Journal of Management and Financial Sciences
Total Page:16
File Type:pdf, Size:1020Kb
ISSN 1899-8968 Volume XI | Issue 34 (November 2018) JMFS Journal of Management and Financial Sciences ISSN 1899-8968 Volume XI | Issue 34 (November 2018) JMFS Journal of Management and Financial Sciences 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) 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) Wojciech Wloch (Sacred Heart University) Translation (except articles submitted by the Authors in English) Beata Połowińska Language Supervision Bogdan Rozborski 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 ADYTON DTP DM Quadro Print QUICK-DRUK s.c. Order 144/XI/18 Volume XI • Issue 34 (November 2018) JMFS pp. 5 Contents Journal of Management Warsaw School of Economics Contents do Spisu treści and Financial Sciences Collegium of Management and Finance Contents Preface . 7 Sanjoy Ghose, Maria Johann Measuring tourist satisfaction with destination attributes . 9 Piotr Zaborek Strategic orientation, CSR and operational performance: Mediation and moderation effects in the Polish food-manufacturing industry . 23 Paweł Wnuczak Voluntary liquidation: When is it financially profitable? . 51 Marta Postuła Spending reviews as tools in the public sector . 77 Marta Ziółkowska Determinants of choosing a business model in small and medium-sized enterprises . 93 Monika Tomczyk, Ewelina Gutowska Small cruise ships in the Baltic Sea Region: Conditions of functioning with particular regard to Szczecin Port . 103 Ewelina Nojszewska Impact of pharmaceutical companies upon the economy and public finance in Poland: The Sanofi case study . 113 Volume XI • Issue 34 (November 2018) JMFS pp. 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 34th edition of the “Journal of Management and Financial Sciences” . We hope that its content will make a valid contribution to the development of eco- nomic thought and contribute to a deeper understanding of complex issues discussed in it . We also hope that the next issue of JMFS will be an interesting reading for researchers as well as practitioners of economic life . The first article by Sanjoy Ghose and Maria Johann aims to contribute to the knowledge of value creation process in the tourism market by examining the impact of tourist products attributes on tourist satisfaction and tourist behavioural intentions . The research was con- ducted among 463 tourists visiting Poland . Piotr Zaborek aims in his study to investigate relationships between strategic orienta- tion (SO), involvement in corporate social responsibility (CSR) and operational perfor- mance (OP) . The study tests the proposition that SO is not linked with OP directly but through CSR serving as the mediator . The aim of the next article is to offer insight into a concept making it possible to assess the financial rationality of voluntary liquidation of businesses . The author – Paweł Wnuczak presents a decision-making algorithm that should be applied before making a decision to vol- untarily liquidate a business entity . Marta Postuła in her paper analyses the up-till-now experiences in using spending reviews in selected countries and draws conclusions from the process . The paper by Marta Ziółkowska conceptualises the notion of a business model and the role it plays in small and medium-sized enterprises (SME) . It also examines the determinants of choosing the right business model . In the next paper Monika Tomczyk and Ewelina Gutowska describe issues regarding small cruise ships in the Baltic Sea Region . Sea cruises are becoming more and more popular . This type of tourism combines relaxation with traveling to interesting tourist regions with the pos- sibility of visiting them . 8 Preface In the last paper Ewelina Nojszewska discusses a two-channel impact of pharmaceutical companies upon the economy and public finance . 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 XI • Issue 34 (November 2018) JMFS pp. 9–22 Journal of Management Warsaw School of Economics and Financial Sciences Collegium of Management and Finance Sanjoy Ghose University of Wisconsin-Milwaukee Maria Johann SGH Warsaw School of Economics Measuring tourist satisfaction with destination attributes ABSTRACT This study aims to contribute to the knowledge of value creation process in the tourism market by examining the impact of tourism product attributes on tourist satisfaction and tourist behavioural intentions. The research was conducted with 463 tourists visiting Poland. The research results show that several tour attributes and experience attributes influence tourist satisfaction and their willingness to recommend the country to others; however, drivers of satisfaction and recommendations, although often similar, were not always the same. Tour package features such as organization, attractiveness of the programme, and tour escort have a positive impact on both tourist satisfaction and recommen- dations. Moreover, some experience factors including tourist attractions – culture and monuments, and safety also have a positive impact on both tourist satisfaction and recommendations. Several managerial implications are outlined on the basis of the research results. Keywords: tourism competitiveness, tourist satisfaction, tourism products, destination attributes, package holidays JEL Classification Codes: L83, M31 10 Sanjoy Ghose, Maria Johann 1. Introduction Travel & Tourism has emerged as one of the leading industries of the world and as one of the key drivers of growth among the service sectors. In total, travel & tourism supported 313 million jobs (9.9% of total employment) and generated 10.4% of global GDP in 2017 [World Travel & Tourism Council]. Tourism can bring many social and economic benefits and for many regions and countries is the most important source of welfare. The direct contribution of travel & tourism to GDP in Poland was 1.9% of total GDP in 2017 and it is forecast to rise by 4.7% pa from 2018 to 2028 to 2.4% of total GDP in 2028. Travel & tourism supported 332,000 jobs directly in 2017 (2.0% of total employment) and this is forecast to grow by 2.9% pa to 448,000 of jobs in 2028. This includes employment by hotels, travel agents, airlines and other passenger transportation services, the activities of the restaurant and leisure industries [World Travel & Tourism Council]. Poland is not perceived as a typical tourist destination [Johann, 2014], however, it is worth mentioning that visitor exports are a key component of the direct contribution of travel & tour- ism in Poland. In 2018, the country is expected to attract 19,670,000 international tourist arrivals and by 2028, international tourist arrivals are forecast to total 25,534,000, which is an increase of 5.3% pa [World Travel & Tourism Council]. The increasing importance of tourism triggered interest in improving competitiveness of tourist destinations. Competitiveness of tourist destinations has also become a subject of great research interest over the last decades and many studies have focused on examining factors affecting destination competitiveness. There are different approaches towards defining, understanding, and measuring destination competitiveness. Among different concepts, one is that tourist satisfaction can be regarded as a destination competitiveness indicator. This paper has three main objectives: – to identify destination attributes that affect tourists‘satisfaction related to their holiday experience in Poland; – to determine the impact of destination attributes on satisfaction; – to determine the impact of destination attributes on tourists’ intention to recommend Poland as a tourist destination to others. Information regarding tourists’ perceptions of destination attributes is crucial for product managers to develop better suited packages for tourists and develop the communications strategy appealing to target customers. Moreover,