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Contents of issue 3/2016

Anna E. Jurczuk, Piotr Pysz - Where Was Poland’s Economic System Headed in 1995–2012?, summary, article

Natalia Nehrebecka, Anna Białek-Jaworska - Determinants of Corporate Financial Investment in Poland, summary, article

Anna Leszczyłowska - Provisions for Future Liabilities and Effective Corporate Income Tax Rate, summary, article

Bartosz Deszczyński - The Maturity of Corporate Relationship Management, summary, article

Bazyli Czyżewski, Anna Hnatyszyn-Dzikowska, Jan Polcyn - Problems of Quantifying Public Goods in the Healthcare Sector, summary, article

Dariusz Urban - Keeping up with the Joneses as a Factor Determining Foreign Exchange Reserve Accumulation: Evidence from Selected Economies with Sovereign Wealth Funds, summary, article

Agata Gogół - Demographic Trends vs. Population Policy in Poland, summary, article





Anna E. Jurczuk, Piotr Pysz - Where Was Poland’s Economic System Headed in 1995–2012?

The aim of the paper is to assess how the principles of the competitive order were implemented in Poland during the country’s economic transition in 1995–2012. To accomplish the research tasks, the principles of the competitive order developed by German economist Walter Eucken were adopted as a reference model. This made it possible to determine just how close Poland’s economic order was to the ideal model during the studied period.
An analysis of selected indicators shows that the competitive order in the Polish economy in 1995–2012 only to a limited extent corresponded with the desirable model.The greatest failures in Poland’s economic order could be observed in areas such as price elasticity, responsibility for business results, economic policy stability, and the freedom of contract. Considerable progress was observed in the implementation of the rules of the competitive order in areas such as stability in the value of money, private ownership of means of production and open markets.

Keywords: economic system, competitive economic order, ordoliberalism, transition
JEL classification codes: B53, B52
Article: PDF



Natalia Nehrebecka, Anna Białek-Jaworska - Determinants of Corporate Financial Investment in Poland

The article aims to identify the determinants of short- and long-term corporate financial investment in Poland, with a particular emphasis on the saving and interest rates. We conducted the analysis based on unbalanced panel data for companies with at least 10 employees from the Polish Central Statistical Office’s GUS F-02 annual reports for 1995–2012. We used the system GMM estimator (Generalized Method of Moments; Arellano, Bover 1995; Blundell, Bond 1998) to estimate the parameters, and we applied a robust variance-covariance matrix. The research findings show a significant negative correlation between financial investments and cash flow, which means that liquidity problems in the core business induce companies to increase long-term financial investments (securities) as a precautionary motive. By contrast, the accumulation of surplus cash from operating activities in the form of savings increases long-term financial investments. The research also points to a positive impact of the real interbank overnight interest rate. This means that higher interest rates increase the opportunity cost of investments in fixed capital and may encourage companies to spend their savings on buying financial assets (interest rate channel of monetary policy) instead of investing in fixed capital or research and development (R&D).

Keywords: financial investment, savings, cash flow, dynamic panel data, system GMM estimator
JEL classification codes: D22, G31, G32, O30
Article: PDF



Anna Leszczyłowska - Provisions for Future Liabilities and Effective Corporate Income Tax Rate

The paper quantifies the impact of timing differences that emerge in the case of discrepancies between accounting and tax rules on the corporate tax burden. The objective of the paper is to investigate the effect of the accelerated deductibility of company expenses via provisions for future liabilities on the multi-period effective average corporate tax rate (EATR).
In the investigation, pension provisions and so-called “other provisions” are taken into account and a multi-period backward-looking measure of the tax burden based on corporate cash flows is developed. The investigated companies are divided into several subgroups according to their size and multi-period cash flow. Under the current tax law, the highest tax burden among companies with positive cash flows is observed for medium-sized firms, at 33%. For small and large enterprises, the burden takes values of 24% and 25% respectively. A different situation is observed among firms with negative cash flows: in general, the EATRs are noticeably higher in this case. Under the current tax law, the average effective tax rates are 60% for all firms and 38%, 45% and 51% for medium-sized, small and large corporations respectively.If changes are made to the ways provisions for future payments are treated under tax regulations, a slight reduction may be observed in the multi-period average effective tax burden. In general, the timing effects of the deductibility of provisions lead to an average change in the effective tax rate from –1 percentage point (in the case of small companies with positive cash flows) to –4 percentage points (in the case of small entities with negative cash flows and medium-sized entities with positive cash flows). Although the differences in the median tax burden may seem to be slight, they are statistically significant.

Keywords: corporate income tax, EATR, provisions, tax accounting
JEL classification codes: H25, H32, K34, M41
Article: PDF



Bartosz Deszczyński - The Maturity of Corporate Relationship Management

The aim of this article is to build a theoretical framework for the concept of corporate relationship management maturity. The main research method applied in this paper is an extensive literature review combined with an analysis of case studies. The article is conceptual in nature and offers a synthesis of the research material in the form of a model of corporate relationship management maturity. The proposed model can be a useful tool in separating truly relationship-oriented companies from those that are only declaratively relationship-oriented while in reality they continue to pursue a transactional approach in disguise. This brings order to the conceptual apparatus of the so-called resource-based view (RBV). It was concluded that the relationship assets that emerge in the process of multilateral dialogue between external and internal partners meet the criteria of core assets.
The nature of this process sheds new light on the issue of growth in the context of the RBV.
The presented conclusions can be of help to subsequent theoretical and empirical research.

Keywords: relationship assets, relationship management, resource-based view (RBV)
JEL classification codes: L250, D230
Article: PDF



Bazyli Czyżewski, Anna Hnatyszyn-Dzikowska, Jan Polcyn - Problems of Quantifying Public Goods in the Healthcare Sector

A market system does not automatically lead to an optimum allocation of public goods. Market-based exchange will always lead to a deficit of a public good compared with the socially optimal level. We argue that public goods in each sector of the economy constitute an isomorphic, socioeconomic system that is not a “black box.” Thus, in order to determine the deficit of public goods, it is first necessary to investigate the available quantities versus the quality of those goods, because their performance is not only a function of public spending. There is no generally accepted methodology for doing this and there are no universal methods for quantifying public goods. The aim of this work is to develop a universal methodology for the quantification of public goods in ordinal categories, taking into account both the amount and quality of a good and budgetary valuing. In the empirical part, the authors identify various models (assets structures) of healthcare financing, using a set of OECD countries as an example. The authors also investigate to what extent these models influence the value of public goods in that sector. Composite measures have been computed for both the amount and quality of public goods. Subsequently, an agglomerative cluster analysis and a multifactorial analysis of variance are performed. Although the studied systems are diverse and reflect different social choices, the analyses show that the effectiveness of a healthcare system depends not only on the level of public financing, but also on its structure.

Keywords: public goods, health policy, healthcare system, public sector efficiency
JEL classification codes: H41, H870, P00
Article: PDF



Dariusz Urban - Keeping up with the Joneses as a Factor Determining Foreign Exchange Reserve Accumulation: Evidence from Selected Economies with Sovereign Wealth Funds

This paper investigates the motives behind foreign exchange reserve accumulation. The main goal is to empirically validate the hypothesis that, in addition to conventional macroeconomic variables, the demand for reserves is determined by a behavioral motive - a desire to keep up with the Joneses. The analysis is based on a sample of 12 Asian economies as well as Russia and covers the 1990–2013 period. The research employs panel regression models.
The empirical findings, including several robustness checks, suggest the existence of competitive hoarding within the studied sample. The “Joneses effect” varies; it increases when Singapore, Indonesia and China are excluded from the sample. The effect decreases when Russia is excluded from the sample. The existence of behavioral motives behind reserve accumulation raises the question of whether “the Joneses effect” can determine the creation of sovereign wealth funds by countries.

Keywords: foreign exchange reserves, sovereign wealth funds, behavioral finance
JEL classification codes: C23, F31, F41, G02, G23
Article: PDF



Agata Gogół - Demographic Trends vs. Population Policy in Poland

The objective of the paper is to present demographic trends in Poland from the end of World War II to 2014 and to highlight their impact on population policy. The analysis uses data from Poland’s Central Statistical Office (GUS). It is also based on reports by the Supreme Audit Office (NIK) about how family policy is coordinated in Poland. The results show that since 1989 fertility rates have dropped below the replacement threshold that needs to be met in order to keep the population steady. The rates continue to decline. In 2002, the number of deaths in Poland for the first time exceeded the number of live births. According to a demographic projection by the Central Statistical Office, as a result of adverse demographic developments, elderly people will account for a third of Poland’s population by 2050.
Government efforts to increase fertility rates have failed to produce the expected results.
Population policy in Poland has not been clearly defined, in a comprehensive and longterm manner, in any single document. Since there is no consistent method for calculating expenditure on family policy, it is impossible to analyze the costs and benefits of public financing on specific measures.

Keywords: demographic trends, demographic projections, family policy, population policy
JEL classification codes: J11, J13
Article: PDF

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