Journal of Management and Financial Sciences
Collegium of Management and Finance has been publishing the scholarly periodical "Journal of Management and Financial Sciences" since 2008. It includes articles in the English language of a particular scientific value on crucial issues of economy, finance and management. Due to the close links ​between economic and other sciences, the editor accepts a variety of different research approaches. The thematic profile is also diversified. There are both theoretic analyses and those referring to national economies, business sectors or groups of business entities. JMFS are indexed in the following scientific databases: Central and Eastern European Online Library (CEEOL),BazEkon,Library of Science,Google Scholar, IC Journals Master List. All submitted articles undergo double-blind peer review and are assessed for scientific quality, originality, and significance for the development of research in their field. The journal adheres to the principles of publishing ethics and scientific integrity consistent with the guidelines of the Committee on Publication Ethics (COPE). JMFS and Finance are published using the Diamond Open Access model: - all articles are made available openly upon publication, - the journal does not charge an Article Publication Charge (APC), - access to the content is free to readers. Authors retain copyright to their publications. Articles are made available under an open license indicated on the journal's website, in accordance with open access principles. Journal of Management and Financial Sciences is included in the list of scientific journals and reviewed materials from international conferences with a score of 40. Print ISSN: 1899-8968, online e-ISSN: 2657-5612 ARCHIVE 2008-2016
A Contract for All Seasons: The Flexibility and Functionality of the Cambium Maritimum (Genoa, XVII–XVIII Centuries)
This essay explores the nature and functions of the cambium maritimum contract in 17th- and 18th-century Genoa, examining it both as a mechanism for financing maritime trade and as a means of managing the risks inherent in navigation, while highlighting its remarkable adaptability across different contexts. To provide a comprehensive understanding of the contract, the study first analyses its legal framework through the writings of the leading Genoese jurists of the period, before investigating its various applications through a detailed examination of 300 notarial deeds from the years 1668, 1697, 1717, 1730 and 1765.
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The Decline of Non-Military Montepíos in Early Mexico: A Historical, Actuarial, and Financial Approach
This article examines the historical and actuarial causes behind the decline of non-military Montepíos – public pension-paying institutions for civil servants in New Spain (early Mexico) – following the conclusion of the wars of independence in 1821. By combining historical, institutional and actuarial perspectives, it argues that their collapse resulted less from the fiscal and political turmoil of early independent Mexico than from their structural design flaws. These Montepíos operated as pay-as-you-go (PAYG), defined-benefits systems lacking mechanisms to balance contributions and payouts, leading to chronic underfunding. Through archival evidence and demographic data, this paper reveals a mismatch between short contribution periods and long deaccumulation periods, driven partly by gender and marriage patterns that extended the duration of survivor pensions. This study contributes to the understanding of how early welfare institutions in Spanish America anticipated the challenges of modern pension systems, demonstrating that institutional fragility often arises from the interaction between actuarial design and socio-demographic dynamics.
The Theory of Mutual Insurance: Some Notes on History, Theory, and an Application to Climate Change
We observe dynamic trends of increasing magnitude in natural disasters and climate-related damages, which ultimately lead to probability distribution functions with very fat tails. This implies a “race in the extreme tail between how rapidly probabilities are declining and how rapidly damages are increasing” [Weitzman, 2009, p. 1]. To cope with these significant long-term risks, characterised by a high degree of uncertainty and correlated events, standard economic instruments and insurance products are inadequate. Even the appeal to capital markets and the securitisation via ILS leads to a huge remaining protection gap. Therefore, either a very high level of capital reserves is needed (in the reserve theory of insurance) with all its associated problems, or an intergenerational allocation is called for, which can only be provided by the State or Mutual Insurance. The goal of this paper is to convince readers that mutual insurance is the only solution for coping with these disaster risks. It therefore starts with a short history of Mutual Insurance, gives a concise introduction to the Mutual Insurance Theory, and ends with an application of this theory to the risks and damages of climate change.
Ahead of Its Time. The Emergence of Insurance Education at the Warsaw School of Economics (1906–1939)
This article examines the origins and development of insurance education at the Warsaw School of Economics (SGH) between 1906 and 1939. Against the backdrop of the rising importance of insurance in Europe, SGH established the first comprehensive academic programme in Poland dedicated to both business and social insurance. The study addresses three main questions: what historical, economic and social conditions influenced the establishment of this programme; how the SGH model compares with early initiatives in Germany, France, the United Kingdom and the United States, as well as with attempts in Central and Eastern Europe; and what its achievements meant for insurance science and practice. The article demonstrates that SGH’s pioneering curriculum – interdisciplinary, closely linked to market practice, and open to women – was unique in the region. Although interrupted by the Second World War, its intellectual and institutional legacy shaped later developments in Polish insurance education.
A Brief Review of the History and Structure of Social Security in Iran
Social security, and old-age protection as one of its components, are key concerns for governments shaped by demographic ageing and economic pressures. The situation is further complicated by institutional fragmentation. This paper traces the historical evolution of Iranian social security, highlighting provisions for old-age pensions, demonstrating that the system operates through 18 active pension funds, each with its own legal framework, contribution rates, and benefit calculation formulas. Such fragmentation generates inequalities in retirement income, while inflation, demographic shifts and governance ambiguities further threaten sustainability. The study, primarily based on national documents and reviews, concludes that Iran’s pension system remains structurally vulnerable, requiring coherent reforms to ensure fairness, transparency and long-term financial viability.
Post-War European Integration and the Transformation of Insurance Regulation in Ukraine: Pathways to a Resilient Market
Ukraine’s movement towards European Union membership coincides with unprecedented wartime shocks to its insurance industry. This article analyses how post-war European integration – anchored in Solvency II, the Insurance Distribution Directive (IDD), and the Digital Operational Resilience Act (DORA) – is reshaping Ukrainian insurance regulation, capitalisation and innovation capacity. Using 2017–2025 market data and recent legislative acts, the study identifies drivers of regulatory convergence, assesses their impact on market structure, and puts forward policy recommendations for a sustainable recovery. Insurance is pivotal for post-war economic resilience in Ukraine, yet it remains one of the country’s least penetrated financial subsectors. European integration offers a regulatory blueprint to rebuild confidence, attract foreign investment, and accelerate InsurTech diffusion. However, compliance costs, capital shortfalls, and wartime risk exposures pose formidable hurdles. Grounded in the author’s doctoral research on innovative insurance market development and informed by a forthcoming conference presentation on the impact of EU integration, this paper bridges academic insight and applied policy analysis.
Export Risk in Selected Economic Theories
International trade plays a key role in the economy. In the face of growing uncertainty in international markets, companies need to create a security system that will enable them to maximise the value of their ventures and minimise risk-related costs. This article aims to critically analyse the treatment of risk in selected economic theories, with particular attention paid to classical and contemporary trade theories, as well as the theory of internationalisation of enterprises. The study is based on a theoretical analysis involving a systematic review of the literature covering traditional and new theories of international trade, the theory of internationalisation of enterprises, the theory of economic growth, and the new theory of international trade. The results of the analysis indicate that classical trade theories give little consideration to risk, focusing instead on production costs. Contemporary approaches, on the other hand, refer to a greater extent to the dynamic and unpredictable conditions of international exchange. A comparison of both approaches shows the evolution of theory: from static models based on stable assumptions to more complex and realistic approaches that attempt to take into account the complexity and unpredictability of contemporary international trade. This article attempts to organise and classify selected theoretical approaches to the issue of risk in international trade, as well as identify and categorise factors affecting the activities of enterprises in foreign markets.