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Open access

Anna Bluszcz and Anna Kijewska

Abstract

The company’s strategy that focuses on the growth of the company represented by the economic value added (EVA) requires the identification of factors affecting the size of the EVA. For this purpose, in the paper the formula for EVA was transformed in such a way as to reveal the determinants affecting its value. Three levels of disaggregation of EVA were assumed. At the first level EVA depends on the amount of invested capital (IC) and economic spread (EC). At the second level economic spread is expressed using the weighted average cost of capital (WACC) and the return on invested capital (ROIC). The third level takes into account the capital structure (wi), the cost of capital (ki), the profit margin (NOPAT/S) and invested capital turnover ratio (S/IC). Such disaggregation can be continued on the next levels of detail.

Using the method of successive substitutions an analysis of the cause and effect of the mining company, was conducted. In this way, we can indicate which factors and to what extent affected negatively and positively the change of EVA in the analysed year compared to the previous year. Such analysis allows decision makers to determine a strategy directed to the increase of the mining company’s value.

Open access

Anna Bluszcz

Abstract

The trends of the society for the continuous growth, combined with the demographic changes, today have led to the important ecological problems on a global scale, which include, among others: the increased use of non-renewable natural resources, an increase of the greenhouse gas emissions, contamination of soil, water, air and the progressive degradation of ecosystems. In the face of such serious threats the global initiatives of all countries are important to limit the results of the excessive consumption. The aim of the article is to present the methods of measurement of the consumption level of natural resources by the societies and the examination of relationships between the level of development of the societies and the use of resources. The popular measure – the ecological footprint – was used as a measurement method for the consumption of the today’s generations in relation to the regenerative possibilities of the natural environment. On the other hand, as the assessment method for the level of development of societies – the Human Development Index (HDI), including three basic areas: the life expectancy, GDP level per capita and education was used. The results of the research indicate that the current trend of the unlimited consumption of the highly developed countries takes place at the expense of the future generations.