Purpose: To determine the impact of changes in tax burden in Ukraine on the country’s economic freedom.

Methodology: The study applies qualitative methods for historical analysis, periodization of reforms, and classification of their key priorities and influences. Quantitative methods are applied to compare tax burden (tax-to-GDP ratio) in Ukraine and OECD countries. The overall success and failure of tax reforms was measured by the index of economic freedom, including its component, the index of tax burden (fiscal freedom). The first hypothesis suggested that a reduction in tax burden positively impacted the level of economic freedom in Ukraine; the second hypothesis stated that a reduction in tax burden positively affected the fiscal freedom of Ukraine. Regressions in average tax burden and the index of economic freedom, including the index of tax burden, were built in R software.

Findings: Regression analysis did not confirm the first hypothesis. The second hypothesis was confirmed. Reduced tax burden does not affect the level of economic freedom of Ukraine. This is explained by the slow progress of institutional reforms in Ukraine. The reduction of tax burden has a significant positive impact on the level of fiscal freedom.

Practical Implications: The results obtained have practical relevance for the elaboration of fiscal policies in developing countries, in accordance with the country’s economic and political development priorities.

Research Limitations/Implications: Future research will include a more in-depth comparative
analysis of tax reforms in Ukraine, focusing on the key taxes.

Purpose: This study aims to assess the direction of changes in the extent of extreme, relative, and statutory poverty in 2008–2017 in Poland, along with the spatial differentiation of poverty in individual voivodships.

Methodology: The study of poverty differentiation based on data from Household Budgets Survey. Obtained results were subjected to statistical analysis, using elements of multidimensional analysis.

Results: The research revealed that there are significant differences in the level of poverty in individual voivodships, with lower values observed in Western Poland. A significant drop in the level of poverty, especially extreme poverty, was recorded in 2008–2017. Furthermore, fluctuations in the extent of poverty are strongly impacted by state policy.

Implications: Research results may be useful to policy-makers at the local government level not only in Poland but also in other countries, mainly from the perspective of the European Union’s Europe 2020 strategy.

Originality/Value: The article undertakes the topic of poverty, which constitutes an important and current socioeconomic concern. Despite progressive economic development, there still exist disadvantaged groups of entities and households.

Purpose: Capital flows, tax competition, multinational companies and tax havens weakens governments’ ability to lead independent tax policy. This race to the bottom, especially in the case of CIT rate, seems to work. Aim of the text is to show that the governments are not as powerless as it is often claimed. Despite common opinion, nation-states retain a relatively significant autonomy in creating their own fiscal policies, including tax instruments. Size of funds kept in tax havens have not been growing for few years and international cooperation of tax authorities is more and more efficient in dealing with the tax fraud.

Methodology: The study uses desk research method for theoretical reasoning to verify the research
hypothesis. Moreover, the study seeks answering if the application of EU tax policies determines national tax policy. To that end, the authors utilize time series and cause-effect analysis, as well as quantitative research for the systematization of statistical information and regression analysis for the examination of statistical dependencies. Tax competition or the functioning of tax havens naturally limits the realization of the fundamental functions of fiscal policies, although the taxation remains one
of the most crucial instruments of macroeconomic and income policy of national authorities.

Findings: The most important data on public revenues structure in different OECD countries indicate
that taxation remains one of the most crucial instruments of macroeconomic and income policy of
national authorities. We also show that impact of FDI on hosting economy is not as positive as it is
said to be. There is no relation between FDI and R&D spending and level of wages in hosting country
is even affected in the negative way by the FDI inflow. Irrespective of the regulatory details introduced at the EU level – the basic factor affecting jets coordination in the field of cooperation between tax services brings effects both in terms of the current collection of tax liabilities
and the creation of regulations that hinder tax avoidance and under statement assessment.

Originality/value: The study focuses on an analysis of tax policy. The view that taxation of international corporations is fraught with difficulties finds support in the undeniable reality of tax competition.Moreover, a large and growing share of profits is transferred to low-tax places. The prospects for taxing international companies with positive rates seem unoptimistic. Therefore, it is essential to check how the national economy is affected by the FDI inflow in OECD countries.

Purpose: Entrepreneurship is a vital tool for the economic development of any country. As a fiel of research, entrepreneurship has become a diversified area of study. A plethora of studies appeared that investigate the antecedents of entrepreneurial intention, most of them focus on personality traits and other psychological factors. However, the studies focus less on practical entrepreneurial education such as internship and business incubation. Thus, the current study seeks to fill this gap by empirically investigating the impact of business incubators and internship programs on student’s entrepreneurial intention in the Pakistani context.

Methodology: The authors collected data through a structured questionnaire from students and ran partial least square structural equation modeling technique by SmartPLS software. Findings: The results show that business incubators and internship programs have a strong and positive statistically significant impact on entrepreneurial intentions.

Implication: The current study can help policy-makers get a better insight on entrepreneurship so as to improve its innovation, proactivity, and risk-taking ability and how these factors can amend the lack of entrepreneurial awareness among business students.

Purpose: The paper scientifically analyzes sustainable development in the context of economic entities and their integration in supply chains that reflect the various business models between parties involved in value creation.

Methodology: The authors seek the relationship between three aspects of sustainability and limitation of the functional weaknesses of the market through the integration of supply chains that reflect various business models. The paper bases on a survey conducted to identify interests of the companies in integrating innovations for greater sustainability.

Findings: The integration of supply chain is one of the reasons for using or limiting the functional weaknesses of the market related to the three sustainability aspects pictured by the concept of sustainability as environmental, social, and economic resources. Different forms of integration may contribute to the maintenance and enhancement of these resources.

Limitations: To clarify the influence of the supply chain integration on sustainable development, scholars need to conduct further research. The main point of the future research should be the development of a measure for the extent of influence of the supply chain integration on sustainable development.

Originality: The connecting of the integration of supply chain and sustainability is a new direction of scientific research that has previous studies. Thus, the research outcomes will impact the scientific field and community in both the area of supply chain management and sustainability studies. Keywords: innovation, business model, sustainable supply chain, integration

Purpose: This paper provides an empirical evaluation of R&D returns for a series of global companies who lead in innovation within the health care industry.

Methodology: The estimation procedure bases on two specifications: the parametric production function setting, and finite distributed lag model (FDL).

Findings: Using the most recent data on R&D investment by health care equipment and services along pharmaceuticals and biotechnology companies, we confirm the positive albeit mitigated impact of R&D efforts on performance indicators (levels of sales). Moreover, we comment on the current phenomena observed in health care industry and offer a policy view for ongoing and future challenges in the sector.

Added value: Since there is a dearth of recent empirical evidence on R&D returns in the broad health industry, this paper offers the evaluation of economic incentives for companies to invest in R&D. These incentives embrace the induced increase in sales and profits levels. The authors participate in a public debate concerning the optimal levels of R&D rewards required to sustain the innovation within the sector.

Purpose: The scientifc purpose of the study is an attempted synthesis of interpretation of “the virtual economy” and “the virtual environment” in the Polish and foreign literature on the subject. The cognitive purpose thereof is to offer an identifcation and a qualitative analysis of the factors that determine the development of e-entrepreneurship using an example of business practice. Methodology: The theoretical basis of the study is a scientifc research of leading scholars on the theory of entrepreneurship in the context of virtual economy. An exploratory, qualitative case study methodology has been applied for the purpose thereof. The research has been conducted using the example of Currency One SA, operating on the currency exchange market in virtual economy. The application of the empirical method of a case study has made it possible to characterize the essence of e-entrepreneurship and present the studied phenomenon in business practice. Findings: Research results reveal an existence of interdependencies between the intellectual potential of staff members and the market success of a company. Explanation of the critical success factors, showing the implementation of innovative ICT solutions and stages of company development, illustrates how the existing theory is experienced by practitioners in virtual economy. Furthermore, the paper confrms the positive impact of e-entrepreneurship on the effectiveness of the company subject to analysis, and presents virtual economy as a completely new sphere through which it is possible to offer new products and services. Research implications: The rationale for conducting research on case studies is the need to orient the practice towards a better understanding of modern economic reality. The study may provide a starting point for empirical quantitative research, as well as act as a contribution to the discussion on entrepreneurship in the rapidly changing virtual economy. Originality: This paper comprises not only a set of notions related to and the concept of e-business models, but also offers new arguments in the discussion on the framework for entrepreneurship in virtual economy. The conducted research is an original attempt to explain the essence of the studied phenomenon and to illustrate its progress in a changing business environment.

Purpose: The article presents the results of a study conducted for the January effect. This anomaly is best recognized in the capital markets. In this case, we fnd explanation of its appearance based on both fundamental analysis and heuristics used by investors. The research focuses on the markets of the European Union enlargement countries of 2004. There are three hypotheses stated in the article: Hypothesis 1: The January Effect occurs in the analyzed markets. Hypothesis 2: The January Effect weakens over time. Hypothesis 3: The January Effect weakens with the development of a market.

Methodology: Three methods verifed the hypotheses: tests of differences, average and median rate of return, and dynamic models paneled with the estimation of parameters and the generalized method of moments.

Findings: The January Effect exists in the analyzed markets. The anomaly weakens over time but, after accession to the European Union, January return rates increase signifcantly.

Limitation: The defnite verifcation was diffcult due to the available methods and data. Further research in this feld is, therefore, needed.

Originality: The originality of the paper stems from the construction of the sample – new evidence from post-communist countries – which became the European Union members in 2004. The next important issue is the period of twenty years after the economic transformation – ten before and ten after the enlargement of the EU.

Purpose: The purpose of this article is to present the concept of social value added (SVA) as a tool for measuring the effectiveness of the activity of not-for-proft cultural institutions. Findings: The modifcations presented in this article make it possible to adapt economic value added (EVA) to the needs and specifcity of not-for-proft public cultural institutions. Applying a modifed EVA parameter, that is SVA, in cultural institutions may facilitate the process of management and the measurement of effective utilization of resources of these entities.

Methodology: A direct application of the measure of economic value added (EVA) in the case of evaluation of non-proft activity of cultural institutions would be impossible because of the specifcity of such organizations, which – as distinct from standard enterprises – are not oriented on generating fnancial gains. The article covers several successive modifcations of EVA, which lead eventually to the measure of social value added (SVA). This parameter represents the difference between the social impact of an evaluated institution and the social cost of capital involved in the conducted activity. A positive SVA means that the activity carried out by the institution subject to evaluation is socially viable. The method of SVA calculation presented in the article has been supported by a numerical example.

Originality/value: Published sources seldom tend to cover the tools improving management process or making it possible to measure the effects achieved by public cultural institutions. The solution discussed in this paper is a contribution to the body of reference literature in the said scope.

Purpose: The problem of identifying the most important determinants of the market value of football players is quite well described in the literature. There are many works that try to identify these factors. Some of them are focused on variables to make a set complete and others are on models and methods. The aim of this article is to present the variables influencing the valuation and to build an econometric model valuing footballers playing on the forward position, taking into consideration the assumptions of the econometric modelling. Such an approach indicates managers as other sources for obtaining information.

Methodology: Econometric models were used to verify the hypothesis formulated in this research. The database was created on the basis of variables presented on the website www.transfermarkt.de that presents the values of the most valuable football players in the world playing on the forward position. The Gretl program was used in the research.

Findings: The literature review showed that there are many independent variables having an impact on the value of the player. There are also many different models used to valuate footballers’ performance rights. The results of estimation of models in the research indicated that such factors as Canadian classification points adjusted the market value of the team and dummy variables describing “goodwill” (only for the best players) had an impact on the market value of footballers’ performance rights.

Limitations/implications: Information about different factors having an impact on football players’ market value could support the investment decision process of football managers.
Originality/value: The results were part of a study concerning economics of sport, particularly processes of management of football clubs and valuation of intangible assets.

Purpose: To analyse the impact of the Polish fiscal regime on the general revenue of the country, and specifically to establish whether the cumulative tax burden borne by Polish households is progressive or regressive.

Methodology: On the basis of Eurostat and OECD data, the author has analysed fiscal regimes in EU Member States and in OECD countries. The tax burden of households within different income groups has also been examined pursuant to applicable fiscal laws and data pertaining to the revenue and expenditure of households published by the Central Statistical Office (CSO).

Conclusions: The fiscal regime in Poland is regressive; that is, the relative fiscal burden decreases as the taxpayer’s income increases.
Research Implications: The article contributes to the on-going discussion on social cohesion, in particular with respect to economic policy instruments aimed at the redistribution of income within the economy.

Originality: The author presents an analysis of data pertaining to fiscal policies in EU Member States and OECD countries and assesses the impact of the legal environment (fiscal regime and social security system) in Poland on income distribution within the economy. The impact of the total tax burden (direct and indirect taxes, social security contributions) on the economic situation of households from different income groups has been calculated using an original formula.

Purpose: To analyse the issue of public debt in Poland and examine its effect on other areas of socio-economic life as well as government policy.
Approach: The question of public debt is placed in its historical context by looking at how it grew during the Communist system and influenced the transition period. The article draws on a range of secondary economic statistics and considers in detail a number of public policy issues, such as the reform of the pension system.

Findings: One result of the large debt incurred by the end of the 1970s was that Poland became indebted to creditors in the West. This dependency helped to shape its economic policy at the end of the 1980s. The transition to a market economy placed new burdens on the country’s public services, primarily due to the resulting large deactivation of labour. Furthermore, the creation of a compulsory private pension system at the end of the 1990s diverted significant funds out of the government’s budget and swelled the country’s public debt. Since the outbreak of the economic crisis, Poland has avoided a recession by increasing public investment by utilising available European Union funds. However, due to internal and external limits on the size of its public debt, the government is being pressured to reduce this spending. In order to create more fiscal room, the government has partly dismantled the compulsory private pension system as a short-term solution to the growing debt crisis.

Value: In the wake of the global financial crisis and economic turmoil in the European Union, the matter of public debt has taken on increased importance. This paper considers this question from a long-term perspective in a country that has been relatively successful during the international economic downturn. By examining public debt from this broad perspective, we can better understand the economic situation in Poland and the European Union, whilst also shedding light on some of the surrounding academic perspectives and public policy debates.

Purpose: The paper presents the results of a qualitative analysis of selected aspects of general business
environment. The author strives to answer the following question formulated in the context
of postcolonial deliberations: has the general business environment been affected by European
colonialism?

Methodology: Semantic and semiotic analysis of primary sources (statistical data and research
findings formulated by international organisations, such as the World Bank, OECD, UNIDO) and
secondary sources (scientific and research studies of Polish and foreign authors based on primary
sources); literature review.

Findings: In the postcolonial perspective, qualitative analysis shows neither a positive nor a negative
impact of colonialism on the contemporary general business environment. If certain signs of
its deterioration are observed, they are mostly due to the erosion of state capacity, whose origins
can be traced back to the Berlin Conference.

Originality: Papers on Postcolonial Management and Critical Management Studies (CMS) bridge
the gap in literature pertaining to management issues, especially in Poland. Due to their interdisciplinary
nature, Postcolonial Management and CMS cover a broad range of research areas (i.e.
theory of state and nation, sociology, economic history). They pertain to both economics an management, and are therefore difficult to classify.

Purpose: The fundamental aim of this article is to verify an assumption according to which the
proper Regulatory Impact Assessment (RIA) is a key factor in the rationality of law. Rational law
is a law which is effective and able to realize and achieve social, economic and environmental aims
determined and established by the lawmaker.

Methodology: The scope of this paper – which determines its structure – encompasses the definition
of RIA, including its specific (but non-legal) forms such as benchmarking and evaluation. As
far as we are concerned, these methods can provide – as a kind of Regulatory Impact Assessment
– a significant tool for measuring the rationality of regulations. Furthermore, the usefulness of
benchmarking and evaluation has been recognised by representatives of jurisprudence. We will
also explain the concept and the assumptions of the rationality of law on the grounds and in the
light of the case law of the Polish Constitutional Tribunal and the Supreme Administrative Court.
This should allow to countercheck the main thesis of this paper. The methodology encompasses
primary legal methods such as literature, case law and legislation analysis.

Findings: An indispensable condition of the rationality of law is actual elimination of irrational
regulations which were not subjected to the Regulatory Impact Assessment.
Practical implications: Although RIA is a problematic issue (in terms of its practical application),
it is necessary to carry it out in order to assure the rationality of law. A good and desirable complement
to Regulatory Impact Assessment are non-legal methods such as benchmarking and evaluation.

Originality: Originality and value of this survey lies in taking into account the case law of the
Polish Constitutional Tribunal and the Supreme Administrative Court. Additionally, this paper is
original in that it considers non-legal methods in the examination of the rationality of law.

Purpose: Diagnosis of the opportunities and threats associated with the introduction of the euro in Poland wasthe main focus of this study. The research had two main objectives: exploratory and operational. The exploratory objective was to capture the structure of convictions affecting Poles’ attitudes toward the introduction of the euro. The operational objective was to verify which of those convictions have the most infl uence on the lack of
support for the introduction of the euro.

Methodology: The research was conducted with a national random sample (n=509) of Polish citizens. The CAPI/CASI face-to-face questionnaire was used.

Findings: There exists a multi-level structure of attitudes towards the euro. The attitude toward the introduction of the euro is explained by attitudes toward the euro and the Polish zloty, perceived gains and losses from introduction of the euro and life attitudes. One cannot force another individual to support the introduction of the euro. However, one can act upon the convictions of the nation, which has a major impact on raising euro
acceptance. The most impact is from strengthening of national beliefs, which strongly and positively affect the level of euro acceptance, whereas any reduction lowers the acceptance of the introduction of a new currency.

Limitations: As any other social phenomena, money perception is very dynamic and dependent on current political and social issues. Therefore, despite the fact that the model seems to defi ne the factors and their influence on euro perception very accurately, it is essential that every time it is applied, the current state of mind of the society is measured. Furthermore, additional research should be conducted for groups deviating from the average results for the society.

Originality: The practical aspect of this research is the opportunity to point out convictions, which need to be modified to increase euro acceptance.

Purpose: The article contents are a synthetic presentation of the evolution of marketing and the hitherto development of social innovation as well as a comparison of the leading traits of both processes at the present stage of development. Based on this, there is an attempt to assess their impact on the social and economic development.

Methodology: This article is of a theoretical nature.

Findings: The idea and concept of marketing and social innovation have a great potential to serve socioeconomic development. To a certain degree, they have approximate or even common ideas and goals as well as similar concepts and effects. Social innovation is a support for marketing in the delivery of values and satisfaction to consumers and to a signifi cant part of the society. It also independently affects raising the quality of life of the society, owing to socialisation, diffusion and aid in the more effective use of technological, organisational, managerial and marketing innovations.

Value: The article is a part of the stream of current discussion on the place and role of marketing and social innovation in the contemporary economy and society.

Purpose: The article introduces a concept of the economic imagination, describes economic public attitudes and discusses the character of the contemporary economic imagination of Poles.

Methodology: Representative survey conducted on the stratifi ed random sample of 1022 adult respondents by means of CAPI (computer assisted personal interview). Statistical analysis of data.

Findings: The features perceived by public as economically benefi cial to the entire economy, particular enterprises and individuals have been ranked by the representative survey and statistically grouped into more general clusters. Those considered as good for the economy are grouped into such factors as “investment and competition”, “statism (etatism)” and “progressive taxation”. The features considered as benefi cial for the enterprises are grouped into “human, social and economic capital”, “law obedience and good social relations” and “limited free market”. Personal characteristics perceived as benefi cial for individual’s economic success are grouped into “honesty, perseverance and good social relations”, “skills and diligence” and “nepotism and instrumentalism”. Intensity as well as determinants of such general value loaded convictions, and their impact on acceptance of democracy have been revealed as well.

Implications: Economic imagination has to be analysed as an important factor of socio-economic system’s legitimization.

Originality: Distinction and empirical defi nition of economic attitudinal syndromes at three different levels: macro-economic, enterprise and individual constitute a novelty in socio-economic research. Discussion of their determinants and wider implications constitute a new contribution to the theory of social legitimization.

Purpose: In this paper we evaluate both ex-ante and ex-post macroeconomic impact of EURO 2012TM on Polish regions.

Methodology: We start with modifying the Keynesian-style multiplier model to investigate the effects of Euro 2012-related spending on local economies. This specifi cation permits us, on the one hand, to easily investigate the impact on each demand component, and, on the other hand, to calculate the magnitudes of these multipliers in order to judge the credibility of potential regional welfare benefi ts. This analysis is strengthened by taking into account the regional supply constraints. The second part of our study is devoted to an econometric estimation of long-run macroeconomic impact.

Findings: Our study does not provide a strong evidence of EURO 2012 - specific effects. We fi nd the regional multipliers’ values ranging from 1,13 to 1,33 for four hosting regions. This translates into an uncommon statement of rather evenly developed regions. The ex-ante study also testifi es of an importance of public expenditure in convergence process. In case of ex-post analysis, the estimates of regional production function reveal a modest positive effect of EURO 2012-related infrastructure spending. However, this effect is small, and there is nostatistical evidence that hosting regions recorded an event-specific growth boost.

Research limitations: Both ex-ante and ex-post studies are sensitive to regional data, therefore, some calculations may suffer from disaggregation error. Additionally, ex-post analysis needs to be repeated in order to gain more insights from historical data. Finally, authors plan to complement the analysis by the Ukrainian study.

Originality: This is the fi rst paper to date addressing the EURO 2012 macroeconomic impact from the regional perspective.