Summary The main aim of the article is to analyze the occurrence of agglomeration effect in the hospital sector on the basis of financial performance. The considerations are made on the example of hospitals in Poland—the country that survived the latest economic crisis relatively well, usually generating positive values of GDP, but where still there is an ongoing discussion on the final shape of healthcare financing model. The article is based on the assumption that there occur significant differences in financial performance between hospitals according to their location. The research hypothesis is as follows: Hospitals operating in big cities are featured by better financial condition than their counterparts operating in smaller towns. To verify the hypothesis, the methods of financial analysis and statistical hypothesis testing are used. As it is emphasized in the article, the assumption is true and the hypothesis can be verified positively.

Motivation: VAT revenues constitute a significant part of the budgets of EU countries and Poland. Both the EU and Poland are taking steps to reduce the VAT gap. To define the areas influencing the size of the VAT gap, its determinants should be indicated. Aim: The study aims to identify the determinants of the VAT gap in the EU and Poland. By comparing the impact of individual determinants on the VAT Gap in the EU and Poland, it will be possible to identify common factors shaping the VAT gap in the EU and Poland. Results: Based on the econometric study, it was indicated that growth, trade, consumption, and corruption are significant determinants of the VAT gap in the EU and Poland. However, it has been shown that the impact of consumption and corruption on the VAT gap in Poland is different from that in the EU.

The goal of this paper is related to the liquidity and profitability relationship analysis and their maxima assessment in the companies listed in the main and alternative markets of Warsaw Stock Exchange. The trade-off between maximum profitability and liquidity is the result of value maximization and bankruptcy prevention strategies and this approach is expected to be similar in all listed companies due to investors’ expectation. It has been found that there is no difference in management goals in the markets taken into consideration and companies in both research samples maximize profitability within a conservative approach to the liquidity. The maximum liquidity, on the other hand, is determined with a similar level of profitability as measured by ROE on the main market of WSE and NewConnect.

<p>Theoretical background: The article explores the relationship between corruption and innovation in an economy and between corruption and economic growth. The multi-faceted and complex nature of corruption means that the impact of corruption on innovation and economic growth is unidirectional. There are arguments in the literature for both positive and negative effects of corruption on macroeconomic fiures. Most empirical research confirms the linear negative impact of corruption on economic growth. These results are the opposite of theoretical arguments that there may be both positive and negative consequences of corruption. Purpose of the article: The research aim is to analyse the theoretical aspects of the impact of corruption on selected macroeconomic variables. This goal was achieved by analysing the most signifiant arguments describing the relationships between chosen variables. Based on the literature analysis, research hypotheses were developed, and they were verifid in an empirical study. The results were analysed in the discussion section. Research methods: The study is based on a set of data on economically developed countries in Europe from 1996 to 2017. The empirical study was conducted using basic statistical measures – descriptive statistics and correlation coefficient, whereas econometric models were based on the GMM system (Generalized Method of Moments). Main findings: The results of this research show that the relationships between corruption and the measure of innovation, and corruption and economic growth are not linear. They take the form of a parabola. This means that the influence of corruption on innovation and economic growth is not the same for all levels of the corruption indicator. The relationship between corruption and economic growth is specific enough to show that a low level of corruption is economically justified from the point of view of empirical research. This is possible because corruption solves other economic problems, such as bureaucracy, which limits development. Corruption will support economic growth if the state does not work properly.</p>

Psychologiczne właściwości procesu dokonywania oceny przez ludzi mają fundamentalne znaczenie dla podejmowanych decyzji, w tym również decyzji inwestycyjnych. Celem artykułu jest analiza zależności między wartością akcji przed transakcją M&A, a prawdopodobieństwem osiągnięcia zysku po transakcji. Zdaniem Autorów, im mniejsza wartość akcji przed transakcją, tym wyższe prawdopodobieństwo osiągnięcia zysku. Badanie przeprowadzono w oparciu o dane 238 transakcji zawartych w okresie 2004-2014 na rynku polskim. Słowa kluczowe: fuzje i przejęcia, efekt zakotwiczenia, wartość przedsiębiorstwa Wprowadzenie Fuzje i przejęcia stanowią element zewnętrznej strategii przedsiębiorstwa. Aby transakcja była uzasadniona, powinna kreować większą wartość niż strategia wewnętrznego wzrostu przedsiębiorstwa. W przypadku spółek giełdowych, których wartość jest zależna od przewidywanych zysków, transakcje te mają istotny wpływ na cenę akcji. Jeśli oczekiwania inwestorów co do transakcji fuzji i przejęć są pozytywne, można oczekiwać wzrostu cen akcji. W przypadku, gdy transakcja jest oceniana negatywnie, ceny akcji maleją. Jak wskazują badania, znaczna część transakcji fuzji i przejęć kończy się niepowodzeniem, tymczasem oczekiwania inwestorów co do kondycji przedsiębiorstwa będącego celem transakcji są często pozytywne. Fundamentalne znaczenie dla podejmowania decyzji inwestycyjnych mają tutaj również psychologiczne właściwości procesu dokonywania ocen przez ludzi. Ocena, czy coś jest korzystne czy też nie, podejmowana jest w oparciu o różne czynniki. Jednym z nich jest cena. Celem niniejszego opracowania jest analiza zależności miedzy wartością akcji przed transakcją a prawdopodobieństwem osiągnięcia zysku po transakcji. Autorzy stawiają