Share Capital Increase Strategies and the Efficiency of Listed Companies – A Polish-German Comparative Analytical Study

The assessment of the efficiency of publicly-listed companies was conducted by means of the nonparametric DEA method, using measures oriented on input and constant returns-to-scale. The effects (results) are shown by means of the following ratios: return on sales, return on equity, and return on assets, whereas the inputs are illustrated by ratios of share capital dynamics, financing total assets by share capital and equity dilution.Ocena efektywności publicznych spółek giełdowych została przeprowadzona za pomocą nieparametrycznej metody DEA, z wykorzystaniem miar zorientowanych na nakłady oraz stałych efektów skali. Za efekty(wyniki) przyjęto współczynniki rentowności sprzedaży, kapitału własnego oraz aktywów całkowitych, zaś za nakłady uznano wskaźniki dynamiki kapitału zakładowego, sfinansowania majątku całkowitego kapitałem zakładowym oraz rozwodnienia kapitału własnego

Wpływ informacji o pozostałym wyniku całościowym na intencjonalne kształtowanie raportowanych wyników finansowych

This study examines the impact of other comprehensive income reporting in mitigating earnings management by using discretionary accruals for a sample of 83 industrial WSE-listed companies over the period of 2009–2016. We apply a panel least square model using year fixed-effects regression. We find that other comprehensive income reporting diminishes the extent of managerial earnings activities. Our findings suggest that a comprehensive income statement may have significant and positive implications for preventing aggressive accounting and helps users of financial statements identify earnings management better.Niniejszy artykuł prezentuje wpływ raportowania pozostałych wyników całościowych na niwelowanie procesu zarządzania zyskami poprzez zastosowanie uznaniowych rozliczeń międzyokresowych na bazie 83 spółek notowanych na GPW w Warszawie w latach 2009–2016. W opracowaniu posłużono się metodą najmniejszych kwadratów dla danych panelowych z ustalonymi stałymi efektami w postaci roku. Wyniki badań empirycznych wskazują, iż kompleksowe prezentowanie składników wyniku całościowego może mieć znaczące i pozytywne implikacje dla zapobiegania agresywnej księgowości i wspomaga beneficjentów sprawozdań finansowych w bardziej trafnym identyfikowaniu zarządzania wynikami finansowymi

Rola zysku całkowitego w ocenie rentowności przedsiębiorstwa

The main purpose of this study was to examine the role and importance of the comprehensive income in the forming of the profitability of listed companies. The major subject of the theoretical-empirical study was to test of the general research hypothesis that stipulated that the comprehensive income of joint stock companies, presented in the statement of comprehensive income, may be more reliable measure used in assessment of profitability of enterprise. The research comprised joint-stock companies listed on the Warsaw Stock Exchange and included in WIG-30 Index (qualified on 01.05.2015). Empirical data for the study was obtained from the quarterly financial statements (the period from 2009 to 2014).Głównym celem opracowania jest zbadanie roli i znaczenia kategorii zysku całkowitego w kształtowaniu rentowności giełdowych spółek akcyjnych. Wiodącym nurtem badań o charakterze teoretyczno-empirycznym jest próba weryfikacji hipotezy, iż zysk całościowy, prezentowany w sprawozdaniu z całkowitych dochodów spółek akcyjnych, może być bardziej adekwatną miarą stosowaną w ocenie ich rentowności. Mając na uwadze potrzebę weryfikacji postawionej hipotezy badawczej na polskim rynku kapitałowym, badaniem zostały objęte spółki notowane na GPW w Warszawie z indeksu WIG30 (stan na 1 maja 2015 r.). Diagnoza została przeprowadzona na podstawie kwartalnych sprawozdań finansowych z lat 2009–2014

Environmental information disclosure: a cross-country analysis from European Union public companies

One of the contemporary challenges related to climate change and effectively managing raw materials is to reduce resource consumption and the negative environmental impact while simultaneously increasing the economy’s competitiveness. This requires that business entities change priorities and move to a sustainable relationship focused on ecological, economic and social well-being. Due to the transnational and global nature of the climate and the environment, actions in this area should be carried out at a supranational level. In European Union (EU) countries, successive directives are implemented regarding environmental changes and the taxonomy for non-financial reporting. This forces public companies, as large public interest units, to produce adequate quality data reporting in the ESG (Environmental, Social and Governance) area, including the environmental (E) indicator and its components. The article’s purpose is to make a comparative assessment of the current situation and to consider the prospects for environmental data disclosure by public companies listed on the regulated markets of the EU, with particular emphasis on energy consumption, water, waste production, and CO2 emissions. The Refinitiv database was used to test the quality of the environmental indicators. Public companies listed on the leading stock markets in the 27 EU Member States were included. The research period covers 2012–2021. We focus on checking how many companies report environmental data in any given year, and those that present them for at least one year, or for three, five, or ten years. The findings support the clear advantage of the quality of environmental data disclosure in the ‘old’ EU Member States (which joined before 2004) compared to the ‘new’ EU Member States. However, reporting on key environmental issues (water and energy consumption, waste production, and carbon dioxide) is very incomplete

Comprehensive income versus net income in the context of market value of companies in WIG30 Index

The major aim of this paper is to compare relationships of comprehensive income and net income with selected market ratios (market capitalization, market value to book value ratios) in companies listed on the Warsaw Stock Exchange included in WIG30 Index (qualified on 01.03.2018). Empirical data was obtained from the Thomson Reuters database (the period from 2009 to 2016). The research comprised relationships between incomes in the reporting period and selected market ratios, relatively for the reporting period and the next period. The research method was the regression analysis conducted by means of Spearman’s rank correlation coefficient and by four regression models in two versions. The research revealed a diversity of values of comprehensive income, as opposed to net income, and diverse relationships between these categories. They do not confirm the superiority of comprehensive income over net income

Wpływ zadłużenia na rentowność kapitału własnego w spółkach notowanych na GPW w Warszawie

The issues of the profitability of equity constitutes an important aspect in the enterprise management, particularly as an element which can increase market value. Against this background the realistic estimate of the debt and its impact on the development of the enterprise’s profitability of equity come into a relevant prominence. The fundamental purpose of this article is to assess the correlation between the volumes formed in terms of the Polish capital market. The review of the hypothesis on strong relation between the debt rate and the return on equity, has been conducted on the basis of the analysing Polish partnerships of the industrial sector which are quoted on the Warsaw Stock Exchange. The surveys of correlations and their significance have been preceded by the theoretical deliberations upon the role and meaning of the enterprise’s profitability of equity

The European Union’s environmental policy and long-term investments of enterprises

PURPOSE: Current European Union efforts are focused on creating regulations that are conducive to long-term investor commitment, i.e. they are fighting short-termism on financial markets. Enterprises that implement the European Union’s environmental policy are seen to engage long-term financial resources, which should therefore dominate the structure of their assets. The primary goal of the paper is to ascertain whether a company’s high environmental performance (E-index) is positively correlated with the value of its long-term investments.DESIGN/METHODOLOGY/APPROACH: The empirical research is carried out in two parts. The first part presents the correlation between the company’s E-index and the share of its long-term investments in total assets. For comparison, we examine these relationships with ESG, as well as the S and G scores. In the second part, we assess the character and strength of the impact of the company’s E-index on the value of its long-term investments. This study includes companies listed on 14 Western European stock exchanges, covering the period 2002 to 2019.FINDINGS: Contrary to our assumptions, we find, first, that the environmental index is negatively related to the share of long-term investments in assets in most countries. Second, using panel dataset for the analysed European Union markets, we find evidence that the environmental index negatively affects the value of long-term investments, indicating that the current actions undertaken by the European Union have no empirical justification.PRACTICAL IMPLICATIONS: The results of the research may be useful for researchers, practitioners, and regulators from the European Union and the European Union countries in understanding the relationship between a company’s E-index and its investments.ORIGINALITY/VALUE: There is no research which proves that the increase in long-term investments, and thus the increase in the availability of long-term capital, is of key importance for enterprises, so our research is pioneering and unique.peer-reviewe

Wprowadzenie

Niniejsza monografia dotyczy kluczowych problemów działalności przedsiębiorstw, które odnoszą się do szeregu czynników efektywnego wykorzystania zasobów materialnych i niematerialnych dla budowania przewagi konkurencyjnej na rynku.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

Wpływ zadłużenia na rentowność kapitału własnego w spółkach notowanych na GPW w Warszawie

The issues of the profitability of equity constitutes an important aspect in the enterprise management, particularly as an element which can increase market value. Against this background the realistic estimate of the debt and its impact on the development of the enterprise’s profitability of equity come into a relevant prominence. The fundamental purpose of this article is to assess the correlation between the volumes formed in terms of the Polish capital market. The review of the hypothesis on strong relation between the debt rate and the return on equity, has been conducted on the basis of the analysing Polish partnerships of the industrial sector which are quoted on the Warsaw Stock Exchange. The surveys of correlations and their significance have been preceded by the theoretical deliberations upon the role and meaning of the enterprise’s profitability of equity

COMPARATIVE ANALYSIS OF ECONOMIC EFFICIENCY OF POLISH AND GERMAN LISTED COMPANIES

The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises years between 2004-2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from the DEA’s point of view