Dear Reader,
We present you with the 30th edition of the ”Journal of Management and Financial Sciences”. We hope that its content will make a valid contribution to the development of economic thought and contribute to a deeper understanding of complex issues discussed in it.
In the first article, “Digital Economy as an Environment for Virtual Platform Operators”, Wojciech Paprocki claims that in the 3 rd decade of the 21st century the hybrid system will be dominating in the world. The concept of “Industry 4.0” will be implemented in all regions but analogue processes will be still popular in the
industry, distribution channels and households. Robots will become popular in the production and services. In management of data, information and knowledge solutions which are supported by the narrow artificial intelligence will be utilised step by step.
The aim of the next paper by Katarzyna Górak-Sosnowska, Michał Matusewicz and Irena Senator, “Managing Students’ Affairs at Higher Education Institutions: A Qualitative Analysis of Selected Tasks and Processes”, is to explore and analyse differences between dean’s offices in Poland. Basing on 26 individual in-depth interviews
and visits to dean’s offices in Polish HEIs, the paper analyses organisation of work and selected core processes which are conducted at these units: processing students’ applications, removing from students’ lists, organising thesis defences, and organising examination schedules.
Krzysztof Wach in his paper “What Determines Entrepreneurial Orientation of Polish Internationalized Firms?” focuses on entrepreneurial orientation during the internationalisation process of the firm, which is one of the main research streams within international entrepreneurship. The main goal of the article is to discuss and elaborate on the basics of international entrepreneurial orientation, its fundamentals and principles and to answer the question what determines entrepreneurial orientation of Polish internationalized firms. The paper presents the results of the survey based on the stratified random sampling of 355 Polish internationalized firms.
Olga Mikołajczyk in her article “Professional Investment Standards in Private Equity Sector: Selected Aspects” claims that investments made by private equity funds must abide by the highest ethical standards as the framework within which their stakeholders operate is very much based on broadly understood trust. The paper
discusses selected professional standards, especially important for private equity transactions. It is based on the Professional Standards Handbook, a set of principles focusing on integrity and acting with fairness, keeping one’s promises, disclosing conflicts of interest, maintaining confidentiality, and promoting best practices for
the benefit of sustainable investment and value creation.
Giusy Chesini and Aleksandra Staniszewska in their paper “The Determinants of Dividend Policy: A Comparison between Firms Listed on the Italian Stock Exchange and on the Warsaw Stock Exchange (2001–2014)” find that there are many differences between Italian and Polish dividend policies. In particular, dividend pay-out is mostly determined by dividend yield in Polish firms, while it is heavily influenced by other variables in Italian firms. In order to analyse this policy, they extract data from a wide sample of firms selected from the equity markets of the Italian and Polish stock exchanges. They use descriptive statistics and statistical regressions.
The paper “Payment Delays: Their Reasons, Scale and Consequences” by Waldemar Rogowski discusses theoretical and practical aspects of a relevant and pertinent issue of reasons behind late payments in B2B commercial transactions and their consequences. It aims at identifying the reasons for late payments and
pinpointing their economic consequences and costs. It also addresses the scale of the phenomenon, especially for payments overdue by more than 60 days, considered the most dangerous for regular performance of enterprises. The paper provides the results of studies on these aspects quoted in three most important reports by the following companies: Bisnode D&B, Atradius, Intrum Justitia. It formulates conclusions on both the reasons and consequences of late payments in B2B commercial transactions.
Paweł Grunt in his article “Structured Analytic Techniques: Taxonomy and Technique Selection for Information and Intelligence Analysis Practitioners” proposes a new taxonomy and selection of structured analytic techniques for information and intelligence analysis practitioners. The presented taxonomy and selection of structured analytic techniques are based on the author’s experience in information and intelligence analysis as well as in training analysts in the use of those techniques. The article concludes with a taxonomy and a selection of techniques for the information and intelligence analysis practitioners, based on a review of the literature augmented by the author’s professional experience.
We wish you a pleasant reading.
Ryszard Bartkowiak,
Chairman of the Scientific Council and Dean of the Faculty
Michał Matusewicz,
Vice-Chairman of the Scientific Council and Vice-Dean of the Faculty

Published: 2017-07-26