THE STAGES OF FIRM LIFE CYCLE AND CAPITAL STRUCTURE RATIOS FOR COMPANIES OF INDUSTRY

This paper presents research on the dependency between the particular stages of a firm’s life cycle and selected capital structure ratios. The findings are in line with the pecking order theory of capital structure, stating that early stages of a firm’s life cycle should be characterised by the tendency for financing through debt. However, this stands in opposition to both the trade-off theory, and the research conducted on several Polish companies. The enterprises in their stages of introduction and growth were characterised by a substantially lower level of total assets to shareholders' equity ratio in their sources of finance, when compared to those in the shake-out stage. The companies in their growth stage were marked by a significantly higher level in the share of long-term commitments in sources of finance, as compared to the enterprises in their maturity, shake-out and decline stage. Also, the introduction stage showed a significantly higher level in the share of short-term commitments in sources of finance, in comparison with those being in their growth, maturity, and shake-out stage

Współpraca w zakresie wymiany informacji podatkowej między Polską a krajami UE

W opracowaniu przedstawiono zagadnienie wymiany informacji podatkowej między Polską oraz państwami UE. Przedstawiona została podstawa prawna, narzędzia, struktura oraz intensywność wymiany informacji podatkowej. Badania przeprowadzono na podstawie danych statystycznych uzyskanych z BWIP w Koninie oraz informacji zawartych w raporcie przygotowanym dla Komisji Europejskiej w ramach programu Fiscalis 2013. Uwzględnione zostały także informacje zawarte w raportach z kontroli przeprowadzanych przez NIK w latach 2009–2015. Organy administracji podatkowej posiadają narzędzia umożliwiające wymianę informacji w sposób efektywny i usystematyzowany. W badanym okresie wymiana informacji podatkowych ulegała intensyfikacji. Pracownicy polskiej administracji skarbowej wystosowali znacząco więcej zapytań o udzielenie informacji podatkowej, niż ich otrzymali od przedstawicieli państw UE. Wymiana ta jedynie w niewielkim stopniu przyczyniła się do zapobiegania przestępstwom podatkowym. Konieczne jest więc wprowadzenie rozwiązań systemowych, ograniczających nadużycia podatkowe na skalę międzynarodową

Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe

The research presents the analysis of relations between financial sustainability and value of joint-stock companies from food industry in Central and Eastern Europe. Increase of volume of assets, shareholders’ equity and revenues demonstrated an improvement of financial sustainability and resulted in growing valuations of companies in the study period. Sample business entities achieved relatively high liquidity and profitability that proved their financial sustainability in terms of risk and return. At the same time rising operating profit margins and liquidity ratios determined higher enterprise value of joint-stock companies. This emphasized a positive relation between enterprise value and financial sustainability. Joint-stock companies demonstrated a robust capital structure with a minor decrease of corporate debt in 2011-2015. However changes in sources of financing could provoke a trade-off between financial sustainability and enterprise value. According to a regression model factors positively influencing enterprise value included revenue, cash and cash equivalents, operating profit, current liabilities and shareholder’s equity. Stimulating revenue and increasing operating profit as well as maintaining higher cash balances improves financial sustainability while debt extension can significantly deteriorate continuity of business

THE SHADOW ECONOMY AND ITS IMPACT ON A COUNTRY’S FINANCIAL POTENTIAL

The aim of the article is to reveal the essence of the shadow economy and its impact on the financial potential of a country. We have discovered that the shadow economy is an objective phenomenon which is inherent in the economic systems of all countries, and that its level is determined by the level of development of the economic system, the difficulty of identifying all possible variants of the shading processes, and the moral and cultural characteristics of the country. It has been established that the shadow economy plays a major role in developing countries and that the level of the shadow economy in advanced economies is significantly lower. Thus, due to the results of the correlation-regression analysis, an inverse relationship between the level of GDP and the shadow economy was established. A system of measures aimed at preventing and combating corruption is proposed

RISK MANAGEMENT OF THE DEVELOPMENT OF FINANCIAL POTENTIAL OF BUSINESS ENTITIES

Loss of financial potential is one of the most serious risks enterprises face. The risk management system for the loss of financial potential helps enterprises identify, evaluate and manage risks that may affect their financial condition. This system allows enterprises to reduce the possibility of financial losses andensures more efficient work with financial resources. The purpose of the article is to identify the main imperatives, which are the basis for ensuring the development of financial potential and the justification of measures to neutralise the risks of business entities in the agricultural sector in Ukraine. The main sources of loss of financial potential of enterprises in the agricultural sector of the economy of Ukraine have been identified. It has been established that currently, the biggest threats are: low business activity, a low level of technological equipment and innovation, negative profitability and slow turnover of capital, lack of access to credit for small- and medium-sized enterprises and climate changes. Agricultural enterprises are subject to various risks of loss of financial potential, which may be associated with changes in weather conditions, animal epidemics, changes in legislation, currency risks, etc. Neutralisation of these risks is an important element of effective management of an agricultural enterprise and ensuring its stability. It has been proven that one of the ways to neutralise risks is to create a reserve fund in case of unexpected events that may lead to the loss of financial potential. Such a fund may include funds that can be used for replanting crops, repairing infrastructure, reimbursing losses from animal epidemics and other needs. It is proposed to minimise the risks with the help of insurance. Insurance can be provided at different levels: from crop insurance to emergency insurance. Having insurance allows the company to reduce financial losses in case of unexpected events. In addition, the enterprise can use financial instruments to reduce currency risks. These tools will enable you to protect the company from changes in exchange rates

Budżetowanie działalności jednostek gospodarczych Teoria i praktyka. Część V

Z wprowadzenia: "Przekazujemy do rąk Czytelników część monografii dotyczącej budżetowania jednostek gospodarczych. Jej przygotowanie zbiegło się z ukazaniem się manifestu Precz z budżetami Jeremiego Норе’а i Robina Frasera. Autorzy poddają tam ostrej krytyce dotychczasowe praktyki stosowania budżetowania kosztowego. Stąd niniejsza publikacja - między innymi - dlatego różni się istotnie od poprzednich. Od pewnego czasu - także w Polsce - pojawiały się głosy wskazujące na istotne niedoskonałości budżetowania kosztowego, na przykład J. Gierusz [Materiały konferencyjne 2001], G. H. Świderska [Rachunkowośćzarządcza i rachunek kosztów, 2002]. Nie odnosiły one jednak skutku. Nie zauważono też dotąd narastającej listy zarzutów wytaczanych przeciw finansowym jednostkom miary stosowanym w budżetowaniu kosztowym, na przykład G. K. Świderska [jak wyżej], M. Sierpińska, B. Niedbała [Controllingoperacyjny wpnedsiębiorstwie, 2003]. Bez echa pozostało postawione przez autora pytanie: „zmierzch czy rozwój budżetowania?” [„Controlling i rachunkowość zarządcza” 9/2002], gdzie jednoznacznie wskazano, że budżetowanie kosztowe obejmuje jedynie jedną sferę działalności przedsiębiorstwa i tym samym nie może stanowić wystarczającej podstawy do sterowania przedsiębiorstwem. Zwolennicy budżetowania kosztowego nawet zgadzali się ze stawianymi zarzutami, jednak nie reagowali na propozycje zmian w filozofii i metodologii budżetowania."(...

Mechanical thrombectomy in acute stroke – Five years of experience in Poland

Objectives Mechanical thrombectomy (MT) is not reimbursed by the Polish public health system. We present a description of 5 years of experience with MT in acute stroke in Comprehensive Stroke Centers (CSCs) in Poland. Methods and results We retrospectively analyzed the results of a structured questionnaire from 23 out of 25 identified CSCs and 22 data sets that include 61 clinical, radiological and outcome measures. Results Most of the CSCs (74%) were founded at University Hospitals and most (65.2%) work round the clock. In 78.3% of them, the working teams are composed of neurologists and neuro-radiologists. All CSCs perform CT and angio-CT before MT. In total 586 patients were subjected to MT and data from 531 of them were analyzed. Mean time laps from stroke onset to groin puncture was 250±99min. 90.3% of the studied patients had MT within 6h from stroke onset; 59.3% of them were treated with IV rt-PA prior to MT; 15.1% had IA rt-PA during MT and 4.7% – emergent stenting of a large vessel. M1 of MCA was occluded in 47.8% of cases. The Solitaire device was used in 53% of cases. Successful recanalization (TICI2b–TICI3) was achieved in 64.6% of cases and 53.4% of patients did not experience hemorrhagic transformation. Clinical improvement on discharge was noticed in 53.7% of cases, futile recanalization – in 30.7%, mRS of 0–2 – in 31.4% and mRS of 6 in 22% of cases. Conclusion Our results can help harmonize standards for MT in Poland according to international guidelines

Factors of cash flow in farms

The study presents the determinants of the balance of cash flow from operating activities in the farms participating in the PL FADN. The effects of multiple independent variables on the balance of cash flow from operating activities were measured using the robust linear regression model. Statistically significant impact on the balance of cash flow from operating activities was from the family farm income. The agricultural type and the year of measurement had a significant impact on the development of the balance of cash flow from operating activities