Contents of issue 5/2015
Marta Gancarczyk - The Process of Enterprise Growth in Light of the Resource-Based View and Transaction Cost Theory, summary
Anna Białek-Jaworska, Natalia Nehrebecka - The Role of Trade Credit in Business Operations, summary
Maciej Czaplewski - The EU Telecommunications Market as an Area of Regulatory Impact, summary
Dominik A. Skopiec - The Role of Special Drawing Rights in the International Monetary System, summary
Jacek Kulawik - The Common Agricultural Policy of the European Union in a Global Perspective, summary
Mateusz Pipień, Sylwia Roszkowska - Quarterly Estimates of Regional GDP in Poland, summary
Ewa Gałecka-Burdziak, Robert Pater - How Many Vacant Jobs Are There in Poland?, summary
Sławomir Kalinowski - Uncertainty-Induced Challenges Faced by Poor Inhabitants of Big Cities: The Case of Poland’s Poznań, summary
Book Review: Piotr Albiński, Zbigniew Polański (eds.), Dylematy polityki makroekonomicznej w warunkach kryzysu zadłużeniowego w Unii Europejskiej
(Macroeconomic Policy Dilemmas at a Time of a Debt Crisis in the European Union), Oficyna Wydawnicza SGH, Warsaw 2015, 162 pp. - reviewed by Wojciech Pacho
Book Review: Elżbieta Mączyńska, Sylwia Morawska, Efektywność procedur upadłościowych. Bankructwa przedsiębiorstw. Katharsis i nowa szansa
(The Efficiency of Bankruptcy Procedures - Businesses Gone Under: Catharsis and a Second Chance), Oficyna Wydawnicza SGH, Warsaw 2015, 248 pp. - reviewed by Błażej Prusak
Marta Gancarczyk - The Process of Enterprise Growth in Light of the Resource-Based View and Transaction Cost Theory
The paper examines the process of firm growth as an emerging area of entrepreneurship research and identifies ways of conceptualizing this process by combining an approach known as the resource-based view (RBV) with transaction cost theory (TCT).
Contemporary research into company expansion focuses on the process of growth while recommending an inductive and exploratory approach, the author notes. However, this research area belongs to a broader strain of research into firm boundaries based on theories including RBV and TCT. In her paper, the author adopts what she calls a deductive method based on these two theories.
The paper is based on a review of theoretical literature on firm boundaries developed in economics, entrepreneurship and strategic management. The author analyzes the resource-based view and transaction cost economics as alternative approaches to firm boundaries through a review of theoretical studies. She formulates conclusions about the process of company expansion based on a combination of the resource-based view and transaction cost theory. The author identifies the predictive value of the RBV and TCT with regard to the mechanisms and modes of growth. She also highlights a system of interactions between these two approaches in terms of variables and assumptions. According to Gancarczyk, the results of her research provide material for further theoretical and empirical studies.Keywords
: enterprise growth, firm boundaries, transaction cost theory, resource-based approachJEL classification codes
: L25, L26, D21, D23Article
Anna Białek-Jaworska, Natalia Nehrebecka - The Role of Trade Credit in Business Operations
The paper analyzes the importance of trade credit in the financing of enterprises in Poland and identifies factors determining the use of trade credit by Polish companies.
Companies receive trade credit from their suppliers, while also extending credit to their own customers, the authors say. They analyze trade credit in net terms, looking at the difference between trade credit obtained and extended by companies. Trade credit received was measured as trade liabilities not including current expenses. Net trade credit is determined by factors including the size of the company, the industry it represents, the proportion of exports in total sales, and the proportion of foreign ownership in share capital.
The analysis is based on panel data collected by Poland’s Central Statistical Office (GUS), specifically its F-02 annual reports for the 1995–2011 period. The Generalized Method of Moments (GMM) was used to estimate the coefficients of the model.
The research shows that low sales profitability, a long Days Payable Outstanding period, low debt capacity, and a long cash conversion cycle are good predictors of the use of trade credit, the authors say. Their paper validates the hypothesis that greater growth opportunities and a greater ability to generate cash surpluses lead to an increase in trade credit extended. The authors also conclude that trade credit increases with an increase in the size of companies and that large companies tend to offer more trade credit. This is accompanied by a decreased propensity to incur credit and a smaller volume of net trade credit received, the authors say.Keywords
: trade credit, receivables, corporate finance, dynamic panel data models, Generalized Method of Moments (GMM), Days Payable Outstanding, cash conversion cycleJEL classification codes
: G32, E52, G21, C83Article
Maciej Czaplewski - The EU Telecommunications Market as an Area of Regulatory Impact
The article assesses the impact of EU regulations and policies on the emergence of a competitive telecommunications market in the European Union. The author seeks to answer two research questions: (i) Has the model of opening the EU’s telecommunications services market to competition proved to be effective in practice? (ii) Has the EU delivered on its plan to create a competitive telecommunications market in Europe?
The author uses research methods including a critical review of studies on the subject. He also examines the nature of the regulatory measures in question and explains why the EU telecommunications services market needs adjustment.
Czaplewski conducts a cause-and-effect analysis to show the link between specific regulations and their socioeconomic implications. The author also carries out a synthesis based on a comprehensive evaluation of EU regulatory policies affecting the telecommunications services market and highlights key policy dilemmas.
The research establishes that the liberalization of the EU’s telecommunications services market has put an end to a telecommunications monopoly and old regulatory structures. Deregulation has created and strengthened competition in telecommunications services for end customers. However, efforts to foster competition in wholesale access to the network for new telecommunications operators have produced less spectacular results, Czaplewski says.
The author concludes that the model adopted by the EU for opening its telecommunications services market to competition has only been partially successful. Another conclusion is that efforts to create competition on the telecommunications services market are still far from complete. Czaplewski also argues that greater competition in wholesale access to the telecommunications network should be an important objective of EU regulatory policy on the telecommunications services market.Keywords
: regulation, liberalization, deregulation, telecommunications market, EU policyJEL classification codes
: L43, L51, L96Article
Dominik A. Skopiec - The Role of Special Drawing Rights in the International Monetary System
The article analyzes factors determining the use of special drawing rights (SDRs) as a component of official reserve assets in the international monetary system. The author also examines the possibility of an international monetary system reform based on an increased role for SDRs. The analysis shows that the use of SDRs as a component of official reserve assets is insignificant and likely to remain marginal due to several barriers that make it impossible to transform SDRs into international money.
The author identifies two main types of barriers to an increased role of SDRs in the monetary system: barriers related to the specific features of these assets, and barriers stemming from developments in the international monetary system, especially an increased international use of the Chinese currency and the continued status of the U. S. dollar as the dominant international currency. With these constraints in mind, the author concludes that the role of SDRs in the international monetary system is unlikely to increase in the future. The author uses research methods including an analysis of statistical data on official reserve assets and on the international use of national currencies, in addition to a comparative analysis and a study of literature on the subject.Keywords
: international currency, international monetary system, foreign exchange reserves, financial marketJEL classification codes
: F02, F31, F41, G15, G18Article
Jacek Kulawik - The Common Agricultural Policy of the European Union in a Global Perspective
The article looks at the most pressing challenges facing the global community and world agriculture that should be addressed by the EU’s Common Agricultural Policy (CAP) and other models of agricultural development. In terms of methodology, the paper combines an overview approach with meta-analysis.
The research establishes that the main problem of world agriculture in the coming decades will be to meet growing demand for agricultural and food products under increasingly stiff competition for land, water and other non-renewable and renewable resources - amid increasing pressure on the natural environment and a changing climate. The world could deal with this problem by undertaking coordinated efforts to reduce food wastage, close the productivity gap, promote changes in diet, and foster sustainable intensification and climate-smart farming. On the one hand, CAP can contribute to solving this problem, the author says, but on the other hand, it may hinder efforts in this area by extensively subsidizing EU agriculture.Keywords
: global food policy, agricultural models, world agriculture, Common Agricultural PolicyJEL classification codes
: Q10, Q11, Q18Article
Mateusz Pipień, Sylwia Roszkowska - Quarterly Estimates of Regional GDP in Poland
The paper uses a linear regression model to examine the temporal and spatial disaggregation of Poland’s gross domestic product. The authors develop an approach based on estimating the structural parameters of linear regression in which annual regional GDP and its growth rate are used as dependent variables and annual national GDP and its changes play the role of explanatory variables. Pipień and Roszkowska estimate quarterly regional GDP and its changes as functions of the regression parameters. They compare alternative approaches with respect to the level of statistical uncertainty associated with the estimates. The sample covers the 1995-2012 period and the results obtained offer precise estimates of the rate of change in regional GDP, the authors say. Their research shows that regional differences in GDP growth are relatively small.Keywords
: regional GDP, temporal and spatial disaggregation, linear regression, estimation uncertaintyJEL classification codes
: C13, C43, E01Article
Ewa Gałecka-Burdziak, Robert Pater - How Many Vacant Jobs Are There in Poland?
The study undertakes to establish how many employment opportunities were available to job seekers in Poland from 2007 to 2014. The authors analyze how many vacancies there were in the market during this period and how this figure changed depending on the business cycle.
The authors use different vacancy data sets from sources including Poland’s Central Statistical Office (GUS), Public Employment Services (PSZ) and online job offers. The main research method used is an analysis of the cyclical properties of time series.
The authors find that the number of vacancies in Poland increased from the first quarter of 2007 to the second quarter of 2014. They also conclude that the number of online job ads largely depended on the business cycle and that cyclical changes in job offers as a whole occurred slightly ahead of cyclical changes in employment and unemployment.
The number of online job offers was the highest in provinces with relatively high GDP per capita, the authors say. In the first part of the analyzed period, the labor market showed significant shortages of skilled workers. The unemployment rate initially declined rapidly, but it later rose. This was in part due to a mismatch between job seekers and vacancies in the Polish labor market whereby employee qualifications did not match job requirements. One of the key factors determining adverse developments on the Polish labor market is low labor force mobility, the authors conclude.Keywords
: vacancies, job offers, public employment offices, business cycleJEL classification codes
Sławomir Kalinowski - Uncertainty-Induced Challenges Faced by Poor Inhabitants of Big Cities: The Case of Poland’s Poznań
The aim of this article is to examine a number of aspects of uncertainty faced by poverty-stricken residents in the western Polish city of Poznań from the perspective of their incomes, work and prospects for the future.
The methodology and the concept behind this research both stem from the activities of “The Underclass of Poznań” Cross-Community Research Group, which conducted a number of paper-and-pencil interviews in 2012 and 2013 in order to collect detailed answers from respondents and a set of qualitative data. A random sample of beneficiaries of Poznań’s Municipal Family Support Center (MFSC) was selected in two measurement stages (n1=418, n2=196) from a total of 6,000 addresses. The selected sample size guarantees that, with 95% probability, the obtained research results do not differ from the distributions of the variables in the overall statistical population by more than 4%.
The article includes an analysis of the notion of uncertainty from a socioeconomic angle, and it also lists the links between certainty and security. It has been stressed that income constitutes the primary factor influencing security, with respect to both its volume and the certainty of its receipt. It has also been noted that women receive higher incomes than men, which distinguishes this research from other research findings. In general, it needs to be emphasized that income levels are relatively low in all income groups, which results from the specific features of the studied population, whose members are all beneficiaries of social welfare programs. Needs deprivation in the analyzed population does not merely result from low incomes, but also reflects the lower level of need awareness in comparison with other social groups. The respondents’ general feeling of economic uncertainty is also affected by the range of available opportunities and the degree of need satisfaction. Incomes earned by the studied population are only sufficient for households to afford the cheapest food and, sometimes, clothes and to pay for basic accommodation. Apart from income uncertainty, this paper focuses on threats to job security because, in spite of their relatively high job insecurity, respondents tend to adopt passive attitudes on the job market, with a low overall level of activity and failure to actively look for employment. The respondents’ uncertainty of the future is a consequence of their uncertain incomes and unemployment, factors that can be viewed as either intrinsic or extrinsic.Keywords
: uncertainty, income, work, prospects for the futureJEL classification codes
: A14, D12, D63, I32Article