The influence that general contractors and subcontractors have on the operation of a company is immense. Keeping this in mind, the authors have decided to develop and algorithm based on the analysis of partnering relations between construction companies that would select the best possible construction company for the purposes of cooperation. This algorithm, developed for a given construction company, is meant to support its decision-making system in the field of the selection of another construction company to cooperate with. The author has made references to earlier research, in which she had used the ELECTRE III method, and in which she bad analysed the possibility of applying the BIPOLAR method in order to solve the problem of the selection of a construction company to develop partnering relations with. The author provided an example of the calculations performed for a selection of construction companies.
Studies linking the use of lean practices to company performance have been increasing as
markets are becoming more competitive and companies are eager for reducing waste and
therefore implementing the Lean Management (LM) philosophy to improve performance.
However, results from these studies have found various and different impacts and some light
is needed. Extant literature was reviewed and, to achieve the research objective, a metaanalysis
of correlations was carried out. The obtained results suggest a positive relationship
between some lean practices and performance measures. Furthermore, the presence of moderators
influencing the relationship between lean practices and performance outcomes is
highlighted in our results. To our best knowledge, this is the first research that proposes
a comparison of results from primary studies on Lean implementation, by analysing the
linear relationship between lean practices and enterprise performance. It fills this gap and
therefore represents an important contribution.
The paper aims to test the hypothesis whether high tariffs lead to a high efficiency of electricity suppliers. The authors test this hypothesis on a case of 29 Ukrainian electricity distribution companies. Using the data envelopment analysis and correlation coefficients, grouping the super-efficiency scores, the authors found that in most regions of Ukraine the increase in tariffs no longer leads to increased efficiency. This indicates a weakness of tariff policy in most of the electricity distribution companies. The case showed that rising tariffs can cause a decline in revenue, net income and an increase in accounts payable. This does not allow the electricity distribution companies to provide high efficiency.
Apart from this, despite improving the financial performance of most companies, the electricity distribution industry in Ukraine as a whole remains unprofitable. However, the high percentage of foreign investors in this industry indicates a significant potential for increasing the efficiency of Ukrainian energy companies. The government control of the electricity distribution companies more often provides medium efficiency, while the management by foreign investors often provides a high efficiency. The absence of the major owner and the presence of blocking stakes in any investor (government, domestic or foreign investors) has a negative impact on the efficiency of energy companies.
Although the case is limited to one country and 29 companies, this study can serve as a model for wider testing of the research hypothesis in other markets and countries.
This article examines the localness of commercial names in Finland and focusses specifically on the names of grill food kiosks and products. There are two research objectives: firstly, to determine the number of local names that occur in the material, and secondly, to analyse how these names work as indexes of localness. This article explores the claim by sociolinguist Barbara Johnstone that particular linguistic forms can index meanings along a variety of dimensions and some forms may index locality. Furthermore, these types of linguistic forms can be used in discourses that shape people’s senses of place and the social identities associated with place. Of the 15 names of kiosks, almost all names, a total of 13 names, can be interpreted as manifesting local characteristics. Most of the kiosk names include a local place name. Of the product names, more than half (46 out of 84 names) are to be construed as describing something local. Although most of the local names in the group of product names include a local place name, personal names are also rather common. In addition, local dialect or slang is also visible in the product names. Another type of reference to a region appears in two kiosk names and in some of the product names. These names constitute a special case and demonstrate how local history can be incorporated in names creatively.
The article deals with the subject of an important component of energy management, which is the performance of energy efficiency audits in companies. Using the case study analysis, the role of the energy audit was analyzed in the context of improvement of energy efficiency in selected production companies. The essence of legal requirements following from the implementation of the amended Energy Efficiency Act was presented. Specifically, problems and challenges, which refer to the method of implementation of the audit obligation in economic practice, were discussed. Furthermore, the issue of quality and usefulness (in the decision-making process) of prepared reports was raised. It was found that there were indications to claim that the obligatory energy audit of companies is not an instrument for the improvement of energy efficiency, which is always used optimally. The fault in this situation is partly attributable to the state, audit bodies and the company management. In this case, not only is the ineffective communication an issue here, but also the insufficient level of knowledge regarding energy management, as well as haste. The amendment of the Energy Efficiency Act (within just one year) imposed the necessity to conduct an energy audit on a specific group of companies. In principle, because all the entities, to which the obligation referred, had to take actions almost at the same time, numerous issues appeared. Some managers learned about the obligation to conduct the audit from companies who themselves had come out with a proposal to carry it out. This proves the lack of the proper information flow between the government administration authorities and the companies. Again, it turned out that practitioners did not keep pace with the implementation of actions, which were a consequence of numerous (and not always well thought-out) changes in the law. Haste in the fulfillment of the statutory obligation affected a high price spread of the bids sent during tenders, related to the performance of an energy audit. Bureaucratic regulations regarding tenders became another obstacle in the correct performance of the tasks. The entrepreneurs themselves, without clear guidelines on what to expect after the performed energy audit and what a report should look like, on many occasions, selected the “cheapest” bid – not always thinking too much about the qualitative consequences of such a decision. Some certifying bodies – taking advantage of an opportunity and the satisfactory combination of circumstances – offered unprofessional audit services of questionable quality. In the presented conditions, it is difficult to expect real, systemic and desirable results (economically, ecologically and socially) with regards to the energy efficiency both in the micro-, meso- and macr-economic scale. It is worth considering changes in the Energy Efficiency Act and spread the obligation to perform audits over different years according to clearly defined (in cooperation with business) criteria. If relevant actions are not taken, the situation of a temporary Eldorado on the market of energy audits will repeat in 4 years. Again, the consequence may be the poor quality and questionable usefulness of reports from energy audits of companies both at the business level and the ecological-political level. It is necessary to counteract all forms of unfair competition to interdisciplinary and specialist bodies which take actions to improve the energy efficiency of organisations. The creation of appropriate business conditions will have a positive impact on the improvement of energy efficiency. In this context, it is necessary to take actions, which enable the optimization of both the process of the implementation of obligatory legal regulations and voluntary (industry) norms and standards.
Coal mining is one of the most important sectors of the Polish industry. It can be said that the coal is a national raw material. This results in Poland being a pioneer in the European Union in terms of coal mining as well as its use in the production of electricity and heat. There are many companies in Poland which have been established and developed around the coal mining industry aimed at coal extracting. The operations of those companies depends on the condition of the mining companies and their cooperation with them: commercial, service and advisory, called referred to as “mining supporting companies”. The article focuses on the results of a survey carried out in mining supporting companies, such as mining machinery and equipment manufacturers, mining-related service companies and mining-related research and development institutions. The authors evaluated the relationship and dependence of those companies on the mining industry. It was assumed that the measure of the mining supporting companies condition is the overall quantity of public related payments contributed to the state budget and local budgets. In the article, the authors raised the problem of the size of losses for public finances, as a result of the significant limitations of financial flows from the mining companies. The surveyed companies are those associated with the Polish Mining Chamber of Industry and Commerce. As a result, the authors prepared conclusions regarding the dependence of the mining supporting companies on the situation of the mining subsector.
Energy is a basic industry for any economy and ensures the country’s security, including economic
security. The purpose of the article is to analyze the reform of the energy sector in Ukraine
for successful integration into the energy sector of the European Union. The state of the energy
industry from 2003 to 2018 is analyzed. The following main reasons for the decrease in electricity
generation in Ukraine are identified – a decrease in production volumes, the annexation of Crimea
and the anti-terrorist operation in the east of Ukraine, a decrease in the volume of energy output
from Thermal Power Plants due to aging capacities, difficulties with raw materials, low efficiency,
which, however, has a good effect on the environment due to a decrease carbon dioxide emissions.
The directions of reforming the electric power industry of Ukraine are considered in the context of
“industry-market-company”. Four electricity market models are analyzed and the new model of the
competitor’s market for electricity in Ukraine with contract market, spot market, the balancing market
is substantiated. The structure of the segments of the new electricity market and the participants
are proposed. More than half of the electricity market is provided by nuclear power, which ranks
the 5th in the world in terms of installed capacity. The analysis of the performance indicators of the
nuclear company for 2007–2019 showed significant reserves for the company’s growth, which are
being successfully implemented through strategic development projects and phased corporatization
of the company as a tool of unbundling. The main challenges of implementation a new market
model are analyzed and solutions are proposed.
This article focuses on mobility of companies in the European Union in the light of the Court of Justice’s judgment in the C-106/16 Polbud – Wykonawstwo sp. z o.o. case. The Court of Justice has once again interpreted the treaty provisions relating to the EU freedom of establishment in the context of cross-border conversion of companies. The in-depth analysis of the case from the substantive law perspective as well as from the conflict-of-law perspective has raised some doubts with regard to the background of the judgment. Therefore, the article assesses whether the cross-border transfer of a seat took place in the Polbud case or the cross-border conversion, or possibly a new company has come into existence. Most of the analysis is aimed at exposing the risks related to the companies’ mobility under the rules adopted in the Polbud judgment, in particular in the absence of respective European and national regulation.
The paper deals with the issue of financial efficiency, measured by the arithmetic rate of return, of indirect financial investments in the area of strategic raw materials (hard coal, copper, crude oil). Two forms of indirect investments were analyzed: shares of natural resources companies listed on the Warsaw Stock Exchange and futures contracts for strategic commodities: hard coal, copper and crude oil.
The time of the analysis is the first 6 months of 2019 and 2020. The year 2019 was regarded as an analysis of the period of economic growth, and the year 2020 was the analysis of the period of economic crisis. The comparisons were made in two dimensions. Firstly, it whether indirect commodity investments show the characteristics of efficiency resilience to the time of the economic crisis was checked (by comparing the achieved rates of return in the two analyzed periods). Secondly, which of the analyzed forms of investment (stocks, contracts) gives better investment results during economic growth and economic crisis was compared.
As it was shown in the paper, indirect commodity investments do not show an above-average rate of return neither during economic growth nor economic crisis. The achieved rates of return on shares compared to changes in the WIG20 index in the analyzed first half of 2019 were negative. Only one company showed a positive and significantly higher than the market rate of return. Very similar results were achieved by the analyzed companies in 2020.
On the other hand, the analysis of prices and rates of return on commodity futures contracts showed that in the period of economic growth it is effective to take a long position on crude oil contracts and a short position on hard coal contracts. In a period of economic crisis, the opposite position is profitable due to the observed growth in hard coal prices and a significant drop in crude oil prices.
The answers to the research questions posed in the paper do not provide indications for recommending indirect forms of investment in commodities as an alternative to analogous forms of other sectors of the economy. The analysis shows that the impact of the economic situation on the efficiency of commodity investment is most noticeable for crude oil, and the least (among the analyzed commodities) for indirect copper-based investments.
The recast of the European Insolvency Regulation, which has been applicable from 26 June 2017, implements a philosophy of Euro universalism, according to which in solvency proceedings opened in a Member State where the debtor has its centre of main in terests (COMI) should have a universal scope and encompass all the debtor’s assets situated throughout the EU.
The wording of the Recast Regulation is in tended to comply with the ECJ case law concerning COMI, such as Interedil, Eurofood, Bank Handlowy or Mediasucre judgments. Nevertheless, it is now questioned whether the Recast Regulation strengthens or rather weakens the COMI/registered office rebuttable presumption and opens the gate for in solvency forum shopping.
As far as international company law is concerned, the issue of transfer of seat as well as forum shopping has been widely discussed. So far the ECJ has issued a series of judgments in which it has explained the European freedom of establishment and the cross-border activities of companies in the internal market.
Similarly, the US Supreme Court has issued several significant decisions, such as CTP Corp. v. Dynamics Corp. of America, Edgar v. MITE Corp., and International Shoe Co. v. State of Washington, in which the limits of acceptable forum shopping are better delin eated.
Based on the aforementioned, it may be concluded that European harmonization measures facilitating cross-border mobility should additionally assist in achieving predictability and efficiency, as well as the economic viability and security of the operations under consideration.
This contribution analyses and expounds on the lessons that can be learned from both the ECJ case law as well as US Supreme Court’s decisions on in ternational company law, in cluding an examin ation of their effect on in solvency forum shoppin g. There is no doubt that, if successful, harmonized legislation on these matters would be a great asset for the internal market.
In the article, the significance and essence of management of intelligent manufacturing in
the era of the fourth industrial revolution has been presented. The current revolution has
a large impact on the operation of the company. Through the changes resulting from the
application of modern technologies, production processes are also undergoing revolutions,
which results in changes in such indicators of business development. Management of intelligent
manufacturing is also a challenge for socially responsible activities; due to solutions of
Industry 4.0, enterprises directly and indirectly influence environmental protection, which
results in benefits for all mankind. In the article, the analysis and assessment of management
of intelligent manufacturing, using modern technologies during the production process,
has been carried out, with particular emphasis on the components of management such as:
monitoring, control, autonomy, optimization. Moreover, the impact of the above components
of management on changes in the following indicators (KPI – Key Performance Indictors)
has been evaluated, i.e. (1) quality, (2) rapidity of the production process implementation,
(3) performance and (4) productivity, (5) decrease in waste generated during the technological
process and (6) amount of consumed electricity. For the purposes of conducting the
research, a case study has been used, developed due to the information shared by the company
manufacturing machinery and equipment for the polymer processing industry, in which
intelligent solutions of Industry 4.0 are being applied. The presented article is a significant
contribution to the current development of knowledge in the field of implementing Industry
4.0 solutions for polymer processing. The article is a combination of theoretical and practical
knowledge in the field of management and practical industrial applications. It refers to the
most current research trends.
The concept of a Ship Management is vaguely known in the Polish law and legal doctrine although the role of the Ship Manager has become quite complex through the years. It started in the eighties when there was a deep change in the shipping market as many shipping companies became bankrupt and mortgagor banks had to turn to ship managers for help.
Thirty years ago in 1988 BIMCO published the first Ship Management Contract which provided the market with a standard document striking a fair balance between the rights and obligations of the owners and the managers, giving some uniformity in the widely used in-house contracts, particularly in the apportionment of liability between parties.
After the implementation of the ISM Code in 1998 and creating the entity called “Company” as a subject responsible for a safe operation of a vessel the ship manager’s role rose extremely. It caused, among other factors, that BIMCO issued the world wide known form of contract named SHIPMAN 98, which was then superseded by its new version issued in 2009.
The main goal of this article is to bring a reader closer to the issue of a Ship Management and the Ship Manager through a Polish translation of this modern BIMCO form named SHIPMAN 2009.
The paper will discuss the Russian involvement in the Holy Land that started from informal actions to evolve into formal activities of religious, trading and scientific institutions related to the Russian authorities.