List of issues

Contents of issue 10/2006

Mariusz Próchniak, Bartosz Witkowski - Real Convergence Models in the World, abstract, article

Marek Kunasz - Enterprise Resources From the Perspective of Economic Theory, abstract, article

Alina Szewc-Rogalska - Ownership Inequalities: Protection of Minority Shareholder Rights, abstract, article

Edward Maleszyk - Partner Relationship Management in Integrated Supply Chains, abstract, article


Jadwiga Berbeka - The Implications of the Euro for Private Consumers in Poland, abstract, article


Book Review: Robert William Fogel, The Escape from Hunger and Premature Death, 1700-2100: Europe, America, and the Third World, Cambridge University Press, 2004, 191 pp. - reviewed by Janina Godłów-Legiędź

Book Review: Andrzej Sławiński, Rynki finansowe (Financial Markets), Polskie Wydawnictwo Ekonomiczne, Warsaw 2006, 216 pp. - reviewed by Grzegorz Konat

Mariusz Próchniak, Bartosz Witkowski - Real Convergence Models in the World

The article discusses conditional β-convergence in 126 countries around the world in 1975-2003. The authors offer a theoretical model to explain the essence of convergence. Unlike in most empirical studies, the authors assume that convergence, or the relationship between the rate of economic growth and the initial level of GDP, is not constant but changes over time.
The model was constructed on the basis of panel data, using the Fixed Effects estimator and the Generalized Method of Moments estimator developed by Arellano and Bond.
The results of the evaluation confirm the existence of β-convergence, which is much faster than suggested by most empirical studies. When per capita GDP is 1% higher, the rate of growth falls by 0.20-0.22 percentage points on average. The β-convergence indicator ranges from 22% to 25%.
By assuming that convergence is not constant, the authors proved that there is a strong relationship between the initial level of GDP and the rate of economic growth. This shows that their assumption was fully justified as the main hypothesis of the analysis.

Keywords: economic growth, convergence, panel data
Article: PDF

Marek Kunasz - Enterprise Resources From the Perspective of Economic Theory

The article examines the traditional body of knowledge about enterprise resources and presents contemporary approaches to this issue. The author uses ample theoretical material and describes historic views on enterprise resources as expressed by economists such as Petty, Smith, Ricardo, Say, Marx, Marshall, the Austrian Subjectivists, Schumpeter and Penrose. Their achievements laid the groundwork for contemporary research.
The author focuses on the ways in which enterprises build their competitive advantages. He also presents contemporary approaches and resource classification systems, with special attention paid to non-material resource classification, including the resource theory and the intellectual capital theory (pioneering and post-pioneering models).
The analysis shows that non-material resources and intellectual capital are increasingly important to enterprises as they seek to gain a competitive advantage. This marks a change from previous approaches to the problem of building a competitive advantage. However, the contemporary method of defining enterprise resources is rooted in the historic development of economic knowledge. It is the legacy of many well-known authors, from classical economists onward. Their achievements were an inspiration for contemporary economists.

Keywords: theory, enterprise resources, competition
Article: PDF

Alina Szewc-Rogalska - Ownership Inequalities: Protection of Minority Shareholder Rights

The article deals with the unequal treatment of company shareholders. The analysis is conducted from the perspective of minority shareholders and their interests. The author uses a research method that presents the position of minority shareholders in companies on the basis of the agency theory. Szewc-Rogalska shows the influence of dominant shareholders and top managers on the market value of companies (in light of both Polish and foreign empirical studies), along with a review of ways to limit inequality among shareholders. The analysis reveals that the position of minority shareholders can be threatened by agency conflicts that occur in companies. In companies with concentrated ownership, these conflicts are different than in companies with scattered ownership. After a dominant shareholder exceeds a certain level of ownership, the company is likely to face problems resulting from the shareholder’s desire to pursue their own interests at the expense of other shareholders. Inequalities among shareholders cannot be eradicated completely, and there is no single fully efficient mechanism to protect minority shareholder rights. A diverse range of activities is needed, including improved information transparency of companies and better corporate supervision, in addition to increased activity of minority shareholders and the creation of legal mechanisms to protect their interests.

Keywords: inequality, interests, minority shareholders, agency theory
Article: PDF

Edward Maleszyk - Partner Relationship Management in Integrated Supply Chains

The aim of the study was to determine the basis for partner relationship management and ties within integrated supply chains. These include both internal ties (between the integrator and enterprises forming the chain) and external ties, chiefly with buyers and suppliers. The author applied partnership marketing tools as the basis for relationship management and conducted direct interviews with chain integrators. The article reviews three groups of tools: 1) cooperation agreements, marketing programs, letters of intent and memoranda of understanding 2) instruments for the management of groups of products as part of the Effective Consumer Response (ECR) strategy; 3) Customer Relationship Management (CRM) tools, with a special focus on the individualization of the product range, the quality of services and communication with clients. Group 1 comprises tools needed for building internal relationships, while groups 2 and 3 contain those used to build external relationships. The results of the analysis confirm the need to introduce these instruments, but the application of these tools frequently encounters various difficulties and limitations. Major barriers include poor adaptation of cooperation agreements to the requirements of partner relationship management, failure to monitor contacts with clients and inadequate information technology systems poorly adapted to the needs of managing partner relationships. A proper division of roles and benefits between the chain participants and the integrator, on the one hand, and the market environment, on the other, creates chances for marketing success and development. Partner relationship management requires not only improved cooperation between the chain and the client, but also efforts to refocus personnel toward establishing project teams responsible for winning and keeping loyal clients.

Keywords: integrated supply chains, partner relationship management, effective consumer response, customer relationship management
Article: PDF

Jadwiga Berbeka - The Implications of the Euro for Private Consumers in Poland

The article presents the potential advantages and disadvantages of introducing the euro in Poland, on the basis of macro- and microeconomic theories. In particular, the author examines the implications of the move for private consumers. Berbeka presents the results of empirical analyses and surveys of residents in the 12 European Union member states that introduced the euro in 2002. In the final part of her article, the author discusses the findings of polls into the feelings and expectations of Poles with regard to the country’s planned accession to the euro zone.
In the EU-12 euro-zone countries, the adoption of the euro has led to varied economic and psychological implications, including an increase of prices and social frustration. Many consumers were initially disoriented and needed time to adapt to the new situation. These psychological costs negatively influenced the public’s perception of the benefits of the euro.
In Poland, the euro will probably benefit around 30 percent of the population in the initial period, while the rest will primarily feel the costs of the move, Berbeka says. Negative psychological effects are likely to provoke price hikes.
Considering the worries that Polish consumers expressed in the surveys and their skeptical attitude toward the euro, the process of replacing the zloty with the single European currency should be properly organized. It should be accompanied by a public awareness campaign to highlight possible difficulties.

Keywords: euro, benefits, costs, private consumers
Article: PDF

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