Investment appraisal practice in the European Union countries

Purpose: The goal of the paper was to perform a literature study, to determine the state of the theory and practice of investment valuation in the countries of the European Union which should be the starting point for further research. Design/Methodology/Approach: In this paper, an analysis of literature sources was carried out about assessing the effectiveness of investments in European Union countries. The conducted review and description of the found scientific sources is aimed at determining the current state of investment valuation practice, a description of the research carried out so far, which will allow us to determine the starting point for a new study. Findings: During preliminary research found it profoundly surprising that despite the huge potential impact of better capital allocation, there are two main problems regarding investment appraisal practices in European companies. First and foremost, a large part of even the largest European corporations do not use advanced investment appraisal techniques or apply them only to a limited extent. Secondly, yet there has not been a research into practical applications of investment appraisal methodologies that would cover the entire Single Market, i.e., the European Economic Area and Switzerland. Practical Implications: Obtained conclusions allowed us to recommend a study of the relationship between investment appraisal practice and company performance for all the countries of the European Single Market. Originality/value: Further research should identify the differences regarding the use of investment appraisal methods between countries as well as sectors. It is expected that the conclusions from projected future research will considerably broaden the knowledge about a particularly important area of corporate activity – making decisions regarding resource allocation.peer-reviewe

Investment appraisal practice in the biggest companies in Poland

Purpose: The preliminary research carried out in 2020 in the group of the largest public companies in Poland was to check whether these companies use the NPV method and whether the method of assessing investment proposals is consistent with the indications of the theory. Design/Methodology/Approach: An empirical research was conducted in Poland in 2020 by interviews with management board members responsible for investment decisions, representing the largest public companies in Poland, information was obtained about the organization of the process of evaluating investment proposals. Findings: The survey confirmed the popularity of NPV application in the largest public companies in Poland, as all surveyed entities use this method. It is also no surprise that as many as 93.3% of the surveyed companies use IRR. What is surprising, however, is the frequency of using the payback period commonly criticized in the theory as a project evaluation criterion. This method is used by 80.0% of the largest public companies. Originality/value: This survey is one of the few studies on investment appraisal procedures in the largest Polish public companies.peer-reviewe

Incorporation of the sphenoid sinuses' septum / septa in the carotid canal : evaluation before the fess

The purpose of the research was to define the frequency prevalence of the incorporation of sphenoid sinuses’ septum / septa in the carotid canal of the adult population. Materials and Methods: 296 computed tomography (CT) scans of the patients (147 females, 149 males), who did not present any pathology in the sphenoid sinuses, were evaluated in this retrospective analysis. Spiral CT scanner - Siemens Somatom Sensation 16 - was used to glean the medical images. Standard procedure applied in the option Siemens CARE Dose 4D. No contrast medium was administered. Multiplans reconstruction (MPR) tool was used in order to obtain frontal and sagittal planes from the transverse planes previously received. Results: Bilateral incorporation of the main septum (MS) in the carotid canal was not present in any of the patients, whereas unilateral incorporation was noticed in 21.96% of the patients (17.68% females, 26.17% males). On the right side it occurred in 11.82% of cases (10.88% females, 12.75% males), and on the left side in 10.14% of cases (6.8% females, 13.42% males). Bilateral incorporation of the additional septum (AS) was found in 8.45% of the patients (4.08% females, 12.75% males), whereas unilateral incorporation was noted in 28.37% of the patients. It was seen on the right side in 11.82% of cases (12.93% females, 10.74% males), and on the left side in 16.55% cases (15.65% females, 17.45% males). The most common variant was the incorporation of only one of the septa (either the MS or the AS) in the wall of the carotid canal unilaterally. Such situation took place in 30.07% of the patients (29.25% females, 30.87% males). Incorporation of two septa on the same side was noticed in 4.39% of cases (4.08% females, 4.7% males), and incorporation of three septa in 0.34% of cases (0.7% males). Conclusions: The anatomy of the paranasal sinuses is varied to a great extent, hence performing a CT scan is crucial before the scheduled surgery, as it may lessen the unforeseeable surgical complications, that may result from the high prevalence of variants in the sinuses

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."(...

Polish banking industry efficiency: a DEA window analysis approach

The Polish banking industry has been transformed since the country’s transition to a market economy which began at the end of the 1980s. The industry has now developed and expanded to encompass more than 60 participants and it can thus be described today as a relatively competitive market. Against this background, this paper evaluates the financial performance of the industry over time, based on the ten largest Polish banks that represent around 80 percent of the total sector in terms of assets. In particular, cost efficiency of the banks is analyzed on the basis of six production models. Efficiency scores are obtained using Data Envelopment Window Analysis between 1995-2003 period, using intertemporal and locally intertemporal data. Productivity changes within the sector are investigated using the Malmquist Index approach

Controlling in managing a business

The paper presents an essence of controlling and focuses on its link with internal control, economic analysis and strategic management. Elements and instruments of controlling have been discussed and potential variants of organization of controlling in a firm have been examined.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

Sustainable value management - New concepts and contemporary trends

Sustainable value management reveals a new space for studying business models. The traditional approach is based on the assumption that the goal of any business is to make money. All decisions regarding supply and production should be made to maximize profit. The discrepancy in creating non-economic value is sometimes the result of separating ownership from control over an enterprise. Although shareholders are interested in maximizing profit, management that actually makes decisions can also pursue other goals. In addition to economic aspects, the management intentions of modern managers are also influenced by factors arising from the organizational culture built, co-created within the organization and sometimes with the participation of external actors such as suppliers and customers. The sources of the creation of social values will be the management intentions of top management, often initiated by the adopted values and rules on the basis of which resources are bound within the structure of the business model. The value of sustainability is based on the identification of those creative sources that relate to economic and social value. Economic value is created through social value and vice versa. This allows the complementarity of the value created to be mutually supportive. The business model that integrates both of these values should be more resistant to crises than the one that is oriented only toward producing economic value. Concurrent implementation of economic and social goals increases resilience and affects the success of modern business models. This is due to the specificity of the business ecosystem that is built as part of the business model, which, in essence, is based on the use of social factors to merge the business model into a complex ecosystem capable of producing value

An impact of shale gas on the world’s energy market

The paper is an attempt to describe an impact of a shale gas production in the US on selected energy markets. Potential shale gas resources and production methods have been presented. The paper has focused on the US gas market, and an impact resulted from a growing production of shale gas. The American shale gas revolution and it’s economic, political, ecological, and safety aspects have been discussed.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