cover vol. 15 no. 3


Anna Pajor

A Note on the UEK Method

(article in English)
The paper concerns certain pitfalls of using the Moore-Penrose pseudoinverse for estimating regression coefficients in linear regression models when the matrix of explanatory variables has not full column rank. The aim of the paper is to show that in this case estimator of parameters based on the Moore-Penrose pseudoinverse is biased, and the bias leads to biased forecasts.

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Keywords: linear regression, MP-inverse matrix, UEK method
JEL: C13, C20

Mieczysław Kowerski

Payout Policy of European Companies

(article in English)
Despite Europe’s global importance, very little published research has examined payout policy on this continent. The rather scarce research which has been conducted in this field throughout European companies cover different countries, groups of companies and timeframes, which makes it very difficult to perform comparisons and formulate proper conclusions. The aim of this work is to analyze the payout policy of European companies with comparison to companies outside the European market. Research on the literature has been performed as well as own analyses. The most important tendencies of the European companies’ payout policy have been formulated. Companies in Europe have higher propensity to pay dividends than their counterparts outside Europe and increasing, yet still variable, payout values, both dividends and share repurchases. European companies transfer a substantially bigger part of their net profit to their shareholders than their counterparts from the other continents. An increment in the dividend payout ratio in Europe is clearly visible over the last couple of years. High dividend yields of European companies compensate low yields of governments and corporate bonds.

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Keywords: payout policy, European companies, dividend, share repurchases, dividend yield, payout ratio
JEL: G35

Agnieszka Majka, Dorota Jankowska

Innovative Endeavors and Economic Development
from the Regional Perspective

(article in English)
The paper discusses innovation-related issues as being factors of economic development of voivodships. The first part takes a close theoretical look at the essence of innovation and economic development, while highlighting the impact of innovation and innovativeness on regional socio-economic development. The second part is devoted to empirical application of taxonomic methods in ordering of objects to enable the ranking of voivodships regarding their levels of innovation and economic development. This part of the article is an attempt to evaluate the mutual dependency of both rankings of Poland voivodships. The objective of the current study is to determine the ranking of Poland’s voivodships in respect of their levels of economic innovativeness, and economic growth as well as to evaluate the relationship between both phenomena.

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Keywords: region, innovation, economic development, taxonomic methods
JEL: C38, O18, O30

Anna Ćwiąkała-Małys, Iwona Piotrowska

The Problem of the Grey Area in e-Trade in Poland

(article in English)
E-trade is one of the most buoyant ways of selling goods and services in Poland. All activity in this field is very attractive not only for marketing companies but also for auditing and fiscal authorities. The results of analyses show that on-line trading is threatened however by the existence of a grey area. This refers, in particular, to non-registered business activity and avoidance of taxation on trade income. The aim of this article is to show the main risks of e-trade in Poland which may influence the state budget, and some legislative solutions which have an effect of a gradual limitation of fiscal fraud in e-trade. Source material constituted results of analyses that were conducted by the Polish Central Statistical Office, independent research units and studies by specialized marketing companies on the scope of the grey area in e-commerce in Poland. A comparative analysis of the size of the grey area shows that regardless of the difference in results of its measurements, the grey area is a common phenomenon. Accessibility of new technologies (computerization of enterprises and households and Internet accessibility) favors the development of e-commerce and the existence of a grey area within it.

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Keywords: grey area, e-trade, tax avoidance
JEL: F19, H26, L81

Niki Derlukiewicz, Anna Mempel-Śnieżyk

The Importance of Cooperation for Innovation in the Region

(article in English)
The paper considers the issue of cooperation between particular actors such as: enterprises, local government, R&D sector, and business environment institutions in the context of innovativeness of the economy. Presently, numerous studies analyze how to create an innovative economy in order to answer the question of what contributes to generation of innovations and the key elements in this process. Furthermore, the created models of a group of determinants influencing innovativeness are still evolving and depending on the examined aspect, different approaches to innovation in the regions are presented, including cooperation between the aforementioned entities. The main aim of the paper is to present the significance of cooperation between different actors in the region for developing innovative solutions. To achieve the aim, the authors present an example of cooperation between enterprises, pointing out the benefits of common projects, and present activities undertaken in regions which enhance innovation. The authors also focus on checking the offers and readiness for cooperation of selected Polish universities. In order to elaborate the basic information, the authors conducted desk and field research. In order to check the state of the art of the investigated issue and prepare the background for the empirical part of the paper, analysis of the literature on the subject was conducted. The desk research was supported by Google Scholar, Emerald, and Scopus databases. To present cooperation in the regions in the context of innovativeness, the authors used the method of observation and case studies. As a result of the research, it can be said that cooperation between science and business brings mutual benefits, although when the benefits to businesses are often analyzed and measured in the literature on the subject, less attention is paid to the effects of cooperation for the R&D sector — e.g., financing the scientific research by the business sector, and the opportunity for scientific workers to gain experience in enterprises. According to the conducted research it can be said that the last two decades brought changes both in the awareness of local authorities about their role in creating a pro-innovative environment and in the way they operate. Polish universities have also started transformation and have started to deal with potential co-operators by preparing the offer and information for them.

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Keywords: cooperation in the region, innovativeness, regional development
JEL: O11, O39, Q55, R11

Andrzej Miszczuk

Clusters as a Tool for Raising Tourism Competitiveness of a Region
(on the Example of the Land of Loess Gorges in Lubelskie Voivodship)

(article in English)
The aim of the article is to analyze a case study of a successfully developing tourism cluster, named the Land of Loess Gorges, located in the western part of Lubelskie Voivodship and consisting of 11 communes. The content of the present study consists of: (1) a synthetic description and typology of clusters, taking into account the specificity of tourism clusters; (2) an assessment of tourism potential (in the natural and cultural dimension) of the Land of Loess Gorges; (3 ) an analysis and evaluation of tourism products offered by this cluster and their impact on tourism competitiveness of the Lubelskie Voivodship.

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Keywords: touristic cluster, loess gorges, touristic products, Lubelskie Voivodship
JEL: Z32

Krzysztof Kowalczyk, Roman Cieśliński

Utilization of the Hydroelectric Potential of the Pomorskie Voivodship

(article in English)
One of the sources of electricity used by man is water. Currently the idea of hydroelectric power plants is increasingly appreciated by local governments. Sustainable development and EU directives have required the construction of green power plants. The article outlines the energy situation of the Pomorskie Voivodship. As a result, it was found that more than half of the energy consumed in the region is produced outside its area. Considering the transmission losses, this is a disadvantage. Hydropower installations are increasingly appearing in the voivodship, but there are relatively few of them. The natural and anthropogenic conditions of more than 300 potential hydropower plants have been analyzed. Based on the conducted research, the hydroelectric potential of the voivodship was estimated and the best locations for hydropower were identified.

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Keywords: energy, hydropower, ecology, hydroelectric potential estimation
JEL: Q42

Elżbieta Inglot-Brzęk, Anna Lewandowska

Investment Climate in the Spa Municipalities. Case Studies

(article in English)
For the governments of individual countries and regions, actions to improve the investment climate are tools that contribute to new production and service investments, and thus to economic development. The investment climate is the result of many components. The aim of this article is to analyze the individual components of the investment climate on the example of three spa and tourist municipalities: Krasnobród, Solec Zdrój and Rymanów. The analysis provides the basis for conclusions on the desired action of local and regional authorities to improve the situation. The analysis presented in this article is the result of CATI and FGI research.

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Keywords: investment climate, investment potential, regional development, spa region, entrepreneurship
JEL: L26, O12, R11, R58

Paweł Więch, Dariusz Bazaliński, Zdzisława Chmiel, Józef Ratajczyk, Paweł Januszewicz, Monika Binkowska-Bury

Socio-Demographic Factors and Health-Oriented Behaviors of University Students in the Podkarpackie Region. Long-Term Prospective Research

(article in English)
The aim of the study was to achieve a prospective long-term evaluation of the impact of socio-demographic factors on students, and their healthy behaviors. It was a diagnostic survey employing a standardized interview questionnaire. The survey was conducted among 905 first-year students of medical and non-medical faculties (18–19 years of age), and the University of Rzeszów, and Rzeszów University of Technology. It was conducted in 2009 and repeated two years later. The rating of the behavior patterns of students was conducted in accordance with the following schedule: October 2009 – January 2010 (T1), October 2011 – January 2012 (T2). The level of healthy behaviors in 2012 increased significantly in a positive direction compared to 2009 (p < 0,001), in particular in the category: proper eating habits (p < 0,001) and preventive behaviors (p < 0,001). In 2009 men in the first year of the study had a lower level of healthy behaviors, an average of 3,63 points, than women (T1) and in 2012 of 5,42 points lower (T2). The level of healthy behaviors in 2012 increased significantly in a positive direction compared to 2009, in particular in the category: proper eating habits and preventive behaviors. Women showed more pro-health attitudes than men. The pro-health attitudes characterized by medical students was seen in a greater degree.

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Keywords: health behaviors, students
JEL: I12

Anna Dudzińska, Anna Gałecka-Drozda, Barbara Szpakowska

Using LiDAR Data to Assess the Character of Landscape
in the Suburban Zone of Poznań

(article in English)
The intensive development of urban agglomerations causes the need to search for new precise methods which will determine the most important features of landscape and monitor changes in suburban zones. The aim of the study was to identify, characterize and assess the structure of landscape units based on LiDAR data. The research was conducted in the village of Napachanie, Wielkopolskie Voivodship. Although the village is located in the suburban zone of Poznań, it has retained the rural character of landscape in this region, with expanses of fields, a park and palace complex and a grange. There are valuable natural elements in the village, such as forests, buffer strips, ponds and the Samica River valley. The research combined techniques of GIS analysis and the traditional method of Landscape Character Assessment (LCA). The data for analysis of the rural landscape structure were acquired from airborne laser scanning (LiDAR). They were used to identify 16 landscape units of different characters, was determined according to specific elements of landscape, scenic connections and composition. The units were visualized by means of a point cloud. The spatial model of the landscape enabled definite delimitation of individual landscape units, which supplemented field investigations. Visualizations show the most important features of landscape, such as terrain, the arrangement of tall vegetation, the number and layout of buildings. The spatial model enables initial analysis of the landscape composition, including the range of views and the degree of compactness of landscape interiors.

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Keywords: GIS, airborne laser scanning (LiDAR), Landscape Character Assessment method (LCA), suburban zone of Poznań
JEL: R14

Jan Andreasik

The Architecture of the Intelligent Case-Based Reasoning Recommender System (CBR RS) Recommending Preventive/Corrective Procedures
in the Occupational Health and Safety Management System in an Enterprise

(article in English)
The paper presents the original architecture of the system recommending preventive/corrective procedures in the occupational health and safety management system in an enterprise: ComplianceOHS-CBR. The system consists of four modules: Module A — an ontology of the workplace OHS profile, Module B — an ontology of preventive/corrective procedure indexation OPCPI, Module C — a recording system of the monitoring process of non-compliance with the requirements of OHS, Module D — a recommending engine consistent with the CBR methodology. The essence of the approach presented in this paper is integration of the monitoring system of the analysis process of non-compliance with the requirements of OHS at the workplace (the ADONIS system was used) with the case-based reasoning process (CBR). The integration platform consists of two ontologies: an ontology of profile compliance with the workplace OHS requirements (OP-OHS) and an ontology of preventive/corrective procedure indexation (OPCPI). Both of the ontologies are presented in the Protege 5 OWL editor. Inference engines are alternatively, according to the CBR methodology, myCBR and jCOLLIBRI.

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Keywords: recomme nder system, Case-Based Reasoning (CBR), OHS, monitoring process of non-compliance OHS, ontology of profile compliance OHS, OWL, Protege, ADONIS, myCBR, jCOLLIBRI
JEL: C6, C88, J28, M54

Elżbieta Kołodziej-Wnuk

Dwellings’ Prices in the City of Lublin. Tendencies and Determinants

(article in English)
The price of real estate is influenced by a number of factors that provoke huge discrepancies in the prices of separate dwellings. The aim of this study is to conduct a statistical analysis of transactions of the dwellings’ prices on the secondary market in Lublin in the years 2002–2013. The focus is put on the process of transactions’ changes depending on the following criteria: date of transaction, location, technical condition and floor area of dwellings. The relations between abovementioned factors were analyzed. On the basis of the INSPIRE Directive, the data on the sales and transaction prices of 1 m2 of dwellings are presented using maps of deviations of the average price in the years 2003–2013 with the city’s division into 677 hexagons with the surface of 0,25 ha each.

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Keywords: housing market, transaction price, the city of Lublin

Barbara Gradziuk, Piotr Gradziuk

The Impact of Renewable Energy Production on Employment

(article in English)
The aim of the executed research is to determine the influence of harvesting renewable energy on the labour market. Eurostat Databases provided a source of empirical data concerning the amount of produced energy. The number of the employed and the performance of the installed equipment were determined thanks to reports drafted by EurObserv’ER or International Renewable Energy Agency. The following sectors were considered: solid biofuels, biogas, liquid biofuels, geothermal, hydropower, municipal waste, solar photovoltaic, solar thermal and wind power. The research concerned 28 member states of the EU between 2009 and 2015. Such a scope was established due to significant changes on the renewable energy market triggered by the Climate and Energy Package passed by the European Parliament and the Council of the European Union. The number of the working people (directly in the enterprises operating in the field of producing raw energy materials and energy from renewable sources, as well as providing equipment and services within this field) in relation to 1 000 tonnes of oil equivalent of the primary energy obtained in particular sectors of renewable energy sources was used as the performance indicator. Panel estimation was used as means of empirical indication of relations between the variables.

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Keywords: renewable energy sources, employment
JEL: O13, P18, Q42, Q54, Q58