okładka nr 27


Roman Lozyns'kyi

The Modern State of Geographical Studies on the Problems of Peripherality

(article in English)
The modern state of geographical studies on problems of peripherality in Ukraine has been analyzed. Three main factors which influence the intensity of carrying out such studies were determined: the influence of Soviet and Russian geographical science; the connection between studies of peripherality and the scientific range of economic-depression problems; and the specific features of the modern development of Ukrainian human-geography. The general features of a study of this range of problems in Ukraine at the regional and global level; structural characteristics of center, semi-periphery and periphery; and approaches by Ukrainian scientists have been described in relation to the mechanisms of forming peripherality, along with methods for its study and criteria of selection.

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Keywords: periphery, center, depression, criterion
JEL: P25, R1

Mieczysław Kowerski

The Economic Sentiment and Dividend Policy in Poland

(article in English)
In previous research on determinants of company dividend-policy, a much higher significance was given to micro-economic factors describing the economic and financial situation of companies rather than to macro-economic factors. However, there is no analysis of the impact of economic sentiment on the dividend policy of companies. Moreover, companies do not operate in ‘a vacuum’. The economic situation in a certain country and even the global economic situation and its perception by entrepreneurs has a tremendous impact on their activities and decisions. To verify the hypothesis about the impact of economic sentiment on dividend policies of the companies listed on the Warsaw Stock Exchange in 1996–2009, logit pooled-regression models were applied. The dependent variable takes a value 1 if the company paid a cash dividend in year t and value 0 otherwise. As explanatory variables, we adopted the most common ones in this type of study, namely those describing the profitability, size, maturity, risk and investment opportunities as well as the dividend policy of the company in the year t – 1. Economic sentiment was measured using the Economic Sentiment Index, computed by the European Commission at monthly intervals. This allowed us to determine the period in which the changes in sentiment have the highest influence on dividend decisions. The estimated models allowed us to draw conclusions that apart from the economic and financial situation of a company in the year t – 1, dividend decisions made in year t are also affected by economic sentiment found in the Polish economy at the turn of the second quarter of year t. According to the Polish Code of Commercial Companies, it is understandable that the company should decide on the distribution of its profit within six months after the end of the business year. The research demonstrates, when making decisions, the boards of companies and shareholders take into account not only profits achieved in the previous year, but also the recent dividend and investment policy, and the current economic sentiment.

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Keywords: Warsaw Stock Exchange, dividend policy, Economic Sentiment Index, logit pooled models
JEL: G35, E32

Józef Bergier, Michał Bergier

Fewer Foreign Tourists Visit the Lubelskie Voivodeship

(article in English)
The observation of changes in foreign tourist-visit-numbers in a particular region of a country is an important premise to analyze its tourist market and map out a strategy for development. The authors have made an analysis of foreign tourists visiting the Lublin Province in the years 2001-2010 considering their number, the purpose of their visits, their accommodation and the expenses they incurred. The analysis of the findings from the last decade has shown diminishing visits by foreign tourists in the Lublin Province in all the analyzed parameters.

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Keywords: foreign tourists, Lublin province
JEL: L83

Elżbieta Wojnicka-Sycz

Branch Innovativeness and Local Growth Poles
in the Podkarpackie Voivodeship

The most innovative and growing branches in the Podkarpackie Voivodeship are presented as well as their location in specific ‘poviats’ (region on NUTS 4 level) and the best prospering ‘gminas’ (communities) of the region. A correlation analysis between the location of innovative, growing branches and prospering territories showed a positive relation. It means that innovative branches, as the theory of growth poles states, influence quicker development of territories.

Keywords: innovation, Podkarpackie Voivodeship, local growth poles
JEL: O3, R11

Andrzej Soroka, Dominik Dąbrowski, Marek Kuźmicki, Jarosław Żbikowski

The Influence of Nongovernmental Organizations on the Tourist-recreational Activity of Disabled People within the Lubelskie Voivodeship

The paper presents the influence of activity by organizations and associations on tourist-recreational activeness for disabled people within the Lubelskie Voivodeship. It has been shown that expectations addressed by disabled people to organizations, specialized institutions and associations for their assistance in organizing physical activities for the disabled are comparable to those submitted to their closest environment, namely family and friends. In the opinion of the disabled, these institutions do not fully carry out their tasks under the statutory guidelines. Disabled people, mostly alone or with the help of their closest supporter, organize physical and rehabilitative activities. In the case of disabled workers, the workplace provides them with some assistance in organizing their free time. The main barriers that limit the participation in tourist-recreational activities are, most of all, costs of participation in such events, the lack of offers from organizations and associations, and the sparse marketing activity from tourism-sector companies.

Keywords: disability, tourist-recreational activeness, Lubelskie Voivodeship
JEL: L83, I1

Mieczysław Kowerski, Jarosław Bielak, Dawid Długosz, Mariusz Poninkiewicz

Economic Sentiment Changes in the Lubelskie Voivodeship
in the 4th Quarter of 2011

(article in English)
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Keywords: Economic sentiment surveys, Lubelskie Voivodeship
JEL: C83, R2, R3

Tomasz Kossowski Bogusław Klimczuk

Structural Funds in Local Development. Fundamental Problems
as Exemplified by Zamość Town

Mariusz Chudak

Review of S. Korenik's Region ekonomiczny w nowych realiach społeczno-gospodarczych

Jarosław Bielak

Abstract of M. Drozdowicz-Bieć's Cykle i wskaźniki koniunktury