Papers by Witold Nowiński
Entrepreneurial Business and Economics Review, 2017
Objective: The main purpose of the paper is to show that blockchain technology may disrupt the ex... more Objective: The main purpose of the paper is to show that blockchain technology may disrupt the existing business models and to explore how this may occur.
Research Design & Methods: This is a theory development paper which relies on a literature review and desk research. The discussion of the reviewed sources leads to the formulation of three research propositions.
Findings: The paper provides a short overview of key literature on business models and business model innovation, indicating, among others, that new technologies may be one of the drivers of business model innovation. This study also provides an overview of blockchain technology and a range of its business applications showing how it can disrupt business models. It is shown that blockchain technology may affect many dimensions of business models. We propose that there are three crucial ways in which blockchain technology can affect and disrupt business models: by authenticating traded goods, via disintermediation and via lowering transaction costs.
Implications & Recommendations: This study shows that blockchain technology may affect diverse dimensions of business models in diverse industries. It is recommended that mangers should follow developments in this field in order to prepare for possible disruptions in their industries.
Contribution & Value Added: This study provides an analysis of the possible impact of blockchain technology on business model innovation. Blockchain technology is gaining momentum with more and more diverse applications, as well as increasing numbers of actors involved in its applications. This paper contributes to our understanding of the possible applications of blockchain technology to businesses, and in particular to its impact on business models.
European Business Review, 2017
Purpose:
The aim of this paper is to determine the performance implications of cross-border acqu... more Purpose:
The aim of this paper is to determine the performance implications of cross-border acquisitions by Polish multinationals. Additionally, the study considers specific factors affecting acquisition performance, such as acquirer's prior cross-border acquisition experience and the type of market (advanced versus emerging) in which the target is located.
Design/methodology/approach
This study is based on a sample of 104 cross-border acquisition events in which a Polish public company, quoted on the Warsaw Stock Exchange acted as an acquiring party. The event study method was applied to determine the impact of acquisition announcements on the share price of the acquiring companies for 3, 4 and 5 day event windows. The proposed hypotheses were additionally verified through hierarchical regression.
Findings
The research shows that a typical cross-border acquisition carried out by a Polish multinational ends in creating value. While the impact of prior cross-border acquisition experience is only significant for the shortest event window, the choice of targets from emerging markets significantly improves acquisition outcomes for all of the event windows examined.
Originality/value
The study is the first project on such a scale to focus on cross-border acquisitions by multinationals from Central and Eastern Europe to have employed event study methodology. It has shown that acquirers from mid-range emerging markets, such as Poland tend to benefit more from leveraging their ability to function in underdeveloped and dynamic institutional settings if they acquire companies operating in other emerging markets rather than those based in more developed economies.
This paper investigates whether entrepreneurial education (EE) contributes to the entrepreneurial... more This paper investigates whether entrepreneurial education (EE) contributes to the entrepreneurial intentions (EI) of university students in the Visegrád countries (Czech Republic, Hungary, Poland and Slovakia). The results show several differences with regard to the impact of education and entrepreneurial self-efficacy (ESE) on entrepreneurial intentions across the four nations. The direct impact of entrepreneurship education was positive and significant in only one country, Poland, the only of the four countries to have introduced entrepreneurship education at high-school level. Additionally, an indirect influence of EE on EI was uncovered. Using a multi-construct approach to ESE, the research proves that ESEs related to searching, planning and marshalling activities mediate the impact of entrepreneurial education on intentions, although these effects differ across the studied countries. Lastly, a gender comparison indicates that although women generally have lower entrepreneurial intentions and display lower levels of ESE they benefit more than men do from entrepreneurship education.
Praca doktorska. Faculty of Economics of the European University Viadrina, Frankfurt (Oder), 2005... more Praca doktorska. Faculty of Economics of the European University Viadrina, Frankfurt (Oder), 2005. Bibliogr. s. 403-429.
Current Issues in International Entrepreneurship, 2013
Journal of Small Business Management, 2015
The paper emphasizes the importance of social networks in the gestation of international new vent... more The paper emphasizes the importance of social networks in the gestation of international new ventures, particularly through their impact on the perceptions of nascent entrepreneurs. Their contribution consists not only in providing new information to assist new venture founders in identifying international opportunities but, and perhaps more importantly, in assessing them. By modifying the way in which entrepreneurs perceive the feasibility and desirability of opportunities, networks trigger the enactment of international opportunities. Whereas opportunity evaluations by more experienced international entrepreneurs tend to be linked to their strong network ties, the international role models of novice entrepreneurs seem to be transformational.
This paper deals with cross-border acquisitions (CBAs) conducted by Polish Multinational Companie... more This paper deals with cross-border acquisitions (CBAs) conducted by Polish Multinational Companies. Its objective is to study tendencies in respect to CBAs after the year 2000. The analysis of data from EMIS Deal Watch database shows that until 2007 the number of CBAs was rising, while afterwards it fluctuated and did not display any clear trend. The value of CBA transactions carried out by Polish firms was smaller than other studies reported in respect to both developed and emerging markets despite individual spectacular transactions. Cross-border acqusitions were conducted mainly in other European markets, primarily in neighbouring coutries, which suggests that distance plays an important role as a determinant of target selection. This could be probably linked with the relationship between geographic distance and costs of control, which may have particular relevance for small size deals. This hypthesis is supported by the fact that CBAs carried out in more distant markets, especially outside of Europe tended to be larger than deals carried out in Europe and on its
outskirts.
ABSTRACT (in Polish)
W niniejszej pracy zajęto się zjawiskiem przejęć ponadgranicznych realizowanych przez polskie firmy wielonarodowe. Celem opracowania było zbadanie tendencji, występujących w odniesieniu do tego zjawiska po roku 2000, dotyczących liczby, wartości oraz kierunków realizowanych przejęć. Analiza danych z bazy EMIS Deal Watch pokazuje,
że do roku 2007 liczba przejęć rosła, po czym od roku 2008 waha się, nie wykazując wyraźnej tendencji do wzrostu lub spadku. Wartość transakcji realizowanych przez polskie firmy jest mniejsza niż wartość analogicznych transakcji realizowanych zarówno w krajach wysoko rozwiniętych, jak i przez przedsiębiorstwa z innych rynków wschodzących oraz nie wykazuje tendencji wzrostowych mimo pojedynczych spektakularnych transakcji. Przejęcia ponadgraniczne realizowane były głównie na rynkach europejskich, szczególnie zaś w krajach ościennych, co sugeruje, że wśród przesłanek doboru celów przejęć ważną rolę odgrywa
odległość. Można to przypuszczalnie łączyć ze związkiem między odległością a kosztami kontroli, co może mieć szczególne znaczenie w przypadku przejęć o niewielkiej wartości. Hipotezę tę potwierdza fakt, że wartość przejmowanych przedsiębiorstw zlokalizowanych na bardziej oddalonych rynkach, zwłaszcza poza Europą, jest z reguły większa niż wartość przejęć realizowanych w Europie i na jej obrzeżach.
In: Kiendl -Wendner, D. & Wach, K. (eds), International Competitiveness in Visegrad Countries: Macro and Micro Perspectives. Graz: Fachhochschule Joanneum, 2014, pp. 159-170.
The purpose of the paper was to investigate the impact of cross-border acquisitions on shareholde... more The purpose of the paper was to investigate the impact of cross-border acquisitions on shareholder value, to verify the impact of prior foreign presence for acquisition performance and to compare results of acquisitions into Eastern and Western European markets. Event method was applied for a sample of multiple acquisitions conducted by a single acquirer. While we find that cross-border acquisitions in the studied sample tend to destroy value, these findings are not statistically significant. We find a weak tendency for transactions constituting the first entry into the market to have slightly better outcome for shareholders than transactions constituting subsequent entries, which confirms market access hypothesis. While on average cross-border acquisitions do not create value for Asseco Group, their impact on shareholder value seems to be less adverse than in case of domestic acquisitions. Our findings suggest that Asseco, and perhaps other similar Polish companies, could use acquisitions to enter a foreign market, but subsequently grow in this market organically. The paper constitutes a first approach to study an underexplored topic of outbound cross-border acquisitions from Poland.
This paper contributes to SME internationalization theory by offering regionspecific propositions... more This paper contributes to SME internationalization theory by offering regionspecific propositions on early internationalization of Central and Eastern European (CEE) firms. We suggest that special treatment of international new ventures from CEE transition economies is justified due to constraints faced by their founders, particularly not only limited financial resources but also relatively low human and social capital. We propose that some of the regionspecific drivers which contribute to early internationalization involve domestic market entry barriers and arbitrage opportunities related to the higher purchasing power of consumers from developed economies. Additionally, we find that in order to overcome resource limitations, CEE international new ventures apply effectuation and bricolage to exploit controlled resources and flexibly adapt to the market situation. Dieser Artikel trägt zur Theorie der Internationalisierung von KMU mittels regional spezifischer Aussagen über die frühe Internationalisierung mittel-und osteuropäischer Unternehmen bei. Die spezielle Behandlung der 'international new ventures' in diesen Volkswirtschaften erscheint aufgrund von spezifischen Einschränkungen für ihre Gründer, vor allem aber aufgrund von begrenzten finanziellen Mitteln und geringem Human-und Sozialkapital gerechtfertigt. Die regional spezifischen Treiber, die zur frühen Internationalisierung beitragen, schließen inländische Markteintrittsbarrieren und Arbitrage-Möglichkeiten in Bezug auf die höhere Kaufkraft der Verbraucher aus den entwickelten Volkswirtschaften mit ein. Darüber hinaus nutzen die 'international new ventures' der Region Effektuierung und Bricolage, um Einschränkungen im Bereich der Ressourcen zu überwinden, die kontrollierten Ressourcen zu nutzen und sich flexibel an die Marktsituation anzupassen.
This study is focused on the issue of early internationalization. Its key research objective was ... more This study is focused on the issue of early internationalization. Its key research objective was to assess how endogenous and exogenous factors discussed in prior research on SME internationalization affect the speed of internationalization. The study is based on data collected via survey research conducted among small and medium private Polish exporters. The results from the survey research are analyzed with the use of non-parametric statistical methods and logistic regression analysis. Our findings indicate that SMEs are pushed to follow the early internationalization path mainly by internal capabilities related to international social capital, to a smaller extent by their unique resources or capabilities, and indirectly by prior international business experience of their managers. Simultaneously they are pulled by opportunities stemming from the possibility to achieve higher margins from foreign sales.
Organizacja i Kierowanie, 2011, 147 (4); 52-62
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Papers by Witold Nowiński
Research Design & Methods: This is a theory development paper which relies on a literature review and desk research. The discussion of the reviewed sources leads to the formulation of three research propositions.
Findings: The paper provides a short overview of key literature on business models and business model innovation, indicating, among others, that new technologies may be one of the drivers of business model innovation. This study also provides an overview of blockchain technology and a range of its business applications showing how it can disrupt business models. It is shown that blockchain technology may affect many dimensions of business models. We propose that there are three crucial ways in which blockchain technology can affect and disrupt business models: by authenticating traded goods, via disintermediation and via lowering transaction costs.
Implications & Recommendations: This study shows that blockchain technology may affect diverse dimensions of business models in diverse industries. It is recommended that mangers should follow developments in this field in order to prepare for possible disruptions in their industries.
Contribution & Value Added: This study provides an analysis of the possible impact of blockchain technology on business model innovation. Blockchain technology is gaining momentum with more and more diverse applications, as well as increasing numbers of actors involved in its applications. This paper contributes to our understanding of the possible applications of blockchain technology to businesses, and in particular to its impact on business models.
The aim of this paper is to determine the performance implications of cross-border acquisitions by Polish multinationals. Additionally, the study considers specific factors affecting acquisition performance, such as acquirer's prior cross-border acquisition experience and the type of market (advanced versus emerging) in which the target is located.
Design/methodology/approach
This study is based on a sample of 104 cross-border acquisition events in which a Polish public company, quoted on the Warsaw Stock Exchange acted as an acquiring party. The event study method was applied to determine the impact of acquisition announcements on the share price of the acquiring companies for 3, 4 and 5 day event windows. The proposed hypotheses were additionally verified through hierarchical regression.
Findings
The research shows that a typical cross-border acquisition carried out by a Polish multinational ends in creating value. While the impact of prior cross-border acquisition experience is only significant for the shortest event window, the choice of targets from emerging markets significantly improves acquisition outcomes for all of the event windows examined.
Originality/value
The study is the first project on such a scale to focus on cross-border acquisitions by multinationals from Central and Eastern Europe to have employed event study methodology. It has shown that acquirers from mid-range emerging markets, such as Poland tend to benefit more from leveraging their ability to function in underdeveloped and dynamic institutional settings if they acquire companies operating in other emerging markets rather than those based in more developed economies.
outskirts.
ABSTRACT (in Polish)
W niniejszej pracy zajęto się zjawiskiem przejęć ponadgranicznych realizowanych przez polskie firmy wielonarodowe. Celem opracowania było zbadanie tendencji, występujących w odniesieniu do tego zjawiska po roku 2000, dotyczących liczby, wartości oraz kierunków realizowanych przejęć. Analiza danych z bazy EMIS Deal Watch pokazuje,
że do roku 2007 liczba przejęć rosła, po czym od roku 2008 waha się, nie wykazując wyraźnej tendencji do wzrostu lub spadku. Wartość transakcji realizowanych przez polskie firmy jest mniejsza niż wartość analogicznych transakcji realizowanych zarówno w krajach wysoko rozwiniętych, jak i przez przedsiębiorstwa z innych rynków wschodzących oraz nie wykazuje tendencji wzrostowych mimo pojedynczych spektakularnych transakcji. Przejęcia ponadgraniczne realizowane były głównie na rynkach europejskich, szczególnie zaś w krajach ościennych, co sugeruje, że wśród przesłanek doboru celów przejęć ważną rolę odgrywa
odległość. Można to przypuszczalnie łączyć ze związkiem między odległością a kosztami kontroli, co może mieć szczególne znaczenie w przypadku przejęć o niewielkiej wartości. Hipotezę tę potwierdza fakt, że wartość przejmowanych przedsiębiorstw zlokalizowanych na bardziej oddalonych rynkach, zwłaszcza poza Europą, jest z reguły większa niż wartość przejęć realizowanych w Europie i na jej obrzeżach.
Books by Witold Nowiński
Research Design & Methods: This is a theory development paper which relies on a literature review and desk research. The discussion of the reviewed sources leads to the formulation of three research propositions.
Findings: The paper provides a short overview of key literature on business models and business model innovation, indicating, among others, that new technologies may be one of the drivers of business model innovation. This study also provides an overview of blockchain technology and a range of its business applications showing how it can disrupt business models. It is shown that blockchain technology may affect many dimensions of business models. We propose that there are three crucial ways in which blockchain technology can affect and disrupt business models: by authenticating traded goods, via disintermediation and via lowering transaction costs.
Implications & Recommendations: This study shows that blockchain technology may affect diverse dimensions of business models in diverse industries. It is recommended that mangers should follow developments in this field in order to prepare for possible disruptions in their industries.
Contribution & Value Added: This study provides an analysis of the possible impact of blockchain technology on business model innovation. Blockchain technology is gaining momentum with more and more diverse applications, as well as increasing numbers of actors involved in its applications. This paper contributes to our understanding of the possible applications of blockchain technology to businesses, and in particular to its impact on business models.
The aim of this paper is to determine the performance implications of cross-border acquisitions by Polish multinationals. Additionally, the study considers specific factors affecting acquisition performance, such as acquirer's prior cross-border acquisition experience and the type of market (advanced versus emerging) in which the target is located.
Design/methodology/approach
This study is based on a sample of 104 cross-border acquisition events in which a Polish public company, quoted on the Warsaw Stock Exchange acted as an acquiring party. The event study method was applied to determine the impact of acquisition announcements on the share price of the acquiring companies for 3, 4 and 5 day event windows. The proposed hypotheses were additionally verified through hierarchical regression.
Findings
The research shows that a typical cross-border acquisition carried out by a Polish multinational ends in creating value. While the impact of prior cross-border acquisition experience is only significant for the shortest event window, the choice of targets from emerging markets significantly improves acquisition outcomes for all of the event windows examined.
Originality/value
The study is the first project on such a scale to focus on cross-border acquisitions by multinationals from Central and Eastern Europe to have employed event study methodology. It has shown that acquirers from mid-range emerging markets, such as Poland tend to benefit more from leveraging their ability to function in underdeveloped and dynamic institutional settings if they acquire companies operating in other emerging markets rather than those based in more developed economies.
outskirts.
ABSTRACT (in Polish)
W niniejszej pracy zajęto się zjawiskiem przejęć ponadgranicznych realizowanych przez polskie firmy wielonarodowe. Celem opracowania było zbadanie tendencji, występujących w odniesieniu do tego zjawiska po roku 2000, dotyczących liczby, wartości oraz kierunków realizowanych przejęć. Analiza danych z bazy EMIS Deal Watch pokazuje,
że do roku 2007 liczba przejęć rosła, po czym od roku 2008 waha się, nie wykazując wyraźnej tendencji do wzrostu lub spadku. Wartość transakcji realizowanych przez polskie firmy jest mniejsza niż wartość analogicznych transakcji realizowanych zarówno w krajach wysoko rozwiniętych, jak i przez przedsiębiorstwa z innych rynków wschodzących oraz nie wykazuje tendencji wzrostowych mimo pojedynczych spektakularnych transakcji. Przejęcia ponadgraniczne realizowane były głównie na rynkach europejskich, szczególnie zaś w krajach ościennych, co sugeruje, że wśród przesłanek doboru celów przejęć ważną rolę odgrywa
odległość. Można to przypuszczalnie łączyć ze związkiem między odległością a kosztami kontroli, co może mieć szczególne znaczenie w przypadku przejęć o niewielkiej wartości. Hipotezę tę potwierdza fakt, że wartość przejmowanych przedsiębiorstw zlokalizowanych na bardziej oddalonych rynkach, zwłaszcza poza Europą, jest z reguły większa niż wartość przejęć realizowanych w Europie i na jej obrzeżach.