Determinants of the return on equity ratio (ROE) on the example of companies from metallurgy and mining sector in Poland

The purpose of this article is to present the possibilities of analyzing popular among investors ratio of ROE and identification the determinants of its growth or decline. Traditionally, according to the DuPont formula three indicators are presented as the primary determinants of ROE. The paper shows the possibility of a broader look at the issue and use of the five factors affecting the ROE. This approach reveals that, using various financial and operational strategies one can influence ROE. The analysis was conducted on the example of two Polish companies from mining and metallurgy sector

Determinants of the return on equity ratio (ROE) on the example of companies from metallurgy and mining sector in Poland

The purpose of this article is to present the possibilities of analyzing popular among investors ratio of ROE and identification the determinants of its growth or decline. Traditionally, according to the DuPont formula three indicators are presented as the primary determinants of ROE. The paper shows the possibility of a broader look at the issue and use of the five factors affecting the ROE. This approach reveals that, using various financial and operational strategies one can influence ROE. The analysis was conducted on the example of two Polish companies from mining and metallurgy sector

Challenges of sustainable development in the mining and metallurgy sector in Poland

The purpose of this article is to present the degree of involvement of Polish companies from the mining and metallurgical industry in activities for sustainable development. Various initiatives, which aim to promote sustainable development and Corporate Social Responsibility (CSR) are discussed. ISO 26000 is the recognized international standard for CSR and it forms the basis for sustainable development. The paper also presents problems of integrated reporting of CSR activities and an index of socially responsible companies which is the Respect Index, introduced by the Warsaw Stock Exchange. Two presented companies from the analysed sector are listed by the Respect Index

El concepto de la Primera Causa en el Segundo Libro del Periphyseon de Juan Escoto Eriúgena

The aim of this paper is to present the Eriugenian concept of the First Cause as developed in Book Two of his Periphyseon. The paper begins with Eriugena’s fourfold division of nature, and focuses upon his concept of the second form of nature, which consists of primordial causes. Eriugena’s view that God the Father has established in the Beginning, i.e. in His Son, the primordial causes of everything that are at once eternal and created, has led to many misconceptions and accusations of pantheism and subordinationism. These problems can be resolved against the background of Eriugena’s interpretations of Divine creative activity as well as his Trinitarian considerations

Economic value added in metallurgy and mining sector in Poland

Economic change and increased competition in such a difficult sector as mining and metallurgy sector requires updating the existing methods of measuring the value of a company. Supporters of the shareholder value theory believe that the only aim of the company is to increase the value for the owners. Hence there is a need to indicate the measurement value of the determinant. The paper pointed out the need to adapt the tools of measurement to the current expectations and demands of the market. Among different measures Economic Value Added (EVA) is increasingly used. EVA indicates the ability of companies to generate economic value for the owners of capital

Conditions for sustainable growth (SGR) for companies from metallurgy and mining sector in Poland

The purpose of the article was to show that the growth of the company cannot constitute a goal in itself. It must be confronted with the actual capabilities of the growth of the company and the conditions for obtaining any funds that could finance this growth. The paper presents fundamental relations that management must take into account so as to develop in sustainable way. In each case, an overview of the various options must be taken in order to choose the optimal solution in the existing conditions. The analysis was conducted on the example of two companies from the mining and metallurgical sector listed on the Stock Exchange in Warsaw

Human mind as manifestation of God’s Mind in Eriugena’s philosophy

Muchos estudiosos, entre ellos B. Stock, han llamado la atención hacia las palabras de Eriúgena en Periphyseon IV 776, que pueden describirse con razón como el cogito de Eriúgena, a saber, las palabras intelligo me esse. Aquí quiero discutir la función especial del cogito de Escoto en su pensamiento. El cogito de Escoto, a diferencia del de Descartes, no pretende fundar la certeza de la existencia del sujeto, ni por lo tanto fundar la certeza de su sistema. El significado del cogito de Escoto se recupera cuando se ve como manifestación del Dios oculto y el “lugar” para la constitución del mundo.Many scholars, B. Stock among them, pointed to the words in Eriugena’s Periphyseon IV 776, which could with good reason be described as Eriugena’s cogito, namely the words intelligo me esse. Here I would like to discuss the special function of Scotus’ cogito in his thought. Scotus’ cogito, unlike Descartes’, is not meant to ground the certainty of the subject’s existence and thereby to provide the foundation for the certainty of his system. The full meaning of Scotus’ cogito is recovered when it is seen as a manifestation of hidden God and the “locus” for the constitution of the world

Genetic differentiation of brackish water populations of cod Gadus morhua in the southern Baltic, inferred from genotyping using SNP-arrays

The Baltic is a semi-enclosed sea characterised by decreasing salinity in the eastern and northern direction with only the deeper parts of the southern Baltic suitable as spawning grounds for marine species like cod. Baltic cod exhibits various adaptations to brackish water conditions, yet the inflow of salty North Sea water near the bottom remains an influence on the spawning success of the Baltic cod. The eastern Baltic population has been very weakly studied in comparison with the western population. The aim of this study is to demonstrate for the first time genetic differentiation by the use of a large number of SNPs between eastern and western Baltic populations existing in differentiated salinity conditions. Two cod samples were collected from the Bay of Gdańsk, Poland and one from the Kiel Bight, Germany. Samples were genotyped using a cod derived SNP-array (Illumina) with 10 913 SNPs. A selection of diagnostic SNPs was performed. A set of 7944 validated SNPs were analysed to assess the differentiation of three samples of cod. Results indicated a clear distinctness of the Kiel Bight from the populations of the eastern Baltic. FST comparison between both eastern samples was non-significant. Clustering analysis, principal coordinates analysis and assignment test clearly indicated that the eastern samples should be considered as one subpopulation, well differentiated from the western subpopulation. With the SNP approach, no differentiation between groups containing ‘healthy’ and ‘non-healthy’ cod individuals was observed

Adaptive Radiation within Marine Anisakid Nematodes: A Zoogeographical Modeling of Cosmopolitan, Zoonotic Parasites

Parasites of the nematode genus Anisakis are associated with aquatic organisms. They can be found in a variety of marine hosts including whales, crustaceans, fish and cephalopods and are known to be the cause of the zoonotic disease anisakiasis, a painful inflammation of the gastro-intestinal tract caused by the accidental consumptions of infectious larvae raw or semi-raw fishery products. Since the demand on fish as dietary protein source and the export rates of seafood products in general is rapidly increasing worldwide, the knowledge about the distribution of potential foodborne human pathogens in seafood is of major significance for human health. Studies have provided evidence that a few Anisakis species can cause clinical symptoms in humans. The aim of our study was to interpolate the species range for every described Anisakis species on the basis of the existing occurrence data. We used sequence data of 373 Anisakis larvae from 30 different hosts worldwide and previously published molecular data (n = 584) from 53 field-specific publications to model the species range of Anisakis spp., using a interpolation method that combines aspects of the alpha hull interpolation algorithm as well as the conditional interpolation approach. The results of our approach strongly indicate the existence of species-specific distribution patterns of Anisakis spp. within different climate zones and oceans that are in principle congruent with those of their respective final hosts. Our results support preceding studies that propose anisakid nematodes as useful biological indicators for their final host distribution and abundance as they closely follow the trophic relationships among their successive hosts. The modeling might although be helpful for predicting the likelihood of infection in order to reduce the risk of anisakiasis cases in a given area