This paper aims to identify the costs of capital in a group of companies from the energy sector by including an investor and market risk approach. The study also concerns the company’s Weighted Average Cost of Capital (WACC) cost intra-industry analysis related to sector characteristics such as total assets, revenues, market capitalization, and companies’ age. In order to assess the intergroup relationships, basic correlation relationships were compared and a nonparametric test of variance was performed. The period under study covered the years 2015–2019. The conducted research evaluates groups of companies that dedicated their activity to a particular energy intra-industry division under numerous regulations in Europe. The study contributes to assessing the level of risk among energy listed companies in European capital markets based on capital structure valuation. The study results underline the role of the cost of equity financing, which was twice as high as the cost of debt. The highest WACC was related to the Beta indicator that also expressed the political and regulatory risk over the investigated period. Across debt cost analysis, the role of effective tax rate decreased the level of WACC. The highest level of WACC was noticed among uranium and integrated oil and gas companies. The study contributes to information asymmetry theory related to the cost of capital assumptions.
Purpose: This article aimed to identify CSR activities undertaken by companies from various countries during the pandemic. The authors have based their systematics of activities on empirical research conducted among the managerial staff of enterprises in Poland, Belgium, and Ukraine. Design/Methodology/Approach: To check how and whether the CSR strategy was implemented among socially responsible enterprises during the COVID 19 pandemic, pilot studies were carried out among middle and senior management in July -August 2020. These studies were carried out in Poland, Ukraine, and Belgium. Authors used a diagnostic survey, interview technique, and a research tool in the form of an interview questionnaire. Findings: Socially responsible enterprises should be mainly involved in the fight against Covid-19 in a pandemic. All respondents confirmed that their employer had taken extraordinary measures to protect the employees against the coronavirus. Practical implications: The article identifies the actions of corporate social responsibility undertaken and indicates the gap that has not been taken. According to the authors, this is especially important at the threshold of the fourth wave of the pandemic. Originality/Value: During the crisis, social expectations towards the most prominent brands are growing, conducive to gaining new customers and building ties. Customers and local communities appreciate all support activities used by companies around the world. Companies from Poland, Belgium, and Ukraine focus on initiatives that mitigate the effects of the crisis and support society. Undoubtedly, support in purchasing masks, respirators for hospitals, MS Teams training for teachers, or employee volunteering in nursing homes were significant.
The last three years have been a period of many challenges related to the dynamically changing conditions of the economic environment. Among these many changes, some of the most important for the further functioning of private and public entities are those related to the instability of the energy market. Rapidly rising energy prices increase the costs of implementing public tasks. They also greatly increase the search for innovative, energy-saving and environmentally friendly ways of performing municipal tasks. The main aim of the article is to present the concept of a smart village as an instrument for the implementation of public tasks in rural areas. The theoretical basis of the smart village concept is the basic point of reference. The implementation of the assumptions of the smart village concept in Poland gives municipalities the possibility of an innovative approach to the implementation of local public services. In addition, examples of good practices implemented by rural local communities that can act as models for other groups of residents are also included. It was essential, from the point of view of measurable effects, to identify potential limitations and hazards in the implementation of the smart village concept, which may be identified in the outermost regions. Analysis and critical literature review were used to achieve the article’s goals. These methods are characteristic for review publications. At the beginning, we presented the theoretical foundations of the smart village concept. Secondly, we indicated how the smart village concept contributes to the improvement in public service delivery in rural areas. The authors demonstrated that there is no universal model for each unit. A smart village will implement solutions tailored to economic, social, cultural, and natural conditions.
The article presents the results of research on the spatial diversity of incomes from forest tax. The analysis covered the amount of forest tax in the budgets of rural communes and their share in total revenues. Based on the conducted research it was found that the dynamics of changes related to this phenomenon is not significant. This applies to forest tax as income, as well as its amount determined by the occurrence in rural areas, land qualified in the register of lands and buildings as forests – Ls. After Poland’s accession to the EU structures, the number of hectares of land designated for afforestation is characterized by an upward trend. This does not mean, however, that the tax base is increasing. Forest land with trees to 40 years are taxable but are exempt, which means a lack of tax revenues to the budget.
Nowadays, we can observe in different business and academicals environments an ongoing dialog about knowledge-based economy, due to the fact, that economies are increasingly based on knowledge and information. Practically it means, that companies have started looking for answers for plenty important questions-what 'knowledge' exactly means and what kind of knowledge is significant from business continuity perspective? What exactly is a driver of productivity and economic growth? Business executives have to face also other challenges: how all this knowledge has to be managed and how to adapt to swiftly changing circumstances? Should it be centralized in shared services centres forms or maybe outsourced based on business process outsourcing strategy? Do companies should establish cooperation with universities or R&D institutes based on the cluster structure? In this article the author will characterized the knowledge as a source of competitiveness, increasing importance of science and try to summarize best practices in that field.
Purpose:The authors attempt to identify differences within adopted models for calculating how various maternity benefits influence changes in expenditures on maternity and paternity benefits and the level of births and total fertility in Bulgaria, Germany, Ireland, and Poland between 2009-2019. Design/Methodology/Approach: The paper was written based on the available literature, current legislation, reports of social security institutions. During undertaken research, comparative, descriptive, and interdependence analysis methods were used. First, an overview of family policy trends and instruments of the social protection of maternity in Europe were presented. Then, characteristics of the construction of maternity allowances in selected countries were performed. Finally, a comparative analysis of the influence of family policies on birth and total fertility was carried out. Findings: All the selected countries differ significantly in their approaches to maternity allowance, e.g., the duration of maternity/paternity leave, the amount, and construction of paid benefits. The research allows assessing the validity of governmental actions, the impact of benefit increases, and the changes being seen in the number of births. Practical Implications: Provides relevant information for Human Resources teams. It allows HR specialists to familiarize themselves with the diversity of regulations governing the matter of the maternity allowance for both parents, and correctly address the growing diversity and inclusion within the organization. Originality/Value: Both the public sector and the private sector may benefit from comparisons between countries in terms of parent support presented in this article. The paper can provide guidelines for government members and policy makers in other countries. The latter with an emphasis on the developing SSC / BPO area, employing employees from all over the world and creating new branches in various countries.
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