Search results

Sees the objective of teaching financial management to be to help managers and potential managers to make sensible investment and financing decisions. Acknowledges that financial theory teaches that investment and financing decisions should be based on cash flow and risk. Provides information on payback period; return on capital employed, earnings per share effect, working capital, profit planning, standard costing, financial statement planning and ratio analysis. Seeks to combine the practical rules of thumb of the traditionalists with the ideas of the financial theorists to form a balanced approach to practical financial management for MBA students, financial managers and undergraduates.

The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts to explore international spillover effects during the current financial crisis.

The study builds upon questionnaires and interviews with practitioners associated with the Polish stock market. The interviewees represent both the advanced and emerging European economies. At this point, analyzing the notions of a cross‐section of experts from different geographical regions increases the value of the findings. The interviewees were asked to comment on a wide range of examples mirroring the reaction of the Warsaw Stock Exchange (WSE) to economic and financial information derived from foreign markets in times of the current financial crisis. An empirical model evaluating the cross‐border implications for the Polish stock market was specified. The model encompassed a wide range of variables and events influencing the performance of the Polish stock market and investors' uncertainty during the nascent financial crisis. Semi‐structured interviews complemented the quantitatively obtained findings and allowed for a gap between theory and practice to be bridged. The qualitative approach injected a dose of realism into the empirical model utilized in the paper and contributed to the value of general findings.

The current paper reports initial responses of the WIG20 indexed equity prices to 41 economic and financial information sets, originating from systemically significant markets. The influence of these sets is ranked in accordance with their influential powers. The ranking indicates which information events are more likely to be prioritized by investors associated with the WSE and which news are ignored in times of the current financial crisis. Henceforth, the findings outline the crisis‐induced changes in the uncertainty of equity investors and the implications for investment decision making processes. Comparing the responses to economic and financial information sets among different stock markets and industries delivers insight into the profitability of the international portfolio diversification based on either the country or industry specific factors.

The paper focuses on the Polish stock market, which is relatively under‐researched by the existing body of literate. However, Poland's stock market became a leading central European bourse during the current financial crisis. Reporting a number of useful and important implications for the practitioners associated with the WSE constitutes the core value of the paper.

This paper aims to examine how the Master of Business Administration (MBA) curricula of top-ranked business schools are offering stand-alone courses on ethics and corporate social responsibility (CSR). To provide additional evidence, this study tests some hypotheses to contrast the effect of different variables on the inclusion of stand-alone courses on ethics and CSR. Also, the paper provides a comparative analysis in two ways: one comparison aims to analyse how the presence of ethics and CSR stand-alone courses in the MBA programmes over the past 10 years has evolved, and the other comparison seeks to explore whether there are differences between different rankings with regard to the inclusion of ethics and CSR stand-alone courses in the MBA curricula.

A Web content analysis was conducted on the curricula of 92 of the top 100 global MBA programmes ranked by the Financial Times in their 2013 ratings.

The findings show that there is a trend towards the inclusion of stand-alone courses on CSR and ethics as electives. Empirically, the findings suggest that the presence of ethics and CSR elective stand-alone subjects in the MBA programmes is explained by the following variables: public/private, business school’s accreditation and cultural influence. Comparatively, the findings suggest that requiring CSR and business ethics stand-alone courses in the MBA programmes ranked by the Financial Times have not increased over the past 10 years. In addition, when we have compared the results of this study with other rankings, we have appreciated that there are important differences between top MBA programmes in accordance with the aims and scope of rankings.

The findings of this study seem to suggest that business schools included in the Financial Times ranking have not changed their view based on a shareholder approach, which is focused on providing an economics-centred training.

In times of crisis, the fundamental principles of companies erode, leading to strategy shifts. This paper aims to examine whether corporate social responsibility (CSR) is on management’s agenda in times of crisis, indicating CSR embeddedness into corporate strategy. The focus is on the four pillars of CSR: social, environment, economy and governance.

Starting points are competing hypotheses based on shareholder and stakeholder theory. Chief executive officer (CEO) letters to shareholders of German HDAX firms from 2003 to 2012 are analyzed by means of computer-aided text analysis.

The authors find that CEOs talk less about CSR in times of crisis, especially about social and governance issues, indicating that CSR is not fully embedded into corporate strategy, and that, in times of crisis, other aspects gain more importance on management’s agenda.

CEO communication is an indicator for management’s attention. Less talk about CSR in times of crisis does not automatically indicate less real CSR activity. This study is a starting point for analyses of the discrepancy between both, if any exists.

Managers should regard CSR as a strategic and trust enhancing element and stick to CSR even when under pressure from market distortions.

Environment issues – exposed to companies’ attention for a long time – are embedded into corporate strategy. More research and management attention is essential to get the other CSR aspects woven into company DNA as well.

The paper is the first to research CSR in times of crisis in depth: CSR as umbrella covers social, environment, economy and governance issues. The institutional level of analysis ensures that implications for the business-society link are central.

This monograph covers a number of key articles and presentations by the author over the last decade. The points contained in them reflect a clear belief based on experience of creating significant cultural change so that banks become more market‐driven and customer‐orientated. Many of the forecasts made in the articles have become a reality in the marketplace. This monograph begins with a description of changes over the last decade: the introduction of the marketing function into banks, consumer responses, new competitors, technological developments, and the impact of Government. Marketing has faced many difficulties in the banking industry and competitive breakthroughs have not been easy to achieve. Many leaders in the industry believe in business/marketing strategy evolving in close association with IT planning – this is the second topic, IT support may be crucial. The importance of advertising and management of agency relationships is the subject of Chapter 3 – how can it be effectively used? Chapter 4 looks at the ways in which the consumer is presently getting a better deal; Chapter 5 describes the marketing success of the NatWest Piggy Bank within the context of a changing marketing culture. A wider repertoire of marketing techniques are used in the USA (Chapter 6) but if they are to be used in the same way here then the situation will need to approximate more closely to that of the USA – credit and credit cards are the particular focus and the US market is more aggressive. Chapters 7‐9 look at the future of financial services marketing from the retailer′s perspective – the retailer′s detailed approach to a possible new business has distinctive strengths, but their actual opportunities in this market may be restricted to an extent by, for example, inexperience and so lower credibility as vendors of some specialised services like investment management. Chapter 10 appraises the value and strategic nature of market research. Chapter 11 considers the movement of building societies into the wider personal financial services marketplace, the product′s role in the marketing mix, and the impact of the Single Market in Europe. Chapter 12 singles out the cost‐effective technique of automated vetting of customers′ creditworthiness from the special viewpoint of the building society. The monograph concludes with a discussion of the changing market and future prospects: the world of finance is no longer simple; money is no longer the common denominator; the consumer is now the focus; competition to provide services is fierce; the future is exciting!

This paper attempts to provide insights into the functioning of innovative companies in times of the global financial crisis. In doing so, the following study investigates whether innovations protected companies from the adverse effects of the global recession. On this occasion, the paper analyzes the economic performance of innovative industries in Poland, highlighting institutional and systemic barriers that curb their development. The main purpose of this paper is to clarify whether targeting innovative companies for equity investments proved beneficial during the global financial crisis.

This paper employs the mean return per unit of risk (MRPUR) analysis in order to investigate international portfolio diversification opportunities delivered by targeting innovative companies for equity investments in times of the global financial crisis. The paper also uses interviews and questionnaires to broaden the knowledge about issues related to the functioning of innovative companies. This is motivated by the fact that the research remains under-researched by the reviewed studies.

The paper links innovations in business strategy and production to the ability of companies to resist the global financial crisis. This paper argues that innovative approach to business strategies proved far more profitable for companies than relying on novelties in production. Furthermore, the paper provides strong evidence that innovative companies could contribute to mitigation of the global economic downturn by stimulating the sustainable economic growth in Poland. As far as the main purpose of this paper is concerned, the current study delivers useful and informative insights into the international portfolio diversification processes that assume targeting innovative investees.

This paper delivers practical implications for innovative companies, market regulators, policymakers and international investors.

The current paper addresses the absence of the academic literature devoted to the analysis of financial performance of the Polish investee companies representing innovative industries. In doing so, this paper advises on changes in regulations that would facilitate further development of innovative companies. Moreover, the paper paints the picture of the investment environment prevailing in the Central European emerging stock market of Poland. Hereto, delivering general insights into the functioning and regulatory framework of the Polish stock market proves useful in assessing the economic and financial development of Poland.

The financial crisis has been something of a turning point in the regulatory response to financial crime around the world. The failure of light‐handed regulation and risk assessment by both industry and regulators made the operation of financial regulatory agencies almost untenable, often leading to calls for their replacement by more effective agencies. The purpose of this paper is to assess the nature of this regulatory challenge.

The paper discusses some of the case studies that have emerged from the dark side of regulatory and enforcement policies in recent times.

A culture of minimal regulation of financial markets meant that many undesirable practices (such as insider trading, foreign corrupt practices, tax avoidance, money laundering and other frauds) were able to avoid detection until public outrage led to regulatory and prosecutorial agencies being prompted into action following the collapse of financial markets.

More detailed studies of particular institutions will be necessary; this will become possible as the current financial crisis subsides.

This paper explores some of the factors behind this state of affairs and makes policy recommendation in regard to the need for more effective internal controls and monitoring measures within the modern financial corporation.

The paper seeks to describe the rationale behind the Financial Times business school rankings and some of the problems inherent in developing and publishing them.

The rationale behind the Financial Times business school rankings is discussed, as are the ways in which business schools use the rankings.

Business schools have an ambivalent relationship to business schools rankings, openly criticising them but using favourable aspects of the rankings in their schools' marketing.

Business school rankings are probably here to stay. Most business schools are developing ways of using them for their own purposes.