Financialisation level of non-financial enterprises in European Union countries : a comparative analysis

Purpose: The main aim of this article is to measure and compare the level of financialisation of enterprises in the European Union countries and determine the correlation between this process and the size of the financial sector, measured by the ratio of its assets to GDP. Approach/Methodology/Design: An analysis of the differentiation in the level of financialisation of non-financial enterprises in the EU was made, and the scale and direction of changes in this process between 2009 and 2018 were determined. The analysis uses a synthetic indicator of enterprise finalization (SIEF) that allows assessing the level of this phenomenon in non-financial entities. The taxonomic standard method was used in the construction of the indicator. The source of empirical materials for research were the financial data of companies, from 2009-2018, derived from the pan-European database of financial statements of the companies "Amadeus". Findings: It has been shown that the average level of enterprises’ finalization in the EU countries measured by the synthetic SIEF index is varied, but in most EU countries the scale of this variation did not change significantly between 2009 and 2018. In the analyzed period, the SIEF index fell in almost all EU countries and the trend concerned both countries that had a relatively high level of SIEF in 2009 and countries with a low level of this indicator. Practical Implications: The synthetic SIEF indicator presented in the study may be a useful tool for international, regional or industry comparative analyses of the degree of finalization of non-financial enterprises. Originality/Value: Most of the scientific studies on financialisation focus on the financial sector and the importance of this process for the entire economy and the stability of the financial sector. Therefore, the macroeconomic approach dominates. The value of this study is the microeconomic approach, i.e., examining the process of enterprise financing based on economic and financial data obtained from companies' financial reporting. A comparative analysis of the level of finalization and its changes in 2009-2018 in individual EU countries used in the study may constitute the basis for further in-depth research on the determinants of this phenomenon.peer-reviewe

Credibility of Discriminatory Models on the Example of Enterprises from the Lubelskie and Podkarpackie Voivodeships

Theoretical background: The results of the conducted research allowed the classification of early-warning models according to the accuracy of the forecasts received for the last year of the study. Purpose of the article: The aim of the article was verification and prognostic assessment of discriminative models popular among researchers, answer to the question whether the model properly reflects the financial situation of the company. Research methods: The basis of all the methods used in this article was the analysis of existing data and methods of discriminant analysis. Main findings: The selected models properly reflected the financial situation of the 84 enterprises surveyed.Theoretical background: The results of the conducted research allowed the classification of early-warning models according to the accuracy of the forecasts received for the last year of the study.Purpose of the article: The aim of the article was verification and prognostic assessment of discriminative models popular among researchers, answer to the question whether the model properly reflects the financial situation of the company.Research methods: The basis of all the methods used in this article was the analysis of existing data and methods of discriminant analysis.Main findings: The selected models properly reflected the financial situation of the 84 enterprises surveyed

Rozwój sektora bankowego w krajach Europy Środkowo-Wschodniej

Głównym celem artykułu było określenie poziomu rozwoju sektora bankowego krajów Europy Środkowo-Wschodniej (ESW) i porównanie go do poziomu przeciętnego dla całej Unii Europejskiej oraz strefy euro. Analizie poddano zmienne dotyczące wielkości sektora, dostępności usług bankowych, a także efektywności ekonomicznej i stabilności sektora. Obliczony na ich podstawie syntetyczny wskaźnik rozwoju sektora bankowego wykazał, że zmniejsza się zróżnicowanie w rozwoju sektora bankowego pomiędzy krajami ESW. W latach 2008-2016 większości krajów regionu zmniejszyła także dystans w rozwoju sektora w stosunku do średniej w Unii Europejskiej

Woda jako dobro wspólne

Udostępnienie publikacji Wydawnictwa Uniwersytetu Łódzkiego finansowane w ramach projektu „Doskonałość naukowa kluczem do doskonałości kształcenia”. Projekt realizowany jest ze środków Europejskiego Funduszu Społecznego w ramach Programu Operacyjnego Wiedza Edukacja Rozwój; nr umowy: POWER.03.05.00-00-Z092/17-00

Isochronal conditions - the key to maintain the given solubility limit, of a small molecule within the polymer matrix, at elevated pressure

In this work, we proposed the method to maintain the desired level of drug’s solubility within the polymer matrix by adjusting conditions to uphold the same molecular dynamics of the system (e.g., temperature for set elevated pressure or vice versa). Namely, we observed, that recrystallization of the drug from the supersaturated drug−polymer system, initiated for the same structural relaxation time of the sample (τα‑1) ceases when certain, different than the initial, molecular mobility of the systems is reached (τα‑2)regardless of a given combination of temperature and pressure conditions. Based on the presented results, one can conclude that the molecular dynamics seem to control the process of recrystallization of the excess amount of solute from the supersaturated solution (e.g., small molecules dissolved within the polymer). Therefore, it appears that the elevated pressure compensates the effect of solubility enhancement caused by the elevated temperature. Such information not only is of fundamental relevance in science but also, from a much broader perspective, could be potentially very useful considering extrusion-based manufacturing methods

Physical Stability and Viscoelastic Properties of Co-Amorphous Ezetimibe/Simvastatin System

The purpose of this paper is to examine the physical stability as well as viscoelastic properties of the binary amorphous ezetimibe–simvastatin system. According to our knowledge, this is the first time that such an amorphous composition is prepared and investigated. The tendency toward re-crystallization of the amorphous ezetimibe–simvastatin system, at both standard storage and elevated temperature conditions, have been studied by means of X-ray diffraction (XRD). Our investigations have revealed that simvastatin remarkably improves the physical stability of ezetimibe, despite the fact that it works as a plasticizer. Pure amorphous ezetimibe, when stored at room temperature, begins to re-crystallize after 14 days after amorphization. On the other hand, the ezetimibe-simvastatin binary mixture (at the same storage conditions) is physically stable for at least 1 year. However, the devitrification of the binary amorphous composition was observed at elevated temperature conditions (T = 373 K). Therefore, we used a third compound to hinder the re-crystallization. Finally, both the physical stability as well as viscoelastic properties of the ternary systems containing different concentrations of the latter component have been thoroughly investigated

High-Pressure Dielectric Studies—a Way to Experimentally Determine the Solubility of a Drug in the Polymer Matrix at Low Temperatures

In this work, we employed broad-band dielectric spectroscopy to determine the solubility limits of nimesulide in the Kollidon VA64 matrix at ambient and elevated pressure conditions. Our studies confirmed that the solubility of the drug in the polymer matrix decreases with increasing pressure, and molecular dynamics controls the process of recrystallization of the excess of amorphous nimesulide from the supersaturated drug−polymer solution. More precisely, recrystallization initiated at a certain structural relaxation time of the sample stops when a molecular mobility different from the initial one is reached, regardless of the temperature and pressure conditions. Finally, based on the presented results, one can conclude that by transposing vertically the results obtained at elevated pressures, one can obtain the solubility limit values corresponding to low temperatures. This approach was validated by the comparison of the experimentally determined points with the theoretically obtained values based on the Flory−Huggins theory

Ternary eutectic ezetimibe-simvastatin-fenofibrate system and the physical stability of Its amorphous form

In this study, the phase diagram of the ternary system of ezetimibe−simvastatin−fenofibrate was established. It has been proven that the ternary composition recommended for the treatment of mixed hyperlipidemia forms a eutectic system. Since eutectic mixtures are characterized by greater solubility and dissolution rate, the obtained result can explain the marvelous medical effectiveness of combined therapy. Considering that another well-known method for improving the aqueous solubility is amorphization, the ternary system with eutectic concentration was converted into an amorphous form. Thermal properties, molecular dynamics, and physical stability of the obtained amorphous system were thoroughly investigated through various experimental techniques compared to both: neat amorphous active pharmaceutical ingredients (considered separately) and other representative concentrations of ternary mixture. The obtained results open up a new way of selecting the therapeutic concentrations for combined therapies, a path that considers one additional variable: eutecticity

How does the CO2 in supercritical state affect the properties of drug-polymer systems, dissolution performance and characteristics of tablets containing bicalutamide?

The increasing demand for novel drug formulations has caused the introduction of the supercritical fluid technology, CO2 in particular, into pharmaceutical technology as a method enabling the reduction of particle size and the formation of inclusion complexes and solid dispersions. In this paper, we describe the application of scCO2 in the preparation of binary systems containing poorly soluble antiandrogenic drug bicalutamide and polymeric excipients, either Macrogol 6000 or Poloxamer®407. The changes in the particle size and morphology were followed using scanning electron microscopy and laser di raction measurements. Di erential scanning calorimetry was applied to assess thermal properties, while X-ray powder di ractometry was used to determine the changes in the crystal structure of the systems. The dissolution of bicalutamide was also considered. Binary solid dispersions were further compressed, and the attributes of tablets were assessed. Tablets were analyzed directly after manufacturing and storage in climate chambers. The obtained results indicate that the use of supercritical CO2 led to the morphological changes of particles and the improvement of drug dissolution. The flowability of blends containing processed binary systems was poor; however, they were successfully compressed into tablets exhibiting enhanced drug release

Hydrogeochemical anomaly in the Tatra Mountains : a spring with sulphate water

The paper contains the results of analysis of chemical, isotopic and trace metal composition of anomalous spring water in the Tatra Mts. Obtained data were the basis for an attempt to determine the origin of this hydrogeochemical anomaly. The spring is located in the Tomanowa Valley in the Western Tatra Mts. The spring water is characterized by the mineralization (TDS) above 500 mg/dm3. As regards the chemical composition of the water, Ca2+ ions show the highest concentration among cations, while HCO- among anions. The spring water has been assigned to the: SO —HCO—Ca-Mg hydrochemical type. Among trace metals, Sr, Ba, B, Li and Al. reveal The highest concentrations. The oxygen and hydrogen isotopic composition(δ18O and δ2H) indicates that this is infiltration water. Delta values of oxygen and sulphur isotopes (δ18OS and δ34S) of the sulphate ion indicate that SO4 of this spring water is likely derived from leaching of gypsum or anhydrite evaporites