Changes in the Capital Structure of Polish Companies During the Last Twenty Years (1997–2017)

Theoretical background: The capital structure is one of the most important areas in the modern theory of corporate finance. It has inspired the development of a large number of theoretical approaches, but a universally accepted theory of capital structure has not yet been developed. A common belief holds that companies try to achieve a stable capital structure in the long term; thus, companies that, at a given time, are characterised by a relatively low (or high) level of debt, also probably had the same level in previous periods.Purpose of the article: The main purpose of this paper is to provide answers to two basic questions: 1) How did the aggregate capital structure of the non-financial companies listed on the Warsaw Stock Exchange (WSE) change from 1997 to 2017?; 2) What factors are decisive for the companies’ capital structure and do the current trends in capital structure theory take account of them?Research methods: The research is carried out in two phases. In phase 1, the descriptive statistics method is applied to analyse how the capital structure of WSE-listed companies changed in the years 1997–2017. In phase 2, the capital structure determinants are examined using multiple regression models.Main findings: The capital structure of WSE companies varied significantly in the sample years, and overall, the debt ratios, total, short-, and long-term debt slightly increased. The causes of the changes were the economic environment factors (banking sector assets, government debt, and corporate income tax) and macroeconomic circumstances, along with the companies’ characteristics. Among the latter, the company’s profitability and the share of fixed assets in total assets usually turned out to be statistically significant.Theoretical background: The capital structure is one of the most important areas in the modern theory of corporate finance. It has inspired the development of a large number of theoretical approaches, but a universally accepted theory of capital structure has not yet been developed. A common belief holds that companies try to achieve a stable capital structure in the long term; thus, companies that, at a given time, are characterised by a relatively low (or high) level of debt, also probably had the same level in previous periods.Purpose of the article: The main purpose of this paper is to provide answers to two basic questions: 1) How did the aggregate capital structure of the non-financial companies listed on the Warsaw Stock Exchange (WSE) change from 1997 to 2017?; 2) What factors are decisive for the companies’ capital structure and do the current trends in capital structure theory take account of them?Research methods: The research is carried out in two phases. In phase 1, the descriptive statistics method is applied to analyse how the capital structure of WSE-listed companies changed in the years 1997–2017. In phase 2, the capital structure determinants are examined using multiple regression models.Main findings: The capital structure of WSE companies varied significantly in the sample years, and overall, the debt ratios, total, short-, and long-term debt slightly increased. The causes of the changes were the economic environment factors (banking sector assets, government debt, and corporate income tax) and macroeconomic circumstances, along with the companies’ characteristics. Among the latter, the company’s profitability and the share of fixed assets in total assets usually turned out to be statistically significant

Buddyjska magia przed powstaniem wadźrajany

Die Ansicht, dass die magischen Rituale innerhalb des Buddhismus ein fremdes Element bilden, ist, in der historischen Perspektive betrachtet, grundsätzlich falsch. Die Entwicklung der buddhistischen Magie geht auf die Anfänge dieser Religion zurück. Auf die magischen Praktiken bezogen sich säkulare Anhänger und Mönche, die indische Srawakayana und Mahayana repräsentierten. Als magische Rituale können weit verbreitete buddhistische Praktiken angesehen werden, wie die Rezitation von schützenden Texten, die Anbetung von Sakyamuni an Orten, die in seinem Leben wichtig waren, die Anbetung von Stupa, die Verehrung der Bilder von Buddhas und Bodhisattvas. Den rituellen Handlungen, die für magische Praktiken charakteristisch sind, wurde sogar eine Heilsfunktion zugeschrieben, was ihren Rang bezeugt. Das Streben nach ritueller Beeinflussung des Handlungsverlaufs fand seinen Höhepunkt in der Strömung Mahayana, die für die sog. Dharani Sutra-Texte bekannt ist. Sie sind Ausdruck der Begeisterung für die Magie als Werkzeug der Umwandlung von seiner Umwelt und von sich selbst. Sie sind auch ein Zeugnis für ein kühnes Schöpfen aus fremden liturgischen Traditionen. In vielen Dharani Sutra handelt es sich darum, dass den Ritualen mit magischem Ursprung der Status des Hauptfaktors im Prozess der erlösenden Transformation des Geistes zugeschrieben wird. Vajrayana entwickelte sich auf der Grundlage eines Ansatzes, der aus Dharani Sutra bekannt ist.The view that magical rituals represent a foreign element in Buddhism, is definitely wrong when examined from a historical perspective. The origins of Buddhist magic go back to the origins of that religion. Magical practices were common among lay people and monks in Indian Śravakayâna and Mahayâna. Recitation of protective texts, veneration of Śakjamuni in places especially significant in his life, worship of stupas and images of Buddhas and Bodhisattvas were widespread Buddhist magical rituals. The ritual acts characteristic of magical practices have even been assigned a salvific function, which fact bears out their enormous importance.  The tendency to influence the course of events by magical rituals culminated with the Mahayâna movement known from the Dhāraṇī Sūtras papers. The rituals reflect fascination with magic seen as a tool for transforming ones surroundings and oneself. They are also a testimony of the bold use of alien liturgical traditions. In many dharani-sutras, magical rituals possessed the status of being the main factor in the saving transformation of the mind. Vajrayana evolved from dharani-sutras.Pogląd, zgodnie z którym obrzędy magiczne są w obrębie buddyzmu elementem obcym, jest rażąco błędny, jeśli rozpatrywać go w perspektywie historycznej. Rozwój buddyjskiej magii sięga początków tej religii. Do praktyk magicznych powszechnie odwoływali się świeccy wyznawcy i mnisi reprezentujący indyjską śrawakajanę i mahajanę. Za rytuały magiczne można uznać szeroko rozpowszechnione praktyki buddyjskie, takie jak recytacja tekstów ochronnych, oddawanie czci Śakjamuniemu w miejscach szczególnie ważnych w jego życiu, kult stup, kult wizerunków buddów i bodhisattwów. Obrzędowym działaniom charakterystycznym dla praktyk magicznych przypisano nawet funkcję zbawczą, co świadczy o ich randze. Dążenie do rytualnego wpływania na przebieg zdarzeń osiągnęło kulminację w nurcie mahajany, który jest znany z tekstów zwanych „dharani-sutrami”. Dają one wyraz fascynacji magią jako narzędziem przekształcania otoczenia i samego siebie. Stanowią również świadectwo śmiałego czerpania z obcych tradycji liturgicznych. W wielu dharani-sutrach mamy do czynienia z przypisaniem rytuałom o proweniencji magicznej statusu głównego czynnika w procesie zbawczej transformacji umysłu. Wadźrajana rozwinęła się na gruncie podejścia znanego z dharani-sutr

Impaired fasting glucose as a marker of heterogeneity of gestational diabetes mellitus. A study of 1025 women living in the region of Kuyavia and Pomerania in Poland

Introduction: Gestational diabetes mellitus (GDM) is a heterogeneous disease. We hypothesized that fasting hyperglycaemia, defined as impaired fasting glycaemia (IFG), is a marker of metabolic heterogeneity of GDM. The aim of this study was to compare selected metabolic parameters in two groups of women with GDM, one with normal fasting glycaemia (NFG GDM) and another with IFG, to test this hypothesis. Material and methods: Metabolic parameters of 1025 women with GDM (mean age 29 years): glucose and insulin at 0 OGTT, glucose at 2-h oral glucose tolerance test (OGTT), body mass index before pregnancy, parity, and gestational age at diagnosis of GDM were analyzed. Insulin resistance and &#946;-cell function were evaluated by HOMA indexes (HOMA-IR and HOMA-B) at the diagnosis of GDM. Results: The IFG GDM group (23%) consisted of isolated IFG (30%), IFG/IGT (60%), and IFG/DM (10%). The NFG GDM group (77%) consisted of isolated IGT (98%) and NFG/DM (2%). Women with IFG GDM were characterized by higher prepregnancy BMI, earlier diagnosis of GDM, higher HOMA-IR (p < 0.03), and lower HOMA-B (p < 0.01) compared to NFG GDM. In the IFGGDM group, DM was characterized by lower HOMA-B compared with isolated IFG and IFG/IGT. In the NFG GDM group, isolated IGT and DM were characterized by similar HOMA-IR and HOMA-B. Conclusions: Impaired fasting glucose distinguishes more severe metabolic phenotypes of GDM compared toGDM with normal fasting glucose concentrations.Wstęp: Cukrzyca ciężarnych (GDM, gestational diabetes mellitus) jest chorobą heterogenną. Autorzy przyjęli hipotezę, że hiperglikemia na czczo spełniająca kryterium nieprawidłowej glikemii (IFG, impaired fasting glycaemia) może być znacznikiem heterogenności GDM. Celem pracy było porównanie wybranych parametrów metabolicznych w dwóch grupach kobiet z GDM, jednej z prawidłową glikemią na czczo (NFG, normal fasting glycaemia) i drugiej z IFG dla sprawdzenia powyższej hipotezy. Materiał i metody: Porównano parametry metaboliczne 1025 kobiet z GDM (śr.wiek 29 lat): stężenie glukozy i insuliny na czczo, stężenie glukozy w 2-godzinnym doustnym teście tolerancji glukozy (OGTT, oral glucose tolerance test), wskaźnik masy ciała (BMI, body mass index) przed ciążą, ilość przebytych ciąż oraz tydzień rozpoznania GDM. Insulinooporność oraz czynność komórek b trzustki oceniono metodą HOMA (HOMA-IR i HOMA-B) przy rozpoznaniu GDM. Wyniki: Grupa IFG GDM (23%) składała się z podgrup z izolowaną IFG (30%), IFG/IGT (60%) oraz IFG/DM (10%). Grupa NFG GDM (77%) skladała się z podgrup z izolowaną IGT (98%) oraz z NFG/DM (2%). Grupa IFG GDM charakteryzowała się wyższym BMI przed ciążą, wcześniejszym rozpoznaniem GDM, większym wskaźnikiem HOMA-IR (p < 0,03) oraz mniejszym wskaźnikiem HOMA-B (p < 0,01) w porównaniu z grupą NFG GDM. W grupie IFG GDM podgrupa z DM charakteryzowała się mniejszym wskaznikiem HOMA-B w porównaniu z izolowaną IFG oraz IFG/IGT. W grupie NFG GDM w podgrupach z izolowaną IGT oraz IGT/DM wskaźniki HOMA-IR oraz HOMA-B nie różniły się istotnie. Wnioski: Występowanie nieprawidłowej glikemii na czczo u kobiet z GDM wyróżnia niekorzystny metabolicznie fenotyp w porównaniu z kobietami z prawidłową glikemią na czczo

Spór o naturę aktów komunikacji językowej charakterystycznych dla buddyzmu tantrycznego

Some modern scholars have been trying to identify the specifity of verbal communication acts which are called sandhyâ-bhâša, sandhâ-bhâša, sandhyâ-bhâšita etc. in Tantric Buddhism scriptures. The acts have been usually considered to be characteristic of Vajrayâna and treated uniformly as instances of distinctive language or of special use of language. Yet the fundamentally different interpretations have been offered. The most important of them are discussed in the paper. They are considered regarding Michael M. Broido’s research results. Broido’s findings are juxtaposed with Christian Wedemeyer’s arguments to avoid precipitate conclusions.Jedną z kwestii od dawna interesujących badaczy tantrycznego buddyzmu jest charakter aktów językowej komunikacji, do których odnoszą się sanskryckie nazwy sandhyā-bhāsa, sandhā-bhāsa, sandhyā-bhāsita itp. W literaturze naukowej zwykle traktowano te akty kompleksowo – jako przypadki użycia języka tajemnego, języka intencjonalnego czy języka półmroku – i uznawano za charakterystyczne dla wadźrajany (nieobecne w pozostałych postaciach buddyzmu). Funkcjonowały przy tym zasadniczo odmienne interpretacje rozpatrywanych aktów komunikacji. W artykule zostały przedstawione i poddane ocenie najważniejsze z tych koncepcji. Oceny dokonano w nawiązaniu do przełomowych ustaleń Michaela M. Broido. Wyniki badań Broida zostały zestawione z konstatacjami Christiana Wedemeyera. Pozwala to spojrzeć na te pierwsze w szerszej perspektywie i uniknąć formułowania wniosków z pominięciem innych ważnych zjawisk językowych występujących w tantrach

Procoagulants and anticoagulants in fetal blood. A literature survey.

In intrauterine life, hemostasis is maintained by the same components as in extrauterine life (blood platelets, coagulation and fibrinolysis systems, involvement of the vascular wall); in the fetus, however, these components show significant differences of a quantitative/qualitative nature. In the present study, we surveyed the literature on the coagulation system in the fetus. We focused on the velocity of development of the coagulation system, being reflected in the increased concentration of all procoagulants and anticoagulants (a rise from approximately 20% in the middle of pregnancy to about 60% or more in the period of labor; exceptions: factors V, VIII and XIII which in the labor period reach the adult level) and screening test results (prothrombin time, aPTT - activated prothrombin time, and thrombin time). Reference values were given for the 19-38 weeks of pregnancy and the labor term. Biochemical features of fetal fibrinogen and PIVKA factors were also discussed. The role of activated protein C (APC) in the maintenance of balance between procoagulants and anticoagulants was postulated as well as the role of APC in the formation of thrombin activatable fibrinolysis inhibitor (TAFI)

Capital Structure of Companies Listed at the Warsaw Stock Exchange and the COVID-19 Pandemic Effect on Their Risk

Subject: The financial management of companies is examined in the context of the COVID-19 pandemic. Specifically, the relationship between their capital structure and risk changes during the pandemic is scrutinised.The purpose of the article: To determine how companies’ total, systematic and idiosyncratic risks changed during the COVID-19 pandemic depending on their capital structure based on a sample of organisations listed at the Warsaw Stock Exchange.Methodology: The study involves the use of a panel data regression model.Results of the research: The COVID-19 pandemic had an impact on the risk of overleveraged companies and underleveraged ones alike. Its influence on their total risk was weaker among the underleveraged organisations. Regarding systematic risk, its levels did not generally change significantly in the wake of the pandemic, but idiosyncratic risk, only in the case of the overleveraged companies increased statistically significantly

Sports Results and the Profitability of Sponsorship Companies on the Example of Volleyball Clubs

The purpose of the article is to investigate the relationship between the sports performance of volleyball teams in Poland and the rates of return of the titular sponsors, whose shares are listed on the Warsaw Stock Exchange. The four most successful Polish PlusLiga volleyball teams in the 21st century were selected for this study.Methodology: The article describes the results carried out using ARCH and GARCH models.Results of the research: Two groups of results were obtained. For two companies – JSW and ASSECO – the sports results of volleyball teams and betting forecasts for their matches had a statistically significant impact on the stock performance of these companies. For two companies – PGE and Azoty – no such relationship has been found. Moreover, all of the stock returns were significantly influenced by the WIG index. On the other hand, neither of the companies were influenced by the match day.Przedmiot badań: Przedmiotem badań jest wpływ wyników sportowych, a konkretnie wyników drużyn siatkarskich mężczyzn, na dochodowość akcji (stopy zwrotu) spółek sponsorujących drużyny. Do tej pory badania dotyczące wpływu wyników sportowych na stopy zwrotu koncentrowały się jedynie na piłce nożnej.Cel badawczy: Celem pacy jest zbadanie zależności między wynikami sportowymi drużyn siatkarskich w Polsce a stopami zwrotu sponsora tytularnego, którego akcje notowane są na Giełdzie Papierów Wartościowych w Warszawie. Do badania wybrano 4 najbardziej utytułowane drużyny siatkarskiej PlusLigi w XXI wieku.Metodyka: W artykule opisano rezultaty badań uzyskane dzięki zastosowaniu modeli klasy ARCH i GARCH.Wyniki: Na podstawie estymacji modeli uzyskano dwie grupy wyników. Dla dwóch spółek – JSW i ASSECO – wyniki sportowe drużyn siatkarskich i prognozy bukmacherskie dotyczące ich meczów miały istotny statystycznie wpływ na notowania tych spółek. Dla dwóch spółek – PGE oraz Azoty – nie wykazano takiego związku. Ponadto na każdą ze spółek istotny statystycznie wpływ wywierał indeks WIG oraz notowania danej spółki z poprzedniego dnia. Z kolei na notowania żadnej ze spółek nie wpływał dzień rozegrania meczu

A comparative study of the protein C system in mother's blood, cord blood and amniotic fluid.

Activated protein C (APC) is an important anticoagulant which plays a role in pathophysiology of pregnancy, e.g. in maintenance of the uteroplacental circulation and development of the fetus as well as in pathogenesis of preeclampsia. The study objective was to compare the levels of the respective components of the protein C system (protein C, PC; protein S, PS; thrombomodulin, TM) as well as thrombin activatable fibrinolysis inhibitor - TAFI in mother's blood, cord blood and amniotic fluid. The study group consisted of 136 healthy parturients at term, divided into subgroups of 30-35. The immunoenzymatic method (ELISA) was used to measure the antigens of the components studied. The concentrations of PC and PS antigens were the highest in the mother's blood plasma (135.11+/-1.05% and 92.0+/-13.24%, respectively), lower in cord blood plasma (57.60+/-10.32% and 33.19+/-4.96%, respectively) and the lowest in amniotic fluid (6.75+/-3.50% and 2.40+/-1.64%, respectively); the differences between the levels of that of mother, fetus and amniotic fluid were statistically significant (p< or =0.0001). The TM and TAFI antigen concentrations were the highest in cord blood plasma (11.35+/-3.71 ng/ml and 91.50 (median; range: 71.76-160.77) ng/ml, respectively) and lower in maternal plasma (4.51+/-0.71 ng/ml and 55.46 - median; range: 39.77-68.54 ng/ml, respectively); the differences between the levels of that of cord blood plasma and maternal plasma were statistically significant (p< or =0.0001). Of the three protein C system components, PC and PS occur in relatively high concentrations in maternal blood, being lower in fetal blood and the lowest in amniotic fluid. On the other hand, as an exception, the concentrations of TM and TAFI are the highest in fetus blood

Factors associated with the presence of tricuspid valve regurgitation in patients with systemic right ventricles following atrial switch

Background: The development of significant tricuspid regurgitation (TR) is associated with an unfavorable clinical outcome in patients with systemic right ventricles. Increased knowledge about the factors contributing to its presence would help prevent its progression. Methods: This was a retrospective analysis of the factors predictive of significant TR in 60 patients with systemic right ventricles following an atrial switch procedure for complete transposition of the great arteries. Data from echocardiographic examinations, exercise radionuclide angiography, and myocardial perfusion imaging were analyzed. Results: Significant TR was present in 20% of patients. Compared to patients without significant TR, patients with significant TR were older at the time of surgery (p &#8804; 0.001), with a higher body mass index (p &#8804; 0.005), lower right ventricular ejection fraction (RVEF; p &#8804; 0.01), higher exercise perfusion abnormalities score on radionuclide angiography (p &#8804; 0.03), and higher systolic blood pressure (p &#8804; 0.02). At univariate logistic regression analysis systolic blood pressure (p = 0.03), increasing age at surgery (p = 0.01), and RVEF (p = 0.02), were predictors of significant tricuspid regurgitation. The latter two remained significant at multivariate analysis. Conclusions: Patients operated upon later in life, with decreased RVEF and higher blood pressure, are at risk of significant tricuspid regurgitation and therefore warrant special attention. Prospective studies are needed to ascertain whether appropriate pharmacological intervention would prevent the development and/or progression of TR in these patients. (Cardiol J 2010; 17, 1: 29-34

Biological evaluation, molecular docking, and sar studies of novel 2-(2,4-dihydroxyphenyl)- 1H- benzimidazole analogues

In the present study, new 4-(1H-benzimidazol-2-yl)-benzene-1,3-diols, modified in both rings, have been synthesized and their efficacies as acetylcholinesterase (AChE) and butyrylcholinesterase (BuChE) inhibitors have been determined. The modified Ellman’s spectrophotometric method was applied for the biological evaluation. The compounds showed strong $IC_{50}$ 5-0.2 $\mu$ M AChE and moderate ($IC_{50}$ 5-0.2 M) BuChE inhibition in vitro. Some compounds were e ective toward AChE/BuChE, exhibiting high selectivity ratios versus BuChE, while the other compounds were active against both enzymes. The structure–activity relationships were discussed. The compounds inhibited also in vitro self-induced A$\beta$ (1-42) aggregation and exhibited antioxidant properties. The docking simulations showed that the benzimidazoles under consideration interact mainly with the catalytic site of AChE and mimic the binding mode of tacrine