Purpose: This article explores how anthropomorphized service robots shape consumer risk perceptions and risk behavior via uncanniness as a function of individual differences in banking.

Methodology: An online between-subjects experiment (N = 293), set in a fictitious bank, featuring four levels of service robot anthropomorphism (low, medium, high, human), measured risk perceptions (psychological, functional, privacy, time), and risk behavior as DVs, uncanniness as mediator, technology readiness, and behavioral inhibition as moderators.

Findings: Risk perceptions are the lowest for medium (vs. high) anthropomorphism and are mediated by uncanniness. Risk behavior remains unaffected by the manipulation. Technology readiness overall attenuates the main effect on time risk perception but amplifies it for high anthropomorphism, whereas high behavioral inhibition increases risk behavior under the exposure of low anthropomorphism.

Implication: Banks who plan to place robots in service functions should be mostly concerned about experiential rather than behavioral consequences and are advised to use medium anthropomorphism robots since they appear to qualify as viable substitutes for human bank tellers.

Value: We contribute to the service robot and anthropomorphism literature by (1) distinguishing between dimensions of risk perceptions, (2) measuring actual risk behavior, and (3) setting our study in a business and marketing relevant context: banking.

Purpose: The main purpose of the article is to determine the key success factors of enterprise risk management systems, understood as the characteristics of these systems that have the greatest impact on the effectiveness of their functioning.

Methodology: Bearing in mind the most accurate determination of key success factors of enterprise risk management systems, I used several research methods. The conducted research was divided into four stages: (1) literature review, (2) financial statements analysis, (3) individual in-depth interviews, and (4) anonymous surveys. The research embraced enterprises operating in Poland.

Findings: Based on the literature analysis, in-depth interviews, and conducted surveys, a list of risk management systems’ success factors was created and sorted in the order from the most important ones – that have the greatest impact on the success of risk management – to the least important ones.

Additional analysis of financial statements of all WSE-listed companies allowed me to discern that few of the surveyed companies use mature modern ERM systems, and it enabled me to identify a group of companies that qualified to participate in the survey. Moreover, a statistically significant positive correlation appeared between the degree of key success factors’ implementation and the overall ERM implementation’s impact on the organization, while a statistically significant negative correlation emerged between the overall impact of ERM implementation on the organization and the degree of ERM implementation goals’ achievement, but also between the degree of the implementation of key success factors and the degree of the ERM implementation objectives’ implementation. Moreover, I noted that the fact of using individual features has no significant impact on the assessment of a given feature by respondents.

Implications: All factors included in the study are success factors of risk management systems. However, the surveys’ results suggest a different level of individual factors’ significance, thus a different degree of these factors impact on risk management success.

Originality/Value: The article presents an original set of key success factors in risk management systems, created based on my own research. The obtained research results can be used by managers willing to implement or develop risk management systems in their organizations.

Objective: The objective of the article is to fill a research gap regarding the impact of psychic distance on the initiation of relationships by managers from Poland-based firms and to analyze the psychic distance’s influence on firm performance.

Research methodology: The article is based on quantitative research conducted among managers from 201 Poland-based companies operating in foreign markets. The study used a structured questionnaire consisting mainly of closed questions. The dataset contained companies representing all sizes, industries, and ownership status from all over Poland.

Findings: Two types of companies were identified following managers’ (un)willingness to initiate relationships with actors located in psychically distant markets. The study conclusions reveal that psychic distance matters for Polish managers and that business activities conducted in psychically distant markets are often perceived as more complex than in close markets. These activities involve additional risk, but they bring companies better performance.

Limitations: The limitation of the study is that the measurements are based on the subjective perceptions of psychic distance. The research was conducted in Poland only.

Originality: The article is a pioneer work on the psychic distance paradox among Polish managers from a diversified group of companies (from small to multinational). The article seeks to identify to what extent Polish managers perceive psychic distance as an important factor in the decision-making process concerning the initiation of relationships with foreign partners.

Purpose: The study’s purpose was to examine the management of agri-food enterprises’ resource-saving development to minimize potential imperfections in managing material and human resources and improve data quality.

Materials and methods: A combined analysis was used to display the potential relationships between the agri-food sector achievements and basic indicators of natural resources’ sustainability and resilience to risks. The analysis covered Ukraine, Romania, and Poland. The analysis allowed for developing a general management scheme, including a management transformation comparative description in the economic growth context.

Results: The study revealed that Ukraine is clearly not on the path to progress in manufacturing enterprises and agriculture, as most of its indicators do not meet global nutrition goals. At the same time, Ukraine remains an export-oriented country. Its agri-food enterprises’ activities focus on external markets, corresponding to the priorities of the country’s agricultural policy and sustainable development goals of the United Nations organization.

Conclusion: The obtained results provide knowledge about and understanding of processes that occur in the agri-food enterprises’ organizational structure in countries with different development levels. The awareness of these processes is crucial for effective enterprise management in the resource conservation context.

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 purpose of the research was to find out the correlation between the motivation and costs of internal or external locus of control and the propensity to mentor. Investment of time and per sonal energy was regarded as factors with an internal locus of control, whereas a lack of mentee’s achievement, problems caused by a mentee, unhealthy or unfriendly relation, and a risk to be replaced by a mentee were regarded as factors with an external locus of control. In the case of internal factors, their locus of control is the mentor him/herself while, in external factors, their locus is outside of the mentor and lies in a situation or an environment.

Methodology: A quantitative cross-sectional study among Polish managers.

Findings: First, the results show that uniquely intrinsic motivation relates to the propensity to men tor, while extrinsic motivation has no importance. Second, before deciding to mentor, managers estimate the costs of mentoring: the higher they are the lower the propensity to mentor. Third, the costs related to the internal locus of control – time and personal energy invested by a mentor in men toring – are most important when deciding to mentor. The risk of destroying a mentor’s reputation, problems caused by a mentee, unfriendly or unhealthy relationship and a risk to be replaced by a mentee emerged as of little importance. Fourth, previous experience as a mentor or mentee positi vely influences the propensity to mentor.

Value: The study contributes to existing research, theory, and practice in the field of organizational behavior in the context of mentoring. The findings shed light on decision patterns in managers’ pro pensity to mentor and thoroughly explore the role of the anticipated cost of mentoring.

Purpose: Digitalisation of healthcare in Poland which covers e-prescriptions, e-referrals, and shar ing electronic medical records (EMR) on the P1 platform3 is supposed to be fully completed and implemented from 1 January 2021. The success of that implementation is strictly connected to the level of digital skills of both healthcare providers and healthcare service users. The purpose of the present paper is to indicate potential problems which may arise from the digitalisation of healthcare in social groups which are not adapted to using information and communication technologies (ICT) in their day-to-day lives, especially in case of the elderly.

Methodology: In order to indicate a potentially high level of digital exclusion in society, secondary data collected by Eurostat, Statistics Poland and CBOS4 were used. Problems in the healthcare sector, including those resulting from the digitalisation implemented in Poland, were presented against the backdrop of the changing law which applies here.

Findings: The introduction of digital solutions in the healthcare sector in Poland, including EMR, e-referrals, and e-prescriptions, was postponed numerous times, which can indicate the lack of the proper preparation of providers for a digital revolution. However, a potentially greater problem may lie with healthcare service users, especially considering the fact that such services are used mostly by the elderly. The phenomenon of digital exclusion, generally associated with the lack of skills neces sary for using ICT, is frequently observed particularly among senior citizens. It can lead to social isolation which is a risk factor that influences the health of senior citizens and the quality of their lives.

Originality/value: Some of the issues resulting from the adopted solutions and the legislation govern ing healthcare in Poland, including the digitalisation of said healthcare, and proposals for amend ments in this regard were provided in this interdisciplinary paper. It seems that those solutions could be used to reduce the threats of the digital exclusion of a significant part of Polish society, particularly in the group of seniors.

Purpose: The three goals of the article are: first, to show some arguments surrounding the notion of capitalism in theoretical perspective, and also somewhat bashful connotations since it was intro-duced in Poland after the fall of communism; second, to present some historical facts about the rise of capitalism in Poland in comparative perspective, mostly European; third, to look for cultural categories necessary for analysing the peculiarities of Polish socio-economic development as the part of so-called „the second Europe”.

Methodology: I go back to the history of European patterns of capitalist formation: Anglo-Saxon, French, German, Russian in order to show the Polish trajectory as strikingly different. Before enter-ing the Polish case, I present Mary Douglas and Aaron Widavsky’s proposal – how to analyze four cultures: individualist, egalitarian, hierarchical and fatalistic (authoritarian).

Implications: The main finding is that economic interests are always socio-cultural constructions, hence all definitions of the real life decisions (on public vs private, risk, externalities etc.) that the people make, must frame them within working life of given culture as the combination of universa-lism and particularism (of above-mentioned four cultures).

Purpose: When facing important decisions, people often ask themselves “What should I choose?” This question may involve intertemporal and risky decisions. The aim of our study was to test a potential discrepancy between the normative and descriptive perspective, that is, between “What should you choose?” and “What do you choose?”.

Methodology: In this study we assessed the rate of delay and probability discounting of 236 participants. The design was a 2 (“choose”/“should choose”) × 2 (small/large) × 5 (delays or probabilities) factorial design in delay and probability discounting.

Findings: People are less impulsive when taking the normative perspective than when they take the descriptive one. This phenomenon occurs in relation to large payoffs. However taking the normative rather than descriptive perspective makes no difference in risky decisions.

Research limitations: In further research it would be beneficial to study real outcomes as choice consequences and to control for variables that might moderate the impact of our manipulation, such as addictions.

Implications: The manipulation with the perspective may be applied not only in financial decision making. Our results may find a practical implementation to help impulsive people make more sensible decisions.

Originality: We demonstrated the internal conflict between the descriptive and normative mode in delay discounting decision making.

Purpose: The aim of this paper is to explore the phenomenon of an advanced form of internationalization: foreign direct investment (FDI) in a distant location. We label this transaction “adventurous FDI”, and explain how this new concept is related to, yet distinct from, other widely studied theories: born global companies, the LLL model, and the Uppsala model. We propose a theoretical typology of adventurous FDI based on two critical factors for risk­taking: distance and embeddedness.

Methodology: We present a theoretical proposal of a typology of AFDIs. To support our proposal, we illustrate the typology with examples from a longitudinal study of foreign direct investments undertaken in the years 2007-2009 by Polish frms. Selection of the time period for this study is justifed by the fact that the number of FDI transactions and AFDIs has almost doubled in the observed time period. We apply methods of social network analysis to identify embeddedness of FDIs and use geographic distance measures to classify transactions on a distance scale.

Originality: Current theories of foreign direct investment (FDI) focus broadly on either gradual learning or instant globalization. We identify a new category which we term “adventurous FDI”. The distinctive features of adventurous FDI includes the exploration of many unknowns related to distant locations and the use of advanced internationalization forms. We propose that embeddedness in country networks is instrumental to adventurous FDI, as the rapid learning inherent in such network arrangements enables frms to overcome the ambiguity associated with vast geographic, psychic, and cultural distance.

Purpose: This paper aims to explore the topic of knowledge safety, defned as the state of knowledge being safe from loss, leakage, attrition, oblivion, waste or theft. The paper frst presents a theoretical background and review of previous studies on knowledge loss and ways of overcoming it, and then illustrates the topic of knowledge safety with ten case studies from the small and medium-sized enterprises (SMEs) sector.

Methodology: The paper is based on an analysis of Knowledge Management (KM) literature devoted to knowledge loss and its potential types in companies, and on the results of case study research. Knowledge safety was frst defned and contrasted with other terms, and then examined in 10 selected SMEs. The research resulted in a clarifcation of what SMEs understand by the term of “knowledge safety” and what kind of measures they take to ensure it.

Findings: As the analysis shows, the examined SMEs attribute diversifed signifcance to the issue of knowledge safety. For some of them, such problem does not exist at all and they state that they can ensure knowledge safety in all aspects of their operations. Some companies perceive it mainly through the safety of the knowledge stored in electronic databases, while others link it with the human factor only.

Research limitations: Research results are limited to ten companies operating in Poland. As such, they cannot illustrate the whole picture of the existing small or medium-sized companies.

Research implications: The fndings of both literature review and case study analysis indicate that there is a need to further examine the issue of knowledge safety by analysing the potential factors which may endanger knowledge safety and the methods to eliminate such risks.

Practical implications: The paper examines important aspects of knowledge safety and provides guidelines on how it can be ensured by managers or owners of SMEs.

Originality/value: The term of knowledge safety has been absent from the related literature so far. The paper defnes it and explores both the theoretical and the practical aspects thereof. The paper also suggests further research possibilities in this area.

Purpose: The aim of this study was to identify the content of disclosures presented by public companies listed on the Warsaw Stock Exchange on the internal control and risk management systems in relation to financial reporting.

Methodology: The study contents were formulated with the use of literature studies. Content analysis studies and disclosure index studies were used for the study of narrative disclosures. The research was of a qualitative nature.

Results: The results showed that the companies listed on the Polish capital market are still at the stage of formulating reporting practices in the area of control systems over financial reporting. It should be noted that the diversity in information presented within disclosures about control systems over financial reporting is considerable. For some companies, the disclosures are formulated at such a high level of generality that no firm conclusions can be drawn. Detailed items of disclosures presented by particular companies can be identified in the reporting practices. The findings may provide the basis for constructing an index of disclosures about control systems over financial reporting.
Scope of research: The study examined disclosures about internal control and risk management systems in relation to financial reporting presented by public companies listed on the Warsaw Stock Exchange.

Originality: Disclosures about internal control and risk management systems in relation to financial reporting are a relatively new issue in Polish practice. The literature studies carried out as part of the research indicate that this issue is a research gap.

Purpose: The aim of this paper is to determine the factors that influence the process of implementation
of risk management process into municipal offices across Poland.

Methodology: The Polish Public Finance Act requires public sector entities to put in place a risk
management system within the framework of management control. The author conducted in-depth
interviews with key personnel responsible for risk management in public administration units.

Findings: The results of the research show that public sector organizations face certain problems
in the process of implementing a risk management system. Employees seem to resist change. As
a result of the project, four factors that influence the process of introducing risk management have
been identified.

Implication: Public sector organizations are mostly large, bureaucratic organizations, governed by
numerous regulations, which all in all tends to hinder efficient management. The results of the
discussed research are to support public entities in the process of implementing change.

Value: The paper explores the importance of overcoming barriers to the process of implementing
risk management in the public sector.

behavior of investors and government in the process of decision-making related to financing designed
to reduce risks in investment activity.

Methodology: Considering the interdependent type (nature) of interactions between related parties,
game theory tools were used to model such interactions. Much attention was directed to search for
parameters of interaction leading to certain Nash equilibriums in pure strategies. The formal results
obtained with the model were verified by statistical analysis.
Findings: Analysis showed that the rational behavior of related parties can lead to unexpected
results. Powerful investors will aim to work in socially-oriented economies, whereas primarily
small investors will operate in most liberal economies with a minimum tax burden but with a higher
level of risk. As for governments’ behaviors, the images are the same: small economies tend to
liberalize their tax systems and to secure investment faster than powerful ones. Empirical verification
based on statistical data of groups of countries generally confirmed the conclusions. These
formal and logical conclusions were from statistical analysis of 124 countries divided into 5 groups:
OECD countries, post-socialist countries, Latin American countries, APAC countries and ACP
countries. Provided that the more powerful ones are covered economies, there was stronger interdependence
between the size of economies and tax burden and also between total investment and
tax burden, where this dependence is positive.

Originality: The results obtained used Nash equilibriums in pure strategies as models of behavioral
norms to define behaviors of related parties and also to explain assumptions concerning the
behaviors of investors and government.

Purpose: The purpose of this article is to present the findings of the author’s own studies on the
influence of owner-occupied property valuation by historical cost on fixed assets value of entities
at risk of bankruptcy.

Methodology: As part of the implementation of the study, objective desk research was carried out.
Empirical research was carried out on a group of 100 companies on which the courts had declared
bankruptcy. The study sample constituted 14% of all bankruptcy cases in 2011 and was a significant
representation of the national phenomenon.

Findings: The findings indicated that historical cost values of owner-occupied properties in most
cases are significantly lower that estimated fair value when business activities continuation is
threatened. The historical cost valuation also does not provide useful information about the market
value of property, plant and equipment of entities at risk of bankruptcy that do not possess real
estate.

Research limitations/implications: Information about market value of fixed assets of entities at
risk of bankruptcy is essential in making the decision to begin bankruptcy proceedings and estimating
the ability to repay debts to creditors.

Originality/value: The results are a part of the author’s own study concerning assets valuation
when business activities continuation is threatened. The results emphasize the role of fair value
estimation of property, plant and equipment when an entity is at risk of bankruptcy.

Purpose: To explain the conventions and conditions for implementing internationalization of a university as a strategic course for its development, as well as to provide universal strategic scenarios for expansion of the university abroad as well as to outline the factors contributing to success.

Methodology: The paper while conceptual in nature, is based on the diagnosis and analysis of the market for university education in Poland. Studies of specialized literature highlighted the main phenomena conditioning performance and trends in higher education which constituted the general background for deliberations and detailed projections.

Conclusion: The author underscores strategic conditions and decision-making procedures for a University’s expansion into foreign markets of higher education. He emphasizes the major opportunities and risks associated with the university going international. The proposals are not only cognitive but also can be the basis for application in the realism of Polish universities.

Originality: The activities of foreign universities in the domestic higher education market is a fact which is existent in many countries. This paper proposes a general concept for the internationalization strategy of a University in conjunction with a scenario accompanied by a detailed analysis and decision-making procedure. In the literature, this aspect of development of the university has been expanded in accordance with the objectives
international marketing.

Purpose: The purpose of this paper is to present a theory that defi nes the creation of an area that includes many countries, in which there is one, single currency and the countries are characterized by a diversifi ed productivity. That is why the paper shows the importance of labor productivity parity for the creation of an integrating and non-discriminatory currency area and indicates the role of this value in the theory of the exchange rate.
Additionally, the paper analyzes the risks arising from joining the eurozone.

Methodology: The basic methodology is defi ned by a fundamental analysis of the exchange rate and its relation to labor productivity parity. The author formulates a theory of a currency area that integrates economies with different levels of labor productivity. The methodology is supplemented by calculations and a ranking of countries according to the Q-index.

Findings: Listing the member countries and candidate countries of the eurozone according to the labor productivity index has demonstrated that the founding member states are characterized by a Q-index close to 3.30. The countries that are already in the eurozone with an index of less than 2.5 belong to the group where problems are accumulating. Countries that are candidates for the eurozone with an index below 2.0, such as Poland, cannot become member of the eurozone. The principles of creating a currency area can however be modified in such a way that countries with various levels of Q can become members, by developing cooperation that is beneficial to the socio-economic development.

Originality: The labor productivity index Q is a result of elaborating an original concept of the production function that is suitable for the purposes of economic analysis. According to this function the Q-index is equivalent to the category labor share and the variable F corresponds to TFP. The function overcomes the disadvantageous features of econometric models of production identifi ed by Joan Robinson and the obtained results modify the
theory of the exchange rate, creating good prospects for general monetary integration.

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.