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Abstract

The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
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Abstract

This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.
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Abstract

The article discusses the issues of values and social responsibility of universities. On the one hand, the foundations of functioning of universities, which are created by research and education and the role of universities in formation, are recalled. On the other hand, it was reminded that the heart of universities, their DNA, are academic values, defined primarily in the Magna Charta Universitatum, but also in many other documents, such as the Code of Values of the Jagiellonian University. Hence, universities are increasingly often referred to not only as universities of knowledge, but also as universities of wisdom. Together, they are the basis for the social responsibility of universities. However, they alone are not enough for this social responsibility to materialise. Appropriate behaviour and actions are essential. Because knowledge alone is not everything. Such actions are always necessary, but especially when we find ourselves, as a country, humanity and a planet, in a crisis situation related to the climate disaster, which we are already partially experiencing. After the presentation of the most important current facts related to the climate and environmental crisis, the tasks to be undertaken urgently in this context by universities were presented, from broadly understood education, through convincing politicians to ambitious and quick actions, to intensive work on innovative solutions that can contribute to reducing threats brought by the climate and environmental crisis, pointing out, among others, the initiatives proposed by the newly created network of universities U7.
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