Results of the RIGE project

Artificial Intelligence and Sales Forecasting: Applications of Machine Learning

The modern business world faces the challenge of predicting the future based on uncertain and complex data. In response to these needs, advanced machine learning methods are increasingly being employed, revolutionizing sales forecasting. One of the latest advancements in this field is the combination of fuzzy logic and neural networks.

The research conducted focused on analyzing and evaluating the effectiveness of these techniques in real-world business scenarios. Fuzzy logic, as a method that enables a more flexible approach to uncertainty, was applied in the forecasting model to support neural networks in unexpected and dynamic situations. This system was tested using real sales data, allowing for the verification of its practical utility.

The results proved to be highly promising. We demonstrated that integrating fuzzy logic with machine learning not only enhances forecasting accuracy but also improves the system’s ability to handle the unpredictability of business processes. The hybrid model was found to be more resilient to changing market conditions compared to traditional approaches.

Contemporary applications of artificial intelligence in economics and business represent a milestone toward more efficient management. Our research confirms that fuzzy logic combined with machine learning is the future of sales forecasting—offering greater precision, adaptability, and effectiveness in the face of uncertainty.

Co-authors: Marcin Bartkowiak, Piotr Cyplik, Tomasz Górecki, Adam Karolewski

The art market is gaining increasing significance as an alternative form of investment, which creates the need for reliable price indices. The main challenge in this area is the heterogeneity of artworks, which complicates the comparison of price changes over time. The solution to these challenges lies in art price indices, which allow for the tracking of price trends and the assessment of artwork values over time. Practical applications of such indices include providing investors and collectors with data on price trends and potential returns. They also assist policymakers and researchers in understanding the dynamics of the art market, supporting the development of cultural policies and the creation of investment strategies. The methods traditionally used in this field include hedonic regression and repeated sales regression (RSR), although each has its limitations.

The research presented at the conference titled “A Comparative Analysis of Hedonic and Repeated Sales Regression Indices for the Polish Art Market: Towards a Mixed Approach” aimed to analyze and compare these methods and propose a mixed approach that combines the strengths of both techniques. The analyses conducted revealed that the mixed approach can provide a more comprehensive and accurate picture of price changes in the art market. The combination of hedonic indices and repeated sales, as in the proposed mixed model for the Polish art market, allows for a more precise capture of the complexity and specific characteristics of this market by integrating qualitative analysis with transactional data.

The aggregated transaction data presented in the form of indices indicate that the Polish art market shows low correlation with traditional financial assets, making it an attractive tool for portfolio diversification. The proposed mixed approach, combining hedonic regression and RSR, enables more precise tracking of price dynamics by accounting for both the distinctive features of artworks and price changes of the same objects over time.

Modern environmental protection efforts place significant emphasis on changing dietary habits. Consumers’ daily choices impact the health of our planet—from the amount of waste produced and greenhouse gas emissions to the exploitation of natural resources. This article discusses how different forms of interventions (e.g., educational or economic) can help consumers make more sustainable dietary decisions, as well as the level of acceptance of these interventions among the studied group.

A survey conducted on a sample of 600 people identified three groups of consumers: those open to interventions promoting sustainable consumption, those resistant to such interventions, and those with mixed feelings on the issue. The findings show that educational interventions, such as initiatives in schools, and those offering tangible benefits to consumers, like discounts on healthy products, garnered the highest acceptance. On the other hand, proposals such as higher taxes on unhealthy food faced resistance, particularly among opponents of intervention.

Many people do not adopt more sustainable food consumption practices due to a lack of awareness of their importance, insufficient knowledge on how to implement such changes, and the perception that change requires too much effort. The article highlights that the key to the effectiveness of interventions aimed at sustainable consumption is tailoring them to consumers’ needs and readiness for change. Therefore, it is essential to develop intervention strategies that account for the diverse motivations of consumers—ranging from health and convenience to financial considerations.

The use of new technologies in interventions, such as mobile apps or Internet of Things (IoT)-based solutions, which help consumers, for example, select products with a low carbon footprint, can support sustainable dietary choices. These solutions are particularly appealing to consumers who are open to innovation. By using these tools, changing habits becomes easier, and consumers receive greater support in making daily, more sustainable dietary decisions. Importantly, this support is tailored to their actual needs.

Stock liquidity refers to how easily these stocks can be bought and sold on the market. But how do we measure this ease? It’s not a straightforward task, which is why the literature offers many different metrics for liquidity. Even the term “ease” itself is vague, as each of us may interpret it differently—does it mean transactions are quick (?), cheap (?), or allow for large volumes (?). To define such imprecise concepts, like “today is warm” or “these stocks are highly liquid,” the concept of directed fuzzy numbers can be applied. Directed fuzzy numbers are useful for processing imprecise data. In our article, we use directed fuzzy numbers to assess how liquid stocks are. But this raises a question: can such an approach provide any real benefits, meaning can it more accurately reflect stock liquidity levels?

To answer this question, we decided to investigate whether investors could benefit from it by developing a profitable investment strategy. Since 1986, research has suggested that less liquid stocks should yield higher returns than more liquid ones. Therefore, if a liquidity measure based on the concept of directed fuzzy numbers reflects stock liquidity better than other metrics, it should also enable the development of an investment strategy that delivers more significant returns. The goal of our article is to analyze whether a liquidity metric based on directed fuzzy numbers can be used to build an effective investment strategy.

Our research findings indicate that by using a strategy based on directed fuzzy numbers, investors can achieve higher returns than if liquidity were measured using other metrics. The strategy presented in the article yields an average weekly return of 0.184% to 0.250%, translating into an annual return of 9.568% to 13.000%. Importantly, this strategy remains profitable even when transaction costs are taken into account. The maximum allowable transaction cost (for the strategy to remain profitable) ranges from 0.462% to 0.794%. Even if transaction costs reach 0.295% to 0.414%, the strategy based on liquidity measurement using directed fuzzy numbers would still outperform the average market investment.

The term “Robotic Process Automation” (RPA) emerged in the early 21st century and refers to software that replaces humans in performing tasks. With the introduction of this new concept, discussions began regarding the nature of process automation, as well as the benefits, costs, risks, and limitations associated with the practical application of RPA in business. In the context of scientific research, a literature review plays a fundamental role, serving as a key tool for managing the diversity of knowledge within a specific research area. At the same time, bibliometric analysis, focused on data evaluation and trend identification in publications, has become an essential element of research.

The aim of the study was to conduct a bibliometric analysis of existing research on the use of Robotic Process Automation in the fields of finance and accounting and to identify future research directions.

To achieve this goal, a systematic literature review was conducted using bibliometric analysis with the VOSviewer software. The selection process for the study sample began with a broad dataset, which was gradually narrowed down in successive stages. The starting point was a set of bibliographic data from the Scopus database. The study was divided into five main stages. The first stage involved searching for literature to analyze. In the next stage, publications from the database were selected using specific search filters. The third and fourth stages focused on the basic elements of bibliometric analysis and citation analysis, respectively. The fifth stage concerned the analysis of cluster relationships.

The growing number of publications, especially in recent years, indicates the increasing importance of research on Robotic Process Automation (RPA) in finance and accounting. The growing awareness of the need for interdisciplinary research and the use of advancements from other scientific disciplines suggests that in the future we will witness more developed and detailed studies on the implementation and use of RPA in other areas of business activity. The results of the analysis confirm that Robotic Process Automation is an under-researched yet dynamically developing area in finance and accounting. Therefore, it can be expected that the number of publications in this research area will increase in the coming years.

Co-author: dr hab. Iwona Olejnik, Prof. UEP

Video Games and Their Perceived Value in Shaping Consumer Attitudes Towards Destinations

The growing significance of the gaming industry in influencing global consumer behavior and the noticeable research gap in this area call for studies aimed at developing a research methodology based on a triangulation strategy. This strategy involves using various sources, methods, and research techniques to acquire holistic knowledge about consumer behavior.

In 2023, the global gaming market generated $183.9 billion—almost three times more than the music industry ($28.6 billion) and film industry ($33.2 billion) combined, and one-tenth of the tourism industry’s value ($1.8 trillion). The global leaders in terms of the number of players are China (670 million) and India (402 million), followed by the United States (214 million), Indonesia (148 million), and Brazil (108 million). Meanwhile, the highest expenditures on games come from players in the United States, Japan, and South Korea, with significant spending also noted in Europe, Australia, and Taiwan. Consequently, there is increasing interest in the gaming industry in the context of scientific research.

Identifying the attributes of the value of video games in shaping consumer attitudes towards destinations requires several stages in the research process. These stages include:

1. Conceptualizing the potential of video games in shaping consumer attitudes towards destinations,
2. Determining the impact of video games on consumer behavior in tourism,
3. Investigating and defining research areas that will serve as the foundation for planned quantitative research.

This process necessitates the use of a modified Sheth value model (known as the Theory of Consumption Values). The modification involves, firstly, defining specific types of values perceived by consumers (i.e., functional, social, emotional, epistemic, and conditional values) in the context of video games. Secondly, it is crucial to identify the relationship between these values and the three dimensions of attitudes (i.e., cognitive, affective, and behavioral).

Therefore, the research process should include two stages:

1. Qualitative research, using in-depth individual interviews (IDI). This exploratory stage is essential for formulating hypotheses and developing appropriate research tools for the next phase.
2. Quantitative research, using an online survey questionnaire designed based on extensive literature review and qualitative research findings. At this stage, the survey will enable the quantification of the analyzed variables and the verification of hypotheses generated during the qualitative research.

The final step of the entire research process involves creating a modified Sheth model by applying the structural equation modeling (SEM) method.

Gender Inequality in Polish Art Auctions

A study dedicated to gender inequality in the Polish art auction market reveals interesting trends and evolving dynamics. Over 42,000 auction transactions from 1999 to 2020 were analyzed to investigate how the artist’s gender influences the value of artworks and the representation of female artists in the market. The results highlight significant inequalities favoring male artists, both in terms of the number of works sold and the prices achieved.

Historically, men have dominated the art scene, with their works fetching higher prices. However, an analysis of recent years shows a gradual reduction in these disparities. Particularly noteworthy are the changes in the ultra-contemporary art category, which is regarded as a reflection of current social trends and values. In this group, women are not only catching up but, in some cases, surpassing men in terms of the prices their works achieve.

To better understand these phenomena, a unique Polish Art Price Index was created, based on the repeat sales method. This approach enabled an objective assessment of the market value of artworks by both male and female artists. The analysis demonstrated a growing interest in art created by women, indicating a potential breaking of historical barriers and increasing gender equality in the field.

In conclusion, the Polish art market is undergoing significant transformations, leading to a gradual reduction in historical gender inequalities. Ultra-contemporary art illustrates that women can achieve higher prices for their works, offering hope for a more equitable art market in the future. This study makes an important contribution to the ongoing debate on gender equality in the art world.

The double materiality assessment poses a challenge for companies due to the obligation introduced by the Corporate Sustainability Reporting Directive (CSRD) to report both on the company’s impact on society and the environment (impact materiality) and on how sustainability issues affect the company (financial materiality). The first reports incorporating the double materiality analysis in accordance with CSRD will be published in 2025, covering the reporting period of 2024, by companies that were subject to the Non-Financial Reporting Directive (NFRD) by the end of 2023.

The aim of the article was to investigate whether Polish issuers have decided to adopt the principle of double materiality in their reports before the mandatory implementation of CSRD. The research sample consisted of the 30 largest Polish companies listed on the Warsaw Stock Exchange (WSE) included in the WIG30 index. ESG/CSR/sustainability/non-financial reports for the year 2023 were analyzed.

The research results indicate that out of the 30 largest listed entities, 7 companies (23%) conducted a double materiality analysis in line with the new regulations. All of them described the double materiality assessment process and outlined its individual stages, resulting in a list of material topics. Four companies presented their materiality matrices graphically. In all cases, this was the first year of reporting according to the double materiality principle. It is worth noting that these issuers represented various sectors (banking, apparel, gaming, construction, trading platform), and a common factor for six of them was the prior preparation of separate ESG/CSR/sustainability/non-financial reports, published outside of the management report.

Three entities (10%) indicated that they had initiated the process of double materiality assessment and described the actions undertaken in 2023 as well as those planned for the following year. The majority of the surveyed companies – 20 entities (67%) – continued their existing approach to materiality in line with the NFRD.

According to the authors’ knowledge, this is the first empirical study presenting the application of the double materiality principle in sustainability reporting practices by Polish companies listed on the WSE.

(Co-author: Katarzyna Kobiela-Pionnier)

Dynamic changes in the business environment compel companies to continuously manage and adjust their relationships with stakeholders in business-to-business (B2B) interactions. This topic is frequently addressed by researchers, but as the number of studies on management mechanisms in B2B relationships increases, there is growing inconsistency in the terminology used to describe these mechanisms. Therefore, the goal of the article was to systematize management mechanisms in B2B relationships based on a systematic literature review.

Drawing on the detailed management mechanisms identified in the literature, the article proposes a novel classification of management mechanisms used in B2B relationships. Alongside the analysis of specific mechanisms, factors influencing the mix of relational, contractual, and virtual management mechanisms in B2B relationships were examined.

The literature review revealed that effective B2B relationship management requires companies to utilize a mix of diverse and interdependent relational, contractual, and virtual management mechanisms. Since collaboration and interactions are specific to each B2B relationship as well as to external market conditions, managers should consciously select from a specific combination of these mechanisms.

The article categorizes the general types of management mechanisms into more detailed types, and in some cases, additional subtypes. As a result, relational management mechanisms in B2B relationships include mutual trust, social norms and values, and day-to-day communication between B2B actors. Contractual management mechanisms include written agreements, formal activity control, process formalization, and resource investments in B2B relationships. Meanwhile, virtual management mechanisms encompass electronic integration, IT rules and procedures, and social relationship management and norms through IT tools.

The research shows that in complex or turbulent environments, companies prefer relational management mechanisms because they enable a more flexible and collaborative approach. Using mechanisms such as social norms (e.g., reciprocity) or trust not only improves cooperation but also enhances the ability to manage conflicts effectively.

On the other hand, in cases of short-term cooperation, managers are more likely to rely on contractual management mechanisms, such as agreements and activity control. However, this can pose challenges in relationship management, as other B2B actors may be reluctant to adhere to the requirements for shared flexibility, efficiency, and adaptation. Therefore, when selecting preferred management mechanisms, the key elements that managers must consider are the balance between the degree of partner coordination and the desired level of organizational openness and control.

During the conference, an article titled “How Moral and Sustainable Behavior Relates to Compliance with Sanctions? – The Case of the Russo-Ukrainian War” was presented. The topic of the article sparked a lively discussion: what are the reasons for voluntarily limiting operations in regions affected by sanctions (Russia, Belarus), and what are the consequences of such strategies?

Our research shows that companies that voluntarily decide to limit their operations in the aggressor’s territory are primarily guided by ethical and moral considerations. The main motivations for excessive compliance with sanctions are pressure from employees and concern for the moral foundations of the company’s reputation in the eyes of the public. However, such voluntary over-compliance with sanctions, going beyond formal requirements, has negative economic consequences. Companies that opted for excessive compliance with sanctions (mainly for ethical, moral, and social reasons) while actively rebuilding their supply chains and seeking new markets were able to maintain their economic performance at pre-war levels despite voluntarily withdrawing from the Russian market.

Link to the publication: The Impact of External Pressure on Companies’ Responses to Sanctions – an International Comparative Study

During the conference, the results of a study on practices related to the voluntary assurance of sustainability information in European companies prior to the implementation of the Corporate Sustainability Reporting Directive (CSRD) were presented, along with an attempt to identify factors influencing decisions regarding the independent verification of their reports. In the context of the CSRD requirements introducing mandatory limited assurance (with a gradual transition to reasonable assurance), the empirical study provides an evaluation of the extent to which companies utilized assurance services just before the introduction of mandatory assurance and contributes to understanding the choices made by individual companies regarding the assurance of sustainability reports.

The research sample consists of 576 European companies whose sustainability reports, prepared in accordance with GRI guidelines, were available in the GRI Sustainability Disclosure Database. A logit model was applied to determine the factors influencing companies’ decisions regarding voluntary assurance of their reports. The findings of the study are as follows: There is a statistically significant relationship between companies’ decisions to voluntarily assure their sustainability reports and (1) company-specific factors, (2) prior experience in sustainability reporting, (3) selected reporting practices (e.g., reporting on sustainability goals), and (4) country-specific factors (e.g., the strength of audit-related standards).

Currently, some companies can be identified as sustainability leaders. These companies are characterized by a proactive approach to integrating sustainability into their overall business strategies, often driven by strong leadership and a commitment to Corporate Social Responsibility (CSR). Sustainability leaders focus not only on environmental protection but also prioritize social equity and economic profitability, aligning their operations with the principles of sustainable development. They often stand out due to qualitative features such as strong leadership, a supportive organizational culture, strategic integration of sustainability into business practices, and the recognition of competitive advantages derived from sustainable actions. Together, these elements enable them to navigate the complexities of modern business while positively contributing to society and the environment.

However, sustainability leaders can also be distinguished by more tangible characteristics, such as various structural and market traits (company size, market served, or type of business). The purpose of this article is to examine whether sustainability leaders in the Polish market share similar characteristics of this kind.

Through statistical analysis, it was demonstrated that market characteristics are associated with whether a company assumes the role of a sustainability leader. Sustainability leaders are more likely to serve the B2C segment, indicating a stronger focus on direct consumer engagement compared to B2B interactions. They are also more inclined to engage in production rather than services. On the other hand, the structural characteristic considered in the study—company size—does not influence the likelihood of being a sustainability leader. This implies that companies of all sizes—small, medium, or large—can equally succeed in adopting and promoting sustainable practices.

The result of participating in the conference is an article titled “Sustainability Leaders: Exploring Structural and Market Traits of Companies Driving Positive Environmental and Social Impact”, which will be published in the journal European Management Studies.