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 Issue 34 (November 2018)


Sanjoy Ghose
University of Wisconsin-Milwaukee

Maria Johann
SGH Warsaw School of Economics

This study aims to contribute to the knowledge of value creation process in the tourism market by examining the impact of tourism product attributes on tourist satisfaction and tourist behavioural intentions. The research was conducted with 463 tourists visiting Poland. The research results show that several tour attributes and experience attributes influence tourist satisfaction and their willingness to recommend the country to others; however, drivers of satisfaction and recommendations, although often similar, were not always the same. Tour package features such as organization, attractiveness of the programme, and tour escort have a positive impact on both tourist satisfaction and recommendations. Moreover, some experience factors including tourist attractions – culture and monuments, and safety also have a positive impact on both tourist satisfaction and recommendations. Several managerial implications are outlined on the basis of the research results.

Keywords: tourism competitiveness, tourist satisfaction, tourism products, destination attributes, package holidays
JEL Classification Codes: L83, M31

Piotr Zaborek
Institute of International Marketing and Management, 
SGH Warsaw School of Economics​

The aim of the study is to investigate relationships between strategic orientation (SO), involvement in corporate social responsibility (CSR) and operational performance (OP). It tests the proposition that SO is not linked with OP directly but through CSR serving as the mediator. In addition, SO is hypothesized to moderate the association between CSR and OP. The research involves a representative cross-sectional survey of 400 managers of SMEs operating in the Polish food manufacturing industry. Statistical methods include confirmatory factor analysis with AMOS 24 and multiple linear regression using SPSS 24. The study reveals a complete mediation effect by CSR of the links from three aspects of SO to OP. Specifically, aggressiveness, proactiveness and defensiveness are positively associated with CSR, while analysis, future orientation and risk propensity show no relationship. Also, aggressiveness moderates the link from CSR to OP, so that firms with higher aggressiveness display a stronger connection between CSR and OP. The outcomes suggest that part of the positive effects of CSR may come from more general strategic stances and attitudes. Moreover, it seems that certain aspects of strategic orientation might be more effective when implemented in an organizational environment with strong CSR values. In particular, strategies based on aggressiveness and proactiveness appear to be more effective when complemented by heightened social sensitivity. This research validates the role of CSR as a viable managerial approach contributing to greater operational performance of companies. This could help build a stronger case to promote socially responsible business practices not only through its beneficial social impacts but also due to its effects on firms’ performance. To the author’s knowledge, this is the first research focused on associations between SO, CSR and OP, using a large, representative sample of SMEs.

Keywords: CSR, strategic orientation, performance, manufacturing, survey
JEL Classification Codes: M10, M14\

Paweł Wnuczak
Department of Finance, Kozminski University

The aim of this article is to offer insight into a concept making it possible to assess the financial rationality of the voluntary liquidation of businesses. The author of the study presents a decision- making algorithm that should be applied before deciding to voluntarily liquidate a business entity. The algorithm is based on the concept of Value Based Management (VBM), and the related calculations have been performed following the basic rules of mathematical finance. The presented solution is also based on the calculation of free cash flow generated by an enterprise for its owners and on investigating the relationship between the said cash flow and the rate of return expected to be attained by the enterprise’s owners. Because no such models are given or discussed in the literature covering the subject matter, it appears that the proposed solution may become a valuable tool to improve the process of making a decision in the scope of voluntary liquidation of an enterprise.

Keywords: liquidation, bankruptcy, merger, acquisition
JEL Classification Codes: G33

Marta Postuła
Faculty of Management, University of Warsaw

Worsening performance of public finance reported by a number of countries as a result of the global financial crisis enhanced interest in advanced and innovative methods of fiscal consolidation and stabilisation. Spending reviews are amongst the most comprehensive and advanced methods of this type. In the post-2008 age, spending reviews have been carried out by countries that had used the tool in earlier periods (the Netherlands, Denmark, Finland, the UK or Australia) as well as by those who started using them for the first time (Ireland, Canada and France). Spending reviews are used in countries that are well advanced economically and whose public management systems are sufficiently mature. European Union Member States exhibit diverse interest in applying spending reviews which are not mandatory and have not been formalised in international legislation. The EU legislation contains general recommendations for the application of the rational fiscal policy enshrined first in the Treaty provisions, further developed by in the Stability and Growth Pact and detailed in 2011. The paper analyses the up-to-date experiences in using spending reviews in selected countries and draws conclusions from the process.

Keywords: public finance, spending reviews, efficiency, fiscal consolidation
JEL Classification Codes: H61, H72, H20

Marta Ziółkowska
Collegium of Management and Finance, SGH Warsaw School of Economics

In the face of continuous changes in the business environment both in local markets and worldwide, we need adequate elements of a business model that would allow enterprises to compete and help them generate market value. The paper conceptualises the notion of a business model and the role it plays in small and medium-sized enterprises (SME); it also examines determinants of choosing the right business model. It conceptualises the term and subject of business model analysis. The discussion of determinants of choosing the right business model in SMEs is preceded with an overview of literature and desk research analysis which demonstrate the need to systematically investigate the issue.

Keywords: small and medium-sized enterprises, business model, determinants of enterprise growth
JEL Classification Codes: L 250

Monika Tomczyk
Faculty of Management and Economics of Services. University of Szczecin

Ewelina Gutowska
Department of Economics, The Jacob of Paradies University

The cruise ship market is steadily growing but dominated by large “mass-tourism all inclusive” ships, only able to stop in large ports offering necessary conditions and infrastructure but only marginally profiting from passengers themselves, because operators organise all activities and money is spent mostly on ships. This focus on the large cruise ships opens niche markets/touristic segments for smaller ships/ports and more individual travelling and tourists for whom targeted products have to be developed. First contacts to SCS operators show that a small market exists but that also small ships usually only stop at large ports (National Geographic Expeditions/NGE) or struggle to develop marketable products (e.g. former Hurtigruten ship Nordstjernen). The goal of this article is to show the current situation of small cruise ships (SCS) in the Baltic Sea Region with a particular focus and example of Szczecin Port.

Keywords: Small Cruise Ships, Szczecin Port,
JEL Classification Codes: Z39

Ewelina Nojszewska
Collegium of Management and Finance,, SGH Warsaw School of Economics

The paper discusses a two-channel impact of pharmaceutical companies upon the economy and public finance. Firstly, pharmaceutical companies predominantly impact the net value added, employment, income of people employed by their suppliers and customers as well as public finance revenue in the countries where they are based. The mechanisms of such an influence are presented in the input-output matrix (input-output analysis) that shows how output from one industrial sector in the economy may become an input to another industrial sector. The input-output model was developed by Leontief and earned him the Nobel Prize. This kind of influence upon the Polish economy has been illustrated with the case study of the Sanofi company. Secondly, pharmaceutical products improve the effectiveness of medical treatment, by which they contribute to the higher standard of living and economic growth. In this part of investigation into the impact of pharmaceutical companies upon the economy the key method consists in calculating indirect costs, that is, the lost productivity (lost GDP). Non-generated GDP as well as the negative impact of diseases and the treatment thereof on public finance can be significantly reduced by using more effective pharmaceutical products. This second channel through which pharmaceutical companies exert influence on the economy has been illustrated with an example of economic consequences calculated from the social viewpoint for three gynaecological–oncology diseases. Our calculations for both channels in this exercise have led us to conclude that a pharmaceutical company positively influences its business partners and the economy while by improving the health of the population it exerts a positive impact upon the economy and public finance.

Keywords: input-output analysis, economy, net value added, employment, incomes, public finance
JEL Classification Codes: E20, I15, H20