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MANAGERIAL ECONOMICS

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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: 2026 - Vol. 27 - No. 1

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  • thumbnail.journal.alt
    Item type:Journal Issue,
    Managerial Economics
    2026 - Vol. 27 - No. 1
  • thumbnail.journal.alt
    Item type:Article, Access status: Open Access ,
    Accuracy as one of the dimensions of the quality of stock market recommendations published by Polish brokerage houses
    (Wydawnictwa AGH, 2026) Straszak, Marek
    The aim of this article is to provide an empirical analysis of investment recommendation accuracy on Polish Stock Exchange. The study also intended to defining the concept of investment recommendation quality and classifying the dimensions through which it can be assessed. Based on data from 2005 to 2019 the accuracy of investment recommendation was calculated using four approaches. All four indicators indicate low level of accuracy of investment recommendation in Poland.
  • thumbnail.journal.alt
    Item type:Journal Volume,
    Managerial Economics
    Vol. 27 (2026)
  • thumbnail.journal.alt
    Item type:Article, Access status: Open Access ,
    On the structural design of the EU Inter-TSO Compensation mechanism
    (Wydawnictwa AGH, 2026) Sabolić, Dubravko
    This paper examines the structural design of the EU Inter-TSO Compensation (ITC) mechanism, which aims to remunerate transmission system operators for the costs associated with cross-border electricity flows. Building on the established legal and institutional framework and earlier analytical critiques, the paper develops a new stylized three-zone counterexample to assess how the mechanism allocates costs under realistic network interactions. The analysis shows that settlement rules based on boundary-flow proxies can assign compensation in ways that diverge from the physical origin of network burdens and may fail to penalize behavior that increases reliance on external networks. This finding complements existing paradoxes in the literature and highlights how proxy-based clearing can mute or distort operational and investment incentives, particularly in meshed networks with internal congestion. The contribution is analytical rather than empirical and is intended to clarify the scope and limitations of what the ITC mechanism can reasonably be expected to achieve, given its current design and informational basis.
  • thumbnail.journal.alt
    Item type:Article, Access status: Open Access ,
    The role of Employees' Dynamic Capabilities in shaping job performance through fake and authentic leadership
    (Wydawnictwa AGH, 2026) Bieńkowska, Agnieszka; Tworek, Katarzyna
    This article examines the role of Employees' Dynamic Capabilities (EDC) in shaping job performance through the influence of authentic and fake leadership styles. It addresses a critical gap by exploring how EDCs moderate the relations between leadership styles and job performance, mediated by intraorganizational trust, work engagement, work motivation, and organizational commitment. Data obtained from questionnaires from 289 organizations in Poland were analyzed using multigroup path analysis. The findings show that authentic leadership positively influences job performance by enhancing trust, engagement, commitment, and motivation, and the strength of this influence is higher among organizations with higher levels of EDCs. Conversely, fake leadership negatively impacts job performance, with more pronounced effects in low EDC environments. Most importantly, high EDC levels can buffer against the negative effects of fake leadership. The study highlights the importance of fostering EDCs to leverage authentic leadership benefits and mitigate fake leadership harms.
  • thumbnail.journal.alt
    Item type:Article, Access status: Open Access ,
    Linear vs. threshold cointegration approaches to price discovery: the case of the Warsaw Stock Exchange
    (Wydawnictwa AGH, 2026) Suliga, Milena
    This study evaluates and compares the usefulness of the classical Vector Error Correction Model (VECM) and the Threshold Vector Error Correction Model (TVECM) in analyzing the price discovery process on the Warsaw Stock Exchange. The empirical analysis uses daily data on the WIG20 index and its futures contracts from 2018 to 2024. The VECM results indicate unidirectional long-run and short-run causality from the spot market to the futures market, with the latter primarily adjusting to deviations from equilibrium. The estimated common factor weights suggest that the spot market accounts for about two-thirds of the overall price discovery. Based on these findings alone, one might conclude that the dominance of the spot market is stable and persistent. However, the TVECM reveals substantial nonlinearities and regime-dependent dynamics that challenge this conclusion. It identifies three regimes, corresponding to undervaluation, near-equilibrium, and overvaluation of futures, within which the adjustment mechanisms differ notably. In both the lower and middle regimes, the error correction mechanism is weak or statistically insignificant, indicating that deviations from equilibrium are not systematically eliminated. In particular, the middle regime, which accounts for the majority of observations, can be interpreted as a no-arbitrage band in which mispricing is too small to trigger arbitrage activity. In the upper regime, although both markets respond to deviations, their adjustments occur in the same direction, preventing the restoration of equilibrium and suggesting a breakdown of the classical arbitrage mechanism. This behavior may reflect the presence of common informational shocks and heightened market uncertainty rather than a stable lead–lag relationship between the markets. The comparison demonstrates that while the VECM provides a convenient summary of average relationships, it oversimplifies the underlying dynamics by assuming a constant adjustment process. The TVECM offers a more informative framework by capturing regime-specific behavior and revealing that the price discovery process is unstable, asymmetric, and sensitive to market conditions. These findings highlight the importance of nonlinear approaches in analyzing financial market dynamics, particularly in periods of increased volatility.
  • thumbnail.journal.alt
    Item type:Article, 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.
  • thumbnail.journal.alt
    Item type:Article, 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.
  • thumbnail.journal.alt
    Item type:Journal Issue,
    Managerial Economics
    2025 - Vol. 26 - No. 2
  • thumbnail.journal.alt
    Item type:Article, Access status: Open Access ,
    High-Volume Return Premium on the Warsaw Stock Exchange: evidence, drivers, and strategy design
    (Wydawnictwa AGH, 2026) Sieradzan, Olga; Wójtowicz, Tomasz
    This paper investigates the High-Volume Return Premium (HVRP) on the Warsaw Stock Exchange from 2002 to 2023. Building on prior research, it tests whether an unusually high trading volume predicts short-term return anomalies. Using daily data and long-only strategies based on relative trading volume, the study confirms the existence of the HVRP, with the strongest effects observed over one-day horizons, particularly for mid-cap and low-priced stocks. The premium weakens with longer holding periods and lower trading activity. These findings indicate that trading volume carries predictive information in an emerging market context and that volume-based signals can generate exploitable short-term return patterns. However, practical constraints such as transaction costs may limit the real-world profitability of such strategies.