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 ,
A statistical interpretation of a market demand curve for a commodity obeying the law of demand
(Wydawnictwa AGH, 2023) Lahiri, Somdeb
In this note we provide a statistical interpretation of the Marshallian market demand curve of a commodity that obeys the law of demand and which has a finite and positive level of satiation. A consequence of our approach is that in the context of two goods, we are able to obtain demand functions which are very similar to those obtained by “budget-constrained Cobb–Douglas util- ity maximization”, but now as a result of a “budget-constrained linear utility maximization” exercise, although our budget constraint is “slightly different” from the one that would be used for the former optimization problem.
Access status: Open Access ,
A strong brand as a determinant of purchase the case of sectors, where advertising in mass media is banned – on the example of the Polish spirits sector
(2013) Liczmańska, Katarzyna; Wiśniewska, Agnieszka
Zadaniem artykułu była ocena znaczenia silnej marki w procesach konkurowania o klienta, a także w procesach decyzyjnych konsumentów w sytuacji, gdy reklama jest prawnie zabroniona. Ostatecznie autorki proponują model budowania silnej marki w zbiorze determinant zakupowych w sytuacji zakazu stosowania reklamy. W artykule przedstawiono wyniki dwóch uzupełniających się badań. Pierwsze zostało zrealizowane metodą wywiadu osobistego na próbie 1500 respondentów indywidualnych w Polsce w roku 2007, natomiast drugie przeprowadzono metodą ankiety bezpośredniej lub internetowej na próbie 16 przedsiębiorstw produkujących bądź importujących alkohole wysokoprocentowe. Zebrany materiał pozwolił stwierdzić, iż konsumenci jako główny czynnik wyboru w przypadku alkoholi z wyższych półek cenowych wskazują silną markę, a wszyscy przedstawiciele producentów zauważają potrzebę budowania silnych marek oraz deklarują, że mają takie w swojej ofercie. W artykule dowiedziono, że w sektorach, w których obowiązuje zakaz reklamy masowej, lub z jakichś powodów reklama taka nie może być stosowana, budowanie silnych marek produktowych jest możliwe. Proponowany przez autorki model sugeruje, na co zwrócić uwagę przy tworzeniu silnej marki w sektorach, w których nie można w tym celu wykorzystać reklamy.
Access status: Open Access ,
A view on certain conditions for economic growth in Bulgaria (2008-2013)
(2014) Šišmanova, Penka Dimitrova
Economic growth is a function of numerous factors that, in their totality, determine its dynamics and stability. This article views only those factors that, to the greatest extent, present the capacity of Bulgaria's economy - labor resources, capital, and knowledge (education, innovations, information and communication technology). Their dynamics for the last five-year period outlines primarily unfavorable changes, which have had a limiting impact on economic growth. This also determines the challenges which Bulgaria has faced in recent years, as it has to direct its efforts towards increasing the effectiveness in the use of available resources.
Access status: Open Access ,
Agricultural income and prices - the interdependence of selected phenomena in Poland compared to EU-15 member states
(Wydawnictwa AGH, 2017) Czyżewski, Andrzej; Kryszak, Łukasz
The aim of this paper was to analyze the changes in various agricultural income measures in Poland since 2004 as compared to the situation of the EU-15 member states. Another objectivewas to examine the mentioned changes against prices. The main source of income data was the FADN database. Incomes of agricultural holdings in Poland are significantly lower than of those in most of the analyzed member states, however, this is the result of their smaller average area - their efficiency per hectare is relatively high. Polish agricultural holdings are also characterized by their comparatively small dependence on payments (although this is growing). Agricultural incomes are highly unstable, which refers to changes in price relations. This instability is particularly evident in countries with smaller farms and, thus, lower income per farm.
Access status: Open Access ,
An example to illustrate several aspects of optimization theory in Managerial Economics
(Wydawnictwa AGH, 2021) Lahiri, Somdeb
We provide a single example that illustrates all aspects of linear, integer and dynamic programming, including such concepts such as value of perfect and imperfect information. Such problems, though extremely plausible and realistic are hardly ever discussed in managerial economics.
Access status: Open Access ,
Assessing the relationship between business strategy and knowledge acquisition in Polish Manufacturing Enterprises
(2015) Patalas-Maliszewska, Justyna
This study analyzes the interplay between the characteristics of business strategy implementations and their interaction with different types of knowledge in the manufacturing enterprise. It is based on a survey and data obtained from 119 Polish manufacturing enterprises. This study is innovative in applying the Group Method of Data Handling to the business context. This article develops a framework of achieving the strategy’s goals in terms of the types of knowledge acquisition in a manufacturing company, and further discusses the research results.
Access status: Open Access ,
Bank policies towards SME sector in Poland and selected countries worldwide
(Wydawnictwa AGH, 2018) Duda, Joanna; Woźniak, Maciej
Small- and medium-sized enterprises (SMEs) are very signifi cant for the economy. However, they face many problems when trying to fi nance their development. In connection to the above, the authors set four research questions that are connected with bank policies towards SMEs. Then, they make an analysis in order to answer the questions. The conclusions, recommendations. and limitations are presented at the end of the paper.
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 ,
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 ,
CAPM applications for appropriate stock pricing - impact of speculation companies
(Wydawnictwa AGH, 2017) Urbański, Stanisław; Skalna, Iwona
Research on the pricing of stocks listed on the Polish market shows a contradiction with the classic CAPM. The results of these studies are consistent with the results carried out on other developed markets. The reasons for inconsistent pricing are not known, this is the main objective of this work. It is a continuation of the authors' previous work on the impact of speculation and penny stocks on the pricing in light of the ICAPM. Despite the scientific justifications for pricing in light of the ICAPM, a common estimate of the capital cost for companies is still performed on the basis of the classic CAPM. It has been conjectured that speculative stocks contribute to incompatible pricing in light of the CAPM. The elimination of speculative stocks would allow for the proper estimate of the cost of capital without the need of complicated and laborious ICAPM applications. The research is conducted on the basis of stocks listed on the Warsaw Stock Exchange from 1995 through 2012. The tested period is divided into two separate sub-periods: 1995-2005 (the years preceding Poland's accession to the EU) and 2005-12 (the years of Poland's membership in the EU). The analyzed stocks are grouped into quintile portfolios according to two variants. The pricing tests are carried out in three modes. In Mode, 1 all listed stocks are analyzed. In Modes 2 and 3, speculative stocks are excluded from the study. The research results prove the validity of the adopted conjectures.
Access status: Open Access ,
Changes in the quality of bank loan portfolios in EU countries - with the particular case of Poland
(Wydawnictwa AGH, 2022) Kosztowniak, Aneta
As non-performing loans (NPLs) can cause monetary crises that may turn into financial crises affecting an entire economy, monitoring them is very important. If NPLs are not identified and recognized efficiently, both in terms of speed and scope, NPL resolution effectiveness is undermined, which in turn will have negative effects on the banking sector and ultimately on GDP growth. The main aim of this article is to identify changes in the quality of bank loan portfolios in European Union (EU) countries in 2009-2021, using an example of the Visegrad Group (Czech Republic, Poland, Slovakia, Hungary) as well as France and Germany. Keeping in mind the fact that the share of loans to households in EU portfolios is approximately 60%, it has a significant impact on the share of non-performing loans (NPL) in a bank's entire portfolio. Therefore, it is important to identify macroeconomic determinants influencing the creditworthiness of house-holds and their loan servicing capacity. The specific aims are, first, to present the differences in NPLs, debt servicing costs, and the structure of loan portfolios in the selected EU countries. Second, to identify countries with high-quality portfolios and those undertaking restructuring. Thirdly, to examine the determinants of NPL for household loans based on the example of Poland, i.e., a country considered representative in terms of the average level of NPL and the portfolio structure in the group of countries studied. This chapter presents the changes of NPLs, debt service ratio, and household loans in selected EU countries in 2009-2021. Moreover, an NPLs econometric model for Poland is constructed, which considers the main factors determining the creditworthiness of households, i.e., macroeconomic factors, financial standing, and debt servicing costs. Tools such as the VECM model, the variance decomposition and the impulse response functions are used. The results for Poland confirm that the NPLs ratio for households was the strongest explanation of previous changes in own NPL, consumption and real wages in the household sector in 2009-2021.
Access status: Open Access ,
Climate protection as an opportunity for banks to increase earnings and consumer trust
(Wydawnictwa AGH, 2021) Kiszka, Sabrina; Hastenteufel, Jessica
Banks are currently facing numerous challenges. In addition to the ongoing cheap money policy of the European Central Bank, a regulated market environment and a rapidly progressive digitization, financial institutions are increasingly confronted with topics such as sustainability and climate protection. From the latter derive not only risks but also chances for banks. Sustainability risks can impact different risk categories such as market risks, credit risks, operational risks, and liquidity risks. Moreover, reputational risks can occur in this context. This is especially important as bank customers constantly develop a greater awareness of ecological issues, and thus, develop increasing expectations on how companies - like banks - deal with issues like climate protection and sustainability. For this reason, we will start with a theoretical explanation of the key words and then present the results of our customer survey to highlight the current expectations of bank customers in the context of climate protection. Based on this, we formulate recommendations for banks on how to generate a competitive advantage by engaging in climate protection and by taking sustainable actions.
Access status: Open Access ,
Cluster as place of efficient diffusion of knowledge - experiences of Lower Silesia
(Wydawnictwa AGH, 2018) Wachowska, Małgorzata
Due to the fact that clusters should implement the idea of an open innovation model, the paper focuses on the role of Lower Silesian clusters in promoting knowledge flow between enterprises and other network participants, which are measured by the numbers of joint inventions and patent citations. On the basis of the analysis of national and international patent applications, it has been found that few inventions of enterprises are created in cooperation with other cluster members as well as that enterprises refer to the knowledge of other cluster members in their patent descriptions to a limited extent, which in general does not support the thesis that cluster membership contributes to the intensification of knowledge-diffusion processes.
Access status: Open Access ,
Commercial hospitality as a business model in the independent hotel company
(2013) Kowalski, Zbigniew
The hospitality business, not only in Poland, especially the independent hotel companies, require a greater commitment from theorists and practitioners in industry and others, who can inspire them with their knowledge, competence and experience. The presented for the first time in Poland example of using the commercial hospitality for more effective and profitable hotel operation is the process innovation itself becoming a new way of organizing the service activity of the hotel. One need to keep in mind that this is “a continuous process, consisting of a series of incremental changes in products and processes [and] this may occasionally complicate the identification of innovations in services in terms of single events” [7, s. 38], e.g. the individual implementations. Commercial hospitality as a business model could be an innovative tool in the hands of the hotel manager of the independent hotel company, because it allows him more effective control over the process of service provision and the creation of the value chain starting from inviting guest until bidding them farewell. Commercial hospitality mustn’t be perceived as the added value as it is the integral element of the full value of the service expressed in the price and paid by the client or guest. The phenomenon of commercial hospitality, not only in Poland, is a relatively young research issue and that is why it is the subject to constant assessment, analysis and constructive criticism. However, it is important that this publication enables a greater understanding of and commitment to the commercial hospitality. Goodwill for commercial hospitality and the innovative approach to the commercial hospitality management are the vector indicated by author in improving hotel´s resistance to competition and in the process of development of the independent hotel companies of the XXI century.
Access status: Open Access ,
Comparative advantage of the EU in global value chains - How important and efficient are new EU members in transition?
(2016) Gurgul, Henryk; Lach, Łukasz
We suggest original modifications and extensions of the recently presented methodological developments in ex-post accounting framework in global value chains in order to obtain empirical results both for the analyzed group of ten CEE economies as well as at a country-and-sectorspecific level. The empirical results confirm that the role of the selected CEE economies in transition in creating value added with respect to the total value added in the European Union in the GVC framework was biggest in the cases of agriculture-, wood-products-, metal-production, and travel-and-tourism-related sectors. We also found that, after two decades of transition, the measures of productivity in the examined economies in 2009 were still much lower as compared to the EU average for most of the sectors. Moreover, in the transition period, these indexes were increasing, especially after EU accession. In contrary, after two decades of transition, the measures of capital efficiency in the ten CEE economies in 2009 were comparable to the EU average for most of the sectors. Moreover, during this period, the growth rates of these indexes were, in general, positive. However, their growth rates dropped after EU accession.
Access status: Open Access ,
Concept of a regional silver economy illustrated with the example of Lubusz province
(2014) Cupiał, Brygida Beata; Sobolewska-Poniedziałek, Ewa
Demographic trends in developed countries require focus on the problem of aging populations. These trends are directly related to structural changes within the economy. Modifications of economic models imply a need for the creation of a new regional development concept. An example of such a concept is the silver-economy strategy implemented at the regional level. This article attempts to identify the existing potential and the main barriers to the introduction of the silver-economy concept in the region. Investigations will be carried out by a case study of Lubusz Province.
Access status: Open Access ,
Consumer surplus and budget constrained preference maximization - a note
(Wydawnictwa AGH, 2020) Lahiri, Somdeb
The paper attempts to rectify what appear to be popular but elementary misconceptions about the concept of consumer surplus in the context of Marshallian demand curves. It is primarily addressed to teachers of microeconomics at the undergraduate level or in MBA programs of business schools. The main text informs the reader about the model/context and the results we are concerned with, all of the latter being a comprehensive teaching note, relegated to an appendix of the paper. Thus, the potential instructor may use the main text to motivate himself/ herself and at the same time inform his/her students as to the topic i.e. the rehabilitation of consumer surplus as an exact measure of welfare from the stand-point of cost benefit analysis. Thereafter the appendix can be referred to for a more formal presentation. The technical results contained in the appendix begin by showing that willingness to pay is the area under the demand curve if and only if consumers are surplus maximizers. The last result in the appendix is a theoretically 'happy ending' since it shows that for purposes of applied economics, budget constrained preference maximization implies surplus maximization and hence for such consumers, willingness to pay is indeed the area under the demand curve up to the quantity consumed.
Access status: Open Access ,
Cooperation among SMEs in Poland on the path to their development
(Wydawnictwa AGH, 2018) Siuta-Tokarska, Barbara
On the basis of the overview of the literature of the subject, the significance of the problem of cooperation among SMEs in the context of the factors influencing their development is presented. The author's own empirical research conducted among the enterprises of the sector with and without foreign capital in Poland presents the engagement of these enterprises in cooperation with other enterprises as well as with other market entities such as local government units, research and development units, or institutions of higher education. The results of the research concerning various forms of cooperation among SMEs with other enterprises as well as the size classes of the cooperating enterprises are also graphically presented. Moreover, the assessment of the similarity of the structures of the SME sector enterprises with Polish and foreign capital is made, which in turn made it possible to define their similarities and differences by taking into consideration their capital (Polish or foreign).
Access status: Open Access ,
Current and future challenges of family businesses
(Wydawnictwa AGH, 2019) Hastenteufel, Jessica; Staub, Mareike
Family businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families themselves do have some weaknesses and face current challenges like digitization, internationalization and demographic change. These issues must be kept in mind in order to constantly develop appropriate solutions that will help them survive and thrive in the market. Moreover, the high relevance of the family in a family business is associated with opportunities - for example, when a family strategy with clear values, roles and goals is defined, and a so called family business governance is developed.
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.