{"title":"ACCELERATORS FOR STARTUPS IN EUROPE","authors":"A. Serwatka","doi":"10.12775/CJFA.2018.005","DOIUrl":"https://doi.org/10.12775/CJFA.2018.005","url":null,"abstract":"According to Steve Blank, a startup is a temporary organization that is looking for a profitable, scalable, and repeatable business model. The aim of this article is to compare the startup environments in Poland and other European Union countries, in particular the functioning of accelerators and incubators. The study is based on analysing the sources of acceleration programs and methods of supporting young companies. It turns out that since 2007, the economies of European countries and the US have been feeling the growth of small enterprises that are innovative, and their products are often revolutionizing global markets. Many startups also end up in bankruptcy, but this does not discourage entrepreneurs from creating more and more new teams work on new innovative technologies. One of the biggest problems for start-up companies is finding financing. Hence the interest in the acceleration programs, thanks to which companies gain financing and, above all, mentoring and contact with investors and customers. The effects of cooperation between accelerators and young companies can also be seen on the Polish market. In the last two years new government projects have been created and directed by large corporations, which are supporting the ideas of young people and encourage the development of startups.","PeriodicalId":33012,"journal":{"name":"Copernican Journal of Finance Accounting","volume":"11 3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87650060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE ROLE OF CASHLESS TRANSACTIONS IN THE PROCESS OF LIMITING THE SCALE OF THE SHADOW ECONOMY","authors":"M. Jakubowska","doi":"10.12775/CJFA.2017.021","DOIUrl":"https://doi.org/10.12775/CJFA.2017.021","url":null,"abstract":"This article presents the existing state of cashless transactions in Poland, taking into consideration the network of card acceptance among enterprises. Even though in recent years cashless transactions has been dynamically developing and using bank accounts and cashless payment instruments to carry out daily transactions is becoming more popular, the distance between the level of development of cashless transactions in Poland and that in other EU countries is still significant (NBP, 2013). According to the author, the possibility of two-way operations occurring between the cashless transactions and the shadow economy is both a very important and as of yet unverified research area. The literature describes the positive influence of the cashless transactions on the reduction of the shadow economy; the author, however, has attempted to determine whether the shadow economy can also influence the development of the cashless transactions. Therefore, the purpose of this article is to prove that limiting the use of cash money in the economy can indeed contribute to the reduction of the shadow economy. Two research methods are used in this article: literature study and statistical analysis. The study of literature concerning this subject has been carried out on the basis of domestic and foreign scientific journals and the quantified description and the analysis of the shadow economy and cashless transactions have been based on extensive statistical data. According to a study, a tool that provides a possibility of the reduction of the shadow economy in the area of unregistered transactions shall be the launched Program Wsparcia Obrotu Bezgotowkowego.","PeriodicalId":33012,"journal":{"name":"Copernican Journal of Finance Accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75776785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE GREEN BOND AS A PROSPECTIVE INSTRUMENT OF THE GLOBAL DEBT MARKET","authors":"A. Laskowska","doi":"10.12775/CJFA.2017.023","DOIUrl":"https://doi.org/10.12775/CJFA.2017.023","url":null,"abstract":"Green debt is viewed as one of the youngest segments on the global financial market. Green bonds were defined as fixed-income securities, issued in order to obtain the capital for further financing or refinancing of undertakings contributing to the improvement of natural environment. In other words, to develop economy which is low-carbon and resistant to climate changes. They are relatively recent instruments, which have quickly become a substantial part of the dynamic ecological trend on the financial market. The research objective of the article is to identify the factors determining the development of the green bonds market. It is reasonable to systematize the stimuli of the evolution of this process, as the green bonds potential has not been fully utilized yet. Research methods applied were: critical analysis of the subject literature as well as reports on green bonds, data analysis from international ecological financial market, inductive method and the author’s own didactical material containing the case studies of five selected issuances of green bonds. The studies on subject literature were supplemented by an in-depth observation of how dynamically the green bonds market was developing in years 2012–2017. The outcome of the research: basic determinants of ecological bonds refer to demand, supply as well as realities and predictions regarding the functioning of the market. The research process confirmed that green bonds constitute a prospective dimension of the global debt market. It should be underlined, however, that if the environmental bonds segment is to develop rapidly, it is necessary to remove any barriers hindering its advancement, including low ecological awareness among the society or, in some cases, the country’s passivity towards pro-environmental policies.","PeriodicalId":33012,"journal":{"name":"Copernican Journal of Finance Accounting","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90224811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"CONTAGION AND DIVERGENCE ON SOVEREIGN BOND MARKETS","authors":"P. Jaworski, Kamil Liberadzki, Marcin Liberadzki","doi":"10.12775/CJFA.2017.022","DOIUrl":"https://doi.org/10.12775/CJFA.2017.022","url":null,"abstract":"The paper gives evidence for significant interdependency between sovereign bond yields during pre-crisis period as well as after the recent global debt crisis broke out. These interdependencies can be classified either as contagion or divergence. Both effects should be understood as an increase in interdependency among different assets as a result of a significant shock. Contagion refers to positive interdependency, while the negative correlation illustrates divergence effect. Basing on selected bonds, we found out that divergence effect prevails over contagion. What is more, there has been more divergence among the European Monetary Union (EMU) countries than between the EMU sovereigns and Japanese or the US bonds. Despite the increase of contagion level after the crisis, there was no worldwide retreat from bond markets as a result of global turbulences. While there is a numerous literature on sovereign bond contagion, we propose our methodology for bond divergence effect measuring. The paper organizes and presents main concepts for contagion effect modeling within both spatial and time approach. As the same index is utilized for contagion and divergence modeling, it is possible to analyze and compare these two opposite effects together basing on selected sovereign bond market data.","PeriodicalId":33012,"journal":{"name":"Copernican Journal of Finance Accounting","volume":"226 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89187634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE INFLUENCE OF ASSET AND PROFITABILITY TOWARD SHARE VALUE: MEDIATION EFFECT OF LIQUID ASSET","authors":"T. Sitorus, Denny","doi":"10.12775/CJFA.2017.024","DOIUrl":"https://doi.org/10.12775/CJFA.2017.024","url":null,"abstract":"The purpose of this research is to extend the relationship between asset and profitability with share value and this study also aims to find out the factors that influence of the value of share and propose the Liquid Asset as the intervening variable for filling the gap of prior research within the mining sector listed on the Indonesian Stock Exchange from the period of 2010 to 2014. This research used quantitative approach with a descriptive method by using secondary data in the form of financial report of the mining sector. The population in this study is all mining sector companies listed on the Indonesian Stock Exchange. The sample was taken using purposive sampling method and obtained 20 companies that met the criteria of sampling, while the observational data that could be collected was 100 within 2010–2014 (5years). This research used the data analysis method of Structural Equation Modelling path. The results of this study prove that all hypotheses are accepted, so it can be concluded that the result evidently shows that the Liquid Asset is able to mediate the influence of asset and profitability toward value of share.","PeriodicalId":33012,"journal":{"name":"Copernican Journal of Finance Accounting","volume":"134 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75678795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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