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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

Alexandra Ioana Daniela Rus, Monica Violeta Achim and Sorin Nicolae Borlea

Abstract

The aim of this paper consists in providing a general overview of the notion of intellectual capital as a key to maximizing the corporate performance. Following the researches carried out, we present the delimitations of the intellectual capital in relation with human capital, relational capital and structural capital. In terms of its measurement, we focus on a question which could be a solid base for the next studies: “Can intellectual capital be evaluated?” In this regard, a number of methods (direct and methods based on assets returns), generic model and individual company models were presented, concluding in this way with a hierarchy in terms of utility and their importance.

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

Cristina-Veronica Partenie

Abstract

In the context of an increasing competition among Romanian universities for attracting students, developing a strong brand that appeals to the stakeholders’ needs and desires, while incorporating the institutions values and principles, is a desired course of action. A well-structured relatable brand enables future students to identify themselves with an institution and helps them in taking an important decision that could determine the outcome of their future. The present study analyses the factors that high school students consider when choosing to attend a certain university, through a quantitative research performed among 275 high school students from 33 high school institutions in Bucharest, Romania. Result helped classify the most important markers of a reputable university, which universities should consider when building branding programs. At the same time, universities’ communication strategies should appeal to values that they share with their targeted audiences in order to increase their attractiveness.

Open access

Mercy T. Musakwa and Nicholas M. Odhiambo

Abstract

This paper gives an overview of foreign direct investment (FDI) in South Africa from 1980 to 2017. It highlights trends in FDI inflows, reforms that have been implemented to date, and challenges that need to be addressed in order to increase the FDI inflows into the country. Government reforms on FDI have been two pronged. Firstly, there are policies that are aimed at creating a strong competitive industry and a strong industrial base for investment. Among such policies are trade liberalisation policies, multilateral and regional integration policies, supportive industrial policies, and bilateral trade agreements. Secondly, there are policies that directly target the FDI investment. These policies include, amongst others, investment incentives, regulatory reforms, exchange control relaxation, and Bilateral Investment Treaties (BITs) reforms. The findings from this study show that FDI inflows have increased significantly from 1990 although they still remain depressed.

Open access

Cordelia Onyinyechi Omodero

Abstract

This study investigates the effect of corruption on foreign direct investment inflows in Nigeria, by using some control variables. The study covers a period from 1996 to 2017 and employs Ordinary Least Squares method to perform the multiple regression analysis with the aid of SPSS version 20. The findings indicate that corruption has a significant positive influence on FDI. Though the influence of inflation is significantly negative but exchange rate and Nigeria’s corruption ranking position have insignificant positive impact on FDI. The implication is that the poor legal framework and institutional qualities in Nigeria are helping corruption to thrive in all areas of Nigeria’s economy and might ruin the young generation if nothing is done urgently. The study finds support for helping hand theory of corruption and FDI and also establishes that inflation has a significant negative influence on FDI inflows in the country. Therefore, the study recommends establishment of strong institutional and legal system to curtail the prevailing situation in order to save the future of the country.

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.