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E-XVIII-1-1.Pdf Editors: Mirosław Wypych, Iwona Gawryś, Paweł Trippner Language editing: Dominika Świech, Zbigniew Pyszka Typesetting: Witold Kowalczyk Cover design: Marcin Szadkowski All articles published are subject to reviews. ©Copyright by Społeczna Akademia Nauk (University of Social Sciences) ISSN 2543-8190 http://piz.san.edu.pl 2 Table of Contents 5 Mirosław Wypych, Iwona Gawryś, Paweł Trippner | Preface 7 Agnieszka Czajkowska | The Current state of the MSME Sector Lending by Banks in Poland 23 Przemysław Czajor, Marcin Michalak | Operating Lease Capitalization – Reasons and its Impact on Financial Ratios of WIG30 and sWIG80 Companies 37 Iwona Dorota Czechowska | The banking sector in the context of financialisation 57 Justyna Fijałkowska | Key Performance Indicators for HEI’s Measurement as an Important Element of Their Accountability 73 Iwona Gawryś, Paweł Trippner | Assessment of Profitability of an Economic Entity on the Example of a Private University 89 Dagmara Hajdys | The problem of selecting funding sources for local regeneration projects on the example of Lodz and Sopot 109 Agnieszka Jachowicz | Changes in Personal Income Tax in the Visegrad Group, Compared with the Trends in the European Union 123 Andrzej Janowski | Talent Management in Life Insurance Industry: Evidence for Central Europe 139 Magdalena Jasiniak | The impact of the method of financing mergers and acquisitions on the efficiency of the progress 153 Jakub Keller | Reliability of Brokerage Recommendations in Context of M&A Transactions on Polish Stock Exchange Market 169 Arkadiusz Kijek, Anna Szymańska | The Role of Trade Linkages in Business Cycle Synchronization in Central and Eastern European Countries 181 Dorota Krupa, Agnieszka Żołądkiewicz | Equity Crowdfunding as a Form of Financing Projects in Poland 199 Czesław Lipiński | Goodwill in the Bank Accounting’s Praxis 213 Grażyna Michalczuk, Julita Fiedorczuk | Analysis of Conceptualization and Taxonomy of Division of National Intellectual Capital (NIC) 3 225 Bożena Mikołajczyk | The EU Funds in the financing of innovativeness of Polish enterprises within the Europe 2020 Strategy 237 Radosław Pastusiak, Jakub Keller, Monika Bolek | Self-confidence, gender, knowledge and experience impact on the investment effectiveness on capital market 257 Konrad Raczkowski, Joanna Węgrzyn | Economic Theories in Tax System 271 Dawid Rezler, Magdalena Jasiniak, Radosław Pastusiak | Impact of Restructuring Act of 2005 to the healthcare in Poland 285 Marcin Sitek | Innovative Forms of Investments and Modern Concepts of Management of Resources in the Real Estate Market 301 Dawid Szkopiński | Entrepreneurial Economy – Conditions, Classification and the Level of Diversification of The Eu Member States 315 Anna Szymańska, Arkadiusz Kijek | Discounts and Increases against the Base Premiums Increases in the Motor Third Liability Insurance in Poland 329 Magdalena Ślebocka | Evaluation of the Financial Condition of Territorial Self- government Units by means of Financial Ratios as Exemplified by the City of Łódź 345 Aneta Tylman | Participatory Revitalisation as the Determinant of Changes in Urban Policy Financing 357 Radosław Witczak | The Use of different Methods of the Tax Base Estimation in the Light of SAC Ruling in 2014 369 Sylwia Wojciechowska-Filipek | Credit Information Databases in enhancing of the financial system stability 389 Iwona Wojciechowska-Toruńska, Radosław Pastusiak | Tax policy versus financial exclusion 405 Mirosław Wypych | Influence of Dividend on Development Potential of Companies (on the Example of Listed Companies) 4 Preface It is our great pleasure to give into the hands of readers the first issue of the journal ‘Entrepreneurship and Management’ in the year 2017. University of Social Sciences’ Publishing House is annually planning to issue publi- cation of two numbers in English language in the coming years. The great advantage of the publication in the journal ‘Entrepreneurship and Ma- nagement’ is a very attractive number of points (14 points according to the list B of academic journals of the Ministry of Science and Higher Education – state as of 31 December 2015). In the modern economy, finances are the link between all the symptoms of hu- man activity, being a consequence of various decisions. This applies both to house- holds, commercial entities and organizations representing the area of services and public sector institutions. On the one hand any action or decision – making conditions can be explained in financial terms, on the other hand – every decision should not be taken without con- sidering any financial aspects, associated with them. It is difficult, therefore, to imagi- ne the management of households’ budgets, the enterprises, institutions or even the states, without considering any financial aspects of the management. The current issue of the ‘Entrepreneurship and Management’, entitled ‘Practical and theoretical issues in contemporary financial management’ contains both theore- tical considerations and practical analyses is based on the assumption that every ma- nagerial decision has got a financial dimension. Finance covering different areas of issues that a lesser or greater extent determi- nes the modern management of organizations considered in micro- and macroeco- nomic terms. In this book, special attention has been paid to the following aspects: • the use of accounting tools in management in companies, • taxes analysis, • monetary and capital market, • banking sector, • corporate finances. 5 Mirosław Wypych, Iwona Gawryś, Paweł Trippner The analysis of the articles shows that the notion of finances can be considered depending on the place where they are or the object to which they relate. Looking at finances form the side of cash resources managing company, the importance of accounting has to be appreciated. This scientific book contains 27 articles whose authors are mainly University of Lodz (fifteen people) and University of Social Sciences’ academics (six people). The rest of the papers come from the following centers: The University of Dąbrowa Górni- cza, University of Science and Technology id Bydgoszcz, Maria Curie-Sklodowska Uni- versity in Lublin, Nicolaus Copernicus University, University of Bialystok, Czestochowa University of Technology, Lodz University of Technology and Ministry of Finance Re- public of Poland. Encouraging you to get acquainted with this book, we deeply hope that their content will prove to be a valuable source of inspiration for further scientific inquiries and researches, which will be included in forthcoming publications. It is worth mentioning that all the articles passed through the complete revie- wing process. After complimentary remarks applied by the reviewers, the articles have received the permission to be published in the ‘Entrepreneurship and Manage- ment’ issue. It means that all the articles have got distinctive features of appropriate level of scientific maturity and depth of the research and are valuable source for science and didactic process. We invite you to read the content of the issue. The authors, scientific editors and University of Social Sciences Publishing House would like to thank to the reviewers, whose valuable comments in the process of re- viewing contributed significantly towards the definitive form of this issue. Mirosław Wypych Iwona Gawryś Paweł Trippner 6 ENTREPRENEURSHIP AND Management 2017 PrzedsiębiorCZość I ZARZądzANIE University od Social Sciences Publishing House | ISSN 2543-8190 Volume XVIII | Issue 1 | Part 1 | pp. 7–22 Agnieszka Czajkowska* Uniwersytet Łódzki Wydział Ekonomiczno-Socjologiczny Instytut Finansów The Current State of the MSME Sector Lending by Banks in Poland Abstract: The purpose of this paper is to investigate the level of supply of bank loans and related issues in MSME sector in Poland in 2014-2016. At the beginning the position and the role of MSMEs in the Polish economy was described. Then an overview of the literature on the relationship lending between banks and MSME has been outlined. Next, the importance of MSME lending by banks was analyzed. The crucial part of the article is an analysis of level of loans for MSME, lending standards and conditions in recent years. Key words: micro, small and medium-sized enterprises in Poland, bank lending, loans supply Introduction Access to finance appears to be the largest challenge for entrepreneurial firms from the micro, small to medium‐sized enterprises (MSME) sector in Poland. The access to bank finance is necessary to create an economic environment that enables enterpri- ses to grow and prosper. * [email protected] 7 Agnieszka Czajkowska The purpose of this paper is to investigate the level of supply of bank loans and related issues in MSME sector in Poland in 2014-2016. Methods: the study focuses on the analysis of secondary data of National Bank of Poland (NBP), Polish Financial Su- pervision Authority (KNF), Central Statistical Office of Poland (GUS), The Polish Agen- cy for Enterprise Development (PARP), European Commission (EC), European Central Bank (EBC) and the analysis of literature. The position and the role of MSMEs in the Polish economy Micro, small and medium enterprises constitute an important part of the whole sector of enterprises, not only due to their number, but also to their crucial role in the econo- my in many aspects. This group of entities is regarded as important for entrepreneur- ship, playing a significant role in the creation of new jobs, quickly reacting to changes in the socio-economic environment,
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