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Aleksandra Bartosiewicz , Agnieszka Orankiewicz
2020; 39(1): 5-20; doi.org/10.22367/jem.2020.39.01

Aim/purpose – The purpose of the paper is to describe and analyse the functioning of the cinema distribution market in Poland in 2002-2018.
Design/methodology/approach – The results of the quantitative research of the fifteen major film distributors operating in Poland in the analysed period are presented in the paper, together with market capacity, market share ratios and measures of market concentration.
Findings – Thanks to the analysis, large distributors operating in the Polish film market are characterised. The analysis of the structure and the concentration of the sector in question shows that nowadays over half of the cinema distribution in Poland is concentrated in the hands of four companies (UIP, Kino Świat, Monolith and Disney), two of which (UIP, Disney) are foreign branches of the major American studios. Thus, the results of the research provide empirical evidence on the impact of international distribution consortia on the Polish cinematographic industry. They are similar to the existing literature findings which concern other countries (e.g. Canada, New Zealand, Western Europe). This means that Poland is part of the trend of dominance of American distributors on global domestic markets.
Research implications/limitations – The paper opens a wider discussion about the Polish film distribution. Yet, the research results concern Poland and cannot be generalised to other countries. In addition, studies refer only to the cinema distribution, not taking into account other channels of distribution as DVD, VOD and online distribution.
Originality/value/contribution – The cinema distribution market in Poland is still poorly recognised by researchers. The paper is a valuable addition to this research gap.

Keywords: distribution, film, cinema, market analysis, Poland.
JEL Classification: C10, L22, Z11.

Sylwia Bąk 
2020; 39(1): 21-40; doi.org/10.22367/jem.2020.39.02

Aim/purpose – The main aim of the present paper is to identify the problem of uncertainty and risk in research carried out by the Nobel Prize Laureates in Economic Sciences and its analysis by disciplines/sub-disciplines represented by the awarded researchers.
Design/methodology/approach – The paper rests on the literature analysis, mostly analysis of research achievements of the Nobel Prize Laureates in Economic Sciences.
Findings – Studies have determined that research on uncertainty and risk is carried out in many disciplines and sub-disciplines of economic sciences. In addition, it has been established that a number of researchers among the Nobel Prize laureates in the field of economic sciences, take into account the issues of uncertainty and risk. The analysis showed that researchers selected from the Nobel Prize laureates have made a significant contribution to raising awareness of the importance of uncertainty and risk in many areas of the functioning of individuals, enterprises and national economies.
Research implications/limitations – Research analysis was based on a selected group of scientific research – Laureates of the Nobel Prize in Economic Sciences. However, thus confirmed ground-breaking and momentous nature of the research findings of this group of authors justifies the selective choice of the analysed research material.
Originality/value/contribution – The paper includes a selection of research achievements in uncertainty and risk of the Nobel Prize Winners in Economic Sciences previously not presented in scientific papers.

Keywords: risk, uncertainty, Nobel Prize, economic sciences
JEL Classification: A12, B2, F01.

Tomasz Klimanek , Sylwia Filas-Przybył
2020; 39(1): 41-46; doi.org/10.22367/jem.2020.39.03

Aim/purpose – The aim of the paper is to compare the statistical picture of aging of the urban population of the Wielkopolskie Province in terms of two typologies: TERYT and DEGURBA.
Design/methodology/approach – Selected demographic aging measures for years 2010 and 2016 were calculated for 112 towns according to TERYT typology and for 53 urban areas according to DEGURBA classification. The demographic aging measures were the following: median age, parent support ratio, aging index, elderly dependency ratio, proportion of population aged 65 and over and total dependency ratio.
Findings – TERYT classification using the formal and legal status of the city gives a slightly different picture in relation to urban areas defined based on the DEGURBA classification. The results obtained showed that the population aging process was slightly less intense in urban areas in 2016 according to the DEGURBA typology, compared with the indicators for the city group separated on the basis of the TERYT register identifier.
Research implications/limitations – The results obtained are promising. The implications of the approach presented are at least twofold. At the methodological level, the paper presents an alternative possibility of distinguishing urban areas based on the DEGURBA classification in relation to the TERYT classification. However, in the cognitive layer, it shows differences in the aging of urban areas distinguished on the basis of these two classifications. These implications are limited only to the so-called traditional demographic aging measures and to urban population in the Wielkopolskie Province. To overcome these limitations further analysis should include, first of all, extending the research to the whole country.
Originality/value/contribution – This paper is one of the first publications in Poland which looks at the urban aging problem from two perspectives DEGURBA and TERYT. This approach in regional analysis should be applied more often to avoid possible distortions caused by using only TERYT classification.

Keywords: TERYT register, DEGURBA classification, urban statistics, urban aging.
JEL Classification: J11, J14, O18, R11.

Alina Kozarkiewicz , Agnieszka Kabalska
2020; 39(1): 62-82; doi.org/10.22367/jem.2020.39.04

Aim/purpose – The aim of the paper is to explore the evolution of business models of health resort enterprises. The sector is perceived in this research as a case of a particular, traditional sector based on natural (here: balneological) resources which has been undergoing significant changes. In addition to the analysis of the evolution of business models, the purpose was to investigate the role of different categories of resources, e.g. infrastructure or relational competences, in substituting natural resources in the creation of business models.
Design/methodology/approach – The exploration was based on a quantitative approach and survey research. The data gathered through the questionnaire were used in cluster analysis which adopted the agglomeration (hierarchical) method, i.e. grouping of features by Ward’s method.
Findings – Business models in the health resort sector in Poland have evolved and the major change incorporated their shift from business models focused on an idiosyncratic category of resources, i.e. natural, balneological resources, to business models based on other categories, like human resources, e.g. employees’ competences, tangible resources like modern infrastructure or financial resources (for example contracts). The application of a clustering method facilitated tracing the evolution of business models from various perspectives, such as the importance of interorganiational cooperation, different value propositions, and focus on various customer segments.
Research implications/limitations – The research implication for management studies is the recognition and presentation of the categories (archetypes) of business models of health resort enterprises in Poland as well as the characteristics of the evolution of business models within the scope of their components. The primary practical implication from a managerial perspective is to provide the basis for evaluation of opportunities and threats related to the adopted business model when comparing to the alternatives currently chosen by competitors. The major limitation of the research is the small sample size.
Originality/value/contribution – The paper presents the results of the original research conducted among health resort enterprises in Poland. The paper identifies and characterises various categories (archetypes) of business models of the health resort enterprises in Poland as well as the evolution of the building blocks of implemented business models. The study contributes to the discussion on the usefulness of resource-based-view (RBV) as a theoretical perspective of business model research. The results are consistent with RBV as well as adhere to competence approach and relational view. From a practical perspective, they offer a recipe (formula) for managers of health resort enterprises interested in introducing changes into their business models.

Keywords: business model, business model evolution, health resort.
JEL Classification: I11, M20.

Lesław Markowski
2020; 39(1): 82-104; doi.org/10.22367/jem.2020.39.05

Aim/purpose – The purpose of the research is to verify the Capital Asset Pricing Model (CAPM) in the Polish capital market based on a conventional and downside risk approach.
Design/methodology/approach – The author in this study, using individual securities and portfolios, compares the unconditional risk-return relationships with the conditional risk, estimated in up and down market using realised returns in cross-sectional regressions. Except for a beta coefficient, the CAPM is tested with co-skewness as a higher order co-moment and downside betas as a risk measure in a downside approach.
Findings – The unconditional regressions give evidence of existing risk premium associated with co-skewness and downside beta, and confirmed the validity of the downside CAPM. The author, based on conditional relations, found that risk-return relations depend on the state of the stock market. The average premium for systematic risk in term of beta coefficient is significantly positive in up market periods and significantly negative in down market periods. The use of conditional models did not explicitly confirm the suitability of co-skewness in asset pricing.
Research implications/limitations – The main implications include the fact that the conventional beta coefficient is an appropriate risk measure when we consider using it separately for up and down market. A valuable extension of this research would be a benchmarking analysis to compare results for the Polish capital market against other emerging and developed markets.
Originality/value/contribution – The author in this paper proposes an alternative approach to testing risk-return relationships based on the CAPM in comparison to commonly used tests founded upon joint estimations of these relationships in periods of both positive and negative market excess return. The noteworthy contribution of this study is an application of the downside beta coefficient and the co-skewness coefficient in cross-sectional regressions.

Keywords: downside risk, co-skewness, conditional relationship, CAPM.
JEL Classification: G12, G32.

Kenny Ade’ Soyemi, Olusola Enitan Olowofela, Lateef Adewale Yu-nusa
2020; 39(1): 105-131; doi.org/10.22367/jem.2020.39.06

Aim/purpose – Financial inclusion is a catalyst for achieving sustainable development. This study attempts to evaluate impact of financial inclusion on sustainable development.
Design/methodology/approach – Both Error Correction Model (ECM) and Fully Modified Ordinary Least Square (FMOLS) were used to ascertain the short-run and long-run relationship respectively among the variables which covers the period from 2001 to 2016, as data for HDI (Human Development Index) were available for Nigeria from 2001 through 2016 only.
Findings – The result of the analysis indicated that in the short-run there is short-run causality running from a number of commercial bank branches, demand deposit from the rural areas, loan to rural areas to HDI. The long-run result revealed that the explanatory variables consisting of loan to rural areas, number of commercial bank branches and demand deposit from the rural areas all have positive significant impact on HDI in Nigeria. The overall result revealed that financial inclusion has impact on sustainable development in Nigeria.
Research implications/limitations – The study recommends that banks and monetary authorities should develop new product and services that will attract savings from the rural dwellers because of the level of significance of their deposit to the development of the country. All the more so as commercial banks should also ensure that the rural dwellers are provided with more bank branches, most especially, in areas where there are few or no banks. Credit facilities should also be provided to the people at an affordable rate as this will uplift the level of inclusion and reduce the level of exclusion in the country which will improve the sustainable development in the country.
Originality/value/contribution – Empirically, the study attempted to investigate the impact of financial inclusion on sustainable development in Nigeria. The results of the study suggest that government should continue its effort in the area of poverty alleviation by embracing financial inclusion via a vis financial institutions introducing new financial product and services at lower cost that will cater for the disadvantaged group in the society.

Keywords: sustainable development, financial inclusion, poverty alleviation.
JEL Classification: G21, P33, N27.

Katarzyna Niewińska
2020; 39(1): 132-148; doi.org/10.22367/jem.2020.39.07

Aim/purpose – The purpose of this paper is to examine the influence of internal and external historical determinants on the volatility of banks’ stock returns in the euro zone. A dedicated database has been created to identify factors significantly affecting volatility.
Design/methodology/approach – The study is based on information about banks listed on the stock exchanges of the euro zone economies. Quarterly data from the period of 2004-2015 along with static panel models were used as the research method.
Findings – Results confirm that selected factors have a significant impact on the analysed variables: the ratio of long-term investments to assets, solvency ratio, price to book value, the unemployment rate, beta, as well as implied volatilities in S&P500 and EUROSTOXX50 indexes.
Research implications/limitations – Results can be used to estimate future stock return volatility more accurately. The survey focuses solely on the banking sector, which is the biggest limitations of this research and the findings cannot be used to other sectors.
Originality/value/contribution – Most volatility research serves the purpose of predicting future stock prices. Very few papers explain which factors in particular impact volatility.

Keywords: beta, unemployment, historical volatility, implied volatility.
JEL Classification: G11, G15, G21.

Marzena Szewczuk-Stępień , Magdalena Jurczyk-Bunkowska
2020; 39(1): 149-167; doi.org/10.22367/jem.2020.39.08

Aim/purpose – The main objective of this study is to present a concept of an IT tool supporting management of a social innovation process.
Design/methodology/approach – The concept was preceded by an analysis of more than 30 leading internet platforms supporting innovation processes.
Findings – As a result of the review of the literature and the analysis of internet platforms supporting innovation processes the assumptions of IT tool have been defined. The idea of building the civic technology tool to increase participation in creating a new solution has emerged. Each stage of social innovation development is characterised by individual requirements, it coincides with the participation of different stakeholders. The IT tool concepts which have been proposed include the specification of the social innovation process and show the frame for knowledge collection during the process of new social solution development.
Research implications/limitations – The concept of IT tool is a starting point for further research into the issue of using crowd knowledge to empower the cycle of social innovation development.
Originality/value/contribution – The scope of this paper fills in the research gap that exists in area of supporting the social innovation processes by IT tools. The proposed concept should be the basis for further work in the use of civic technology in the cycle of social innovation development. In particular, the area of citizens’ participation, e.g. creating the methods and procedures of knowledge acquisition and assessment.

Keywords: civic technology, Web 2.0 platform, social innovations, participatory model, crowdsourcing.
JEL Classification: L31, M15, 035, R11.