Preface
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

Preface
Dear Reader,
We present you with the 29th 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 paper “Fiscal Multiplier Determinants in the CESEE Region”, the authors – Milan Deskar-Škrbić, Hrvoje Šimović, Antonija Buljanwe – use a panel VAR model with exogenous variables to analyse the effects of various structural characteristics of the economies on the effectiveness of government consumption in the Central
Eastern and Southeastern European region (CESEE). They analyse the effects of government consumption on economic growth in this region, controlling for the effects of the size of the economy, level of public debt, level of tax burden, openness of the economy, rigidity of the labuor market, monetary regime and the phase of
the business cycle. The results of this analysis indicate that these characteristics have a significant impact on the effectiveness of fiscal policy (in terms of the size of the fiscal multiplier).
The author of the article entitled “Strategic Dimension of Innovation” – Maria Romanowska – presents the conceptualisation of one of the aspects of strategic dimension of innovation: the choice of the method of innovation activities carried out by enterprises. Original proposals of strategy models are presented against the
background of innovation strategy models described in literature, and the method of their identification is illustrated using case studies of five Polish innovation enterprises.
The aim of the next paper, “Executive Compensation: Its Structure, Links to Company Performance, Executives’ Perception, and International Differences” by Jacek Miroński and Rafał Dembowski, is a review of contemporary executive compensation schemes including their structure and links to company performance. The research conclusions prove that executive compensation maximizing benefits for a firm should not only address the principal-agent problem through properly designed incentives, but also reduce a manager’s propensity to excessive risk-taking. Finally, it provides practical recommendations for compensation committees how to effectively design remuneration policies.
The next paper “Should Investors on Equity Markets be Superstitious (on the Example of 52 World Stock Indices)?” by Krzysztof Borowski considers the problem of efficiency of financial markets, especially the weekend effect has always fascinated scientists. This paper tests the hypothesis of the unfortunate dates effect upon 52 equity indices in relation to the following four approaches: close – close, overnight, open-open, open-close, calculated for the sessions falling on the 13th and 4th day of the month, Friday the 13th, Tuesday the 13th. The last part of the paper consists of an analysis of the correlation coefficients of Friday the 13th (close-close) rates of return calculated for the analysed equity indices’ pairs.
The objective of the next paper “IPO as a VC Funds Type of Exit” by Dorota Podedworna-Tarnowska is to show the success and profitability of going public by VC funds. The VC’s exit type as a way of cashing out on its investment in a portfolio company is a consequence of the exit strategy which means the plan for generating
profits for the owners and investors of a company. While an IPO is the most spectacular and visible form of exit, it is not the most common one, as historically in the US it was, but still in Europe it has not been yet. There will be both literature and statistical data used in this research, coming from different studies and reports.
The aim of the article “The Role of the Polish Private Equity Sector in the CEE Region” by Jacek Grzywacz and Ewa Jagodzińska – Komar is to analyse the position of the Polish private equity sector as a leading player in the CEE region and to assess the impact of these funds on economic development. The conclusions and directions
of the role of private equity funds were presented, and it was emphasised that Poland and the whole CEE region are at an early stage of their market development, but their distance to Western Europe decreases from year to year. Currently, the CEE private equity market in the most developed countries offers great opportunities to its investors, thanks to high competition, high growth potential and comprehensive solutions.
The next paper – “Information and Statistical Efforts of Selected Safety Network Institutions in the Area of Financial System Stability” by Piotr Komorowski and Dariusz Filip presents the role of financial system stability as a public good. The authors claim that the main role of the financial safety network is to stabilise the system. An overview and analysis of selected studies addressing financial system stability helped the authors draw theoretical and practical conclusions as to the stability itself and the impact of information and statistics upon its improvement.

Waldemar Rogowski, in his first of two articles about payment delays entitled “Deferred Payment, Late Payment, Payment Backlog and How They Are Interconnected” discusses the problem of payment delays in commercial B2B transactions and payment backlogs resulting from them. It also aims at identifying linkages
among deferred payments, late payments, and payment backlogs taking account of the scale of these phenomena in Poland, as well as in other countries. The paper provides recommendations as to what should be done to reduce the scale of these negative phenomena.
Joanna Dominowska in her paper “Effectiveness of State Supervision and Control of Foundations’ Economic Activity” claims that the Polish system of law does not include effective and fast supervision and control measures of economic activities conducted by foundations, and the supervision is inconsistent and ineffective. The research showed the necessity for the creation of uniform standards of supervision of foundations, including a uniform report form. The summary of the research presented remarks de lege ferenda concerning changes in the legal regulations on foundations’ supervision, including the economic activities conducted by foundations.
Tobias Hagemann in his paper “Attribution of Profits Derived Before or After the Existence of a Permanent Establishment under Tax Treaty Law” discusses attribution of profits under tax treaty law provided for by the OECD Model Tax Convention. In doing so, it is found that profits derived before or after the existence of a PE should be attributed to the PE because not only the wording but also the context and purpose of the OECD Model support this view. In further analysis, however, it is shown that slight changes in attribution may be expected under the new “Authorised OECD Approach”.
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

Preface
Dear Reader,
We present you with the 28th 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.
The authors of the first article – Paweł Felis and Henryk Rosłaniec – “The Application of Tax on Means of Transport in Local Tax Policy in Poland. Evidence of City Counties” examined and evaluated the volume, stability and diversification of the revenues achieved by city counties on account of tax on means of transport and
discussed the significance of certain factors determining their level. Therefore, the authors examined the scale of application of instruments of the local tax policy as well as their practical effectiveness reflected by the budget revenue growth in the subsequent periods. The article also presents econometric models illustrating the effects of tax policy in relation to particular categories of tax payers of tax on means of transport.
The aim of the next paper “Venturing to Distant Markets – Polish Firms in Latin America” by Aleksandra Wąsowska is to shed light on the understudied phenomenon of expansion of Polish firms to distant markets. This paper contributes to the discussion on whether the ‘go global’ strategy is viable for Polish firms and whether it should be supported by the public policy measures.
Paper by Kamil M. Kraj – “Transnational Corporations as the Driving Force Behind the World’s Research and Development Activity in Terms of R&D Expenditure” is devoted to the role of transnational corporations (TNC) in research and development (R&D) activity from the 1970 s through the 2000s. This growing involvement of TNCs
in R&D resulted in their dominant role in global R&D expenditure. Indeed, a comparative analysis of financial data collected for the group of the 102 largest corporate R&D spenders worldwide in 2007 showed that this group of TNCs accounted for a significant share of the world’s R&D expenditure not only in 2007 alone but also
in the period of 2000–2011.
Paper by Piotr Bielecki – “Graduates’ Perceptions and Evaluation of Study Programmes: Analytical Framework and Methodological Considerations” aims to draw scientific attention to the significance and usefulness of sociological approach, namely higher education (HE) graduates’ perceptions survey as a one of the mechanisms to collect and use graduate feedback facilitating the study programmes’ evaluation, and in turn, enlarging one’s knowledge on the enhancement of HE quality, the improvement of graduate employability, and effective ways of smoothing the transition from education to work.
The main contribution of the last article “Current Revenue (Monetisation) Models of Video Game Developers” by Patrycja Klimas is the recognition of a wide portfolio of revenue streams and revenue models to be considered by video game developers during decision making process about the structure of their revenue logic.
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

Preface
Dear Reader,
We present you with the 27th 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 foster a better understanding of complex issues discussed in it.
Paper by Anna Dąbrowska, Mirosława Janoś-Kresło and Małgorzata Radziukiewicz “Polish Consumer on the Market of Fair Trade Products” discusses selected results of empirical studies conducted in 2013 within the framework of research project Polish Market of Fair Trade Products financed from the NCN funds, concerning
the Fair Trade idea and Polish consumer behaviour in the market of Fair Trade products. They demonstrated that Fair Trade idea is not a subject of interest to wider circles of Polish consumers.
Next paper “Role of Virtual Platform Operators in Transforming Consumer Goods Market” by Wojciech Paprocki discusses various business models in analogue and digital economies and the impact of their dissemination upon market changes. It describes the entering of the market and fostering the position of e-commerce leaders, with Amazon.com playing an increasingly prominent role. The Author highlights potential effects of a dominant market position of such an operator.
The aim of the next article “Issues Related to the Loans Action in the Opinions of the Customers and the Employees of a Commercial bank – United Bank S. C. in Ethiopia” by Piotr Feliks Borowski, Sufa Gemechu Balcha and Mahteme Girma is to investigate the cooperation between United Bank and firms in the loans field. The value of the research stems from the information gained from direct access to real cases from bank activities and from conducted interviews with both sides involved in the loan process. Direct deep interview and questionnaire are the formal mechanisms for gathering sensitive information.
The authors of the next paper Krzysztof Borowski and Małgorzata Lukasik in their article “Analysis of Selected Seasonality Effects in the Following Metal Markets: Gold, Silver, Platinum, Palladium and Copper” test the hypothesis of monthly, the day-of-the week and weekend effects of the precious metal markets quoted on the London Metal Exchange for gold, silver, platinum and copper. Calculations presented in this paper indicate the absence of the monthly effect on gold, silver, platinum, copper markets but proved occurrence of monthly anomaly in the month of September on palladium market. In the analysed period day-of-the week effect has not been observed for any of the studied metal markets but the weekend effect has been registered on the gold and copper markets.
Paper “FDI Inflow to Special Economic Zones in Poland” by Tomasz Dorożyński, Janusz Świerkocki and Wojciech Urbaniak aims at examining whether location in a particular region could be a factor determining the inflow of foreign direct investment to the Special Economic Zones. The study uses statistical methods.
Their calculations have shown statistically significant positive relationships between FDI inflow to SEZs and coefficients that describe the attractiveness (collective and partial) and economic advancement of voivodships.
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