Managerial Economics
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ISSN 1898-1143
e-ISSN: 2353-3617
Issue Date
2026
Volume
Vol. 27
Number
No. 1
Description
Journal Volume
Managerial Economics
Vol. 27 (2026)
Projects
Pages
Articles
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.
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.
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.
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.