The editorial board accepts articles pertaining to the subject of finance, especially dealing with financial markets and their participants, financial institutions and their customers, instruments and legal regulations. The articles should allow different perspectives from micro to macro economics, tackling issues of local, national, regional, international and global importance. We invite cooperation from all authors who are close not only the issues of financial efficiency and rationality of law, but also those who put emphasis on the social aspect of finance. People from the academic world are welcome to publish, as well as those who are interested and intrigued by the world of finance.
Copyright (c) 2026 https://creativecommons.org/licenses/by-nc-nd/4.0
ESG Reporting by Commercial Banks in Poland as Part of Supporting Sustainable Economic Development – A Case Study of Bank Millennium and Santander Bank Polska
The purpose of the article. The purpose of the article is to analyze ESG reporting in the banking sector based on the example of Bank Millennium and Santander Bank Polska SA. The study focuses on the activities undertaken by banks in the environmental, social, and governance dimensions and on the role of ESG reporting in increasing transparency and supporting sustainable development principles in the financial sector. Methodology. The study was conducted using the case study method. The analysis was based on annual reports and sustainability reports of Bank Millennium and Santander Bank Polska SA for the years 2024–2025. The research covered ESG-related activities in three dimensions: environmental, social, and corporate governance. Results of the research. The results indicate that the analyzed banks are systematically developing ESG-related activities and integrating sustainability issues into their business operations. The study shows that ESG reporting contributes to increasing the transparency of the financial sector and supports the transformation of the economy towards a more sustainable development model.
E-Commerce Transformation under Wartime Conditions: Evidence from Ukraine’s Digital Economy
The Russian invasion of Ukraine in February 2022 constituted an unprecedented situation for studying e-commerce behavior under extreme conflict conditions. The aim of the article is to examine how Ukraine’s digital commerce sector responded to the disruptions of active warfare, analyzing transformations in supply chains, consumer behavior, digital payment adoption, and small and medium-sized enterprise (SME) responsiveness. The research methodology includes a synthesis of academic literature, institutional reports, market analytics, and a primary consumer survey (n = 210, May 2025), this study identifies key adaptation patterns that emerged between 2022 and 2024. The results of research show that, contrary to expectations of sustained contraction, Ukraine’s e-commerce market demonstrated remarkable adaptive capacity: online retail maintained a significant share of total retail sales and major platforms recovered within months of the invasion. The consumer behavior shifted significantly towards necessity driven purchasing, patriotic preference for domestic brands, and heightened price sensitivity. SMEs increasingly leveraged digital marketplaces to maintain operational continuity. Persisting structural challenges include rural digital infrastructure gaps, regulatory barriers to cross-border e-commerce, and logistics network fragility. The findings contribute to the emerging literature on e-commerce in crisis contexts and offer evidence-based recommendations for post-war economic reconstruction. The Ukrainian case provides broader lessons for digital economy responsiveness under geopolitical instability.
The Assessment of the Bank Account Blockade by the Use of STIR in the Light of SAC’s Rulings
The purpose of the article. The purpose of the paper is the assessment of using STIR to blockade the bank account by the tax administration. The research hypothesis is as follows: The bank account blockade by the use of STIR is abused by the tax administration. Methodology. The descriptive study including a critical attitude to the legal acts and literature as well as the case studies of NSA rulings were used as the scientific methods. Results of the research. An important problem of taxpayer’s security is tax frauds in VAT. One instrument to combat tax fraud is the blockade of bank account by the use of STIR. However, the tax authorities very seldom use that method. The analysis of SAC’s rulings shows that the tax authorities do not abuse this instrument. The blockade of bank account by the use of STIR decreases the tax frauds.
Polish Financial Supervision Authority, the Financial Ombudsman, and the Office of Competition and Consumer Protection for the Years 2014–2023
The theoretical background: Compared to other participants in the financial market, insurance service clients typically possess limited specialist knowledge and, most often, restricted experience. The lack of comprehensive knowledge and potentially improper identification of insurance needs may result in a range of concerns directed at insurance companies. Establishing effective legal frameworks to safeguard the interests and rights of insurance market clients is one of the key principles in building the stability of the entire financial system. In Poland, there are institutions authorized to take action in response to irregularities in the activities of entities providing financial services. These include, above all, the Financial Ombudsman (RF), the Polish Financial Supervision Authority (KNF), and the Office of Competition and Consumer Protection (UOKiK). The purpose of the article: The main aim of this article is to determine whether irregularities in the Polish insurance market are identified by the aforementioned institutions. An additional objective is to specify the nature of these irregularities, the areas they affect, their scope, and, finally, the actions taken in response to any reported or observed irregularities. Methodology: The research is based on data from requests to the Financial Ombudsman, reports filed with the Financial Supervision Authority, the register of prohibited clauses maintained by UOKiK, and the register of prohibited clauses (based on rulings of the Court of Competition and Consumer Protection) for the years 2014–2023. Results of the research: The analysis shows that the institutions under study effectively identify irregularities in the insurance market—these cover a wide range of practices and concern both life insurance (Section I) and other personal and property insurance (non-life insurance, Section II). The most frequently identified irregularities recorded by the Financial Ombudsman and the Financial Supervision Authority included, among others, claim dismissals, refusals to pay or disputes over the amount of compensation, delays in the claims handling process, and insurance premiums. UOKiK identified a number of prohibited contractual provisions used by insurance companies.
Economic and Financial Assessment of a Food Trade Enterprise
The purpose of the article. The purpose of the study was to assess the financial situation of Dino Polska S.A. company. To achieve this goal, a research hypothesis was formulated: Dino Polska S.A.’s development strategy guarantees the dynamic growth of the chain and an improvement in its financial situation. The research problem focuses on a comprehensive analysis of the company’s actual assets and financial situation and an assessment of changes over the analyzed period. Methodology. The assessment was performed based on the preliminary economic analysis and ratio analysis, where liquidity, profitability, operational efficiency and debt were evaluated. Time scope of the analysis covered the period 2019-2023, and the data was retrieved from the annual financial statements. Results of the research. Positive changes in the economic situation result in the good financial condition of Dino Polska S.A. It was shown that Dino Polska S.A. was growing each consecutive year and presented a good financial standing. The company has a clearly planned path of development for the future and systematically pursues its successive goals. Having applied both a safe and responsible financial policy, it secures smooth operations in conducting further business activities, even if unexpected events were to occur. The operational efficiency and debt ratios presented the most favorable values, however, the company needs to work on improving its quick ratio and cash ratio, as financial problems may arise in case of unexpected expenses. It is advisable to maintain timely sales revenues and appropriate inventory turnover within the company, as well as to accumulate cash reserves, which will increase financial security during market fluctuations. This study, which assesses the company’s financial situation, identifies potential areas requiring attention. The results of the analysis may be useful to both current and potential investors, market analysts, and the company’s management in its strategic decision-making process.
Artificial Intelligence and Deficit of Personnel in the Romanian Police
The purpose of the article. Staff shortages in Romania’s Police and Border Police have reached critical levels, with vacancy rates of 15% to over 28% in several counties. These shortfalls impose direct financial burdens through overtime, standby pay, and productivity losses while also degrading service quality. This article assesses whether — and to what extent artificial intelligence can offset these gaps and reduce the related fiscal strain. Drawing on international case studies, Romanian staffing data, and recent literature on public-sector digitalization, the study argues that targeted AI deployment can shift the emphasis from a quantitative staffing model to a qualitative efficiency model. The central hypothesis is that automating administrative and surveillance tasks with AI could substitute for roughly 15–25% of current personnel vacancies in Romanian law enforcement without proportional budget increases. The article also addresses principal risks algorithmic bias, privacy concerns, and governance gaps and proposes a phased implementation framework consistent with the EU regulatory requirements. Methodology: The study uses comparative cases, Romanian staffing data, and EU – national policy analysis to assess AI’s governance and fiscal implications in policing, acknowledging its conceptual, document‑based design and lack of primary data. Results of the research: Romania’s severe police vacancies create safety and fiscal pressures, with understaffing driving overtime, reduced service quality, and declining trust. Targeted AI could offset part of the gap cost-effectively, but cannot replace human roles and requires strong governance. A phased national strategy and further empirical research remain essential for future implementation.
FinTech, Artificial Intelligence, Financial Risk and Macro-financial Linkages
The purpose of the article. The aim of this paper is to determine the impact of FinTech and Artificial Intelligence (AI) on the relationship between the financial sector and the real economy through the channel of credit. Furthermore, digital technologies, including artificial intelligence, adopted by traditional banks contribute to reshaping the dynamics of financial risk. Methodology. In the first part, a critical analysis of the literature was conducted. Part Two presents a quantitative research including a panel data analysis based on data from European countries concerning traditional credit and FinTech credit. Results of the research. A critical analysis of the literature confirms the significant impact of digital technologies on financial products and financial risk. Moreover, a quantitative research indicates the considerable influence of new technologies on the relationship between the financial sector and the real economy. The results suggest that, in European countries, FinTech credit tends to be a substitute for traditional bank credit for households and that AI supports the development of the FinTech credit market in these countries.
Factors Affecting Online Purchase Behavior of Consumers in Bangladesh
The study explored the attributes that affect consumers’ online purchase behavior in Bangladesh. Thirty-one attributes grouped into five categories (Product, Price, Accessibility & convenience, Company website, and Quality issues) are considered in the study. A questionnaire survey of 219 online shoppers has been conducted using non-probabilistic convenient sampling techniques. Foremost attributes noted are buying unavailable products, quality assurance, time saving, selective product purchase, and payment method. Other important factors include delivery time, discounts, geographical accessibility, size/ quantity assurance, response time, flexible shopping hours, and a wide range of product availability. Apart from these there are refund policy, warranty issues, delivery cost, salespeople behavior, relatively high price of certain products, satisfactory delivery system, and inventory availability. The least significant factors include activity of online store pages, smart filtering, and privacy. On the other hand, the non-agreeable significant attributes are personal relationships with owners, availability of used products, and no face-to-face interaction. It is noted that the respondents’ financial risk avoidance is emphasized by their considerations of payment method, discounts, refund policy, warranty issues, delivery cost, high price. As per group indices, the most influencing group in online purchases is quality issues, closely followed by product, accessibility & convenience and price. Comparatively, a less important group is company websites meaning that the consumers are not technophobic.
Assessment of Net Working Capital Management Strategies in the Context of the Covid-19 Pandemic, Using LPP S.A. as an Example
The purpose of the article. The main objective of the article was to identify the net working capital (NWC) management strategy of LPP S.A. The following research thesis was adopted: LPP S.A., as a trading company, pursued an aggressive NWC strategy from 2019 to 2023. Methodology. Empirical research covered the period from 2019 to 2023 and was performed using economic and financial analysis tools with a focus on ratio analysis. The following companies were used as benchmark companies: VRG S.A., Etos S.A., Wittchen S.A., Wojas S.A., Monnari Trade S.A., CDRL S.A., Esotiq & Henderson S.A., Protektor S.A., VCO S.A. and Hurtimex S.A.. Data was extracted from the EMIS database and LPP S.A.’s financial reports. Critical literature studies were also used in the study. Results of the research. The research confirmed the thesis that LPP S.A. pursued an aggressive working capital management strategy as a commercial enterprise in the years 2019-2023. The aggressive WCM strategy contributed to the company’s higher financial results and was identified on the basis of liquidity, cash cycle, inventory and short-term liabilities ratios, as well as the share of current liabilities and equity in the financing structure.
net working capital management strategies
Kurs franka szwajcarskiego w wybranych bankach w Polce w kontekście kredytów hipotecznych
The purpose of the article. The aim of the article is to assess the marketability of the CHF/PLN offer rate of selected banks in Poland in the years 2006-2023. This problem is important due to mortgage loans in foreign currencies, which were related to the obligatory purchase of the loan currency from the bank that raised questions among borrowers about the market nature of the rates offered by financial institutions. Methodology. The analysis of the offer CHF/PLN exchange rates was carried out in the Python environment using tools for examining exchange rate volatility and assessing the distribution of margins offered by selected banks. Results of the research. The research results showed that the margin policy changed in banks during the analyzed period and depended on market factors such as the strengthening of the Swiss currency due to the liberalization of its exchange rate. It was also found that there was no interference in formation of exrates, and they behaved in accordance with the trends set by Forex and competition.
Tax Base Estimation of Income – The Proposal of Selected Changes
The purpose of the article. One of the measures to combat tax fraud is estimation of the tax base. The provisions point out the reasons and rules of estimating of the tax base. Polish legislation provides tax authorities with a list of six tax base estimation methods they can use. In cases when none of these methods is applicable, tax authorities may use other methods serving the same purpose, but the law (the Tax Ordinance Act) does not indicate what these methods should be. The aim of the article is to propose the changes to the tax base estimation in the Tax Ordinance Act. Methodology. The descriptive study including critical attitude to the legal acts and literature was used to solve the research problem. Results of the research. It would be advisable to introduce legislative changes such as: specifying estimation methods in the regulation, applying the production method, amending regulations regarding exemptions from estimating the tax base, using the method of determining income based on incurred expenses versus undisclosed sources of income, procedural changes.The legislative forms of change were discussed.
Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
Information Policy of the Federal Reserve System and the European Central Bank During and After the Pandemic Crisis
The purpose of the article. Since the 1990s, central banks have become more transparent about their monetary policy. The meaning of the communication was amplified by the global financial crisis, when central banks began to use non-standard monetary policy instruments on a broader scale. Further changes resulted from the COVID-19 pandemic and the period of high inflation, which lasted several months afterwards. The article aims to present and analyse the measures taken by the Federal Reserve System (FED) and the European Central Bank (ECB) during the pandemic crisis and the period of high inflation. Methodology. The monetary policy instruments used by both central banks from 2020 to 2025, as well as the statements made by Jerome Powell (Chair of the Board of Governors of the FED) and Christine Lagarde (President of the ECB), were presented. The article also presents various opinions on the measures taken by both central banks, published in the press and the literature. Results of the research. The results indicate that monetary policy instruments, used by both central banks, allowed them to mitigate the effects of the economic disruptions caused by the COVID-19 pandemic. However, after the pandemic crisis, both central banks had to raise interest rates and pursue a policy of Quantitative Tightening. The crises also highlighted the importance of communication policy. Although the actions taken by both central banks were the subject of criticism, the measures taken by the FED were considered successful, and the measures taken by the ECB allowed for mitigating the direct consequences of the high inflation.
Impact of External Shocks and Macroeconomic Instability on the Security and Profitability of the Cooperative Sector in Poland and the European Union Countries
The beginning of the 21st century was a period of significant economic transformation, which changed the existing order of economic processes, thereby exerting a strong influence on the real economy, but also on the security and efficiency of the financial system. As a consequence of the 2007–2009 crisis, many credit institutions had to cover losses from insufficient capital and lost their solvency. Some of them underwent compulsory restructuring and, in some cases, nationalisation. The crisis caused by the COVID-19 pandemic and the geopolitical turmoil resulting from Russia’s attack on Ukraine had less severe consequences for the banking sector in Europe. Based on a review of the literature and other research, the article assesses the impact of these events on the safety and profitability of cooperative banks operating within selected banking groups in Europe. In this context, based on an analysis of statistical data, it is argued that the impact of external shocks on the cooperative sector was limited. As part of a case study, using the example of one of the Polish cooperative groups, shocks were identified which, however, did not have a negative impact on profitability and stability. A correlation was also demonstrated between the level of security of individual banks and the fact that they operate within the structure of the Institutional Protection System. The purpose of the article. The purpose of this article is to indicate the impact of macroeconomic shocks on the security of cooperative banks operating in the European Union, as well as to examine the relationship between the level of integration of cooperative banking groups and the level of financial stability of individual cooperative banks. Methodology. Literature review, statistical analysis, case study. Results of the research. The high level of integration of cooperative banking groups in the European Union helps build resilience to external macroeconomic shocks.
Euro adoption and inflation stability: Early evidence from Croatia and the Czech Republic
The purpose of the article is to explore the link between monetary policy regimes and inflation dynamics in small open economies. Croatia and the Czech Republic provide a natural experiment for examining how small open economies with different monetary frameworks respond to global and regional shocks, including euro adoption and other external disturbances. The analysis sheds light on how institutional arrangements affect the stability of inflation rates in the presence of global shocks. Methodology includes a Vector Autoregression (VAR) approach with monthly data covering the period from 2000 to 2024 and is complemented by Granger causality tests, as well as a structural break analysis to account for major events such as the global financial crisis in 2008, the COVID-19 pandemic in 2020, the 2022 European energy shock, and Croatia’s euro adoption. The results of the empirical analysis reveal that euro adoption is associated with reduced short-term inflation volatility but weaker responsiveness to external shocks, while monetary independence allows greater policy flexibility at the cost of heightened inflation variability. These findings provide early evidence on the inflation-stabilizing role of euro adoption and contribute to ongoing policy debates on monetary integration within the European Union.
Strategies for Financing the Housing Needs of Young Poles
The purpose of the article. Housing issues are the foundation of every economic system and they are frequently the subject of public debate. Young people are among the most interested participants of the residential real estate market, as they are just creating the framework of their future professional and private life. The aim of this publication is to identify the diversity of strategies for financing housing needs of young Poles as well as to assess the significance of factors influencing preferences in this area. To achieve this goal, the article formulates a research hypothesis stating that mortgage loans constitute the primary source of financing for housing purchases among young Poles. In order to verify this hypothesis a survey and statistical data analysis tools were used. Methodology. The analysis was conducted on the basis of data collected through a scientific study in the form of a survey entitled “Strategies for financing housing needs among young Poles” containing single-choice and multiple-choice closed-ended questions. The study was conducted on a sample of 200 people using the CAWI method. Results of the research. The analysis of the study results showed that the vast majority of respondents believe that it is not easy for young people to finance the purchase of a residential property. However, most of them intend to acquire their own one by the age of 35.
Technological Sovereignty and the Stability of the European Financial Sector in the Era of Artificial Intelligence
The purpose of the article The article aims to develop a composite index of technological sovereignty for EU member states and examine its relationship with systemic financial stress. It highlights technological dependencies as a potential source of systemic risk. Methodology The study covers 16 EU countries. Six indicators on infrastructure, AI and cloud adoption, and ICT capacity were standardised and weighted using an optimisation procedure (SLSQP). The index for 2023 was compared with CISS values from February 2025. Correlation analysis was applied to assess relationships between index components and systemic stress. Results of the research Northern and Western EU countries scored highest on technological sovereignty, while Southern and Eastern states lagged behind. AI and cloud adoption correlate positively with systemic stress, whereas infrastructural and human capital indicators show weaker or stabilising effects. Technological dependencies emerge as an overlooked dimension of systemic risk.
The struggle against the shadow economy and corruption: the possibilities of accounting and digital technologies
The purpose of the article. The shadow economy and corruption pose significant threats to national economies, as illicit income from financial crimes and tax evasion often funds organized crime and terrorism, while exacerbating inequality and hindering development. This article examines key categories of financial crime, including asset misappropriation, fraud, bribery, cybercrime, and accounting violations. The study aims to enhance accounting methodology as a tool in combating corruption and the shadow economy. The central hypothesis is that improvements in accounting and auditingwhen supported by ethical, organizational, and technological infrastructurecan reduce these phenomena. Accounting information, when integrated with digital systems and ethical standards, becomes a powerful instrument for transparency and accountability. Methodology. The study’s methodological approach integrates theoretical and empirical components to examine the role of accounting in combating corruption and the shadow economy. Theoretically, it draws on general philosophical and scientific methods, including bibliometric analysis, synthesis, and historical-logical approaches, to explore the structural roots of financial crime and the potential of accounting for transparency and control. Empirically, the research involved 15 semi-structured interviews with accounting professionalsboth accountants and auditors from public and private sectors. Results of the research. The interviews aimed to identify practical challenges in financial transparency, ethical dilemmas, and the impact of digitalization on fraud prevention. This qualitative data enriched the study’s conclusions, offering a multidimensional perspective on how accounting practices are shaped by real-world constraints, organizational culture, and technological readiness.
Cloud technologies and blockchain in auditing: a new stage in the development of control systems
The purpose of the article is to study the impact of cloud technologies and blockchain on the development of control systems in auditing, in particular on the effectiveness of internal control procedures and information transparency. The central hypothesis is that the integration of modern digital technologies into accounting and audit processes can significantly increase the transparency of financial transactions, reduce information asymmetry and improve the effectiveness of risk management and internal control procedures. The study is a response to the growing challenges faced by traditional auditing in a dynamic business environment. Methodology. The methodological approach of the study is theoretical, based on a comprehensive analysis and synthesis of modern scientific literature. The study draws on general scientific methods, including bibliometric analysis, synthesis and systems-structural approaches, to explore the potential of cloud computing and blockchain technologies as tools for increasing financial transparency and control. The study findings were enriched by a multidimensional view of how these technological practices can be shaped by real-world constraints and organizational readiness. Results of the research. The analysis confirmed that the integration of cloud technologies and blockchain fundamentally transforms auditing into a continuous and proactive process. Key findings demonstrate that these technologies provide unique advantages, such as increased scalability, immutability and transparency, which are crucial for combating fraud and financial crimes. At the same time, the study also identified significant challenges, including cybersecurity threats, dependence on network infrastructure, integration complexity and regulatory uncertainty. The results offer a new perspective on how technology solutions can be applied to improve financial control systems and improve corporate governance.
Accounting Strategies and Corporate Social Responsibility Under Conditions of War
The purpose of the article. The purpose of this article is to substantiate the role of strategic accounting in integrating corporate social responsibility (CSR) into business practices under wartime conditions. The study aims to identify how accounting tools can be adapted to reflect the social and ethical responsibilities of enterprises, ensure transparency, and support decision-making processes in an unstable environment. Particular attention is paid to the development of indicators for assessing CSR activities, the challenges of their implementation in accounting systems, and the potential of CSR to enhance business resilience and social trust during military conflict. Methodology. The research combines theoretical and empirical methods. On the theoretical side, the study applies analysis, synthesis, bibliometric review, and historical-logical approaches to conceptualize the relationship between accounting, CSR, and wartime resilience. On the empirical side, 15 semi-structured interviews were conducted with professional accountants and auditors representing both private enterprises and public organizations in Ukraine. Respondents were asked about challenges of financial transparency, ethical dilemmas in CSR reporting, and accounting for wartime social initiatives. Interview data was analyzed through thematic coding, which allowed for the identification of recurring patterns across organizational practices. Results of the research. The research findings demonstrate that under wartime conditions, corporate social responsibility (CSR) has shifted from a reputation-building tool to a critical element of enterprise resilience. Expenditures on shelters, alert systems, employee support, and humanitarian initiatives have become an integral part of management accounting. This requires systematic documentation and analysis of socially oriented costs in order to assess their effectiveness and broader societal impact. The study also revealed that the absence of standardized approaches to recording and evaluating CSR activities complicates transparency and comparability of financial information. Voluntary disclosure of CSR-related data does not ensure consistency, creating risks for the reliability of financial reporting. At the same time, accountants and auditors emphasize the need to develop internal indicators that reflect the social, environmental, and security effects of enterprise activities. Finally, the results indicate that strategic accounting, when combined with CSR, can strengthen trust between business, government, and society. Integrating socially responsible practices into management and reporting systems not only enhances the quality of decision-making but also contributes to the overall resilience of the country during war. This highlights the transformation of CSR from a voluntary initiative into a factor of survival and development for both enterprises and society.
Use of the volume profile in making investment decisions on the stock market
The purpose of the article. In order to effectively multiply money on the capital market, it is necessary to use effective analytical methods to select the right financial instruments for an investment portfolio. This article focuses on the issue of the possibility to use the so-called volume profile to make investment decisions, which in its essence differs from classic indicators using turnover. In the article, the authors hypothesize that the volume profile makes it possible to identify the turning points of a listed instrument and thus can be an effective means for making investment decisions. On the basis of the assumptions made and in the light of the calculations performed, the research hypothesis presented in the introduction of the paper was positively verified. This indicates that the volume profile can be an important decision-making tool for investors and can thus be usefully applied in investment decision-making. Methodology. Overall, this study focuses on determining the reaction of the WIG20 index in relation to the volume profile of the session immediately preceding the day under analysis. The study used the WIG20 index from January to June 2024. Results of the research. According to the conducted analyses and calculations, a noticeable reaction of the WIG20 index value to the POC of the preceding session took place in approximately 90% of cases, which clearly indicates that this level determined during a given trading session is of significant importance for the course of quotations in the following day’s session.
Importance of the Relationship Between the Independent Financial Advisor and the Small and Medium-Sized Entrepreneur
The purpose of the article. The purpose of the paper was to determine the importance of the relationship between the independent financial advisor and SMEs. No academic or practice-oriented research has been yet undertaken in this field in Poland. The presented study aims to reduce the identified research gap. Methodology. The fulfillment of the research objectives will be based on the analysis of a survey conducted among SME entrepreneurs who reported a need for the services of an independent financial advisor. Results of the research. The study, carried out in 2024, involved 50 participants from the SME sector from the Greater Poland voivodeship (province in Poland). Building a long-term relationship between an independent financial intermediary and an SME was primarily driven by trust and competence. The main benefits SMEs gain from working with an independent advisor are time savings and a safer arrangement of financing transactions. Long-term drivers in working with an independent financial advisor were important to SME sample, whereas short-term factors, including the cost of the advisory service itself, were relatively less important.
Alternative investments based on the example of investments in wine from the Bordeaux region
The purpose of the article. The article aims to indicate the economic conditions influencing the prices and distribution of Bordeaux wines on the European market, as well as to identify the key factors shaping their value. It raises the question of which aspects, including seasonality, quality, prestige, and consumer behavior, play a role in shaping the market for this unique good. Methodology. The study employs a literature review and secondary data analysis concerning Bordeaux wine prices. The methodology is based on the synthesis and description of conclusions from other authors, supplemented with a bibliometric analysis of literature from the Web of Science database covering the years 2001–2024. The bibliometric analysis aimed to identify major research trends and map the knowledge structure in the field of wine investment. Comparative analyses of prices across different seasons and quality categories were also conducted, taking into account factors such as vintage and region of origin. Statistical analyses were performed on the data to draw conclusions about the wine price dynamics over recent years. Results of the research. The research results indicate that the price of Bordeaux wines is influenced by both objective factors, such as quality and region of origin, and subjective factors, such as prestige and vintage. Seasonality was also found to play a significant role, affecting wine availability and prices at different times of the year. Ultimately, consumer preferences, especially among collectors and enthusiasts, significantly impact the market value of Bordeaux wine, underscoring the complexity of this market segment. Research hypothesis. The research hypothesis assumes that the investment value of Bordeaux wines is determined to a greater extent by the reputation and brand of the winery than by the objective quality of the product.
Optimal thresholding for binary classification applied in credit scoring
The paper concerns a new method of classifying individuals into two subpopulations and demonstrates the application of this method in credit scoring. Individuals are classified into two subpopulations depending on the duration of a certain phenomenon (e.g., default). The duration may be shorter or longer than a certain fixed value . It is assumed that the variable is not known at the time of classification, so the explanatory continuous predictive marker is used instead. The optimal acceptance threshold for a predictive marker is determined by a time-dependent receiver operating curve (ROC) estimated from a random sample. A typical complexity of time-to-event data is that observations in the sample can be right-censored. Therefore, the estimation is based on a sequential random sampling and the Kaplan-Meier estimator.
Revisiting the 2007–2009 Financial Crisis: A Holistic Perspective
The purpose of the article. This article provides a multidimensional assessment of the wideranging impact of the 2007–2009 financial crisis, with the particular emphasis on its financial, macroeconomic, and socio-political impacts. It examines the profound disruption to the banking sector and deterioration of macroeconomic conditions, as well as the subsequent political and social consequences. The findings support the research hypothesis that a crisis-induced decline in public trust in the banks and financial sector increased skepticism towards globalization and heightened political polarization. Methodology. Adopting an interdisciplinary approach, the study employs desk research and comparative methods to examine financial, macroeconomic and socio-political perspectives over the past decade. This research provides a critical appraisal and comparative synthesis of wide range of studies on the impact of financial crisis on macroeconomic trends and public trust. Results of the research. The global financial crisis precipitated structural changes in bank regulations with tighter capital requirements and prompted a retrenchment from the socially beneficial lending. Large-scale state intervention undermined market discipline and fueled public distrust. Economically, the crisis triggered deglobalization and accelerated the relocation of production towards emerging markets. Socially, it widened inequality, eroded trust in capitalism, and energized populist and anti-establishment movements.
Derisking the Risk: Ways and Means Financing Versus Austerity Measures in Management of Fiscal Imbalances in Nigeria
The purpose of the article. The study analyses two prominent fiscal adjustment measures – Ways and Means financing, and austerity measures – to determine the most appropriate strategy for managing fiscalimbalances and economic crisis in Nigeria. Methodology. Documentary research design was used as the methodology. Data was derived from reports and publications of government agencies. Data analysis was done using mixed methods content analysis. Results of the research. Findings of the study highlighted that Ways and Means financing is justified since it provides the government with short-term funding to cover budgetary deficits. Nevertheless, if Ways and Means is applied without caution, it is likely to induce unchecked spending and money supply surges, resulting in inflation and currency devaluation. The study maintained that fiscal austerity, which advocates a policy of significant decrease in government deficits and stabilization of government debt through either tax hikes, spending cutbacks, or both, is a more effective measure in managing fiscal imbalances in Nigeria.
Required Rate of Return on Financial Instruments by an Individual Investor in the Context of Behavioural Finance
The purpose of the article. The main research objective of this work is to examine the occurrence of three heuristics among individual investors: overconfidence, loss aversion, and the disposition effect. The study aims to show the occurrence of these heuristics in a sample of investors. Methodology. The study was conducted on a sample of 121 individual investors using an online survey based on scenario questions. The research method was selected based on the unique characteristics of behavioural finance. The research requires direct interaction with market participants, i.e., individual investors. Results of the research. The research revealed the occurrence of two out of three examined heuristics. The analysis of the responses from the study participants led to the conclusion that emotions play a significant role in influencing decision-making processes in investor behaviour.
Financing Business Entities Through Crowdfunding as an Alternative to Financing with Bank Products in 2020-2023
The purpose of the article. This article is based on a study which aimed to determine whether crowdfunding had become a viable alternative to banking products for Polish companies between 2020 and 2023. It was important to verify the awareness of, and knowledge about, alternative forms of financing among organisations operating in Poland. The article therefore examines whether crowdfunding became an alternative to traditional sources of financing for small and medium-sized enterprises (SMEs) in Poland between 2020 and 2023. The following hypotheses were therefore put forward: H1: Start-ups were the entities that most frequently used crowdfunding between 2020 and 2023. H2: Entities that did not receive financing from a banking institution during this period considered crowdfunding to be an alternative way of raising capital. Methodology. The article presents the results of an empirical study aimed at determining the use of crowdfunding in Poland as a means of financing small and medium-sized enterprises between 2020 and 2023. It was also important to verify the methods used by the study participants to finance investments and current operations. The article uses a research methodology that includes the critical analysis of secondary sources, as well as methods such as analysis, synthesis, description, deduction, induction and reduction. Additionally, both Polish and foreign literature on corporate finance were analysed. Laws, resolutions, regulations, the scientific works of other organisations and reports were also examined to provide valuable information on crowdfunding in the 2020–2023 period. The generalising-synthesising method (deduction, reduction and induction) was employed to formulate recommendations. The inductive method was used to analyse the importance and characteristics of various sources of crowdfunding for enterprises. Conversely, the deductive method was employed to analyse the issue by starting from the macroeconomic situation in Poland and delving into the situations of enterprises and changes in the way they finance their activities. A reduction technique was used to perform a critical analysis of the literature and verify the formulated hypotheses. Results of the research. A quantitative survey of 150 businesses showed that, between 2020 and 2023, a small percentage of respondents used crowdfunding. This figure was around 10%. Entities that have opted for this method of financing are primarily start-ups, which are defined as companies that have innovative technologies and/or business models and are striving for significant growth in terms of both employees and sales (Kollmann et al., 2015, p. 15). The study showed that, between 2020 and 2023, crowdfunding in Poland was mainly used by organisations from the IT, medical, cosmetics, and culture and arts industries. It is also important to note that awareness of this form of financing was relatively low during the analysed period. Only 20% of the entities surveyed found it interesting, while 24% had no opinion on the subject and 56% were unaware of it. The survey results showed that Polish entrepreneurs mainly identify the following forms of business financing: bank credit, own funds and capital borrowed from family or related parties.
Neurobiology and the Financial Paradigm at the Turn of the 21st Century
The purpose of the article. The paper aimed to investigate how the brain functions established through the process of evolution influences decisions regarding the activities of entities on the financial market and how this affects changes in the behavior of these entities on the market. Additionally, it aimed to understand the definitions of basic concepts and thus contribute to changing the financial paradigm. Methodology. The research uses a method based on a review of literature from fields dealing with the issues raised in the topic, such as behavioral economics, finance, and neurobiology. Results of the research. It was pointed out that the turn of the 20th and 21st centuries was a period of intensification of phenomena that fostered the emergence of anomalies, thus signaling symptoms of chaos in the financial world. Phenomena such as the information and digital revolution, increasing financialization, and chrematistics were identified, which are, among other things, the result of the implementation of the growth dogma, obligatory for homo oeconomicus for thousands of years. The fact of the progressive departure from ethical and moral values in all types of activities was emphasized. In these conditions, the decisions/actions of entities operating on the financial market cause changes in the understanding of basic concepts to be observed and, consequently, tendencies to change the definitions of these concepts, leading to a departure from the current financial paradigm.
Analysis of Investment Effectiveness on the Painting Market – Scientific Literature Review
In response to the growing interest in the effectiveness of investing in alternative assets, the academic community offers numerous publications on investing in works of art. The purpose of this article is to conduct a critical and comparative analysis of the most significant scientific publications on investment effectiveness in the auction market for paintings and to answer the question of the risk and effectiveness of these investments compared to traditional assets, such as stocks, bonds, real estate, commodities, and others. To achieve this stated objective, a literature review was conducted, covering 35 works that form the canon of global literature in the field of art market research. The primary criterion for selecting the publications was their citation frequency in the subject literature, considered in order of their publication. A supplementary criterion was the market being the subject of the study. Consequently, the selected publications include not only major world paintings in large, mature markets but also previously unexamined paintings and emerging art markets. No circumstances were found that would definitively allow for the formulation of a thesis presenting art as an attractive investment, particularly over a long-term horizon. The results differ depending on the period under study and the characteristics of the paintings in the research sample. Generally, rates of return are low and subject to high risk. Within a specific time and in a specific market, paintings with certain characteristics can yield higher rates of return and exhibit greater effectiveness than other assets. In mature art markets, this effectiveness was found to be lower than in financial markets but higher than in non-financial asset markets. In contrast, in emerging art markets, investment effectiveness was generally higher than that of both global financial and non-financial markets.