The Dilemmas over Credit Policy Management in a Company

Purpose of the article The paper identifies the core dilemmas over the establishment of the credit policy in a company. It considers the general scope and basic stages of credit policy management and analyses each stage of credit policy in terms of decisive aspects. The main areas of concerns are discussed within the settlement of credit policy and its implementation with regard to the model of optimal credit policy. Scientific aim The paper aims at constructing a unified model of issues rising dilemmas while setting and implementing the credit policy management. It also aims at identifying core decisive problems in each of these fields and at providing a structured questions framework. Methodology/methods The paper is based on conceptual analysis and deduction of the literature and general review of issues related to credit policy management. It containts autors’ own view on the problems included in each stage of credit policy management. Findings Credit policy management is a subject for numerous dilemmas. The main areas of concerns are related to: the decision about the goal of credit policy managemet with regard to its restrictiveness, the settlement of credit policy with regard to elements of credit policy, and finally the implementation with regard to the risk of bad debts occurrence. Conclusions (limits, implications etc) The establishment of credit policy in a company requires to balance contrary interests and thus involves wide variety of issues to be considered. The presented model of decisive problems might be applied in each company regardless to their size

Perspektywa CSR a cel działania przedsiębiorstwa – studium na przykładzie wybranych spółek

This paper addresses the problem of implementing CSR concept in enterprises, with regard to the way the corporate objective is defined. The purpose of this paper is to investigate the way the corporate objective is defined in the largest public companies listed in the WIG30 index. The method of content analysis is applied to analyze the reports, documents and information posted on the corporate websites. The analysis shows that companies define objectives in a very different way, referring to the category of value (understood in different ways), the financial categories and ratios or the expectations of the different stakeholders. The majority of the analyzed companies explicitly emphasize the issues of social responsibility and sustainable development. However, these objectivesare not always articulated in a direct way,which may be inadequate from the point of view of stakeholders’ information needs.Artykuł odnosi się do problemu implementacji założeń koncepcji CSR w przedsiębiorstwach w odniesieniu do sposobu definiowania i komunikowania celu działania. Celem opracowania jest zbadanie sposobu definiowania celu działania w największych spółkach giełdowych zaliczanych do indeksu WIG30. W badaniu zastosowano analizę treści komunikatów, raportów i informacji zamieszczanych na stronach korporacyjnych spółek. Przeprowadzona analiza wykazała, że spółki w bardzo różny sposób definiują cele działania, odnosząc się do kategorii wartości (w różny sposób rozumianej), wybranych kategorii finansowych czy oczekiwań różnych grup interesariuszy. Większość badanych spółek akcentowała wyraźnie kwestie mieszczące się w sferze koncepcji społecznej odpowiedzialności i zrównoważonego rozwoju. Jednak cele te nie zawsze były artykułowane w sposób bezpośredni, co nie do końca jest adekwatne z punktu widzenia potrzeb informacyjnych interesariuszy spółek

Behawioralne podejście do formułowania celów przedsiębiorstwa

The main aim of this paper is to present the behavioural decision-making model as an alternative to the neoclassical approach to defining corporate objectives. Elementary stag-es of the behavioural decision-making process are presented with regard to the interests of various stakeholders. The analysis of the practical solutions revealed that the majority of the analysed companies emphasize a behavioural approach to defining objectives, while using a neoclassical approach. In this way the contents of the defined objectives become complementary. It was also found that limited interest in a behavioural model of deci-sion-making may result from the unclear principles regarding the determination of aspira-tion levels and the difficulty in assessing the performance of a company.Celem artykułu jest prezentacja behawioralnego modelu podejmowania decyzji jako alternatywy dla neoklasycznego podejścia do formułowania celów przedsiębiorstwa. Na tym tle przedstawiono etapy procesu formułowania celów z uwzględnieniem oczekiwań różnych interesariuszy. Analiza danych empirycznych wykazała, iż większość z badanych spółek w formułowaniu celów akcentuje podejście behawioralne, jednocześnie stosując podejście neoklasyczne. Stwierdzono także, iż ograniczone zainteresowanie behawioralnym modelem podejmowania decyzji może być wynikiem, między innymi, niejasnych zasad co do określania poziomów aspiracji, jak i trudności w ocenie wyników osiąganych przez przedsiębiorstwo

Working Capital Management and Liquidity Reserves: The Context of Risk Retention

Working capital management belongs to most relevant company's decisions, as it influences both profitability and liquidity. In the liquidity context, the paper offers a broader view on the scope of working capital management decisions, by expanding its linkages with risk management. In particular, the paper develops a conceptual model of the analysis of company's liquidity reserves, which is relevant for establishing company's risk retention capabilities. In the empirical layer, the paper examines the sample of Polish listed companies with regard to the magnitude, relevance and time-suitability of liquidity reserves. The empirical verification is also directed on the identification of these areas of working capital management which are relevant for sourcing liquidity reserves. In this aspect, cluster analysis and factor analysis was implemented. The study found that the majority of the examined companies hold liquidity reserves. As the most relevant aspect of working capital management the maintenance of financial stability has emerged

Corporate Financial Stability and Change of Capital Availability as a Result of a Loss Event

The main purpose of the study is to present the parameters of financial stability of a company, as well as to show the direction of their potential changes as a result of a loss event. The following thesis was adopted: "Financial stability of a company is a necessary condition for constant, undisturbed development, mainly by ensuring access to external capital in the case when it is necessary to cover the adverse effects of loss events". This study aims at: defining financial stability, identifying financial stability parameters, indicating the potential changes of such parameters as a result of a loss event

Working capital management and liquidity reserves: The context of risk retention

Working capital management belongs to most relevant company’s decisions, as it influences both profitability and liquidity. In the liquidity context, the paper offers a broader view on the scope of working capital management decisions, by expanding its linkages with risk management. In particular, the paper develops a conceptual model of the analysis of company’s liquidity reserves, which is relevant for establishing company’s risk retention capabilities. In the empirical layer, the paper examines the sample of Polish listed companies with regard to the magnitude, relevance and time-suitability of liquidity reserves. The empirical verification is also directed on the identification of these areas of working capital management which are relevant for sourcing liquidity reserves. In this aspect, cluster analysis and factor analysis was implemented. The study found that the majority of the examined companies hold liquidity reserves. As the most relevant aspect of working capital management the maintenance of financial stability has emerged

Decision model for financial innovation implementation in enterprises - literature review

Model finansowy podejmowania decyzji w przedsiębiorstwie zakłada przyjęcie kryterium wartości dla właścicieli oraz zastosowanie mierników finansowych w decyzji o implementacji innowacji finansowych. Podejście normatywne do implementacji innowacji finansowych zaleca stosowanie modelu finansowego do podejmowania decyzji w tym obszarze. Podejście to jednak jest współcześnie rzadko spotykane w literaturze, w której dominują studia o charakterze pozytywnym. Studia te dowodzą, że modele behawioralne uwzględniające czynniki psychologiczne i społeczne decyzji o implementacji innowacji finansowych w przedsiębiorstwie znajdują potwierdzenie w badaniach empirycznych. Jest to naturalną konsekwencją właściwości innowacji finansowych. Przyjęcie jednak takiej perspektywy w modelu decyzyjnym może prowadzić do pogorszenia sytuacji finansowej przedsiębiorstwa i zagrożenia kreacji wartości dla właścicieli.The review of the literature indicates that before 2004 in the literature on financial innovation implementation a normative approach was predominant. Under this approach it was recommended to apply financial decision model for decisions in implementation of financial innovation in enterprises. The further research on financial innovations efficiency provided mixed results. Consequently financial decision model was reviewed. Under the positive approach applied in number of studies it was discovered, that social and psychological factors are influential in context of financial innovation implementation, which is a consequence of financial innovations specificity. Behavioral decision model however represents bounded rationality. Adopting this model of decision- making can lead to a deterioration in the financial situation of the company and the risk of value creation for the owners

Bankruptcy Risk Perception in Silesian Companies in the Aftermath of the Global Financial Crisis: Survey Evidence

Światowy kryzys finansowy wywarł silny wpływ zarówno na finansową, jak i na realną sferę gospodarki. Artykuł ma na celu prezentację cząstkowych wyników badań poświęconych problematyce wpływu kryzysu finansowego na sytuację finansową przedsiębiorstw działających na Śląsku. Wyniki badań odnoszą się do problemu stabilności finansowej i w tym zakresie zostały przeprowadzone w dwóch warstwach. Pierwsza to analiza zagregowanych danych finansowych dotyczących sytuacji finansowej i zagrożenia bankructwem śląskich przedsiębiorstw w latach 2006-2009. Druga warstwa badań to analiza wyników badania ankietowego dotyczącego percepcji zagrożenia bankructwem

Temporal changes in regulatory T cell subsets defined by the transcription factor Helios in stroke and their potential role in stroke-associated infection: a prospective case–control study

Abstract Background Regulatory T cells (Tregs) are involved in the systemic immune response after ischemic stroke. However, their role remains unclear, and the effect appears to be both neuroprotective and detrimental. Treg suppressor function may result in immunodepression and promote stroke-associated infection (SAI). Thus we assume that the bidirectional effects of Tregs may be in part attributed to the intracellular transcription factor Helios. Tregs with Helios expression (H+ Tregs) constitute 70–90% of all Treg cells and more frequently than Helios-negative Tregs (H− Tregs) express molecules recognized as markers of Tregs with suppressor abilities. Methods and results We prospectively assessed the circulating Treg population with flow cytometry in 52 subjects on days 1, 3, 10 and 90 after ischemic stroke and we compared the results with those obtained in concurrent age-, sex- and vascular risk factor-matched controls. At all studied time points the percentage of H+ Tregs decreased in stroke subjects—D1: 69.1% p < 0.0001; D3: 62.5% (49.6–76.6), p < 0.0001; D10: 60.9% (56.5–72.9), p < 0.0001; D90: 79.2% (50.2–91.7), p = 0.014 vs. controls: 92.7% (81.9–97.0) and the percentage of H− Tregs increased accordingly. In patients with SAI the percentage of pro-suppressor H+ Tregs on post-stroke day 3 was higher than in those without infection (p = 0.03). After adjustment for confounders, the percentage of H+ Tregs on day 3 independently correlated with SAI [OR 1.29; CI 95%: 1.08–1.27); p = 0.02]. Although the percentage of H+ Tregs on day 3 correlated positively with NIHSS score on day 90 (rS = 0.62; p < 0.01) and the infarct volume at day 90 (rS = 0.58; p < 0.05), in regression analysis it was not an independent risk factor. Conclusions On the first day after stroke the proportion of H+ vs. H− Tregs changes in favor of pro-inflammatory H− Tregs, and this shift continues toward normalization when assessed on day 90. A higher percentage of pro-suppressive H+ Tregs on day 3 independently correlates with SAI and is associated positively with NIHSS score, but it does not independently affect the outcome and stroke area in the convalescent phase of stroke