Results of the RIGE project

Oxygen absorbers are an effective means of extending the shelf life of food products. A crucial condition is the appropriate selection of the absorber for the packaging size and its proper functioning. Oxygen absorbers have a manufacturer-declared minimum sorption capacity, but producers do not specify how long this parameter will be maintained. The lack of information on how long the absorbers retain their original parameters means that users do not know for how long after production the absorbers can be used to ensure optimal protection of packaged products.

The aim of the study was to evaluate the sorption properties of oxygen absorbers after a defined storage period in their original bulk packaging. The sorption capacity was determined using a non-invasive fluorescent oxygen measurement method. The results were compared with those obtained for brand-new oxygen absorbers of the same type. Additionally, the properties of the packaging materials (i.e., thickness, composition, oxygen transmission rate) used for the original absorber packaging were assessed, as well as the impact of the packaging type on the retention of sorption capacity.

Based on the conducted research, it was found that oxygen absorbers can still be effectively used to protect product quality even 10 years after their manufacture — provided they are stored throughout that time in their originally sealed bulk packaging.

The best preservation of original properties was observed in oxygen absorbers that were factory-packed in double-layer metallized laminate packaging. This material exhibits significantly better barrier properties than non-metallized materials. The research findings pave the way for potential users to utilize products that would otherwise be considered expired and unusable. This enables full utilization of the absorbers’ effectiveness and helps avoid losses and costs associated with premature disposal of active packaging. It also supports the protection of more food products from spoilage and helps reduce waste.

Can the threat of investor exit improve stock liquidity? Evidence from the Polish capital market.

Stock liquidity — the ease with which shares can be bought or sold without significantly affecting their price — is a fundamental feature of an efficiently functioning capital market. The more liquid the shares, the better the market performs. But what determines why some companies’ shares are more liquid than others? Among various influencing factors, corporate governance mechanisms play a key role.

One such mechanism is the so-called exit threat — the threat of a large investor exiting a company’s shareholder structure. On the one hand, liquidity enables a quick exit, making the threat more credible. On the other hand, the mere possibility of such an exit — especially by major institutional investors — can act as a disciplining force on management, which in turn may lead to improved share liquidity. Fear of losing a significant shareholder can push companies to enhance transparency, communication with the market, and overall corporate governance quality. These improvements build investor trust and support higher stock liquidity.

In this study, we asked: Does an increase in the threat of exit by large institutional investors affect the liquidity of publicly traded companies’ shares?
To answer this question, we used a unique setting created by the 2014 reform of Poland’s Open-Ended Pension Funds (OFE). Although the reform did not mandate share sales, it significantly altered the behavior of the funds: from long-term and passive investors, they became more active market participants, willing to exit inefficient investments. As a result, the threat of exit from companies in which OFEs held significant stakes became more real.

We compared changes in stock liquidity of Warsaw Stock Exchange (WSE)–listed companies in which OFEs held significant stakes (over 5%) with those not affected by the reform. The findings show that the presence of a single fund did not significantly impact liquidity. However, a meaningful increase in liquidity was observed in companies where at least two pension funds held significant shares. This suggests that the scale and credibility of the exit threat are crucial — the more large institutional investors are ready to act, the greater the pressure on company management to improve governance and market communication.

Our findings show that the impact of the exit threat as a corporate governance tool can go beyond direct investor-management relations and contribute to the overall improvement of capital market functioning.

Co-authors: Szymon Stereńczak, Aleksander Freitag

Delegated Monitoring – Institutional Investors and Trade Credit Financing

Institutional investors (e.g., investment funds, pension funds, PE/VC firms) hold shares of publicly listed companies in their portfolios, making them shareholders. Unlike the highly developed U.S. capital market, in most countries worldwide, listed companies tend to have relatively concentrated ownership structures and are effectively controlled either by their founders and heirs or by governments. Institutional investors often constitute a significant, though non-majority, shareholder group.

Institutional investors are, however, highly motivated to monitor the companies in their portfolios — especially those in which they hold large stakes. This monitoring becomes particularly challenging in the case of low-transparency companies — that is, publicly traded firms that rarely disclose information about their situation or outlook, do not hold regular investor meetings, and are not closely followed by stock market analysts.

In such cases, minority shareholders may “delegate” some of the monitoring tasks to other entities that have private access to company information. These can include banks working with the companies or suppliers providing them with trade credit.

Our research confirms that the greater the presence of so-called motivated institutional investors (those especially concerned with monitoring majority shareholders), the more extensively companies use trade credit as a source of financing. These findings support the idea that institutional investors, when unable to rely on public information, indirectly delegate monitoring to third parties with access to non-public (confidential) information.

Importantly, the observed relationship is stronger in the case of institutional investors who — for various reasons — are not effective monitors themselves, even when it comes to transparent firms (e.g., short-term institutional investors).

Co-author: Michał Kałdoński

In the business world, an “actor” is not limited to a person or a company — it includes any entity that actively participates in relationships and decision-making processes within an economic network. For some time now, a debate has been ongoing: can artificial intelligence (AI) be considered such a business actor, or is it merely a tool used by the “real” actors, such as companies or managers?

In this study, we explored the question through a systematic review of 114 academic publications indexed in the Scopus database. In addition, we used modern AI tools to analyze the sources and posed the question to them directly: “Can AI act as a business actor?” The analysis shows that there are many arguments suggesting that AI already influences decisions, strategies, and relationships within companies — from data analysis and automated decision-making to customer communication. All of this points to AI gradually acquiring the characteristics of a business actor.

However, this emerging phenomenon also brings risks — from loss of control over decisions, to legal liability issues, to ethical concerns. In the study, we identified the main categories of risks and proposed directions for further research that can help companies better understand and manage the role of AI in their operations.

Although digital transformation is most commonly associated with advanced technological industries, it is increasingly making inroads into traditional sectors such as the dairy processing industry. A research team from the Poznań University of Economics and Business conducted a study aimed at understanding how dairy processing companies adopt Industry 4.0 technologies and how this affects their technological maturity — defined as the ability to strategically and effectively use modern digital solutions.

The study used a quantitative approach — surveys were conducted by phone with key decision-makers such as owners, quality directors, and production managers. Out of 476 companies classified as dairy processors, 68 responded, resulting in a response rate of 13.9%. The collected data was analyzed using specialized statistical software.

Technology assimilation was divided into two main areas: the first included digital integration and cybersecurity, and the second involved digital competencies of staff and the use of data analytics. Technological maturity was broken down into four dimensions, covering process automation, IT system flexibility, and the implementation of advanced technologies such as artificial intelligence.

The results revealed strong correlations between the various aspects. For example, companies that emphasize cybersecurity and a cohesive digital strategy are significantly faster in implementing automation and sustainable development practices. Similarly, a high level of digital competency among employees correlates with greater flexibility in IT systems, enabling these companies to adapt more dynamically to changing market conditions.

An especially interesting finding is that the implementation of artificial intelligence is still not strongly linked to basic activities related to technology assimilation — suggesting that AI requires deeper technological and competency foundations. The study also highlights the existence of an “assimilation gap” — where a lack of adequately prepared staff leads to underutilization of already implemented technologies.

From a management perspective, this means that investments in digitalization must be accompanied by investments in people and competency development strategies. The research project was funded by the National Science Centre and the Ministry of Science under programs supporting the development of science and innovation. Its findings offer valuable insights for managers and policymakers aiming to lead effective digital transformations — not only in the dairy sector but across various industries.

As technology advances, many professions may soon disappear or undergo fundamental transformation. One example is the implementation of remote meter readings in the water supply sector. While this change improves efficiency and work outcomes, it also brings a range of organizational and social challenges.

Research conducted by a team from the Poznań University of Economics and Business shows that:

• New technologies increase productivity but lead to an unequal distribution of benefits — not all employees gain from them.

• Salary increases mainly affect those working within the new system, potentially causing tensions within teams.

• Employers incur not only technological costs but also costs related to motivating and managing diverse groups of employees.

The applied research method — case study analysis — allowed the team to identify problems related to employee motivation and performance evaluation during technological transformation, such as:

• How should work be measured and valued after technological changes?

• What are the consequences of failing to adapt performance evaluation systems?

• How can transitional work models be designed to ensure fairness and efficiency?

This study is just the beginning — its aim is to initiate a broader discussion about how technology impacts people, not just financial results.

Co-authors: Dr. hab. Paweł Chudziński, Dr. hab. Grzegorz Wojtkowiak, Prof. of Poznań University of Economics and Business

The paper explores the process of implementing and accepting artificial intelligence (AI) in microenterprises — small businesses that often operate with limited resources but play a key role in the economy, particularly in developing countries. The author highlights that although AI is typically associated with large corporations and advanced technologies, it also holds significant potential for the microenterprise sector. It can support areas such as accounting, human resource management, marketing, logistics, and risk analysis.

AI enables microentrepreneurs to automate routine tasks, improve financial management, and enhance customer service. With machine learning–based tools, it becomes possible to predict market trends, tailor offerings to customer needs, and manage inventory more efficiently. However, implementing AI in such businesses comes with a number of challenges — from lack of knowledge and resources to the need for proper employee training.

The author proposes a model of the AI acceptance process in microenterprises, which includes phases such as education, organizational readiness assessment, strategy development, a pilot phase, and ongoing evaluation of implemented solutions. This framework was developed based on a review of the literature, and its validity is to be assessed through a pilot survey study.

The goal of the paper is not only to gain a better understanding of how microenterprises can effectively adopt AI, but also to provide practical guidance for managers and decision-makers. The author emphasizes that effectively leveraging AI can give microenterprises a competitive edge, while failing to do so may lead to their marginalization in an increasingly digitalized market.

In today’s world, many people work remotely or split their time between home and the office. Remote work has many advantages — it allows individuals to avoid long commutes and better balance professional and family responsibilities — but it also brings new challenges. These can include feelings of isolation, communication difficulties, or the sense of being constantly monitored by one’s employer.

The study surveyed over 300 remote workers in Poland, most of whom worked in a hybrid model. It posed a key question: does flexibility at work — the ability to choose where and when to work — support the development of trust between employees and employers?

The results were clear: the greater the flexibility, the greater the trust in the employer. But there’s more. The study also showed that difficulties associated with remote work — such as constant supervision or lack of support — generally lower levels of trust. However, in cases where flexibility was high, even those experiencing greater difficulties still reported higher levels of trust. In other words, flexibility not only helps — it becomes crucial in more challenging remote work conditions.

This means that enabling employees to manage their time and tasks independently can be particularly valuable when working conditions are less favorable. What lesson does this offer to employers? Less surveillance, more trust and flexibility. People work more effectively and are more satisfied when they feel trusted and have control over their work. In an era of increasingly common hybrid and remote work models, finding the right balance between control and freedom is essential. Flexibility is no longer an optional benefit — it is a powerful tool for building better, more trust-based workplaces.

Sustainability is now one of the most prominent buzzwords surrounding major sports events. Organizers promise Olympic Games that are “sustainable” in economic, social, and environmental terms. But is that goal truly being achieved?

Recent studies show that the Summer Olympic Games — although the largest and most prestigious sporting event in the world — do not always meet this ambitious objective. This study analyzed nine host cities of the Summer Olympics, from Barcelona 1992 to Paris 2024, assessing them across three dimensions: environmental, economic, and social. The TOPSIS method (Technique for Order Preference by Similarity to an Ideal Solution) was used to create rankings of host cities based on selected variables representing these three dimensions. Several ranking variants were estimated depending on the set of variables used in each model.

The results revealed that host cities of the Summer Olympics are still far from ideal in terms of sustainability, with substantial variation between cities. This indicates that despite the declarations made by host cities and the International Olympic Committee, much remains to be done in this area.

The study demonstrates how large-scale and complex projects such as the Olympic Games can be assessed using multiple criteria simultaneously. This is crucial for improving the planning of future events of this nature.

In conclusion, more decisive action is needed for the Olympics to truly serve as a platform for promoting sustainable practices and innovative solutions — to be people- and planet-friendly while maintaining financial sustainability. This presents both a challenge and an opportunity to build a better future for sport and the environment.

The COVID-19 pandemic caused numerous negative consequences worldwide between 2020 and 2023. Researchers primarily focused on the pandemic’s impact on population mortality, while much less attention was paid to its influence on fertility. Crises such as wars or epidemics are known to bring about profound transformations not only in political and economic relations but also in demographic phenomena, during which core population processes are distorted — a mechanism long described in academic literature. Among many influencing factors, decisions such as having a child are also shaped by economic and administrative conditions.

Many theories suggest that during crises — for example, economic ones — there is typically a short-term decline in birth rates, mainly due to a lack of economic security and uncertainty about the future. Therefore, the aim of this study is to answer the question: to what extent did the COVID-19 pandemic and government-imposed lockdown restrictions affect birth rate changes in European countries?

The study found that in many European countries, the decline in fertility clearly accelerated during the COVID-19 pandemic compared to previously observed trends. These changes strongly correlate with restrictions introduced during the so-called lockdowns — naturally with a 9-month delay. Furthermore, since mid-2022, the decline in fertility has not only persisted but significantly accelerated compared to the prior downward trend. This suggests the emergence of new factors influencing fertility beyond the pandemic itself.

The research shows that, in many European countries, since mid-2022, the decline in fertility strongly correlates — again with a 9-month delay — with rising inflation. Therefore, it appears that the birth rate declines observed in 2023, falling below long-term trends, were driven by reduced fertility in response to the economic crisis.

The paper, prepared by Dr. Maciej Pietrzykowski in collaboration with colleagues from the European Policy Research Centre, addresses a key issue for the future of Central and Eastern European regions: how to shape regional policy after 2027, when the role of EU funds will undergo significant changes.

The analysis focuses on Poland, the Czech Republic, and Hungary – countries that, since their accession to the EU, have been among the largest beneficiaries of cohesion policy. Although these funds have delivered significant results in terms of infrastructure modernization and strengthening regional institutions, persistent developmental disparities remain – both between and within regions.

The authors emphasize that continued dependence on external funding may limit these countries’ ability to independently respond to crisis-related challenges and long-term transformations. In response to these threats, they propose a new resilience-oriented regional policy – more flexible, decentralized, and functional. Particular emphasis is placed on the importance of strategies based on local territorial potential, cross-sectoral synergy, and diversification of funding sources.

The presented case studies – the GZM metropolis, the “Re:Start” strategy in Ústí nad Labem, and the example of foreign investments in Debrecen – demonstrate that sustainable outcomes result from integrating local actions with the smart use of funds from various sources.

The paper’s conclusions are cross-cutting: future regional policy should focus more on building territorial resilience, promoting local agency, and responding more effectively to diverse social, economic, and environmental challenges.

Study: Equity crowdfunding IPOs: Under or overpricing? The case of Poland as an example of quickly catching up economy,

The study aimed to: (i) assess the effectiveness of company debuts that secured funding (and consequently conducted their IPOs) through equity crowdfunding (ECF) platforms, and (ii) identify the key determinants of ECF-based IPO performance.

The research sample included all 19 stock market debuts of companies that conducted IPOs via equity crowdfunding platforms in Poland up until the end of 2022.

The model testing the potential determinants of IPO performance was based on linear regressions to analyze the relationship between the dependent variable, which represents IPO undervaluation relative to the opening stock price on the first trading day, and independent variables selected from a set of potential explanatory factors.

Key Findings:

1. Over the three-year period (2020-2022), 79 new companies entered the Polish stock market. 62 of them (78.5%) debuted on NewConnect, the alternative market dedicated to small and medium-sized enterprises (SMEs). 17 companies (21.5%) debuted on the main regulated market of the Warsaw Stock Exchange (WSE).
2. More than one in four companies (18 out of 62) that debuted on NewConnect conducted their IPO through equity crowdfunding platforms.
3. IPOs conducted via crowdfunding in bull markets had an average undervaluation of 51.26% (median: 49.88%). This was higher than IPOs on the main market, where the average undervaluation was 23.38% (median: 11.70%) and non-crowded IPOs on NewConnect in terms of median: 18,33% (mean: 67,08%)
4. As market conditions deteriorated, ECF-based IPOs proved to be the least effective. Only 1 in 10 crowdfunded IPOs generated profits for investors purchasing shares through primary offerings (median return: -32.39%).
5. The study reveals that crowdfunding IPO success is cyclical, strongly dependent on market conditions. In bull markets, ECF-based IPOs tend to be undervalued, attracting investors with potential high returns. In bear markets, however, ECF-based IPOs are often overvalued, leading to losses for early investors.

Implications of the Study:

This study highlights the growing role of equity crowdfunding in IPOs, especially for SMEs. However, the findings also indicate that investors should be cautious, as crowdfunding IPOs tend to follow stock market cycles. The insights from this research can assist investors, policymakers, and crowdfunding platforms in better understanding the risks and opportunities associated with ECF-based IPOs.