Globalizacja, wzrost skali oddziaływania przedsiębiorstw na środowisko (jak również wiedzy na ten... more Globalizacja, wzrost skali oddziaływania przedsiębiorstw na środowisko (jak również wiedzy na ten temat) oraz na życie ludzi spowodowały, że podmioty gospodarcze zaczęły podejmować działania filantropijne w dziedzinie ochrony środowiska, pomocy biednym, dzieciom oraz innym potrzebującym. Niektóre firmy wykorzystują je do legitymizacji swoich działań i poprawy swojego wizerunku w oczach społeczeństwa. W artykule opisano skalę działalności filantropijnej polskich korporacji oraz korporacji amerykańskich, a także dokonano analizy wyników badań empirycznych prezentowanych w literaturze w zakresie motywów podejmowania działalności filantropijnej przez korporacje w Polsce i korporacje amerykańskie. Następnie zostały przedstawione motywy podejmowania działalności filantropijnej przez korporacje w Polsce i USA w świetle teorii legitymizacji. W artykule wskazano, że motywy podejmowania działalności filantropijnej przez korporacje w Polsce są podobne do motywów światowych organizacji, aczkolw...
Investigaciones Regionales - Journal of Regional Research
The debate on cohesion policy has recently intensified due to the increasing tensions within the ... more The debate on cohesion policy has recently intensified due to the increasing tensions within the EU and requires constant inputs with regards to various instruments which are applied. In Poland, a unique mechanism for guarantee distribution was adopted – the guarantees are mainly distributed through NGOs (nonbanking organisations granting guarantees – NOGG). Thus, the article aims to investigate the relationship between the level of regional development, the experience of nonbanking organisations granting guarantees and their performance which leads to observations and recommendations with regards to the functioning and assessment of guarantees as cohesion policy instruments. We have used panel regression for 156 observations covering 26 NOGG in Poland. The results confirm that there exist positive associations between the level of regional development, NOGG size (measured with guarantee capital) and experience and some financial performance measures. We posit, that a prerequisite f...
The article aims to answer the questions of whether public intervention in the form of financial ... more The article aims to answer the questions of whether public intervention in the form of financial aid for guarantee funds is necessary. This study examines the consequences of the financial aid for guarantee funds in Poland at the beginning of the 2014-2020 EU budget in the light of state intervention theory. We investigate three possible effects for organizations providing guarantees for SMEs: changes in output (the value and number of guarantees), changes in the transaction scale (average guarantee) and changes in efficiency. We use a panel regression analysis to verify the existence of such effects. The results show that grants lead neither to an increase in output (the number of guarantees or the total value of guarantees) nor to the improvement of multiplier or default ratios. We observe the positive impact of grants on the transaction scale and cost efficiency. We continue the discussion on the justification of state intervention in the market and the consequences of the public...
Introduction Small and medium enterprises have hindered access to capital almost on a worldwide s... more Introduction Small and medium enterprises have hindered access to capital almost on a worldwide scale (Abraham, Schmukler, 2017). This phenomenon is called a capital, financing or McMillan gap (Frost, 1954). In order to counteract this market inefficiency, governments establish various public aid mechanisms aimed at facilitating SMEs access to external funds. Poland developed quite unique public aid mechanism, where loans, guarantees and seed capital are provided to a significant extent by various non-profit organisations or entities established by the central government agencies (i.e. Bank Gospodarstwa Krajowego-BGK) or local governments. These organisations services often exceed financing and include training and advisory services, which are usually financed from the EU and national budgets. The book which we are pleased to offer to the reader discusses the problem of financing small and medium-sized enterprises (SMEs) and the role played by loan and guarantee funds in minimising their capital gap. Loan funds tend to provide services to SMEs that focus their business activity on the region preferred by a fund (usually the one where the fund has its headquarters). To qualify for financial support, SMEs must pay their tax and social insurance obligations in a timely manner and avoid all types of business activity that might be perceived as environmentally harmful or unethical (i.e. related to gambling, tobacco production etc.). The range of eligible loan purposes includes investment projects, operating capital, or a mix of both. Guarantee funds issue guarantees upon the consideration of the risk of their potential client becoming insolvent. Such funds often assist their customers handling bank procedures, provide training, and subsequently monitor them to ensure smooth cooperation with banks. Guarantee funds issue guarantees for loans provided by banks and non-banking institutions that signed cooperation agreements with them, which limits the borrowers' options for choosing the lender. As mentioned before, in addition to grants, non-bank loans and guarantees are an essential mechanism the SMEs' capital gap reduction in Poland backed by EU funds. It results from the fact that the European Union has decided to reduce the amount of directs subsidies granted to SMEs in favour of financial instruments such as loans, guarantees and venture capital between 2014 and 2020. The Key Partners Funding Institutions: governments, World Bank, European Union, U. S. Congress, BGK Key Activities Finding customers Gaining customers' trust Loans provision Loans monitoring and risk management Development and improvement of procedures Value Proposition Access to financing (loans), easier procedures, lower financing costs (in some cases), speed of obtaining a loan, lower collateral requirements Customer Relationships Networking Grassroots marketing Customer Segments SMEs Key Resources Employees (specialists in various types of projects) Fixed assets (offices, equipment for the technological parks) Financial resources (equity) Channels Own offices Cost Structure Salaries, depreciation of fixed assets, write-offs of unpaid loans Revenue Streams Interest on loans, fees for granting loans and for other operations, subsidies, interests on deposits Source: prepared by the authors.
The first aim of the paper is to answer the question regarding the scope of the information on ph... more The first aim of the paper is to answer the question regarding the scope of the information on philanthropic cooperation revealed by corporations and charitable organizations in a transition country. We explore the findings from the content analysis of disclosures of 41 corporations and 82 foundations. The results showed that the scope of disclosure on corporate and NGO collaborations is small on both sides. The second objective of the paper is to explore the reasons of the small scope of disclosure on corporations' and NGOs' collaborations. In order to achieve the second aim, we extended our analysis through interviews with CSR managers and directors of foundations. Firstly, some managers adopt the stance that when there is no legal requirements or even voluntary guidelines (like GRI Guidelines), no further disclosure on collaboration is necessary. Moreover, the managers of corporations tend to follow the materiality rule in voluntary disclosure and reveal information only ...
Purpose: In this paper, we investigate the development, the current state, and the potential of ... more Purpose: In this paper, we investigate the development, the current state, and the potential of business model disclosures to illustrate where, why and how organizations might want to disclose their business models to their stakeholders. The description of the business model may be relevant to stakeholders if it helps them to comprehend the company ‘story’ and increase understanding of other provided data (i.e. financial statements, risk exposure, sustainability of operations). It can also aid stakeholders in the assessment of sustainability of business models and the whole company. To realize these goals, business model descriptions should fulfil requirements of users suggested by various guidelines. Design/Methodology/Approach: First, we review and analyse literature on business model disclosure and some of its antecedents, including voluntary disclosure of intellectual capital. We also discuss business model reporting incentives from the viewpoint of shareholders, stakeholders...
The article aims to answer the following research question: “How were actors mobilized to form a ... more The article aims to answer the following research question: “How were actors mobilized to form a network for promoting microfinancing system in a transforming country?”. For this case study, we employ the actor-network theory (ANT) as a lens and interpretation tool. We used the focus research, in-depth interviews, and analysis of documents as sources in our study. The article shows how the different purposes of each actor can affect or hinder the achievement of benefits for all actors. We pointed to the goals and problems they had to solve, as to create a network to reach the primary goal which was the creation of a sustainable market economy in Poland. The focal actors (government, SMEs, banks, NGOs) had to create the microfinancing network, which works quite successfully. It enables access to capital to entrepreneurs who would not get it from banks. However, unethical acts, committed by some actors may cause the system to collapse or change in the future, as actors will adopt diff...
Journal of Accounting and Management Information Systems, 2018
This paper investigates the perspectives of integrated reporting as an emerging field in mainstre... more This paper investigates the perspectives of integrated reporting as an emerging field in mainstream academic literature. The current state of research and its development are explored by using the Structured Literature Review (SLR) method on publications indexed in Clarivate Analytics' Web of Science. An analytical framework is designed for applying the coding procedure. The findings suggest an evolution of integrated reporting research from the phase of spreading awareness regarding the new reporting paradigm towards an impact analysis phase. The accounting and audit journals are noted to have greatly contributed to the shift of IR literature towards studying the integrated reporting as a reporting practice. A further purpose is to examine newly developed research interest in integrated reporting and to establish future paths to be followed. Future research might bring to discussion possible links between integrated reporting, governance and integrated thinking. The complex interrelationships influencing the companies' ability to create value for the multi-stakeholders need to frame the practice-oriented research.
This paper presents a simplified procedure for construction of a tone dictionary used for the aut... more This paper presents a simplified procedure for construction of a tone dictionary used for the automated recognition of the auditor's opinion type. The study was based on audit opinions prepared in the Polish language. Our sample consists of 362 reports for the period 2013-2016. It served as a basis for creating the language corpus. We applied text mining techniques combined with correlation analysis to assess information content of words on the basis of correlation with the type of auditor's opinion. We have demonstrated that a modified auditor's report (negative or qualified) has a significant correlation with tone while in the case of an unqualified opinion there is no such correlation. The procedure of dictionary creation and the dictionary itself can be used to develop automatic trading algorithms.
The main objective of financial statements is to provide information about the financial position... more The main objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions (IAS 1, 2011). Earnings are one of the most aggregated and most important financial performance measures used by decision makers. Earnings are used both for company valuation purposes and management performance evaluation purposes. It may suggest that the term „earnings quality” is connected with the possibility for users to make better decisions. However, „earnings quality” may be understood also as complying with existing accounting regulations and not hiding any material items which, if revealed, might result in a lower grading of an entity by the users of the financial statements (including financial analysts). Different decision makers should be aware of the different components (and items, and relationships among them) of financial statements, as well as differen...
Purpose This paper aims to explore accountants’ views on mandatory corporate social responsibilit... more Purpose This paper aims to explore accountants’ views on mandatory corporate social responsibility (CSR) reporting. It focuses on three main factors underpinning their understanding and attitude towards non-financial disclosures: general understanding of the concept, gender and work experience. Design/methodology/approach The study uses social identity theory as the theoretical framework. The findings are based on a survey conducted among 73 accountants in 2018. The questionnaire consisted of 86 questions divided into 9 main areas. The Mann–Whitney U test was used to determine if there are any significant differences between the accountants’ attitudes towards non-financial disclosures. Findings Study results suggest that the general knowledge of CSR reporting among accounting specialists is insufficient. The attitude towards mandatory CSR disclosures significantly differs between accountants who participated in training related to non-financial reporting and those who did not. Contr...
Globalizacja, wzrost skali oddziaływania przedsiębiorstw na środowisko (jak również wiedzy na ten... more Globalizacja, wzrost skali oddziaływania przedsiębiorstw na środowisko (jak również wiedzy na ten temat) oraz na życie ludzi spowodowały, że podmioty gospodarcze zaczęły podejmować działania filantropijne w dziedzinie ochrony środowiska, pomocy biednym, dzieciom oraz innym potrzebującym. Niektóre firmy wykorzystują je do legitymizacji swoich działań i poprawy swojego wizerunku w oczach społeczeństwa. W artykule opisano skalę działalności filantropijnej polskich korporacji oraz korporacji amerykańskich, a także dokonano analizy wyników badań empirycznych prezentowanych w literaturze w zakresie motywów podejmowania działalności filantropijnej przez korporacje w Polsce i korporacje amerykańskie. Następnie zostały przedstawione motywy podejmowania działalności filantropijnej przez korporacje w Polsce i USA w świetle teorii legitymizacji. W artykule wskazano, że motywy podejmowania działalności filantropijnej przez korporacje w Polsce są podobne do motywów światowych organizacji, aczkolw...
Investigaciones Regionales - Journal of Regional Research
The debate on cohesion policy has recently intensified due to the increasing tensions within the ... more The debate on cohesion policy has recently intensified due to the increasing tensions within the EU and requires constant inputs with regards to various instruments which are applied. In Poland, a unique mechanism for guarantee distribution was adopted – the guarantees are mainly distributed through NGOs (nonbanking organisations granting guarantees – NOGG). Thus, the article aims to investigate the relationship between the level of regional development, the experience of nonbanking organisations granting guarantees and their performance which leads to observations and recommendations with regards to the functioning and assessment of guarantees as cohesion policy instruments. We have used panel regression for 156 observations covering 26 NOGG in Poland. The results confirm that there exist positive associations between the level of regional development, NOGG size (measured with guarantee capital) and experience and some financial performance measures. We posit, that a prerequisite f...
The article aims to answer the questions of whether public intervention in the form of financial ... more The article aims to answer the questions of whether public intervention in the form of financial aid for guarantee funds is necessary. This study examines the consequences of the financial aid for guarantee funds in Poland at the beginning of the 2014-2020 EU budget in the light of state intervention theory. We investigate three possible effects for organizations providing guarantees for SMEs: changes in output (the value and number of guarantees), changes in the transaction scale (average guarantee) and changes in efficiency. We use a panel regression analysis to verify the existence of such effects. The results show that grants lead neither to an increase in output (the number of guarantees or the total value of guarantees) nor to the improvement of multiplier or default ratios. We observe the positive impact of grants on the transaction scale and cost efficiency. We continue the discussion on the justification of state intervention in the market and the consequences of the public...
Introduction Small and medium enterprises have hindered access to capital almost on a worldwide s... more Introduction Small and medium enterprises have hindered access to capital almost on a worldwide scale (Abraham, Schmukler, 2017). This phenomenon is called a capital, financing or McMillan gap (Frost, 1954). In order to counteract this market inefficiency, governments establish various public aid mechanisms aimed at facilitating SMEs access to external funds. Poland developed quite unique public aid mechanism, where loans, guarantees and seed capital are provided to a significant extent by various non-profit organisations or entities established by the central government agencies (i.e. Bank Gospodarstwa Krajowego-BGK) or local governments. These organisations services often exceed financing and include training and advisory services, which are usually financed from the EU and national budgets. The book which we are pleased to offer to the reader discusses the problem of financing small and medium-sized enterprises (SMEs) and the role played by loan and guarantee funds in minimising their capital gap. Loan funds tend to provide services to SMEs that focus their business activity on the region preferred by a fund (usually the one where the fund has its headquarters). To qualify for financial support, SMEs must pay their tax and social insurance obligations in a timely manner and avoid all types of business activity that might be perceived as environmentally harmful or unethical (i.e. related to gambling, tobacco production etc.). The range of eligible loan purposes includes investment projects, operating capital, or a mix of both. Guarantee funds issue guarantees upon the consideration of the risk of their potential client becoming insolvent. Such funds often assist their customers handling bank procedures, provide training, and subsequently monitor them to ensure smooth cooperation with banks. Guarantee funds issue guarantees for loans provided by banks and non-banking institutions that signed cooperation agreements with them, which limits the borrowers' options for choosing the lender. As mentioned before, in addition to grants, non-bank loans and guarantees are an essential mechanism the SMEs' capital gap reduction in Poland backed by EU funds. It results from the fact that the European Union has decided to reduce the amount of directs subsidies granted to SMEs in favour of financial instruments such as loans, guarantees and venture capital between 2014 and 2020. The Key Partners Funding Institutions: governments, World Bank, European Union, U. S. Congress, BGK Key Activities Finding customers Gaining customers' trust Loans provision Loans monitoring and risk management Development and improvement of procedures Value Proposition Access to financing (loans), easier procedures, lower financing costs (in some cases), speed of obtaining a loan, lower collateral requirements Customer Relationships Networking Grassroots marketing Customer Segments SMEs Key Resources Employees (specialists in various types of projects) Fixed assets (offices, equipment for the technological parks) Financial resources (equity) Channels Own offices Cost Structure Salaries, depreciation of fixed assets, write-offs of unpaid loans Revenue Streams Interest on loans, fees for granting loans and for other operations, subsidies, interests on deposits Source: prepared by the authors.
The first aim of the paper is to answer the question regarding the scope of the information on ph... more The first aim of the paper is to answer the question regarding the scope of the information on philanthropic cooperation revealed by corporations and charitable organizations in a transition country. We explore the findings from the content analysis of disclosures of 41 corporations and 82 foundations. The results showed that the scope of disclosure on corporate and NGO collaborations is small on both sides. The second objective of the paper is to explore the reasons of the small scope of disclosure on corporations' and NGOs' collaborations. In order to achieve the second aim, we extended our analysis through interviews with CSR managers and directors of foundations. Firstly, some managers adopt the stance that when there is no legal requirements or even voluntary guidelines (like GRI Guidelines), no further disclosure on collaboration is necessary. Moreover, the managers of corporations tend to follow the materiality rule in voluntary disclosure and reveal information only ...
Purpose: In this paper, we investigate the development, the current state, and the potential of ... more Purpose: In this paper, we investigate the development, the current state, and the potential of business model disclosures to illustrate where, why and how organizations might want to disclose their business models to their stakeholders. The description of the business model may be relevant to stakeholders if it helps them to comprehend the company ‘story’ and increase understanding of other provided data (i.e. financial statements, risk exposure, sustainability of operations). It can also aid stakeholders in the assessment of sustainability of business models and the whole company. To realize these goals, business model descriptions should fulfil requirements of users suggested by various guidelines. Design/Methodology/Approach: First, we review and analyse literature on business model disclosure and some of its antecedents, including voluntary disclosure of intellectual capital. We also discuss business model reporting incentives from the viewpoint of shareholders, stakeholders...
The article aims to answer the following research question: “How were actors mobilized to form a ... more The article aims to answer the following research question: “How were actors mobilized to form a network for promoting microfinancing system in a transforming country?”. For this case study, we employ the actor-network theory (ANT) as a lens and interpretation tool. We used the focus research, in-depth interviews, and analysis of documents as sources in our study. The article shows how the different purposes of each actor can affect or hinder the achievement of benefits for all actors. We pointed to the goals and problems they had to solve, as to create a network to reach the primary goal which was the creation of a sustainable market economy in Poland. The focal actors (government, SMEs, banks, NGOs) had to create the microfinancing network, which works quite successfully. It enables access to capital to entrepreneurs who would not get it from banks. However, unethical acts, committed by some actors may cause the system to collapse or change in the future, as actors will adopt diff...
Journal of Accounting and Management Information Systems, 2018
This paper investigates the perspectives of integrated reporting as an emerging field in mainstre... more This paper investigates the perspectives of integrated reporting as an emerging field in mainstream academic literature. The current state of research and its development are explored by using the Structured Literature Review (SLR) method on publications indexed in Clarivate Analytics' Web of Science. An analytical framework is designed for applying the coding procedure. The findings suggest an evolution of integrated reporting research from the phase of spreading awareness regarding the new reporting paradigm towards an impact analysis phase. The accounting and audit journals are noted to have greatly contributed to the shift of IR literature towards studying the integrated reporting as a reporting practice. A further purpose is to examine newly developed research interest in integrated reporting and to establish future paths to be followed. Future research might bring to discussion possible links between integrated reporting, governance and integrated thinking. The complex interrelationships influencing the companies' ability to create value for the multi-stakeholders need to frame the practice-oriented research.
This paper presents a simplified procedure for construction of a tone dictionary used for the aut... more This paper presents a simplified procedure for construction of a tone dictionary used for the automated recognition of the auditor's opinion type. The study was based on audit opinions prepared in the Polish language. Our sample consists of 362 reports for the period 2013-2016. It served as a basis for creating the language corpus. We applied text mining techniques combined with correlation analysis to assess information content of words on the basis of correlation with the type of auditor's opinion. We have demonstrated that a modified auditor's report (negative or qualified) has a significant correlation with tone while in the case of an unqualified opinion there is no such correlation. The procedure of dictionary creation and the dictionary itself can be used to develop automatic trading algorithms.
The main objective of financial statements is to provide information about the financial position... more The main objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions (IAS 1, 2011). Earnings are one of the most aggregated and most important financial performance measures used by decision makers. Earnings are used both for company valuation purposes and management performance evaluation purposes. It may suggest that the term „earnings quality” is connected with the possibility for users to make better decisions. However, „earnings quality” may be understood also as complying with existing accounting regulations and not hiding any material items which, if revealed, might result in a lower grading of an entity by the users of the financial statements (including financial analysts). Different decision makers should be aware of the different components (and items, and relationships among them) of financial statements, as well as differen...
Purpose This paper aims to explore accountants’ views on mandatory corporate social responsibilit... more Purpose This paper aims to explore accountants’ views on mandatory corporate social responsibility (CSR) reporting. It focuses on three main factors underpinning their understanding and attitude towards non-financial disclosures: general understanding of the concept, gender and work experience. Design/methodology/approach The study uses social identity theory as the theoretical framework. The findings are based on a survey conducted among 73 accountants in 2018. The questionnaire consisted of 86 questions divided into 9 main areas. The Mann–Whitney U test was used to determine if there are any significant differences between the accountants’ attitudes towards non-financial disclosures. Findings Study results suggest that the general knowledge of CSR reporting among accounting specialists is insufficient. The attitude towards mandatory CSR disclosures significantly differs between accountants who participated in training related to non-financial reporting and those who did not. Contr...
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Papers by Jan Michalak