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Financial situation of insurance sector for example, a Stock – Exchange Company PZU

Abstract

The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland.

The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition.

In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.

Open access
Options in Corporate Finance Management

Abstract

Although there are many opinions critical of options, especially after the 2008 scandal, they are becoming increasingly popular in Poland again. Therefore, issues connected with options are not only the subject of interest in academic circles again but also arouse interest of economic entities, allowing enterprises to assess a variety of action strategies. Those instruments enable planning safeguards to protect against various negative future scenarios. Hence, it comes as no surprise that there has been an increase in the number and variety of enterprises that have accepted options as a way to plan for their future. The article provides a brief presentation of options. It also describes one of their pricing methods. Light of the foregoing has been hypothesized that 'valuation of options using mathematical calculators using the binomial model is an effective tool for supporting management positions in futures instruments’.

Open access
The post-crisis strategies of exchange banks in Poland in the context of their operating effectiveness

Abstract

The global financial crisis changed the customers’ approach to the banking sector. Nowadays, banks are often perceived not as public trust institutions, but enterprises operating with a huge risk on a highly competitive market and set on a short-term profit. Such an approach and the financial results of the global financial crisis influence the banking sector in a direct and indirect way. As a result, banks in the post-crisis period had to adopt such operating strategies, which allowed them to rebuild the trust and successfully and effectively function on the financial service market. The aim of the article is the analysis of the management strategy adopted by banks and the evaluation of their effectiveness in the postcrisis period. The author presents a thesis that the change in the strategies of managing a bank after the crisis in 2008 resulted in limiting the risk and increasing the effectiveness of bank operating. In order to verify the thesis, the available materials on the strategies adopted by the exchange banks were compared and their effectiveness in the years 2009-2012 was analyzed.

Open access
Public Debt under Financial Crisis in the New EU Member States

Abstract

With the growing imbalance of public sectors in the EU Member States, the public debt in the countries increased too. Public debt management institutions face the task of choosing the optimal debt structure in order to minimize the negative effects for the economy.

This article sets out to determine changes in the public debt structure in the EU Member States during economic crisis. It consists of four sections. Section one deals with public debt management under crisis conditions. In the next sections, the term, currency and lender structure of public debt in the new Member States are analysed and discussed. The last section presents major conclusions from the research.

Open access
The use of accounting tools in the assessment of enterprise financing policy – debt and liquidity

Abstract

The article is devoted to the use of accounting tools in the assessment of financial policy of enterprises in the financial crisis. The purpose of the article was to show the impact of financial structure on the financial liquidity of chosen similar firms.

The study hypothesized that during financial crisis, a better financial position in terms of liquidity have firms, which limit the level of short - term liabilities in financing short - term assets. To verify the hypotheses, the analysis of documents (financial statements) and debt and liquidity ratios were used.

Open access
The Usefulness of Integrated Reports for Stock Market Investors

Abstract

The huge risks associated with decisions made by key players in the capital market, i.e. investors, encourage them to explore any useful information. Therefore, stock market investors have an increasing interest in expenditures and achievements in all aspects of business activities of any corporation in which they may invest. Traditionally, they look for financial information, and increasingly for non-financial information as well, that all are about activities which are determined by and have implications to the natural environment, the society, and corporate governance (ESG). As a result, this information creates the image of Corporate Social Responsibility (CSR), and investors, who in the construction of investment portfolios take into account non-economic criteria, create Socially Responsible Investment (SRI) market.

The aim of the paper is to highlight the need to satisfy market investors' expectations of CSR information by the companies listed on the stock exchange. Secondly, the aim of this paper is to indicate characteristics that make financial and non-financial information presented in Integrated Reports useful for stock market investors.

As a result it has been confirmed that there is a need to produce business reports in which corporate approach to social responsibility is taken into account. Moreover, characteristics of non-financial information which are about their usefulness for investors in the process of decision-making have been identified and whether market regulators show an interest in integrated reporting has been established.

Open access
Value Added Intellectual Coefficient (VAIC™) as a Tool of Performance Measurement

Abstract

Measurement of the performance of organization is crucial for proper economic decisions. Traditionally, it was focused mainly on financial indicators, that in the Information and Knowledge Era are no longer sufficient and do not reflect in a transparent, complete and cohesive way the multi-dimensional outcomes of business units activities. With the increase of knowledge and other intangibles as the sources of competitive advantage and future viabilities of business units, the performance measurement process must be enlarged by new approaches and new indicators.

This aim of this article is to outline the evolution of the concept of measuring the companies’ performance and to present one of the methods for evaluation of enterprises’ performance - VAIC ™ - which by the definition of its author should satisfy the requirements of the New Economy [Pulic 2000, pp. 702-771]. This article focuses on highlighting the characteristics of this method and the algorithm of its calculation. It also attempts to assess the VAIC™ method, indicating its validity and usefulness. The practical example of VAIC™ calculation and interpretation in Polish media sector companies is used, covering the period of analysis of 2007-2011.

Open access
Young people in the labor market. Improvement or stagnation?

Abstract

The aim of the study is that evaluate the situation of young people on the labor market in Poland and the European Union, as well as to identify the main determinants have an impact That on it. As is clear from the study, in comparison to the average in the countries of European Union, the situation of young people in Poland is even more difficult, as evidenced by Analyzed in this elaboration parameters characterizing both economic activity and unemployment. In Celui improve the competitive position of young people, it is necessary to implement a series of actions, especially those that enable them to acquire skills in line with the expectations of employers. In the analyzes Assumed ages 15-24 years. The lower limit of age is specified to polish law of so-called the minimum age at Which you can hire an employee, and the upper limit-is consistent with international findings.

Open access