Ekonomia i Prawo

Journal Information
ISSN / EISSN : 1898-2255 / 2392-1625
Total articles ≅ 489
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Ekonomia i Prawo, Volume 20, pp 439-456; https://doi.org/10.12775/eip.2021.027

Abstract:
Motivation: The paper addresses the issue of shares in corporate income tax (CIT) as revenue for the budgets of provincial governments. A study of the formation of revenues from this source in relation to total revenues in 2019–2021 was carried out, resulting in the observation that amongst the provinces a wide disparity exists in terms of the importance of CIT shares as a source of revenue. In most provinces, the percentage ratios of the size of CIT shares planned for 2021 in the structure of total revenue decreased compared with 2019. The study made it possible to advance a thesis on the possible impact of the COVID-19 pandemic on the decline in provincial revenue from CIT shares, as well as to confirm views criticizing certain features of CIT shares, such as their lack of stability or the lack of influence of provincial governments on the shaping of this source of revenue. Shares in CIT formally constitute the provinces’ own revenue, but in practice they are funds transferred from the state budget. Income taxes in Poland are the revenue of the state, which has an exclusive influence on the normative shape of these taxes and the implementation of the regulations concerning them. The province, as a beneficiary of the CIT share, has no influence on this income. In view of the fact that in some provinces CIT revenue as a share of total revenue exceeds 40%, a problem arises in the event of a decrease in the revenue from this tax to the state budget, and consequently to the provincial budgets. The COVID-19 pandemic and the economic crisis caused by it result, inter alia, in a decrease in revenues from income taxes, which is reflected in provincial budgets. Aim: The aim of the article is to determine whether and to what extent the COVID-19 pandemic affected the revenues of self-governing voivodships from CIT shares. The authors also indicated solutions aimed at mitigating the negative consequences for provinces of the drop in revenues from CIT shares. Results: The research carried out on revenues to the budgets of provincial local governments from the CIT share indicates that in 2021, 11 out of 16 provinces will have a lower percentage share of this income in the structure of all their revenues when compared to 2019.
Ekonomia i Prawo, Volume 20, pp 367-381; https://doi.org/10.12775/eip.2021.022

Abstract:
Motivation: The study presents the current conditions for receiving the agricultural pension from the Agricultural Social Insurance Fund (KRUS) and the rules for calculating it. They are organised in such a way that the longer the insurance period of the insured person, the lower the so-called supplementary part of their pension than in the case of the insured person with the shorter insurance period. In addition, since 2011, persons insured in KRUS and having farms with an area of more than 50 ha of utilised agricultural area have been obliged to pay higher amounts for their pension insurance which do not have any impact on the level of benefits received. Farmers who also run business activities are treated by the insurance legislation in a similar manner. Hence, there is a need to make changes to the legal and economic regulations in KRUS, which would reflect the new conditions of management in Poland after 1989 and the solutions existing in the Social Insurance Institution (ZUS). Aim: The objective of the study is to identify the regulations related to agricultural pension insurance which are inadequate in relation to the existing conditions of management in our country and to the solutions existing in ZUS. In addition, the objective of the paper is to propose changes to the insurance regulations of KRUS concerning the rules for calculating pensions and the definition of special branches of agricultural production. Also, the effects of these changes from the viewpoint of the insured person have been presented. Results: The result of the study is a proposal for changes to the rules for calculating pensions for farmers insured in KRUS. The paper proposes to split the pension from KRUS into three parts: the contribution part, supplementary part and capital part. The proposals presented differentiate the pension amount depending on the insurance period and additionally paid contributions. The paper proposes to extend the special branches of agricultural production and to adopt income they generate at the level of 50% of the average salary in the national economy or at the level of the minimum wage as a criterion for access to insurance in KRUS.
Rafał Rosiński
Ekonomia i Prawo, Volume 20, pp 425-437; https://doi.org/10.12775/eip.2021.026

Abstract:
Motivation: The minimum wage protect employees from excessively low wages. It helps ensure fair participation in economic development for the general public. The minimum wage in the economy is an essential element in a country’s economic policy. Decisions concerning the implementation and changes in the minimum wage are part of the socio-economic policy of the state. Research on minimum wage relate to its overall impact on the level and structure of wages, employment, productivity at work, the size of the gray economy, the level of poverty and public finances. Factors affecting changes in the minimum wage are formal and non-formal. The question therefore arises which factors are decisive in the Polish economy. Aim: The aim of this paper is to present the essence and causes of changes in the minimum wage in Poland in 2003–2020 with particular regard to formal and non-formal aspects. Results: On the basis of research carried out in Poland, a link between minimum wage and inflation was observed. There is also a fundamental relationship between the minimum wage and average wages in the economy. It has been shown that the minimum wage is not without significance for the impact on public finance sector in Poland.
Hanna Pondel
Ekonomia i Prawo, Volume 20, pp 383-399; https://doi.org/10.12775/eip.2021.023

Abstract:
Motivation: Sustainable development is a concept of development that arouses keen interest of various entities, is unprecise in many of its assumptions, undoubtedly applicable for the contemporary civilisation as well as the future generations, with effects difficult to measure and interpret, and constitutes a considerable research challenge. The research on the sustainability level of particular countries or regions have still been insufficient, as well as, due to varying research methods and research scopes, difficult to compare and causing difficulties in clear determination of the scale and progress in implementing the assumptions of this concept of development. Aim: To evaluate the level of sustainable development in European Union countries in 2009 and 2018 with the application of the taxonomic method. Results: In the vast majority of European Union countries, the value of the synthetic sustainable development indicator was higher in 2018 as compared to 2009. Only in the case of three countries the value decreased. The improvement of the indicator was driven mainly by the economic aspect. When evaluating the sustainable development level of European Union countries in 2009 and 2018, it may be claimed that each time the majority of countries noted a low level of sustainable development: a low and very low synthetic sustainable development indicator was demonstrated by 67% and 56% respectively of the entities under evaluation. In the group of countries with a very high aggregate indicator, the changes in 2018 as compared to 2009 were not significant; only the Netherlands and Slovenia were in the group of countries with a high synthetic sustainable development indicator (in 2018 — with a very high indicator). Certainly, it should be seen as positive that the group of countries with a very low aggregate indicator shrank considerably: from 17 in 2009 to eight in 2018. Among the countries representing that group in 2018 were only those which belonged to it also in 2009. As results from the conducted analysis, the countries which have attained a very high or high level of sustainable development maintain this status.
Ekonomia i Prawo, Volume 20, pp 317-335; https://doi.org/10.12775/eip.2021.019

Abstract:
Motivation: Economic growth is the product of many interrelated shallow and deep (fundamental) determinants. The deep ones include the geographical conditions of development, institutional conditions and the openness of the economy. Research on the impact of fundamental factors on economic growth and their importance were carried out for various groups of countries, primarily developing as well as developed ones. Aim: The study continued the analysis of the fundamental factors of economic growth in selected transition countries carried out in 2010. The focus was on determining the changes that have occurred over time in the area of fundamental determinants of growth in order to perform a comparative time analysis after the next decade of functioning of these countries. Results: The analysis shows that the geographical factors that formed one of the elements of the initial conditions turned out to be important for the analysed economies. Institutions are also very important, and the change in their quality in the analysed period was the smallest in the group of the poorest countries.
Jacek Wolak
Ekonomia i Prawo, Volume 20, pp 457-473; https://doi.org/10.12775/eip.2021.028

Abstract:
Motivation: Numerous scientific studies indicate a significant relationship between the number of sugar-sweetened beverages consumed and the problem of overweight and obesity. This, in turn, is a significant risk factor for many diseases, especially type 2 diabetes. Poland is a country where the consumption of sugar, especially in a processed form that is dangerous to health, is constantly growing. As a result, now two-thirds of the society are struggling with the problem of overweight, while obesity can be said in every fourth case, the forecasts are even more pessimistic. Recently, a fiscal policy with the use of the “sugar tax” is a popular tool to combat the growing consumption of sweetened beverages. The Polish government is also following this path, and the tax is scheduled to be in force at the beginning of 2021. Aim: The aim of the study is to analyse the impact of the sugar tax on prices and, consequently, on the future consumption of sweetened beverages and other related goods. Results: Based on the data of the Central Statistical Office concerning household expenditure in 2018, the complete demand model was estimated, considering demographic variables. As a result, the price and profit elasticities of demand for sweetened drinks and related goods were estimated. The results obtained in the study indicate that the introduction of the sugar tax will reduce the consumption of SSB, and the size of the changes depends on the analysed demographic factors. The decrease in consumption of sweetened beverages will increase the interest in beverages with a lower sugar content.
Ekonomia i Prawo, Volume 20, pp 401-412; https://doi.org/10.12775/eip.2021.024

Abstract:
Motivation: Oligopolistic firms entering a collusive agreement often face the prisoner dilemma problem which makes such agreements inherently unstable. There has been a wide discussion in the literature on a variety of solutions to stabilize cartel arrangements. Only recently, it has been pointed out that patents could play an important role in cartel creation and functioning. However, there is a need for a formal modelling to better understand the role of patents in market competition. Aim: In this paper, we consider the impact of patent rights on the competition of duopolists in the final product market. We assess the incentives of firms holding essential patents to create a cartel. Our main objective is to investigate the role of patents in cartel stability. Results: Using game-theoretical approach, we show that it is beneficial for the patent-holding duoplists to form a cartel. Moreover, it is demonstrated that the existence of patents may help eliminate the prisoner dilemma problem faced by the participants of collusive agreement and significantly contribute to cartel stability. These conclusions suggest that patents may play an important role in restricting market competition.
Anna Mieleszko
Ekonomia i Prawo, Volume 20, pp 305-315; https://doi.org/10.12775/eip.2021.018

Abstract:
Motivation: Institutions are a set of rules of the game, norms and values that constitute a fundamental element of any social and political system. Political institutions are an important object of theoretical considerations and a number of attempts at explanations in political science. in their research, they put more emphasis on the effects of political institutions than on issues related to their genesis and the changes taking place. This article is in the trend of New Institutionalism which focuses on the causal role and the limited ability to design new tools, as well as a strong intention in this area. Aim: The aim of the article is to provide a synthetic overview of the causes and effects of continuity and changes in formal political institutions within the interdisciplinary area — new institutionalism. The research methods used during the preparation of the article include the analysis and criticism of the literature Results: The article focuses on presenting the role of institutions in political life, showing the dysfunctionality of the institutional sphere in the face of pressure from interest groups and the game of political actors. The explanation of these aspects was served by logical constructions and analyzes, primarily of a historical and sociological study, emphasizing the importance of determinants of informal institutions on the durability and institutional change.
Ekonomia i Prawo, Volume 20, pp 353-366; https://doi.org/10.12775/eip.2021.021

Abstract:
Motivation: Dividend pay-out is a frequently undertaken research issue. However, there is no study on the impact of concentrated ownership on adjustment of dividend amount to investor sentiment for pay-outs. The paper contribute to the literature by filling the research gap regarding the catering effect in the context of principal-principal agency conflict and type II agency costs, monitoring hypothesis and expropriation hypothesis. Aim: The aim of the article is to investigate an impact of the first and second-largest shareholders on an adjustment of dividend pay-outs to investor sentiment for dividends. To achieve the aim, two hypotheses have been formulated, i.e. H1: if the first-largest shareholder is a strategic investor, a catering effect weakens; H2: an existence of significant second-largest shareholder moderates the extent to which companies cater to investor sentiment for dividends. Results: There are three main finding: 1) the number of shares held by the first-largest shareholder is lower in dividend payers, while the number of shares held by the second-largest shareholder is lower in dividend non-payers; 2) listed companies from electromechanical industry sector cater to investor sentiment for dividends; 3) both research hypotheses have not been satisfied.
Ekonomia i Prawo, Volume 20, pp 239-255; https://doi.org/10.12775/eip.2021.014

Abstract:
Motivation: The interest in sustainable, socially, environmentally and climatically stable development of the economy is growing. At the same time, issuers and investors are looking for financial instruments with which they can achieve their investment goals. The idea of the green bond market is to develop debt instruments in financing projects contributing to ecologically sustainable development, which should have a direct impact on the development of technologies and practices in the area of resource use that contribute to limiting adverse climate change. Bonds for financing or refinancing renewable energy sources and increasing energy efficiency are seen as a natural part of the transformation of the global economy. Aim: The purpose of the article is to present an analysis and goals of green bond market in Europe based on currency of issue, geographic structure, issue period, sectors and issue targets as well as major stock exchanges on which green bonds are listed. Results: Relevant data on the green bond market in Europe was analyzed and the objectives of issuing green debt finance in particular sectors by number of emission were identified. It was verified that green bonds, which are listed only on one stock exchange, mainly the Scandinavian one, have a lower average value of the issue.
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