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 Issue 32 (June 2018)

 
​Issue 32 (June 2018) (pdf)

Maria Aluchna
Collegium of Management and Finance, SGH Warsaw School of Economics

Emilia Tomczyk
Collegium of Economic Analysis, SGH Warsaw School of Economics


Abstract
The article examines compliance with corporate governance best practice in the post transition economy addressing the heterogeneity of interests of different shareholders. On the basis of the agency theory, we suggest that in the concentrated ownership environment the principal-principal conflict results in lower compliance with the corporate governance code. More specifically, since compliance with best practice requires introducing independent directors and in that sense shifts control from shareholders to the board, we hypothesize that companies characterized by concentrated ownership and the dominant position of the founder/individual investor are reluctant to comply with board governance best practice. To evaluate our hypotheses, we explore compliance with board governance best practice with respect to the presence of independent directors, formation of an audit committee and other specialized board committees (remuneration, risk, strategy). We test the link between the compliance with the code and the ownership structure. Our analysis supports the principal-principal conflict argument and shows that companies with concentrated ownership and founder control do not comply with the board governance best practice. We believe this article contributes to the existing literature twofold. Firstly, we identify the patterns of corporate governance best practice implementation in the post socialist, post transition, emerging economy and depict the dynamics of the compliance with the code guidelines. Secondly, we show that the principal-principal conflict addresses the compliance policy of listed companies and results in various approaches to corporate governance conformity.
10 Maria Aluchna, Emilia Tomczyk

Keywords: Corporate governance, best practice, compliance, Poland
JEL classification Codes: M2, P3

Emil Bukłaha
Collegium of Management and Finance, SGH Warsaw School of Economics


Abstract
The aim of the article is to present the views of domestic and foreign authors on the genesis of project controlling and importance of that idea for the success of implemented projects, as well as its evolution in relation to project management and the attempt to classify it from the point of view of accepted analysis criteria. Controlling as a business management tool in Europe gained in importance scarcely in the second half of the twentieth century, although its beginnings fall on the medieval period. Authors of numerous studies in this field point to various sources of controlling and controller concepts, mainly due to the cultural, economic and historical conditions of shaping the role and scope of information use for project management. In the initial period of use, controlling was primarily focused on the objectives of ongoing project management, but nowadays interest in controlling oriented towards the needs of strategic (long–term) management is becoming more and more noticeable. Nowadays, the idea of project controlling is recommended for implementation both in large, medium–sized and small business entities as well as public institutions. In relation to project management, it may include comparative activities of planned and actual values in current operations as well as undertaking activities of regulation, management, control or other related to information needs of the senior management and key project stakeholders.

Keywords: controlling, projects, project management
JEL Classification Codes: M10, M42, O22

Barbara Hadryjańska
Faculty of Economics and Social Sciences, Poznan University of Life Sciences


Abstract
The paper discusses the main assumptions of the sustainable development concept and shows how the environmental management system, which implements the idea in practice, is put in place in the dairy industry. The first part explains the assumptions of the idea and how they are implemented in enterprises. It also describes the substance, principles and goals of sustainable development as well as efforts and ways in which enterprises seek to minimise their environmental impact. Based on the results of empirical studies, the second part explains how environmental management systems are implemented in dairy companies taking account of the elements such as: the sources of funding, barriers to the implementation of the system, positive effects of the system, its improvements and ways to review the system efficiency.

Keywords: environmental management, Environmental Management System (EMS) pursuant to ISO 14001, sustainable development, dairy companies
JEL Classification Codes: D2, L2

Katarzyna Sadowy
Collegium of Management and Finance, SGH Warsaw School of Economics


Abstract
The paper presents the situation on the labour market in three Warsaw districts, Praga South (Praga Południe), North (Praga Północ) and Targówek, identified as problematic areas and included into the Integrated Revitalization Programme for the years 2014–2022. The data illustrating the structural change in this area presents the period from 2003 to 2015. The chosen years: 2003, 2010 and 2015 comprise the very specific moments in the city’s development – right before the accession to the European Union, the moment of decline after the 2008 crisis, and more recent data, marking the beginning of new programmes and municipal activities regarding the area. The main goal is to present structural change on these local labour markets, within the context of two emerging trends: development of the creative industries and public institution policies towards start-ups and traditional craftsmanship.

Keywords: labour market structures, urban economics, urban policies, depressed areas, creative sector
JEL Classification Codes: J490, J480, R580

Krystian Barłożewski
Collegium of Management and Finance, SGH Warsaw School of Economics


Abstract
This paper posits, based on the data set covering an 8‑year period between 2006 and 2013, that Polish firms show an inverted U-curve relationship between multinationality and performance. At the beginning of internationalization a short stage of rising performance might be observed, however, quickly rising costs stemming from the liability of newness and foreignness lead to a fall in performance. This is not only contrary to the predictions resulting from the traditional S-curve analysis but also indicates that executives’ high expectations regarding foreign expansion might be a sign of a “global illusion”.

Keywords: internationalization, performance, M-P relationship
JEL Classification Codes: F23, M16

Andrzej Jędruchniewicz
Department of Economics and Economic Policy, Warsaw University of Life Sciences-SGGW


Abstract
The aim of the paper was to evaluate the usefulness of the Austrian Business Cycle Theory (ABCT) in explaining the changes in the wage structure occurring during different phases of the business cycle. Research methods applied are consistent with the methodological viewpoint of the Austrian School of Economics (ASE), using a mix of deductive reasoning and statistical analysis. The analysis of data on wage developments in various sectors of the Lithuanian economy in a cyclical environment has allowed confirming the research hypothesis almost entirely. The study has demonstrated that from 2004 to 2013 during expansion and contraction phases the most dynamic change in wages occurred in sectors that were in the early stages of production, i.e. most distant from consumption, and were producing the most durable consumer durables. Empirical verification of arguments formulated by the ASE is very rare. In global economic literature such studies of changes in the labour market during cyclical fluctuations are scarce. This study fills this gap by confronting the ASE theory with wage changes in a real-life economy.

Keywords: wages, labour market, business cycle, Austrian School of Economics, credit expansion, structure of production
JEL Classification Codes: E14, E32, E51, J01, J31

Kamil Decyk


Abstract
The paper contains theoretical considerations on cryptocurrencies in the context of innovation and specifically focuses on the most popular cryptocurrency – bitcoin (BTC). Based on critical analysis of domestic and foreign writings, bitcoin was classified as a modular innovation despite some of its features suggesting the continuous and breakthrough nature of the solution. The conclusion helped positively validate the research hypothesis proposed in this paper according to which cryptocurrencies, despite their characteristics of an incremental and breakthrough innovation, can be treated as modular innovations.

Keywords: cryptocurrency, bitcoin, innovation
JEL Classification Codes: G, O Introduction

Józef Haczyński, Kazimierz Ryć, Zofia Skrzypczak
Faculty of Management, University of Warsaw


Abstract
Healthcare systems operate properly as long as there are enough skilful health professionals available. This paper compares the population of doctors and nurses in the healthcare system in Poland and in other European countries. We used statistical data gathered by the Organisation for Economic Cooperation and Development (OECD), Statistics Poland, Ministry of Health, as well as materials from the General Medical Council, and the Nursing and Midwifery Council in Poland. We made an attempt to find out why Poland ranks so low in the lists showing the number of practising doctors and nurses per 1,000 population. We identified the main sources of “inflows” (graduates of medical and nursing schools) and “outflows” (retirement, migration, people leaving medical professions) into/ from the pool of health professionals. Our goal was also to specify which areas necessitate systemic changes to increase the number of practising doctors and nurses. We decided that institutional changes are also needed: increasing the number of students admitted to medical schools, better working conditions for medical professionals, incentives to return to Poland, etc. Such changes combined with rising public expenditure may improve the performance of the healthcare system in Poland.

Keywords: human resources, healthcare, nurses, doctors, shortages of medical professionals
JEL Classification Codes: I11, J21