Determinants of Corporate Performance: Modelling Approach

This study is to investigate the influence of the selected factors of the capital structure on the corporate performance. An empirical analysis covers a sample of 90 non-financial companies traded on the Warsaw Stock Exchange, in the period of 2000-2015. The panel data models for two corporate performance measures such ROA and ROE were estimated. The company’s capital structure negatively affects its performance. It is in line with pecking order theory and previous studies on capital structure of Polish companies

Market Performance and Capital Structure of the Companies Listed on the Warsaw Stock Exchange in Poland

The purpose of this study is to examine the effect capital structure has on the market performance of the companies listed on the Warsaw Stock Exchange in Poland in 2000–2015 as well as to present the empirical evidence of its significance using a panel data approach. The study was based on data obtained from the annual financial statements contained in the Notoria database and published on the Warsaw Stock Exchange. We used Tobin’s Q ratio and the market value of equity to book value of equity (MBVR) as the measure of corporate performance. When Tobin’s Q was modelled, the level of leverage proved to be significant. It means that the company’s capital structure affects its performance. The sign between both variables, LEVERAGE and Tobin’s Q, is positive which is in line with trade-off theory. The dynamic panel data modelling approach allowed the conclusion that, irrespective of the measure selected (Tobin’s Q or the MBVR), the value of the measure depends positively on its value in the previous year. It means that a high performance noted in a previous year constitutes the basis for good results in the following year

Impact of the Sector and of Internal Factors on Profitability of the Companies Listed on the Warsaw Stock Exchange

The aim of the article is to assess the impact of the sector environment and of selected internal factors on the profitability level of the companies listed on the Warsaw Stock Exchange in 1998-2016. An increase in the financial leverage, financial liquidity, non-debt tax shield and enterprise size cause a drop in the ROA. An increase in the ratio of fixed assets to the total assets results in an increase in the ROA. Similar results were obtained for the models estimated for the ROE. It means, that profitability of the examined companies results from the decisions made by the managers and from the impact of the sector environment

Enterprise Research and Development Activity in Poland in Comparison to Eurozone Countries

During the years 2000-2018, the number of enterprises conducting research and development activity in Poland was increasing systematically, thus the expenditures on research and development were increasing as well. The impact of R&D activity on the level of innovation of both enterprises and entire economies is related to objective and subjective structure of these expenditures which means that is not connected only with the value of the expenditures for its financing. The purpose of this paper is to present the level of expenditures on R&D in the business enterprise sector in Poland, in comparison to Eurozone countries and to analyze the convergence of value of these expenditures in Poland. The authors of the article used description and analysis of the statistical data obtained from the EUROSTAT and the GUS (General Statistical Office in Poland) statistics and estimation of econometric models and testing the occurrence of sigma and beta convergence. Based on the results we state that the key issue is to further activate Polish enterprises within the sphere of research and development, because Poland, in comparison with Eurozone countries, ranks within the group of countries with low expenditures on research and development and with structures characteristic of less prosperous economies. The study allowed determination of occurrence of sigma and beta convergence in Poland, in comparison with the Eurozone countries

Chronic obstructive pulmonary disease and cardiovascular diseases

Przewlekła obturacyjna choroba płuc (POChP) jest wiodącą przyczyną zachorowalności i umieralności na świecie. Chorzy na POChP należą do grupy zwiększonego ryzyka chorób sercowo-naczyniowych, osteoporozy i raka płuca. Chociaż pewne związki między POChP a miażdżycą mogą być wynikiem palenia papierosów, to dane epidemiologiczne sugerują, że upośledzenie funkcji płuc jest niezależnym od palenia tytoniu czynnikiem ryzyka śmierci z powodu chorób serca i naczyń. Zjawisko to może być spowodowane wspólnym uwarunkowaniem genetycznym, a także wpływem ogólnoustrojowej reakcji zapalnej u chorych na POChP na przyspieszony rozwój miażdżycy naczyń. W pracy przytoczono również wstępne dane dotyczące możliwości modyfikacji przebiegu POChP poprzez zastosowanie statyn.Chronic obstructive pulmonary disease (COPD) is a leading cause of morbidity and mortality worldwide. Patients with COPD are at increased risk of cardiovascular diseases, osteoporosis and lung cancer. Although some of the associations between COPD and atherosclerosis may be the result of common risk factors such as smoking, epidemiological evidence suggest that impaired lung function is a risk factor for increased cardiovascular death, independent of tobacco use. This phenomenon may be related to common genetic predisposition for atherosclerosis and emphysema. Chronic obstructive pulmonary disease, like atherosclerosis, is a disease of systemic inflammation and may hasten the progression of atherosclerosis and contribute to the higher rate of death in COPD. This article reviews close relationship between COPD and cardiovascular diseases, mainly atherosclerosis. The authors also present some preliminary data suggesting a possible influence of statin therapy on the clinical course of COPD

Hemoptysis during pregnancy: a comprehensive review of literature and an unprecedented case report of oropharyngeal carcinoma

Objectives: Hemoptysis in pregnancy is a very rare finding causing diagnostic and therapeutic difficulties. The case report of hemoptysis by a 29 years old patient in the 31st week of pregnancy is presented and discussed along with the diagnostic process and treatment provided. Upon pharyngeal cancer occurrence in a pregnant patient a multidisciplinary medical team performed appropriate treatment along with delivery of a healthy newborn at term. Patients and fetal conditions and outcomes were analyzed and compared to available literature in this newly created literature review.  Material and methods: After MEDLINE database analysis using formula "hemoptysis" AND "pregnancy" more than 125 results were found published during the period 2002–2022. Almost 30 papers about hemoptysis were found and included for full analysis. Conclusions: The literature review offers a detailed description of previously reported incidents of hemoptysis in pregnancy to gain understanding of the etiology, differential diagnosis, available treatment and predicted future outcomes for both patient and fetus

THE RELEVANCE OF DIVIDEND SMOOTHING IN THE CONSTRUCTION COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or no

Capital structure vs financing rules - the Visegrad Group countries

Purpose: The purpose of this paper is to investigate whether the capital structure of stock exchange listed companies in individual countries of the Visegrad Group differs significantly, and whether these entities can be considered to be organizations implementing the principles of the golden and silver rules of accounting. Design/methodology/approach: The research hypotheses assumed were verified using appropriate statistical tools. Calculations were per-formed using the Gretl software and MS Excel. Findings: The basis for operating activity financing in the companies under examination mainly entailed equity. In practice, this means that most of the entities surveyed follow the silver, less frequently the golden (the more restrictive), rule of accounting. The results obtained for each country of the Visegrad Four differed significantly. The research conducted provides a basis for determining whether the golden and silver rules of accounting constitute factors affecting the decision-making regarding capital structure formation in companies listed in the Visegrad Group countries. The study covers companies listed in the four countries and provides a basis for further research in this area, with respect to both the sample size and the time series length. Research limitations/implications: The paper takes into account only listed companies, so its results do not explain capital structure behavior of other companies. The research is a contribution to further analyses of the capital structure, which covers all types of enterprises. Practical implications: The research conducted provides a basis for determining whether the golden and silver rules of accounting constitute factors affecting the decision-making regarding capital structure formation in companies listed in the Visegrad Group countries. The study covers companies listed in the four countries and provides a basis for further research in this area, with respect to both the sample size and the time series length. Originality/value: The most important principle of financing is that firms should try to match the characteristics of the financing as closely as possible to the characteristics of the assets being financed. Unfortunately, only a few studies on this subject can be found, especially internationally. Our research aims to fill a gap in the literature on the subject. It made possible to identify financing rules characterizing capital structure of the companies operating in different economic conditions. The study may be addressed to analysts, investors and managers of companies as well as researchers conducting research in corporate finance area

Determinants of corporate dividend policy in Polish companies listed on WSE

The purpose of this paper is to identify the factors influencing the level of dividend payments in the companies listed on the Warsaw Stock Exchange in 1998-2017 as well as to provide empirical evidence for their significance, using a panel data approach. The object of research comprised the companies listed on WSE, as of February 01, 2019. The subject of the analysis are the dividends paid by the companies and the factors potentially influencing the decisions regarding profit distribution. The models estimated for the panel data, based on the theory, allowed selection of the best model, which is the random-effects model. Moreover, these models allowed identification of the factors determining the changes in the level of dividend per share. The best model was the random-effects model. This model allowed identification of the factors impacting the changes in the level of dividend per share, that is, the value of the company's total assets and the history of the company's operation on the stock exchange market. All structural parameters (except the intercept) were positive. It means that growth of each of these variables causes an increase in the dividend per share

Industry effect vs. profitability: evidence from companies listed on WSE

Przynależność spółki do sektora jest jednym z podstawowych czynników determinujących jej rentowność. Celem artykułu jest ocena wpływu sektora na wyniki spółek. Analiza empiryczna obejmuje spółki notowane na GPW w Warszawie w latach 1998-2016, z podziałem na 11 sektorów. Oszacowano liniowe modele zależności wartości wskaźników rentowności od zmiennych zeroj-edynkowych, oznaczających przynależność spółki do danego sektora, oraz od zmiennej kontrolnej, reprezentującej jej wielkość, wyrażoną wartością aktywów ogółem. Wyniki oszacowań modeli wskazują na statystycznie istotne różnice w poziomie wskaźników rentowności aktywów ROA i rentowności kapitałów własnych ROE analizowanych spółek w zależności od ich przynależności do poszczególnych sektorów. W przypadku ROA oszacowania wskazują na różnicę w sektorze nieruchomości w stosunku do pozostałych sektorów. W przypadku ROE takie różnice wykazują sektory: budownictwa, dóbr konsumpcyjnych i technologii w stosunku do spółek z sektora usług.The company’s affiliation to the sector is one of the basic factors determining its profitability. The purpose of the paper is to assess the impact of the sector on the results of companies. Empirical analysis includes companies listed on the Warsaw Stock Exchange in 1998-2016, divided into 11 sectors. Linear models of dependence of profitability ratios from zero-one variables, denoting the company’s affiliation to a given sector and a control variable, representing its size, expressed in the value of total assets were estimated. The results of estimation indicate statistically significant differences in the profitability ratios of return on assets (ROA) and return on equity (ROE) of the analyzed companies depending on their affiliation to particular sectors. In the case of ROA, estimates indicate a difference in the real estate sector in relation to other sectors. In the case of ROE, such differences are found in the construction, consumer goods and technology sectors in relation to companies from the service sector