scholarly journals APPLICATION OF SYNTHETIC TAXONOMIC MEASURE TMAI FOR THE ASSESSMENT OF INVESTMENT ATTRACTIVENESS OF THE SELECTED FOOD INDUSTRY COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE IN THE YEARS 2013 – 2016

2018 ◽  
Author(s):  
Monika ZIELIŃSKA-SITKIEWICZ ◽  
Mariola CHRZANOWSKA
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Point Of View ◽  
Food Sector ◽  
Financial Condition ◽  
Beer Industry ◽  
Warsaw Stock Exchange ◽  
Polish Economy ◽  
Profitability Ratios ◽  
Agricultural Food

The food sector is one of the most important and fastest growing branches of the Polish economy. It employs almost 15% of all employees employed in the industry. Polish manufacturers are characterised by high competitiveness both in the EU and in the world. The macroeconomic environment in recent years has been relatively stable for the development of the food industry production in Poland, but the dynamics of agricultural-food products has experienced a slight slowdown. There were also fluctuations in profitability ratios in the sector, which may have been somewhat alarming for the investors. The article attempted to evaluate the investment attractiveness of 24 joint stock companies in the food sector, representing various industries, listed on the Warsaw Stock Exchange. The Taxonomic Measure of the Attractiveness of Investments (TMAI) and the company rankings were created for the years 2013 – 2016. The results showed that the Wawel and Astarta companies were at the top of the rankings in the studied years, representing the confectionery and the sugar sector, and the Żywiec company from the beer industry. The meat and fish processing companies were more or less centred on the scale. The companies KSG Argo, Milkiland, Wilbo, Pepees and Pamapol involved in the agricultural-food production and processing received the poorest evaluations of the investment attractiveness. The synthetic taxonomic TMAI measure makes it possible to build company rankings within the analyzed group, from the point of view of the assessment of the financial condition and investment attractiveness of the surveyed companies. It can provide additional help in assessing the company’s situation, e.g., for the investors.

scholarly journals Linear and Non-linear Relationships Between Shares of the Agri-food Industries of the Warsaw Stock Exchange. Risk Aspect

2017 ◽  
Vol 17(32) (4) ◽  
pp. 249-262 ◽  
Author(s):  
Jacek Pera
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Test Procedure ◽  
Listed Companies ◽  
Food Sector ◽  
Linear Relationships ◽  
Wide Range ◽  
Non Linear ◽  
Warsaw Stock Exchange ◽  
Exchange Risk

Despite a wide range of research on the agricultural market conducted so far, relatively little attention has been devoted to a comprehensive analysis of linear and non-linear causality in relation to the entire agri-food sector in Poland, in the context of risk. The objective of this study is therefore to analyze the linear and non-linear relationships between shares of WSE's agri-food industry sectors in terms of risk. The study covered three sectors of agri-food sector currently existing on the WSE (29 listed companies): Foods (21 listed companies), Agricultural Production and Fisheries (5 listed companies) and Food and Foodstuffs and fast-trafficking foodstuffs (3 listed companies). The existence of linear relationships was verified using the test procedure proposed by Hong, Liu, Wang and Łęt, while non-linear relationships were verified using the Diks-Panchenko, Orzeszko and Osińska tests’s. The study was carried out on the basis of data from companies of the agri-food industry listed on the Warsaw Stock Exchange in the period from 1 May 2010 to 1 May 2017. The chosen research methodology was dictated by the correlation with investment risk on the WSE. The strongest and most enduring dependencies have been found in the agricultural and fisheries sectors. In the foodstuff sector and the fast-marketable sector, the risk of investment in the listed companies was temporary.

Zróżnicowanie sytuacji ekonomiczno-finansowej spółek z sektorów produkcyjnych

2015 ◽  
pp. 71-83
Author(s):  
Marta Juszczyk
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Optimal Level ◽  
Building Sector ◽  
Financial Situation ◽  
Food Industries ◽  
Industrial Companies ◽  
Warsaw Stock Exchange ◽  
Profitability Ratios

The aim of this study is to present financial situation of selected industrial companies on the example of stock companies quoted on Warsaw Stock Exchange. Among the branches under consideration are building, machine-engineering, metal and food industries. The period of research covered the years 2008–2012. The worst situation in terms of profitability, liquidity and debt occurred in the building sector. The optimal level of liquidity was found in the machine engineering and metal industries. The highest efficiency in the use of assets and equity has been reported in the food industry. Profitability ratios of net sales were the highest in the field of machine-engineering sector.

scholarly journals The Use of Discriminant Analysis to Predict the Bankruptcy of Companies Listed on the NewConnect Market

Equilibrium ◽  
2014 ◽  
Vol 9 (3) ◽  
pp. 87-105
Author(s):  
Magdalena Mosionek-Schweda
Keyword(s):  
Stock Exchange ◽  
Predictive Ability ◽  
Medium Size ◽  
Regulatory Regime ◽  
Financial Condition ◽  
Warsaw Stock Exchange ◽  
Discriminant Models ◽  
Polish Economy ◽  
The One ◽  
Start Ups

The aim of this article is to analyze and evaluate the usability of discriminant models in predicting bankruptcy for companies listed on NewConnect. This market was established in 2007 and operates as an alternative trading system next to Warsaw Stock Exchange S.A., which in practice means that its regulatory regime in relation to issuers and listed companies is not as strict as the one applicable to the main market, therefore shares of small and medium-size businesses, including start-ups, can be listed on NewConnect. In this paper, discriminant models are used to analyse the financial situation of four companies removed from trading on NewConnect due to bankruptcy, Perfect Line S.A., Promet S.A., InwazjaPC S.A. and Budostal-5 S.A. The analysis is based on three models: Altman's model for emerging markets, as well as two models of the highest predictive ability according to P. Antonowicz's research, Z7INEPAN model developed in the Polish Academy of Sciences and E. Mączyńska's model, developed by Polish scientists and adapted to the Polish economy. The results confirm that these models are a valuable tool in assessing the financial condition of enterprises and allow for bankruptcy forecasting. Their application to companies listed on NewConnect, however, may be limited due to the specific profile of these entities as most of these enterprises are in fact newly formed and therefore the existing empirical data may prove  insufficient.

scholarly journals Comparative analysis of economic efficiency of Polish and German listed companies

2015 ◽  
Vol 6 (2) ◽  
pp. 67 ◽  
Author(s):  
Artur Sajnóg
Keyword(s):  
Comparative Analysis ◽  
Empirical Research ◽  
Economic Efficiency ◽  
Stock Exchange ◽  
Research Problem ◽  
Point Of View ◽  
Warsaw Stock Exchange ◽  
Assessment Measures ◽  
Profitability Ratios ◽  
Research Period

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.

scholarly journals Does CSR Affect the Profitability and Valuation of Energy Companies? An Example from Poland

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3668
Author(s):  
Mariusz Zieliński ◽  
Izabela Jonek-Kowalska
Keyword(s):  
Social Responsibility ◽  
Stock Exchange ◽  
Descriptive Statistics ◽  
Specific Situation ◽  
Socially Responsible ◽  
Warsaw Stock Exchange ◽  
Energy Companies ◽  
Profitability Ratios ◽  
Research Period ◽  
Financial Profitability

The article refers to the issues of financial profitability of undertaking CSR activities, which is widely reported in literature. The four largest electricity producing companies in Poland were selected for the analysis. The research period covers the years 2009–2019, when the index of socially responsible companies was operating on the Warsaw Stock Exchange. The main purpose of the article is to compare the profitability ratios and quotations of energy companies in Poland declaring themselves socially responsible with companies of the same sector that have not expressed such a declaration. The results obtained on the basis of descriptive statistics, concerning profitability ratios and stock market quotations, indicate no relationship between their level and stability and the companies’ declarations of compliance with social responsibility. Companies declaring themselves socially responsible were placed in the ranking between the results of companies that did not belong to the indicated index. This may be the result of the specific situation of energy companies in Poland.

scholarly journals IMPACT OF FOOD INDUSTRY MARKUPS ON SECTORIAL BUSINESS CYCLE AND FOOD INFLATION IN POLAND

2017 ◽  
Vol 16 (4) ◽  
pp. 41-50
Author(s):  
Szczepan Figiel ◽  
Mariusz Hamulczuk ◽  
Justyna Kufel-Gajda
Keyword(s):  
Business Cycle ◽  
Food Industry ◽  
Positive Impact ◽  
Food Sector ◽  
Labor Share ◽  
Var Analysis ◽  
Cross Correlations ◽  
Policy Measures ◽  
Polish Economy ◽  
Food Inflation

The main goal of this paper was to examine relationships between markups, output, and food inflation in the Polish food sector in the period 2000–2013. Levels of the monopolistic markups were calculated as an inversed labor share in the output value with a modification regarding overhead labor, whereas value of production was used as an indicator of sectorial business cycle. In order to analyze the relationships in question such methods as cross-correlations, Granger test, and VAR analysis were employed. It turned out that markups have behaved procyclically regarding the sectorial business cycle, and can be regarded as a lagged indicator for output and as a predictor for food inflation. A positive impact of the markups on the food inflation is likely to be one of the reasons for relatively weak joint changes of output and inflation, what may affect responses of the Polish economy to the monetary policy measures.

scholarly journals Beta Stability Over Bull and Bear Market on the Warsaw Stock Exchange

2016 ◽  
Vol 16 (1) ◽  
pp. 75-92 ◽  
Author(s):  
Wiesław Dębski ◽  
Ewa Feder-Sempach ◽  
Bartosz Świderski
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Financial Investment ◽  
Bear Market ◽  
Index Model ◽  
Parameter Stability ◽  
Single Index Model ◽  
Warsaw Stock Exchange ◽  
Measuring Frequency ◽  
Investment Portfolios

Abstract Beta parameter is one of the commonly used measures of the investment risk of individual stock or portfolio. It plays a crucial role in modern portfolio theory particularly in management of financial investment portfolios. In the field of beta parameter, numerous studies have been conducted, especially beta properties stability in the context of the stock market cycle phases, measuring frequency of rate of return, and the length of a sample period. There are much fewer studies concerned beta parameter in the countries of Central and Eastern Europe which have undergone systemic transformation at the end of the previous century. From a scientific point of view, it is interesting to know how the beta parameter behaves in these countries. The main goal of this article is to examine the beta parameter stability over bull and bear market conditions on the Warsaw Stock Exchange. The paper presents an analysis of beta stability for 134 stocks of the largest companies listed at the WSE during years 2005–2013. To verify statistically the hypothesis of beta parameter stability, we used monthly returns in the Sharpe’s single-index model. In the first part of the article, we present a brief review of the literature and methodology of the study, while in the second part, the obtained results and conclusions are shown.

scholarly journals Microscale Evaluation of The Diagnosis Stability

2014 ◽  
Vol 13 (2) ◽  
pp. 109-119
Author(s):  
Katarzyna Wawrzyniak
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Diagnostic Process ◽  
Construction Sector ◽  
The Real ◽  
Warsaw Stock Exchange ◽  
The Stability ◽  
Diagnosis Stability ◽  
Financial Indices

Abstract In the paper the author makes a classification of the Construction Sector companies that are listed on the Warsaw Stock Exchange. The classification is made with a view to identify those companies whose financial standing in the years of study (2007, 2009 and 2011) was good or bad from the point of view of several selected ratios. The classification is based on the inquiry into the stability of final diagnoses of the companies’ financial standing. The final diagnoses were founded on the median from partial diagnoses which had been created in the course of a two-element diagnostic process where the real values of the companies’ financial indices were compared with theoretical and empirical norms.

scholarly journals Are polish healthcare stocks defensive?

2017 ◽  
Vol 6 (326) ◽  
Author(s):  
Bartłomiej Krzeczewski
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Healthcare Sector ◽  
Investment Strategies ◽  
Healthcare Industry ◽  
Daily Data ◽  
Warsaw Stock Exchange ◽  
Beta Coefficient ◽  
Stock Indexes ◽  
Risk Ratios

The main aim of this article is to verify whether the companies operating in Polish healthcare industry could be included into the group of so called defensive companies. The value of such companies during recession does not decline or the declines are significantly lower compared to the major stock indexes. The analysis carried out in the article is conducted amongst companies from healthcare sector listed on the Warsaw Stock Exchange (WSE). In the article an analysis is presented comparing risk ratios of defensive stocks and whole stock market such as beta coefficient (β). The analysis is based on daily data intervals from the period 2012–2014. The article is based on the assumption that Polish healthcare industry companies may be portrayed as defensive and the results of the study suggest to support this point of view. Therefore, the stocks of such companies can be considered by investors as interesting assets for building diversified portfolios and working on investment strategies.

scholarly journals Pallet standards in agri-food sector: a brief survey

2014 ◽  
Vol 45 (2) ◽  
pp. 90
Author(s):  
Alessandro Trevisani ◽  
Eleonora Iaccheri ◽  
Angelo Fabbri ◽  
Adriano Guarnieri
Keyword(s):  
Food Industry ◽  
Test Procedure ◽  
Food Sector ◽  
Technical Standards ◽  
Wooden Frame ◽  
Regulatory Aspects ◽  
Technical Content ◽  
Historic Development ◽  
European Standards ◽  
Agricultural Food

In food industry wooden pallet and fruit and vegetables crates are the most used for handling and delivering. Regulatory aspects and test procedure are relatively young as regards to the packaging sector of wooden. Currently many standards are in development or implementation. In this context the objective of the following paper is a brief overview on technical standards governing the use of wooden packaging, with particular reference to the agricultural-food sector. In this review, as wooden packaging, are taken into account, wood or its derivatives used to support, packaging and transport goods, such as cages, wooden pallets, wooden frame, wooden kegs, rods or timber. Particularly European standards are briefly described in their technical content and historic development. Market data, emerging technology and environmental problems are even recalled.

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