The purpose of the article is to examine the impact of asset structure on the stability of financial results of companies. The article verifies two hypotheses: 1. high share of non-current assets in ...total assets results in high volatility of profitability over time. 2. high share of PPE (Property, Plant & Equipment) in total assets results in high volatility of profitability over time.The methodology of the study includes a literature review and empirical research based on correlation analysis. The research covered the aggregated data of Polish non-financial enterprises employing 10 persons or more keeping accounting ledgers, data for years 2009–2020 (first dataset) and annual financial data of 115 companies from 13 WSE industry sub-sectors for years 2009–2021 (second dataset).The results of the research. The analysis of the asset structure and the volatility of profitability in the research sample indicated industries with large and small values of these parameters. Then, the hypotheses were tested; the results for the second dataset showed that there is a positive and weak, but statistically significant (p value ≤ 0.005) correlation between non-current asset structure ratio and both, ROS and ROS adjusted ratios, and there is a weak, but negative correlation between PPE structure ratio and ROS and ROS adjusted ratios (with p value of 0.021 and 0.076, respectively). On this basis, hypothesis 1 was considered as verified positively, and hypothesis 2 was rejected. The discussion contains suppositions concerning the probable reasons of the discrepancy between the result for the hypotheses 1 and 2.
The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that ...impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive. The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio. The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that ...impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive.The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio.The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
The aim of the article is to signal the indications in favour of conducting dual studies in higher education, to present the model of dual studies in state higher vocational schools created by the ...author and to discuss the conditions of implementation of the model and its benefits for the socio-economic development on regional and local level. It must be highlighted here, that the proposed model is the result of the research and analyses carried out by the author, observations of state higher vocational education and the author’s experiences in managing one of the higher schools belonging to this sector.
The relationship with socio-economic environment is becoming an increasingly significant aspect of operating of public higher vocational schools. It is doubtless that these schools cannot function ...like islands isolated from their environment. Cooperation with the environment are relations with enterprises, government and self-government institutions, non-governmental organisations, the media and inhabitants of cities and regions where these schools are located. Particularly significant is regional dimension of this relationship, associated with the aforementioned location of schools. The model of regional development in Europe is transforming into one where regions are becoming increasingly interdependent and they can rely less and less on traditional, compensatory or matching, functions and funds of the State. Therefore, they must compete with one another even fiercer. The key factor within this competition is social capital shaped by universities located in particular regions.The article presented and showed the analysis of the level, forms and effects of cooperation of public higher vocational schools operating in Poland with their socio-economic environment, and, more specifically, with territorial self-government units (cities, districts, voivodships), in whose region these schools operate and with employers ( public institutions, private enterprises, non-governmental organizations) running business in the region of operating of the analyzed higher schools. Appropriate information was obtained during the survey which was carried out among university authorities, local authorities and employers from September 2016 to February 2017, by means of questionnaires consisting of several questions focused on the issues related to building social capital as a result of cooperation of higher schools with socio-economic environment.The results of the survey allow the conclusion that public higher vocational schools, to the largest extent, cooperate with public institutions and municipalities, while to the least with voivodship self-governments. When it comes to forms of cooperation of the analyzed schools with socio-economic environment, the most frequent are organizing practice placement for students, organizing joint conferences, seminars, science festivals, concerts, debates and discussion forums as well as consulting study programmes, including practice placement programmes for particular degree courses. The least frequently undertaken forms of cooperation are: conducting dual studies, conducting business incubator, technology transfer centre, technology park, trade cluster etc. and undertaking practical placement by academic staff in the aforementioned entities.In the respondents‘ opinion, cooperation of public higher vocational schools with self-governments, public institutions, private enterprises and non-governmental organizations contributes significantly to building partnership and mutual trust, shaping positive behaviours and attitudes towards cooperation, and it also influences building the sense of community in regional/local environment. It leads to a conclusion that this cooperation contributes to creating institutional links and social capital and to mutual learning, and in this way positively verifies the hypothesis adopted in the article, in the light of which, cooperation of public higher vocational schools with socio-economic environment contributes to building social capital in the regions where these schools operate.
Subsidies received from the state budget are the most important source of financingof state schools of higher vocational education. Their amount is calculated based on appropriatealgorithm. These ...subsidies represent almost 80% of total revenues of these higher educationinstitutions. The aim of this paper is to present and analyze changes in the way of distribution ofsubsidies to state schools of higher vocational education which were introduced in the last decadeand in particular the changes in force since 2017. The discussion on the consequences of the newalgorithm with particular emphasis on the implications which may accompany optimizing thevalue of student-staff ratio by higher education institutions was taken in the paper. Analysis anddiscussion of these changes were preceded by a presentation of the overall financial situation ofhigher education.
Celem artykułu jest zbadanie efektywności inwestycji w akcje ukraińskich spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie. Dla realizacji tego celu dokonano analizy historii obecności ...ukraińskich spółek na GPW w kontekście ekonomicznym i geopolitycznym oraz przeglądu literatury pod kątem badań efektywności inwestycji w ich akcje. Uwzględniając przesłanki wynikające z przeglądu literatury, przyjęto do zbadania następującą hipotezę: „efektywność inwestycji w akcje ukraińskich spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie jest niska”. Badaniem empirycznym objęto notowania 15 indeksów warszawskiej giełdy, w szczególności WIG-Ukraine, a także 8 spółek ukraińskich stanowiących skład tego indeksu, oraz 12 spółek polskich i 1 australijskiej, działających w tych samych branżach, co spółki ukraińskie (spożywcza i górnicza). Dla wszystkich tych instrumentów wyznaczono miesięczne stopy zwrotu zrealizowane w latach 2012–2021, średnie tych stóp zwrotu, odchylenia standardowe, współczynniki β oraz wskaźniki Sharpe’a i Treynora. Część wyników była zgodna z treścią badanej hipotezy (zwłaszcza w odniesieniu do samego indeksu WIG-Ukraine), a pozostała część nie, wobec czego zdecydowano o jej odrzuceniu. Nie można zatem twierdzić, że efektywność inwestycji w akcje ukraińskich spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie jest niska. Dodatkowym rezultatem badań było stwierdzenie znacznej rozbieżności między wynikami dla indeksu WIG-Ukraine a wynikami dla spółek wchodzących w jego skład.
The purpose of the article is to examine the efficiency of investments in the shares of Ukrainian companies listed on the Warsaw Stock Exchange. To achieve this aim, the history of the presence of ...Ukrainian companies on WSE in the economic and geopolitical context was analyzed, along with the literature review conducted in terms of research on the efficiency of investments in these shares. Taking into account the premises derived from the literature review, the hypothesis adopted for the examination was as follows: “The efficiency of investments in the shares of Ukrainian companies listed on the Warsaw Stock Exchange is low”. The empirical study covered the quotations of 15 indices of the WSE, in particular WIG-Ukraine index, as well as 8 Ukrainian companies constituting this index, and 12 Polish and 1 Australian company operating in the same industries as the Ukrainian ones (food and mining). For all these instruments, the monthly rates of return realized in the years 2012–2021 were calculated, as well as the means of these rates of return, standard deviations, β coefficients and Sharpe and Treynor indices. Some of the results were consistent with the hypothesis (especially with regard to the WIG-Ukraine index), and the others were not, so it was decided to reject them. Therefore, it cannot be claimed that the efficiency of investments in the shares of Ukrainian companies listed on the Warsaw Stock Exchange is low. An additional result of the research was the finding of a significant discrepancy between the results for the WIG-Ukraine index and the results for the companies constituting it.
Dodatek kwartalny Zimny, Artur; Hajdys, Dagmara; Uryszek, Tomasz
Finanse i Prawo Finansowe,
06/2016, Letnik:
3, Številka:
2
Journal Article
Recenzirano
Odprti dostop
"Koniunktura na rynku Venture Capital / Private Equity"
"Formalno-prawne aspekty implikacji partnerstwa publiczno-prywatnego w Polsce (cz. II)"
"Struktura podmiotowa zadłużenia Skarbu Państwa z ...tytułu skarbowych papierów wartościowych emitowanych na krajowy rynek w I kwartale 2016 r."
The aim of this article is to present activities aimed to improving cost-effectiveness and evenuesdiversification in higher education institutions operating in highly developed countries. On the ...basis ofthe analysis of foreign literature, methods of induction and deduction, and basing on the results of observationsof the Polish higher education system made in recent years by the author, it was possible toconfirmed the adopted hypothesis, according to which, despite significant social, economic, culturaland political differences between individual countries, financial challenges faced by higher education institutionsare very similar, and the experience of foreign universities can be important for Polish highereducation institutions. These experiences indicate the need to introduce some changes in the financingof higher education institutions in Poland, and, at the same time, outline the direction in which thefinancing system is likely to be heading.
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