Anna Białek-Jaworska
University of Warsaw, Banking, Finance and Accounting, Faculty Member
Research Interests: Engineering and Theology
This chapter concerns the subject of research-developmental activity of biotech spin-offs in Poland with particular reference to their strategy, determinants of their development and determinants of their financial standing. In the... more
This chapter concerns the subject of research-developmental activity of biotech spin-offs in Poland with particular reference to their strategy, determinants of their development and determinants of their financial standing. In the chapter, the authors analyse the determinants of biotech spin-offs and start-ups development in Poland in the light of the research commercialisation cooperation on the universities-business line. The literature overview contains the definition of a process for the commercialisation of the results of research and development (R&D) activity and components of companies' business models. The chapter defines key activities in the development of business models in the context of the commercialisation process and the life cycle of the company, especially at the start up and early stage. Quality-quantitative analysis includes the business models of seven biotechnology spin-offs traded on the alternative market of the Warsaw Stock Exchange, especially the structure of their intellectual capital, R&D expenses in relation to received subsides and grants, third-party shares in start up equity, and the ability to realise the “Go Global” strategy.
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This paper aims to present the motives of financial statement fraud and the impact of professional ethics on the detection and prevention of this phenomenon in business. We present the main reasons for data manipulation by management... more
This paper aims to present the motives of financial statement fraud and the impact of professional ethics on the detection and prevention of this phenomenon in business. We present the main reasons for data manipulation by management staff. The importance of professional ethics in detecting financial fraud is also described. Particular attention is paid to the factors that are most important in detecting this phenomenon. In the article, attention has been paid to the influence of whistleblowers and the role of qualitative indicators of earnings on the disclosure of the discussed procedure.
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Research Interests: Business, Physics, IFRS, Financial Audit, M, and 3 moreCapital Market, Audit Opinion, and Rynek kapitałowy
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The goal of this article is the practical application of the concept of assessment of the maturity of a business model on the basis of the degree of development of the individual model elements that have an impact on creating value for... more
The goal of this article is the practical application of the concept of assessment of the maturity of a business model on the basis of the degree of development of the individual model elements that have an impact on creating value for the customer and guaranteeing benefits from that value as perceived by the entrepreneur. The results of a questionnaire-based survey as conducted through DELab of the University of Warsaw1 on a group of respondents encompassing start-ups as well as older companies (scale-ups) are presented in order to identify the determinants of the maturity of the business model. The article diagnoses the influence of age (phase in the lifecycle) of the company, its method of commercialization, accessibility of sources of financing, and elements of intellectual capital on the maturity of the business model of the investigated companies. The group structure included companies utilizing the results of research and development efforts in their operations (both start-ups and scale-ups). They accounted for 50%, which made it possible to examine the impact of method of commercialization and intellectual capital elements on the maturity of the business models of the surveyed entities.
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The objective of this paper is to review a synthesis of theories and empirical studies dealing with the mandatory adoption of International Financial Reporting Standards (IFRS) in emerging countries on the example of Iraq. The methodology... more
The objective of this paper is to review a synthesis of theories and empirical studies dealing with the mandatory adoption of International Financial Reporting Standards (IFRS) in emerging countries on the example of Iraq. The methodology of this paper is a literature review which mainly focuses on three main streams, including related factors that pressure or prevent such adoption over time, the role of comparability with the implementation of IFRS standards, and the economic consequences of IFRS adoption. Based on the theoretical data analysis and a prior review literature, an adoption paradox model was developed. The study found that mandatory IFRS adoption in Iraq is unlikely to improve financial information comparability. We also found that weak political system issues and complaints about the rules are more likely to reduce the faithful implementation process of IFRS. Further, financial information users, home country institutions and IFRS adoption experience affect the effectiveness of IFRS adoption. We contribute to the literature by showing important factors that can be either supportive or obstructive to IFRS adoption.
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The aim of the article is to discuss the impact of capital requirements set out in the Solvency II Directive on the amount of dividends paid by life insurance companies in Poland. The study was conducted with the use of an estimator of... more
The aim of the article is to discuss the impact of capital requirements set out in the Solvency II Directive on the amount of dividends paid by life insurance companies in Poland. The study was conducted with the use of an estimator of random effects of panel data of the entire market consists of 24 insurance companies. The data was taken from Solvency and Financial Condition Reports for the total period of Solvency II Directive obligatory use (2016–2018). Life insurance companies are required to apply a number of legal regulations that determine the amount of dividend paid. However, simultaneously they are exposed to numerous risks which are not covered by capital requirements. Our results indicate that the amount of dividend is strongly correlated with the capital requirements. Capital requirements determine the level of profits earned in life insurance companies. There is a negative correlation between the capital retention (outflow) and the financial position of the life insurance company.
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Research Interests: Business, Finance, Panel Data, STOCK EXCHANGE, Tobit Model, and 3 moreCash, Cash Flow, and Economics Business
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The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273... more
The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with instrumental variables. Data retrieved from the Notoria, Bloomberg and Orbis databases were used. The results show that despite its impact on reducing the cost of capital, increasing debt does not lead to an increase in equity value. Therefore, the benefi ts of higher short-term leverage are limited and visible only for long-term debt. On the other hand, despite bigger information asymmetry, companies are valued higher, which means that asymmetrical information does not necessarily hurt valuation in the short term but in the long term. The results contribute to the literature on firms’ use of leverage under information asymmetry, showing higher trust in cash flow than profits in books.
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Purpose The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy. Design/methodology/approach The... more
Purpose The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy. Design/methodology/approach The paper is based on a multiple case study analysis including business models of seven biotechnology spin-offs traded on the Warsaw Stock Exchange. Based on the literature review the authors identify the key attributes of the business model for the commercialization of R&D outcomes. The authors conduct an analysis taking into consideration the determinants of biotech spin-off activity. The authors also measure the internationalization strategy implementation with the use of indicators identified in the empirical research literature review. Findings According to the results, the authors identified that international cooperation in research projects and partnering, as well as international experience in the management board and tacit knowledge, play a facilitating role in the business model for the commercialization of biotech spin-off research findings. The cost advantage on the global market, tax advantages and support of venture capital are the key to the exploitation of profit potential on the global market. An important component of the business model specific to companies conducting R&D activities is to ensure firm survival activities by funding research grants to makes R&D possible prior to commercialization. Research limitations/implications The main limitation of this study is the small magnitude of the sample, particularly as only two of the seven analyzed spin-offs realized their profit potential on the global market. Practical implications The findings are important for the development of business models of new biotech ventures. Research results can be used as recommendations for universities on how to effectively build a business model for the commercialization of biotech spin-offs on the basis of R&D outcomes for the internationalization strategy. Originality/value The paper’s uniqueness results from the synergy of combining three research areas: components of business models for commercialization; attributes of biotech R&D activity; and indicators measuring the internationalization strategy implementation. The results can contribute to the existing body of knowledge on business models for the commercialization of R&D outcomes in the context of internationalization. The value of this paper is an extended knowledge of the internationalization of biotech ventures based on R&D outcomes.
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Just as innovations contribute to building a competitive advantage, the level of intellectual property protection constitutes the international competitiveness of national economies and determines the market attractiveness for foreign... more
Just as innovations contribute to building a competitive advantage, the level of intellectual property protection constitutes the international competitiveness of national economies and determines the market attractiveness for foreign direct investments. In this light, the paper analyses the impact of the amendment of February 13, 2020, to the Code of Civil Procedure Act and some other acts, introducing the so-called specific actions in cases related to intellectual property against the situation of innovators, including beneficiaries of the IP box relief, i.e. defence or preventive instruments in the event of a lawsuit or possible dispute. There is a risk of tax authorities questioning the legitimacy of the use of IP box based on qualified IP, i.e. copyright to a computer program. The potential dispute between the taxpayer and the tax authorities will primarily concern the resolution of what is a “computer program” under copyright law and the creative nature of the activity carried out by the taxpayer benefiting from the IP box relief. Effective from July 1, 2020, changes to the procedural proceedings in cases in the field of intellectual property introduced by the amendment to the Code of Civil Procedure protect the taxpayer’s interests using the IP box.
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This paper builds a framework for the study of the provision of loans by non-financial companies outside business groups. This framework aims to show the role of cash holdings in providing loans by non-financial companies and constitutes... more
This paper builds a framework for the study of the provision of loans by non-financial companies outside business groups. This framework aims to show the role of cash holdings in providing loans by non-financial companies and constitutes the background for future research of this phenomenon. We provide evidence of the use of cash holdings for loans provision outside business group on the basis of Polish case. In this purpose, we apply the General Method of Moments (GMM) approach. Our findings confirm, that non-financial private companies provide loans outside the business groups with the use of cash holdings retrieved from bank loans and cash flows. We contribute to the literature by indicating that in addition to the common use of cash holdings for financial flexibility and the internal capital market created inside business groups—enterprises’ access to finance in transition economies could be also improved by loans provided by non-financial companies with the use of cash holdings.
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Research Interests: Sociology and Accounting
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Research Interests: Economics and Conformity
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This article describes the issues of early warning of the risk of bankruptcy in the construction sector, comparing the discriminate analysis and the logit model. In a market economy, with ever-increasing competition and payment gridlocks,... more
This article describes the issues of early warning of the risk of bankruptcy in the construction sector, comparing the discriminate analysis and the logit model. In a market economy, with ever-increasing competition and payment gridlocks, anticipating danger of bankruptcy of enterprises is gaining importance. This paper aims to build a discriminatory and logit model to predict the bankruptcy of construction companies on data from the period of economic downturn of a learn- ing sample, consisting of 98 companies. The nature of application results of research carried out in the article on the learning sample relates to the use of the estimated model to predict the bankruptcy of enterprises in the Polish economy, in good times in the construction industry, on a test sample consisting of 44 construction companies for one year and two years before the bankruptcy. The study uses financial data from the information service EMIS and Polish Monitor B, of 71 construction companies that formally respectively in 2014 or 2013 (for the learning sample) and 2009 (for the test sample) filed for bankruptcy and 71 construction companies that continue to operate at least one year following the period considered.
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FDI instruments are used for income-shifting from firms located in countries with higher taxes to low-tax governments or tax heavens. Nowadays, the EU tries to eliminate such practices. We add to this discussion by studying whether... more
FDI instruments are used for income-shifting from firms located in countries with higher taxes to low-tax governments or tax heavens. Nowadays, the EU tries to eliminate such practices. We add to this discussion by studying whether withholding tax reduces income-shifting with the use of debt and equity FDI. Poland is the chosen setting. We use the Arellano-Bond dynamic panel-data estimator for an extended specification model derived from the knowledge-capital model with two types of capital: physical and human. We provide evidence that to reduce multinational enterprises’ income-shifting, the policymakers can increase WHT on interests. However, WHT on dividends seems inefficient, contrary to WHT on interests, as a rise in WHT on dividends motivates MNEs to provide debt FDI instruments instead of equity FDI. We identified that vertically integrated MNEs from countries with good quality governance and a better institutional environment are more likely to provide loans and other debt FDI to Polish firms. Horizontally integrated MNEs are more likely to withdraw debt FDI from Poland, while vertically integrated MNEs renew debt FDI in Polish firms.