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Über dieses Buch

This volume presents the proceedings of the ZAFIN Finance and Sustainability conference, organized by the Wroclaw University of Economics in cooperation with Corvinus University of Budapest and the University of Economics in Prague. The contributing authors analyze a variety of issues concerning recent finance problems, including corporate finance, public finance, monetary and fiscal policy issues, and risk management. The book also addresses topics connected to sustainable finance, the transition to green economies, corporate sustainability and sustainable development. The target audience for this book includes researchers at universities and research and policy institutions, graduate students, and practitioners in economics and finance working for private or government institutions.

Inhaltsverzeichnis

Frontmatter

Driving Public Organisations Towards Sustainability

Abstract
Sustainable organisations should serve the public interest and contribute to public value creation within ecosystems by promoting the quality of human resources, introducing information and communication technologies (ICTs), and ensuring sustainable financial reporting and communication to improve social and economic benefits for communities within society. The study aims to provide a framework to explain how to drive public organisations towards sustainability. Public organisations should consider sustainability as a goal and vision that guides strategy and action and enables value creation within ecosystems.
Mauro Romanelli, Patrizia Gazzola

Debt Management of Urban Gminas on the Example of the Silesian Voivodeship

Abstract
The paper discusses the issues of local government debt which is generated by huge expenditure demands in municipalities without relatively high incomes. The problems connected with allocation and the significance of local government debt have often risen much controversy. The process of local government debt management has become particularly important in recent years. Based on legal regulations and available statistical data for the period of 2014–2017, the level of local government debt in Poland and urban gminas Silesian Voivodeship was evaluated and analysed. The aim of the paper is to demonstrate urban gminas debt management as an important instrument of local government policy. Analysis concerned the structure and level of urban gminas debt service. The individual debt ratio and debt management in municipalities were also characterized. The goal of this study is also to bring theoretical fundamentals of debt management in local government closer to the reader, and based on the secondary data from the Statistic Poland and Ministry of Finance, to attempt to evaluate the level of debt, investment activity, liquidity ratio on cash basis, self-financing, operational and total capacity for development in municipal.
Justyna Łukomska-Szarek, Agnieszka Wójcik-Mazur

The Impact of Limiting Tax Costs for Expenditure on the Purchase of Intangible Services from Related Entities on the Level of Tax Charges

Abstract
The subject of the article is the assessment of the impact of the limit to include expenses on specific intangible services in tax costs if the service is provided by a related entity and this expenditure is not directly related to the cost of products or services offered by the purchaser of these services to the amount of tax burdens resulting from the introduction to the Polish Act on Corporate Income Tax. The limitation was introduced on January 1, 2018. The authors assess the impact of the amendment to the Act on the tax burden on income tax in the case of enterprises acquiring the group-wide licensing benefits as well as consulting and management services.
Paweł Kowalik, Dominika Tyczka

Environmental Aspects in Polish Public Procurement System

Abstract
Nowadays one of the key responsibilities of the state is to build a system of sustainable public procurement, whose functioning contributes directly to emphasizing environmental aspects (the policy of green public procurement). Green public procurement is understood as a process whereby public institutions attempt to purchase goods, services and construction works whose environmental impact during their life cycle is limited, compared to the goods, services and construction works with the same purpose as would be ordered otherwise. The interest in the issues of green public procurement took place relatively early on the OECD level—since 1996. A specific milestone in the development of the idea of green public procurement was the 2002 issue of OECD recommendations and the European Commission documents in 2003. Green public procurement is also an important element of the EU 2020 economic strategy implemented at EU level, as well as building a model of the economy in closed circulation. Wider consideration of environmental aspects within the public procurement procedure is possible thanks to two new EU directives from 2014 and amendments to the Polish Public Procurement Law from 2016. The level of green public procurement in Poland is low and deviates from the expected value to a large extent (currently set at 25%). Contracting authorities applying environmental criteria in the proceedings focus mainly on the application of environmental criteria for the evaluation of offers and consideration of environmental aspects in the description of the subject of the contract.
Tomasz M. Budzyński

Divestment from Coal Sector in Response to Higher Risk Assessment by Insurance Companies: Poland Case Study

Abstract
The changes in the approach of insurance companies to risk assessment related to climate change are the subject of the analysis. The following risks were taken into account: material risk resulting directly from extreme weather phenomena, legal and regulatory risk related to international efforts to reduce greenhouse gas emissions and reputation risk associated with preferences of increasingly aware stakeholders. The policy against coal sector and divestments demonstrated by chosen insurance companies were analyzed. Observations concerned the insurance markets in the years 2015–2018 with particular emphasis on the coal sector in Poland. As a result of the research, it was found that the changes in the understanding and transparency of climate risk reporting affect the functioning of the financial sector in relation to investments in conventional coal mining and energy production. The new global trend is divestment from the coal industry. This may have a major impact on the future functioning of this sector in Poland, where the transition to a low-emission economy is still too slow. This is related to the gradual withdrawal of foreign insurance companies from the Polish coal sector. This may put the carbon industry and Polish insurers in a difficult situation in the near future.
Malgorzata Burchard-Dziubinska

Sustainable Management of Commercial Real Estate in the Context of Investment Performance

Abstract
The main purpose of the article presented is to confront the income from a commercial real estate with actual cash flows. The operating income should not be the only measure of investment effectiveness in the real estate. According to the author, the key measure should be the application of NPV and PI indicators whose calculation determines the quality of investment decisions. The research methodology assumes the verification of such hypothesis due to use the investment’s effectiveness calculation. The Author presents financial issues related to investment activities and financial performance of investing in the commercial real estate market in commercial segment represented by shopping centers. As the research object there is indicated a typical commercial real estate, which is the shopping center. The objective of the research conducted is to verify whether the investment in the real estate is profitable for a potential investor while complying with the aspect of sustainable development.
Iwetta Budzik-Nowodzińska

Financial Aspects of the Common Agricultural Policy for the Environmental Sustainability of Polish Agriculture

Abstract
The purpose of the article is to characterise the implementation of financial instruments for environmental sustainability in Polish agriculture within the framework of the Common Agricultural Policy (CAP). It includes the assessment of the effectiveness of their allocation based on the extent to which the funds were used compared to the opportunities established due to membership in the European Union (EU). It mainly refers to a part of the rural development measures (CAP Pillar II): the agri-environmental programmes (AEP), payments for areas with natural handicap or other specific restrictions and afforestation of agricultural land. The descriptive and comparative analysis referred to the periods: 2004–2006, 2007–2013, 2014–2020, and plans for the CAP in 2021–2027 showed that the EU gradually increased the value of the financing and scope of implementation of the mentioned measures, however as a result of the CAP reform for the years 2014–2020 their importance has been limited due to increased funding of so-called greening of direct payments. The way of implementation of domestic agricultural policy was critically assessed in the light of use of these opportunities. It was proven by the effects of the Polish authorities’ decisions on relatively low (compared to the Union’s average) financial value of the AEP and other pro-ecological operations, which is a derivative of relatively small amounts allocated for the CAP Pillar II.
Karol Kociszewski

Transition to a Green Economy: Programming for a Low-Carbon Economy at the Voivodeship Level

Abstract
Currently, preparation and implementation of development strategy at the voivodeship level is very important. The role of this instrument is strongly related to a process of development programming, and it takes into account related factors of local, domestic and international dimension; they include current economic, social, legal, political and ecological conditions, and some future predictions and challenges. The latter include climate changes and the need of creation of a low carbon economy, which is a pressing problem currently. Activities taken by the European Commission, related with legal regulation, programmes, plans and also strategies, require some specific operations in cooperation with both national and local authorities.
The main issue of this paper is to present development strategies of the 16 voivodeships of Poland, taking into account the issue of the transition to a low-carbon economy. The author analyzes its role according to the development plans of the voivodeships, planned action, instruments, and methods of implementation of a low-carbon economy.
The thesis of the paper is: the voivodeships’ development strategies emphasize the role of the transition to a low-carbon economy, but do not take it as the main platform of development in future.
Paulina Szyja

Fostering Eco-innovation Through Smart Specialization Strategies and Support of EU Funds

Abstract
Sustainable growth is increasingly related to the capacity of regional economies to innovate and therefore is interrelated with smart growth. Eco-innovation is the factor that makes it possible to connect environmental and economic goals and link them to sustainable and smart growth, which are two of three pillars (aside from inclusive growth) of the Europe 2020 strategy. EU cohesion policy is particularly vital for mobilizing the potential of European regions to foster eco-innovation, and smart specialization (a place-based approach associated with that policy) can play an important role in this process. The aim of the paper is to analyze and assess the role of smart specialization strategies and EU funds in fostering eco-innovation on the example of Poland (the biggest beneficiary of EU cohesion policy). The research involves the analysis of primary sources, such as policy documents and legislation, and in the empirical section, is based on statistical data mainly from the reports of the institutions engaged in the implementation of EU cohesion policy. Although almost all Polish regions have emphasized the need to support eco-innovation, some of them have even indicated it as their regional specialization, this analysis of the actual use of EU funds proves the difficulties with implementation of those activities. It may be the result of low innovativeness of the economy as innovative and eco-innovative potential are closely related. Moreover, the concept of smart specialization should be properly interpreted and implemented, then it can be an opportunity for the development of eco-innovation in Polish regions.
Dorota Murzyn

Risk Management in Innovative Startups and the Role of Investors and Business Accelerators

Abstract
The aim of the article is to analyze the importance of risk management in young innovative enterprises, particularly in startups. The article presents the results of research conducted among small and medium-sized enterprises operating for no longer than 5 years with their headquarters in the Podkarpackie Province. An analysis was made on how young companies, in particular those implementing innovative and therefore risky solutions, manage the risk. An attempt was made to determine if and how the entrepreneurs perceive the risks in their environment as well as inside the entities. The article also presents whether and which risk identification and mitigation procedures are used among startups operating in the Podkarpackie Province. Undoubtedly, an identification of risk itself, the ways to minimize its negative effects and the scope of application of these methods depend to a large extent on the entrepreneurial attitude of the business owner himself. Therefore, the study also reviews the methodology of enterprise management in terms of its application in the area of risk management in startups based on new technologies. The authors pointed to the possibilities of implementing such methodologies as: Customer Development, Design Thinking and Lean Startup. They pointed to the role of the methodologies of building and developing startups in business accelerators. They also referred to the role of investors in the area of risk management in startups.
Adriana Kaszuba-Perz, Marta Czyżewska

Local Development as a Function of Budgetary Policy and Entrepreneurship

Abstract
The purpose of the article is to build a model describing local development (measured by communes’ budget revenue) by two groups of factors influencing it. According to the model the group of factors that influence local development are: budgetary policy and entrepreneurship. An attempt was also made to answer the question of which factors within each group individually explain the local development to the greatest extent. The authors also defined sets of optimal combinations of factors from different groups that according to authors, seem to stimulate local development. They also explained the reasons for the lower level of development of a given area. The time interval adopted for the study covered the years 2008–2016, the data were obtained from Statistics Poland, Local Data Bank and Ministry of Finance. To achieve the planned goal several methods were applied. The clustering of data vectors allowed to divide the communes into several groups with similar characteristics. That enabled to analyze how each of the variables influences the variables influence local development and to identify the parameters that are the most significant. Finally, the trend analysis was applied.
Tomasz Skica, Marta Czyżewska, Leszek Gajecki

Overall Assessment of Corporate Social Responsibility and Irresponsibility: A Map of Responsibility

Abstract
The article presents a method of making a comprehensive assessment of corporate social responsibility based on the use of graphic form. The proposed map of the overall responsibility assessment is a two-dimensional coordinate system that takes into account two areas of evaluation: corporate social responsibility (CSR) and corporate social irresponsibility (CSI) and two criteria for assessing these areas: the extent of impact on stakeholders and intentionality/strategicity.
Ewa Głuszek

System for Financing Investments in Renewable Energy Sources in Poland

Abstract
The research problem is to determine the system composition for financing investments in renewable energy sources in Poland. The aim of the article is to identify, analyse and assess the elements that are absolutely essential for green energy transformation in Poland: the support of investments from public funds (the first part of the article), the mechanism for investing in commercial projects (the second part) and the financing of small projects provided by households (the third part). The research method in the first part is based on strategic documentation analysis, in the second part on individual interviews conducted with selected financial institutions, such as the European Investment Bank, and in the third part on Polish households surveys conducted by research companies and universities. The conclusions indicate the relatively low scale of public support for investments in renewable energy sources and the lack of clear preferences for technologies with unstable electricity generation characteristics and regulatory uncertainty. The terms and the financing model are not conducive to small projects and projects intended for household purposes. Opportunities for investment in the development of dispersed and smaller scale sources should be found in reducing technology costs and improving the competitiveness of energy prices on the market. Improving Polish and the EU financing system needs to maintain public support, better identify the financial needs and financial limitations, and increase the scope of financial advisory and guarantees for entities. Those undertakings will activate a significant number of small investors and local renewable energy generation.
Alicja Małgorzata Graczyk, Andrzej Graczyk, Tomasz Żołyniak

Selected Errors Made in Economics, in Research on Global Climate Change

Abstract
Global climate changes attract interest from representatives of various scientific disciplines, including economists, which is manifested, among others, by a significant number of published studies on the subject. Due to the fact that these changes are a complex, multidimensional challenge, their study requires interdisciplinarity, and this in turn triggers additional cognitive and methodological difficulties. In this way, there are revealed complex errors made in economics, in studies of global climate change. The article presents eight of their selected forms, namely: (1) inadequate information flow between disciplines investigating this phenomenon, especially between natural sciences and social sciences, (2) limiting research to the presentation of views and discussions of other authors, (3) disregarding data describing the actual course of global warming, as well as its causes and consequences, (4) using inadequate research methods and methodologies, (5) abusing idealisational formal and economic models, (6) studying the phenomenon of global climate changes based on “statically retouched” data, (7) inappropriate temporal perspective of conducted research, (8) lack of pragmatism in formulated solutions, conclusions and recommendations.
Stanisław Czaja, Agnieszka Becla

Crowdfunding Campaigns and Success: A Systematic Literature Review

Abstract
Crowdfunding is one of the well-known fintech innovations providing opportunity to creative people (project initiators) to collect money from others (backers) for making their ideas come true. The interaction of the backers and initiators takes place on a web-based platform through a crowdfunding campaign launched for a limited time to achieve a predetermined monetary goal. The aim of the authors is to create an overview of the academic literature dealing with the success factors of crowdfunding campaigns to set an agenda for future research. The authors reviewed 22 high quality empirical articles written in English, gathered from 5 relevant databases and ranked Q1 by Scimago to provide a systematic literature review. The results and conclusions of the selected articles were analyzed using qualitative content analysis to create the conceptual framework for the successful crowdfunding campaigns. The authors found 60 success factors analyzed by top researchers grouped in 17 categories and 4 themes which can be influenced by the campaign initiators. This paper provides a typology of factors contributing to the success of crowdfunding campaigns which can be used as a framework for further research by scientists and as an executive summary of key influence areas by business practitioners.
Gábor Csepy, Nikolett Kovács, Erika Jáki

Literature Review on the Governmental Venture Capital Academic Articles Between 2000 and 2018

Abstract
This paper aims to identify the trends of academic research after 2000 in the field of the governmental intervention at the venture capital market. In our structured literature review, we collected articles from the EBSCO host research platform. To ensure a decent quality of the academic work, only peer-reviewed, English, written journal articles ranked by the Scimago Journal Rankings were considered, with the focus on the government intervention at the venture capital market. The systematic review of a comprehensive set of articles reveals that the prevailing Governmental Venture Capital (GVC) literature is mainly driven by two dominant logics: the reason for the governmental entry to the VC market and the effects of the GVC on the venture capital market ecosystem. Moreover, the collected articles were classified according to various topics identified in these research streams. Our paper’s main limitation is, that only English written articles were investigated. This approach disregards the domestic language written articles, which can hold added value to map out the effects of GVC on local ecosystems. Our literature review investigated the articles published between 2000 and 2018, while the last two literature reviews in this topic investigated the articles published up to 2014. Our broader classifications and new dimensions help researchers to identify unique research questions and thus foster GVC research. This literature review is relevant to policy makers recognizing the importance of government participation in venture capital markets.
Endre Mihály Molnár, Erika Jáki, Noémi Németh

Do Polish Hospitals Perform Well? Selected Aspects of Financial Performance

Abstract
Health sector plays an important role in the economic development of each country. Unfortunately, for many years, the health care sector in Poland has been struggling with financial and organizational problems. That is why, the main aim of the paper is to present and assess the financial condition of public hospitals in Poland in years 2007–2015. A chosen set of financial indicators connected with financial liquidity and indebtedness have been taken into the analysis. During the study there was made an attempt to verify whether the results achieved by individual hospitals varied significantly over time and whether these differences resulted from the founding body. The results of the study showed significant differences in the financial performance of selected hospitals and confirmed their difficult financial situation. What is more, the founding body has contributed to that situation. Those results will be of great help in the process of evaluating the quality of financial management of Polish hospitals.
Katarzyna M. Miszczyńska

Special Aspects of the Loan Agreement in the Conditions of the Slovak Republic

Abstract
According to the economic theory financial instrument is described as any contract resulting in the emergence of financial assets of one contracting party and the financial commitment of the other contracting party. In a simplified way, it can be said that a financial instrument is also a tradable asset, such as a security or a claims arising from a loan. Fundamental financial instrument used in every market economy is proving loans to customers. In the conditions of the Slovak Republic it is a contractual type primarily regulated by the Commercial Code with the legal regulation contained in the Civil Code. In this paper, the authors focus on the legislative aspects of the loan agreement, which has found its full potential in banking activities. Despite this fact, the legal theorists do not write a lot about this topic. The authors therefore examine through scientific and doctrinal interpretation the selected provisions of the Commercial Code, the Civil Code and other legal regulations related to the issue of this type of contract. With the help of scientific literature and case law, they will provide answers to application problems. Last but not least, they compare legal regulations of the loan agreement and the credit agreement and point out the differences. The study of selected issues related to the loan agreement in the conditions of the Slovak Republic represents the main objective of this contribution, which in its essence also affects the area of economics or financial management.
Tomáš Peráček, Boris Mucha, Lucia Vilčeková

Bill of Exchange and Its Application Problems in Slovak Republic

Abstract
A bill of exchange as a way of paying a liability is the historically oldest private law institute. In contractual relations, lack of knowledge of bills of exchange may cause damage to property interests not only on the side of bills of exchange creditors but also on the side of bills of exchange debtors. For this reason, we have set our goal to identify and examine a bill of exchange from a legal point of view in the Slovak Republic. Through scientific research methods, we try to point out its shortcomings that may arise when it is issued and subsequently recovered. The paper consists of an introduction where we explain the reason for its origin and its objectives. The literature review and methodology used are followed by the results of the work as the core of the paper. In the results we focus on issues of origin and types of bill of exchange, its acceptance, payment, the possibility of transfer, guarantee and termination of obligations from the bill of exchange. In the discussion, we argue with a number of expert opinions and comments on the issues at stake. In conclusion, we present the results we have achieved in relation to the stated objectives and propose measures to address the identified shortcomings. The contribution focuses primarily on the area of securities and civil law with certain overlaps into economics. It also has the effects of a multidisciplinary as well as international law investigation.
Tomáš Peráček, Boris Mucha, Patrícia Brestovanská

Legislative Aspects of Custody of Securities in the Conditions of the Slovak Republic

Abstract
The result of the meeting the supply and demand for securities is the conclusion of selected types of securities contracts. The purpose of custodian contracts, administration, depositing securities is the provision of securities care for the client for remuneration. These contract types belong to this specific category and form an integral part of the securities market. Especially in business practice, we encounter a number of legislative problems in concluding securities contracts. Some investment companies ignore the legislation and propose to clients to conclude storage contracts contained in the Commercial Code. This situation is also supported by the fact that the examination of the issue of securities custody contracts has also been neglected in the long term by legal theorists in the area of securities law, such as: Dědič, Pauly, Jablonka and others. Our main goal is to identify individual contractual types. The partial goal is to confirm or reject the hypothesis that these are separate contractual types and not just subtypes of contracts contained in the Commercial Code. Another sub-goal is to find answers to practical application problems through literature and case law. We examine the chosen issue using not only the available professional and scientific literature and legislation, but also using current knowledge of judicial practice.
Tomáš Peráček, Boris Mucha, Patrícia Brestovanská

Liquidity of the European Indices: The Developed Versus the Emerging Markets

Abstract
The study is aimed to compare liquidity of indices on the European stock markets in different stage of development. The sample consists of the blue chips indices from several European markets classified by MSCI as developed or emerging. This paper investigates statistical time-series properties of liquidity proxies calculated for indices. Additionally the principal component analysis is used to extract the main factors lying behind the liquidity dynamics as well as the dendrograms that help to illustrate potential clusters in liquidity. We find that on the developed markets the liquidity proxies for indices behave similarly, while on emerging markets some differences are observed. Additionally, we find that long-memory of liquidity series is more pronounced in the developed than in the emerging markets.
Barbara Będowska-Sójka

ESG Awareness and Perception in Sustainable Business Decisions: Perspectives of Indian Investment Bankers vis-à-vis Selected European Financial Counterparts

Abstract
Sustainable business and investments are gaining widespread attention in recent years. Institutional investors and companies are undertaking measures to integrate sustainability in their business operations. In fact, modern tools and techniques are being constructed and implemented to conduct ESG analysis and integrate ESG factors in their portfolios. However, the pertinent role of investment bankers who assists institutional investors through their advisory services cannot be undermined. The present study attempts to comprehend the level of ESG awareness and perception of investment bankers. In addition, it attempts to comprehend the sustainability choices in the Indian market vis-a-vis the developed markets in Europe. The study entails an exploratory case study research methodology with qualitative analysis of data. Data is accrued through primary survey and secondary research conducted in contexts of India, Germany, Austria and Switzerland. The results of the study are indicative of the increasing recognition towards sustainability issues among Indian investment bankers, subjected to limited availability of sustainability choices in the financial market. Conversely, innovative investment choices such as structured bonds, mandates and investment products have gained recognition in the west. The stated recommendations in this paper are expected to be immensely beneficial for policy makers, institutional investors, investment bankers and companies.
Ria Sinha, Manipadma Datta, Magdalena Zioło

Influence of Deregulation on Sustainable Development of Sector of Professional Financial and Accounting Services in Poland: An Empirical Study

Abstract
The paper presents the analysis of the influence of changes in legal regulations concerning professional accounting services into functioning and development of accounting offices in Poland. The main research objective of the paper is to evaluate the attitude and consequences of the deregulation from the perspective of accounting offices. The results of the research conducted by the authors indicate that accounting offices were not supporting the deregulation and they currently negatively evaluate it. The deregulation is evaluated as bringing the negative effects in six out of seven areas of functioning of accounting offices. The negative effects of deregulation are determined by narrow scope of variables, such as age of respondents, level of education and period of running the accounting office.
Michał Buszko, Marlena Ciechan-Kujawa

Private Insurance and Unmet Health Needs

Abstract
The aim of research is to estimate the impact of private health insurance schemes on the level of unmet health needs. The study examines the relationship between the subjective availability of health care services and income. The research group (24 European countries) is split into two subgroups on the basis of a role of private health insurance as a source of health system’s financing. We use Gini coefficient to evaluate the level of health inequalities expressed by the perceived availability of the health care benefits. The results confirm a negative relationship between income and unmet health needs, at the same time suggest that the level of unmet health needs is higher in countries where health benefits are financed primarily from public funds.
Paulina Ucieklak-Jeż, Agnieszka Bem, Paweł Prędkiewicz

Can We Own the Energy Transition? From Policy to Practice Within the Framework of Psychological Ownership Theory

Abstract
The energy transition is an unprecedented challenge, influencing not only the energy market and technology landscape but the whole societies. As social and psychological mechanisms appear to be at the bottom of this challenge, it seems potentially valuable to search for some clues in psychological theories. According to Suessenbach and Kamleitner, establishing the relation of ownership between an individual and environment becomes an important facilitator of sustainable behaviors and a valuable framework helping to understand the nature of this social change and to resolve the attitude-behavior gap (Suessenbach and Kamleitner, Psychological ownership as a facilitator of sustainable behaviors, 2016). As shown on the example of energy transition policy implementation in Poland, following these routes on state-level apparently is not enough to trigger personal commitments. But can the PO concept prove its value when used not only to analyze the nature of energy transition on a political level but when applied to a specific case study? To answer these questions we discuss the story of the biggest in Poland distributed solar power plant, situated in the center of Wrocław. This case analysis provides some insightful recommendations on how to establish psychological ownership related to energy transition issues successfully.
Bożena Ryszawska, Anna Haczkowska, Piotr Szymański

Eco-labeling as a Tool to Implement the Concept of Corporate Social Responsibility: The Results of a Pilot Study

Abstract
The considerations of this study are focused on determining the role that eco-labeling can play in the process of implementing the concept of Corporate Social Responsibility (CSR). In addition to the essence and basic functions of eco-labels, attention was also paid to the problems accompanying the dissemination of eco-labels. The main part of the article is a subsection presenting the results of own research, the main objective of which was to identify the impact of the implementation of the CSR concept, and in particular, used by eco-labelling companies, on purchasing decisions of respondents. Using the syllogistic reasoning in the process of analyzing the results of the aforementioned research, the authors also tried to answer the question: Can eco-labeling be an effective tool for implementing CSR? The application of research methods is the analysis of literature and surveys.
The conducted research shows that messages of the social responsibility of a given company may arise consumers’ desire to buy products of that enterprise. For the majority of respondents—regardless of gender—the product’s social or ecological mark had no impact on their purchasing decisions. Research has exposed the very low level of knowledge of eco-markers, which combined with the treatment of eco-markers as a sub-criterion of purchase decisions, questions the efficiency of eco-labeling as a tool for implementing the CSR concept.
Dorota Teneta-Skwiercz

Corporate Social Responsibility Activities and The Firm’s Value: The Case of Containers and Packaging Industry Sector

Abstract
This study analyzes the influence of Corporate Social Responsibility (CSR) initiatives on the firms’ value. The scope is the Container and Packaging Industry Group companies operating in three regions. The common perception is such that packaging materials have negative impact on the environment. Therefore, we expect CSR activities must positively influence and add value to the company’s financial performance, increasing share values. We utilized ASSET4 database of Thomson Reuters between the period 2012–2016. Three main area of CSR scores were considered as independent variables (Environmental, Social and Corporate Governance Scores). Price to Earnings Ratio (PER) and Tobin’s Q Values were used as dependent variables. The geographical locations were taken as controlling variables. We observed the value of companies are not increasing as a direct influence of CSR Activities individually, but as a combination of all three components which are categorically assessed by region. The main conclusion is that investing in CSR is not only having a goodwill by customers and consumers, it can help companies earn real share value as well. Thus, it needs to be part of corporate purpose. Our recommendation to these companies are to communicate CSR activities timely and in full to stakeholders, showing their contribution to the society. It will not only help in mitigating the overall negative image of packaging industry with respect to environment and sustainability aspects but also gain public support as people will trust them as a positive contributor.
Tomasz Słoński, Goksin Ilbasmis

Corporate Social Performance in Construction Industry: In the Search for Added Value

Abstract
Construction industry accounts for a large part of national gross domestic product globally and plays an important socio-economic role in every nation. In addition, large construction companies have drawn more attention to sustainability and environmental awareness in corporate processes recently. There is thus a need for a balanced approach to sustainability-oriented management in the industry. In our research, we identified activities within sustainable construction along with their integration scope in corporate processes with the aim of developing a framework for measuring and monetizing the activities by construction companies. Based on a case study analysis, we identified and categorized sustainability actions conducted and reported by Skanska. In order to determine their potential direct and indirect impact on financial performance, we linked them to particular financial statement positions. We then matched the actions to sustainability-related aspects presented in the existing literature devoted to construction industry. Our results serve as a starting point for further research on a value-adding potential of sustainability-oriented activities at the company level in the industry.
Karolina Daszyńska-Żygadło, Svetlana Mjakuškina, Anna Dziadkowiec
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