Prospects and Challenges to the Development of Businesses in the World Economy

Introduction 11


Part I
The macroeconomic factors of businesses development

Chapter 1
"The impossible triangle" on the European capital market - Małgorzata Janicka 17
Introduction 17
1.1. Literature review 18
1.2. The genesis of the capital market union in the European Union 20
1.3. The determinants of capital market integration problems in the EU 24
Conclusion 31
References 32
Abstract 35

Chapter 2
Gold as a safe haven at a time of crisis - Ireneusz Pszczółka 37
Introduction 37
2.1. The safe haven concept 38
2.2. The preservation of gold during crises - a literature review 39
Conclusion 44
References 44
Abstract 45

Chapter 3
Taxes imposed on the earnings of financial institutions and property taxes in the incidence model of taxes - Jarosław Cwyl 47
Introduction 47
3.1. Financial institutions/financial enterprises, non-financial enterprises, investment decisions (capital mobility), and taxation 48
3.2. The four-sector model of income tax shifting - the open economy model 49
3.3. An analysis of changes in the model after the introduction of income tax and property tax on financial institutions 51
3.4. Asset taxes on financial institutions in Poland 53
3.5. Tax rates for corporates in OECD countries and tax burden for insurance companies in Poland 53
Conclusion 57
References 58
Abstract 58


Part II
The development of financial institutions

Chapter 4
Reconfiguring banking distribution channels in countries with different levels of economic development - opportunities and challenges - Aneta Kosztowniak 61
Introduction 61
4.1. The evolution of banking services distribution channels - opportunities and challenges 62
4.2. Trends in moving away from stationary towards electronic banking 68
4.3. Empirical model and results 72
Conclusion 80
References 81
Abstract 82

Chapter 5
The role of the dividend policy in the "success" story of a bank. The case of a small sized Greek bank - Pantelis Kyrmiozglou 83
Introduction 83
5.1. The calculation of ratios and evaluation of the respective figures 84
5.2. The dividend policy of Ergobank in comparison with the practices prevailing in Greece and with theories 85
Conclusion 87
References 88
Abstract 88

Chapter 6
The modelling of the main determinants of non-performing loans in the Polish banking sector - Aneta Kosztowniak 89
Introduction 89
6.1. Literature review and empirical studies 91
6.2. Changes in the portfolio of corporate loans (non-financial corporations) and NPL rates 96
6.3. Research procedure 98
6.4. Empirical model and results 102
Conclusion 105
References 107
Abstract 108

Chapter 7
The market structure and financial results of non-life insurance companies - Sławomir Bukowski, Marzanna Lament 109
Introduction 109
7.1. The determinants of the financial results of insurance companies - literature review 110
7.2. Data and methods 112
7.3. Model and empirical results 117
Conclusion 118
References 119
Abstract 120

Chapter 8
The asymmetry of information and risk in the insurance market - Grażyna Olszewska 121
Introduction 121
8.1. Information and knowledge, information noise 122
8.2. The asymmetry of information 125
8.3. Risk in the insurance market 127
8.4. The elements of insurance risk identification 129
Conclusion 130
References 130
Abstract 132


Part III
The development of enterprises

Chapter 9
The instruments of competing of large enterprises in the Polish economy - Anna Wolak-Tuzimek 135
Introduction 135
9.1. The instruments of competing - a literature review 136
9.2. Methods 139
9.3. Results 142
Conclusion 146
References 147
Abstract 149

Chapter 10
An assessment of the competitiveness of complex business networks based on their ability to create value added - Magdalena Rosińska-Bukowska 151
Introduction 151
10.1. Some selected methods of a multi-dimensional assessment of complex structures 152
10.2. An aggregated assessment of the global business network efficiency - from the point of view of a corporation-orchestrator 155
10.3. The concept of the Synthetic Indicator of Creation of Added Value (SICAV) - the method assumptions 160
Conclusion 166
References 167
Abstract 168

Chapter 11
IT management system as factors in the development of SME enterprises - Radosław Luft 169
Introduction 169
11.1. The conditions of development of small and medium-sized enterprises 170
11.2. Methods 175
11.3. Results 176
Conclusion 182
References 184
Abstract 185

Chapter 12
Start-ups in Poland - the key factors of success and failure - Katarzyna Sieradzka 187
Introduction 187
12.1. The specific nature of start-up organisations 188
12.2. Factors conditioning the success of an innovative business undertaking 189
12.3. The causes of failure 198
Conclusion 200
References 201
Abstract 203

Chapter 13
The evolution and impact of Airbnb on the hotel industry - Foteini Tatsi, Kostas Karamanis 205
Introduction 205
13.1. The impact of Airbnb on the tourism economy 206
13.2. Airbnb & hospitality 209
Conclusion 212
References 213
Abstract 216

List of tables 217
List of figures 219

Reviewed by:
Dr hab. Elżbieta Kubińska, prof. Uniwersytetu Ekonomicznego w Krakowie
Prof. dr hab. Leokadia Oręziak, Szkoła Główna Handlowa w Warszawie