MANAGERIAL ECONOMICS

Permanent URI for this communityhttps://repo.agh.edu.pl/handle/AGH/102753

Inny tytuł - dla nr 11, 12 (2024) : AGH Managerial Economics.
Adres wydawniczy: Kraków : Wydawnictwa AGH, 2012-
O czasopiśmie: https://journals.agh.edu.pl/manage
ISSN: 1898-1143 e-ISSN: 2353-3617
DOI: https://doi.org/10.7494/cmms
Poprzedni tytuł: Ekonomia Menedżerska (2007-2011)

The main aim of Managerial Economics (ISSN 1898-1143, e-ISSN 2353-3617) is to draw more attention to major decision problems and to present the principles of economic analysis which is required for optimal decision-making (i.e. making the decisions which are most appropriate taking into account the conditions in which the company and the economy operate and the factors that are necessary for the implementation of a given economic project). Managerial economics examines and analyses the functioning mechanisms of modern market economies.

New! Aktualny numer: 2025 - Vol. 26 - No. 2

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Access status: Open Access ,
The interdisciplinarity of the publications of the Medical University of Silesia in Katowice based on the analysis of the co-occurrence of issues specific to medicine and computer science
(Wydawnictwa AGH, 2024) Paluch, Ewelina; Mikulska, Marcela
Over the years, the study of the interdisciplinarity of publications has taken various forms, from its identification based on the disciplines represented by the authors, through the examination of citations used when writing the article, to the analysis of the publication text itself. The last of these approaches seems to be the most reliable in the context of verifying the real integration between disciplines in a specific text. The approach utilized in the conducted research facilitates a deeper analysis of integration not only between disciplines in general but also between specific issues within their domains, aiding the examination of the intensity of such connections. The research was aimed at analyzing publications affiliated with the Medical University of Silesia in Katowice in terms of their connection with issues included in the area of Computer Science. OpenAlex, a bibliographic database supported by data mainly from Scopus, WoS and Google Scholar, which uses concepts that make up the Wikidata knowledge base to describe the content of publications was used. A list of 14,136 publications from the Medical University of Silesia in Katowice was downloaded from the OpenAlex bibliographic database including such data as: publication id, title, author, abstract, journal, date of publication, ISSN number or concepts. Overall, the most prevalent concepts in the publications were concepts regarding the field of the medicine (medicine, internal medicine, cardiology). The most prevalent concepts concerning computer science in the publications were: computer science, logistic regression and artificial intelligence. The strenght of the connections between concepts regarding medicine and computer science was calculated by calculating the arithmetic mean of the score value for each pair of IT and medical concepts contained in a single publication. The study showed the importance of computer Science issues in the medical publications and highligted the growing importance of AI in the field of medicine.
Access status: Open Access ,
Tightening tax policy and changes to tax efficiency on the example of companies listed on the Warsaw Stock Exchange
(Wydawnictwa AGH, 2022) Kowalski, Michał Jerzy; Nesterak, Janusz
The article presents an analysis of changes in the tax efficiency of companies listed on the Warsaw Stock Exchange. After 2017, some changes to the tax law aimed at tightening the regulations on an unprecedented scale were introduced. The research conducted showed that since 2018 there has been a decrease in tax efficiency measured with effective tax rate (ETR) and current effective tax rate (CETR). On average, in 2018-2019, the efficiency measured with CETR dropped by 17.7%, the median by 14.8% compared to the previous years. In 2018 and 2019, the value of the CETR was the highest in the entire analyzed period, i.e. from 2012 to 2019. At the same time, the propensity of companies to create deferred tax assets is declining, and the effective tax rate is also growing. The changes mainly concern companies with average tax efficiency, large entities forming capital groups, and companies implementing capital investments. The article presents a discussion on the observed trends and formulates directions for further research.
Access status: Open Access ,
Selected implications of negative externalities - on the example of the Polish energy sector
(2014) Kudełko, Mariusz; Wejer, Małgorzata
The aim of this paper is to present selected issues of the effective allocation of resources and its function in optimal decision-making processes. The authors focus on the economic consequences of market failure in the case of external effects - both positive and negative. It has been characterized from the theoretical perspective by illustrating the economic implications of this situation for producers (producers surplus), consumers (consumer surplus), and the environment (external costs and benefits). This paper shines a light on effective levels of production, the subsidies to producers (in the case of positive externalities), or correcting tax (in the case of negative externalities). Moreover, the decision rules that are used in the cost-benefit analysis (a method supporting the decision-making process undertaken by both private entities and public authorities) are given. There are specific examples of its application in order to achieve allocative efficiency. An exception of its use is to achieve cost efficiency, which does not ensure that a project, program, or policy is socially optimal and desirable. The second part of this paper includes theoretical implications of market failure. The results of the authors' mathematical model that is used to optimize long-term energy sector development are presented. The importance of the presented results is that they reflect development of the Polish energy sector, both from the private and public viewpoint, taking into account the adverse effects caused by the emission of gaseous pollutants. Consumer and producer surpluses were the bases to estimate costs and benefits of change in the social welfare. It has been proven that the use of private welfare criterion is incorrect. The internalization of external costs (which means including them in decision-making criterion, significantly - i.e., 24%) increases the level of social welfare achieved on the scale of the whole Polish energy sector.
Access status: Open Access ,
The impact of COVID-19 on the global renewable energy sector. An integrative review exploring the challenges and emerging opportunities
(Wydawnictwa AGH, 2025) Parihar, Jaya Singh; Gupta, Mansi; Sharma, Gagan Deep
The shift from traditional fossil fuel energy to cleaner, renewable energy has the potential to help achieve long-term sustainability goals. The COVID-19 pandemic has had a significant impact on the renewable energy sector. This study aims to provide an integrative review of the global impacts and challenges of the COVID-19 pandemic on the renewable energy sector and highlight the energy-related lessons and emerging opportunities by capturing the main trends in the field. First, the integrative review identifies five themes. Second, the study identifies the aspects of renewable energy that are influenced by the COVID-19 pandemic. Third, the study proposes a conceptual framework highlighting the impacts and challenges of the COVID-19 pandemic on renewable energy demand and consumption patterns, and these results are further supported by the aggregate dimensions identified through inductive analysis. The three main energy challenges are: the healthcare sector primarily dealing with disease control; associated environmental impacts with challenges relating to fluctuating and uncertain energy demand and consumption, structural and pattern changes, greenhouse gas emissions, local air quality, energy transmission infrastructure, and oil production and transmission network; associated economic impact dealing with industrial activities including households, agriculture, public and commercial sector, energy import/ export, sales revenue and expenditure, social sector factors, funding schemes, and subsidies, technology R&D, and overall economic welfare. The study also makes theoretical and practical propositions for researchers and policymakers.
Access status: Open Access ,
Exploring relative instances of exposure in equilibrium of migration processes based on population characteristics
(Wydawnictwa AGH, 2017) Pitlik, László; Kollár, Péter|Fülöp, Zsolt|Madarász, Imre
Cybernetic states of law try to plan each activity - especially migration issues. The planning process has the following question originating in socio-cybernetics in its core: Where can it be assumed that the population characteristics are higher/lower than rational? The planning levels can be different: from the continent or country levels via statistic regions or micro-regions to settlements (even at the street and house levels). Parallel to the aggregation like population density (or annual growth rate), models can also be developed for arbitrary layers of demographical statistics, like the required ratio of males and females in different age-groups and/or education categories, etc. The models can analyze time-periods (e.g., years, time intervals) to ensure that dynamic processes will not actually be covered through static evaluation. The necessary data asset (a kind of Big Data) is given by OECD/ EUROSTAT, for example The questions and data assets are well-known. The modeling methodology consists of potential know-how: through estimations of staircase functions in the framework of online similarity analyses, regional norm values can be derived for targeted population characteristics. Therefore, the European strategy concerning the integration of massive volumes of migrants can be supported in an objective way. Analogue analyses with the same methodology have already been derived for parts of Germany and Hungary. Similarity analysis is an artificial intelligence-based approach with its own consistence-oriented quality assurance layers. The data-driven policy creation needs methodologies where objectivity is provided through optimization in the modeling based on arbitrary phenomena. The modeling philosophy should try to ensure a kind of regional multi-layered equilibrium (sustainability, cf. Kazohinia). The outlined methodology can be seen as a sort of automated SWOT analysis where each conclusion will be derived from the raw statistics in a direct way - without the risk of human subjectivity intervening in the process. The modeling spectrum consists of three levels: (1) Explorative modeling is able to derive basic characteristics for ceteris paribus perspectives through the complex functions. The standard analytical potential works with ceteris paribus parameters, based on the appropriate literature sources. (2) Antidiscriminative modeling is capable of deriving ranks for objects without an actual learning pattern, for the so-called production functions. (3) A cybernetic state of law should be able to have robot-planning values supporting human decision processes. Therefore, 'freedom of press' is basically the capability to explore and publish objective force fields and not to catalyze the spread of subjective evaluations.
Access status: Open Access ,
Segmenting SMEs in Central Europe’s coal mining region based on green finance awareness
(Wydawnictwa AGH, 2025) Klimková, Kristýna; Rydzewski, Rafał
The European Commission estimates that at least €1 trillion in sustainable investments will be needed over the next decade. Central and Eastern Europe countries face unique challenges to secure financing for their green transition due to their economic and political background. Among all of the players in the global economy, SMEs significantly impact the environment but face barriers in the adoption of green practices and sustainable investments. Despite the potential benefits of green investments, SMEs often lack awareness and resources to engage in sustainable initiatives effectively. The aim of the research is to investigate the awareness of SMEs of green financing tools. Our focus is set on the identification of similarities and differences between companies and the creation of segments based on different levels of knowledge of green financing and their overall financial situation. The research used a survey-based approach, focusing on SMEs in the Silesian Voivodeship (Poland), a region with a strong industrial heritage and undergoing green transformation. The data was collected from 200 Polish SMEs in the Silesian region and analysed by factor and cluster analysis. Responses were analysed to identify attitudes, levels of awareness, and readiness for green financing. The segmentation reveals distinct profiles regarding financial health and engagement with green finance. It is possible to create two segments of passive idealists and informed realists. Both acknowledged that green investments are more financially demanding. However, the informed realists displayed higher levels of engagement with green financing, including seeking and receiving expert advice and understanding application processes. Limitations include the regional focus and a reliance on subjective self-assessment by firms.
Access status: Open Access ,
Descriptive representation about transformation of company by using current technologies and tools for analytical processing and evaluation of diverse data
(Wydawnictwa AGH, 2018) Koman, Gabriel; Holubčík, Martin|Kubina, Milan
Companies are currently producing and processing larger and larger amounts of data that they were not able to effectively process and subsequently use in the management of company processes in the past. There are several technologies and tools for the analytical processing and evaluation of diverse data, such as the Big Data technology. The Industry 4.0 concept (which is closely linked with the IoT) will bring an enormous growth of produced data into the company sphere. The information value of such data can significantly affect managing and decision-making processes in a company. Here, we can see a synergy between man and technology where each influences the other. The purpose of this paper is to support the following statement: in the present business environment, we are facing the transformation of a company that, for efficient management and decision-making, needs: a) to capture and process all available data, b) to implement new tools into strategic decisions, and c) to integrate data through a single system. This article describes the possibilities of deploying the efficient use of new technologies (Big Data, Industry 4.0, and IoT) in management.
Access status: Open Access ,
Micro-, small-, and medium-sized enterprises using structural funds
(2014) Peszko, Agnieszka
Numerous academic publications are currently concentrating on the role that structural funds play in financing small- and medium-sized enterprises, as well as the level of possibilities and the benefits that such enterprises may be able to gain as a result of structural funding. The high formal and substantive requirements for access to these funds, which causes that these sources are not available for all enterprises, often are skipped. The objective of this paper is to answer the question of what attributes are typical for micro-, small-, and medium-sized enterprises that fulfilled all requirements and received structural funds subsidies. Additionally, this article presents opinions expressed on structural fund access barriers by entrepreneurs. The research (whose results are discussed in this paper) was conducted among micro-, small-, and medium-sized enterprises of Małopolska received structural funds subsidies. This article demonstrates that access to structural funding is limited to a particular group of enterprises.
Managerial Economics
Vol. 19 (2018)
Access status: Open Access ,
Calculating capital requirements for operational risk
(Wydawnictwa AGH, 2021) Waschbusch, Gerd; Kiszka, Sabrina
Operational risks have become increasingly important for banks, especially against the background of growing IT dependency and the increasing complexity of their activities. Further-more, the corona pandemic contributed to the increased risk potential. Therefore, banks have to back these risks with own funds. There are currently three measurement approaches for determining the capital requirements for operational risk. In recent years, and especially during the Great Financial Crisis of 2007/2008, however, some of the weaknesses inherent in these approaches have become apparent. Thus, the Basel Committee on Banking Supervision revised the current capital framework. Therefore, this article examines the various measurement approaches, addresses inherent weaknesses and moreover, presents the future measurement approach developed by the supervisory authorities.
Access status: Open Access ,
Low interest rates - a real threat to German banks or first-class whining?!
(Wydawnictwa AGH, 2020) Hastenteufel, Jessica; Fuchs, Lena
The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming increasingly difficult for banks to generate sufficient income from the interest margin. This is partly due to the European Central Bank's expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.
Managerial Economics
2013 - Nr 13
Managerial Economics
(2012)
Managerial Economics
2017 - Vol. 18 - No. 1
Managerial Economics
Vol. 26 (2025)
Access status: Open Access ,
Can the publication of annual financial reports become an opportunity for insider trading?
(2015) Suliga, Milena
Illegal insider trading is a problem that involves most of financial markets. Unusual abnormal returns as well as increased trading volumes observed ahead of price sensitive information can be signals of this type of market abuse behavior. In this paper, I study the occurrence of insider trading on the Warsaw Stock Exchange. I verify if publications of annual financial reports of WIG issuers can be preceded by this phenomenon. The study includes reports from the period between 1 January, 2010, and 29 May, 2014. In order to define abnormal returns, I suit the GARCH process to daily returns and use event-study analysis. Potential insider trading behaviors are found with the use of two-day cumulative abnormal returns in a first step and with the use of daily abnormal returns afterwards. The publications that are marked with potential informed price movements are analyzed for the presence of extremely high abnormal trading volumes, which can be additional signals of market abuse.
Access status: Open Access ,
Odra River in Lower Silesia - probabilistic analysis of flood risk dynamics as part of sustainable development of water management
(Wydawnictwa AGH, 2018) Kuźmiński, Łukasz; Halama, Arkadiusz
One of most common natural catastrophes in Poland are undoubtedly floods. Climatic change contributes to more and more often and violent occurrences of the maximum flow in rivers, which increases flood damage. Inadequate land management and the unjustified belief in the effectiveness of technical flood control measures can also contribute to flood damage. The development of water management (including flood protection) should be carried out in a sustainable way by integrating social, environmental, and economic objectives. In flood protection, those measures that are least invasive to the natural environment should be used first, in particular, non-technical flood protection methods (e.g., flood risk assessment and management, and the proper definition and management of flood plains). One of the bases for the sustainable development of water management is the preparation of models that can help us calculate the likelihood of maximum flow and to identify areas that are at risk of flooding. On this basis, the proper spatial policy and prevention of flood effects will be possible. This article presents the probabilistic analysis carried out on the flood risk dynamics for a selected area of the Odra River basin. The authors based their risk dynamic assessment on the results from the distributions of the maximum values for a selected hydrological characteristic - the flow rate. Based on the daily flow data from the years of 1994-2013 collected at a hydrological station on the Odra River in Malczyce, the 30-day flow maxima were set individually for four 5-year periods. Then, a probabilistic model of the maximum flow was developed based on these peaks for each 5-year period. The resulting models were used to estimate flood risks and for analyzing the dynamics for the studied area.
Managerial Economics
2021 - Vol. 22 - No. 2
Managerial Economics
Vol. 24 (2023)
Access status: Open Access ,
The impact of macroeconomic measures on the valuation of listed equity in the US. Insights from high inflation periods
(Wydawnictwa AGH, 2025) Novak, Dominik
While the relationship between stock prices and macroeconomic indicators in the US has been widely examined, conflicting findings in the empirical literature suggest the presence of nonlinear dynamics that remain insufficiently explored. Following the work of A. López-Villavicencio and V. Mignon (2011), and A. Brick and D. Nautz (2008), inflation rates above a threshold level of 3% to 5% are associated with significant adverse effects on economic stability and stock market volatility. Therefore, there is a notable gap in the literature regarding the interactions between macroeconomic measures and stock prices during periods of elevated inflation, focusing on potential threshold effects. This study examines these relationships using monthly data from August 1973 to August 1982, representing High-Inflation Period 1, and from January 2021 to June 2024, representing High-Inflation Period 2. The analysis compares the direction and magnitude of the relationships across both periods. The results confirm that hedging against price level increases is a stronger determinant than withdrawal from capital markets due to heightened uncertainty caused by rising inflation rates, which would otherwise lead to declining stock prices. Additionally, the results highlight a strategic shift in US monetary policy, leading to better-anchored inflation expectations. The analysis also indicates that industrial production has become a less reliable proxy for economic activity in recent years, reflecting the US economy’s transition towards a service-oriented structure. Overall, the observed cointegration between stock prices and macroeconomic variables challenges the assumptions of the Efficient Market Hypothesis.