Journal of Management and Financial Sciences
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JMFS Journal of Management and Financial Sciences JMFS Journal of Management and Financial Sciences Volume X • Issue 28 (June 2017) SZKOŁA GŁÓWNA HANDLOWA W WARSZAWIE (WARSAW SCHOOL OF ECONOMICS) Collegium of Management and Finance The Scientific Council of Journal of Management and Financial Sciences Ryszard Bartkowiak – Chairman (Warsaw School of Economics) Michał Matusewicz – Vice-Chairman (Warsaw School of Economics) Luisa Anderloni (University of Milan) Edward Altman (New York University) Erzsébet Czakó (Corvinus University of Budapest) Paul H. Dembinski (Observatoire de la Finance in Geneva) Ivo Drahotský (University of Pardubice) Mikhail A. Eskindarov (Financial University under the Government of the Russian Federation) Jan Głuchowski (Toruń School of Banking) Małgorzata Iwanicz-Drozdowska (Warsaw School of Economics) Mirosław Jarosiński (Warsaw School of Economics) Jan Komorowski (Warsaw School of Economics) David Mayes (University of Auckland) Biswa Swarup Misra (Xavier Institute of Management in Bhubaneswar) Mileti Mladenov (University of National and World Economy in Sofia) Janusz Ostaszewski (Warsaw School of Economics) Krzysztof Ostaszewski (Illinois State University) Maria Romanowska (Warsaw School of Economics) Friedrich Schneider (Johannes Kepler University of Linz) Piotr Wachowiak (Warsaw School of Economics) Translation (except articles submitted by the Authors in English) Mirosław Szymański Language Supervision Kamila Grzesiak Statistical Editor Tomasz Michalski Thematic Editors Małgorzata Iwanicz-Drozdowska (Finance) Wojciech Pacho (Economics) Piotr Płoszajski (Management) Editorial Secretary Anna Karpińska Translations, proofreading and remuneration of foreign members of Scientific Board of „Journal of Management and Financial Sciences” are financed under the Agreement 767/P-DUN/2017 from funds of the Minister of Science and Higher Education earmarked for dissemination of science. ISSN 1899-8968 Cover Ewa Grabowska Update Cover Monika Trypuz DTP DM Quadro Print QUICK-DRUK s.c. Order 126/VIII/17 Contents Volume X Contents do Spisu treści • Issue 28 (June 2017) JMFS p. 5 Journal of Management Warsaw School of Economics and Financial Sciences Collegium of Management and Finance Contents Preface . 7 Paweł Felis Henryk Rosłaniec The Application of Tax on Means of Transport in Local Tax Policy in Poland . Evidence of City Counties . 9 Aleksandra Wąsowska Venturing to Distant Markets – Polish Firms in Latin America . .. 37 Kamil M. Kraj Transnational Corporations as the Driving Forces Behind the World’s Research and Development Activity in Terms of R&D Expenditure . 73 Piotr Bielecki Graduates’ Perceptions and Evaluation of Study Programmes: Analytical Framework and Methodological Considerations . 99 Patrycja Klimas Current Revenue (Monetisation) Models of Video Game Developers . 119 Volume X • Issue 28 (June 2017) JMFS p. 7–8 Journal of Management Warsaw School of Economics and Financial Sciences Collegium of Management and Finance Preface Dear Reader, We present you with the 28th edition of the “Journal of Management and Financial Sciences” . We hope that its content will make a valid contribution to the development of economic thought and contribute to a deeper understanding of complex issues discussed in it . The authors of the first article – Paweł Felis and Henryk Rosłaniec – “The Ap- plication of Tax on Means of Transport in Local Tax Policy in Poland . Evidence of City Counties” examined and evaluated the volume, stability and diversification of the revenues achieved by city counties on account of tax on means of transport and discussed the significance of certain factors determining their level . Therefore, the authors examined the scale of application of instruments of the local tax policy as well as their practical effectiveness reflected by the budget revenue growth in the subsequent periods . The article also presents econometric models illustrating the effects of tax policy in relation to particular categories of tax payers of tax on means of transport . The aim of the next paper “Venturing to Distant Markets – Polish Firms in Latin America” by Aleksandra Wąsowska is to shed light on the understudied phenom- enon of expansion of Polish firms to distant markets . This paper contributes to the discussion on whether the ‘go global’ strategy is viable for Polish firms and whether it should be supported by the public policy measures . Paper by Kamil M . Kraj – “Transnational Corporations as the Driving Force Behind the World’s Research and Development Activity in Terms of R&D Expenditure” is devoted to the role of transnational corporations (TNC) in research and development (R&D) activity from the 1970 s through the 2000s . This growing involvement of TNCs in R&D resulted in their dominant role in global R&D expenditure . Indeed, a com- parative analysis of financial data collected for the group of the 102 largest corporate 8 Preface R&D spenders worldwide in 2007 showed that this group of TNCs accounted for a significant share of the world’s R&D expenditure not only in 2007 alone but also in the period of 2000–2011 . Paper by Piotr Bielecki – “Graduates’ Perceptions and Evaluation of Study Pro- grammes: Analytical Framework and Methodological Considerations” aims to draw scientific attention to the significance and usefulness of sociological approach, namely higher education (HE) graduates’ perceptions survey as a one of the mechanisms to collect and use graduate feedback facilitating the study programmes’ evaluation, and in turn, enlarging one’s knowledge on the enhancement of HE quality, the im- provement of graduate employability, and effective ways of smoothing the transition from education to work . The main contribution of the last article “Current Revenue (Monetisation) Models of Video Game Developers” by Patrycja Klimas is the recognition of a wide portfolio of revenue streams and revenue models to be considered by video game developers during decision making process about the structure of their revenue logic . We wish you a pleasant reading . Ryszard Bartkowiak, Chairman of the Scientific Council and Dean of the Faculty Michał Matusewicz, Vice-Chairman of the Scientific Council and Vice-Dean of the Faculty Volume X • Issue 28 (June 2017) JMFS pp. 9–35 Journal of Management Warsaw School of Economics and Financial Sciences Collegium of Management and Finance Paweł Felis Collegium of Management and Finance Warsaw School of Economics Henryk Rosłaniec Department of Quantitative Methods University of Finance and Management, Warsaw The Application of Tax on Means of Transport in Local Tax Policy in Poland. Evidence of City Counties ABSTRACT Tax on means of transport is one of the own revenues of city counties in Poland. They may affect its construction within the scope defined by the legislator. The authors of the article examined and evaluated the volume, stability and diversification of the significance of revenues achieved by city counties on account of tax on means of transport and discussed the significance of certain factors determining their level. Among these factors the local tax policy deserves a special attention. Therefore, the authors examined the scale of application of instruments of the local tax policy as well as their practical effectiveness reflected by the budget revenue growth in the subsequent periods. The following methods were used: descriptive statistics, correlation analysis, classical Pearson’s independence test or Spearman’s rho correlation test. The article also presents econometric models illustrating the effects of tax policy in relation to particular categories of tax payers of tax on means of transport. 10 Paweł Felis, Henryk Rosłaniec Keywords: local tax policy, local taxes, tax on means of transport, city county revenues JEL Codes: E62, H71, H72, R51 1. Introduction The tax on means of transport (referred to as TMT) is a revenue of communes (and consequently also city counties) included in these entities’ own revenues. It is an example of taxation on movable property used in some areas of business pursuit. It belongs to the group of levies which local governments may use to follow their own tax policies as their competences in this area mean the right to reduce the rates of the tax in question and to apply other tax preferences. The role it plays as a source of revenue of local entities is determined on the one hand by the scale of application of commune competence and on the other by the scope of tax authority and other regulations, included in the Act on tax and local charges, as well as a number of fac- tors connected with local determinants including, for example, the infrastructure, commune transport closeness and accessibility, the quality of traffic routes, customer closeness and easiness of implementation of business functions. The aforementioned factors, in the first place the scale of independently pursued tax policy by the local authorities as well as local determinants diversify the level of TMT revenues generated by particular entities and its fiscal significance in the whole country. The article is aimed at the examination and evaluation of the volume, stability and diversification of the significance of revenues achieved by city counties on account of tax on means of transport and also at the indication of the significance of certain factors determining their level. It was assumed that a special attention should be paid to the local tax policy among all those factors. In order to measure the impact of city counties TMT tax policy on the volume