Inwestycje zagraniczne stanowią szczególną formę międzynarodowego obrotu kapitału. W jego efekcie następuje nie tylko transfer środków pieniężnych, innowacji, kapitału intelektualnego, ale również ...transfer konkretnych dóbr inwestycyjnych. Są to inwestycje o charakterze majątkowym, które powinny służyć nawiązywaniu stałych kontaktów międzynarodowych między państwami wymiany. Budują trwałe związki gospodarcze oparte na lokowaniu własności, co skłania podmioty międzynarodowe do zabiegania o bezpieczeństwo biznesowe. Jednocześnie wywierają silny, lecz zarówno pozytywny, jak i negatywny wpływ na rozwój systemu społeczno-gospodarczego. W artykule przedstawiono istotę inwestycji zagranicznych, dokonano analizy ich czynników lokalizacyjnych oraz skutków, ze szczególnym uwzględnieniem ich oddziaływania na rozwój systemu społeczno-gospodarczego w Polsce.
Zmiana obowiązującej w Polsce klasyfikacji dziedzin nauki i dyscyplin naukowych oraz dyscyplin artystycznych wprowadzona w 2018 roku poszerzyła zakres badawczy dotychczasowych nauk o zarządzaniu o ...szeroki kontekst jakościowych uwarunkowań zarządzania, wprowadzając dyscyplinę nauki o zarządzaniu i jakości. Biorąc pod uwagę klasyfikację OECD, odpowiednikiem tej dyscypliny jest ekonomia i biznes (Economics and Business) w zakresie biznesu i zarządzania (Business and Management). W obrębie dyscypliny nauki o zarządzaniu i jakości wyróżniono 18 subdyscyplin, co wywołało konieczność podjęcia pogłębionych studiów odnoszących się do obszarów i zagadnień badawczych w ramach wyróżnionych subdyscyplin. Niniejszy artykuł, koncentrujący się na subdyscyplinie zarządzanie finansami i rachunkowość menedżerska, przyjmuje za swój podstawowy cel identyfikację oraz systematyzację zakresów i problemów badawczych podejmowanych w ramach zarządzania wartością przedsiębiorstwa, które jest wskazywane jako jedno z zagadnień badawczych w wymienionej subdyscyplinie. Pomocniczym celem jest wykazanie spójności zakresów badań realizowanych w jego obrębie z perspektywami badawczymi nauk o zarządzaniu i jakości. Potrzeby wynikające z dążenia do realizacji wymienionych celów wytyczyły dobór metod badawczych. W pierwszej kolejności odnosi się to do analizy i krytycznej oceny literatury podejmującej zagadnienia klasyfikacji nauk o zarządzaniu i jakości (w tym wyodrębnienia nurtów i perspektyw badawczych oraz związanych z nimi subdyscyplin, a także zróżnicowanych obszarów i zagadnień badawczych), jak również ukazującej różne zakresy i problemy badawcze podejmowane w publikacjach naukowych wpisujących się w wymienioną dyscyplinę. Zastosowanie zarówno indukcyjnego, jak i dedukcyjnego sposobu rozumowania umożliwiło łączenie wyników szczegółowych badań. W artykule wyróżniono pięć zakresów badań prowadzonych w ramach zarządzania wartością przedsiębiorstwa, wskazując w ich obrębie listę szczegółowych problemów badawczych. Przedstawiona propozycja identyfikacji i systematyzacji zakresów badań oraz problemów badawczych podejmowanych w ramach zarządzania wartością przedsiębiorstwa ma także na celu integrację środowiska badawczego skupionego wokół wymienionego zagadnienia badawczego oraz zainicjowanie dyskusji na temat jego ewolucyjności i adaptacyjności.
In the existing studies devoted to predicting bankruptcy, the authors of such models only used book measures. Considering the fact that the evolution of corporate measure efficiency (in addition to ...book measures) brought into existence and exposed the importance of cash measures, market measures, and measures based on the economic profit concept, it is justified to carry out research into the possibility of using these measures as variables within the discriminant function. The studied dataset was divided into a training set and a testing set based on two variants of the sample division. The assessment of the statistical significance of the built discriminant functions as well as the diagnostic variables was conducted using the STATISTICA package. The research was conducted separately for each variant. In the first step, a total of 30 discriminant models were created. This enabled us to select 20 diagnostic variables that were considered within the two models that were characterised by the highest predictive abilities - one for each variant. The discriminant function that was estimated for the first variant was based on the use of eight diagnostic variables, and 13 diagnostic variables were used in the function that was estimated for the second variant. The conducted analysis has proven that shareholder value measures are a useful tool that can be applied for the needs of corporate risk management in the area of the assessment of a firm's bankruptcy risk. Using two variants of the division of the research sample into the training and testing sets, it turned out that the division affects the predictive efficiency of the discriminant functions. At the same time, the obtained findings tend to claim that the presence of the value measures from all four of the studied groups in the output set of the diagnostic variables is necessary for possibly building the most efficient tool for the early warning signs of bankruptcy risk.
Objective: The aim of the article is to present and exemplify the mechanisms of changes in defining and influencing the new imperative of corporate value creation. It is implied by the impact of the ...sustainable development concept. Research Design & Methods: The research focused on the concept of corporate value creation in the context of the challenges connected to sustainable development. In the article, both inductive and deductive ways of reasoning were adopted, which makes it possible to combine the results of the detailed research. Findings: The publication indicates the emerging need for a change in the manner of perceiving and thinking about values – ‘from grasping value for today – towards the value of the future.’ This is related to the need to formulate the new imperative of corporate value creation. Implications & Recommendations: The reasonable profit concept can also be the basis for the formulation of the postulate of ‘reasonable speed of corporate value creation.’ Therefore, there is a need to redefine the existing imperative of corporate value creation and implement a new imperative based on the idea of the responsibility for the existence and long-term development of the enterprise. Contribution & Value Added: The result is the disclosure of the emergence of a hybrid concept of sustainable value-based management. The added value of this article is the proposal to create a new imperative of corporate value creation based on the foundation of the restitution of the idea of responsibility.
The European Union is an organization with its own budget, under which actions aiming at solving common problems of member states are financed. Thanks to budgetary resources, the Union is pursuing, ...among other things, an active regional development policy, the main objective of which is to reduce divergences in the development of countries and regions and thereby to increase the attractiveness of the Member States and the Community itself on the global market. This policy is implemented and financed through European Funds (EU Funds), which, through appropriate funding instruments, are relocated in individual regions of the Member States, subject to certain rules and conditions. These funds often play a leading role in shaping the development and innovation of these regions. The article deals with this issue in relation to the regions of Poland, showing the scale and effects of the use of EU Funds. The aim of the authors was to describe the role of European Funds, which they play in the process of creating development and innovation of regions in Poland. As the thesis of the article, it was assumed that these funds significantly contribute to the growth of competitiveness, raising the standard of living and the development of innovation in individual regions of Poland. The hypothesis is the assumption that the positive impact of European Funds is conditioned by proper support from regional authorities and state structures responsible for their use. The analysis to verify the adopted hypothesis was based on statistical data characterizing the studied issues as well as on the authors’ own research. The conducted research indicated that the scale of obtained EU funds in Poland is significant. It should be remembered, however, that the money obtained in this way will not automatically translate into the development of Polish regions and, consequently, faster economic growth. These goals are possible to support with the use of EU funds. However, the scale of their absorption and their destiny are determined autonomously by the authorities of individual regions. The positive impact of European Funds should therefore be supported by proper support from regional authorities and state structures responsible for their use.
Purpose – The purpose of this article is to demonstrate the analytical usefulness of indexed value measures by measurement and evaluation of the efficiency of enterprises value creation with the ...application of selected external analytical tools.
Design/Methodology/approach – The paper is based on an analysis of the literature and the use of financial analysis tools in the form of efficiency measures in relation to the selected companies of the construction sector in Poland.
Findings – The analysis confirmed that external indexed value measures provide periodic information regarding effects of the enterprise value creation and thus enriching the analysis of its value.
Originality/value – The study should be regarded as a starting point for further in-depth analysis of the conditions and the effectiveness of the practical use of indexed measures, including measures based on the concept of economic profit.
A study of the efficiency of the energy companies that are listed on the Polish capital market, which will be the object of the analysis in this paper, is focused on assessing the degree of ...accomplishment of their basic financial objectives, namely, the maximization of their market values. The main research methods that are used in the article are methods for analyzing and evaluating the literature (in order to present the current scientific achievements in the field under study) and descriptive statistics and mathematical statistical methods for analyzing the interdependence of the phenomena (used to characterize and compare the analyzed energy-sector companies, as well as to quantify the determinants of the value-creation efficiency of these companies). This article is focused on the conditions and problems that are related to the decision-making processes that are aimed at increasing efficiency in the area of building enterprise-value. These require the use of tools for efficiency measurement that enable management to quantify and assess changes in an enterprise’s market value and the efficiency of its creation. Within the conducted research, it has also been proven that this is the market perspective that is of key significance from the point of view of the criteria of making financial management decisions. The market perspective reflects the expectations of the majority of company stakeholders, to the fullest. The study showed that the allocation of capital in the listed energy companies during the period of 2014–2020 was subject to a relatively high risk of losing the economic value of the invested capital. In terms of asset value, dividing the studied group of companies into portfolios of two groups of companies additionally showed that the volatility of the market and equity returns for the smaller companies was higher than it was for the larger companies.
Purpose – The purpose of this article is to analyze the usefulness of economic profit in explaining the changes in the enterprise market value assuming the use of different methods of estimating the ...cost of equity, by examining the relationships and quality of the fit between the forming of the internal value measures and the change of shareholders rates of return.
Design/methodology/approach – The paper is based on an analysis of the literature and the use of financial and statistical analysis tools in the form of efficiency measures, estimating methods the cost of equity and statistical measures, in relation to the selected companies of the construction sector in Poland.
Findings – The analysis confirmed the existence of a relationship and quality of the fit between methods of estimating the cost of equity and usefulness of economic profit in explaining the changes in the enterprise market valuation.
Originality/value – The study should be regarded as a starting point for further in-depth analysis of the conditions and the effectiveness of the practical use of measures based on the concept of economic profit.
Purpose – The purpose of this article is to analyze the impact of the risk of bankruptcy on the shareholder value, by examining the relationships between values of the discriminant function and value ...creation efficiency. Design/methodology/approach – Article is based on an analysis of the literature and the use of financial analysis tools in the form of efficiency measures and discriminant models in relation to the selected companies in the energy sector in Poland. Findings – The analysis confirmed the existence of a relationship between the risk of bankruptcy and changes of the shareholder value and efficiency of its creation. Originality/value – The study should be regarded as a continuation of earlier research on determinants of the enterprise value creation and a starting point for further in-depth analysis of the impact of risk, as one of enterprise value drivers, on its value.
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