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Open access

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

Krystian Bigos

Abstract

Purpose: The aim of this article is to present the results of the research on the export of venture capi tal backed firms in the European Union countries.

Methodology: For the purpose of this article, the author created four linear regression models. He decided for export revenue to be a dependent variable. Then, the author verified the influence of four independent variables on export value.

Findings: The research found that the turnover of venture capital backed firms positively influences their export value. Moreover, the costs of employees also play an important role in export value explanation. Nevertheless, the empirical study did not confirm any strong positive correlation of analyzed firms’ export value with the number of employees and their share of shareholders’ funds in operating income.

Limitations: The analyzed period was limited only to 2016. Second, the study used only one dependent and four independent variables. Further research must include other variables, especially moderating ones, such as entrepreneurship ratio or availability of external financing forms. Third, the regression models were based on data retrieved from Orbis Database and can induce uncertainty regarding its credibility.

Originality: At present, there are still only few research studies that explore the export of venture capital backed firms.

Open access

Witold Morawski

Abstract

Purpose: The three goals of the article are: first, to show some arguments surrounding the notion of capitalism in theoretical perspective, and also somewhat bashful connotations since it was introduced in Poland after the fall of communism; second, to present some historical facts about the rise of capitalism in Poland in comparative perspective, mostly European; third, to look for cultural categories necessary for analysing the peculiarities of Polish socio-economic development as the part of so-called „the second Europe”.

Methodology: I go back to the history of European patterns of capitalist formation: Anglo-Saxon, French, German, Russian in order to show the Polish trajectory as strikingly different. Before entering the Polish case, I present Mary Douglas and Aaron Widavsky’s proposal – how to analyze four cultures: individualist, egalitarian, hierarchical and fatalistic (authoritarian).

Implications: The main finding is that economic interests are always socio-cultural constructions, hence all definitions of the real life decisions (on public vs private, risk, externalities etc.) that the people make, must frame them within working life of given culture as the combination of universalism and particularism (of above-mentioned four cultures).

Open access

Marek Maciejewski and Krzysztof Wach

Abstract

Purpose: The article discusses the pace of internationalization by empirically verifying the speed of internationalization of Polish international firms and identifying which pattern is more frequently used by international startups from Poland: born global or born regional.

Methodology: The article employs a quantitative approach. It builds on a sample of 355 international businesses from Poland (CATI survey).

Findings: By using t test, U test, and ANOVA, the analysis showed a correlation between the company’s international strategy as a planning instrument and the speed and scope of internationalization.

Research limitations/implications: Based on prior studies from other parts of the globe, we assume that among Polish companies the number of born regionals – i.e. businesses that are international from their inception – is growing, while their activity is mainly restricted to the European Union. Among Polish international firms, there are many born global. In the studied sample (selected randomly), the share of born globals was 61.5%, and global startups 43%, which is a very high rate. The results enable to adopt a hypothesis that the number of Polish-born regionals is relatively high in comparison with the traditional path and born globals.

Originality/value: The article describes one of the first studies to (i) capture the phenomenon of born regionals in Poland and (ii) enrich empirical studies on emerging markets such as Poland.

Open access

Łukasz Jabłoński

Abstract

Purpose: The aim of the paper is to overview the research on inequalities in economics. The paper is based on mainstream and heterodox economic theories and approaches addressing inequality and its economic interdependence.

Methodology: Due to its positive and normative nature, inequality is a complex concept that eludes precise definition. The available application of mainstream and heterodox approach to study inequality and its economic interdependence allows for the identification of various components of inequality. Classifications that fall within the mainstream economics especially reveal less numerous and often even different types of inequalities compared to heterodox approaches. Moreover, what determines within-country inequality is the number of driving forces related to the factual and regulatory sphere of an economy.

Findings: This study does not exhaust the general debate over inequality in economics. The question remains about the state of research dedicated to the outcomes of inequality, for instance, perceived in its dynamic and historical perspective. Moreover, there emerges a need to overview the theoretical and empirical research dedicated to inequality in terms of not only its driving forces but also economic outcomes.