<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this article is to present Investment Crowdfunding (ICF) in a perspective wider than merely as a new form of financing a certain category of business ventures. Selected aspects of ICF as a phenomenon that is a manifestation of the conflict between economic freedom and regulations and financial market institutions will be emphasized. New concepts of the part of the modern economy in the period of digitization, referred to as the collaborative economy, mesh economy, or sharing economy, should also be taken into account. The issues of excessive and restrictive regulation of the financial market will be presented in this context, as well as the constraints and risk factors of ICF operation and the Polish ICF experience.The study hypothesises that Investment Crowdfunding is a viable alternative for financing micro and small economic projects, if compared to the traditional and over-regulated forms of financing. The usefulness of Investment Crowdfunding concerns primarily economic projects of the start-up category. The study uses the following research methods: critical analysis of the literature of the issue, descriptive and comparative analysis, case study, and deduction.The theoretical considerations and examples presented in the article should be treated with appropriate research caution. However, they make it possible to positively verify the hypothesis.</abstract>

Crowdfunding in the Wider Perspective Investment Crowdfunding: Competition Between Regulations, Institutions, and Economic Freedom

<abstract xmlns="http://www.w3.org/1999/xhtml">The paper discusses the impact of austerity policy on economic performance in the eurozone countries after the global crisis that occurred in 2007-08. The undertaken fiscal consolidation efforts to cut government expenditure and increase government taxes which begun in 2010, aimed to return sustainability in public finance as the rapid growth in sovereign debt was observed in many economies, especially in the South Europe. The implemented austerity policy under the external pressure not only amplified recession but also caused the further deterioration of public finance characterized by large deficits and increasing public debt. Based on the literature and empirical findings, the issue of austerity policy and its potential consequences on growth is examined. The research aim is to explore both advantages and disadvantages of austerity, focusing on the macroeconomic conditions which accompanied it and the impact of such policy on economic growth in the eurozone countries. The hypothesis of the negative influence of austerity on economic performance is verified on the basis of recent economic literature and conducted empirical research. Both descriptive analysis and dynamic panel regression based on two-step Generalized Method of Moments was used. Data from 2010-17 for the eurozone countries served to prove the existence of a key negative relationship between austerity policy and economic growth in economies that experienced deep great recession. The conducted analysis confirmed that austerity initiated to reduce the public debt to GDP doesn’t contribute to macroeconomic stabilization, adversely affecting potential output. Contrary to widely held opinion, this allows us to claim that austerity is not a good remedy for economies suffering from recession.</abstract>

The Myth of Austerity. Empirical Evidence from the Eurozone Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">A changing economic environment and growing requirements of stakeholders have made it necessary to develop new achievement measurement methods. The article discusses and compares several performance measurement tools and methods, such as: the Balanced Scorecard, Tableau de bord, Skandia Navigator, Intangible Assets Monitor, German Scorecard, Business Excellence Model, Dutch system of performance management, Performance Prism and the EFQM Excellence Model. They are the most popular among both theoreticians and practitioners in this field.</abstract>

Revision of Performance Measurement Tools and Methods

<abstract xmlns="http://www.w3.org/1999/xhtml">The goal of this paper is to present the net working capital strategies relationship with the systematic risk ratio, namely beta coefficient, that is a measure of a stock’s volatility in relation to the market. The strategy of financing assets reflected in net working capital is influencing the financial liquidity policy and the risk of the company thereafter. Decisions and strategies that are performed by management are assessed by investors when a company is listed on the exchange and should be reflected in share price volatility. The survey is based on quantitative analysis of NewConnect non-financial company data. The results of the analysis show that the relationship between net working capital indicators and beta coefficient is negative.</abstract>

Net Working Capital Strategy Influencing Beta Coefficient based on Companies Listed on Newconnect Alternative Exchange in Warsaw

<abstract xmlns="http://www.w3.org/1999/xhtml">This work is an attempt to estimate the cost of equity capital characteristic among portfolios of companies listed on the Warsaw Stock Exchange in the years 1995-2017. To this end, the classic CAPM is used to estimate the cost of risk. Model tests are based on 252 monthly returns. In order to assess the errors of cost of capital estimation, the bootstrap method is used. The estimated cost of capital refers to the project portfolio with real options on these projects. Stock returns are generated not only by the companies implementing projects but also through real options modifying these projects. The estimated cost of capital can be a valuable indicator for portfolio managers. Also, it can be an approximate indicator for making decisions on the implementation of new investment projects. The estimated cost of capital assumes the highest values for value portfolios. The estimated cost of capital assumes the small values for growth portfolios.</abstract>

The Cost of Equity Capital in Stock Portfolios Listed on the Warsaw Stock Exchange Using the Classic CAPM

<abstract xmlns="http://www.w3.org/1999/xhtml">The main objective of the study was an attempt to describe the policy for supporting families with children in Poland in the years 2004-2017 in the context of traditional support instruments. The following research methods were used in the article: analysis of the literature on the subject and legal acts, analysis of statistical data and comparative analysis. The study uses statistical data from reports of the Ministry of Finance and the Ministry of Family, Labor and Social Policy. The study did not confirm the research hypothesis which says that in the analyzed period, tax preferences were the dominant instrument of support for families in Poland. Shifting the burden of family policy towards direct benefits is unlikely to increase the transparency of this policy. With the introduction of new family benefits at a high level, which are the subject of exemption from personal income tax, public spending made with the use of tax expenditures will also increase. The lack of detailed and cyclical reporting of this type of expenditure in Poland reduces the transparency of the family policy.</abstract>

Fiscal Instruments Supporting Families in Poland in the Years 2004-2017

<abstract xmlns="http://www.w3.org/1999/xhtml">In the absence of a literature review for an adoption of internet banking in developing countries, this study was conducted to review and summarize the most evaluated articles in the literature. The significance of this work came from three concepts which are to highlight the concepts of research in developing countries, to accentuate the dominant models which have been used effectively in analyzing the constructs in adopting internet banking, and thirdly, to shed some light on the gaps in the potential applications for the system in the future. The Technology Acceptance Model, Theory of Reasoned Action, Theory of Planned Behaviour, Unified Theory of Acceptance and Use of Technology and Self Designed models have been used by most of the researchers in this review with a higher frequency of the Technology Acceptance Model among them. The results from this review are limited to 28 articles which were selected from a total of 110. The sources were from the search engines of Science Direct, Emerald Insight, Growing Science, International Business Information Management Association and Canadian Central of Science and Education and other different types of journal publications. The factors revealed to have important effects on the acceptance and adoption of the system were trust, perceived ease of use, and perceived usefulness, security and privacy and social influences.</abstract>

An Essential Review of Internet Banking Services in Developing Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">The phenomenon of underpricing is the subject of many studies on the stock markets, but there is still a research gap referring to the European Alternative Investment Markets, markets for small and medium companies. They are a source of capital and such an anomaly as underpricing could be a barrier for development of young companies. It means so-called money left on the table, which constrain the effectiveness of the market. The purpose of the paper is to analyze whether lower entry regulations on the European Alternative Investment Markets are correlated with the higher value of underpricing as the demonstration of higher investing risk. We calculate raw initial returns with different equilibrium prices for three European Alternative Investment Markets and confirm that NewConnect, the market with the lighter legal environment, has the highest initial returns for the first day of trading, however after one month returns turn out to be significantly lower than on the other two markets and differs for aftermarket rate of returns. Our results suggest that there is a premium for higher risk on NewConnect, but only after one month rate of returns turn out to be negative, which can suggest that market participants verify very quickly the quality of issuers.</abstract>

Faculty of Economic Sciences, Department of Finance

Underpricing on the Selected European Alternative Investment Markets

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