WSB Journal of Business and Finance Feed

The Evolution of the FinTech Market in the United States: An Analysis of Technology Investments and the Startup Ecosystem

Wed, 15 Jul 2026 00:00:00 GMT

This study analyzes the progression of the Financial Technology (FinTech) sector and its basic technological drivers in the United States, emphasizing investment trends and the entrepreneurial impact on the digital financial landscape.The research employs a descriptive-analytical approach: the descriptive component outlines the evolution of the FinTech ecosystem, while the analytical component examines investment trends and technology drivers shaping the sector. The factors for technology investment were recalibrated by reassessing the compound annual growth rate (CAGR) using benchmark values from secondary market research. The resulting dataset presents smoothed trend estimations rather than separately recorded annual values, offering a solid empirical basis for the ensuing statistical models.The results indicate rapid growth in the FinTech sector, with the United States retaining its leading global position due to strong technological infrastructure and substantial venture capital support, largely driven by the digital payments segment. The empirical study reveals remarkably robust and consistent positive correlations, with Pearson correlation coefficients (r) surpassing 0.978 (p < 0.01) in all models. Cloud computing demonstrated the strongest correlation (r = 0.9856), closely followed by AI (r = 0.9854). The computed regression models exhibited exceptional explanatory power, with coefficients of determination (R2) ranging from 0.9579 to 0.9714. Blockchain technology yielded the largest marginal regression coefficient (β = 1101.47), highlighting its significant potential to transform conventional financial intermediation through decentralized finance (DeFi) ecosystems. The study indicates that the high correlation coefficients (r > 0.97) predominantly reflect a fundamental structural co-movement of technological investment cycles within the U.S. FinTech sector, which is intrinsically associated with the employed smoothed trend estimations. The report ultimately promotes strategic collaboration between traditional financial institutions and FinTech startups, emphasizing the need for adaptive regulatory frameworks that effectively reconcile entrepreneurial innovation with systemic financial stability and digital financial inclusion.

Evaluating Stocks with a Subjectively Rational Approach

Wed, 15 Jul 2026 00:00:00 GMT

This paper proposes a structured, multi-criteria framework for stock evaluation grounded in the principles of rationally subjective decision-making. Building on rational choice theory and bounded rationality, the methodology adapts the Rational Approach to financial analysis by integrating multiple dimensions - risk, profitability, valuation, growth, dividends, and quality - into a weighted scoring system. The proposed Rational Approach serves as an explicit mathematical compromise: it limits cognitive overload (resource-rational) while allowing managers to inject institutional priorities without relying on “black-box” proprietary algorithms. For illustration, the framework is applied to the Magnificent Seven technology companies, with each firm graded across categories using point-in-time financial metrics sourced from publicly available data. Scores are normalized to a 0-100 scale, ensuring comparability and transparency without reliance on analyst forecasts or proprietary algorithms. The study demonstrates how rational weighting schemes can enhance investor efficiency by balancing expected returns against uncertainty while remaining accessible to both institutional and individual investors. Beyond its immediate application, the framework offers a pedagogical bridge between decision theory, behavioral finance, and empirical stock analysis. Future research directions include methodological refinements through adaptive weighting, empirical validation across sectors and geographies, benchmarking against established rating systems, and integration of qualitative dimensions such as governance, environmental, social, and corporate responsibility factors. Collectively, the findings underscore the potential of subjectively rational, multi-criteria grading methodologies to advance academic discourse and provide practical tools for transparent, reproducible, and bias-resistant investment decision-making.

The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Egyptian Stock Exchange

Sun, 21 Jun 2026 00:00:00 GMT

The purpose of this paper is to examine the impact of financial leverage on the financial performance of the 19 firms listed on the EGX30 index in the Egyptian Stock Exchange (EGX) from January 2019 to October 2023. This study used Total Debt-to- Total Assets and Total Debt-to-Total Equity as proxies for financial leverage, while Return on Assets (ROA), Return on Equity (ROE), Earnings per Share (EPS), Asset Turnover Rate, Sales Growth, and Net Profit Margin were used as measures of financial performance. The results showed that there is no effect of financial leverage on return on assets, return on equity, Net Profit Margin and Earnings per share, whether using the Total Debt-to-Total Assets or the Total Debt-to-Total Equity. Regarding asset turnover, the results showed a statistically significant effect on the debt-to-equity ratio, but none on the debt-to-assets ratio. The results also showed that the Total Debt-to-Total Assets ratio and the Total Debt-to-Total Equity ratio have a statistically significant effect on sales growth.

The strategic role of critical minerals in electric vehicle production

Sun, 21 Jun 2026 00:00:00 GMT

Electric vehicles (EVs) play a central role in global strategies to reduce carbon emissions. However, their production depends on a range of critical minerals such as lithium, cobalt, nickel, graphite, and rare earth elements, which are largely sourced from geopolitically sensitive regions, including the Democratic Republic of Congo, Chile, and China. This paper analyzes the mineral supply chain challenges associated with EV production, focusing on economic, environmental, and geopolitical risks. The growing demand for EVs has exposed vulnerabilities within mineral supply chains, including the regional concentration of resources, price volatility, and unsustainable mining practices. These pressures are further amplified by competition from other industries dependent on the same raw materials. The study emphasizes the need for a multidimensional response incorporating recycling, technological innovation, ethical sourcing, and international policy coordination. Ensuring a resilient and sustainable mineral supply chain is essential for supporting the continued growth of electric mobility while minimizing broader environmental and social impacts.

A Hybrid LLM–CBR Approach for Explainable and Stable Assessment of Academic Theses

Sun, 21 Jun 2026 00:00:00 GMT

The assessment of master’s theses is a complex and time-consuming process, often burdened by a significant degree of subjectivity. In recent years, Large Language Models (LLMs) have demonstrated high effectiveness in analyzing academic texts; however, their application to the evaluation of degree theses raises concerns about inconsistent decisions and limited ability to objectively verify content. This article proposes a hybrid approach that integrates LLMs with the Case-Based Reasoning (CBR) methodology to support the assessment of master’s theses by leveraging analogies to previously evaluated cases. The paper presents the system architecture, the formalization of a case representation, the integration of LLMs with a case base, and methods for evaluating the quality of assessments and their justifications. The analysis indicates that the proposed approach can enhance assessment consistency and improve transparency while preserving the role of the human evaluator as the final decision-maker.

Entrepreneurship beyond borders – from vision to success

Tue, 17 Mar 2026 00:00:00 GMT

The use of events as a tool for organisational entrepreneurship in the management of cultural institutions, as exemplified by the Baltic Opera in Gdańsk

Tue, 17 Mar 2026 00:00:00 GMT

The article analyses how a public cultural institution can use events as a tool for organisational entrepreneurship, understood as the ability to initiate new projects, activity formats, and organisational solutions within the existing structure. Based on a qualitative case study of the Baltic Opera in Gdańsk, the portfolio of events to be held in 2024—2025 is discussed, identifying the dominant types of events (institutional events, business events, incentive events and special events) and the mechanisms for generating development effects. The analysis focused on the non-financial and indirect results of event activities, such as expanding and diversifying the audience, building relationships with stakeholders, strengthening the image of the institution, and developing organisational competences. The following research methods were used in the article: analysis of the literature on the subject, analysis of institutional documents, and a case study.

Sources of the role of Hourly CFOs in the professionalization of financial management in small and medium-sized enterprises in Poland

Tue, 17 Mar 2026 00:00:00 GMT

The results of the study indicate recurring problems in SMEs, including a lack of management data, an undefined break-even point, intuitive pricing, chaotic documentation and tax management, and owners struggling to make strategic decisions. The CFO’s involvement occurred during periods of dynamic growth or investment. This led to the implementation of margin analysis, budgeting, cash flow forecasting, legal structuring and supporting owners in decision-making processes.The study confirms the hypothesis that regular collaboration with an external CFO improves the quality of management reporting, increases tax compliance, and helps SME owners to make investment and strategic decisions based on data.

Sources of financing for enterprises in Poland in 2021-2023

Tue, 17 Mar 2026 00:00:00 GMT

Every company must secure adequate financing to cover its operational and investment needs. Capital is essential for any organisation to function. Financing, therefore, refers to the accumulation or acquisition of capital in order to invest it effectively (Michalak, 2007). There are many sources of financing for business activities. The most popular form is equity capital, although this is often insufficient for investment purposes. Consequently, companies often require external capital. This can have many sources. Contemporary financing methods often provide an alternative way to obtain funds for a company’s activities, offering a cheaper, faster or more flexible option.The aim of this article is to examine whether crowdfunding constituted an alternative to bank-based financing in the years 2020–2023. The study addresses the following research hypotheses:H1: In the period 2020–2023, crowdfunding was primarily utilised by start-up entities.H2: Entities that did not obtain financing from banking institutions in the years 2020–2023 perceived crowdfunding as an alternative source of capital.The quantitative study conducted on a sample of 150 enterprises demonstrated that, between 2020 and 2023, only a marginal proportion of respondents used crowdfunding as a financing source, at approximately 10%. The entities that opted for this financing method were primarily start-ups, defined as enterprises operating for fewer than ten years, characterised by innovative technologies and/or business models, and oriented toward substantial growth in employment and/or sales (Kollmann et al., 2015, p. 15).The analysis further revealed that, during the examined period, crowdfunding in Poland was predominantly used by organisations operating in the IT, medical, cosmetics, and arts and culture sectors. It is important to emphasise that the overall level of awareness regarding this form of financing remained relatively low. Only 20% of the surveyed entities identified crowdfunding as an attractive option; 24% expressed no opinion; and 56% reported having no knowledge of this financing instrument.Moreover, the results indicate that Polish entrepreneurs most commonly recognise traditional sources of business financing, such as bank loans, internal funds, and capital borrowed from family members or affiliated entities.To fulfil the research objective, a quantitative survey was carried out using a structured questionnaire. The survey findings were complemented by in-depth interviews (IDIs), which enabled a more nuanced interpretation of the results. The formulation of recommendations employed generalisation and synthesis methods, including deduction, induction and reduction.The inductive approach was applied to assess the significance of crowdfunding, moving from the analysis of specific phenomena towards broader generalisations. In contrast, the deductive approach facilitated the examination of how business entities engaged in crowdfunding during the analysed period. Verification of the research hypotheses was conducted through reduction, drawing on empirical findings and a critical review of the literature.

The Problematic Aspects of Tax Scheme Reporting in Poland from 2019 to 2023

Tue, 17 Mar 2026 00:00:00 GMT

The introduction of regulations on the reporting of tax schemes is a key element of the European Union’s policy to combat tax avoidance. Directive DAC6, applicable in all EU Member States, imposed on them an obligation to implement uniform rules for the identification and reporting of certain tax arrangements. Poland, in implementing the directive, introduced some of the most extensive and restrictive regulations within the entire EU. This chapter presents the key differences between EU-level and Polish regulations, discusses solutions adopted in other Member States, and analyses the process of creating a reportable tax scheme. Particular attention is also paid to interpretative challenges and issues related to professional secrecy.

Legal Tax Optimization in Poland: An Effective Tool within the Limits of the Law

Tue, 17 Mar 2026 00:00:00 GMT

The article aims to present issues related to tax optimization in Poland as well as mechanisms that limit aggressive tax avoidance. The research problem focuses on the complexity of the Polish tax system and the possibilities for legally reducing tax liabilities under applicable national laws and international regulations. To address this research problem, several methods were employed: critical analysis of the literature, legal provisions (the Polish Constitution, the Tax Ordinance, tax laws, and implementing acts), as well as international and domestic reports (e.g., Tax Foundation, Warsaw Enterprise Institute), and case law at both national and European levels. Additionally, a comparative method was used to assess the Polish tax system in the context of foreign solutions. The analysis revealed that the Polish tax system has relatively moderate income tax rates compared to those of other European countries. However, its complexity and the multitude of levies reduce transparency and make it less taxpayer-friendly.The article discusses tools for legal tax optimization, such as the choice of taxation form, business organizational and legal structures, utilization of tax reliefs, and income and expense planning, demonstrating that tax optimization is possible within the limits of the law. At the same time, mechanisms that limit aggressive tax planning are presented, including anti-abuse clauses (GAAR, MAAR), transfer pricing regulations, and international provisions (BEPS, CRS), highlighting the importance of balancing effective tax planning with compliance to safeguard the interests of both the state and taxpayers.

The Role of cooperative banks in financing small and mediumsized enterprises in the EU-27, with a special focus on the German market

Tue, 17 Mar 2026 00:00:00 GMT

Small and medium-sized enterprises (SMEs) constitute the foundation of the European economy, representing over 99% of all enterprises and generating a significant share of employment and gross value added. Despite their crucial role, SMEs face numerous challenges, including limited access to external financing, rising operational costs, regulatory burdens, and the need to adapt to digital and sustainable transformation. Bank credit remains an important source of investment financing, though its relative importance has declined in recent years, as SMEs increasingly rely on internal funds and alternative financing instruments. Cooperative banks play a key role in supporting SME financing, particularly in countries with well-developed cooperative banking sectors, due to their close relationships with local businesses, regional presence, and ability to reduce information asymmetry. However, structural changes such as digitalization, branch closures, demographic shifts, and increasing competition from commercial banks and non-bank financial institutions may affect their future role. The study highlights the importance of cooperative banks in ensuring SMEs’ access to finance and emphasizes the need to strengthen the institutional and financial frameworks supporting SME development in the European Union.

New media as a tool for health education and modeling the behavior of contemporary society – threats

Tue, 17 Mar 2026 00:00:00 GMT

The development of new media has significantly transformed the way individuals acquire health information and shape pro-health attitudes and behaviors. The aim of this article is to analyze the role of new media in health education and to identify the risks associated with their use in the context of public health and social security. Due to their interactivity, accessibility, and broad reach, new media constitute an effective tool for disseminating health knowledge, promoting prevention, and modeling health-promoting behaviors. At the same time, they pose numerous risks, including the spread of health misinformation, the promotion of unverified treatment methods, the medicalization of everyday life, digital media dependency, and a reduced ability to critically evaluate information. These phenomena may negatively affect society’s health security, weaken trust in healthcare institutions, and lead to unfavorable health decisions. The article also emphasizes the importance of media literacy as a key factor in protecting individuals from information-related threats and highlights the need to integrate health education with media literacy education. Modern health policy should treat new media both as a valuable tool supporting health promotion and as an area requiring monitoring, regulation, and preventive measures to minimize social and health-related risks.

Two faces of sustainable banking. The bank’s significant role in financing sustainability.

Tue, 17 Mar 2026 00:00:00 GMT

As the global focus on sustainability grows and the drive towards net-zero emissions intensifies, financial institutions are under increasing pressure to align their business strategies with both climate and development objectives. However, there is still a lack of systematic, empirically informed research on how banks’ internal practices and external financing activities jointly contribute to sustainable development.The aim of this paper is to analyse the dual role of banks as sustainable organisations and financial intermediaries in facilitating their clients’ transition, and to identify the main challenges and opportunities associated with this role. The analysis was conducted based on a comprehensive literature review of academic research, supplemented by targeted analyses of policy reports and case studies from international initiatives such as UNEP FI, EBRD, CPI, and EBF. The aim is to derive an integrated conceptual framework for sustainable banking.The findings show that while banks are increasingly integrating ESG standards into their strategies, risk management, product design, climate risk analytics, client transition support, and data availability remain key bottlenecks. This paper makes a valuable contribution to the literature on sustainable banking by clarifying the concept of banks’ dual contribution to sustainable development and by proposing a structured set of challenges and opportunities to inform future empirical research and supervisory practice.

Practices and problems within the scope of human resources functions in hotels: a comparison of thermal and coastal hotels

Mon, 24 Nov 2025 00:00:00 GMT

This study emphasizes the importance of businesses establishing organizational structures, planning processes, and strategies that are compatible with the competitive conditions of globalization. It emphasizes the effective and accurate implementation of human resource management as a key determinant of success, particularly in five-star hotels operating in Turkey’s thermal and coastal regions. Semi-structured interviews were conducted with human resources managers from 15 five-star thermal and coastal hotels that formed the research sample, and the data obtained were evaluated using descriptive analysis methods. The findings revealed various problems in the human resources functions of the hotels. Based on the results, comprehensive recommendations were made for relevant regions, sectors, hotels, and managers. This study highlights the critical role of human resource management in the hotel sector, suggesting that it should be viewed as a strategic tool for gaining a competitive advantage.

Intercultural Management and Diversity, Equity, and Inclusion Policies: Mapping the Terrain

Mon, 24 Nov 2025 00:00:00 GMT

The authors explore the relationship between diversity, equity, and inclusion (DEI) and intercultural management. They focus on the evolution of DEI and its implementation in organizational practice, highlighting cultural differences in the interpretation of these concepts. They identify cultural values that support DEI and review research in the field of intercultural management related to DEI. They also highlight research gaps and propose potential directions for future studies on DEI from an intercultural management perspective.

The evolution of corporate social responsibility in Poland, 2020–2022. From crisis response to ESG strategy.

Thu, 23 Oct 2025 00:00:00 GMT

This article explores how corporate social responsibility (CSR) and ESG-related initiatives evolved in Poland between 2020 and 2022. Based on an analysis of two reports containing 100 examples of good practices, it traces how companies shifted from short-term, reactive responses during the COVID-19 crisis to more strategic, long-term approaches rooted in sustainability. Initially, in response to COVID-19, companies focused on rapid medical support, supporting local communities, and adapting working conditions. In the following year, these efforts continued and grew deeper with a significant increase in employee volunteering, forming cross-sector partnerships, and implementing environmental and educational programs. Particular attention is given to the growing importance of the ESG concept, which is becoming a new standard for managing social and environmental responsibility. The findings indicate a growing role of companies as active participants in social life, capable of adapting and setting directions for business change–society relations in the face of global challenges.

Beyond Profitability: Behavioral and Sustainability Dimensions in Corporate Financial Management

Tue, 14 Oct 2025 00:00:00 GMT

Traditional financial management prioritizes profitability, liquidity, and risk as indicators of corporate success. However, emerging literature and empirical observations suggest that such a narrow focus may overlook significant behavioral and sustainability factors influencing long-term corporate welfare. This paper builds on the Easterlin Paradox and insights from happiness economics to argue for a broadened conceptual framework. Using ESG indicators and Maslow’s hierarchy of needs as a metaphorical bridge, we propose a multidimensional model of financial management that incorporates social responsibility, stability, and long-term well-being.

Differences in the acquisition of cultural capital by students in different socio-geographical environments of family and school

Tue, 14 Oct 2025 00:00:00 GMT

Sustainable development integrates and harmonizes three foundational pillars: economic growth, social equity, and environmental protection. At the United Nations General Assembly in September 2015, world leaders adopted the 2030 Agenda for Sustainable Development, committing to 17 goals, including the provision of inclusive and equitable education, and the creation of inclusive, safe, resilient, and sustainable cities and human settlements (European Commission, 2015). This research explores the issue of social equity in education in Slovakia and presents findings from the VEGA project 1/0720/22 Family Cultural Capital and Its Influence on Children’s Academic Achievement. One of the project’s aims is to examine differences in the acquisition of cultural capital among students from diverse socio-geographical backgrounds. The study is based on a quantitative sociological and pedagogical survey of students’ perspectives (N=502), aged 12–15. The paper presents findings on personal and social aspects of students’ reading habits, focusing on schools located in cultural centres and peripheral areas. Data analysis was conducted using contingency tables, with statistical independence tested via Pearson’s chi-square test. Linear relationships between variables were examined using the linear association test. Results indicate that the school’s location does not significantly impact the time students dedicate to reading, the frequency of reading books or online texts, or the number of books read within six months. Although no statistically significant differences were found between localities, specific trends suggest fewer daily magazine readers in cultural centres, potentially due to the availability of alternative cultural activities (e.g., libraries, theatres, and cinemas). However, a statistically significant difference was observed in how students from cultural centres and peripheral areas assess their reading abilities compared to their peers. Differences were also identified in social factors related to reading, such as the number of books at home and the presence of reading role models in the form of parents. While disparities exist in the socio-economic conditions influencing students’ reading environments, the locality does not appear to affect reading frequency or duration. A notable decline in reading habits and interest has been recorded among Slovak students, correlating with their low reading literacy levels identified in international assessments (Miklovičová & Galádová, 2023).

The Business of Doing Good: An Empirical Analysis of Corporate Social Responsibility and Consumer Perceptions in Latvia

Wed, 10 Sep 2025 00:00:00 GMT

Corporate social responsibility (CSR) has long become a fundamental component of business strategies, affecting consumer behaviour, brand loyalty, and competitive advantage. This study assesses the influence of consumer perceptions of CSR initiatives in Latvia. The study uses mixed methods, combining elements of quantitative and qualitative research to answer the research questions. The empirical phase included a survey of 502 Latvian consumers, utilising both closed- and open-ended questions to gather insights on perceptions related to economic, legal, ethical, and philanthropic dimensions of CSR. The study develops a causal model to establish key hypotheses of the effects of CSR initiatives on perceived legitimacy, brand trust, long-term sustainability, and consumer value, including the mediating roles of key constructs and the moderating effects of demographic factors. The methods include descriptive statistics, exploratory factor analysis, reliability analysis, regression analysis, and PROCESS mediation/moderation models, with findings indicating that CSR actions substantially improve perceived legitimacy, brand trust, and sustainability, thus improving perceived CSR value. The level of education proved to be a more significant predictor of CSR perceptions compared to age, which showed limited influence; meanwhile, gender differences were identified across various CSR-related constructs. The thematic analysis of qualitative data underscored the significance of authenticity, transparency, and stakeholder engagement in shaping consumer attitudes. The findings highlight the significance of CSR integration for companies in Latvia, as it improves consumer loyalty and brand reputation, supporting CSR as a crucial factor in achieving competitive advantage. This study contributes to the academic discussion on CSR’s role in business strategy as a significant driver of competitive advantage and provides a basis for future research on emerging CSR trends.