This study was developed based on the theory of cultural relevance of accounting proposed by Baydoun and Willet [4] from the contributions originally released by Gray [16], which highlights the link between the accounting values and the practices that are materialized in the form, content and...

Exchange-traded funds (ETFs) exist for stock, bond and commodity markets. In most cases the underlying feature of an ETF is an index. Fund management today uses the active and the passive way to construct a portfolio. ETFs can be used for passive portfolio management, for which ETFs with...

Numerous studies have discussed that even if fundamental for innovation and economic growth, SMEs are often financially more constrained than large firms. Therefore, venture capitalists are often the only available sources of financing to small and young companies. Through the analysis of a...

This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which...

The share of privately paid medical care is steadily increasing. Polish patients pay immediately for single services and may also privately conclude the contracts for medical insurance or subscription (steady access to complex private medical care). The aim of this paper is to draw the reader's...

This article evaluates the presence of dynamic inconsistency on decisions of discretionary environmental policy, and its incidence on social welfare. It is assumed that an environmental authority minimizes a social welfare loss function controlling freely – on each period – a tax rate by...

In this paper, I analyze cutaways of the current financial crisis against the background of normal accident theory, high reliability theory, and disaster incubation theory. To avoid future financial crises I recommend reducing pressures to make profit and organizing the global financial markets...

This paper extensively reviews relevant literature on the complex and multidimensional nature and measure of effectiveness. After analyzing 15 perspectives on organizational effectiveness, it recommends that managers should appreciate the challenges inherent in striving for effectiveness...

Most of the people working in organizations requiring employee-customer direct interaction are facing different kinds of stress. Many of the stresses are related to their work such as target completion, pressure of providing best facilities to the customers. In addition to physical facilities...

The Brundtland Report (1987) is the first formalization of the relationship between development and environment: "Development is sustainable if it meets the needs of present generations without compromising the ability of future generations to meet their own needs." In the sixties and seventies,...