Purpose: The purpose of this article is to identify what are the cause-effect patterns of how company actions influence value drivers in Polish frms.

Method: The method used in the study consists of (1) the generation of informant reports (stories) about what actions performed in their frms influenced the value drivers and (2) the identifcation of the repeating (replicating) patterns of such influence.

Results: The study identifes fve actions that reduce the unproductive time of participants of business processes and three actions influencing new product introductions or modifcations.

Managerial implications: Managers should (1) use standardization and automation, delegation of secondary activities, and trainings in teamwork to reduce unproductive time, more quickly fulfll contracts (with current products), and influence four fnancial value drivers. Moreover, they should (2) gather knowledge about the alternative ways of thinking about particular problems and (3) use personal participation of knowledge possessor’s teams in clients’ problem-solving places.

Limitations and future research: The author identifes fve limitations of the performed study and formulates relevant suggestions for future research.

Originality/value: The study contributes to management theory by (1) clarifying conceptual relations between the actions of frms (causes) and value drivers (effects) and (2) analyzing the manager reports about the real business value-creation processes.

Purpose: The aim of the paper is to present and assess professional development opportunities for
older employees in SME.

Methodology: In the process of desk research, the author has discerned a number of characteristics
of training activities conducted by SMEs. The management of older employees’ professional development
is discussed on the basis of selected research findings, i.a. CATI and CAPI surveys conducted
in the framework of the “Comprehensive program of activation of people aged 50+” project carried
out by the Department of Human Resource Management at Kozminski University in 2010–2012.

Findings: The first part of the paper discusses the specificity of training measures undertaken in
SMEs. According to a large body research results available, these include: informality, reactivity,
short-term perspective, focus on solving current problems, “learning by doing”, focus on the development
of specific skills and organizational knowledge, lack of professional organization of trainings.
The core part of the paper focuses on the management of professional development of older
employees in SMEs. The majority of surveyed firms have declared providing their older and younger
employees with the same access to training. However, it does not always mean training is organised,
or that employees aged 50+ participate in it. Moreover, the survey has proven the existence of
significant differences in assessments and opinions among entrepreneurs and employees.

Originality/value: This paper discusses professional development of older SME employees, which
is a relatively new problem; it is based on an extensive body of research. Managing professional
development of older workers is one of the most important challenges faced by SMEs in the twentyfirst
century and it shall require extensive and thorough research in the future.

Purpose: Empirical results about the direct relation of knowledge leading to fi nancial performance at a firm is dispersed. This study aims to examine the impact intellectual capital (IC) has on fi rm performance in Polish and Dutch listed firms.

Methodology: Quantitative data is collected based on audited annual reports from the top 20 companies listed at the Warsaw Stock Exchange and Amsterdam Stock Exchange between 2007 and 2011. IC is measured using the VAIC methodology with its individual elements of HCE, SCE, and CEE. Direct relations between ICE, HCE, and SCE and fi ve measures of fi rm performance are statistically analysed.

Results: The results suggest that there is a direct positive relationship between ICE and fi rm performance of Polish and Dutch listed fi rms, particularly with ROA, ROE, EP, and to a lesser extent with ATO. Firms listed in Poland provide a stronger positive ICE relation to ROA and ROE where fi rms listed in the Netherlands provide a stronger positive ICE relation to EP. Regarding individual elements, HCE relates highly positive to ROA, ROE, and EP where SCE fi nds only partial negative relation with ATO.

Implications: Nurturing IC and in particular HC confirms the importance of fi rm knowledge and employees with right training and other support. Additionally, further clarifi cation regarding SC is required.

Originality: This paper presents the fi rst study of the IC relationship with fi rm performance in Poland as well in the Netherlands. Additionally, the comparison between fi rms of both countries establishes a novelty in IC research.

Purpose: The objective of the article is to present the changes that have taken place
in relationships between business partners in the FMCG distribution channels in
Poland after 1989 and to identify the consequences for competitiveness in particular
groups of commercial enterprises. The scope of analysis covers relationships between
chains of large trade facilities and FMCG manufacturers and wholesale enterprises,
inclusive of cash and carry, as well as between goods suppliers and receivers.

Methodology: The article is prepared on the basis of relevant literature on cooperation
of enterprises in the distribution channels, as well as on the results of surveys
carried out by the Institute for Market, Consumption and Business Cycles Research
(IBRKK) in the 1990s and in the first years of the 21st century. It also includes
mid-2011 survey results among independent commercial enterprises and companies
operating in the chain as well as among FMCG producers. In individual periods, the
same research method is applied - face-to-face interviews, carried out among representatives of the surveyed firms. They were based on a questionnaire, which was
expanded in subsequent research periods with new aspects of cooperation between
enterprises, i.e. creation of private labels, training and consulting for business partners,
and integration processes.

Originality/value: The description and analysis of the phenomena and processes
occurring in relationships between subjects in various channels of FMCG distribution
covered multiple criteria. These include selection of a business partner, enterprise
position in its contacts with business partners, expected and achieved benefits
of cooperation, impediments and abnormalities occurring in contacts between the
goods supplier and the commercial company, and new areas of cooperation.

Purpose: the essay focuses on some important instruments and measures supporting the desired actual (and not just declared) ethical behavior in banking practices.

Methodology: the essay first used a combination of comparisons to show similarities and differences between 10 banking codes of ethics in EU countries. Then qualitative analysis of indicators and scales assigned to bank rankings was also used to identify some possibilities to promote the ethical behavior of banks in more efficient ways.

Findings: ethical behaviors in the banks, despite a high awareness of moral norms, are largely declarative rather than actual. In order to approximate the actual behaviors to the declared ones, further improvements need to be introduced in the methods and instruments of education (codes of ethics, bank rankings), along with encouraging the implementation of management practices consistent with ethical behavior. This should start with redefinition of the functioning of the bank, i.e. broadening the task of achieving ambitious outcomes by adding respect for ethical standards.

Practical Implications: not every instrument of ethics education can be treated as directly useful in the process of training actual ethical behavior in banks. Some particular conditions must be taken into account that it should fulfill.

Originality: the author has distinguished three levels in business ethics education: ethical awareness and ethically oriented behaviors, both declared and actual. The essay described the necessary conditions for utilization of some educational instruments of ethics in the process of implementing actual ethical behaviors in the banks.. Such an approach has not been found previously in the subject literature.