Dear Reader,
We present you with the 43 rd edition of the Journal of Management and Financial Sciences.
This edition contains important and current issues affecting high-risk funds, various forms of debt financing used by Polish companies and the impact of the Islam religion on the finances and functioning of enterprises in the region of North Africa and the Middle East.
We hope that its content will make a valid contribution to the development of economic thought and contribute to a deeper understanding of the complex issues discussed in it.
The objective of the first paper by Olga Mikołajczyk is to answer the question of whether financing business activity by high-risk funds and by public capital is a good solution to support innovation. The paper shows the special role of financing ventures with high development potential, particularly those innovative ones, by means of high-risk capital. The article also describes the essence of private equity/venture capital operations and the principles of the activity of the Polish Development Fund (Polski Fundusz Rozwoju), noting PFR Ventures. The paper is based on rich literature, both in Polish and English, which includes results of several studies indicating the relationship between the use of risk capital and innovative business activity. The applied research method was based on a literature review, on the grounds of which the essence of the problem of financing innovative projects was indicated.
The aim of the next article by Adrian Filip Kamela is to analyse various forms of debt financing used by Polish companies. Apart from that, the issues related to corporate growth are examined. The paper presents answers to the number of research questions and verifies stated research hypotheses.
Justyna Salamon in her article shows the impact of religion, in this case Islam, on the finances and functioning of enterprises in the region of North Africa and the Middle East (MENA). The key issue is to answer the question whether religion can be decisive for the organisational structure and can affect the decision-making process within an enterprise directly. Particular attention was paid to the financial sector, which introduced the greatest number of do’s and don’ts related to Islam. The first part of the article defines the relationship between culture, religion, and organisational culture. There are also terms referring directly to Islam and the division into what is allowed and forbidden (halal/haram). In the context of financial activities, terms such as riba, gharar, mudaraba, musharaka, murabaha were distinguished. The case of Spain and the importance of Islam in connection with the development of the halal industry were also referred to.
We wish you a pleasant reading.
Ryszard Bartkowiak,
Chairman of the Scientific Council
Michał Matusewicz,
Vice-Chairman of the Scientific Council and Vice-Dean of the Faculty