Abstract:Developed market economies demonstrate a growing interest in issues concerning Corporate Social Responsibility (CSR) and its effects, confirmed by the sizeable theoretical and empirical literature on this issue. A substantial research proves also the positive relation between CSR commitment and financial results of banks in mature markets. However, there is less evidence on CSR existence and its impact in other geographical areas, especially in the research concerning Central and Eastern European Countries (CEEC). In our study we analyze the interrelation between being socially responsible and tangible financial outcome (Corporate Financial Performance-CFP) of banks in the CEEC. The aim is also to empirically verify the relation between efficiency of corporate social-environmental performance (CSP) and the efficiency of CFP for CEEC banks. In our study, we analyze the financial and CSP data of the biggest public banks in CEEC. The researched period is 2012-2016. The empirical part analyzes the interrelation between CSP and CFP based on the panel regression. Moreover, in order to evaluate the CSP efficiency and the CFP efficiency we use the Data Envelopment Analysis (DEA) approach. The empirical results reveal that in case of banks in the Central and Eastern Europe (CEE) region being socially responsible is not reflected in the bottom line. The financial condition of the banks also does not impact the CSR engagement. Our study confirms, however, that CEEC banks with better financial efficiency have higher efficiency of CSR activities. The conclusions may lead to the improved decision-making processes concerning CSR activities and their communication in banks in CEEC.

Financial institutions play a fundamental role in determining the sustainability of economies, both in developed and developing countries. However, the worldwide financial crises made many financial institutions lost their credibility and CSR engagement has been perceived as a remedy. The aim of this paper is to analyze the interrelation between being socially responsible and tangible financial outcome of financial institutions in one of the CEE countries -Poland. Financial and market data of all the public companies from the financial sector in Poland -116 financial institutions. The analyzed period is 2012-2015 that gives 257 observations. The empirical results reveal that in case of financial institutions in Poland the slack resources are strongly related to CSR involvement, however being socially responsible is not reflected in the bottom line. Polish market and the public are reluctant in considering the CSR importance and the CSR engagement is not rewarded. This undermines the role of CSR commitment in financial institutions in CEECs. It may be assumed that CSR efforts in Poland are not focused properly, or they are not communicated effectively. On the basis of comparative analysis is

The automation of manufacturing processes as a result of the Fourth Industrial Revolution, rendered faster under the influence of the COVID-19 pandemic, leads to a question as to whether small enterprises, and in particular microenterprises, will still be financially self-sufficient. The literature on the subject so far has not provided an answer to this question, and limited access to financial data concerning microenterprises, as well as data on the robotification of labour in these companies, leads to this problem becoming a research niche. Therefore, this paper aims to assess the attractiveness of the operation of microenterprises that provide financial advisory services in the situation of replacing human labour with robots. For that purpose, we performed a simulation of the state of the microenterprise before and after introducing the robotification of services, taking into account the extra tax on robotification. The findings indicate that anticipating the improvement of financial results following the automation of financial services requires taking into account the replaceability of employees in a particular unit, the form of acquiring a robot and a potential increase in the tax burden (with a tax compensating for the lost state income).

The article analyses the relationship between investment risk (as measured by the variance of returns or standard deviation of returns) and liquidity risk. The paper presents a method for calculating a new measure of liquidity risk, based on the characteristic line. In addition, it is checked what is the impact of liquidity risk to the volatility of daily returns. To describe this relationship dynamic econometric models were used. It was found that there was an econometric relationship between the proposed measure liquidity risk and the variance of returns.

The aim of this paper is to estimate the parameters of the household production function as well as assessing the monetary value of the goods and services produced. The existence of jointness seems to be supported not only by sheer intuition, but also by the results of the calculations presented in this study. In order to supplement the statistical material included in the timeuse database, data from the surveys on household budgets as well as remuneration structure by occupation were used. The results of the present study are similar to the findings published in other articles in the respect that market goods as inputs in the production process have been found to play a greater role in determining its value than the time spent by spouses. Thus, in the vast majority of cases, the elasticity of production relative to market goods is clearly greater than its elasticity in terms of time expenditure. So, if material inputs in household production are the function of their earnings, the latter will be one of the most important factors differentiating the value of the nonmarket production outputs of individuals.