The energy security of each country is one of the main factors of its proper functioning. Currently, in the era of problems related to energy security resulting from, among other things, the war in Ukraine, this topic is particularly important. This article presents issues related to Poland’s energy security, understood as the financial and economic stability of enterprises operating in the energy industry. This stability is considered in two aspects: macroeconomic, where the focus is mainly on the aspect of state intervention in market processes; and microeconomic, where factors determining the financial security of energy enterprises were identified, including internal and external factors affecting the functioning of these entities. In order to achieve the assumed research goals, the analysis of the indicated problems was based on non-reactive research, consisting in the assessment of the available information. It included studies of normative acts, official statistical data, industry reports and analyses, as well as data obtained in the form of a public information request. Two basic research methods were used in the work—dogmatic–legal and comparative analyses. The identification of factors affecting the security of companies in the sector was carried out on the basis of data on the entire energy sector in Poland for the years 2015–2021 on a semi-annual basis. Vector-autoregressive models were used for the analysis. As a result of the analyses, it was established that market failures and public safety are the premises justifying the public financing of enterprises in the electricity generation, transmission, distribution and trade sectors. At the same time, the conducted research showed that the level of financial security of energy enterprises in Poland was affected by the ratio of the value of goods and materials sold to net sales revenue, as well as the level of EBIT (earnings before deducting interest and taxes) margin, and among external factors, the level of GDP (gross domestic product), CPI (consumer price index) and Crude Oil were important.

As the global economy undergoes rapid digital transformation, cryptocurrencies have emerged as a prominent alternative class of financial assets. Their decentralized nature, pseudonymity, and lack of centralized oversight have attracted considerable interest among investors while simultaneously raising significant concerns among regulators and compliance professionals. While cryptocurrencies offer benefits such as enhanced accessibility and transactional privacy, they also pose notable risks, particularly their potential misuse in financial crimes, including money laundering. This study explores the perceived risks associated with cryptocurrencies in the context of money laundering, drawing on insights from a survey conducted among 50 financial sector professionals. A quantitative research design was employed, using a structured online questionnaire to assess participants’ awareness, investment behavior, and perceptions of the role of cryptocurrencies in illicit finance and financial system security. The results reveal a complex perspective: while 70% of respondents acknowledged the potential for cryptocurrencies to facilitate money laundering, 60% expressed support for their wider adoption. Notably, statistically significant correlations emerged between active investment in cryptocurrencies and the belief that they could enhance financial market security and reduce laundering risks. However, self-reported knowledge levels and general awareness did not show a significant relationship with perceived risk. The findings underscore the importance of a balanced approach to regulation, one that fosters innovation while mitigating illicit finance risks. The study recommends increased investment in user education, the development of blockchain analytics, the adoption of global regulatory standards and enhanced international cooperation to ensure the responsible evolution of the cryptocurrency ecosystem.

Objectives: The main aim of the paper is to assess the impact of COVID-19 on the credit financing of microenterprises and farmers in Poland. Material and methods: We study the investment loans and working capital loans for microenterprises and farmers from the perspective of their number,...

Artykuł ma na celu ustalenie wpływu fluktuacji wskaźników makroekonomicznych na skłonności inwestycyjne przedsiębiorstw, mierzone wskaźnikiem intensywności inwestycji – zdefiniowanym jako stosunek wydatków inwestycyjnych do całkowitych przychodów. Analiza obejmuje pięć sektorów przemysłu przetwórczego w Polsce (według Klasyfikacji Działalności PKD) generujących największe przychody. Wykorzystując niepublikowane panelowe dane kwartalne GUS z lat 2008–2022 pochodzące z badań F-01 i F-02, w badaniu skoncentrowano się na średnich i dużych przedsiębiorstwach. Zastosowanie analizy kointegracji oraz modelu wektorowej korekty błędu (VECM) pozwala na określenie wskaźników makroekonomicznych, które trwale wpływają na skłonności inwestycyjne w poszczególnych sektorach. Badanie pozwoliło również stwierdzić sezonowość inwestycji w tych sektorach, ujawnić głęboką długoterminową korelację między inwestycjami korporacyjnymi a wskaźnikami makroekonomicznymi oraz uchwycić zarówno trwałe równowagi, jak i przejściowe fluktuacje. Co istotne dowiedziono w nim zróżnicowany wpływ makroekonomii na decyzje inwestycyjne z PKB i SP jako kluczowymi elementami w sektorze chemicznym (PKD-20) oraz to, że dynamika czasowa i międzysektorowa wyraźnie wpływa na sektor komputerów i elektroniki (PKD-26). Te spostrzeżenia dowodzą złożoności efektów makroekonomicznych w kontekście strategii inwestycyjnych funkcjonujących w ramach przemysłowej struktury Polski.

Purpose – The paper aims to assess the credit financing of microenterprises and farmers by commercial and cooperative banks in pre-COVID-19 and COVID-19 subperiods. Research method – In the study, we apply the Kruskal-Wallis test and Wilcoxon ranksum pairwise comparison test with the adjustment based on the Benjamini and Hochberg method to check whether there are significant differences in median values of banking loan categories for microenterprises and farmers among commercial and cooperative banks in the pre-COVID-19 and COVID-19 periods. Results – We observe that microenterprises mostly use commercial banks, while farmers depend majorly on cooperative banks. Additionally, farmers use investment loans more often than microenterprises. We show a significant decline in loan sales and enquiries among microenterprises and farmers during COVID-19. Moreover, we observe the median values of all analysed categories show significant differences between commercial and cooperative banks. It concerns both investment and working capital loans. Originality /value /implications /recommendations – Our contribution is that we analyse this issue from the perspective of leading suppliers offering banking loans, i.e., commercial and cooperative banks. We detect whether analysed banking loan categories differ significantly in the group of microenterprises and farmers across commercial and cooperative banks in Poland in the above-mentioned periods. To our knowledge, there are no similar studies. The results of our study might be helpful for banking institutions and policymakers in the context of a potential future pandemic or crisis situation.

Wojna na Ukrainie znacząco wpłynęła na sytuację polskiego sektora rolnego. Wynika to z faktu sąsiadowania Polski z Ukrainą i związanej z tym perspektywie zagospodarowywania przez polski sektor rolno-spożywczy części popytu na towary ukraińskie. Celem artykułu jest próba oceny wpływu wojny na Ukrainie jako przykładu nieprzewidywalnego szoku makroekonomicznego na sytuację ekonomiczno-finansową wybranych branż polskiego sektora rolno-spożywczego. Metodami badawczymi, jakie wykorzystano są analiza statystyczna i porównawcza wybranych wskaźników finansowych w latach 2021-2023. Wpływ wojny na otoczenie makroekonomiczne, a także podaż produktów rolnych w ujęciu globalnym i wzrost cen surowców energetycznych i energii elektrycznej spowodowały istotne zmiany w sektorze. Wpływ wojny na Ukrainie szczególnie widoczny był w kilku branżach, które zwiększyły wolumeny produkcji, przejęły część popytu zagranicznego na produkty tych branż oraz poprawiły poziom swoich wyników finansowych, względem okresu przed wybuchem wojny.