Contemporary Economics supports GIKA


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Volume 3 Issue 4 (2009)

The Present Situation and the Future Perspectives of Foreign Direct Investment in Balkan Region original article

pp. 5-15 | First published in 10 December 2009 | DOI:

Arjan Qefalia, Pleurat Rexhepi


The past decade has witnessed increased globalization of the world economy as resultof technological changes, trade liberalization and privatization policies. Balkancountries as developing nations are in the realization process of the globalization changesof the world economy. Being in the process for entry into the EU, many changes are beingdone to integrate with the global economic trends.The research has shown that after the fall of communism in the 1990s the BalkanRegion brought significant political and economic changes. The change in attitude led toa removal of direct blockage for FDI. As a result, continued deregulation and privatizationhas been widespread.However, history of FDI is relatively short for Balkan Region in comparison with othercountries. The economy opened up capital inflows only at the beginning of 1990s, and isstill showing low shares in the total of Central and Eastern European flow. Despite Balkan’scompetitive advantage due to its geographical location and its resources, it is still far fromother Central European countries in achieving the same level of FDI. This situation cameas a result of: political instability, low intraregional trade, the small size of national markets,huge institutional corruption and weak judiciary system. Among the more successful Balkanrecipients of FDI has been Bulgaria and Romania, while Greece has been a major sourceof FDI for the transition economies of the Balkan region. Greek investment is driven inpart by the availability of low cost labor in the nearby transition economies.The focus of this article is to analyze and evaluate the current performance of FDIin Balkan Region and how the governments can improve this performance.

Redistribution Function of Personal Financial Charges original article

pp. 17-30 | First published in 10 December 2009 | DOI:

Marian Podstawka, Agnieszka Deresz


The article tried to define the features of income tax from natural persons and itsinfluence on the tax load for taxpayers. It also presented the significance of national andhealth insurance in terms of the financial load. The theses suggested by N. Kakwani andP.J. Lambert were used in the realization of the subject. The source information presentedin the article was the data concerning taxpayers paying their Personal Tax Income for theyears 2007–2008 in the revenue office in Siedlce.

Capital Structure on the Example of Selected Small and Medium Sized Enterprises from NewConnect Stock Market original article

pp. 31-52 | First published in 10 December 2009 | DOI:

Grzegorz Gołębiowski, Małgorzata Skibińska


Corporate capital structure has been the subject of extensive research in the lastdecades. The article briefly examines the existing theories of corporate capital structure.However, applying those concepts in practice has brought mixed results. This study isanother attempt to determine capital structure in selected companies as well as analyzeimpact of the pre-defined debt level on effectiveness of economic entity. Variables like sizeand sector and their influence on debt-raising ability have also been verified. 10 companiespermitted to trade on NewConnect stock market constituted the sample for this study.

Monopolistic Market Position and Losses from Monetary Integration original article

pp. 53-63 | First published in 10 December 2009 | DOI:

Paweł Młodkowski


The objective of the paper is to show how a market position influences company’s gainsand losses from monetary integration. The literature on monetary integration alreadyfeatures cost and benefit analysis. However the proposed examples of both results (negativeand positive) are not offered for different market structures and most often aremacroeconomic in nature. The paper develops an idea that a monopolistic enterprise mightbe worse off because of monetary integration. The case discussed, shows that prior tomonetary integration, a specific solution regarding pricing of imported goods allowed thecompany for: (1) hedging effectively from exchange rate risk, (2) benefiting from long-termappreciation trend of the domestic currency against the euro. Both goals were achieveddue to privileged market position (legal monopoly) of the company. The monetaryintegration and the expected full EMU accession is going to remove the need for hedgingbut simultaneously it will result in loosing the ability to achieve extra profits extracted sofar. This is a basis for a claim that costs and benefits flowing from monetary integrationcould depend on market structure an entity operates in. We conclude that in a moremonopolized economies, the microeconomic benefits achieved by households are at thecost of firms, while in a perfect competition gains are uniformly distributed across agentsat supply and demand sides of markets. Therefore, producers in monopolized economiescould be less prone to join a monetary union. The opposite hypothesis might also be true.In economies with fewer monopolies there are fewer incentives to oppose monetaryintegration. The comparison of the two extreme settings allows posting a hypothesis thatthe perfect competition is monetary integration-neutral and the monopoly is monetaryintegration-averse market structure.Data for the paper and the studied case are originating from one of the largest legalmonopolists in Poland that utilizes privileged market position. Despite the mechanismdiscussed is a real-life one, the particular numbers are adjusted to protect company-specificsolutions.

Strategies of Regional Development Management original article

pp. 65-76 | First published in 10 December 2009 | DOI:

Bogdan Włodarczyk


In the process of strategic planning the strategy of development as well as applicationsrealizing it are formulated. Planning is the basis for preparing and taking decisionsreferring to principles, trends and the pace of far-reaching development. Elaboration ofthe strategy of regional development management is the undertaking of large scalecomplexity. It comprises decisions referring to development perspectives, formulatingpurposes and determining (choice) the methods of their realization, analysis of social andpolitical conditions, collecting and processing the information. Conditioning of definingthe strategy has a versatile character. None of the above-mentioned areas can be regardedas less important.The purpose of this study is to attempt to identify basic problems of forming the strategyof regional development management.The study contains a brief description of planning regional development on the basisof the literature of the subject, and then empirical verification of the accepted hypothesis.Considerations and based upon them conclusions can be useful in working out thestrategy of regional development management.

Albanian Households Behavior towards the Investment Alternatives original article

pp. 77-89 | First published in 10 December 2009 | DOI:

Brikena Leka, Gentiana Sharku


The article presents issues related to the investment alternatives for the householdsand the opportunities offers especially to Albanian families by the financial market. Themain part of this study consists in developing empirical models, which can explain thebehavior of Albanian individuals to invest in a particular portfolio. A survey was conducted consisting in 300 questionnaires. The research covered different cities in Albania, selected basically on their size and geographical location. The models are developed the Binar Models (models with discrete values), where the dependable variables are binary. Undependable variables are category. In the developed equations are reflected the main factors influencing the probability of undertaking by individuals investments with no risk or with risk.

Tourism as a Public Good – Local Government Perspective original article

pp. 91-104 | First published in 10 December 2009 | DOI:

Katarzyna Kopczewska


Development of tourism should be based on common participation of localgovernments, enterprises and communities. Strong impulse for building and enlargementof infrastructure and tourism service was given by European funds, for which local governments and firms can apply. This support should be analyzed two-fold: subjective„who” and geographical „where” funds were used and what is their potential. The articlepresents spatial analysis of tourism development in Poland from the perspective of publicsector.

The Model of Measuring the Process and Operating Effectiveness in Enterprises original article

pp. 105-112 | First published in 10 December 2009 | DOI:

Radosław Ryńca


Process management means, that the employees are not responsible for realizationof particular functions, but for achieving the specified results of this actions. In theliterature, you can find the examples of using the process approach at companies. Manyfirms have already identified the processes and are trying to manage them. That’s why, itis necessary to use the tool, which can enable the measurement and assessment of theseprocesses. In the article, the author show the proposal of measurement the process andoperating effectiveness.

Process Approach to Cost of Quality original article

pp. 113-122 | First published in 10 December 2009 | DOI:

Katarzyna Szczepańska


Contemporary understanding comprehending cost of quality is connected both withthe sphere of the management, as well as the operational activity. Borders of consideringthe category of quality costs moved beyond the technical – technological area. Trialincluding costs let the quality for classifying them with reference to all action carried outin the modern enterprise. Standard models of quality costs and the activity – based costingappointed new prospects of economics of the quality in the business administration.


Characteristics and Categories of Risk in the Small Enterprises original article

pp. 123-129 | First published in 10 December 2009 | DOI:

Anna Bera


In this article risk typology in a small enterprise has been presented. In the aspect ofa small enterprise’s characteristic features that have been synthetically described, the authorhas tried to define the crux and position of individual risk types in the operation of smallmarket entities. In economy practice, identification and risk management conduct of riskcategorization facilitates.


The Simulation Utilization for the Bottleneck Identification original article

pp. 131-141 | First published in 10 December 2009 | DOI:

Petra Vegnerová


Advancing globalization increasingly leads to the creation of delivery systems.Increasing competition forces companies to reduce costs permanently. Both of these trendslead to the need to control material and information flows precisely. The target of this articleis to describe and show one of ways of bottleneck determination in the supply system. Thisstudy deals with the computer simulation and its utilization for assessment of bottleneck.The foundation of the work is created a model of the supply system, it is used to comparethe costs associated with the existence of stocks and stock levels in the individual partnerof the system, depending on the location of the bottleneck. This article is published as a partof the research intention MSM 6046137306.


The Conditions of Organization Adaptive Capabilities. Case of Polish Public Hospitals original article

pp. 143-158 | First published in 10 December 2009 | DOI:

Mariola Ciszewska-Mlinaric


In each phase of adaptation organizations need different capabilities that allow themto adapt to their environment. In the previous article the model of adaptive capabilities was presented and differences in adaptive capabilities between high and low performerswere discussed. The primary objective of the study is to identify and examine the key factorsinfluencing the adaptive capabilities of Polish public hospitals that had to respond toa revolutionary environmental change (a redesign of healthcare system). Research indicatesthat following factors are significant: owners” policy, environment uncertainty, access toresources, leadership capabilities, interorganizational links, change process (pace andsequence), intraorganizational relations, ideology, strategy, decentralization, employeestrust in management and their attitude toward change.


Financial Aspects of Loyalty Programmes Implementation original article

pp. 159-169 | First published in 10 December 2009 | DOI:

Agnieszka Woś


Financial aspects of implementation of loyalty programmes are the most crucial factorsmoldings their effectiveness. The following article covers costs of loyalty programmes andstages of their creation and functioning in companies. It also interprets the part of „KIMSF13 – Loyalty Programmes” which deals with the ways of recognizing income in case ofgranting promotional points to the customers.


The Research Results of the Individual Competences Influence on Direct Sales original article

pp. 171-182 | First published in 10 December 2009 | DOI:

Barbara A. Sypniewska


The article presents the influence of individual competences on the effects of salesconsultants” efforts working at few well-known cosmetic companies specializing in directsales – multi-level marketing. The research proves dependence between individual competences and the level of effects. The competences profile derived from the analyses,characteristic for each study group, stresses the benefits and practical implications of thisresearch.


Global Product and Local Consequences. Case of Barbie original article

pp. 183-190 | First published in 10 December 2009 | DOI:

Piotr Pilch


Globalisation has turned various producers, such as international concerns, intoleading actors on the global market. Their brands are recognised all around the world andtheir products are present in a significant number of households. An example of this canbe the Barbie doll, created by Mattel, which is sold in 150 different countries. The concernsoperate on a global scale but they have a local impact, which can be analysed in termsof individuals, groups or local communities. This applies to the Barbie doll as it affectsits users, their environment, people related to the concern and its stakeholders. The aimof the article is to present these influences and assess their meaning.