Annales Universitatis Mariae-Curie-Skłodowska sec. H Oeconomia

15

Authors: Dorota Podedworna-Tarnowska

Theoretical background: Much attention has been paid in the finance literature to the issue of raising capital through the capital market. However, there is still not much focus on the analysis of this issue in the context of the transition of companies from the lower to the higher end of the stock market, e.g. the switch from the alternative market to the regulated market. In the Polish literature, the analysis of the going public in two stages is relatively unexplored. Purpose of the article: The purpose of the study is the identification of the impact of switching listing venue from an alternative market to the regulated one on the possibility of raising capital and the financial leverage. The research presents the results of the analysis of raising capital by the companies firstly entering the NewConnect and then transferring to the main market of the Warsaw Stock Exchange. Research methods: The analyses used the following metrics: debt-to-asset ratio and debt-to-equity ratio calculated over a longer time horizon covering the observation window beginning 3 years before the transfer and ending 3 years after the transfer (in total, 7 years). To examine if the ratios differ significantly between before and after the change, the significance analysis was based on the parametric tests: t-student’s paired test for means and the Wilcoxon matched-pairs signed-rank test for medians. Main findings: Listing switch on the Warsaw Stock Exchange and entering a regulated market has triggered the growth of companies but did not lead in equity being raised by companies during the debut on the regulated market. Companies did not reduce financial leverage, debt-to-asset-ratios and debt-to-equity ratios increased in the years following the change of listing venue from the alternative market to the regulated market.

16

Authors: Agata Antczak-Stępniak

Theoretical background: The functioning of the entire housing market and the sale of developer dwellings depends on many factors. They are, e.g. economic and financial, institutional, environmental, cultural, and religious. Due to the complexity of the real estate market and the variety of factors that influence its functioning, the real estate market is characterized by high variability. Some external factors, especially those difficult to predict, may cause rapid changes in the size of this market. Epidemics can be such a factor. Recently, the COVID-19 pandemic has significantly impacted the functioning of many housing markets. Since we spent whole days at home with whole families, it soon turned out that the previous places of residence needed to be bigger, functional, and properly located. Therefore, in many places worldwide, the demand for single-family houses has increased, contributing to the growing sale of such developer projects. The pandemic, however, has passed, but its effects, along with the consequences of the war in Ukraine, also affect the standard of living of the population and real estate development activity, although it seems to be in a different way. Purpose of the article: In connection with the above, two research objectives have been set in this article: to determine the impact of the pandemic on real estate development activity in the Polish housing market and to analyze, on the example of Łódź, whether the pandemic contributed to changes in developers’ offers and level of sale, especially in the context of single-family investments. Research methods: In order to achieve the set goals, the desk research method was used. First, based on statistical data of the Local Data Bank situation on the primary residential real estate market was analyzed (in Łodź). Then, the number of investments implemented in Łódź, broken down into multi-family and single-family housing, was examined (based on data collected by the author from real estate portals and websites of individual developers). Concerning single-family housing, investment commencement, and completion dates were identified and finally, based on the starting dates, single-family investments were divided according to the level of sale. Main findings: The outbreak of the COVID-19 pandemic has “turned on its head” housing markets in many parts of the world. Overnight, entire households switched to remote work or learning, which was difficult to reconcile, especially in small dwellings. Difficulties in functioning partly prompted and partly forced to look for other, more suitable places to live. Because of that, developer projects concerning single-family houses sold very well during the pandemic. However, it seems that the increase in popularity (sale) of single-family investments offered by developers was temporary. The increase in interest rates resulted in a decrease in demand for large dwellings, which few people can afford anymore, and they are not an attractive investment for investors. So, developers have frozen capital, which, unfortunately, with the loans taken out, may, in the long run, lead to the risk of debt growth and bankruptcy of smaller enterprises.

18

Authors: Edyta Sygut

Theoretical background: Active national fiscal policy is an important determinant of sustainable development. Poland falls below the water security level, which is why natural retention is a particularly important issue, as the poverty of societies begins with a lack of access to water. This also poses a challenge for public finance, which should encourage specific behaviors. As of 1 January 2018, a fee for the reduction of natural land retention is levied in Poland. Purpose of the article: The aim of the article is to analyze and evaluate the fee for reducing natural field retention as an instrument of sustainable public finance and to assess its fiscal efficiency in terms of its ability to raise public revenue, in particular the revenue of municipalities on the example of cities with county rights in the Silesian Voivodeship. Research methods: The paper draws on literature reviews and the conducted empirical research. Data were collected using the direct method via access to public information. First, an analysis was carried out on the amount of revenue generated from the fee for reducing natural field retention, constituting the income of the State Water Holding – Polish Waters. Subsequently, an analysis was made on the amount of revenue generated from the fee for reducing natural field retention in municipalities with county rights in the Silesian Voivodeship. The study covered the years 2018–2022, i.e. from the introduction of the fee until the last year for which the data are available. Main findings: The fee for reducing natural field retention is a sustainable public finance instrument designed to shape attitudes and influence behavior. Although levying a fee for reducing natural field retention does not solve the problem of insufficient retention, it encourages discussion and implementation of measures to improve it. The mandatory fee is intended to discourage the construction of impervious surfaces and, at the same time, encourage property owners to incorporate retention systems into their construction plans to counteract the lowering of groundwater levels. It is of great importance, not in an economic or fiscal sense (public revenue), but rather in a social sense, by raising public awareness of the problem of natural retention.

19

Authors: Małgorzata Zdzisława Wiśniewska, Eugenia Czernyszewicz, Małgorzata Koniuszy

Theoretical background: Ensuring food safety requires the development of an appropriate food safety culture, including its important subculture – just culture (JC). JC is a fair, proportional, and transparent way in which individuals are held accountable for errors. JC in the food sector is an element of food safety culture and is one in which all employees within a food company are encouraged to provide and feel comfortable providing food safety-related information. It is an atmosphere of trust in which food handlers are convinced they will be treated fairly based on their actions rather than the outcome of those actions, in the case of positive, as well as negative food safety. No approach for the food sector for measuring this phenomenon is seen in the literature. Purpose of the article: The article aims to present a proposal for a tool for assessing just culture in a food company and to discuss the results of empirical validation of this tool in a selected organization. Research methods: A literature review was conducted to identify tools for measuring JC in different industries. The primary research method was a case study, including a documentation analysis, based on the READ approach. The just culture maturity assessment tool (JCMAT) used by the company was statistically verified. To interpret the results, the so-called Enlighten 4C Food Safety Culture model was applied. Main findings: The JCMAT has proven to be a reliable tool for exploring JC maturity. A set of dimensions were proposed to constitute JC. The surveyed organization has reached the “awakening” maturity level. Socio-demographic characteristics did not have a major impact on respondents’ opinions about the JCMAT statements.

21

Authors: Anna Rutkowska, Wojciech Kozłowski

Theoretical background: This article is based, regarding the theoretical foundations, on selected issues of behavioral economy and economic psychology, which question the classical assumptions of the homo oeconomicus concept and the standard approach to studying the consumers’ attitudes and behaviors. Purpose of the article: The system of individual and socially shared consumer values undergoes evolutionary changes in the modern, turbulent socio-economic reality. The thesis has been put forward that in the post-pandemic realities, because of the re-evaluation of given values, psychological factors play an increasingly important role in shaping pro-social consumer attitudes, and the consumer’s personality largely determines favorable attitudes towards socially responsible marketing initiatives. The article is conceptual in nature. It provides a theoretical background for the authors’ planned empirical research. The main objective of this paper is to define the new research areas for socially responsible marketing, in which personality psychology could play a significant role in identifying consumers’ pro-social attitudes. Research methods: Given the need for an interdisciplinary approach to studying consumers’ pro-social attitudes, a review was conducted of the literature on the subject concerning the behavioral economy and economic psychology, with a special emphasis on the issue of personality. Main findings: The literature studies and observation of the socio-economic reality aimed at identifying new direction of empirical research in socially responsible marketing. Four main research areas were proposed to which the appropriate marketing types were assigned: post-COVID reality (social marketing and cause-related marketing); healthcare (social marketing); the reality of war (social marketing and cause-related marketing; ecology – green marketing). The empirical studies based on personality psychology in the areas indicated above could refer to the concept of goal-oriented behavior psychology and the Five Factor Model.

22

Authors: Alicja Antonowicz, Paweł Antonowicz, Jędrzej Siciński

Theoretical background: The crisis situation in the aftermath of the military conflict triggered by Russia’s invasion of Ukraine has caused a significant reaction from financial markets. Not only the Russian RTSI index, but also the stock indexes of neighbouring countries (Poland, Germany), as well as the U.S. indices (NDX, US30, US500), declined in value in the following months of the war, which was a direct result of the declining capitalisation of their component companies. A team of Yale University researchers undertook a classification study on a group of more than 1,000 global companies, grouping them according to the strategy (business model) they adopted in the face of the response to Russian aggression against Ukraine. These groups were, in particular: (1) Grade F – defying Demands for Exit or Reduction of Activities: companies that are just continuing business-as-usual in Russia; (2) Grade D – Holding Off New Investments/Development: companies postponing future planned investment/development/marketing while continuing substantive business; (3) Grade C – Reducing Current Operations: companies that are scaling back some significant business operations but continuing some others; (4) Grade B – Keeping Options Open for Return: companies temporarily curtailing most or nearly all operations while keeping return options open; and (5) Grade A – Clean Break – Surgical Removal, Resection: companies totally halting Russian engagements or completely exiting Russia. This work provided the basis for an in-depth analysis of how financial markets (investors) reacted to companies that used extreme responses (completely breaking business ties with Russia as opposed to maintaining the existing business model and business ties with Russia). Depending on the adopted firm strategy, according to the Yale methodology, it can be observed that the impact of war on value was not uniform, and differences in value migration could be discerned. Purpose of the article: In the article, the authors undertook to evaluate the reaction of financial markets in the period 31 December 2021 – 30 September 2022 on the basis of three stock market indices: (1) the US (Dow Jones Industrial Average); (2) the German (DAX 40 – Deutscher Aktien Index); (3) the Polish (WIG 20 – Warsaw Stock Exchange Index) with a particular focus on the date: February 24, 2022, when Russia’s military aggression in the Ukrainian area began. The authors assessed how the volatility of the shares of selected companies in these indices evolved, and whether it was influenced by the social responsibility of the business conducted, as expressed by the severance of business relations with Russia, their periodic suspension or the lack of any response to the acts of war that began. Furthermore, a significant aim of the study was to assess the phenomenon of value migration in companies based on their business relationship strategies with Russia, classified according to the criteria upon which the Yale list was built. Research methods: Critical analysis of the literature on the subject, statistical analysis, technical analysis of stock index volatility, induction and synthesis. Main findings: In view of the object of research described in this way, in accordance with the idea accompanying the CSR policy, the following research hypothesis was adopted in the study: investment sentiment toward multinational corporations that, as a result of Russia’s aggression in Ukraine, ceased business contacts with Russia altogether, differs from investor sentiment toward those organisations that did not take such action and continued business/economic cooperation with Russia.