Numer 2/2023

Od redaktora naukowego

Z przyjemnością oddajemy w Państwa ręce kolejny numer pisma naukowego „Studia i Materiały”.

Issue content

The Impact of COVID-19 on the Financial Health and the Stock Market Valuation of the WIG.GAMES5 Companies (23 pages)
Author: Kamil Głowa
Keywords: financial health, business valuation, WIG.GAMES5, COVID-19
PP. 4 - 26
DOI: 10.7172/1733-9758.2023.39.1
Purpose: The article aims to assess the impact of the COVID-19 pandemic on the companies included in the WIG.GAMES5 index that is listed on the Warsaw Stock Exchange, for the period 2019–2021. Design/Methodology/Approach: In order to conduct the study quarterly and annual financial statements were used. The financial condition was examined by ratio analysis, while the valuation was carried out using financial multipliers’ analysis. Findings: The results of the ratio analysis led to the conclusion that COVID-19 and the restrictions associated with it had a positive impact on the financial health of the companies included in the WIG.GAMES5 index, inter alia after the outbreak of the pandemic COVID-19 excess liquidity of the companies increased, and the companies recorded the highest values of the return on the sales ratio in 2020. By analyzing both the increase in the market value of the shares of the WIG.GAMES5 companies over the period considered and the decrease in multipliers it was stated that the coronavirus pandemic had a positive impact on the market valuation of the companies over the period considered. Research limitations/Implications: Throughout the studies, some limitations were identified, i.e. the small research sample related to the number of the WIG.GAMES5 companies. Moreover, it was observed that described in the literature on the subject optimal values of ratios used in financial analysis do not apply to video game producers’ companies. Originality/Value: This article deals with the important topic of the impact of the COVID-19 pandemic on the financial health and the stock market valuation of the WIG.GAMES5 companies.
Internet generations in the labor market (14 pages)
Author: Grażyna Wieczorkowska, Kinga Wilczyńska
Keywords: World Value Survey, European Social Survey, generational differences, Portrait Values Questionnaire, Age-Period-Cohort Effect Analysis
PP. 27 - 40
DOI: 10.7172/1733-9758.2023.39.2
Objectives: When describing generational differences, the concept of a collective (prototypical) unit is used, which has been shaped by prevalent social and cultural conditions during the formative period of secondary socialization. Generations whose privileged period coincided with the widespread use of the internet have been referred to as internet generations. The article aims to draw attention to the need to separate the effects of biological age (younger doroworkers differ from older ones in terms of factors such as muscle strength and fresh memory) from the effects of generation resulting from environmental differences during the privileged period of secondary socialization. Methodology: The article presents analyses of survey research results from the World Value Survey in 2005 and 2020, as well as the European Social Survey from 2018/2019. Results: Using WVS data, the article demonstrates an empirical approach to distinguish the generational effect from the effect of biological age in the study of work attitudes. It shows that, compared to older generations, work is less significant for internet generations. Using ESS data shows that the intensity of internet usage positively correlates with self-focused hedonism among all respondents. The negative correlation with others-centred conformity depends on age (younger respondents exhibit a stronger correlation). Limitations/Implications: Unfortunately, most scientific reports on generational differences are based on cross-sectional measurements at a single point in time. Such studies do not allow for the separation of age, period, and cohort effects, thus posing a high risk of making false generalizations regarding generational differences. Originality/Value: The Internet revolution, which has taken place on a nearly global scale, has radically changed intergenerational relationships. Internet generations no longer need to look for information by asking older employees.
Optimal Tax Theory for Investment in Human Capital and the Role of Family (17 pages)
Author: Sylwia Radomska
Keywords: optimal taxation with human capital, income-contingent repayment, education subsidies
PP. 41 - 57
DOI: 10.7172/1733-9758.2023.39.3
Purpose: Parents spend more than half of all education expenditures on children’s education, thus the role of the family cannot be omitted in determining the optimal educational policy. The main aim of the article is to present economic literature on optimal taxation with human capital, focusing on studies concerning the impact of the family (parents) on the investment in children’s human capital. Design/Methodology/Approach: Insights from two workhorses are reviewed: the RAMSEY approach and the MIRRLEES approach. The literature in the field considers two instruments: Income-Contingent Loans (ICL) and Education Subsidies (ES). Results from theoretical and simulation studies are summarized. Findings: Income-contingent repayment loans can improve welfare, whereas the effects of education subsidies may be positive only under some assumptions. Research limitations/Implications: The MIRRLEES approach is a relatively new strand of literature and due to numerically complexity all researches analyze only partial-equilibrium models with simple set-up (without altruistic families/ fertility decisions/ pension systems). Originality/value: The article provides guidance for policymaker and decision-makers regarding optimal higher education systems and financial support systems for students.
Impact of ICT Sector Research and De velopment Expenditure on the Market Capitalization in the US, the EU and China (12 pages)
Author: Wojciech Chmielewski
Keywords: Information and Communication Technology sector, market capitalization, research and development expenditure, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings before deducting interest and taxes (EBIT), total equity, total asset, total revenues, dividend rate
PP. 58 - 69
DOI: 10.7172/1733-9758.2023.39.4
Purpose: Due to the growing global role of enterprises from the information and communication technology sector from the leading regions of the USA, EU and China in the industry, the author’s research goal was to try to identify factors influencing the value of listed enterprises understood as its stock exchange capitalization. For the purpose, research was carried out on the impact of a group of twenty-six variables on the company’s market capitalization, among which the most important conclusions concern the impact of seven variables, i.e. revenues, research and development expenses, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings before interest and taxes (EBIT), total equity, total assets, total revenues and dividend rate. Design/Methodology/Approach: The study used research methods in the form of a random effects model and a fixed effects model, and then used the Hausmann test to verify which of the models is better suited to establishing the relationship between the selected independent variables and the dependent variable in the form of the stock market capitalization of companies from the ICT sector. Findings: It was found that the impact of equity or the level of revenues on market capitalization is much smaller than in the case of research and development expenses and that the issue of depreciation of assets is an important factor in the market valuation of enterprises from the ICT sector. Additionally, the level of assets and equity has, although limited, impact on the market valuation of the company, regardless of the region in which an entity operates. Revenues are important from a regionalization perspective – company’s market capitalization is the largest in the case of the ICT services subsector in China. There is no similar relationship among manufacturers of ICT devices operating in all three regions. Research limitations/Implications: Due to the fact that the COVID-19 pandemic and the global economic slowdown are important factors affecting the ICT sector, further research on the value of ICT enterprises should take the aspects into account.
Moral Licensing: Causes and Consequences in Public Administration (12 pages)
Author: Atefeh Sodeiri Javadi
Keywords: moral licensing, counterproductive work behavior, grounded theory
PP. 70 - 81
DOI: 10.7172/1733-9758.2023.39.5
Purpose: Voluntary deviation from self-controlling which is known as moral licensing, individuals justify their immoral and counterproductive behavior depending on past creditable behaviors, without worrying about the loss of their reputation and esteem. The aim of the study is to identify the causes and consequences of moral licensing. Design/Methodology/Approach: The paradigm of the study is interpretive; its approach is qualitative and its strategy is grounded theory with emergent approach. In this regard, indepth, semi-structured interviews were conducted with managers and employees of public administration in northeastern Iran. Findings: The result of analysis of 17 interviews showed 119 codes, 63 concepts, 14 classes and 6 categories which finally obtained the final research model which has contributed to an extension of literature on moral licensing. Research limitations/Implications: The study is limited by the context, as well as the research method to qualitative method. Due to structural differences between the private sector and the sector government, conducting the research in the private sector, can provide a broader understanding of this phenomenon, as well as using quantitative methods can let examine the accuracy of the relationships between the various categories. Originality/Value: The study is developing the theory on moral licensing by comprehensive understanding of moral licensing and the discovery of the causes, factors and consequences of moral license in public administration.
Exploring Ways to Reveal Consumer Buying Behavior in the Qatari Market (15 pages)
Author: Angelika Barczak*
Keywords: consumers, consumer behavior, Hofstede’s model, Qatar’s market
PP. 82 - 96
DOI: 10.7172/1733-9758.2023.39.6
Purpose: The purpose of the study is to look for ways to reveal the purchasing behavior of consumers in Qatar. Design/Methodology/Approach: The study begins with a literature search on the subject. Some of the theories regarding the determinants of consumer purchasing behavior that are universal across cultures are specified. Then, an analysis of the cultural conditions of the Qatari market was carried out using Hofstede’s model. In the next step information from international literature on consumer behavior in Qatar was collected, analyzed and summarized. The information from the literature research was compiled and compared with the results of the analysis using the Hofstede model. Findings: The results of research on purchasing behavior in Qatari culture, both using the Hofstede method and literature analysis, overlap to a large extent. However, there are some discrepancies described in the article. Research limitations/Implications: The availability of literature on consumer behavior in Qatar is limited, with particularly few recent works produced after the COVID-19 pandemic. Therefore only literature in Polish and English was examined. Items published in other languages, e.g. Arabic, could not be examined, which limits the scope of the study. Additionally, the analyzed literature items differed in their representativeness due to methodological diversity and differences in the selection of research samples due to demographic and social characteristics. Originality/Value: The article contributes to the development of science by enriching the available knowledge in the field of consumer behavior in the Qatari market.
Students’ Perception of Possibilities of Using Business Process Modeling to Improve Organizations (13 pages)
Author: Małgorzata Oleś-Filiks
Keywords: business process modeling, organization improvement, innovations, technological changes
PP. 97 - 109
DOI: 10.7172/1733-9758.2023.39.7
Purpose: The main aim of this article is to analyze the knowledge of the students – future users of these systems – of the awareness of the use and possibilities of using business process modeling in improving the organization. Design/Methodology/Approach: The research was carried out using the CAWI method. The questionnaire prepared for this purpose was first verified with the participation of experts in the field of business process modeling and then made available to students to fill in on the servers of the Faculty of Management of the University of Warsaw. The study concerned general knowledge of concepts related to business process modeling, and detailed knowledge of definitions of selected categories in this field. Findings: The research has shown that the interest in the latest technologies among students is not very high, and the emerging new products are not known. Research has shown that the main barrier for students to model business processes is the need to learn tools. Finally, conclusions were drawn regarding the awareness of the use of business process modeling in improving the organization at present among people who will use it in the near future. Research limitations/Implications: The conducted study had its limitations – it was carried out only in one university department. The analysis of the views of the most active users does not allow us to judge the assessment of the entire society. It would seem that after two years of classes in the basics of computer science and information technology, students can supplement their interests with knowledge that almost guarantees them later employment and proves their understanding and modern approach to the interpretation of economic phenomena. Originality/Value: If such an opportunity arose, most of the respondents would use business process modeling to improve the organization’s operations. The use of business processes evaluates employees and intellectual capital to make informed decisions. Employee awareness and commitment are essential elements for the successful use of models.