Acta Scientiarum Polonorum. Oeconomia

Corporate financing and the structure of the financial system in Albania: a macroeconomic perspective and implications for economic growth

Ingrid Konomi — Tue, 30 Sep 2025 00:00:00 +0000

Aim: The aim of the paper is to assess the impact of corporate financing structure on economic growth in Albania, given the dominance of the banking sector and the lack of a developed capital market. The paper combines the theory of economic growth with the analysis of business financing in a transitional economy. Methods: The study was based on a literature review and desk research analysis of official data from the Bank of Albania for the years 2020–2024. It considered loan structure by public and private
financial and non-financial sectors, as well as the currency structure of loans. Results: The results indicate that debt financing, especially in the banking sector, remains the main source of capital for companies, with a simultaneous lack of alternative capital market instruments. This phenomenon may limit economic growth potential, consistent with endogenous growth theories that emphasize the importance of access to diversified sources of capital. Conclusions: The study concludes that the Albanian financial system is dominated by banks, with limited financial instruments for businesses to diversify their capital structure. There is a need for policies that promote the development of a capital market to ensure sustainable financing options for businesses and reduce excessive reliance on debt. Developing the capital market in Albania is necessary to diversify financing and strengthen the economy’s resilience to external shocks, which would support long-term GDP growth.

Environmental disclosure practices and financial performance of selected manufacturing companies in Nigeria

Tue, 30 Sep 2025 00:00:00 +0000

Aim: This study examined the relationship between environmental disclosure practices and the financial performance of manufacturing companies listed on the Nigerian Exchange Group. The objective was to determine whether specific environmental initiatives, such as waste management, resource conservation, energy conservation, emission reduction, and pollution control, significantly impacted financial outcomes. The study aimed to contribute to the ongoing discourse on corporate environmental responsibility and its economic implications. Methods: The study adopted a quantitative research approach, utilizing secondary
panel data from 15 listed manufacturing companies over a defined period. Environmental disclosure practices were measured across five components: waste management practices, resource conservation, energy conservation, emission reduction, and pollution control. The Levin–Lin–Chu unit root test was used to confirm the stationarity of the data series. A Pearson correlation matrix was applied to explore interrelationships among the variables. The study employed panel data regression analysis with a random effects model (confirmed by the Breusch–Pagan Lagrange multiplier test), grounded in signaling theory as the theoretical framework to estimate the effects of environmental practices on financial performance. Results: The results indicated that energy conservation, emission reduction, and pollution control practices significantly enhanced financial performance. Resource conservation showed a positive but less substantial impact. Conversely, waste management practices were negatively associated with financial outcomes, suggesting potential inefficiencies or cost implications. Conclusions: The study concluded that manufacturing firms should prioritize energy conservation, emission reduction, and pollution control within their environmental strategies to improve long-term financial performance and investor perception. A strategic review of waste management practices was also recommended.

The effectiveness of the housing policy in Poland: the impact of public interventions in a macroeconomic context

Olga Podlińska, Marcin Bogusz — Tue, 30 Sep 2025 00:00:00 +0000

Aim: This article aims to assess the impact of the housing policy implemented in Poland between 2007 and 2023 on housing affordability – in particular, the effectiveness of selected government programs is evaluated in terms of their influence on both the demand and supply sides of the housing market. Methods: A comparative analysis was conducted of key housing policy instruments such as ‘Family on Its Own’ (Rodzina na Swoim), ‘Housing for the Young’ (Mieszkanie dla Młodych), and the ‘Safe Credit 2%’ (Bezpieczny Kredyt 2%), taking into account their implementation under varying macroeconomic conditions. The study utilizes statistical data and indicators related to price and wage dynamics. Results: It is demonstrated that the effectiveness of housing
support programs is linked to the phase of the business cycle and structural supply constraints. Although demand-side programs temporarily improve access to financing, they may lead to price increases when supply is inelastic, as observed in the case of the ‘Safe Credit 2%’. In the long term, policies based solely on stimulating demand prove insufficient. Conclusions: An effective housing policy should balance demand- and supply-side interventions and support the development of alternative forms of saving and investment. Adapting policy tools to current economic conditions and accounting for the growing role of investment demand are key to sustainably
improving housing affordability in Poland.

Double-hurdle in adoption of dairy cattle contract farming among small-scale farmers in Mbeya, Tanzania

Felister Y. Tibamanya, Harold Utouh, Aidan Sunday — Tue, 30 Sep 2025 00:00:00 +0000

Aim: Understanding the market dynamics of dairy cattle farming in Tanzania is vital for fostering a competitive and sustainable dairy industry. Contract farming is a prominent market structure in this realm, offering small-scale farmers improved breeds, veterinary services, feed, and extension support. However, the engagement of small-scale farmers in dairy cattle contract farming is currently limited. Encouraging its uptake requires a thorough understanding of the driving forces and impediments. Previous studies investigating the factors influencing the adoption of dairy cattle contract farming have overlooked the correlation between the liquidity constraints of vaccination and the barriers to its adoption. This study addresses this gap. Methods: The study analyzed data gathered using a structured questionnaire from 300 randomly selected small-scale dairy cattle farmers in the Mbeya Region and employed a double-probit model to correct sample selection biases. Results: The research uncovered that the adoption of dairy cattle contract farming by small-scale farmers is influenced by household size, risk aversion, access to extension services, radio ownership, quantity of dairy cattle owned, type of dairy cattle breed, liquidity constraints of vaccination, utilization of artificial insemination, and the application of veterinary treatment. Conclusions: The study emphasizes the efforts toward implementing initiatives that streamline farmers’ access to superior dairy cattle breeds, vaccination, veterinary treatment, and artificial insemination services.