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 Issue 30 (December 2017)​​


Wojciech Paprocki
Collegium of Management and Finance, Warsaw School of Economics

Digital economy that embraces the analogue and digital world has been developing for over the last ten years. The leaders of the digital economy are commercial and public virtual platform operators. In the 3 rd decade of the 21st century, the hybrid system will be dominating in the world. The concept of “Industry 4.0” will be implemented in all regions, but analogue processes will be still popular in the industry, distribution channels and households. Robots will become popular in production and services. In the management of data, information and knowledge solutions which are supported by the narrow artificial intelligence will be utilised step by step. The goal is the creation of new wisdom. Virtual platform operators in their commercial and public activities will strengthen their position on the market in the New Space. At the same time the producers and service providers representing the Old Space will be pressed to accept dependence on virtual platform operators. 

Keywords: data collection, market structure, information and knowledge, e-commerce, manufacturing and service industries, management of technological innovation and R&D 
Jel: C8, D4, D8, E81, O14, O32

Katarzyna Górak-Sosnowska
Collegium of Socio-Economics, Warsaw School of Economics 

Michał Matusewicz
Collegium of Management and Finance, Warsaw School of Economics 

Irena Senator 
Master's Studies Office, Warsaw School of Economics

Management of students’ affairs is a significant process supporting teaching at every higher education institution. Units responsible for this administrative task (mostly referred to as dean’s offices) not only monitor, verify, and document the educational process of each student, but also regulate some crucial aspects of formal teacher-student relations. While all dean’s offices serve the same purpose – i.e. provide administrative support to the teaching process – and work within a similar legal framework, they manage students’ affairs in different ways. The aim of the article is to explore and analyse these differences. Basing on 26 individual in-depth interviews and visits to dean’s offices in Polish HEIs the paper analyses the organisation of work and selected core processes which are conducted at these units: processing students’ applications, removing from students’ lists, organising thesis defences, and organising examination schedules. 

Keywords: higher education, dean’s office, students’ affairs, management 
JEL Code: I230

Krzysztof Wach
Faculty of Economics and International Relations Department of International Trade, Cracow University of Economics

This article focuses on entrepreneurial orientation during the internationalisation process of the firm, which is one of the main research streams within international entrepreneurship. The main goal of the article is to discuss and elaborate on the basics of international entrepreneurial orientation, its fundamentals and principles and to answer the question what determines entrepreneurial orientation of Polish internationalized firms. The paper presents the results of the survey based on stratified random sampling of 355 Polish internationalized firms. Applying t statistics, the following results were observed. Firms having foreign branches or subsidies abroad are more entrepreneurial. Firms based on the local business domain are more entrepreneurial. High-tech firms are more entrepreneurial. High-growth firms are more entrepreneurial than firms which note traditional growth dynamics. Hyper-growth firms are more entrepreneurial than other firms, also than highgrowth companies. Innovative firms are more entrepreneurial. Strategically-orientated firms are more entrepreneurial. Firms cooperating in any networks are more entrepreneurial. 

Keywords: entrepreneurial orientation, international entrepreneurship, internationalization of the firm, international entrepreneurship culture 
JEL Codes: F23, M16, L26

Olga Mikołajczyk
Institute of Finance, Collegium of Management and Finance, Warsaw School of Economics​

Investments made by private equity funds must abide by the highest ethical standards as the framework within which their stakeholders operate is very much based on broadly understood trust. The paper discusses selected professional standards especially important for private equity transactions. It is based on the Professional Standards Handbook, a set of principles focusing on integrity and acting with fairness, keeping one’s promises, disclosing conflicts of interest, maintaining confidentiality, and promoting best practices for the benefit of sustainable investment and value creation. We also address the ESG issues which – besides financial aspects – exert substantial impact upon sustainable development of the private equity market. Ethical standards have gained in importance especially with the adoption of the AIFM Directive designed to regulate the operations of alternative investment funds.

Keywords: private equity, professional standards, AIFM Directive, sustainable investment, ESG 
JEL Code: G340

Giusy Chesini
Department of Business Administration, University of Verona 

Aleksandra Staniszewska
Institute of Banking and Business Insurance Warsaw School of Economics

Several theories have been documented on the relevance and irrelevance of dividend policy. Many researchers continue to come up with different findings on the relevance of dividend policy to the value of firms. In this paper, after an analysis of the different dividend pay-outs offered by Italian and Polish firms, we aim to understand the main factors that determine the dividend policies of listed companies in Italy and Poland. In order to analyse this policy, we extract data from a wide sample of firms selected from the equity markets of the Italian and Polish stock exchanges. We use descriptive statistics and statistical regressions. The analysis is developed using the Statistical Package for Social Sciences (SPSS).
The study reaches findings that are of great relevance to scholars and investors investigating dividend issues. The paper finds that there are many differences between Italian and Polish dividend policies; in particular, the dividend pay-out is mostly determined by the dividend yield and liquidity in Polish firms, while it is heavily influenced by profitability and leverage in Italian firms. 

Keywords: dividend policy theory, dividend pay-out, stock market, international comparison 
JEL Codes: G35, G31

Waldemar Rogowski 
Collegium of Business Administration, Warsaw School of Economics

The paper discusses theoretical and practical aspects of a relevant and pertinent issue of the reasons behind late payments in B2B commercial transactions and their consequences. It aims at identifying reasons for late payments and pinpointing their economic consequences and costs. It also addresses the scale of the phenomenon, especially for payments overdue by more than 60 days, considered the most dangerous for regular performance of enterprises. The paper provides the results of studies on these aspects quoted in three most important reports by the following companies: Bisnode D&B, Atradius, Intrum Justitia. It formulates conclusions on both the reasons and consequences of late payments in B2B commercial transactions. 

Keywords: late payment, payment delay, reasons behind late payments, consequences of late payments, costs of late payments, scale of late payments 
JEL Codes: G 32 G 33, and G 35

Paweł Grunt
Collegium of Management and Finance, Warsaw School of Economics

The purpose of this article is to propose a new taxonomy and selection of structured analytic techniques for information and intelligence analysis practitioners. The presented taxonomy and selection of structured analytic techniques are based on the author’s experience in information and intelligence analysis as well as in training analysts in the use of those techniques. The presented classification and selection of techniques have resulted from the author’s attempts to improve teaching and learning process of the analysts who were novice to structured analytic techniques. From the author’s experience, a well-constructed taxonomy aids novice analysts in understanding a purpose of used techniques and selecting the best-suited technique for a given analytic problem. In the article the author will first offer definitions of analysis, analytic process and analytic spectrum. This will be followed by a review of the four general categories of analytic methods used in intelligence analysis. The author will further explain the origins, concepts and characteristics of both structured analysis and structured analytic techniques. Next, structured analytic techniques will be discussed in the context of the Intelligence Cycle. Following this, the author will review several existing taxonomies of structured analytic techniques. The article will conclude with a taxonomy and a selection of techniques for the information and intelligence analysis practitioners, based on a review of the literature augmented by the author’s professional experience.

Keywords: information, information analysis, analytic methods, analytic process, analytic spectrum, intelligence cycle, structured analysis, structured analytic techniques 
JEL Codes: Y800, C120, C530, D800, O210, O220, F530