Anna Białek-Jaworska

Biotech spin-off business models for the internationalization strategy

Purpose The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy. Design/methodology/approach The paper is based on a multiple case study analysis including business models of seven biotechnology spin-offs traded on the Warsaw Stock Exchange. Based on the literature review the authors identify the key attributes of the business model for the commercialization of R&D outcomes. The authors conduct an analysis taking into consideration the determinants of biotech spin-off activity. The authors also measure the internationalization strategy implementation with the use of indicators identified in the empirical research literature review. Findings According to the results, the authors identified that international cooperation in research projects and partnering, as well as international experience in the management board and tacit knowledge, play a facilitating role in the business model for the commercialization of biotech spin-off research findings. The cost advantage on the global market, tax advantages and support of venture capital are the key to the exploitation of profit potential on the global market. An important component of the business model specific to companies conducting R&D activities is to ensure firm survival activities by funding research grants to makes R&D possible prior to commercialization. Research limitations/implications The main limitation of this study is the small magnitude of the sample, particularly as only two of the seven analyzed spin-offs realized their profit potential on the global market. Practical implications The findings are important for the development of business models of new biotech ventures. Research results can be used as recommendations for universities on how to effectively build a business model for the commercialization of biotech spin-offs on the basis of R&D outcomes for the internationalization strategy. Originality/value The paper’s uniqueness results from the synergy of combining three research areas: components of business models for commercialization; attributes of biotech RD and indicators measuring the internationalization strategy implementation. The results can contribute to the existing body of knowledge on business models for the commercialization of R&D outcomes in the context of internationalization. The value of this paper is an extended knowledge of the internationalization of biotech ventures based on R&D outcomes.

Book-tax conformity in Polish private companies

The purpose of this paper is to identify whether financial income differs significantly from the tax base in Poland and what determines these differences between accounting and taxable results in Polish private entities that are not listed on the stock exchange. In this paper, besides examining the level of book-tax conformity in Poland, we investigate the determinants of book-tax differences in the one-book and twobook accounting systems, with deferred income tax. We use the single factor ANOVA variance analysis, robust fixed effects estimator and the fixed effects linear model with an AR(1) disturbance estimator for panel data of 26,657 private limited liability and non-public joint-stock companies for the period of 2003–2014 (177,667 firm-year observations). The originality of this paper results from the deep quantitative analysis of the determinants of book-tax conformity on a novel dataset of Polish private firms. We confirm a strong significant influence of tax law on the shape of the one-book accounting system in Poland. Larger enterprises show fewer book-tax differences. Book-tax conformity is lower in private companies that incur financial losses and in private companies conducting the one-book accounting system. Family-owned companies have higher mean and median book-tax conformity than business groups members, due to higher demand for information from their accounts to support stewardship functions and to monitor the activities of the management board in the business groups.

Determinants of Business Model Maturity

nanced in the framework of contract No. 768/P-DUN/2016 by the Ministry of Science and Higher Education committed to activities aimed at the promotion of education. * Anna Bia ek-Jaworska, Ph.D. – Department of Banking Finance and Accounting, Faculty of Economic Sciences and the Digital Economy Lab, University of Warsaw. Mailing address: DELab UW, 56/66 Dobra St., 00-312 Warsaw, e-mail: abialek@wne.uw.edu.pl. ** Renata Gabryelczyk, Ph.D. – Department of Information Systems and Economic Analysis, Faculty of Economic Sciences and the Digital Economy Lab, University of Warsaw. Mailing address: DELab UW, 56/66 Dobra St., 00-312 Warsaw, e-mail: r.gabryelczyk@wne.uw.edu.pl. *** Agnieszka Pugaczewicz, Ph.D. – Digital Economy Lab, University of Warsaw. Mailing address: DELab UW, 56/66 Dobra St., 00-312 Warsaw, a.pugacewicz@delab.uw.edu.pl. Studia i Materia y, 1/2016 (20): 8– 23 ISSN 1733-9758,