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The main purpose of this paper is to investigate the environmental repercussions of a booming economy, fossil fuel, renewable energy, globalisation, technological innovation, and forest cover in Poland from 1990 to 2018. This study used greenhouse gas (GHG) emissions and load capacity factor as proxies of ecological damage to provide a comprehensive assessment of the surrounding ecosystem in Poland to help implement future policies to reduce emissions and achieve environmental sustainability. Besides, Poland is the only European Union (EU) country lacking a climate neutrality objective and policy instruments to mitigate ecological concerns. The Autoregressive Distributed Lag (ARDL) bounds model and the Dynamic Ordinary Least Squares (DOLS) procedure evaluated yearly data from 1990 to 2018. The empirical outcomes of the DOLS point out that economic growth and fossil fuel energy use enhance GHG emissions despite reducing the load capacity factor in Poland. Instead, renewable power, globalisation, technological innovation, and forest cover might help to reduce GHG emissions and enhance the load capacity factor in Poland. The concluding thoughts from this study suggest the implementation of policies that support raising additional funding for eco-friendly technology studies while promoting renewable energy use and enhancing forest carbon sinks.

The primary goal of this research is to examine the impact of external debt, exchange rates, economic growth inflation and tax revenue on foreign direct investment (FDI) in the Next-11 (N-11) countries where tax revenue used as a control variable. FDI plays an important role in boosting economic growth in developing countries such as the N-11. This study applied secondary data from 1993 to 2020. The panel unit root test has several criteria to make a decision on the unit root of the selected factors. This study considers the PMG panel ARDL model in the case of mixed orders. The exchange rate affects FDI negatively in the short run but positively in the long run, according to the findings of this study, the coefficient of variable external debt has a positive coefficient and result explains that a one percent raise in external debt tends to raise FDI by 0.46 percent in the long run but the result is not statistically significant. Economic growth has a positive impact on FDI over the long run and inflation has negative impact in the long run. By using the Kao cointegration test, a long-run association was found, and the ECT between the variables and the rate of adjustment was 27%. However, this study has the potential to have an impact on economic areas like global trade, global economics, public finance, and foreign direct investment decision-making.

AbstractThis study explores the impact of adopting the quality management system according to the International Standardization for Organizations (ISO) standards called ISO 9001 on firms’ working capital management efficiency (WCME). This study analyzes Small- and Medium-Sized Enterprises (SMEs) in the Polish construction industry. Regression analysis, difference tests, and robustness checks were conducted to achieve the goals of this study. The regression analysis results confirm a limited positive relationship between firms implementing ISO 9001 and WCME. Additionally, the difference tests show no significant differences in WCME between firms that implemented ISO 9001 and those that did not. During the coronavirus pandemic, a sharp decrease in inventory management costs was observed in firms. Inventories did not linger in warehouses, so they did not generate unnecessary costs, but were quickly sold at high margins. The inventory turnover rates on different days were low. These results suggest that controlling stock levels and receivables during crises is essential because payment bottlenecks and delayed deliveries can occur quickly. The insights generated from this study demonstrate that Polish SMEs in the construction industry fail to realize optimum WCME. Therefore, policymakers in Poland must improve managers’ and shareholders’ awareness of the usefulness of working capital management (WCM).

This research paper explores the presence of the Environmental Kuznets Curve (EKC) in Bangladesh, delving into the intricate relationships among GDP, industrialization, renewable energy utilization, and CO2 emissions. Utilizing the Stochastic Impacts by Regression on Population, Affluence, and Technology (STIRPAT) model, our investigation spans the 1992 to 2021 timeframe, offering a comprehensive analysis of the interplay between these crucial factors in the context of Bangladesh's environmental sustainability. In this study, the F-bound test is utilized to establish the cointegration relationship among variables. And the short-run and long-run elasticity of explanatory variables is investigated by employing the Autoregressive Distributed Lag (ARDL) approach. This research also employed a pairwise granger causality test to explore the direction of causality between them. Empirical results prove the existence of a cointegration relationship among CO2 emission, GDP per capita, a quadratic form of GDP per capita, renewable energy, industrialization, and population. The findings provide strong support for the presence of the EKC in the case of Bangladesh. Besides that, significant inverse relationship was also obtained between CO2 emission and renewable energy consumption. Additionally, the study found the detrimental long-term effects of industrialization on the environment. The EKC hypothesis argues that Bangladesh can accomplish sustainable economic development. To attain the goal country should adopt appropriate government policies and ensure their implication. This study strongly advocates using sustainable energy sources and implementing regulations on pollutant industries.

The escalating demand for fossil fuels in India has resulted in a significant strain on the environment due to the amplified emissions of greenhouse gases (GHGs). Nevertheless, India possesses a significant capacity for nuclear energy, as seen by its 22 operational nuclear reactors. This capacity holds promise for reducing GHG emissions. This research utilized a dataset spanning from 1969 to 2021 to examine the impact of nuclear energy utilization on GHG emissions. The study also aimed to verify the validity of the environmental Kuznets curve (EKC) hypothesis in India, employing the Autoregressive Distributive Lag (ARDL) model. The findings suggest that the EKC is applicable to India. Furthermore, it has been observed that a marginal increase of 1% in the use of nuclear energy leads to a reduction of GHG by 0.02% in the immediate term and 0.16% in the long term. This finding highlights the significance of expanding nuclear power as a crucial policy objective in order to attain environmentally friendly and sustainable economic development.

The years 2020–2022 are a time of crises caused by pandemics and the war in Ukraine. In order to survive on the market, enterprises have been forced to introduce appropriate mechanisms that would allow them to run their business without disruption. Among the many tools or strategies that have been tested by various types and types of enterprises, quality management systems play an important role. They make it possible to improve the efficiency of managing the company's assets, retain contractors or lead to an improvement in financial results. Through the use of appropriate quality management systems, there is an improvement in the areas of receivables from customers and inventories. Mistakes made in inventory management create unnecessary costs and sometimes even stop sales. In turn, improper management of receivables reduces the financial liquidity of the company. Therefore, it is particularly important to introduce appropriate tools to improve the quality of management in these two areas. The aim of the article is to analyze and evaluate the functioning of enterprises during the crisis caused by the Covid pandemic. The analysis covered enterprises using quality management systems and entities that do not use such systems. The analysis showed that entities using quality management systems obtained better results regarding financial security.

Przedmiotem rozważań jest postrzeganie wartości zabytków sakralnych z różnych perspektyw nauk społecznych, ze szczególnym uwzględnieniem ekonomii, socjologii oraz psychologii i filozofii. Celem artykułu jest przedstawienie możliwych sposobów postrzegania wartości zabytków sakralnych oraz podkreślenie, że o ich wymiarze decydują również aspekty subiektywne. Zamiarem szczegółowym publikacji jest ocena znaczenia wartości zabytków sakralnych dla interesariuszy w korelacji z Analizą Wartościowania Zabytków Waltera Frodela, stosowaną w konserwacji (nauki o sztuce). Opracowanie ma charakter przeglądowy i zostało przygotowane na podstawie przeglądu literatury oraz wyników własnych badań empirycznych (pilotażowych) autorów. Do kwerendy wykorzystano test ANOVA Kruskala-Wallisa oraz test niezależności chi-kwadrat Pearsona. Brak legalnej definicji zabytków sakralnych spowodował, że zaproponowano autorską definicję. Analiza wykazała, że największą wartością dla respondentów jest wartość historyczna zabytków sakralnych, a najniższą wartość techniczna. Mieszkający w mieście częściej wskazywali na konsumpcjonizm jako cechę obniżającą wartość i znaczenie zabytków sakralnych.

ABSTRACTThe child mortality rate for children under five years of age is a major problem worldwide. The purpose of this study is to investigate the factors responsible for controlling the under-5 mortality rate in G-7 countries. The study utilized monthly time series data from 1971 to 2021 and employed Grossman’s health production function with Driscoll-Kraay’s standard error estimation approach for all statistical analyses. The results showed that economic expansion and the use of renewable energy contribute to the reduction of under-5 mortality rates in G-7 countries, whereas fossil fuels, industrialization, education, and unemployment contribute to the increase in mortality rates. The robust results also revealed that GDP, renewable energy, and education help mitigate under-5 mortality rates in G-7 countries. This analysis plays an essential role in helping G-7 countries reduce their under-5 mortality rates while considering environmental sustainability. Additionally, the required discussions and policy recommendations are also presented.

The present study aims to investigate the impact of the COVID-19 crisis and firm risk on working capital management policies among manufacturing firms listed on the Tehran Stock Exchange (TSE). The study sample consists of 1200 observations and 200 companies listed on the TSE over a six-year period from 2016 to 2021; furthermore, the statistical method used to test the hypotheses is ordinary least squares (OLS). The results show that the COVID-19 pandemic has led managers to increase current assets to total assets ratio (CATAR), current ratio (CR), quick ratio (QR), net working capital (NWC), cash to current assets (CTCA) ratio, while it has caused a decrease in operational cycle (OC), days account receivables (DAR), and current liabilities to total assets ratio (CLTAR). Furthermore, we find that the higher the company’s risk, the more managers are motivated to embrace the working capital investment policy, net working capital, cash to current assets ratio, and cash conversion efficiency (CCE). In general, our findings indicate that during times of crisis, Iranian companies tend to adopt conservative working capital policies to ensure sufficient liquidity to respond appropriately to unforeseen events. In this study, the theory of liquidity preference aligns with the observed behavior of firms in response to the COVID-19 crisis and firm risk, where the emphasis on liquidity and short-term financial stability becomes paramount.

Recent years have been times of crisis triggered by the Covid-19 pandemic and the Russian attack on Ukraine. Energy markets have seen dynamic increases in commodity prices, which have continued to this day. The prices of oil, whose rise fuels inflation are particularly important for the world economy. The paper presents an overview and per- prospects for the development of transport in Poland during the energy crisis and the Covid-19 pandemic. The analysis carried out on the example of Poland clearly shows that in the near term there is no chance to reduce fuel prices in Poland, which would result in a decrease in transport costs. It seems that the only chance for companies to reduce transport costs is to change their supply and inventory management strategies to take advantage of economies of scale and maintain high inventory levels. On the other hand, in world markets, oil prices will fall only if the war in Ukraine finishes.

This study intends to shed light on the environmental impacts of energy decisions in South Korea by analyzing the correlation between energy consumption patterns and environmental indicators such as carbon dioxide emissions. In 2021, global CO2 emissions increased by 6%—to the highest ever level of 36.3 billion tons—according to the International Energy Agency (IEA). This increase in CO2 emissions is a big problem for all countries around the world. The aim of this article is an analyze the impact of fossil fuels, renewable energy, and nuclear energy on South Korea’s environment based on the STIRPAT (stochastic impact by regression on population, affluence, and technology) model. Exploring the intricate nexus between economic and energy indicators and environmental outcomes, this study employs the STIRPAT model to analyze the influence of GDP, population dynamics, fossil fuels, renewable energy, and nuclear energy on South Korea’s environment. The yearly data from 1972 to 2021 are analyzed in this paper using an autoregressive distributed lag (ARDL) model. The reliability of this study is also examined by employing FMOLS (fully modified ordinary least squares) and CCR (canonical cointegrating regression) estimators. This study confirms the findings of previous research by showing that the rising South Korea GDP and population can lead to higher CO2 emissions and that a strategy switching to renewable energy can cut down on CO2 emissions in Korea, as it exhibits a coefficient of −0.085 *. The robustness results of FMOLS and CCR’s findings support baseline ARDL findings.

As the sustainability of the environment is a very much concerning issue for developed countries, the drive of the paper is to reveal the effects of nuclear, environment-friendly, and non-friendly energy, population, and GDP on CO2 emission for Italy, a developed country. Using the extended Stochastic Regression on Population, Affluence, and Technology (STIRPAT) framework, the yearly data from 1972 to 2021 are analyzed in this paper through an Autoregressive Distributed Lag (ARDL) framework. The reliability of the study is also examined by employing Fully Modified Ordinary Least Square (FMOLS), Dynamic Ordinary Least Square (DOLS), and Canonical Cointegration Regression (CCR) estimators and also the Granger causality method which is used to see the directional relationship among the indicators. The investigation confirms the findings of previous studies by showing that in the longer period, rising Italian GDP and non-green energy by 1% can lead to higher CO2 emissions by 8.08% and 1.505%, respectively, while rising alternative and nuclear energy by 1% can lead to falling in CO2 emission by 0.624%. Although population and green energy adversely influence the upsurge of CO2, they seem insignificant. Robustness tests confirm these longer-period impacts. This analysis may be helpful in planning and developing strategies for future financial funding in the energy sector in Italy, which is essential if the country is to achieve its goals of sustainable development.

The complementary currency Zielony (PLZ) is an example of an economic experiment, operating in Poland since 2015. It is also a new type of economic tool that supports the local economy and influences the creation of sustainable local developments. However, this impact is not direct, as it is realised through a network of micro, small and medium-sized enterprises operating in the local economy, which, among other things, create jobs relevant to the economic prosperity of the region and the life of the local community. The main objective of this article is to demonstrate the relationship between the use of the complementary currency Zielony in Poland by the entities that create the system of this currency and its impact on the economy, in particular on the local sustainable development in the pre-pandemic and pandemic period of Covid-19. The main research problem is formulated in the form of a question: “What are the benefits and opportunities for the economic entities of the local economy as a result of their accession to the complementary currency Zielony system?” The article adopts the following thesis: “The complementary currency Zielony in Poland positively influences the functioning of the local economy and the economic entities that belong to the system and promotes the creation of conditions that are important for sustainable local development. However, it works best when it is not disrupted by administrative barriers and lockdowns, like those that appeared in Poland during the Covid-19 pandemic.” The analysis carried out proved the validity of the thesis and allowed to solve the main problem. The study used the method of critical literature analysis and analysis of statistical data from 2015–2021. First published online 31 January 2023

The simplest net working capital can be defined as the difference between the value of current assets and short-term liabilities together with other short-term accruals. It is equivalent to the part of the current assets financed with equity, provisions for liabilities, long-term liabilities, and the remaining part of accruals. Therefore, it is the capital that finances only that part of the current assets that are not financed with short-term liabilities. This amount is financed with fixed capital. Summing up, net working capital is the fixed capital that finances the company’s current assets.

Data are produced every single instant in the modern era of technological breakthroughs we live in today and is correctly termed as the lifeblood of today’s world; whether it is Google or Meta, everyone depends on data to survive. But, with the immense surge in technological boom comes several backlashes that tend to pull it down; one similar instance is the data morphing or modification of the data unethically. In many jurisdictions, the phenomenon of data morphing is considered a severe offense, subject to lifelong imprisonment. There are several cases where data are altered to encrypt reliable details. Recently, in March 2023, Silicon Valley Bank collapsed following unrest prompted by increasing rates. Silicon Valley Bank ran out of money as entrepreneurial investors pulled investments to maintain their businesses afloat in a frigid backdrop for IPOs and individual financing. The bank’s collapse was the biggest since the financial meltdown of 2008 and the second-largest commercial catastrophe in American history. By confirming the “Silicon Valley Bank” stock price data, we will delve further into the actual condition of whether there has been any data morphing in the data put forward by the Silicon Valley Bank. To accomplish the very same, we applied a very well-known statistical paradigm, Benford’s Law and have cross-validated the results using comparable statistics, like Zipf’s Law, to corroborate the findings. Benford’s Law has several temporal proximities, known as conformal ranges, which provide a closer examination of the extent of data morphing that has occurred in the data presented by the various organizations. In this research for validating the stock price data, we have considered the opening, closing, and highest prices of stocks for a time frame of 36 years, between 1987 and 2023. Though it is worth mentioning that the data used for this research are coarse-grained, still since the validation is subjected to a larger time horizon of 36 years; Benford’s Law and the similar statistics used in this article can point out any irregularities, which can result in some insight into the situation and into whether there has been any data morphing in the Stock Price data presented by SVB or not. This research has clearly shown that the stock price variations of the SVB diverge much from the permissible ranges, which can give a conclusive direction on further investigations in this issue by the responsible authorities. In addition, readers of this article must note that the conclusion formed about the topic discussed in this article is objective and entirely based on statistical analysis and factual figures presented by the Silicon Valley Bank Group.

Abstract The Covid-19 pandemic that began in the city of Wuhan in China has caused a huge number of deaths worldwide. Countries have introduced spatial restrictions on movement and social distancing in response to the rapid rate of SARS-Cov-2 transmission among its populations. Research originality lies in the taken global perspective revealing indication of significant relationships between changes in mobility and the number of Covid-19 cases. The study uncovers a time offset between the two applied databases, Google Mobility and John Hopkins University, influencing correlations between mobility and pandemic development. Analyses reveals a link between the introduction of lockdown and the number of new Covid-19 cases. Types of mobility with the most significant impact on the development of the pandemic are “retail and recreation areas", "transit stations", "workplaces" "groceries and pharmacies”. The difference in the correlation between the lockdown introduced and the number of SARS-COV-2 cases is 81%, when using a 14-day weighted average compared to the 7-day average. Moreover, the study reveals a strong geographical diversity in human mobility and its impact on the number of new Covid-19 cases.

The business model is understood as a way of generating revenue and creating value. This article aimed to define the framework and detailed characteristics of the business model in corporate reporting in the energy sector. The study also addressed the issue of value creation and examined the correlation between reporting information about the business model and the value of the enterprise, calculated using selected accounting measures. The research was conducted in 2021 on all listed companies in the energy sector included in the WIG20 index in 2019–2020. The research methodologies included critical analysis of the literature, analysis of the content of corporate publications, comparative analysis, analysis of phenomena and synthesis of results, Spearman’s rank correlations, and graphical data presentation. The originality of our research concerns directing attention to the disclosure and reporting of information about the business model in corporate reports in the energy sector in Poland. This is the first such study in Poland conducted on companies in the energy sector; therefore, it is treated by the authors as a pilot study. The results show that companies in the energy sector included in the WIG20 index do not disclose information about their business models in reports and the structure of published reports is very diverse, which makes it even more difficult to compare financial and non-financial data. Enterprises in the energy sector disclose financial and non-financial information in financial statements and the reports of the management board on the activities of the company and the capital group. The financial information disclosed by the companies most often included financial and productive capital. Energy companies are reluctant to disclose information about by-products and waste.

This study examines the impact of female education and other control variables such as trade openness, per capita GDP, urbanization, and male employment on women’s employment opportunities in South Asian countries. The annual data from 1990 to 2020 were evaluated. After determining the existence of slope heterogeneity, cross-sectional dependence, and mixed order stationary in the panel data, the paper applied the Cross-Sectional Autoregressive Distributive Lag (CS-ARDL) model to estimate long and short-run impacts. At the same time, AMG, MG, and CCEMG models have been utilized for checking robustness and validating the findings. According to CS-ARDL findings, female education and trade openness have a significant positive impact on female employment in the short and long term. In contrast, GDP per capita and urbanization are diminishing female employment in the targeted countries in the long run. The AMG, MG, and CCEMG results support the CS-ARDL findings. This shows that these governments should incorporate trade and education for women into their labor strategies. The key contribution of this study is in the field of labor market opportunity for female employment and shows the relative importance of education in determining female employment in South Asia.

Growing competition in the market forces primarily small and medium enterprises (SMEs) to implement certain mechanisms that will allow them to build an advantage over the competition. Most often, SMEs try to work together as part of multi-stakeholder organizations and organize themselves into group purchasing organizations (GPOs) with the central warehouse to improve the financial state of enterprises. The article aims to assess and analyze the impact of the central warehouse on the performance of Polish SMEs operating in group purchasing organizations. The research group comprised of 172 trading enterprises operating in Polish group purchasing organizations. The investigated companies were divided into two groups. In the first group, there were companies operating within GPOs, which have a central warehouse. In the second group, there were companies in which central unit does not have a central warehouse. The analysis and research showed that the central warehouse has a positive impact on financial security of small and medium enterprises operating in group purchasing organizations. The use of central warehouse optimizes the most costly current assets component – inventories. This is confirmed by better results of inventory turnover ratios in days, reduced share of inventories in the structure of current assets, and optimization of financial liquidity ratios.

Today, one of the main priorities in Europe is to introduce measures to increase environmental protection. Therefore, SMEs operating in the branch related to renewable energy are essential for several EU priorities. SMEs can also be vulnerable, especially during times of crisis, which could negatively affect renewable energy development. Therefore, this paper aims to evaluate and analyze the financial security management of renewable energy SMEs during the COVID-19 pandemic. The research is conducted on SMEs operating in the renewable energy sector in Poland. The research periods are 2019 (before the COVID-19 crisis) and 2020 (during the crisis). By analyzing different financial performance ratios, we found that SMEs operating in the energy sector have been able to stabilize and maintain their current economic position compared to the past. The results of this study indicate that the receivables collection period, cash conversion cycle, and operating cycle could have been insignificantly shorter during the COVID-19 crisis. Furthermore, to have stronger financial security, SMEs have adopted a conservative policy in which the share of accounts receivable in current assets has been significantly reduced during COVID-19. In contrast, an insignificant increase in liquidity, quick ratios, and inventory turnover have been observed. In general, Polish SMEs have chosen to adopt conservative strategies during COVID-19 to have better liquidity security.

One thing that should be considered in environmental considerations and climate change is the transportation sector’s contribution to producing carbon dioxide. Unfortunately, in developing countries such as Iran, due to high tariff support, manufacturers have no incentive to improve the combustion quality of their products. Most likely, significant restrictions on CO2 emissions will be applied in the coming years, and companies whose activities or products are related to high-level greenhouse gas emissions will be affected by these restrictions. Therefore, due to the application of these restrictions, investors are most concerned about the risk associated with the return of purchased shares. Considering these cases, it can be expected that the risk related to carbon emissions will be reflected in the yield level and, thus, the stock price. Therefore, the present study deals with the effect of CO2 gas emissions on the market value, price and stock returns of Iranian automobile companies. The data collected as tabular data include six automobile companies from 2018–2019. By conducting various tests and panel data estimations, especially the dynamic panel data method, it was determined that CO2 emissions reduce stock prices, returns and market value of automobile companies. In addition, the results of the causality test indicate that the direction of causality is only from CO2 emissions to stock returns.

This study addresses the relationship between accounting quality and audit attributes (i.e., audit quality, auditor industry specialization, audit concentration, and audit fees) with companies’ SPCRs listed on the Iraqi Stock Exchange. A multivariate regression model was used to test the hypotheses. The research hypotheses were tested using a sample of 210 observations of the listed Iraqi firms from 2013 to 2018 and a multiple regression model based on the random-effects model’s panel data technique. The findings indicate a negative and significant relationship between the accounting quality, audit, auditor industry specialization and SPCRs. Results also conveyed a meaningful and positive association between stock price crash risk (SPCR) and audit fees. The results did not confirm the relationship between corporate governance and audit concentration with SPCR. The primary research model was tested with additional methods (t + 1, fixed effects, ordinary least squares). Since this is the first study addressing this issue in the emerging markets, it provides users, analysts, and legal entities with helpful information about audit attributes that significantly affect SPCR. These results also contribute to developing science and knowledge in this field and fill the literature gap.

This paper aims to assess the effect of corporate governance mechanisms, including board members’ and audit committee members’ characteristics, particularly their independence, expertise in terms of finance and industry and efforts on the level of fraud and money laundering (ML) in financial statements of the listed firm on the Tehran Stock Exchange. The procedure of the study is descriptive correlation based on published information from firms listed on the Tehran Stock Exchange from 2014 to 2020, using a sample of 154 firms with 1071 observations. The method used for hypothesis testing is linear regression using panel data. The Benish model is used measure the level of fraud in financial statements, and for ML, the auditors’ opinion are used. The results show that board characteristics, including independence, financial expertise, industry expertise and board effort, as well as audit committee features, such as independence, financial expertise, industry expertise and audit committee effort, have a significant and negative impact on the fraudulent financial reporting and ML. Moreover, since this paper was carried out in an emerging financial market, particularly in Iran, to figure out the effect of corporate governance structures on financial statement fraud and ML, it can provide helpful information for investors and policymakers in this regard.

Inventory management costs are often high and it is necessary to introduce appropriate methods that cause their optimization. For this purpose, various types of methods supporting logistic processes are introduced. Joint activities within group purchasing organizations are also popular. Companies gain a possibility to reduce costs, in addition, when enterprises introduce appropriate quality management systems, the process of cost optimization and an improvement of inventory management efficiency should be even more visible. The purpose of this article is to analyze the impact of standardized quality management systems on inventory management. The research was conducted on a group of 68 enterprises operating in commercial group purchasing organizations. The enterprises were divided into two groups: into the companies using quality management systems and into those that do not use such systems. The analysis showed that the most frequently standardized quality management systems were used by large enterprises and the results of inventory management efficiency were at a similar level as compared to small units that do not apply quality management systems. The analysis based on selected financial indicators allows concluding that the introduction of quality management systems improves the efficiency of inventory management. The introduction of such systems allowed large enterprises to organize their warehouse management and reduce stocking reserves, which positively influenced the costs of managing them. The research period covers the years 2015–2017.

The paper aims to investigate the effects of financial distress risk (FDR) and related party transactions (RPT) on financial reporting quality (FRQ) in an emerging market called Iran. In this study, the ordinary least squares regression (OLS) method is employed to test the hypotheses; moreover, Jones’ discretionary accruals model is used to assess the financial reporting quality (FRQ). The results show financially distressed companies have a lower financial reporting quality because they try to mislead other stakeholders about the corporate actual performance to attract more investors and lenders. Consistent with the “tunneling” or “conflict of interests transaction” assumption, our findings confirm there is a positive association between related party transactions through loan and accrual-based profit management. In other words, Iranian managers participate in loan-related party transactions to expropriate their firm’s resources and then manipulate financial statements to mask such expropriation. Finally, additional analysis indicates that financial reporting quality is seen well among firms having higher sale growth and more institutional owners, whereas the variables of ROA and financial leverage negatively affect financial information quality.

In the current study, we investigate the impacts of social capital (SC) and intellectual capital (IC) on audit fees among the companies listed on the Tehran Stock Exchange (TSE). Since the criteria for the norms and the networks are extremely correlated, we used a principal component analysis (PCA) to construct an index of social capital for each province between 2011 and 2016. The Pulic model is also used as a proxy for measuring value added intellectual capital (VAIC). The ordinary least squares (OLS) regression is employed in this study to test our research hypotheses as well. According to the research literature, on the one hand, investors and lenders can be more confident in the financial reporting honesty of the firms headquartered in areas with high social capital; on the other hand, auditors judge the trustworthiness of their clients based on where the firm is headquartered. Inconsistent with the prior studies, our findings show that companies headquartered in provinces with high social capital pay higher audit fees. Given that Iranian firms are under heavy financial pressure due to economic sanctions, those companies located in areas with higher social capital likely have abused the high level of trust that auditors and other groups in the market have in them and participated in earnings manipulation to mask their weak financial performance. Among the various components of IC, we found strong evidence that employed capital efficiency (ECE) and audit costs correlated positively. In short, this paper sheds light on the fact that severe financial pressures on managers may sometimes lead them to take advantage of the dark side of social capital and intellectual capital when preparing financial reports.

The present study investigates the relationship between management characteristics (managerial entrenchment, CEO narcissism, overconfidence, board effort, real and accrual-based earnings management) and the audit report readability of listed firms. In other words, this paper seeks to answer the question of “whether management characteristics can have a favourable effect on the audit report readability or not.” The multivariate regression model is used for this study. Research hypotheses were also examined using a sample of 1004 observations on the Tehran Stock Exchange during 2012–2018 and by employing multiple regression patterns based on a panel data technique and fixed effects model. The results show a negative and significant relationship between managerial entrenchment and real and accrual-based earnings management and the audit report readability, based on the FOG index, and a positive and significant relationship between management narcissism, CEO overconfidence, and board effort and the audit report readability, based on the FOG index. Moreover, a negative and significant relationship exists between management entrenchment, CEO overconfidence, real and accrual-based earnings management, and audit report readability based on text length and Flesch indices. A positive and significant relationship was evident between CEO narcissism and board effort and audit report readability based on the same indices. Besides, research models were also examined for more confidence using other additional methods, including FE, T + 1, ABB, and GMM, which confirm the study’s preliminary results. Since the present study is the first paper to investigate such a topic in the emergent markets, it provides valuable information about intrinsic and acquisitive characteristics of management for users, analysts, and legal institutions that contribute significantly to financial statement readability.

Research background: SMEs often operate in markets where they compete with large companies. A fight for a customer, payment backlogs, problems with debt collection and new branches cause that managers are looking for solutions that will influence positively on the situation of financial companies. Maintaining liquidity and generating income are the primary steps to build a competitive position and a progressive development of enterprises. One of the most popular methods that allows companies to do profitable business and increase their chances for safety is operation within group purchasing organizations. Currently in the Polish market there are many different types of GPOs (Group Purchasing Organizations). The choice of the right one is a chance to improve their financial situation. Purpose of the article: The aim of the article is to present an impact of group purchasing organizations on the financial situation of enterprises. In the article the classification of groups is done and there are shown the benefits that commercial enterprises operating in them gain. The article presents some obstacles to join specific group purchasing organizations and difficulties faced by companies operating in them. Methods: The studies were carried out on the basis of 60 SMEs. These companies operated in five Polish GPOs. The groups were divided into branch and multi-branch ones. The study period covered the years 2013–2015. In order to analyze the impact of purchasing groups on the financial situation of enterprises, some selected groups of financial ratios were used. A preliminary analysis of financial balance sheets and profit and loss account was conducted. Findings & Value added: The analysis showed that the choice of an appropriate group purchasing organization had a large impact on financial situation of companies. Different opportunities can be offered by a branch purchasing group than by the multi-branch one. Research has shown that better results relate to dynamics of revenues, costs, liquidity and profitability that are effects of operation within the branch purchasing groups. The analysis conducted has also showed that functioning within purchasing groups allows to maintain safe financial liquidity, apart from obtaining a low price of purchased goods and materials, and has a positive impact on the effectiveness of managing receivables and short-term liabilities.

The activity of each construction company in conditions of high competitiveness is exposed to a number of risks that make it difficult to maintain high financial liquidity. In order to provide the continuity of ongoing economic processes and to be able to develop, entities are forced to build optimal financial management strategies for them. Enterprises can choose between a conservative, moderate and aggressive strategy, which is largely determined by the way they manage their current assets and short-term liabilities. In the case of construction companies, it is also not without significance that they are particularly sensitive to fluctuations in the economic situation and changes in the macroeconomic environment, which imply the availability of funds. The purpose of this paper is to analyze the financial liquidity management strategy of construction sector Polish enterprises from the Podkarpackie Province in 2017–2019 and the impact of this strategy on the profitability of the surveyed entities. In order to achieve the goal, the issues related to the classification of financial liquidity and individual liquidity management strategies are discussed. The issues and the goal set determined the choice of research methods. Literature studies, the Mann–Whitney U test, cluster analysis and Ward’s method were used. The research was carried out on a group of the 10 largest construction companies from the Podkarpackie Province. The selection of entities for the research was deliberately based on enterprises that submit their financial statements to the National Court Register. The conducted research showed that small and large enterprises applied different liquidity management policies even though they operate in the same industry and region. The small entities preferred a conservative strategy, while large entities preferred a moderate strategy. The existence of an inverse relationship between the phenomenon of financial liquidity and profitability of economic entities was also confirmed.

Climate change is becoming a global problem. In many countries, actions are taken with the main aim of reducing CO2 emissions. The main action, especially in developed countries, is decarbonization. The European Union has become one of the organizations that plays a leading role in decarbonization of the economy. For this reason, renewable energy sources are being intensively developed in the EU countries. Solar energy with the use of PV installations is developing the fastest. Poland is one of the European leaders in photovoltaic development, and according to estimates for 2021–2025, it will continue to be. The aim of this study was to find out the opinions of people toward actions related to the decarbonization policy in Poland. These opinions were obtained through the prism of respondents’ attitudes toward energy produced by means of PV micro-installations. A questionnaire survey was used in this research. The survey was conducted using the CAWI (Computer-Assisted Web Interview) technique. To analyze the results of the study, a Kruskal–Wallis ANOVA test and U–Mann Whitney test were used. Responses were obtained from 633 people. The results obtained from the survey allowed us to draw conclusions, which include the following: (1) a lack of general conviction of respondents about the effectiveness of Poland’s decarbonization policy on reducing global CO2 emissions, especially among those who show a higher willingness to use PV installations, (2) the willingness to use PV installations is motivated by economic rather than environmental benefits, (3) the need for more widespread public campaigns aimed at promoting the benefits of decarbonization and renewable energy sources, and (4) the finding that the respondents’ region of residence (with a different degree of insolation) mattered for the willingness to use PV installations.

The primary purpose of this study is to investigate the impacts of earnings management (EM) and related party transactions (RPTs) on corporate financial performance in an emerging market, Iran. This paper also aims to examine the moderating role of internal control weakness (ICW) in the relationship between them. The study sample includes 108 Iranian manufacturing companies listed on the Tehran Stock Exchange (TSE) between 2013 and 2018, and panel data with random effects are used to test the hypotheses. When an accounting-based measure called ROA is defined as a proxy for corporate performance, the results show that there is a negative association between real earnings management (REM) and corporate financial situation, while accrual-based earnings management (AEM) and firm value are correlated positively. However, when Tobin’s Q index is defined as a proxy for corporate performance, we do not find any significant association between them. Consistent with the tunneling hypothesis or agency theory, our findings confirm RPTs damage corporate value (ROA and Tobin’s Q) because managers probably consider it a mechanism to exploit enterprise resources owing to existing conflictual interests. Moreover, purchase-related party transactions lead to lower ROA, whereas sale-related party transactions and Tobin’s Q are correlated negatively. Moreover, weak internal control has a positive moderating influence on the linkage between AEM and Tobin’s Q index. Finally, we provide robust evidence that there is a positive association between sale growth and institutional owners with ROA and Tobin’s Q, although financial leverage and mergers and acquisitions (M&A) have a destructive effect on corporate value.

Small enterprises start to cooperate with each other in order to improve their financial situation. They combine to create various types of multi-entity organizations such as group purchasing organizations (GPOs). This is to provide enterprises with an improved financial performance and operational safety in the market. In general, enterprises operating within GPOs are managed by a specially created company which can be defined as a central unit. It is responsible for the flow of supplies, cash, information on the producer - company line. In order such transactions could be carried out efficiently, the central unit must have a stable financial position. The aim of the article is to assess the financial situation of central units of selected purchasing groups. The research conducted showed that the central units had a stable financial situation. Their activity is profitable. The only disadvantage that can be observed is low financial liquidity. For the safe operation of the central units, it is necessary to maintain a faster rotation of receivables in days from the rotation of liabilities towards suppliers on days. This will allow the purchasing group's central unit to function safely in the market Keywords: central unit, group purchasing organizations, financial situation JEL Classifications: G30; G33; L15 DOI: https://doi.org/10.32479/irmm.8061

Purpose: The main purpose of the paper was to determine the impact of an implementation of the quality management system according to ISO 9001 on the improvement of processes related to the management of liabilities to suppliers. Methodology/Approach: The research covered 38 Polish small trading enterprises operating in two group purchasing organizations. The research period concerned the years 2014-2016. The surveyed enterprises were divided into those that implemented standardized quality management systems (10 organizations) and the ones that do not use such solutions (28 organizations). Next, the analyses were made and the results obtained by enterprises associated in particular groups were compared. Findings: The obtained results confirm that more effective management of liabilities towards suppliers can be observed in enterprises applying appropriate system procedures. This group includes long-term liabilities and the turnover ratio of short-term liabilities in days achieves lower results than results for enterprises that did not introduce standardized quality management systems. Research Limitation/implication: Due to a small research sample, the obtained results can only be considered as an introduction to further research and deliberations. Originality/Value of paper: The considerations discussed in this article concern a relatively rarely discussed subject matter in the literature.

The COVID-19 virus has hit the economy around the world. In Poland, SMEs have the greatest problems with doing business. Border blockades and the quarantine for enterprises in virtually all industries throughout Poland greatly complicated the supply systems and the inventory management process. Up to now, SMEs have acted in group purchasing organizations to improve their competitive position. This form of activity also positively affects their financial security. Therefore, in this paper, the inventory management among this group of companies during the COVID-19 pandemic was analyzed. The purpose of the paper was to show how inventory management strategies changed during the COVID-19 pandemic in SMEs operating in industry GPOs. The analysis was carried out on a group of 88 Polish commercial enterprises operating in purchasing groups. The research period covered the years 2017–2019 and March–June 2020. The research showed a change in inventory management strategy in SMEs during the pandemic time of COVID-19. For the first four months, managers of enterprises tried to pursue a conservative policy and to accumulate stocks in the event of a shortage of supplies. This article also presents the form of security that was applied for SMEs operating in group purchasing organizations (GPOs) to avoid forced downtime caused by the COVID-19 pandemic.

Purchasing groups are multi-entity organisations that operate in practically every sector. Their greatest role is to improve the financial situation of small and medium enterprises (SMEs). In the case of enterprises operating in the sectors that are just developing, especially those belonging to SMEs, it is particularly difficult to obtain favourable financial results. In Poland, such sectors include, among others, renewable energy, which is slowly developing, but has not yet reached the size set in climate policy. The purpose of the paper is to present how functioning under group purchasing organisations (GPOs) affects the profitability of companies related to the renewable energy sector. For the example of the largest industry purchasing groups, the analysis showed that high profitability results were achieved by enterprises operating in them compared to entities operating independently in the market. In total, 71 enterprises operating in the sector related to the renewable energy sector in Poland were analysed. The enterprises were divided into units operating in the purchasing groups of 46 enterprises, and those that operate independently in the market of 25 enterprises. The research period covered the years 2016–2019. The analysis showed that the scale effect allowed companies to increase profits and had a positive effect on their financial liquidity. The research proved that in the case of commercial enterprises operating in the sector related to renewable energy, functioning within the industry purchasing group allowed high profitability and financial liquidity. There is a dependency that the liquidity increases with a growth in profitability.

Working capital is designed to provide enterprises with financial security. Its level depends on the strategy of managing individual elements of working capital. An appropriate management strategy allows companies to obtain added working capital. Working capital management is a difficult process as it concerns both current assets and current liabilities. Therefore, company managers are constantly looking for solutions, methods and tools that will help them to manage their working capital. A quality management system is the one that facilitates control over the management of individual elements that create net working capital. The introduction of appropriate procedures derived from quality management systems in specific areas is a great support for creating a positive net working capital. The aim of this paper is to show how the introduction of quality management systems can positively affect the level of working capital. The article presents how quality management systems allow for optimizing the level of individual components, creating a positive net working capital. The research was carried out on a group of 102 Polish small trading companies operating in the same industry. The enterprises were divided into two groups of companies applying the quality management system and of those that did not use such systems. Based on the financial statements for the years 2017–2019 and by means of appropriately selected financial ratios, an analysis of the impact of quality management systems on net working capital was carried out. The results in some areas of management of individual components of net working capital in different groups of enterprises were compared. The research was carried out with the application of appropriate statistical methods. The analysis showed that enterprises using quality management systems managed working capital more efficiently. In the literature, the subject of the impact of quality management systems on working capital is not popular. This paper may be a source for further, extended research and considerations regarding the impact of quality management on the level of working capital in enterprises.

European countries are increasingly using renewable energy. Poland is an outsider of such solutions. The Polish energy sector is primarily based on energy produced from coal. However, environmental changes and regulations of the European Union are forcing the increased use of energy from renewable sources. Renewable energy is an industry that is still developing in Poland. At the same time, Poland is a country where the political decisions of the government over the last few years have resulted in a significant limitation of the possibilities of renewable energy development. These actions have also resulted in lowering the profitability of the currently operating renewable energy enterprises, especially those from the sector of small and medium-sized enterprises. An opportunity for SMEs operating in the renewable energy sector is to merge into industry purchasing groups. The aim of the article—and at the same time the research question—is: Is it financially safer for renewable energy companies to operate within purchasing groups compared to companies operating independently in this industry? Traditional ways of purchasing can be transferred to integrated purchasing systems, which will be created by purchasing groups associating renewable energy companies. For this purpose, the financial effects of the implementation and functioning of the purchasing groups in the renewable energy sector in relation to entities operating independently were examined. In the research of renewable energy SMEs, a comparative analysis of key indicators determining the possibility of continuing the activity of these entities was made. The following indicators were examined: current financial liquidity ratio, return on sales, operating cycle, cash conversion cycle, share of receivables in current assets, share of inventory in current assets, turnover ratios, level of receivables, liabilities and profitability. The scientific literature is dominated by studies on purchasing groups in the pharmaceutical and construction industries. Thanks to the research conducted, it has been indicated that the renewable energy industry can also improve its profitability, and thus the possibility of safe continuation of operations by extending the business model to inter-entity cooperation within purchasing groups. Increasing the efficiency of individual entities of the renewable energy industry within purchasing groups becomes particularly important during the COVID-19 pandemic. Statistical analyses and their graphic presentation present the significant impact on the safety and profitability of renewable energy entities in the form of purchasing groups.

The management efficiency of company finance has a major impact on the financial performance and on the safety of a company operation in the market. In every company managers should monitor regularly the use of assets and liabilities. For this purpose, a preliminary financial analysis and the selected performance ratios can be applied. The aim of the article was to present the impact of group purchasing organizations on the efficiency of managing selected assets and liabilities in trading companies. In the article the functioning and division of group purchasing organizations were presented and the ratios applied to evaluate them. The analysis was based on financial data. The study period covered the years 2013-2015. The analysis allowed determining the appropriate strategies for each group purchasing organizations.

The aim of this article was to present a foreign policy of capital management in commercial companies operating in the branch purchasing groups. In the article a detailed characteristics and classification of borrowed capital was done. Borrowed capitals were divided into short-term liabilities, long-term liabilities and provisions for liabilities. The advantages and disadvantages of various external sources of financing were presented. Then selected indicators to evaluate capital management policy in selected companies were presented. In the study the indicators showing the structure of borrowed capitals and selected measures of financial analysis were applied. These were debt, liquidity and turnover ratios. The study was conducted on a group of 17 small and medium-sized units in the construction industry. The companies tested belonged to the branch purchasing group. The period of study concerned the year 2104. The study showed that in the majority of the companies involved the share of borrowed capitals in liabilities was little. A clear advantage have the equities. In the structure of borrowed capital a clear predominance have short-term liabilities and short-term loans. In more than half of companies long-term liabilities do not exist, and several other companies are a negligible part in relation to the total liabilities. The highest share in current liabilities are liabilities to suppliers, which is the cheapest source of financing. The studies have shown that in the analyzed units there is no threat of the loss of liquidity. This is the result of the application of good and safe management policy of external sources of companies financing.

Współczesna logistyka zajmuje się miastem w dwóch aspektach. Po pierwsze, traktuje je jako ogniwo łańcucha logistycznego w systemie logistycznym kraju, po drugie, jako samoistny system miejski. Na system logistyczny miasta składają się poszczególne systemy funkcjonalne. Zaliczają się do nich: transport, obejmujący transport dóbr materialnych, w tym również przesył mediów, transport i składowanie odpadów komunalnych, komunikacja zbiorowa i indywidualna, składowanie dóbr materialnych w dzielnicach przemysłowohandlowych i w sieciach handlowych miasta i sterowanie przepływami dóbr materialnych i osób. Warto zaznaczyć, że 1/3 wszystkich ruchów transportowych w mieście to transport gospodarczy towarowy, a 2/3 to transport osobowy zarówno indywidualny, jak i publiczny. Przemieszczenia osobowe mogą się odbywać przy użyciu transportu indywidualnego albo przy użyciu komunikacji zbiorowej. Współcześnie indywidualny transport zmotoryzowany zaczyna stanowić poważne zagrożenie dla sprawnego funkcjonowanie miasta i płynnego transportu. Dlatego coraz bardziej istotne stają się działania mające doprowadzić do zmian przyzwyczajeń, preferencji i mentalności mieszkańców. Bardzo ważne są pod tym względem rola władz miasta i działania, które podejmują w celu zmniejszenia transportu indywidualnego. Powinno to spowodować większe zainteresowanie transportem zbiorowym. Celem badań prowadzonych przez autorów jest poznanie oceny funkcjonowania komunikacji miejskiej w dwóch różnej wielkości ośrodkach miejskich: średniego miasta Tomaszowa Mazowieckiego i dużego miasta, jakim jest Rzeszów. Badania miały charakter ankietowy i przeprowadzono je z mieszkańcami obu badanych miast.

Trading companies which want to increase their competitiveness are forced to look for new ideas to improve the implementation of the adopted strategy. The aim of the publication is to show the role of the quality management system according to ISO 9001 to develop the strategy of working capital management in trading companies. Working capital is one of the most important elements of financial management in a company. This is an area of finance which includes management of current assets and current liabilities. The choice of the appropriate management strategy leads to high liquidity and low profitability, or vice versa. Companies managers, to meet the expectations of the owners, introduce management systems that allow for safe maintenance of liquidity. One such solution, without which the implementation of certain working capital management strategy is almost impossible is to develop appropriate standards for quality management. In the paper the requirements of the quality management system according to ISO 9001 were characterized and discussed its impact on the choice of individual strategies of working capital management. Based on the considerations it was stated that: quality management systems improve relationships with suppliers and customers and minimize the number of errors and inconsistencies in the supply and distribution strategy, aggressive management of working capital without the introduction of appropriate quality management systems leads to the collapse of companies. Its application is in some sense a buffer that protects the company from bankruptcy, at the stage of implementation of the system it is recommended to have developed strategies for working capital management and the implementation process should be adjusted to their requirements.

Cel: Celem artykułu jest przedstawienie zarządzania kapitałem obrotowym brutto w jednostkach funkcjonujących w grupach zakupowych. Analizie poddano 39 przedsiębiorstw handlowych z branży budowlanej działających w grupach zakupowych. Hipoteza: Funkcjonowanie w grupach zakupowych prowadzi do optymalizacji kapitału obrotowym brutto co poprawia bezpieczeństwo finansowe przedsiębiorstw. Metodologia: badania przeprowadzono przy pomocy analizy wskaźnikowej. Wnioski: Funkcjonowanie przedsiębiorstw w ramach grupy zakupowej prowadzi do optymalizacji poziomu i struktury kapitału obrotowego brutto. Przedsiębiorstwa poddane badaniom nie są zagrożone upadłością. Wartość do nauki: prezentacja grup zakupowych jako rozwiązania pozwalającego przedsiębiorstwom na optymalizacje kapitału obrotowego brutto

W artykule przedstawiono wpływ zarządzania kapitałem obrotowym brutto i zarządzania logistycznego na kondycje finansową i bezpieczeństwo funkcjonowania przedsiębiorstwa na rynku. Wyeksponowano zapasy jako najwaŜniejszy i zarazem kluczowy element łączący te dwa typy zarządzania jednostką gospodarczą. Zdefiniowano kapitał obrotowy brutto i omówiono najwaŜniejsze elementy tworzące go tj. zapasy, naleŜności krótkoterminowe i środki pienięŜne. Następnie zaprezentowano zarządzanie logistyczne poprzez organizacje systemów dostaw przy pomocy wybranych metod sterowania zapasami w przedsiębiorstwie. Omówiono metody Just in Time, planowania potrzeb materiałowych (MRP), zarządzania zapasami przez dostawcę (VMI) i tradycyjne metody sterowania zapasami stosowane przez jednostki gospodarcze. Następnie przeprowadzono analizę jak poszczególne metody sterowania zapasami wpływają na poszczególne elementy tworzące kapitał obrotowy brutto zapasy, naleŜności krótkoterminowe, środki pienięŜne. Przedstawiono jak wpływa wybór metod zarządzania zapasami na poziom kapitału obrotowego brutto. Jak zmieniają się koszty. Czy wybór poszczególnych sposobów zarządzania dostawami jest obciąŜony barierami wejścia w postaci bardzo wysokich kosztów. Jaki jest ich wpływ na wyniki finansowe, rentowność czy efektywność zarządzania zapasami i naleŜnościami krótkoterminowymi. Czy dobór metod sterowania zapasami pozwala ograniczyć ryzyko utraty płynności finansowej i jaki jest wpływ zaprezentowanych metod sterowania zapasami na proces zarządzania jakością. W podsumowaniu zaprezentowano korzyści i wady poszczególnych metod sterowania

W artykule przedstawiono funkcje kapitału obrotowego netto w przedsiębiorstwie. Zde-finiowano pojęcie kapitału obrotowego netto, przedstawiono mierniki poziomu kapitału ob-rotowego netto i główne obszary jego zarządzania. Następnie zaprezentowano wyniki badań dotyczących zarządzania kapitałem obrotowym netto w przedsiębiorstwach handlowych z branży budowlanej.