- Volume 10 Issue 1 pp. 1-94 (31 March 2016)
- Volume 10 Issue 2 pp. 95-186 (30 June 2016)
- Volume 10 Issue 3 (special issue) pp. 187-282 (30 September 2016)
- Volume 10 Issue 4 pp. 283-380 (31 December 2016)
- Volume 9 Issue 1 pp. 1-108 (31 March 2015)
- Volume 9 Issue 2 pp. 109-244 (30 June 2015)
- Volume 9 Issue 3 pp. 245-384 (30 September 2015)
- Volume 9 Issue 4 pp. 1-545 (31 December 2015)
- Volume 8 Issue 1 pp. 1-118 (31 March 2014)
- Volume 8 Issue 2 pp. 119-242 (30 June 2014)
- Volume 8 Issue 3 pp. 243-348 (25 September 2014)
- Volume 8 Issue 4 pp. 349-452 (28 December 2014)
- Volume 7 Issue 1 pp. 1-109 (15 March 2013)
- Volume 7 Issue 2 pp. 1-98 (25 June 2013)
- Volume 7 Issue 3 pp. 1-124 (26 September 2013)
- Volume 7 (special issue) pp. 1-499 (2 October 2013)
- Volume 7 Issue 4 pp. 1-138 (30 December 2013)
- Volume 6 Issue 1 pp. 1-97 (31 March 2012)
- Volume 6 Issue 2 pp. 1-90 (25 June 2012)
- Volume 6 Issue 3 pp. 1-86 (29 September 2012)
- Volume 6 Issue 4 pp. 1-60 (7 December 2012)
- Volume 5 Issue 1 pp. 1-91 (30 March 2011)
- Volume 5 Issue 2 pp. 1-99 (30 June 2011)
- Volume 5 Issue 3 (special issue) pp. 1-461 (30 September 2011)
- Volume 5 Issue 4 pp. 1-91 (27 December 2011)
- Volume 4 Issue 1 pp. 1-232 (25 March 2010)
- Volume 4 Issue 2 pp. 1-183 (22 June 2010)
- Volume 4 Issue 3 pp. 1-214 (3 October 2010)
- Volume 4 Issue 4 pp. 1-291 (20 December 2010)
- Volume 3 Issue 1 pp. 1-111 (24 March 2009)
- Volume 3 Issue 2 pp. 1-135 (22 June 2009)
- Volume 3 Issue 3 pp. 1-194 (24 September 2009)
- Volume 3 Issue 4 pp. 1-190 (10 December 2009)
- Volume 2 Issue 1 pp. 1-178 (26 March 2008)
- Volume 2 Issue 2 pp. 1-209 (11 June 2008)
- Volume 2 Issue 3 pp. 1-161 (23 September 2008)
- Volume 2 Issue 4 pp. 1-123 (14 December 2008)
Volume 3 Issue 2 (2009)
Poland’s Bilateral Foreign Trade Balances in 1993–2006 original article
pp. 5-12 | First published in 22 June 2009 | DOI:
Bilateral trade balances are an important cause for frictions in international traderelations. Therefore, recognizing their causes is essential. The paper presents an attemptto empirically verify theory that could be used for explaining Poland’s foreign tradeimbalance. The main hypothesis combines the macroeconomic imbalance with bilateraltrade imbalance. The main assumption is that bilateral trade imbalances result from theaggregate trade imbalance. It is somehow natural for countries with permanent deficitsin foreign trade to experience bilateral deficits in trade with countries experiencingpermanent surpluses. For the studied case of Poland, this theory allows for forecastingtrade balances on the basis of aggregate macroeconomic imbalance. Empirical study forthe period from 1993 to 2006 shows that there are no reasons to reject the posedhypothesis. However, for forecasting bilateral trade balances the theory is insufficientdue to significant asymmetry.
Balanced Unemployment in Polish Economy original article
pp. 12-22 | First published in 22 June 2009 | DOI:
The article deals with the problem of balanced unemployment in relation to the Polisheconomy. This issue with its variety considerations and economic, social and politicalimplications is today one of the most important matter. Author analyses this problemtogether with its reasons and refer it to the Polish economy. In first and second part of thetext there are presented basic assumptions of natural unemployment theory andNon-Accelerating Inflation Rate of Unemployment. Third part is an analysis of balancedunemployment in the Polish economy
Concept of Capital and Profit in Economy, Finance and Accounting original article
pp. 23-36 | First published in 22 June 2009 | DOI:
The paper analyzes economic, financial and accountancy theories, concepts andmodels of capital and profit. The aim of the article is to present different meaning of thiseconomic category in economic knowledge. The results of research in this paper isproviding to conclusion that the knowledge debate of nature and measurement method ofcapital and profit is still continuing.
Polish Toxic Currency Options original article
pp. 37-47 | First published in 22 June 2009 | DOI:
Toxic currency options are defined on the basis of the opposition to the nature(essence) of an option contract, which is justified in terms of norms founded on the generallaw clause of characteristics (nature) of a relation (which represents an independentpremise for imposing restrictions on the freedom of contracts). So-understood toxiccurrency options are unlawful. Indeed they contravene iuris cogentis regulations. Theseinclude for instance option contracts, which are concluded with a bank, if the bank hasnot informed about option risk before concluding the contract; or the barrier options,which focus only on the protection of bank’s interests. Therefore, such options may appearto be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then takeinto consideration filing a claim for stating invalidity (which can be made in a courtverdict). At the same time, if the supervisory board member in a commercial company, whocan also be a subject to mismanagement offences, commits an omission involving lack ofreaction (for example, if he/she fails to notify of the suspected offence committed by themanagement board members acting to the company’s detriment when the managementboard makes the company conclude option contracts which are charged with absoluteinvalidity) the supervisory board member so acting may be considered to act to thecompany’s detriment.In the most recent Polish jurisprudence and judicature the standard of a “good host”is treated to be the last resort for determining whether the manager’s powers resultingfrom criminal regulations were performed. The manager of the exporter should not, asa rule, issue any options. Issuing options always means assuming an obligation. In thecase of currency put options it is an absolute obligation to purchase a given amount ineuro at exchange rate set in advance. On the other hand issuing call options confers anabsolute obligation to deliver to the other party to the option contract a specified amountin euro at exchange rate set in advance. This latter position (short call) means unlimitedloss in the case of appreciation of euro. This was the situation faced by some Polishexporters in the second half of 2008 who in the middle of 2008 issued the most risky calloptions for banks and, thus, they bought a currency risk from the banks. Issuing any optionalways means also buying someone other’s risk, in exchange for a relatively small optionpremium which might trigger a relatively huge and actually unlimited risk of losses, if theassumed forecast does not come true. This is not the economic analysis of law to be reliedon any more in respect of the cost of preventing the risk of loss being higher or lowerthan the amount of damage. The manager of an exporting company, unlike the speculatorwho sells options (buys risk), usually has no knowledge of financial engineering, whichis essential to safely manage such excessive risk through creating a hedging portfolio.
Fixed Assets Fair Value and Historical Value – Practical Problems with Implementation and Interpretation original article
pp. 49-61 | First published in 22 June 2009 | DOI:
The article presents practical problems with implementation of fixed assets fair valueduring the acquisition processes. This has influence on the financial statements makingand their research by accouters and auditors. In the article, the author would like to findthe solution, how the fair value can be used on valuation of fixed assets and which methodof it is better during the financial crisis period.
The Valuation of the Human Capital as the Essential Aspect of the Enterprise Functioning original article
pp. 63-73 | First published in 22 June 2009 | DOI:
The study presents definitions of the human capital and methods of both the tools ofthe measurement and the evaluation of the human capital. Next we present the argumentsfor taking away the human capital as an active member of the enterprise, as well as anexample of the human capital evaluation by the model employee which constitutes theground for showing the income of this active member of the enterprise’s financial aspect.
pp. 75-89 | First published in 22 June 2009 | DOI:
Despite possible differences in official ideology the drawbacks of social organizationand the absence of sound approach to social and personal conflicts cause constantdemolition of existing formal institutions for the sake of the survival of the system. Theneglect of these drawbacks brings about old problems to be transferred to the “new”state. The level of social and human capital and its proper utilization guaranteesprogressive development. The shifts in organizational policy is also reflected by theconsequent shift in the theoretical paradigm, from treatment of a participant of thestructure as an object, then as the user and finally as the client. The lack of social capitalgenerates a vicious cycle, which brings about the necessity of object-based relations andthe spread of all-pervasive protecting informality to compensate for object-basedrelations.
Individual Characteristics of Entrepreneurs in Transition Countries. The Albanian Case original article
pp. 91-101 | First published in 22 June 2009 | DOI:
The transition process in Albania, as in other ex-communist countries, stopped theenterprise development. The increasing number of small and medium enterprises is themost promising consequence of the transition process.Several researches in western countries have demonstrated that entrepreneurshipinvolves objective and subjective factors and is interrelated with environmental objectivefactors and individual subjective ones.Our research examines clear characteristics of the businesses’ analysis, theperformance of the entrepreneurs themselves (their background and personalcharacteristics), their motivation to start a business and the perceptions of the differentcharacteristics and the aspects of the businesses they run.
Hotel Section Management by Using Balanced Scorecard original article
pp. 103-119 | First published in 22 June 2009 | DOI:
The paper presents some problems in using Balanced Scorecard (BSC) in a hotelsection. Fundamental element, which marks out BSC conception, is consolidation aroundvision and strategy appointed by the hotel management. Well compiled strategy shouldjoin all the targets and indexes, which compose four perspectives in BSC.Hotel section is the main gaining centre in the hotel, because the service quality isthe main target of management strategy. BSC is a tool, which should not only measureeffectiveness, but also implement changes, as soon as possible, so that the effects andexpected results will be quick achieved.Most of the companies, which have used this conception, have treated it as a basicmanagement system that joins strategy and operational activity. Therefore it is necessaryto improve, modernize and create new sub perspectives in compiled BSC.
pp. 121-135 | First published in 22 June 2009 | DOI:
Historycy gospodarki bardzo wyraźnie podkreślają, że od połowy XIX wieku organizowanie komercyjnych przedsiębiorstw i zarządzanie nimi stało się nowym1 i specyficzny m2 obszarem powszechnego działania w gospodarce, przynosząc sukcesy nie jednokrotnie większe od tych, które wynikały z postępów techniki3. Z te go powodu oprócz pojawienia się nowych nazw i pojęć, nastąpiły także liczne zmiany i modyfikacje w sposobach oraz okolicznościach używania słów na oznaczenie nowych zjawisk lub relacji między nimi. Tak na przykład nazwa „organizacja\" w znaczeniu rzeczowo-atrybutowym4 zaczęła być używana zamiennie z nazwami „przedsiębiorstwo\", „osoba prawna\", „korporacja\", „spółka\", a nawet „firma\". Jest to istniejący do dziś językowy zwyczaj, w którym różne nazwy są traktowane jako stylistyczne warianty symbolizujące tą samą treść.