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Contents of issue 4/2011

Krzysztof Marczewski - Theoretical Aspects of Anti-Crisis Stabilization Policy, summary, article

Piotr Krajewski - Supply-Side Effects of Fiscal Shocks in the Polish Economy Based on the Real Business Cycle Model, summary, article

Jarosław Kubiak - Methods for Examining Information Asymmetry in Enterprises in the Case of Capital Allocation, summary, article

Piotr Urbanek - Outsourcing in the Process of Restructuring Enterprises in Light of the Transaction Cost Theory, summary, article

Mariusz Sagan, Piotr Zalewa, Oleg Gorbaniuk, Bartosz Jóźwik - Transfer of Technology and Knowledge to Enterprises in Poland’s Lublin Province, summary, article


Book Review: Stanisław Kubielas, Innowacje i luka technologiczna w gospodarce opartej na wiedzy. Strukturalne i makroekonomiczne uwarunkowania (Innovation and the Technology Gap in a Knowledge-Based Economy: Structural and Macroeconomic Determinants), Wydawnictwo Uniwersytetu Warszawskiego, Warsaw 2009, 398 pp. - reviewed by Wojciech Burzyński

Book Review: Barbara Dobiegała-Korona, Tymoteusz Doligalski (eds.), Zarządzanie wartością klienta. Pomiar i strategie (Customer Value Management: Measurement and Strategies), POLTEXT, Warsaw 2010, 565 pp. - reviewed by Andrzej Szablewski

Book Review: Anna Dąbrowska, Mirosława Janoś-Kresło, Konsument na rynku e-usług w krajach Europy Srodkowo-Wschodniej (The Consumer on the Online Services Market in Central and Eastern European Countries), Difin, Warsaw 2010, 204 pp. - reviewed by Irena Ozimek

Krzysztof Marczewski - Theoretical Aspects of Anti-Crisis Stabilization Policy

The article focuses on selected theoretical aspects of anti-crisis stabilization policy and policy exit strategies. The author looks at the approach to macroeconomic stabilization policy prior to the latest financial and economic crisis and discusses specific aspects of the anti-crisis policy. These include the problem of the liquidity trap in monetary policy, the effectiveness of discretionary fiscal packages, differences in the ways of maintaining international competitiveness by countries pursuing an independent monetary policy and those that are member states of the European monetary union. The author also takes a look at new European Commission initiatives for monitoring macroeconomic stability. He concludes that the latest global crisis has led to significant adjustments in methods for pursuing a stabilization policy, although the basic theoretical assumptions have remained unchanged.

Keywords: global economic crisis, stabilization policy, anti-crisis policy, financial stability, international competitiveness, European Union
Article: PDF

Piotr Krajewski - Supply-Side Effects of Fiscal Shocks in the Polish Economy Based on the Real Business Cycle Model

The articleexaminesthe supply-side impact offiscalpolicyonfluctuations in economic trendsin Poland. The analysisis basedon the real business cyclemodel with indivisiblelabor developed by American economist Gary D.Hansen. This model was adapted tothe conditions ofthe Polish economy andexpanded to includeassumptionsaboutfiscalpolicy on the basis of datafrom the1995-2009period. According to the author, the model reflectsthe correlationsbetween GDPandothervariables. However, the negativecorrelationbetweengovernment spendingandconsumption resulting from the model is not confirmed by actual data, Krajewski says. Simulations showthatan increasedshareof capital expenditure in government spending has apositiveimpact onthe economy because it leads to anincrease inproduction,consumption, employment and the level of capital. Themodelalsoshowsthat even though a countercyclicalfiscal policy reducesfluctuationsin production,itleads togreatervolatilityof capitaland consumption. Moreover,the resultsof the model show that if public consumption becomes a strong substituteof private consumption, an increase in government expenditure has a low supply-side impact on thelevel of production, the author concludes.

Keywords: fiscal policy, real business cycle, indivisibility of labor, government expenditure
Article: PDF

Jarosław Kubiak - Methods for Examining Information Asymmetry in Enterprises in the Case of Capital Allocation

The authordiscussesand evaluatesmethods formeasuringthe level ofinformation asymmetry in enterprises depending on their ownership structure.
Information asymmetryis asourceofprocesses such as adverseselectionandmoral hazard, the author says. An appropriate ownershipstructure in companiescanbe usedto reducethe negative effects of an information asymmetry.
Thearticle examines ways of measuring information asymmetryinterms of the data needed for such measurements and therisk that a givenmeasure will be inaccurate.
The author concludes that, in large-scaleresearch,direct measurements ofthe levelof information asymmetryareoftenimpossibleandthe results mustbeapproximated. When planningresearchit is necessary totake into account therange ofdataneededtousea specific measureand therisks related to the inaccuracy ofmeasurements, Kubiak says. When examining the relationship between information asymmetry and a company’s ownership structure, researchers should arrange enterprises according to the relativelevel ofinformation asymmetry, he adds. According tothe author, this can bedone by developing a compositemeasure of information asymmetryonthebasis of specificindicators usingthe linear ordering method. Such a procedureshouldreduce theriskof improperclassificationof companiesaccording to thelevel of information asymmetry, Kubiak says.

Keywords: information asymmetry, capital allocation, ownership structure, adverse selection, moral hazard
Article: PDF

Piotr Urbanek - Outsourcing in the Process of Restructuring Enterprises in Light of the Transaction Cost Theory

Using the example of an enterprise from the energy sector, the author demonstrates how companies restructure their assets through outsourcing.
In the case of the analyzed energy-sector enterprise, the restructuring process was prepared conceptually, organizationally and technically with the use of an operational control system - in line with the transaction cost theory. Under the Coase theorem, the selection of one of two coordination mechanisms - hierarchical coordination or market coordination - is determined by factors such as asset specificity, transaction uncertainty and transaction frequency. An evaluation of the course and results of the process confirms many of the theoretical assumptions, the author says. Due to the specific features of energy-sector companies and the characteristics of business transactions made in such companies, key resources remain within the enterprise, while organizational units carrying out peripheral tasks not related to the company’s core business can be outsourced and moved outside the company’s structure. In the studied enterprise, a hybrid solution was used in formal and legal terms, Urbanek says, based on maintaining capital/ownership ties between the enterprise and businesses spun off from it.
The author highlights the role of the operational control system as an instrument supporting decentralization and restructuring processes leading to outsourcing. Without the use of an operational control system, it would be impossible to overcome barriers typically encountered in such processes - mainly those created by people - and to carry out such far-reaching changes within such a short time, Urbanek concludes.

Keywords: transaction cost theory, outsourcing, Coase theorem, operational control system
Article: PDF

Mariusz Sagan, Piotr Zalewa, Oleg Gorbaniuk, Bartosz Jóźwik - Transfer of Technology and Knowledge to Enterprises in Poland’s Lublin Province

The authors analyze the ongoing transfer of technology and knowledge to enterprises in Poland’s eastern Lublin province. They are particularly interested in the conditions and scope of the process. For the needs of the study, they have conducted a survey on a sample of 443 firms. In the survey, data were obtained from companies via the internet. To analyze the data, different statistical methods were used, including statistical inference procedures.
The analysis showed that the surveyed companies most often used free and generally accessible sources of technology transfer, such as publications, the internet, and free conferences. Only businesses from industry derived substantial benefits from a transfer of knowledge and innovation from universities while working to implement ideas resulting from their own research and development. Most of the surveyed companies declared their willingness to work with university-level schools. The study confirmed that cooperation with universities and R&D centers encourages firms to look for the most advanced knowledge and technology. Other factors include participation in business clusters, and cooperation with innovation and technology transfer centers in implementing marketing and organizational innovations.
The research done by Sagan, Zalewa, Gorbaniuk and Jóźwik complements the existing body of knowledge on the transfer of knowledge and technology to less well-developed regions, the authors say. It could thus help various Polish regions create new development strategies and use European Union funds under the bloc’s financial perspective for 2014-2020.

Keywords: technology transfer, knowledge transfer, entrepreneurship, regional development, innovation, statistical inference
Article: PDF

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