Finanse i Prawo Finansowe 2022-01-04T10:00:40+01:00 Open Journal Systems <div style="text-align: justify;"> <p>Redakcja czasopisma przyjmuje do publikacji artykuły poświęcone szeroko rozumianej tematyce finansów, zwłaszcza dotyczące rynków finansowych a także ich uczestników, instytucji finansowych, i ich klientów, instrumentów i regulacji prawnych. Artykuły uwzględniające różne perspektywy od mikro do makro ekonomicznych, poruszające problematykę lokalną, krajową, międzynarodową oraz o znaczeniu globalnym. Zapraszamy do współpracy Autorów, którym są bliskie nie tylko zagadnienia efektywności finansowej, racjonalności prawa, ale także tych, którzy akcent kładą na społeczny aspekt finansów. Zachęcamy do publikowania zarówno osoby związane ze światem akademickim jak i przedstawicieli praktyki, których interesuje i intryguje świat finansów.</p> <p><a href=""><em>Finanse i Prawo Finansowe</em> na</a></p> </div> Dodatek kwartalny 2022-01-04T10:00:40+01:00 Lena Grzesiak 2021-12-09T00:00:00+01:00 Copyright (c) 2021 Fundamental Rights and the Obligation to Publicly Disclose Information on Tax Strategy 2021-06-15T10:43:14+02:00 Adam Szymacha <p><strong>The aim of the article: </strong>The presented study concerns the problem of violations of fundamental rights caused by the law regulation contained in art. 27c of the Corporate Income Tax Act in Poland. This regulation provides obligation to publish information about introduced tax strategies. Yet, it may endanger many human rights and this article focuses on two of them – the right to remain silent, and the right of privacy. The aim of this article is to make an analysis of the standards presented by the Court of Justice of the European Union and the European Court of Human Rights. Additionally, the standard presented by the Polish Constitutional Court is presented.</p> <p><strong>Methodology: </strong>To decode these standards the comparative law method is used. Especially the case laws of these courts are presented and additionally, they are completed by the comparison of the acts that concern similar law institutions but come from different lawmakers.</p> <p><strong>Results of the research: </strong>The results of the study do not provide a clear answer. However, they do allow for an approximation of the issue of possible violations of fundamental rights by the analyzed regulation. It is very likely that the analyzed regulation violates the right to remain silent and it is even close to certainty that the analyzed laws violate the right to privacy. The problem is not only the interference in these rights, but in its character as well. Under certain circumstances, interference with fundamental rights is acceptable but must be proportionate. Examined laws are only explained in terms of budgetary balance and the academic world points out that the purpose of this type of regulation is mainly of administrative convenience. This is far too little to consider this interference with fundamental rights imperative.</p> 2021-10-27T00:00:00+02:00 Copyright (c) 2021 Kredyt z opcją „klucz za dług” a dobrowolna sprzedaż nieruchomości 2021-10-27T13:28:38+02:00 Paweł Nowak <p><strong>The purpose of the article: </strong>The aim of the article is to discuss the loan proposal in the „key for debt” formula contained in Recommendation S of 2019 against the background of voluntary sale of real estate based on art. 35 of the Act on Mortgage Credit and Supervision over Mortgage Credit Intermediaries and Agents [on Mortgage Loans and Loan Agents of 23 March 2017].</p> <p><strong>Methodology: </strong>It was created on the basis of an analysis of the content of legal acts and documents as well as studies of the subject literature.</p> <p><strong>Results of the research: </strong>The conclusions contained in the article refer to the possibility of using one of these institutions to free yourself from debt. The analysis shows that a loan in the „key for debt” formula, due to insufficient interest on the part of lenders and borrowers, will not be a real support for borrowers and borrowers will not be able to limit their liability for the loan taken to the value of the real estate being credited.</p> 2021-10-27T00:00:00+02:00 Copyright (c) 2021 Wpływ światowych cen ropy naftowej na wartość kazachstańskich spółek 2021-06-21T15:53:25+02:00 Tolkyn Akanayeva Arnagul Tishtykbayeva <p>The article examines the impact of world oil prices on the value of Kazakh companies based on their own calculations. The subject of the analysis is the shares of companies from various sectors of the economy. The purpose of this article is to study the impact of world oil prices on the stock prices of selected companies in Kazakhstan. The results of the study show that the market value of the companies studied is highly dependent on changes in world oil prices on world exchanges.</p> 2021-10-27T00:00:00+02:00 Copyright (c) 2021 Przegląd zastosowania antycyklicznego bufora kapitałowego w EOG w reakcji na wybuch pandemii wirusa SARS-CoV-2 2021-07-12T18:04:11+02:00 Piotr Petryka <p><strong>The purpose of the article </strong>is to verify how the SARS-CoV-2 virus pandemic outbreak influenced the decisions to apply the countercyclical capital buffer in the EEA and whether, based on the experience gained so far in applying the countercyclical capital buffer in the EEA, it is possible to clearly distinguish between the models of its application.</p> <p><strong>Methodology </strong>used to achieve this, was to built the field of research and to perform a comparative analysis of macroeconomic data on the application of the above-mentioned instrument in the EEA during the COVID-19 pandemic crisis.</p> <p><strong>Results of the research </strong>are two methods and two variants of the application of the countercyclical capital buffer that were distinguished and named, indicating the benefits and challenges of using each of them. Moreover, the limited usefulness of the standardized and additional gap was confirmed in the light of the conducted research, available in the literature. The article concludes with recommendations for further research.</p> 2021-11-05T00:00:00+01:00 Copyright (c) 2021 Globalne banki systemowo istotne i ich znaczenie dla polskiego sektora finansowego 2021-11-05T13:54:40+01:00 Katarzyna Parchimowicz <p><strong>The purpose of the article: </strong>The aim of this paper is to demonstrate relevance of global systemically important banks (G-SIBs) in the context of Polish financial sector. This aspect is often overlooked, as there are no G-SIBs based in Poland.</p> <p><strong>Methodology: </strong>Abovementioned aim is fulfilled by aims of providing an overview of the international characteristics and regulation of G-SIBs, describing the interrelations between these entities and institutions operating in the Polish market, and by showing how these connections can change the financial sector in Poland both directly and indirectly. The analysis is based on international standards on G-SIBs published by the Financial Stability Board and the Basel Committee on Banking Supervision, as well as on EU legal acts implementing these documents. Additional sources on the „indirect” functioning of G-SIBs in Poland encompass annual reports of the entities linked to them, management reports on their activities, as well as articles and Internet data.</p> <p><strong>Results of the research: </strong>G-SIBs influence Polish financial sector in several different ways. First, G-SIB-oriented regulation and supervision has an impact on Polish entities that are linked to them. Second, even indirect presence of G-SIBs is economically significant.</p> 2021-11-05T00:00:00+01:00 Copyright (c) 2021 Reakcja inwestorów giełdy hiszpańskiej na zamknięcie granic. Weryfikacja za pomocą metodyki analizy zdarzeń 2021-04-07T08:46:18+02:00 Kamila Ulmann Filip Roszkowski <p><strong>The purpose of the article/hypothesis</strong>: The aim of the article is to examine the significance of the reaction of stock exchange investors in that country to the publication of information about the reintroduction of border controls in order to limit the movement of people, especially foreigners. The article discusses issues related to economics and behavioral finance, paying special attention to the irrationality of decisions, discussed by many authors, under the influence of various factors.</p> <p><strong>Methodology: </strong>In the case of the empirical study, event analysis methodologies were applied, using abnormal and cumulative abnormal rates of return.</p> <p><strong>Results of the research: </strong>The results of a detailed analysis of events, based on overnormative single-period logarithmic rates of return and cumulative over-normative single-period logarithmic rates of return for an event, showed an interesting case contradicting the thesis on irrationality of investor behavior in the capital market, while questioning the efficient market hypothesis.</p> 2021-11-05T00:00:00+01:00 Copyright (c) 2021 Change Dynamics of Electricity Prices for Households in the European Union between 2011 and 2020 2021-12-07T11:08:00+01:00 Łukasz Kozar Marta Paduszyńska <p><strong>The aim of the article: </strong>The aim of the article is to evaluate and analyze the dynamics of electricity prices for households in the European Union member states (EU-27) in the period 2011–2020. The study also focuses on the key components of electricity prices in the countries analyzed. The discussed issues are important from the socio-economic point of view. It refers to the issue of sustainable development, where electricity prices are addressed in relation to the problem of energy poverty of households.</p> <p><strong>Methodology: </strong>The study is of a theoretical and analytical character. In addition to the review of available dnational and foreign literature, Eurostat data on electricity prices for households in the EU-27 were analysed. Moreover, the paper presents the application of a selected cluster analysis method, i.e. the <em>k</em>-means method, to assess the situation of the EU-27 countries in terms of electricity prices for households in the analysed period of 2011–2020.</p> <p><strong>Results of the research: </strong>The result of the analyses undertaken is a presentation of the share of VAT and other taxes and levies in the price of electricity for households. The analyses showed differences between the countries in the structure of establishing the electricity price for households. Only in three countries (Bulgaria, Hungary, Slovakia) it was found that there was no share of other taxes and levies in the electricity price. In turn, the applied <em>k</em>-means method contributed to obtaining the division of countries into four groups reflecting the differentiation in terms of the amount of electricity price for households in the period under study.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021 The Stock Market Situation and Economic Growth – An Attempt to Assess the Dependence 2021-12-07T12:48:40+01:00 Michał Radke <p><strong>The aim of the article: </strong>The main aim of the article is to analyze the relationship between the stock market situation and the real economy, measured by the strength of the correlation between the rate of return on the stock market and the rate of GDP growth in European capital markets. The next objective is to answer the question whether the stock market index changes are ahead of, and if so, by how much, GDP changes. The author’s hypothesis stipulates that the stock exchange situation precedes the change in economic activity and serves as its forecast.</p> <p><strong>Methodology: </strong>The empirical research work was carried out on the basis of quarterly data value of the stock index and the GDP between 2010 and the first quarter of 2021 for 20 European countries. For indices and GDP, the quarterly dynamics of the rate of return and GDP were calculated. Data on the value of the stock exchange index was taken from the website, while data on GDP was taken from Eurostat. Subsequently, the analysis concerned the correlation relationships between the variables on the basis of the Pearson correlation coefficient. The correlation between the variables was calculated without delay, as well as with a delay of one, two or three quarters of the returns on stock indices.</p> <p><strong>Results of the research: </strong>Changes in the value of the stock exchange index is in most cases positively correlated with the change in GDP and the correlation is pronounced, but it is low and moderate. The only market for which a significant correlation was observed, was the Polish market. At the same time, it can be stated that the rates of return on the stock exchange index precede a change in GDP by one or three quarters. No changes were observed for the analyzed countries for two quarters.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021 Participatory Budget – An Effective Tool for Social Participation and Building Local Identity. A Case Study of the City of Lodz 2021-12-07T13:27:44+01:00 Magdalena Ślebocka Artur Kilanowski <p><strong>The aim of the article: </strong>The main aim of the article is to present the essence and significance the institution of civic budget as a tool not only allowing citizens to actively participate in the process of deciding about the directions of spending public funds, but also a tool to determine the directions of social expectations, the essence and importance of social participation.</p> <p><strong>Hypothesis: </strong>The hypothesis accepted in the study stipulates that the growing popularity of the civic budget makes it an effective tool for social participation.</p> <p><strong>Methodology: </strong>The study was based on a literature review, legal acts, information on the functioning of the civic budget in Lodz as well as a questionnaire conducted among the city residents.</p> <p><strong>Results of the research: </strong>The civic budget in Lodz has been functioning for eight years, and during this time it has been constantly contributing to the idea of citizen involvement in the decision-making process. Although the budget procedure itself is undergoing numerous corrections and transformations, as the ongoing political, social and macroeconomic changes must be taken into account, it is still a basic tool enabling active participation and involvement of citizens. The matters it concerns are important to the community, and the civic budget offers an opportunity to express their opinions on key issues. The conducted survey indicates that Lodz is a positive example of using the participatory budget mechanism in the city management process. The sustained high (on a Polish scale) turnout confirms the inhabitants’ interest and willingness to change the public space, thus positively influencing the building of a sense of local community.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021 Capital Structure of Companies Listed at the Warsaw Stock Exchange and the COVID-19 Pandemic Effect on Their Risk 2021-12-07T13:45:55+01:00 Jerzy Gajdka Marek Szymański <p><strong>Subject: </strong>The financial management of companies is examined in the context of the COVID-19 pandemic. Specifically, the relationship between their capital structure and risk changes during the pandemic is scrutinised.</p> <p><strong>The purpose of the article: </strong>To determine how companies’ total, systematic and idiosyncratic risks changed during the COVID-19 pandemic depending on their capital structure based on a sample of organisations listed at the Warsaw Stock Exchange.</p> <p><strong>Methodology: </strong>The study involves the use of a panel data regression model.</p> <p><strong>Results of the research: </strong>The COVID-19 pandemic had an impact on the risk of overleveraged companies and underleveraged ones alike. Its influence on their total risk was weaker among the underleveraged organisations. Regarding systematic risk, its levels did not generally change significantly in the wake of the pandemic, but idiosyncratic risk, only in the case of the overleveraged companies increased statistically significantly.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021 Effects of the „Polish Deal” Programme on Local Government Units 2021-12-07T14:17:10+01:00 Dagmara Hajdys <p>The aim of this paper is to present the „Polish Deal” program in the context of its influence on budget management of local government units. The paper puts forward a thesis that changes in the tax system, as specified in the „Polish Deal” programme, will have a negative impact on the finances of local government units. The study was based on selected literature, documents on the financial perspective for 2021–2027, the „Polish Deal” programme, financial information on the state of finances of local government units in 2018–2020 and opinions of the Union of Polish Metropolises and the Association of Polish Cities to the draft Polish Deal programme. The period of the SARS-CoV-2 pandemic coincided with the beginning of the next financial perspective in the European Union for the years 2021–2027. EU institutions have prepared a number of instruments relevant to the post-pandemic era, including the Next Generation EU. At the same time, they imposed on Member States the obligation to prepare their own post-pandemic plans. Poland prepared the National Recovery Plan. This was followed by the government’s presentation of the „Polish Deal” program, which is a promise of socio-economic reforms. The projects included in the „Polish Deal”, in many areas will require the activity and involvement of local authorities. The effects of these activities will be not only financial but also organizational, which will translate into increased spending. Changes in the tax system, especially in the personal income tax, will considerably affect revenues from PIT shares, which will disturb the stability of territorial self-government units’ financial system. Therefore, it is necessary that the government and self-government representatives jointly work out solutions, which will guarantee the compensation of losses for the self-governments in a long-term, and a stable way to restore the principle of adequacy.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021 The Impact of the COVID-19 Pandemic on Changes in Competitiveness in the Public Procurement System 2021-12-07T14:41:51+01:00 Jarosław Szymański <p><strong>The aim of the article/hypothesis: </strong>The impact of the pandemic on the European and global economy is unquestionable. The question is how the epidemiological situation has affected the European public procurement system. The study was limited to assessing the changes in the structure of the procedures used to award public contracts and the possible effects of a lack of dynamics in this respect. The aim of the work is to observe the effects of changes in the structure of tendering procedures and to identify other phenomena in the public procurement system, caused by the pandemic.</p> <p><strong>Methodology: </strong>Taking into account the diversity of national solutions in the field of public procurement, resulting both from the legal systems and national practice, an analysis of awarded public contracts was carried out, with particular emphasis on the domestic market. The research was conducted in the direction of determining the changes in preferences of selecting non-competitive procedures, new possibilities of awarding contracts and the analysis of changes in the preferences of the non-competitive procedure on the European Union market. The tools used for the analysis included basic statistical measures and the non-parametric Mann-Whitney test.</p> <p><strong>Results of the research: </strong>As a result of the analysis, it was found that there was a statistically significant increase in the share of the non-competitive procedure on the European market. The observation of individual national markets shows that in some Member States there has been a decrease or a very limited increase in the non-competitive mode. This may result from ad hoc legal changes and means that an unknown number of contracts of unknown value was awarded outside the control of the monitoring of the public procurement system.</p> 2021-12-09T00:00:00+01:00 Copyright (c) 2021