Ekonomia i Prawo. Economics and Law https://apcz.umk.pl/EiP <p class="text3"><strong><em><span class="italic_black">Ekonomia i Prawo. Economics and Law</span></em></strong> is a quarterly double-blind peer-reviewed journal published in print and online on an open access basis. The aim of the journal is to create a solid plane of communication between economists and lawyers in the process of influencing the shape of the state’s institutional order. The topics of scientific articles published in the journal focuses on theoretical and empirical research in the following disciplines:</p> <ul id="u92015-12" class="list0 nls-None"> <li class="text3">Economics (development economics, economic history, financial economics, institutional economics, international economics, labour economics, mathematical economics, monetary economics, non-market economics, public finance, welfare economics);</li> <li class="text3">Finances;</li> <li class="text3">Law.</li> </ul> Uniwersytet Mikołaja Kopernika w Toruniu en-US Ekonomia i Prawo. Economics and Law 1898-2255 Forecasting the directions of the EU sugar market development after limiting government intervention https://apcz.umk.pl/EiP/article/view/37601 <p>Motivation: The EU sugar industry is one of the most regulated industry which is subject to import duties, subsidies and quotas. Government intervention in sugar markets significantly affects sugar production, consumption and trade. The GATT/WTO negotiations led to the commencement of the liberalization process in the EU sugar market, and initiated a number of reforms aimed at abolishing government support. Consequently, the sugar market in the EU has undergone considerable changes. Proper recognition of the directions of changes will contribute to reducing the difficulties of entities operating on the global sugar market.</p> <p>Aim: The purpose of this publication is to present the forecasts made in 2017 regarding the main categories characterizing the EU sugar market and to verify their validity following the analysis of the actual data. The work uses the forecasts made for 2017–2020 based on empirical data collected from 1993–2016, and then verifies their validity when set against the real data.</p> <p>Results: The results of the research showed that statistical models are not able to predict correctly not only the forecasted values, but also the directions of their changes. The range of indicators of forecast errors was almost 40 percentage points, which reduced their credibility. The Pearson correlation index of over 0.7 indicated a significant correlation between the real data and the forecast values for the consumption or sugar beet harvest, while interpreting the discrepancy coefficient index, which did not exceed 1 for the forecast of the sugar production volume. This allows to conclude that this forecast shows the smallest differentiation in comparison to the actual data obtained.</p> Anna Budzyńska Mirosław Urbanek Copyright (c) 2022 Anna Budzyńska, Mirosław Urbanek https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 297 315 10.12775/EiP.2022.016 The puzzle of post-pandemic recovery, transatlantic relations and European solidarity https://apcz.umk.pl/EiP/article/view/37354 <p>Motivation: The coronacrisis has highlighted the fragility of the highly interdependent world economic order. The economic recession following numerous lockdowns weakened the position of the West in the geopolitical arena. Thus economic recovery is a must, though its significance for the US and the EU differs considerably.</p> <p>Aim: The paper aims to discuss the state and prospects of transatlantic relations in the era of new challenges posed in front of the US and the EU. We have selected two main issues: the incremental rivalry between the US and China, and the solidarity principle within the EU. The departure point for the analysis is the assumption that the tightening of economic cooperation between the US and the EU seems desired, but it might also lead to socioeconomic consequences questioning European solidarity in the long term. We employ the perspective of institutionalist political economy to understand the interplay between actors and the rules they create. We assume thus that actors pursue their goals, but must take various limitations into account. We also refer to the literature on economic policymaking and economic systems.</p> <p>Results: Under possible regionalization of the world economy after the COVID-19 pandemic, transatlantic relations will be under pressure to generate growth. As far as the US is willing to embrace this imperative, the EU might face the dilemma between struggling for better economic performance and rebuilding solidarity between member countries.</p> Sławomir Czech Copyright (c) 2022 Sławomir Czech https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 317 334 10.12775/EiP.2022.017 The impact of international macro environment factors on the internationalization of Polish enterprises https://apcz.umk.pl/EiP/article/view/37355 <p>Motivation: It is commonly noted that the environment of enterprises changed substantially at the turn of the 20th and 21st centuries. The environment basic and characteristic features are changeability and complexity, i.e. turbulence. It is justified to distinguish the enterprise international macro environment as a separate category. Many different ways of understanding this category and of classifying its structural elements can be found in the literature.</p> <p>Aim: The theoretical aim of the article is to characterize the essence and structural elements of the international macro environment of enterprises. The practical aim is to assess the impact of individual elements of the international macro environment on the internationalization of business activity in the opinion of the Polish manufacturing companies covered by the survey. The article makes use of a critical analysis of the literature on international management and draws on the results of own surveys conducted among Polish enterprises.</p> <p>Results: The analysis and monitoring of changes taking place in the international macro environment are of key significance for the strategy of the enterprise internationalization regardless of the stage or intensity of the internationalization process. The influence of international macro environment factors is an important aspect that decides whether a given venture undertaken by the enterprise on foreign markets will be a success. As a result of own studies, the impact of individual types of international macro environment factors on the internationalization of Polish enterprises was determined. Attention is drawn to the dominant role of factors of the technological environment.</p> Ireneusz Drabik Copyright (c) 2022 Ireneusz Drabik https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 335 353 10.12775/EiP.2022.018 The empirical analysis of human capital competences on the example of company executives https://apcz.umk.pl/EiP/article/view/37356 <p>Motivation: Diagnosing the competences of human capital is a complex process, involving many approaches and steps leading to the recognition of the entire problem situations of the organization and its employees. Due to the increasingly higher and ever-growing position of the human capital formation system in the overall process of managing an organization, the analysis and diagnosis of management competencies is a process of particular importance. In the era of the knowledge-based economy, employee competencies are the key to competitive advantage. An important issue, therefore, is the constant monitoring of managers attitudes to improve their competences and conducting a systematic analysis of their component structure.</p> <p>Aim: This article aims objective of developing a factor structure of the rational dimension of management competencies based on knowledge, skills, and comprehension. Due to this objective, the factor structure of the knowledge and skills that managers have was determined. The practical level of self-assessment of the rational components of competence from the point of view of the influence of situational factors was also determined.</p> <p>Results: A questionnaire, an interview and literature studies were used for the research carried out in 2019–2020. The questionnaire was addressed to 282 employees of enterprises in the Lubusz Voivodeship of Poland. This allowed determining the degree of managers determination expressed in the need to adjust the competence potential they have to changeable situational factors.</p> Grzegorz Drozdowski Copyright (c) 2022 Grzegorz Drozdowski https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 355 367 10.12775/EiP.2022.019 Flat location and size as a determinant of homeownership duration https://apcz.umk.pl/EiP/article/view/37602 <p>Motivation: Both the research on the residential market focuses primarily on analyses of the size and quality of the housing stock, or seeking dependencies with socio-economic factors. The second research area is the analysis of prices and construction of residential price indices. As an equally important issue is assessing the intensity of trade in particular types of flat and location. A standard view is that those small flats are more frequently traded on the market than large ones.</p> <p>Aim: The study concerns analysis of ownership duration of a flat by the same owner (from the day of purchase to the sale day). It depends on the characteristics of the dwelling, including the location and size. The research will verify the hypothesis of a shorter duration for small units and its location. The study relies on the example of one local housing market. The study use regression analysis to examine the property value on the city’s districts and duration analysis to explore ownership duration time, and nonparametric models of a proportional model Cox gambling with explanatory variables dependent on time.</p> <p>Results: This research is significant in socio-spatial connection to the housing market. It shows that the current practice of buying a small flat as an investment in the housing market is appropriate. Due to the rapid price increase of small flats and high turnover, the chances for a good investment are increasing. With the help of the Cox model, the study shows that on the local market poor location in the old city housing estate and a larger floor area decreased the odds of a property to be sold quickly. The study results are valuable due to the unique role of housing on investing in the local market.</p> Iwona Foryś Copyright (c) 2022 Iwona Foryś https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 369 387 10.12775/EiP.2022.020 Legal and economic determinants of restructuring processes in health care entities in Poland https://apcz.umk.pl/EiP/article/view/37358 <p>Motivation: The majority of problems in the health care system originate in the limited financial resources, but the efficiency of the system is also&nbsp;— indirectly&nbsp;— affected by the management of these resources, which is sometimes not as effective as it might be. These problems become particularly apparent in the Polish public health care, undergoing constant reforms. This brings into focus the issue relating to restructuring processes, which are determined by relevant legal regulations and the competences of people in charge, who need to maintain the consistency of implementation.</p> <p>Aim: The article aims to analyse legal and economic determinants in the restructuring of health care entities in Poland, with particular emphasis on the possible application of restructuring proceedings to these entities. Further, it identifies key success factors for restructuring processes from the perspective of management. The following legal acts were included in the analysis: the Act of 15 May 2015 the <em>Restructuring Law</em>, the Act of 15 April 2011 on medical activity, the Act of 23 April 1964 the <em>Civil Code</em>, the Act of 28 February 2003 the <em>Bankruptcy Law</em>. The review of good management practices in the research area was presented.</p> <p>Results: Based on the analysis, recommendations concerning the implementation of restructuring processes in health care entities were formulated. The benefits stemming from the application of restructuring proceedings to health care entities were discussed. The key elements of the restructuring plan, accompanied with practical guidelines, were presented.</p> Grzegorz Głód Maciej Langer Copyright (c) 2022 Grzegorz Głód, Maciej Langer https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 389 402 10.12775/EiP.2022.021 Methodological foundations of assessing research impact in business and management https://apcz.umk.pl/EiP/article/view/37359 <p>Motivation: Assessment of research impact in the business and management field is more difficult than in the case of Science, Technology, Engineering, and Mathematics (STEM) disciplines and, therefore, it is justified to improve the approaches, methods and tools used in this field and social sciences in general. Methodological research concerning such assessment is quite a challenge as it is not easy to identify useful assessment methods, indicators and evaluation criteria for carrying out objective processes for conceptualizing and measuring research impact. Creating conditions for obtaining reliable results of research impact assessment is accompanied by the growing interest of scientists and public institutions sponsoring their study.</p> <p>Aim: The article aims to indicate the current main methodological trends in assessing the impact of research in business and management.</p> <p>Results: The paper presents the results of bibliometric research enabling the identification of leading study centers and main methodological solutions, which may be a source of progress in the field of research on systems and methods of research impact assessment in business and management. This is especially important for the scientific community and public sponsors from countries that are currently starting to implement impact assessment systems. It is worth drawing from the experience, good practices and vast resources of knowledge related to evaluation systems and models of knowledge exchange between academia and non-academic stakeholders.</p> Tadeusz A. Grzeszczyk Copyright (c) 2022 Tadeusz A. Grzeszczyk https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 403 417 10.12775/EiP.2022.022 How Employee Capital Plans qualify under the IORP II Directive https://apcz.umk.pl/EiP/article/view/37360 <p>Motivation: The pension system in Poland is undergoing another major reform. Between 2019 and 2021 Employee Capital Plans (ECP) are being implemented. This common system of voluntary pension savings schemes is a new element of the third pillar. The purpose of the ECP is to cover the majority of employees and to provide additional pension security for the large part of the labour force in Poland. Since Poland is still implementing the reform, and the system is still quite young, the research background is limited.</p> <p>Aim: This article tries to provide deeper, both legal and economic, analysis of the ECP. On the legal ground, it considers whether ECP provide “cover against biometric risk” or “guarantees a given level of benefits” for the purposes of Article 13(2) of EU Directive 2016/2341 (the “IORP II Directive”). If no such cover and no such guarantee are provided, then an ECP scheme is not required to comply with the technical provisions, buffer, and other funding requirements applicable to an IORP which is classified as a “regulatory own fund” in Article 15 of the IORP II Directive. From the economic perspective, the purpose of the article is to answer the question of how much the ECP members are covered against the risk of longevity. To achieve the research objective the method of critical legal dogmatics and the economic analysis of law method are employed.</p> <p>Results: The article explores how the ECP schemes are classified under the IORP II Directive. It also answers the question of how much the ECP members are covered against the risk of longevity. The main finding of this analysis is that the ECP, as a defined contribution plan, does not protect participants from either biometric risk or asset value declines.</p> Sebastian Jakubowski Copyright (c) 2022 Sebastian Jakubowski https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 419 429 10.12775/EiP.2022.023 Principle of financial adequacy of local self-government units vs. local self-government healthcare expenditures https://apcz.umk.pl/EiP/article/view/37431 <p>Motivation: The economic crisis caused by the pandemic revealed problems related to the financing of the tasks of local government units (LGUs). Moreover, these problems are associated with the violation of the constitutional principle of adequacy in financing public tasks, including tasks related to health protection.</p> <p>Aim: The implementation of the principle of financial adequacy of local government units based on an analysis of local government spending on health care, considering the current situation caused by the COVID 19 pandemic.</p> <p>Results: The results from the analysis of finances confirm that local governments’ concerns about their financial situation are justified. The decrease in the investment potential of communes and poviats, dynamically growing current expenses, and the apparent increase in total income are the fundamental causes of the analysis. These causes, concerning the diversified number of medical entities in the analyzed cities’ self-government, confirm that the principle of financial adequacy in health care is strongly undermined. Besides, the economic situation caused by the COVID 19 pandemic has highlighted financial and organizational problems in local government units.</p> Zofia M. Karczewska Ewelina Mielech Copyright (c) 2022 Zofia M. Karczewska, Ewelina Mielech https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 431 448 10.12775/EiP.2022.024 Central ICT system SL2014: the way to reduce the transaction costs of European projects https://apcz.umk.pl/EiP/article/view/37433 <p>Motivation: European funds are these kinds of goods for which effective demand exceeds supply. The market value of European projects in Poland is estimated at approximately PLN 1125,44 bn, of which the EU co-financing is PLN 664,29 bn. Their effective use depends on the quality of the institutions responsible for their aggregation, allocation and proper expenditure (in accordance with the EU policies).</p> <p>Aim: The analysis of mechanisms determining the market game on the European project market in Poland in the light of the new institutional economics. Particular attention will be paid to the administrative tools that facilitate efficient long-distance communication between the parties to a project co-financing contract (central ICT system SL2014).</p> <p>Results: ICT systems constitute a part of a wider phenomenon commonly referred to as e-administration. It may be regarded as an institution in the meaning of the new institutional economics. This institution reduces the transaction costs related to handling European projects as well as the transaction costs in other areas connected with public governance. Wherever the e-administration can be applied (e-administration may be found useful in the case of public health emergencies that were triggered by the SARS-CoV-2 pandemic). Central ICT system SL2014 (as an element of e-administration) significantly reduced transaction costs in the field of handling European projects in the 2014–2020 financial perspective.</p> Marcin Kępa Copyright (c) 2022 Marcin Kępa https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 449 461 10.12775/EiP.2022.025 Gold market and selected Nordic stock markets: Granger causality https://apcz.umk.pl/EiP/article/view/37361 <p>Motivation: The turbulence in financial markets, especially stocks, makes investors seek safer ways of capital allocation. Gold exhibiting a low or negative correlation with stocks can constitute an alternative form of investment for them. The price volatility of aforementioned assets has impact on investors’ decisions. That is why the assessment of interrelations between stock and gold returns is important. The direction of causality between the analysed variables is reflected by the fact that investors tend to transfer their funds from gold markets to more profitable markets, or return to gold markets. The research focuses on linkages between gold-stock markets of selected Nordic countries which in comparison with countries classified as key producers and consumers of gold were not under investigation so far. There is therefore a research gap in empirical research.</p> <p>Aim: The aim of this paper is to investigate the causal relationship between the rates of return on stock markets in three Nordic countries, represented by their respective indices&nbsp;— OMXH25 (Finland: the Helsinki Stock Exchange Index), OMXS30 (Sweden: the Stockholm Stock Exchange Index) and OSEAX (Norway: the Oslo Børs All Share Index)&nbsp;— and the returns from investment in gold. The VAR model was applied in the analysis to perform a Granger non-causality linear test, along with decomposition of variance and the impulse response function. The study covered the period between September 2001 and October 2020.</p> <p>Results: The study showed no causality between the analysed rates of return, except in Norway, where the gold market was found to have an impact on the stock market, assuming a statistical significance of 0.14. In the other two countries, changes in gold prices did not affect stock prices, and vice versa.</p> Katarzyna Mamcarz Copyright (c) 2022 Katarzyna Mamcarz https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 463 487 10.12775/EiP.2022.026 Air pollutants and outlays vs quality of life in Poland and the welfare economics https://apcz.umk.pl/EiP/article/view/37363 <p>Motivation: The paradigms of the welfare economics are considered to be the basis of modern considerations on the measurement of quality of life. Today, there is no doubt that the quality of the environment, and especially the air quality that man breathes, is an essential element of the quality of life. Environmental problems, including air quality, often contribute to the failure of economic policies aimed at maximizing people’s well-being. Therefore, the state of all elements of the environment is important for the effectiveness of the implementation of the welfare economics and ensuring a satisfactory standard of living of the society. The last 20 years in Poland have been a time of catching up with many years of neglect in the area of the natural environment. It is a process that takes time and there is no possibility to achieve a high environmental quality of life in the short term. There is no disputing that measures were taken during this period to improve the environmental quality of life.</p> <p>Aim: The study focused on air quality, as it is an element of the environment that cannot be cleaned before use. The aim of the study is to check whether the measures taken to reduce emissions of pollutants into the atmospheric air have been effective and to what extent it was possible to improve its condition and to improve the environmental quality of life of the Polish society in terms air the air we breathe.</p> <p>Results: The results of the analysis in dynamic terms indicate that the quality of life in Poland during the transition, taking into account the emission of the main air pollutants, has improved.</p> Jolanta Pakulska Copyright (c) 2022 Jolanta Pakulska https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 489 501 10.12775/EiP.2022.027 Determinants of digital financial exclusion as a barrier to the adoption of mobile banking services in Poland https://apcz.umk.pl/EiP/article/view/37471 <p>Motivation: the contemporary phenomenon of financial exclusion, in the sphere of its reasons, consequences and activities aimed at its reduction can be connected, e.g., with using new technologies and financial innovations. The new dimension of such exclusion is created by the digital financial exclusion developed through a diverse set of behavioral, environmental and demographic factors. Their identification and analysis has become an essential activity influencing, e.g., the effectiveness of selective choice and application of proper tools to reduce this exclusion.</p> <p>Aim: identification and assessment of the determinants related to digital financial exclusion as a barrier in the adoption of mobile banking services, considered from the perspective of their impact on the segmentation of the analysed population.</p> <p>Results: the ranking, identified by the authors, regarding the importance of predictors indicated that the dependent variable&nbsp;— Y (i.e. people who have an online bank account classified based on the mobile forms of its use) is most influenced by the generation factor&nbsp;— X<sub>4</sub> (1.0), followed by: personal innovativeness&nbsp;— X<sub>2</sub> (0.92), digital skills&nbsp;— X<sub>1</sub> (0.90) and the perceived risks of new technologies&nbsp;— X<sub>3</sub> (0.66).</p> Małgorzata Solarz Jacek Adamek Copyright (c) 2022 Małgorzata Solarz, Jacek Adamek https://creativecommons.org/licenses/by-nd/4.0 2022-06-30 2022-06-30 21 2 503 525 10.12775/EiP.2022.028