changes that has been used is the one elaborated in the field of the New Institutional Economics (NIE). The starting point of this article is the short recapitulation of very different and broad meanings of the two essential categories: the institutional matrix and its change, and the financialization itself, which can be found in the literature. Another part of the article is the study of the most important trends which are both the causes and the consequences of changes that have been affecting the process of financialization in recent decades. The findings of the analysis lead to the conclusion that financialization means not only change in behaviour of financial market participants, but that is the stable element of social life.
PL
Problematyka ładu korporacyjnego i zależności łączących go z czynnikami o charakterze instytucjonalnym systematycznie zyskuje na znaczeniu. Najczęściej przedmiotem analizy staje się wpływ czynników instytucjonalnych na kształt systemu corporate governance, rzadziej natomiast zwraca się uwagę na zjawisko zwrotnego oddziaływania tego systemu na instytucje. Swoiste cechy poszczególnych systemów władztwa korporacyjnego sprawiają, że ta sama instytucja może odgrywać w każdym z nich bardziej lub mniej istotną rolę, co w rezultacie prowadzi do jej rozwoju lub wpływa na ten rozwój hamująco. W artykule skoncentrowano się na jednej z takich instytucji – reputacji i ocenie jej znaczenia w różnych systemach ładu korporacyjnego. Dokonując porównania systemu otwartego i zamkniętego stwierdzono, że reputacja ma większe znaczenie w przypadku pierwszego z nich. Wynika to z samych cech reputacji, która jest ważnym nośnikiem informacji pozwalających na zmniejszenie asymetrii informacyjnej występującej między spółką (zarządem) a akcjonariuszami. Reputacja stanowi również skuteczny mechanizm regulacji ograniczający skłonność zarządu do zachowań oportunistycznych, których występowanie jest tak istotne w wertykalnym konflikcie agencji.
EN
The article is concerned a role of corporate reputation in different corporate governance systems. There are many corporate governance systems existing in the world. Fundamentally, it is open system (outsider system) and closed system (insider system) that are enumerated as the two leading ones. Both systems were characterized in the article by comparison of populations of companies listed on Polish and American capital market. In the analysis were considered factors such as: maturity of the companies, ownership structure, control mechanisms, as well as institutional conditions. These differences in corporate governance systems constitute one of the factors that determine a role of corporate reputation in the society. The conclusion is that corporate reputation is more important in the open system of corporate governance than in the closed one.
EN
At the 8th Environment Action Programme, the EU agreed on an environmental policy up to 2030 with a zero-emission ambition. The food production sector is credited with a significant impact on environmental pollution: e.g. agriculture accounts for 70% of global freshwater use. Therefore, it is extremely important to promote technological solutions that reduce the negative impact of food production to an absolute minimum. A perfect example of a sustainable approach is a patented method that uses extrusion to produce functional food fibres that act as food thickeners. The possibilities of using the apple fibre preparation (Lutkala Multifunctional) are wide. The aim of this study was to assess the impact of apple fibre preparation on selected physical properties of beef, pork, and vegetable pea protein burgers. The following methods were used: the gravimetric method to calculate weight loss and shape stability during heat treatment, texture profiling according to Texturometer TA.XT2, and colour measurement. The use of Lutkala in meat and vegetable burgers gives a number of benefits: technological (reduced water loss during thermal processing), organoleptic (obtaining a more delicate consistency), health (increased fibre content and reduced calories), and also gives the advantage of a clean label product and has a positive impact on the environment. The addition of apple fibre preparation reduced the hardness of beef burgers, making them more tender, while the plant-based substitute had the lowest cohesiveness, springiness, and chewiness. The inclusion of apple fibre preparation in the formulation composition of burgers significantly differentiated the surface colour parameters of the products. Based on the results obtained, it has been determined that the inclusion of Lutkala Multifunctional in the burger mixture, as per the prescribed recipe composition, should not surpass a maximum limit of 1.5%. The use of apple fibre preparation in burgers is an excellent example of the benefits of using next-generation sustainable hydrocolloids in the food industry.
XX
Artykuł dotyczy jednego z kluczowych mechanizmów ładu korporacyjnego, jakim jest działalności komitetu audytu. W 2009 roku ustawodawca zobowiązał spółki publiczne do powoływania komitetów audytu w radach nadzorczych liczących więcej niż pięciu członków. Z kolei za sprawą nowych regulacji, wprowadzonych w 2017 roku, obowiązek powoływania komitetów audytu zależy od wielkości spółki. Wydaje się zatem, że wprowadzona w 2009 roku regulacja okazała się nieskuteczna i konieczne stało się jej znowelizowanie. Celem niniejszego artykułu jest analiza reakcji spółek publicznych na wprowadzenie obowiązku powoływania komitetu audytu wśród członków rad nadzorczych, a także wskazanie charakterystyk spółek publicznych towarzyszących ich reakcjom na ten obowiązek. Treści prezentowane w artykule opracowano z wykorzystaniem metody studiów literaturowych, analizy raportów rocznych spółek publicznych oraz regresji logistycznej.
EN
The COVID-19 pandemic related events taking place in years 2019-2021 exposed numerous gripes afflicting healthcare systems, while at the same time accentuating issues which were previously well known and marginalized. Simultaneously, the same occurrences resulted in forced and rapid shifts of many sectors of the economy towards remote work. In the United States, an estimated number of remote working employees during the pandemic exceeded 50%, while before Covid-19 emerged, it had been below 15%, which testifies to the existence of technical and infrastructure resources, indispensable to the computerization of the economy (Brynjolfsson et al, 2020). However, this is not a universal capability, as there are entire branches of industry and services requiring direct involvement of employees, including i.a. the strategic sector (e.g. the energy sector), industry in the broad sense of the word, or public services (infrastructure maintenance, healthcare etc). In this group, the healthcare system is in a special position, since not only are the healthcare workers at risk of coming into contact with pathogens, due to no possibility of remote based work, but they also engage in efforts to combat the effects of the epidemic among the general public. Despite differences existing among workers, based on their role in the system (f.e. between a general practitioner and hospital employees), immunizing the healthcare system against perturbations in its functionality, is the key task in the context of society as a whole.
EN
The purpose of the paper was to analyze the phenomenon of ethical investing and to evaluate the level of development of the market for this type of investments in selected member countries of the European Union. The study covered 10 countries with different degrees of development of the SRI market. The research was focused on two main areas: first – asset management approach in the context of ethical investments and second – the availability of this type of investment for a wide range of individual investors, dependent on the level of development of open-end ethical investment funds segment. Studies have shown that despite similarities among countries in some areas, there is no universal standard that would determine the shape of the SRI market. This fact indicates the importance of local institutional conditions. Compared to other countries, the market in Poland stood out a low value of assets under management of ethical investment, but also the highest growth rates of these assets. In addition, the segment of open ethical investment funds was underdeveloped, with moderate degree of heterogeneity in conjunction with the small size of the average fund. In Poland, as in most other countries, equity funds dominated in terms of numbers, and fixed income funds – in terms of assets under management. The low level of development of the domestic market of ethical investments is largely due to the existing system of institutional factors, which in contrast to the solutions found in countries with mature SRI market, does not create incentives for this type of investment.
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