Dr Kinga Tchórzewska received POLSIF’s main research award for a co-authored paper examining how the sequencing of financial incentives and environmental taxes influences companies’ investment in green technologies. Professor Mariola Ciszewska-Mlinarič and Professor Piotr Wójcik also received an honourable mention in the research category. The awards were presented on 17 September 2026 at the Warsaw Stock Exchange during the POLSIF Sustainable Finance Forum. The competition is organised by Sustainable Investment Forum Poland, an association supporting the development of sustainable investment and finance.
Dr Kinga Tchórzewska, from Kozminski University’s Department of Finance, was recognised for the paper “Carrot first, stick second? Environmental policy-mix sequencing and green technologies”, co-authored with Pablo del Río, José García-Quevedo and Ester Martínez-Ros. Published in Technological Forecasting and Social Change, the study examines how to encourage companies to adopt technologies that reduce their environmental impact. Analysis of data from Spain suggests that the order of policy measures matters: introducing grants or tax incentives before environmental taxes is more effective in encouraging such investment than the reverse sequence. Initial support helps companies overcome financial barriers. The findings offer guidance for those designing environmental policies and instruments to support business transformation. Sharing news of the award, Dr Kinga Tchórzewska highlighted how rewarding it is to see practitioners take an interest in research and to know that academic work can be useful beyond academia.
The honourable mention awarded to Professor Mariola Ciszewska-Mlinarič and Professor Piotr Wójcik recognises the paper “The Impact of Proactive Environmental Strategies on Business Model Innovation and SME Performance”, co-authored with Desislava Dikova. Published in Business Strategy and the Environment, the paper explores how proactive environmental strategies relate to the performance of small and medium-sized enterprises. The study of 363 Polish companies highlights the important role of business model innovation: changes in how firms create, deliver and capture value.
The POLSIF Sustainable Finance Research Award is a new category introduced in the second edition of the POLSIF Awards. It was established to recognise research that advances sustainable finance and provides financial institutions with new concepts, analyses and solutions. Kozminski University researchers are therefore among the first to receive recognition in this category. Submissions underwent a two-stage assessment, first by an analytical team and then by the competition jury. The criteria included methodological rigour, innovation, and contributions to addressing gaps in existing knowledge. The practical value of the findings – their potential application by financial institutions, investors and regulators — was also a key consideration. This approach highlights the role of research in informing decisions on financing economic transformation.
