Purpose: Stock market participants use technical analysis to seek trends in stock price charts
despite its doubtful efficiency. We tested whether technical analysis signals represent typical and
common cognitive biases associated with the continuation or reversal of the trend.

Methodology: We compared investors’ opinions about the predictive power of technical analysis
signals grouped into five conditions: real technical analysis signals associated with trend continuation
(real momentum signals) or trend reversal (real contrarian signals), fake momentum or fake
contrarian signals, and fluctuation signals.

Findings: Investors assigned larger predictive power to real and fake signals associated with trend
continuation than to signals associated with trend reversal. Fake signals, which represented cognitive
biases, elicited similar predictions about trend continuation or reversal to real technical analysis
signals.

Originality: Market players assess momentum signals to have greater predictive power than contrarian signals and neutral signals to have the least predictive power. These results are independent of whether technical analysis signals were well-known to investors or made up by experimenters. The hardwired propensity of our brains to detect patterns combined with the non-natural environment of the stock market creates the illusion of expertise that is not easy to dispel.

Purpose: Assuming a duopoly industry with pollution producing processes, the aim of this work
is to study the firms’ choice to engage in Environmental Corporate Social Responsibility (ECSR)
by means of “green” managerial delegation, i.e. hiring managers with preferences for environ mental
concerns to whom owners delegate both sales and decisions to adopt green technology.

Methodology: Depending on the firms’ strategic choices, a two/three-stage game takes place solved
by the backward induction method to obtain sub-game perfect Nash equilibria.

Results: When the market structure is a Cournot duopoly, and the environmental sensitivity of
“green” managers is extremely low, then the engagement in ECSR is the firms’ dominant strategy,
regardless of the efficiency level of the available abatement technology. Nonetheless, firms are cast
into a prisoner’s dilemma. On the other hand, if “green” managers have low-intermediate to intermediate
environmental sensitivity, then either no ECSR, multiple symmetric equilibria, or ECSR
engagement can emerge as a result in equilibrium. Finally, if managers’ environmental sensitivity
is adequately high, then firms do not engage in ECSR. When a market entry game is considered
with the Stackelberg competition in which the incumbent adopts ECSR while the entrant does not,
socially responsible behaviors cause the market to be more contestable. However, the incumbent’s
owners can use ECSR to secure a dominant position in the market, provided that they hire “green”
managers with adequate environmental concerns.
Implications: In the case of entry, non-trivial policy implications arise. Due to increased competition,
the welfare of consumers improves (lower prices for the goods). However, the entry of a polluting
firm increases emissions. Higher emissions damage consumers and lower the overall social welfare
of an environmentally concerned government. Thus, a complete welfare analysis is required prior
to the design of a government’s regulatory intervention.

Originality/Value: This paper is the first that introduces the figure of the “green” manager who
shows, in its utility function, an environmental concern.

Purpose: Respective European Union member states’ interest in using spending reviews varies as there are no international mandatory regulations. The EU legislation contains general indications as to maintaining a rational fscal policy, from the provisions of the TFUE, expanded in the Pact for Stability and Growth, and elaborated in 2011.

Methodology: Adopting an interpretative research approach, this article elaborates a multiple explanatory case study design to discover how existing theories about public spending reviews are conceptualized by practitioners in their natural contexts.

Findings: The deteriorated state of many countries’ public fnances, as a result of the global fnancial crisis, has increased the interest in advanced innovative consolidation and fscal stabilization methods. Spending reviews are among the most developed and advanced methods. Such reviews were conducted both by countries that had applied this instrument before (Netherlands, Denmark, Finland, United Kingdom, Australia), and by those that introduced them for the frst time (Ireland, Canada, France). However, reviews are applied in countries characterized by signifcant economic advancement and mature public management systems.

Originality: This article analyses and draws conclusions from several selected countries’ experience to date in using spending reviews. The budget functions are compared using information from the implementation of the spending reviews. This article contributes to flling two main gaps identifed in the literature review.

Purpose: The article addressed the problem of relationships between university funding and efficiency on the one hand and the quality of teaching and research on the other.

Methodology: The measurement of teaching and research quality in Polish universities was derived from two sources: 1) evaluation scores of teaching quality given to universities by the Polish Accreditation Committee, and 2) the research category grades given to university departments or units by the Polish Committee for Evaluation of Scientific Units. Subsequently, the quality measurements were correlated with financial indicators and efficiency scores obtained from data envelopment analysis.

Findings: The correlation and regression results indicated that public universities that have received higher scores of teaching quality simultaneously have higher average scientific categories. There was also a substantial relationship between the revenue per student and the revenue per teacher and variables describing quality but the regression analysis exhibited opposite directions regarding the type of quality indicator.

Research limitations/implications: The quality of teaching and research at universities was assessed despite the limited availability of internal information gathered from higher education institutions (HEIs).

Practical implications: The authorities of a university can simultaneously track the improvement of quality or financial efficiency without losing their interdependence when reforms of HEI operations are conducted.

Originality: The study proposed new measurements of quality derived from external evaluation bodies and investigated the relations of these measures with selected financial and efficiency indicators.

Purpose: To better understand the impact of Business Intelligence systems on organizations’ effectiveness.

Methodology: Critical and descriptive literature review.
Findings: On the basis of numerous case studies described in literature and pertaining to various
types of enterprises, different industries and countries, the paper confirms the positive impact of
the implementation of Business Intelligence systems on organizations’ effectiveness.

Research implications: The paper provides insights that can fuel future in-depth research aimed
at the development of objective methods for measuring the impact of the implementation of Business
Intelligence systems on organizational effectiveness, as well as further quantitative research.
Practical implications: Results of the majority of studies indicate that the implementation of Business
Intelligence systems brings tangible benefits to organizations. The implementation should,
however, be appropriate and adequate, adjusted to each organization’s resources.

Originality: The paper organizes and systematizes knowledge about the impact of BI implementation
on organisation’s efficiency.

Purpose: The purpose of the study was a critical analysis of the concept of positive psychological
capital (PsyCap) and an indication of its applicability in organizations that implemented participatory
management.

Methodology: The study was based on the review and comparative analysis of literature. The
theoretical foundations of the concept and its practical translation into organization reality, as well
as the results of a meta-analysis of the impact of PsyCap on employee attitudes, behavior and performance,
was presented. The limitations of this concept in the context of participatory management
were also indicated.

Findings: Conducted debate supported the conclusion that the development of employee self-efficacy,
hope, optimism and resilience can contribute to strengthening participatory attitudes among workers,
and thus enhancing the efficiency of the entire organization. However under several conditions,
employee positive psychological states were treated not as organizational resources but as an integral
part of themselves. Employees felt responsible for their personal development and development
of their own PsyCap was optional.

Originality: The study dealt with the relatively new issue of a psychological capital management
in organizations that could provide an alternative to the classical human capital management. Its
implementation in organizations with participatory management has not yet been discussed in the
management literature.

Purpose: The aim of the paper is to examine the efficiency of complaining as a method of social
influence (Doliński, 2005). In Polish culture, complaining seems to be an efficient technique for
initiating a dialogue, potentially increasing the effectiveness of persuasive messages expressed in
a conversation.

Methodology: The hypothesis was tested in two natural experiments. In the first one, a random
sample of persons (n=246) were asked to let the experimenter through to the checkout counter at
a supermarket. The request was preceded either by (1) a dialogue, (2) a complaint, or (3) no prior
contact. It was either substantially or seemingly justified. In the second study, customers in a shop
(n=46) were invited to pursue conversation initiated with (1) a positive statement or (2) a complaint
regarding an extensive range of products.

Findings: Study 1 proved that a seemingly justified request preceded by complaining is less effective
(65.6 per cent) than a request preceded by a dialogue (93.8 per cent); this result is similar to
the result of the control group (53.1 per cent). When the request was substantially justified, both
dialogue and complaining seemed equally effective (86 per cent and 90 per cent respectively) – more
effective than the results of the control group (46 per cent). In Study 2, positive and negative remarks
initiating a conversation triggered similar responses in terms of willingness to pursue the dialogue
(73.1 per cent and 78.3 per cent respectively).

Constraints to research: Natural experiments presented in the paper were not controlled for such
variables as environmental factors or individual differences.

Originality: Complaining has never been subject to systematized examination as a method of social
influence.

Purpose: Analyzing value created by marketing should cover at least two important points of view. The first is related to the problem of value created by marketing for customers, and the second is related to the value created for the organization (enterprise). This article is focused on the second point of view. Each organization formulates some expectations toward marketing, and next evaluates the results of using marketing in a more or less systematic way. The purpose of the article is to establish a theoretical model of this valuation using three dimensions: marketing effectiveness, marketing effi ciency and marketing productivity.

Methodology: This study was of a conceptual character. Findings: In presented concept, the expectations toward marketing and value created by marketing are expressed by marketing performance. In turn, marketing performance can be perceived in the three dimensions of
marketing effectiveness, marketing effi ciency and marketing productivity.

Originality: The problem of value created by marketing for the organization (enterprise) isn’t too often analyzed in the literature. Existing literature offers an analysis all these dimensions but in most cases in separate way or with some important inconsequences.

Purpose: The goal of the text is to show a number of challenges which major central banks must face today. Impressive engagement of the central banks in counter-crisis policy leads to many controversial decisions and its results are not clear both for economic theory and for real economy. For now, one cannot show a full overview of the policy of central banks – on the one hand, thanks to the expansionary monetary policy, recession was quite shallow and the risk in financial markets has declined, but on the other hand, few side effects of this policy can be mentioned, which can jeopardize economic stability in the future.

Methodology: The paper has a theoretical character. The findings are based on a literature review and an analysis of the major macroeconomic data.

Findings: The text indicates the most important areas which have to be investigated by central banks. There are serious doubts about issues like: inflation targeting as a fundamental part of monetary policy, the efficiency of monetary policy instruments and the side effects of loose monetary policy.

Originality: The text presents quite a new approach in analyzing macroeconomic policy by indicating important gaps in contemporary economic knowledge according to which economic policy is conducted.

Purpose: The purpose of this article is to confirm the thesis that the amount of public funds expenditure has no impact on the effectiveness of state functioning, which – to a greater extent – is dependent on the efficiency of these funds. In the article, the author claims that in the case of the European Union there is no explicit evidence concerning the efficiency of public funds in Member States – both on the micro and macro level.

Methodology: A literature review conducted on the basis of collections of academic and scientific articles and an analysis of particular solutions implemented in the European Union and in OECD Member States as well as concerning the consolidation of public funds in the context of the effectiveness of state functioning.

Originality: The author of this work – on the basis of the (performed) analysis presented in the article, explains that the optimal fiscal policy should use appropriately selected tools allowing to achieve the best (optimal) method for the management of public funds, in particular the external and internal position of the economy of the given country. The key factors that decide on the effectiveness (excluding non-financial factors) are neither
universal (absolute) nor relative extent of public spending. The author concludes that the level of effectiveness is either dependent on the structure of this spending and procedures connected with public expenditure planning, executing, accounting and reporting processes, or the level (quality) of the effectiveness and efficiency evaluation system.

Purpose: The article presents the results of the analysis of the employment and salary policy in Polish public administration in the period of 2002-2011 in terms of public administration management in times of the financial crisis and the competitiveness of employment in government administration. The authors of the article examine the effectiveness of the subsequent government efforts to institute “a cheap state”. They have assumed that in the
examined period the effectiveness of government administration did not change considerably.

Originality: The presented analysis covers such issues as: identifying the determinants of changes in salary and employment rates in government administration; an analysis of the relevant major legal institutions; a study of the main changes in the salary and employment policy in government administration; an analysis of the employment nd remuneration budget in public administration; an assessment of the changes in the effectiveness of the
functioning of government administration.

Methodology: In their studies the authors conduct inductive and deductive reasoning by means of the following research techniques: an analysis of legal acts, strategic government documents and reports of the Supreme Audit Office (NIK); a statistical dynamics and structure analysis; a comparative analysis and a one-dimensional analysis of public expenditure efficiency.

Purpose: The aim of this study is to assess the competitiveness general landscape
of MSMEs (micro, small and medium enterprises) in sub-Saharan Africa through
selected factors driving productivity and effectiveness in doing business, as elements
of the general business environment.

Design: To present a general outlook of competitiveness a narrow number of factors
was chosen – public institutions, infrastructure, women in business and strategic
partnership – corresponding to the contents of four Global Competitiveness Index of
the World Economic Forum pillars (public and private institutions, infrastructure,
labor market efficiency, business sophistication). The factors selected – elements of
the general business environment, have one common feature: all are state-performance-
dependent. The scientific method of research in this study, uses primary sources like the Global Competitiveness Report or The World Bank documents and data. Secondary sources
include a number of syntheses, calculations and interpretations of primary sources
presented by Polish and foreign scientific literature. Primary and secondary sources
gathered became a base for semiotic and semantic analyses.

Findings: The approach in this paper highlights the organization general business
environment elements set by the state and their adverse affect on business environment
of MSMEs across the region. Competitiveness’ paths then may be called
devious.

Originality: This study is at the intersection of two different strands relating to organization
theory: the business environment and competitiveness, and critical management
studies. A qualitative research, a thorough theoretical approach concerns
issues hardly available in Poland.

Cel: celem niniejszego artykułu jest zaprezentowanie aktualnych tendencji w literaturze zarządzania wiedzą i zarządzania zasobami ludzkimi dotyczącej roli personelu w zwiększaniu skuteczności działania organizacji. W oparciu o podejście zasobowe (RBV) (Barney 1991) zachodzi w ostatnich latach szybkie zbliżenie pomiędzy dwoma kierunkami, zwłaszcza w sprawie roli odgrywanej przez cechy osobiste, charakterystyki poznawcze i zaangażowanie pracowników w podnoszenie efektywności i poprawę pozycji rynkowej firm.

Metodologia/wyniki: omawiając literaturę, niniejszy tekst wskazuje obecne tendencje w badaniach nad mobilizacją potencjału pracowników i ewentualne kierunki rozwoju dyscyplin zarówno nauk o zarządzaniu, jak i psychologii. W artykule omawiamy również płaszczyznę dalszego schodzenia się zainteresowań obu kierunków badawczych w kwestii roli systemów motywacyjnych, szkoleniowych i społecznych w budowaniu strategii przedsiębiorstwa – czyli w domenie strategicznego zarządzania zasobami ludzkimi (SHRM).

Oryginalność: zadania stojące przed współczesnymi systemami HR są znacznie bardziej ambitne niż przy klasycznie rozumianym HR i skupiają się raczej na rozwiązywaniu czterech głównych problemów:
1) jak wykorzystać wewnętrzny potencjał pracowników do reagowania na zmiany i dokonywania innowacji?
2) jak zwiększać ten potencjał?
3) jak wykorzystać procesy grupowe w rozwiązywaniu problemów organizacyjnych?
4) jak wprząc kapitał ludzki i kapitał społeczny firmy w realizację strategicznych celów przedsiębiorstwa, a zwłaszcza jak przekuć ten potencjał w pozycję rynkową
i finansową stabilność? Odpowiedzą na to wyzwanie może być omawiany nurt SHRM.

Purpose: recapitulation of educational experiences in the field of business ethics. Identification of risks and opportunities referring to ethical education, both on academic and
professional levels.

Methodology: a broad description with more profound analysis of chosen issues.

Findings: the essay gathers experiences from the field of business ethics education on different levels: organization and academic as well as postgraduate. It shows a specificity at each level, especially the differences between assumptions, and then evaluates efficiency. It underlines the didactic and formation aspects of business ethics. It enables one to follow the changes within business ethics as an educational subject with aims and methods. In the end, the changes lead to presenting business ethics as an efficient instrument of forming desirable attitudes and standards in organizations.

Originality: a presentation of the main problems of ethical education gives an opportunity to improve programs and methods in the area of education. The essay presents the ways of adapting the educational offer to the expectations of society as well as to market requirements.