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Michał Comporek

Abstract

One of the most important analytical spheres enabling the diagnostic estimation of intentional changes in a company’s financial result is the area of accrual adjustments of net profit, separated in the cash flow statement prepared using the indirect method. The special cognitive value of accrual differences can be seen when the structure of total accruals is separated by those adjustments that are not directly related to the real activity of the enterprise, and are the result of subjective accounting choices. The main objective of the article is to present the selected econometric models used for examining accrual-based earnings management phenomenon in Poland. The analysis includes following regression models, namely: the Jones model, the Kasznik model, the Dechow-Dichev model and the McNichols model. The empirical studies were conducted among listed companies qualified for the Warsaw Stock Exchange indices: WIG-20 and mWIG-40, whose shares were traded for at least ten years in 1998-2017.

Open access

Małgorzata Zaleska and Przemysław Kondraciuk

Abstract

The aim of this article is to systematise the approach to innovation in the economic theory and to define the indicators used to measure the innovativeness of world economies. The considerations are focused on innovation in the banking sector as it is one of the most innovative sectors worldwide. The identification of the stages of innovation development in this branch is worth emphasising, along with the description of its economic and legal determinants.

Open access

Anna Białek-Jaworska and Justyna Dobroszek

Abstract

An effective knowledge-based economy requires regular cooperation between science and business. This is possible thanks to enterprises that create and implement innovations The paper focuses on the recognition of R&D expenditure. This aims to verify if firms with a scientist on their board are more likely to invest in the R&D. We conduct a tobit panel analysis of over 18,000 Polish private firms combined with data on patents and scientists employed at universities. The findings show that firms with scientists on the supervisory board are likely to invest more in R&D. However, these investment in R&D of firms with a scientist on the board are financial constraint. Their growth depends on access to finance. Therefore, institutions in Poland should support and promote cooperation between science and business, aiming for the realization of the implementation research. This approach requires updated regulations in the accounting area relating to the recognition of R&D inputs and outcomes.

Open access

Katarzyna Budny, Joanna Krasodomska and Katarzyna Świetla

Abstract

This study investigates the influence of M&A on the performance of banks operating in Poland. We use a sample of 14 transactions that occurred in the Polish banking sector from 2001 to 2015. Our data set includes pre and post-merger accounting information covering a period of two years before and after the merger. We follow Pilloff’s [1996] approach to determine the average performance changes measured with ROAA and ROAE. According to the research results, M&As transactions seem to affect profitability as both ROAA and ROAE means change. However, these changes do not follow the same trend. The correlations between the acquirer’s pre-merger weighted performance measured with ROAA and ROAE and merger-related changes in performance are significant and negative. The same situation is observed as regards the target pre-merger weighted performance measured with ROAE and merger-related changes in performance. The results also suggest that large acquirers are associated with less successful M&A.

Open access

Aleksandra Helena Pasieczna

Abstract

This paper reports our estimates of the Value at Risk using Monte Carlo simulations for which we developed a computer program. Our approach involves obtaining Monte Carlo parameters by fitting real historical data of different periods to probability distributions. We applied the algorithm to the WIG20 and mWIG40 stock indices, and performed simulations for the Value at Risk at 95% and 99% confidence intervals over six estimation periods ranging from 1 trading day to 250 trading days. This approach was evaluated using the percentage failures and the Kupiec Proportion of Failures test. Our results indicate that this method is highly influenced by the choice of past historical and estimation period lengths considered. Overall, we observed that the Monte Carlo computational scheme is a reliable method for quantifying VaR when parametrized well.

Open access

Justyna Bogołębska

Abstract

Dividend policy is created and formulated by companies. For this reason, the focus of the analysis is on the message conveyed by the information on the dividend payout, the relationship between the dividend and financial indicators, the continuity of the payout and the amount of the dividend itself. Decisions on the dividend payment include two basic issues: what portion of profits should be paid out over a certain period of time and whether the company should maintain a steady and stable growth rate. If a steady and stable growth rate is maintained, then the level of earnings will increase from year to year. This phenomenon is confirmed by the growing number of companies paying dividends. The purpose of the article is to indicate significant differences in stock prices before the dividend payment and after the dividend payment, and to indicate significant differences in stock prices before the announcement of the dividend right and after the announcement of the dividend right.

Open access

Joanna Samul, Elzbieta Skapska and Dmitrij Pankov

Abstract

Knowledge-Intensive Business Services (KIBS) are services that involve intensive use of high technologies, specialized skills and professional knowledge. However, there are insufficient findings on the competences of employees in the sector of KIBS. The purpose of this paper is to present the results of the research on employees’ competences in different service sectors of two CEE countries: Poland and Belarus. This study adopted a quantitative approach based on a questionnaire applied to 101 companies from Poland and 42 companies from Belarus. The comparative analysis shows quite similar findings - the most significant competencies are employee engagement, motivation and customer-focused orientation and play a crucial role in the efficiency of services in both countries.

Open access

Diana Ivana

Abstract

Internships are increasingly important for the business higher education as they help students to make the connection between their academic studies and the world of business. This study analyzes the internships of students within an international study program (German line of study) in order to determine what factors account for the most valuable internship experience. Based on the elements of the experiential education approach, the results reveal some characteristics that contribute to a higher level of perceived internship effectiveness in accordance with the employment status and gender. These results provide a basis for designing successful internship programs in business universities.

Open access

Daniel Francois Meyer and Kaseem Abimbola Sanusi

Abstract

In terms of macro-economic policy, gross fixed capital formation, which is the major component of domestic investment, is seen as an important process that could accelerate economic growth. This study re-examines the controversial issue of causality between domestic investment, employment and economic growth using South African data. The traditional assumption of causality running from investment to economic growth has remained inconclusive while empirical findings on the investment and employment growth nexus are also largely unsettled. The study makes use of quarterly data from 1995Q1 to 2016Q4 within the framework of the Johansen cointegration and Vector Error Correction Models (VECM). The empirical findings suggest that a long run relationship exists between domestic investment, employment and economic growth, with causality running from economic growth to investment and not vice versa. The results also demonstrate that investment has a positive long-run impact on employment. The empirical evidence further suggests bi-directional causality between employment and economic growth, while evidence of uni-directional causality, from investment to employment, is also found. The major implication of the study is that although there is bi-directional causality between economic growth and employment, economic growth does not translate to increased employment in the long run confirming “jobless growth”. Investment is found to be a positive driver of employment in the South African economy in the long-run. The study concludes that, in order to stimulate employment, investment enhancing policies, such as low interest rates and a favourable economic environment should be put in place to accelerate growth. Measures to promote economic growth, such as improved infrastructural facilities and diversification of the economy, should be further engineered so as to encourage increased investment.

Open access

Florina Livia Covaci

Abstract

The 4th industrial revolution brings in a transformation of the traditional supply chain towards a digital supply chain. The machines will be able to use algorithms that will enable them to automate the supply chain formation process and to quickly react to disruptions. The current approach proposes a mechanism based on a message passing inference scheme in order to address the automated supply chain formation problem in a closed-loop supply chain by integrating forward and reverse supply chains. Forward supply chain imply a series of activities required to produce new products from virgin materials and distribute them to consumers while reverse supply chains require collecting used products from consumers and reprocessing them to either recover their leftover market values or dispose of them. It has become common for companies involved in a forward supply chain to also carry out collection and reprocessing of used products. Strict environmental regulations and diminishing raw material resources have intensified the importance of reverse supply chains at an increasing rate. The proposed mechanism is evaluated using two type of supply chain configurations from textile and automobile industry, demonstrating that automated integration of reverse supply chains along with forward supply chains, lead to benefits for the participants in the supply chain.