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Volume 5, No. 6

Published 30 June 2017

Articles

  1. Klaudia Jarno

    Funudsze inwestycyjne odpowiedzialne społecznie w Polsce. Ocena rynku i wyników inwestycyjnych

    The paper presents the contribution of socially responsible investment funds (SRI funds) to the realization of a sustainable development concept as well as the outcomes of research on the condition of the Polish SRI funds market. Pol- ish SRI funds were identified and their strategies were systematised referring to the classification used by Eurosif. Moreover an analysis of the effectiveness of Polish SRI funds in comparison with Polish hedge funds, that are completely financially motivated, was conducted. The generalised Sharpe ratio, the Sharpe-Omega ratio and the modified Sharpe ratio were used to assess the effectiveness of analysed funds. The study reveals that Polish SRI funds do not perform very well in com- parison to hedge funds.

  2. Yakov Jouk

    Opcje rzeczywiste jako instrument zrównoważonego rozwoju w bankowości oraz w zarządzaniu portfelem

    The main goal of the paper is to present various applications of real options in financial institution, especially banks and portfolio management com-panies, which may use it as an instrument of sustainable growth. Today, real op-tions are a hot instrument applied in different areas and industries. Despite its popularity the application of real option in banking and asset management is not so common. Sections one to six of the paper present different definitions and types of financial and real options as well as their comparison. In addition, the use of real options in different industries, with an emphasis on the banking sector is shown. Sections seven and eight discuss the sustainable growth, its definition and importance, especially in banking and portfolio management industries. Applica-tion of the real option as a tool for sustainable growth in the banking sector is also proposed. Section nine concludes the paper.

  3. Marcin Bartkowiak, Bogna Janik

    Porównanie indeksu sin i indeksu spółek społecznie odpowiedzialnych

    The article compares the profitability and risk factor of the SINdex (from the so called sin stocks group) with the socially responsible index (SRI) from the Dow Jones (DJSI.US) group. The results were confronted with the results obtained by such conventional indices as the NASDAQ-100 and DJIA. The analysis was conducted for the entire research period, i.e. 16 years (1999-2015) and for separated three-year-long superperiods. The goal of the undertaking was to assess in-vestments in unique passive portfolios pursuant to the profit and risk criteria. It may be assumed that if the ROI in sin stocks portfolios continuously record much higher values than ROI in socially responsible and conventional portfolios, the for-mer ones will constantly enjoy a much greater interest.

  4. Marek Masztalerz

    Praktyki zrównoważonego raportowania - studium przypadku Banku Millennium

    The purpose of this paper is to analyse the sustainability reporting practices of Bank Millennium, and to answer the question of what and how it is re-ported and presented in those reports. The adopted research method consists of the content analysis of nine of Bank Millennium's sustainability reports for the years 2006-2014. The paper presents the features and the content of the Bank's sustainability reports, and the choice (what is measured and reported?) and presentation forms (tabular of graphical?) of numbers in those reports?

  5. Małgorzata Solarz

    Znaczenie zasady wzajemności dla inkluzji finansowej

    The article presents the following research hypothesis: reciprocity has a positive impact on the financial resilience of households and thus reduces their susceptibility to financial exclusion. The verification of such a hypothesis was possible as a result of carrying out the main purpose, i.e. determining the importance of the reciprocity principle for establishing financial resilience and the inclusion of households. The analysis is focused on family loans, which constitute the significant source of financing unexpected expenditure to be covered by house-holds and thus an important instrument for creating their financial resilience. Di-agnosing the basic motives followed by people while lending money to relatives allows determining whether, and if so, how important is reciprocity in granting financial support to family members. The following, basic research methods were used in the course of the study: critical analysis of the subject literature, statistical methods and the diagnostic survey method. The empirical data necessary to perform the due analyses originate from two nationwide surveys carried out by the author in Poland in cooperation with the SW Research Agency for Market Research and Opinions in May 2015 and January 2016. The conducted analyses allowed for the positive verification of the presented research hypothesis.

  6. Damian Walczak

    Oszczędności emerytalne w starzejącym się społeczeństwie: w aspekcie rozwoju zrównoważonego

    Societies around the world are aging. Regardless of the adopted solutions within the mandatory pension system, the amount of future benefits depends on the ratio of the number of the unemployed to the number of the employed. Therefore, ensuring financial security in old age will increasingly depend on one's accumulated savings. According to a representative survey Social Diagnosis, Polish people still save little. It needs to be emphasised that the level of this type of savings determines the amount of future pension benefits. Without an adequate organization of the financial market, supported by relevant activities of public sector institutions, there will be no significant change in this regard. This change should have a positive present and future impact on the economic and social aspects of sustainable development. As long as the individual retirement security is deprived of support from the state helping financial institutions in creating incentives for Poles to save, the issue will remain unsolved.

  7. Antonina Michałowska-Mazur

    Inicjatywa Unii Europejskiej wobec wdrażania europejskich standardów rachunkowości sektora publicznego - przewidywane korzyści versus niekorzyści

    Standardisation and the harmonisation of accounting rules are common processes in a globalizing world, present in both private and public sectors. Global companies rely on International Financial Reporting Standards and public entities follow International Public Sector Accounting Standards. The European Union also formulated a basis for the national accounting regulation of its member states: directives on the annual accounts of certain types of companies and on consolidated accounts. Economic breakdown in 2010-2011 revealed a lack of mechanisms to monitor public deficit and debt statistics, which is essential for the functioning of an economic and monetary union. As a result of the fiscal crisis in Europe, an idea has been developed of implementing common accounting standards for the European public sector. The initiative to develop and implement EPSAS (European Public Sector Ac-counting Standards) as a tool enabling sound and sustainable public finance management brings both benefits and costs. The main advantages refer to high-quality financial information: improved comparability and the transparency of data. On the other side, EPSAS would implicate substantial costs of public accounting reorganisation (a.o. IT modernisation, human resources training). Since the EPSAS project is still in an initial phase, many detailed questions on the possible implementation of the formula remain under consideration.

  8. Beata Zyznarska-Dworczak

    Determinanty rozwoju sprawozdawczości niefinansowej i jej zewnętrznej weryfikacji w świetle praktyki i teorii rachunkowości

    The paper presents conclusions from the analysis of factors determining the development of non-financial data measurements included in the performance reports of socially responsible companies. The analysis of developments in non-financial reporting is supplemented by conclusions evaluating the need for its external verification. The analysis was carried out and based on the positive and normative accounting theory. The paper is the result of the author's studies into Polish and foreign source literature as well as her analysis of regulations and standards related to reporting contributions companies make to sustainable development. The paper relies on theoretical triangulation - the issue at hand being identified and the encountered phenomena described and explained by applying the precepts of normative accounting theories, fundamentally based on deductive reasoning, and compared and analysed from the view of positive accounting theories, belonging to the school of induction, describing and explaining the world a posteriori. A synthesis of the conclusions, reached by deduction and induction in particular parts-steps of the paper, enabled to formulate the key findings of the analysis. The paper highlights the need to present both financial and non-financial data when reporting the performance of socially responsible companies so that such data can be verified externally. Conclusions from the analysis of determinants for the development of non-financial reporting and their external independent verification helped anticipate their standardisation and legal regulation.