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  • Author: Mirko Dohnal x
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Abstract

The paper presents a simple qualitative model of environmental consequences of wildlife tourism. Qualitative models use just three values: Positive/Increasing, Zero/Constant and Negative/Decreasing. Such quantifiers of trends are the least information intensive. Qualitative models can be useful, since models of wildlife tourism include such variables as, for example, Biodiversity (BIO), Animals’ habituation to tourists (HAB) or Plant composition change (PLA) that are sometimes difficult or costly to quantify. Hence, a significant fraction of available information about wildlife tourism and its consequences is not of numerical nature, for example, if HAB is increasing then BIO is decreasing. Such equationless relations are studied in this paper. The model has 10 variables and 20 equationless pairwise interrelations among them. The model is solved and 15 solutions, that is, scenarios are obtained. All qualitative states, including the first and second qualitative derivatives with respect to time, of all variables are specified for each scenario.

Abstract

In this paper, we intend to contribute evidence in regard to going public financial impact and thus motivation on a sample of mature companies that launched an IPO at the Warsaw Stock Exchange between 2005 and 2015. First, we review recent literature focusing on financial and non-financial consequences of an IPO. Next, we use fuzzy sets and fuzzy reasoning to define a “mature” company and assess financial consequences of going public. Our main conclusion is that the majority of Polish mature companies use an IPO as a channel how to raise capital and accelerate their investments and growth. This contradicts many previous empirical studies highlighting that the main motivation of mature companies to go public is to use the capital raised within an IPO to rebalance their capital structure.