List of issues

Contents of issue 4/2006


Jerzy Osiatyński - Michał Kalecki (1899-1970), article

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Michał Gradzewicz - The Investment Behaviors of Manufacturing Enterprises, abstract, article

Mariko Akiba, Maria Lissowska - Polish Enterprises as Borrowers: A Look at Bank Strategies from the Other Side of the Mirror, abstract, article

Małgorzata Rószkiewicz - The Economic Security of Polish Households in Light of Research Findings, abstract, article

Urszula Kłosiewicz-Górecka - Cooperation of Entities in the Local Market, abstract, article


Book Review: Jerzy Nowakowski, Krzysztof Borowski, Zastosowanie teorii Carolana i Fischera na rynku kapitałowym (The Application of the Carolan-Fischer Theory on the Capital Market), Wydawnictwo Difin, Warsaw 2005, 374 pp. - reviewed by Przemysław Pacześ

Michał Gradzewicz - The Investment Behaviors of Manufacturing Enterprises

The aim of the research was to identify the motives behind the investment decisions of manufacturing enterprises in Poland in 1996-2003. The analysis was conducted with the use of probit models and an extensive body of panel data applying to individual enterprises to determine the probability of an investment decision. The author discovered that three key factors encouraged investment by manufacturing enterprises in all the surveyed groups (exporters, publicly traded companies, private domestic and foreign enterprises and companies with foreign capital). The first factor is the expected demand for an enterprise’s products, reflecting prospective sales possibilities. Another important factor is the use of production capacity, reflecting the company’s possibilities for expanding its volume of production on the basis of existing resources and assets. Both these factors are complementary with regard to the description of the investment process. Enterprises wanting to expand their sales tend to make investment decisions when their existing fixed assets are insufficient to increase the supply of products. The third key factor that determines investment decisions is prior involvement in a long-term investment process and the continuation of work in progress. In light of the research, the cost of raising funds and the restrictiveness of monetary policy are only loosely related to the course of investment processes in Poland.

Keywords: investment decisions, probit model, panel data
Article: PDF

Mariko Akiba, Maria Lissowska - Polish Enterprises as Borrowers: A Look at Bank Strategies from the Other Side of the Mirror

The article presents the opinions of enterprises about the relationship between lending banks and their clients. The authors confront these opinions with previously analyzed views and strategies declared by Polish banks. The article is based on a survey conducted on a sample of enterprises via the Internet in December 2005.
The survey shows that enterprises are fully aware of the diversified treatment of borrowers by banks, even though banks declare that they treat everyone in the same way. The basic criterion seems to be the size of the company. Although many enterprises use the services of several banks at the same time, contrary to expectations, they tend to be loyal—in the sense of the long-standing nature of their contacts with their servicing banks. Companies generally attach more weight to their own reputation than their servicing banks. They also reveal a smaller (than widely believed) level of informational shortcomings involving providing incomplete data.
Relations between banks and borrowers are largely influenced by the fragmentation of the banking sector, which encourages aggressive competition for the best clients and restricts access to loans for high-risk borrowers. It is possible to expect that small and medium-sized enterprises will find it increasingly easier to obtain loans as the banking sector undergoes progressive concentration, accompanied by growing competition from the international bond market.

Keywords: lending, borrowers, banks, enterprises, strategies
Article: PDF

Małgorzata Rószkiewicz - The Economic Security of Polish Households in Light of Research Findings

The article analyzes the implications of consumerism and rampant spending in the context of the pension system reform designed to stimulate saving among households.
The author used the results of an empirical study carried out by direct interview on a random sample of 1,305 households at the end of 2004 (with the “no-data” indicator under 13 percent).
The results obtained in the survey confirm the Keynesian view that the saving preferences of households and their economic security policies depend on income. Households with relatively higher incomes more often declare possession of spare funds and the possibility of saving. However, the survey also confirmed the accuracy of a view in economic psychology involving unrestrained spending among some groups of society. The study shows that households with incomes sufficient to permit saving generally fall into two categories with different consumption preferences. Households prone to saving and with a higher socioeconomic status—mostly newly established families and those at an advanced stage of family life—usually display a preference for deferred gratification and extended consumption, with a saving rate proportional to income. Such households tend to behave in accordance with the Life-Cycle Hypothesis, with the income factor as the main determinant of the level of saving. The remaining households display a preference for immediate consumption and their saving rate is out of proportion with income. These households generally show no restraint in the management of their financial resources and their behaviors are out of step with the economic theory of saving. They act according to the Behavioral Life-Cycle Hypothesis under which one’s spending and saving preferences are dominated by emotional factors.

Keywords: economic security, households, consumption, saving
Article: PDF

Urszula Kłosiewicz-Górecka - Cooperation of Entities in the Local Market

The article examines the development of economic cooperation and partnerships on local markets. It specifically focuses on relations between enterprises and local governments, cooperation among enterprises and cooperation between enterprises and business environment institutions. The analysis also covers various forms of cooperation among municipalities. The analysis is based on the results of a survey carried out by the Institute of the Home Market and Consumption in mid-2005 among 100 municipalities from 11 provinces—classified according to the level of development (five provinces representing highly developed regions and six with a poor level of development), size and economic specialization—and 309 enterprises varying in size and type of activity. The results obtained were confronted with similar surveys carried out by other research centers in Poland. The author concludes that cooperation among entities on local markets is at an inceptive stage in Poland. Particularly weak is the relationship between enterprises and local governments; it shows no signs of permanent cooperation based on confidence, good communication and mutual support, though some positive changes have taken place in this area since Poland’s accession to the European Union. The relationship between enterprises and local governments should improve further with an adequate flow of information about problems encountered by local companies and the support that they expect from local authorities. Inevitably, the author notes, local markets need a business philosophy whereby cooperation would be treated as an important source of value added to stimulate entrepreneurship and the development of the local community.

Keywords: cooperation, partnership, entrepreneurship, local government, business environment
Article: PDF

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