2018, Volume 11, Issue 2

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https://hdl.handle.net/20.500.13044/543

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Przeglądanie 2018, Volume 11, Issue 2 według Data wydania

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  • Rekord
    Performance evaluation of stocks’ valuation models at MSE / Ocena skuteczności modeli wyceny akcji na MSE
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Ivanovski, Zoran ; Narasanov, Zoran ; Ivanovska, Nadica
    Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valuation models at the MSE identified that model of Price Multiplies (P/E and other profitability ratios) offer reliable stock values determination and lower level of price errors compared with the average stocks market prices. Conclusions: The Discounted Free Cash Flow (DCF) model provides values close to average market prices, while Dividend Discount (DDM) valuation model generally mispriced stocks at MSE. We suggest the use of DCF model combined with relative valuation models for accurate stocks’ values calculation at MSE.
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    Regional differentiation of farm profitability in Poland during 2006-2014 / Regionalne zróżnicowanie dochodowości gospodarstw rolnych w Polsce w latach 2006-2014
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Nowak, Anna ; Kijek, Tomasz
    Subject and purpose of work: The aim of the study is to assess the regional differentiation of the average level of farm income and to answer the question of whether during 2006-2014 there was a tendency towards convergence in this area. Materials and methods: The spatial scope of research included four FADN agricultural regions, whereas the time span covered the years 2006-2014. The numerical data used for the analyses were sourced from standard FADN results. The assessment of convergence was carried out using the coefficient of variation (sigma convergence) and the relative index of changes in the regions compared to the country (beta convergence). Results: The conducted research indicates the existence of regional disproportions in terms of average income level and average labour profitability on farms. The highest average income was achieved throughout all the years covered by research in the region of Pomerania and Masuria, and the lowest one in Lesser Poland and Carpathian Foothills. The research demonstrates that during 2006-2014 there was no convergence in the average level of income and average labour profitability of farms in the FADN regions. Conclusions: Convergence is a long-term process, so the research should be treated as an initial examination of the regional differentiation of the income situation of farms.
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    Regional differentiation of sheep production in Poland / Zróżnicowanie regionalne produkcji owczarskiej w Polsce
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Rokicki, Tomasz
    Subject and purpose of work: The objective of the thesis was to present the differentiation of sheep production represented in the sheep population in Poland and to determine directions of changes in the sheep population in Poland. Disparities in the regional differentiation of sheep production and their causes were also shown. Materials and methods: The spatial range of research covered 16 provinces, while the time range covered the year 2015. Sources of the materials were: domestic and foreign literature as well as data from the Central Statistical Office (GUS in Polish). Data analysis and presentations were based on descriptive, tabular, graphical and indicatory methods, as well as the Pearson linear correlation coefficient. Results: The conducted research shows the presence of disparities between provinces, because there are provinces with large populations and stocking density of these animals but there also exist territorial units with a very small number of sheep. There was also a large decrease in the number of sheep found in most provinces. Conclusions: The existence of a significant link between the share of pastures in AL (agricultural land) and the sheep population in provinces was confirmed. Correlation occurred only in the case of this parameter. The conducted research should be treated as a pilot study.
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    Obtaining electric and thermal energy from processed municipal waste and the state of waste management in Poland in 2015 / Pozyskiwanie energii elektrycznej i cieplnej z przetwarzanych odpadów komunalnych, a stan gospodarki odpadami w Polsce w 2015 roku
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Ozga, Patrycja
    Subject and purpose of work: The purpose of this work is to present the problem of municipal waste management, and its use for the production of electric and thermal energy. Materials and methods: The information used is derived from the CSO publication for 2015 in the scope of the data on municipal waste and electric energy per province. To establish the rankings of provinces, the method of zero unitarisation was applied, whose task is to bring various variables to the state of comparability with different titres and orders of magnitudes; and then the results derivedfrom the two rankings were compared. Results: The rankings of provinces with respect to the state of waste management and obtaining electrical energy in Poland in 2015 were presented. These rankings are characterized by a significant degree of similarity. Conclusions: Regional differentiation in individual Polish provinces in 2015 is relatively moderate.
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    Urban farming – the ecological, spatial and social factors of urban landscape transformation / Urban farming – ekologiczny, przestrzenny i społeczny czynnik przemian krajobrazu miast
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Szumigała, Paweł ; Szumigała, Karolina
    Subject and purpose of work: The subject of the study is urban farming and examples of urban gardens built in selected cities in North America and Europe. The aim of the study was to determine the influence of urban farming on urban landscape. Materials and methods: A case study – analysis of the ecological, spatial and social aspects of selected examples. Results: The idea of urban farming is gaining popularity and every year there are more urban gardens in cities in North America and Europe. There are several dozen urban gardens in Poland. Their structure is diversified so as to meet the needs of local communities. The character and scale of urban farming is diversified. These gardens satisfy aesthetic, scenic, ecological, social and even economic needs of small communities. They enrich the urban landscape with new, seasonally changeable enclaves of utility and aesthetic greenery. Conclusions: Urban farming is an ecological, social and spatial factor and a favourable alternative to urban landscape transformations. The development of urban farming should be successively supported by local authorities.
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    Wellness tourism and non-productive function of forests / Turystyka uzdrowiskowa a pozaprodukcyjna funkcja lasów
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Szymańska, Elżbieta ; Kalejta, Joanna
    Subject and purpose of work: The research problem is wellness tourism and its connections with forest economy. The main goal is to determine the mutual connections occurring between wellness tourism and forest economy. Materials and methods: The research was carried out in three stages using various methods: a comparative analysis of 39 spas, standardised inspections of facilities offering health tourism services and the selection of a facility being a model of good practice (case study). Results: The most important forms of the small tourist infrastructure offered to patients in forest areas are hiking and bicycle paths (92%), as well as horse trails and viewing points (about 50%). Cluster initiatives and cooperation with local governments and forest districts, consisting in joint promotion, are important. A diagram was developed, showing the interactions of forest economy and wellness tourism. Conclusions: Providers of spa services and State Forests are natural partners, yet the level of cooperation is low and mainly involves promotional activities. It is advisable to create a nationwide forest and sanatorium spa organisation that would coordinate activities in the field of forest economy to take advantage of tourism and health-promoting assets of forests.
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    Use of EU funds in promotion of peripheral areas / Wykorzystanie środków UE w promocji obszarów peryferyjnych
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Stawicki, Maciej
    Subject and purpose of work: The aim of this paper is to assess the use of EU funds in promotion of peripheral areas on the example of five provinces of Eastern Poland. The detailed objectives are defined as follows: identification of projects co-financed by the EU aimed at promoting economy or tourism, including promotion of tourism-related products and assessment of using the EU funds in promotion of Polish enterprises abroad. Materials and methods: The research material is a database of projects co-financed from EU funds for 2007-2013, projects devoted to carrying out promotional activities (economic or tourist promotion) were selected for the analyses. Results: Spatial and quantitative diversification of promotional activities co-financed from EU funds in Eastern Poland was quite significant, with the highest absorption in the Lublin province. Among beneficiaries implementing promotional projects the largest group were entrepreneurs and local governments, primarily at the commune level. Conclusions: In the examined area, EU funds were used primarily to promote enterprises on foreign markets, also through participation in trade fairs organised on many continents, and to promote economy and tourism of local government units.
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    The use of personal computers and Internet networks by professionally active people with disabilities living in rural areas / Wykorzystanie komputerów osobistych i sieci internet przez czynne zawodowo osoby niepełnosprawne zamieszkałe na obszarach wiejskich
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Kuźmicki, Marek ; Żbikowski, Jarosław ; Siedlecka, Agnieszka
    Subject and purpose of work: The aim of the article is to determine the level of accessibility of personal computers and the Internet and their use for distance work by professionally active persons with disabilities living in rural areas throughout Poland. Materials and methods: Surveys were carried out during the period from June 30, 2010, to May 31, 2011, on a sample of 5,000 persons with disabilities, 1359 of whom, during the last 30 days of the survey, were gainfully employed - they were professionally active. The area of research included randomly selected rural and urbanrural communes in sixteen provinces. Results: Personal computers and the Internet are most often used by the group of young people with disabilities and those who conduct their business activities in communes. Personal computers and the Internet are most often used by disabled persons with physical, sensory and complex disorders. Conclusions: It is necessary to intensify organisational, technical and legal activities and efforts that will contribute to a fuller and wider use of computers, the Internet and other assistive technology by people with disabilities.
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    The analysis of satisfaction level from renewable energy sources usage co-financed from European funds in the Rossosz commune / Analiza poziomu satysfakcji z odnawialnych źródeł energii dofinansowanych z funduszy europejskich na terenie gminy Rossosz
    (Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2018-06) Sałuch, Mateusz ; Siłuch, Marta ; Tokarski, Daniel ; Żukiewicz-Sobczak, Wioletta Agnieszka ; Sobczak, Paweł
    Subject and purpose of work: the purpose of this article is to present the opportunities for rural development and the benefits of participation in the Regional Operational Program of the Lublin Province for the years 2007-2013, as well as the estimation of the level of satisfaction of the inhabitants of the Rossosz Commune in the Bialski Poviat, Lublin Province, using renewable energy sources co-financed by EU funds. Materials and methods: this work was created with the use of author’s interview questionnaire as the basic research tool. The survey was carried out among the inhabitants of the Rossosz Commune. Results and conclusions: participation in the “Clean Energy in the Zielawy Valley” project contributed to the development of rural areas in the Biała Podlaska Poviat of the Lubelskie Province and it was a fundamental factor enabling the installation of devices using renewable energy. The research shows that the vast majority of respondents appreciated the benefits of renewable energy installations and many of them envisage to make use of the possibility of installing renewable energy devices in the near future.