Journal of Entrepreneurship, Management and Innovation, 2011, no. 7
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Journal of Entrepreneurship, Management and Innovation (JEMI) is a scientific journal
([p] ISSN 1734-1590; [e] ISSN 1734-283X) published annually by Wyższa Szkoła Biznesu –National Louis University, Zielona 27, 33-300 NowySącz, Poland.
The journal is primarily published on-line at http://www.jemi.edu.pl
.
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Pozycja A Coherent Model of DCF Valuation(Nowy Sacz School of Business - National-Louis University, 2011) Patena, WiktorBusiness valuation through DCF is recognized as one of the most popular valuation approaches. DCF valuation models, however, have become extremely complex. Modeling requires plenty of input data to be processed, the process is done in many stages, and the data obtained on each of the stages may be interrelated. The process then is not simply a chain of tasks. The modern models work via sophisticated mechanisms of loops being triggered whenever a new piece of information is revealed and the whole model needs updating. Technically speaking, in the spreadsheets environment, this may only be done with the use of iterations. The valuation model should also be subjected to the sensitivity analysis, which is able to quantify the impact of every single assumption made on the final company value. The analysis points out the set of critical assumptions, which have the major impact on the calculated company’s value. Apart from quantifying the impact of the assumptions, the analysis runs qualitative checks on the assumptions assessing the robustness of the arguments standing behind the critical factors for valuation. Consequently, the sensitivity analysis improves the objectivity of the model and mitigates the exposure for the possible results manipulation. The sensitivity analysis reveals its critical role in the valuation process and proves that it should be considered as the standard step in every DCF valuation.Pozycja Assessing Ukrainian Banking Performance Before and After the Crisis(Nowy Sacz School of Business – National-Louis University, 2011) Shkura, Iryna; Peitsch, BarbaraThe main goal of this paper is to analyze the impact of the 2008 global financial crisis on the Ukrainian financial system, and on Ukrainian bank performance. Our analysis is based on key bank performance indicators from 2003-2011. Bank assets, liabilities and capital are analyzed, and changes in bank management are taken into consideration. Special attention is paid to changes in bank stock prices of two of the largest banks, following the crisis.Pozycja Development of Intercultural Learning: New Challenges for Higher Education in Ukraine(Nowy Sacz School of Business – National-Louis University, 2011) Sikorskaya, IrinaThe paper depicts the new challenges facing higher education institutions in Ukraine in the context of necessity of developing proper intercultural knowledge, skills, and competences of contemporary graduates. It also provides the background for the increasing role of higher education in respect of enhancing intercultu ral learning. The paper emphasizes the importance of introducing changes in curriculum design, improvement of teaching qualifications, and growing students’ intercultural socialization. Finally the paper proposes some recommendations for achieving positive transformations of higher education in Ukraine in regards of addressing the challenges of modern pluralistic society.Pozycja From Problem Conceptualization to Simulation. The Application of the Systems Dynamics to Water Management Problem(Nowy Sacz School of Business – National-Louis University, 2011) Śliwa, KazimierzThe article continues previous text published in "Management Business Innovation" (no. 6, 2010) under the title Stock-And-Flow Thinking In Decision Making. Towards Systemic Procedure of Problem Solving. The methodology presented there is shown in the practical context of water supply management problem in one of the largest cities in Mexico. Basic methodological implications for computer supported problem modeling and simulation are shown, beginning with the Partitioning&Tearing Method, causal diagram of the problem as well as the computer simulation model structure drawn with the VensimTMsoftware.Pozycja The Transformation of Basic Research Into Commercial Value: Economics Aspects and Practical Issues(Nowy Sacz School of Business – National-Louis University, 2011) Levy, Haim V.Basic research may be considered as the first step in the knowledge generation or innovation process. Knowledge is probably recognized as the most important factor in the development of national economies. Governments therefore have a role in ensuring and subsidizing the basic science to generate knowledge aimed to improve social welfare. Since basic research is conducted mainly at universities nowadays, they should set to support all aspects of knowledge generation and transfer - from basic research (invention) to innovation and ultimately, to commercialization. The transformation of knowledge or innovation into commercial value depends primarily on efficient pathway(s) of technology transfer by universities’ technology transfer organizations. Ideally, universities should seek to transfer technology to the private sector in order to capture the benefits of commercialization of their innovation. However, in circumstances where the innovation is at an early or premature stage, consequently far from materializing to a product, licensing to industrial enterprises is not (always) plausible, hence feasible alternatives should be sought. In this short review, we argue possible modi operandi to achieve these goals.