Investment In Poland Research Articles

Information technology investment announcements and market value in transition economies: Evidence from Warsaw Stock Exchange

This study examines stock market reactions to announcements of information technology investments in Poland, an emerging market and transition economy. Based on 66 announcements by companies traded at the Warsaw Stock Exchange in the period 2002–2009, our study confirms some previously published results from studies conducted primarily in highly developed markets, but also shows that specific characteristics of announcements play a more important role than has been commonly assumed. Our results indicate that investors in Poland react more positively if systems are acquired from global rather than local vendors. Announcements about completed projects are more positively received than announcements about planned or in-progress projects. Furthermore, announcements in Polish, targeted at existing shareholders, are more likely to be received positively than similar announcements released in English, targeting global investors.

Poziom innowacyjności polskiej gospodarki na tle krajów UE

This paper presents the current innovative position of Poland against the background of other EU countries. The evaluation is based on direct and indirect indicators of the current situation of Polish economy. It provides answers to a number of questions, such as: is Poland investing enough in research? Is Poland becoming a more attractive place to invest in research? Is Poland progressing towards the European Research Area and making its research system more competitive? The figures are not optimistic. In the last ten years, R&D investment in Poland has increased only by 0,04% in real terms to 0,67% GDP in 2009. At the same time, R&D intensity in Finland, Sweden and Denmark has increased considerably.

Wybrane aspekty niemieckich inwestycji w Polsce w kontekście polityki ich cen pozyskiwania

Germany belongs to major foreign direct investors in Poland. In order to professionally and effectively design and pursue the policy of attracting foreign investors specific knowledge seem indispensable. Firstly, decision makers shall be aware of main peculiarities of direct investments outfl owing from Germany. Secondly, they shall be familiar with some specific pattern of these investments in Poland. Such background may be regarded as a starting point for further steps aiming at attracting foreign capital, specifically the German one. Thus an attempt to identify such regularities.

Polsko-chińska współpraca gospodarcza po przystąpieniu Polski do Unii Europejskiej

The aim of the article is to analize polish-chinese economic relations after polish accession to the European Union structures. Studies carried out in the first part of the article concern trade rates between the two countries. Results show that polish import from China exceed export. The negative trends persist for many years and are continually deepening. From the geographical side, polish import from China flows mainly from the east coast part of China including Peking and Ningxia province. Polish export to China flows mainly to eastern and northern parts of the country. Concerning the commodity structure of the Polish-Chinese exchange, after the polish accession to the UE, polish products turned to be seen as high-quality as well as cheaper than in other UE countries. In 2009, electromechanical products accounted for more than 50% of the imported wares. Metallurgical, electromechanical and chemical products summed up to more than 76% of the polish export to China. The next part of the article analizes chinese investments in Poland and polish investments in China. In the end of 2007, chinese investments in Poland exceeded 120 mln USD. The biggest investments in Poland include building distribution center of GD Poland, Min Hoong Development company and TTL Poland – production center of TV LCD. In 2006, the polish investments in China reached 174 mln USD, investments included building Chinese-Polish Joint Stock Shipping Corporation “Chipolbrok” as well as Shanghai-Gdynia International Transportation Agency Co., Ltd. The last part of the article moved on to the topic of economic cooperation and barriers in access to Chinese market that include tariff and non- tariff barriers. To non-tariff barriers belongs: bureaucracy, weak protection of intellectual property rights as well as communication (language barrier).

Trading strategies of individual investors in times of financial crisis

PurposeThe purpose of this paper is to investigate equity appraisal techniques employed by non‐professional investors from the Central European emerging stock market (CEESM) of Poland. The paper examines investment decision‐making processes in the context of the current financial crisis in a pioneering attempt to shed some light on crisis‐induced changes in investment strategies. In addition, the study tests the usefulness and predictive abilities of analytical tools employed by non‐professional investors when faced with unstable stock‐market conditions.Design/methodology/approachQuestionnaires and experiments conducted with a large group of Polish investors – trading equities in their home market – in order to gain information on the most commonly used investment strategies. Their views are contrasted with similarly obtained opinions expressed by UK non‐professional investors to highlight differences in approaches to investments. Finally, a series of semi‐structured interviews was conducted to discuss how the current financial crisis has affected investment strategies among Polish and UK investors.FindingsTechnical analysis (TA) is the preferred tool utilized by non‐professional investors in Poland. However, the current financial crisis caused the majority of Polish practitioners to adopt fundamental analysis which, in this case, is undertaken to support initial conclusions derived from TA. At this point, investees' financial statements coupled with analyses of the main macroeconomic indicators for CEESMs became the main source of decision‐influencing information.Practical implicationsThe paper addresses an area which is gaining in importance and is of interest to both practitioners and service providers for non‐professional investors. Further investigation is recommended of nascent challenges to investing in CEESMs with practical implications for policy makers and investors.Originality/valueThe current paper refers to the global financial crisis which occurred in the years 2008‐2010. To date, there are no previous studies devoted to an investigation of how investors' trading strategies were influenced by the international financial crisis. Moreover, there are relatively few studies which target practitioners from CEESMs. The paper focuses on the non‐professionals, as this group of investors seems to be relatively under‐researched. Therefore, a number of important implications can be drawn from the current paper with regard to investment strategies tailored to overcome a financial crisis.

The Response of MNCs to Radical Systemic Change in a Transition Environment

After the collapse of the communist system, multinational corporations (MNCs) embarked on direct investments in Poland and launched export operations through their subsidiaries at astonishing speed, in spite of the initially weak institutional environment. These developments challenge the explanatory power of institutional theories explaining the patterns of MNC expansion into Central and Eastern Europe after 1989. We propose an alternative theoretical framework based on a stream of organizational research that focuses specifically on strategic responses to radical changes in external operating environments. The analysis is based on a dataset covering 4,000 subsidiaries operating in the Polish manufacturing sector during the transition period 1989–2003.

The North Bridge in Warsaw

AbstractWarsaw, the capital of Poland, is developing into an important metropolis of Central Europe. With approx. 1.7 million inhabitants, Warsaw is one of the biggest cities and an important centre for traffic, economy and trade in Central and Eastern Europe, and within the European Union (Fig. 1). Warsaw is the principal focus of investment in Poland and of great political and cultural significance.The cityscape is characterized by the historic old town, by landmarks such as the Culture and Convention Centre and above all by the River Vistula which runs right through Warsaw and divides the city in a natural way.

Private, Public and Foreign Savings

Saving, Investment, Financial Integration and FDI in Central Europe: Evidence on domestic savings and investments in industrialised countries indicates that capital markets are not perfectly integrated. On the contrary, various measures of financial integration prove that capital has become highly mobile. This paper presents theoretical explanations for this fact, data on the European Union Northern and states and estimations of the saving-investment relation for some emerging Central and Eastern European countries (CEECs). It was found that domestic investments in Poland, Hungary, Estonia, and the Czech Republic have been partly financed by FDI inflows in recent years. A similar situation was taking place in the so-called Europe in the 1980s. There has been a geographical shift in FDI inflows from Southern EU countries to more developed CEECs in the mid-1990s. It seems possible that fast growing FDI inflows in Poland and in Estonia could hamper the future growth of saving rate. The Interactions between Private Savings and Governments Budget Deficits: This paper attempts to assess the influence of government budget deficit on private saving rate, with special emphasis on Poland and other transition economies. The theoretical predictions concerning the direct impact of budget actions on private savings are given by the Ricardian-Barro Equivalence Theorem and the Neo-classical view. Existing empirical research on the correctness of the Ricardian versus the Classical view is largely inconclusive. A simple empirical analysis for Poland indicates, that in years 1991-1997 there was no strong Ricardian-type relationship between the government net lending and private savings. There is however a possibility of the existence of a weak form of Ricardian Equivalence in Poland, when one assumes, that the social security is treated differently than the rest of government net lending, and therefore social security balance is excluded form government budget balance. However, much longer time series is needed to draw any strong conclusions. Influence of Interest Rates on Credits and Deposits of Non-financial Sector in Poland: The main purpose of this paper is to analyse factors that influence the magnitude of credits and deposits held by households and enterprises. The analysis is performed for the period 1994-1998 using quarterly time-series data. The magnitude of credits and deposits was initially supposed to depend on GDP, real interest rate, real exchange rate, and M2/H ratio (explaining the development of banking sector in Poland). Authors conclude that the growth rate of zloty denominated deposits held both by households and by enterprises is positively correlated with real interest rate, and that this relation is stronger in the case of households. It can be said that the development of banking sector in Poland influences the growth of credits and deposits held by households, but it does not affect the behaviour of firms. It seems that GDP influences the growth rate of deposits, while it has no effect on the demand for credits in Poland. A change in the real interest rate matters only for corporate actions.

Foreign direct investment and the volume of trade: the case of Poland

In this paper we study empirically the relationship between the volume of trade and foreign direct investment in Poland using the FDI augmented gravity equation derived from the modified Chamberlin–Heckscher–Ohlin model with multinational firms and complete specialization in production. We find that FDI contributes positively to the development of international trade between Poland and OECD countries, although the complete specialization C–H–O model with multinational firms does not find support in the data. In contrast, it seems that incomplete specialization H–O model better explains Poland’s trade with the OECD countries. The lack of support for the complete specialization model suggests that the vertical model of the multinational firm may not be appropriate for explaining trade and FDI patterns between Poland and the OECD countries. Therefore, other than labor cost reduction motives might explain the expansion of multinational firms’ activity in Poland. In the light of provided empirical evidence the fears of relocation of labor intensive assembly plants from the west to the east may not be fully justified.

Performance evaluation of Polish mutual fund managers

PurposeThe purpose of this paper is to empirically assess the investment performance of mutual fund managers who operate in the Polish market.Design/methodology/approachThe paper uses monthly mutual fund returns over the period 2000‐2007 to investigate the manager's selectivity and market timing skills. It analyzes three investment mutual fund investment categories: equity, balanced, and bond mutual funds. The paper investigates several performance evaluation models, and shows that the findings are robust with respect to the model choice.FindingsFor each of the three categories, equity, balanced, and bond funds, the paper positive, but insignificant selectivity skill of the mutual fund managers. No evidence is found of bond or equity market timing skills in the sample.Research limitations/implicationsSince not many mutual funds exist over a long period, the sample used is relatively small with 38 mutual funds, while in April 2007 more than 300 funds are listed in the Polish market.Practical implicationsPrivate investors in Poland are not worse off by investing in mutual funds compared to passive market indices. Based on this research, they should select mutual funds that focus on selectivity rather than market timing.Originality/valueThe research on mutual fund manager skill in emerging economies is scarce. In addition, little is known on the performance of balanced and bond mutual funds, even in developed mutual fund markets. This paper contributes by filling both these gaps in the academic literature.

UKRAINIAN INVESTMENTS IN POLAND IN YEARS 2004 - 2007

The main aim of the article is to present the structure and changes of the Ukrainian direct investments in Poland in recent years. The economic conditions of trade have changed after Poland’s access to the European Union and improved economic relations. The results of the research show that Poland is one of the most important recipients of the Ukrainian direct investments in the analysed period. An increasing value and range of the investments can be observed, but after Poland’s access to the European Union some aspects of cooperation between these two countries are impeded.

Performance Evaluation of Polish Mutual Fund Managers

This study aims at evaluating the performance of mutual fund managers in one of the fastest growing financial markets in emerging Europe. We use well-known performance evaluation measures to investigate whether private investors in Poland have benefited from investing in mutual funds. Our analysis focuses on returns over the period 2000-2007 for three categories of mutual funds: (1) equity, (2), bond, and (3) balanced mutual funds. Our results indicate that mutual funds in each of these three categories have positive, but insignificant selectivity skill, indicating that a private investor would not have been worse of by investing in mutual funds. We do not find any evidence of equity or bond market timing skill by Polish mutual funds. This conclusion does not depend on our choice of evaluation model taking into account the direction and/or the magnitude of the market return.

Foreign Direct Investments in Poland - Report for the End of 2004 and New Facts

Joining the European Union is regarded as a chance for Poland to improve its economic growth and to catch up the EU-15 wealth level. However, it is necessary to remember that this is going to be a difficult and long-lasting process, where success is possible only on the condition that suitable economic policy is implemented. Such policy should provide stable frameworks to support business development, attract foreign direct investments (FDI), keep the discipline in public finances and assure the right institutional ability and managerial skills to absorb the EU funds. In the study:- FDI inflows to Poland and other new EU member states have been evaluated from the viewpoint of the size of the economy represented by its GDP per capita;- The amount of FDI inward stock in Poland over the years 1993-2004 and its structure from the viewpoint of the investor's country of origin and sector of allocation have been evaluated (data published by PAIiIZ);- The activity of foreign capital in special economic zones (SEZ), entrepreneurship-supporting enclaves in the regions characterised by extremely difficult socio-economic conditions, has been identified;- FDI inflows to Poland in 2005-2007 (data published by NBP) have been presented.According to the estimates, appropriate economic transformation in Poland and keeping a 5% economic growth rate in Poland require approx. USD 10 billion of annual FDI inflow. With regard to those forecasts, the amount of FDI inflow to Poland seems to be insufficient to keep the desired economic growth rate, and the investment incentives in the form of special economic zones do not meet expectations.

EU EASTERN ENLARGEMENT AND THE CONFIGURATION OF GERMAN‐POLISH INTER‐FIRM LINKAGES

ABSTRACTThis paper examines the spatial configuration of German‐Polish inter‐firm linkages based on foreign direct investment. The analysis highlights that most of the German‐Polish inter‐firm linkages are based in West German economic centres, so that East Germany and particularly the Eastern border regions are facing the threat of falling behind those economic regions which take advantage of the chances offered by EU Eastern enlargement. However, within East Germany the region of Berlin‐Brandenburg proves to be the strongest centre of advanced economic linkages to Poland. In comparison to the West German metropolitan regions, Berlin‐Brandenburg firms with direct investment in Poland are characterised by a qualitatively advanced profile of activity branches, in which the technology‐centred and R&D‐intensive industrial branches as well as the highly qualified producer services have a dominant share. The region thus has a potential to become a centre of competence in German‐Polish economic relations.

Wheelabrator Group announces major investment in Poland

Wheelabrator Group announces major investment in Poland

Wheelabrator Group announces major investment in Poland

Wheelabrator Group announces major investment in Poland

Foreign Direct Investments in Poland After 2000

Foreign Direct Investments in Poland After 2000

Do organisational factors support creativity and innovation in Polish firms?

PurposeMartins and Terblanche developed a theoretical framework of the organisational factors that support creativity and innovation, and the current study aims to provide an empirical test of this framework.Design/methodology/approachBased on a review of existing literature on national culture and previous research into Polish organisations, we developed hypotheses as to the likely position of Polish organisations on these four dimensions. These predictions were tested via a survey of Polish managers from a diverse range of companies.FindingsThe key findings related to ownership – partly or fully foreign‐owned companies operating in Poland appeared to be much more enabling of creativity and innovation than their wholly Polish‐owned counterparts.Research limitations/implicationsNicholson suggested that Polish businesses would benefit greatly from the adoption of at least some western methods, but that there would be significant constraints to their adoption. This research strongly supports this, but being based solely on a Polish sample, requires further research in order to be able to make direct comparison between firms in Poland and firms elsewhere.Practical implicationsOne conclusion of this study is that Polish organisations can draw significant benefits from further effective assimilation of western management philosophy and methods.Originality/valueThis paper contributes to the growing literature on organisational determinants of innovation, and on the transfer of western methods to the transition economies of Central and Eastern Europe. It offers insights of interest to managers in Polish businesses and to potential investors in Poland.

'Learning' or 'coercive' firms? Foreign investment, restructuring transforming economies and the case of ABB Poland

Literature on the learning firm in the context of the knowledge economy predicts that benefits will be derived from local clustering, and that there will be more consensual and enriching work within firms. This article critically examines the concept of the learning firm in the context of foreign direct investment in Central and Eastern Europe, and Poland in particular. It examines the way in which firms access knowledge both through external networks and internal reorganisation. The case study of Asea Brown Boveri's (ABB) brownfield investment in Poland is used to interrogate the notion of learning in the context of crossing national boundaries. The conclusion drawn from the literature and the case study is that tacit knowledge elicited from localities is strategic and selective. Learning through internal restructuring is much more to do with coercion from internal competition than consensual relations within the firms.

INVESTMENT CLIMATE – NECESSARY AND SUFFICIENT CONDITIONS DETERMINING FOREIGN DIRECT INVESTMENT FLOW TO POLAND

Since 2001 there has been a considerable decline in foreign direct investment in Poland. Although the downward trend stalled in 2004, experience shows that the leading market position is something to constantly struggle for, and its retaining consists in raising the country’s attractiveness for potential investors. Decisions about FDI location understandably depend on political, social, economic, legislative factors, which either encourage or discourage foreign investment in a given country. The aim of the article is an attempt at defining business climate in Poland from 1990 to 2004 as a factor attracting FDI. It focuses on analyzing legislative and economic factors classified as indispensable and satisfactory for stimulating foreign investment. The former relate to laws and regulations concerning business entity whereas the latter comprise the location country’s economic situation which either directly or indirectly affects the effectiveness of a particular investment.