Purpose: In this paper I investigate the information fl ow between the credit default swap market and the stock market as well as insider trading in the credit default swap market.

Methodology: For my analysis I use the event study methodology. Using the event study methodology I calculate abnormal stock returns and abnormal credit default swap premium changes. The analysis is based on 175,874 observations collected for 92 companies between the years 2001 and 2010.

Findings: The results show that the information fl ow from the credit default swap market to the stock market is the most signifi cant in terms of negative rating outlooks. The information fl ow is much less signifi cant in relation to negative surprises during announcements of annual fi nancial results and rating upgrades. Evidence of insider
trading is also most evident with reference to negative rating outlooks. Additionally, a distinctive feature of the credit default swap market and the stock market is the asymmetric response to negative and positive credit information.

Research limitations: The event study methodology does not consider other potentially important reasons for the information fl ow between markets than the ones actually investigated. The credit events and credit risk information used in this research are just a proposal and can be extended by future researchers.

Originality: This paper discusses a new research area. The main research area in terms of insider trading is still the stock market, with special focus on the US market. I decided to explore the insider trading phenomenon in the credit default swap market. I only considered contracts that are quoted with reference to European underlying assets. This part of the financial market is attractive in terms of economic research as credit derivatives are more commonly used not only in North America but also in Europe.

Purpose: This paper attempts to examine the meaning of professionalization, the conditions required for professionalization and whether internal auditing can be recognized as a profession. The paper makes use of study results in the fi eld of internal auditing conducted in Europe and the USA, as well as Andrew Abbott’s theory on the system of professions. Professions have common characteristics which differentiate them from other occupations. These characteristics were used to determine the criteria for evaluating the professionalism of internal auditing. The conducted analysis indicates that presently internal auditing cannot be regarded as an independent profession.

Methodology: Study results (quantitative and qualitative) in the fi eld of internal auditing were used in the analysis.

Findings: The conducted analysis indicates that presently internal auditing cannot be regarded as an independent profession.

Research limitations: Only a selection of research studies conducted in the USA and a few European countries were used, which limits the cognitive value of the analysis.

Originality: The paper presents an overview of conducted research studies and gives an evaluation of the current state of professionalization of internal auditing.

Purpose: The paper discusses issues associated with using funds that support the development of entrepreneurship – the purpose of the paper is to answer questions regarding the purposefulness and effectiveness of financial instruments from EU funds aimed at the development of emerging businesses (startups).

Methodology: The paper analyzes previously conducted research studies in the fi eld of the discussed topic, it systematizes and describes the fi nancial instruments from EU funds supporting self-employment and startups in their early stages of activity. It also provides an overview of evaluation reports concerning these instruments.

The paper also contains a case study: an analysis of the effectiveness of a selected project supporting the development of entrepreneurship (co-fi nanced from EU funds), in which the method of evaluating the net effect of the support in the short term has been used.

Findings: An analysis of previously conducted research studies has shown that properly designed State aid targeted at those starting up their own business is sensible, as it provides them with seed capital and it helps them survive the most diffi cult period of the so-called “startup”. However, there is a lack of comprehensive studies to confirm the positive impact of business support interventions carried out using EU funds. The methodology of evaluating the net effect used by the Author in the conducted study has made it possible to identify the actualsize of the – positive – impact of the selected project on the growth of self-employment.

Limitations: The study revealed some limitations – the method and time of the study allow to capture the phenomenon on a micro-scale, in the short term. The institutions that are involved in the process of allocating funds should develop a comprehensive methodology that implements the idea of evaluating the net effect, allowing to assess the effectiveness of the support at regional and national level in the long term.

Originality: The originality of the paper consists in applying the theories and results of previous studies to the Polish practice of supporting businesses at their early stages of development as well as applying the method of evaluating the net effect, which allows to determine the actual impact of the intervention.

Purpose: This study examines the determinants of ex-ante state capture in Poland.
Methodology: In order to establish the determinants of ex-ante state capture a logistic regression is estimated.

Findings: The study shows that in Poland the majority of legal acts were passed with the aim to satisfy the interest of particular groups. Furthermore, the regression analysis shows that the likelihood of state capture increases during the period of higher economic growth and local elections. The likelihood of state capture, however, declines during presidential elections. The results we attribute to different interests of political parties in the period of local and presidential elections. Finally, we fi nd that the state capture increased over the years in Poland. Additionally, we show that the EU accession did not prevent state capture in Poland. In contrast, the financial crisis of 2007 resulted in a wake-up effect and the likelihood of state capture declined in Poland.

Research limitations: In the study we employ proxies for state capture, yet we assume that corruption is a wide spread phenomenon in Poland. However, due to its nature corruption is very diffi cult to assess and measure.

Originality: The study uses a unique dataset on ex-ante state capture that was identifi ed in the legal acts that have been passed in the period 1990–2011 in Poland.

in terms of the benefi ts for the cluster members. The paper examines which mechanisms within the clustersb promote knowledge creation between companies and other institutions.
Methodology: The literature review is based on databases of books and scientifi c articles, such as EBSCO, Elsevier, JSTOR, Springer, and the Oxford Library and Kingston University London Library. The analysis of the literature is focused around the concepts of business clusters, knowledge management in organizations, knowledge management in clusters.

Findings: The literature presented in this paper shows that network forms of organization such as clusters are conducive to inter-fi rm knowledge and skill development. Clusters as a type of network turn out to be a highly structured model of knowledge development, transfer and diffusion, produced by the interaction of social and economic relations within cluster institutions.

Research implications: The article constitutes a combination of two theoretical aspects – knowledge management and business clusters. The theoretical conclusions of the literature review, mostly foreign literature, provide a basis for research in that area.

Practical implications: In the Polish literature on the subject the aspect of knowledge management in business clusters has not yet been discussed. The conclusions of the presented literature analysis provide a basis for research and the development of practical recommendations for cluster managers. Knowledge-based clusters can serve as an example for developing clusters in the world. They are often clustered around research centers,
making it possible to improve the exchange of knowledge between the cluster members and also providing the opportunity to better connect the world of science and business.

Originality: The author has presented a unique mix of theory, knowledge management and business clusters and has demonstrated that one of the benefi ts of business clusters is their ability to generate knowledge by combining existing information and data from internal databases of businesses within clusters with the infl ux of new information.

Formal contacts between the employees of the cooperating institutions provide general knowledge and
best practices based on collective knowledge. While informal contacts are important channels for the transfer of
tacit knowledge, the so-called operational know-how

Purpose: The aim of this paper is to make the reader acquainted with the linguistic identity of modern companies, taking into account its complexity and the multiplicity of factors creating its character. The author presents the theoretical aspects associated with linguistic heteroglossia in companies of the 21st century as well as the practical possibilities of using organizational multilingualism, showing the opportunities and challenges associated
with the dialogism of organizations.

Methodology: The issue of heteroglossia in the business environment is discussed to show the various aspects determining the linguistic dimension of organizational identity, paying special attention to corporate polyphony at the individual and group level as well as its implications for creating the linguistic performance of modern companies. In terms of the theoretical dimension of this paper, based on the postmodern and systemic traditions
in management, it presents the relation “language-individual-organization”. The practical part of the paper presents the challenges associated with managing a heteroglossic organization.

Findings: The conducted discussion on the issue of heteroglossia characterizing linguistic identity allows to show the various aspects and factors of the investigated phenomenon, which are present on both the individual and social level. The described issues associated with organizational multilingualism point to effective ways of managing linguistically diversifi ed organizations.

Practical implications: The investigated topic can be interesting not only for those involved scientifically in management, linguistics and widely-understood social sciences, but also for practitioners working in companies with a complex cultural and linguistic structure. The described theory followed by the discussion help understand how heteroglossia may infl uence the development of organizations as well as its potential and how to avoid mistakes in managing organizations with a multidimensional linguistic capital.

Originality: Taking into account the already-conducted investigations on corporate linguistic identity, the paper offers an approach that has not yet been investigated.

Purpose: The purpose of this paper is to explore the concept of corporate posturing and deception in the area of social and environmental responsibility, its main types and causes and to assess the actual scale of the problem.

Methodology: The paper discusses major issues with references to existing literature and practical examples.

Findings: The main fi nding of this paper is that environmental and social responsibility statements accurately represent corporate commitment in the majority of cases. There are a number of reasons for this state of affairs. The most important of them are: easy consumer and investor access to various sustainability ratings, the rising scale of external verifi cation of social responsibility reports by independent third parties and stakeholder groups, and the rising liability for corporate social responsibility frauds.

Research limitations: The paper explores issues related to the problems and challenges of fair and accurate corporate social reporting. Many questions remain to be addressed.
Practical implications: Social and environmental branding could give companies competitive advantage as a growing number of consumers become more sustainability-conscious. It could also help overcome the increasing skepticism of consumers towards corporate social responsibility practices.

Originality: The paper raises the importance of the different conditions of corporate disinformation in the field of social and environmental responsibility and adds value to the existing body of literature on corporate greenwashing.