scholarly journals The investment attractiveness of companies listed on the Warsaw Stock Exchange to Sovereign Wealth Funds

2016 ◽  
Vol 66 (2) ◽  
pp. 333-350 ◽  
Author(s):  
Dariusz Urban
Keyword(s):  
Logit Model ◽  
Pension Fund ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Sovereign Wealth Funds ◽  
Sovereign Wealth Fund ◽  
Earnings Per Share ◽  
Warsaw Stock Exchange ◽  
The Government ◽  
A Company

The aim of this study is to shed some light on the factors determining the investment decisions of Sovereign Wealth Funds. Using the financial data from companies listed on the Warsaw Stock Exchange, the author employs a logit model to analyse the probability that firms are targeted for investment by the Norwegian Sovereign Wealth Fund. These findings suggest that not only the growth of earnings per share increases the probability of such investment, but that also a company whose shares have been bought by the Government Pension Fund Global has, on average, a higher level of earnings per share than companies not targeted by the Fund. This study contributes to a deeper understanding of the investment activities of the world’s largest Sovereign Wealth Fund.

scholarly journals Earning Per Share Under International Accounting Regulations and Based on the Example of Companies Listed on the Warsaw Stock Exchange

2017 ◽  
Vol 8 (1) ◽  
pp. 57
Author(s):  
Piotr Prewysz-Kwinto ◽  
Grażyna Voss
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Financial Statement ◽  
International Accounting ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Analysis And Evaluation ◽  
Earnings Per Share ◽  
Warsaw Stock Exchange ◽  
A Company

Earnings per share is one of the most important financial ratios facilitating investors make decisions about the choice of a company to invest in. To fulfill this role, it should be calculated according to the same rules by all companies, so that the results can be compared correctly. Therefore, the IASB (International Accounting Standards Board) issued a special standard comprehensively regulating the rules of its calculation and presentation in financial statement. It is International Accounting Standard 33 – Earning per share, which was released in December 2003. It was first applied to financial statements prepared for the reporting period starting after January 1, 2005. The standard was revised once – in 2008. This standard requires calculation and presentation in financial statement basic and diluted earnings per share and accurately specifies how to do it. The aim of this paper is to describe the rules of calculating, presenting and disclosure information about earning per share under IAS 33 as well as to analyze the presentation of such information in financial statements of the largest companies listed on the Warsaw Stock Exchange. The main methods used include the analysis and evaluation of legal acts and subject-related literature as well as the analysis of information disclosed in financial statements of the largest companies listed on the Warsaw Stock Exchange.

scholarly journals Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

e-Finanse ◽  
2015 ◽  
Vol 11 (4) ◽  
pp. 23-33
Author(s):  
Monika Bolek ◽  
Katerina Lyroudi
Keyword(s):  
Capital Structure ◽  
Intellectual Capital ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Equity Capital ◽  
Warsaw Stock Exchange ◽  
Relationship Of ◽  
The Relationship ◽  
A Company ◽  
The Capital Structure

Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

scholarly journals Are the Key Persons in Companies also their Key Assets? Evidence from a Transition Economy

2020 ◽  
Vol 31 (5) ◽  
pp. 536-546
Author(s):  
Katarzyna Byrka-Kita ◽  
Mateusz Czerwiński ◽  
Renata Gola
Keyword(s):  
Positive Reaction ◽  
Succession Planning ◽  
Transition Economy ◽  
Stock Exchange ◽  
Investment Strategies ◽  
Upper Echelons Theory ◽  
Warsaw Stock Exchange ◽  
A Company ◽  
Investor Reaction ◽  
Practical Implications

This study examines how published information about the death of a key person in a company has affected its market valuation as listed on the Warsaw Stock Exchange during the period 2005–2017. We find that investors reacted negatively and statistically significantly to information about the death of a key person. Furthermore, we confirmed a positive reaction to the loss of a so-called “entrenched CEO”. The same pattern of investor reaction is observed in more mature markets. These findings seem to support the upper echelons theory and entrenchment hypothesis. The obtained results not only contribute to the development of the theory, but also have significant practical implications. Primarily, investors should take into account such events when they are implementing investment strategies. Further, these results suggest that Polish firms need to undertake more formal succession planning for their executives.

scholarly journals Classification of companies into stock exchange quotation markets using network metrics

2020 ◽  
Vol 2020 (2) ◽  
pp. 275-292
Author(s):  
Dariusz Siudak
Keyword(s):  
Stock Market ◽  
Market Efficiency ◽  
Stock Exchange ◽  
Interlocking Directorates ◽  
Stock Market Efficiency ◽  
Warsaw Stock Exchange ◽  
Board Directors ◽  
Network Metrics ◽  
A Company

The classification of a company into the relevant quotation market is an essential part of stock market efficiency. The aim of the article is to predict the classification of enterprises into the two types of quotation markets on the Warsaw Stock Exchange (i.e. the main one and NewConnect) by means of network measures of the company’s participation in interlocking directorates’ networks. The research was carried out on a network of enterprises established on the basis of their relationships through shared board directors. This network included 460 companies listed on the main exchange, and 442 companies in the NewConnect markets of the Warsaw Stock Exchange respectively (a total of 902 entities) at the end of 2014. The aim of the study is to classify the companies into the appropriate quotation market on the Warsaw Stock Exchange, i.e. the main market (WSE) or NewConnect (NC)

scholarly journals Determinants of audit fees: Evidence from Poland

2020 ◽  
Vol 6 (53) ◽  
pp. 323-336
Author(s):  
Karol Rewczuk ◽  
Piotr Modzelewski
Keyword(s):  
Western Europe ◽  
Central And Eastern Europe ◽  
Stock Exchange ◽  
Financial Statements ◽  
Audit Fees ◽  
The United States ◽  
Accounting Firms ◽  
Warsaw Stock Exchange ◽  
A Company ◽  
Big Four

AbstractUnlike many studies concerning audit fees in Western Europe or the United States, literature concerning this kind of research is very limited in Central and Eastern Europe. This study aimed to show what factors shape audit fees in Poland. It was conducted based on data collected from the financial statements of 111 companies listed on the Warsaw Stock Exchange in 2018. The study used a linear regression model to verify the determinants of audit fees. The research results indicate a positive relationship between audit fees and company size, measures of complexity (in addition to the ratio of inventories and receivables to total assets) and the fact that a company is audited by the ‘Big Four’ accounting firms.

scholarly journals Efficient Stock Portfolio Construction by Means of Clustering

2018 ◽  
Vol 1 (333) ◽  
Author(s):  
Jerzy Korzeniewski
Keyword(s):  
Stock Exchange ◽  
Investment Decisions ◽  
Portfolio Construction ◽  
Homogeneous Groups ◽  
Novel Technique ◽  
Partitioning Around Medoids ◽  
Warsaw Stock Exchange ◽  
Stock Portfolio ◽  
Stock Market Investment ◽  
Good Number

When investors start to use statistical methods to optimise their stock market investment decisions, one of fundamental problems is constructing a well‑diversified portfolio consisting of a moderate number of positions. Among a multitude of methods applied to the task, there is a group based on dividing all companies into a couple of homogeneous groups followed by picking out a representative from each group to create the final portfolio. The division stage does not have to coincide with the sector affiliation of companies. When the division is performed by means of clustering of companies, a vital part of the process is to establish a good number of clusters. The aim of this article is to present a novel technique of portfolio construction based on establishing a numer of portfolio positions as well as choosing cluster representatives. The grouping methods used in the clustering process are the classical k‑means and the PAM (Partitioning Around Medoids) algorithm. The technique is tested on data concerning the 85 biggest companies from the Warsaw Stock Exchange for the years 2011–2016. The results are satisfactory with respect to the overall possibility of creating a clustering‑based algorithm requiring almost no intervention on the part of the investor.

KEBIJAKAN DIVIDEN, INVESTASI, PENDANAAN, KEPEMILIKAN, DAN NILAI PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

2017 ◽  
Vol 11 (2) ◽  
pp. 155
Author(s):  
Rowland Bismark Fernando Pasaribu ◽  
Dionysia Kowanda ◽  
Citra Wulandari
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Institutional Ownership ◽  
Total Sample ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Financing Decisions ◽  
Company Value ◽  
A Company

This study aimed to get empirical evidence about the influence of Dividend Policy, InvestmentDecisions, Decisions Funding, Managerial Ownership and Institutional Ownership as theindependent variable on the dependent variable value as a company. This study used a sample usingpurposive sampling techniques in manufacturing companies listed in Indonesia Stock Exchange inLQ45 index period 2008-2013. Total sample of this research is 20 companies. The result of studyproves that simultaneously Dividend Policy, Investment Decisions, Decisions Funding, ManagerialOwnership, and Institutional Ownership has significant effect on company value, while partially onlyInvestment and Financing Decisions that significantly influence the Company Values.Keywords: Dividend Policy, Investment Decisions, Decisions Funding, Managerial Ownership,Institutional Ownership and Corporate Value

THE SIGNIFICANCE OF PERSONNEL POLICY IN CREATING THE COMPETITIVE POSITION OF FOOD INDUSTRY ENTERPRISES IN POLAND

2020 ◽  
Vol 21 (2) ◽  
pp. 107-122
Author(s):  
Katarzyna Styma-Sarniak ◽  
Łukasz Sarniak
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Secondary Data ◽  
Research Problem ◽  
Topsis Method ◽  
Pilot Studies ◽  
Personnel Policy ◽  
Competitive Position ◽  
Warsaw Stock Exchange ◽  
A Company

The research examines the significance of human resources in the process of creating a market position of a company. The research covered 16 food industry companies listed on the Warsaw Stock Exchange in 2017. Using the TOPSIS method twice, the competitive position of enterprises was determined. First of all, on the basis of secondary data and the state of art, an initial ranking was established, drafted according to four features determining the competitive position of enterprises. Secondly, proper ranking was determined according to identical features and additional factors determining the company’s personnel policy. As a result, the surveyed entities were mapped to four classes and compared. The obtained results indicate that the personnel policy has a significant impact on the competitive position of enterprises from the food industry. The article presents only pilot studies. An analysis of other sectors of the economy seems to be an interesting research problem.

scholarly journals EVALUATION OF FUNDAMENTAL STRENGTH OF FOOD COMPANIES ON THE WARSAW STOCK EXCHANGE

2017 ◽  
Vol 16 (1) ◽  
pp. 93-100
Author(s):  
Waldemar Tarczyński ◽  
Małgorzata Tarczyńska-Łuniewska
Keyword(s):  
Comparative Analysis ◽  
Stock Exchange ◽  
Universal Method ◽  
Food Sector ◽  
Warsaw Stock Exchange ◽  
A Company

The article presents the proposal to apply the (universal) method of assessing the fundamental strength of a company with an example of the Polish food sector. The proposed method belongs to the group of methods of multidimensional comparative analysis and is applicable to the directly immeasurable categories (economic and financial standing, fundamental strength). The problem to be solved is the method of measuring the fundamental strength (attractiveness) of a company. The aim of the paper is to assess the fundamental strength of the food companies in Poland and to identify areas of use the results of research in practical analyses. The article describes how to construct such a measure and how to use it practically. The empirical example included data of food firms listed on the Warsaw Stock Exchange over years 2010–2014. The article presents method for assessing the investment attractiveness of enterprises comprising the food sector in terms of their fundamental strength, namely the long-term investment in their shares.

scholarly journals Investment Analysis of Startups Company PT. Zaps Teknologi Service Application of BPJS

2021 ◽  
Vol 8 (8) ◽  
pp. 504-509
Author(s):  
Zulham Wafiq ◽  
Edi Hamdi ◽  
Tantri Yanuar Rahmat Syah
Keyword(s):  
Real Time ◽  
Financial Analysis ◽  
Health Sector ◽  
Investment Decisions ◽  
Health Facilities ◽  
Investment Analysis ◽  
The Media ◽  
The Government ◽  
Service Application ◽  
A Company

Background – Health facilities and hospitals are government facilities in serving the community in the health sector, BPJS is one of the media used by the government in carrying out these services. PT. Zaps Teknologi is a company engaged in technology and information with the product of Dokter Tunggu (DOKU). This application was created to improve BPJS services in Hospitals and Health Facilities. The application has innovations in BPJS services where this application has features that are able to accommodate BPJS services. Online referrals, real time conditions from the Referral Hospital are some of the features embedded in this application, besides that in the next few years PT. Zaps Teknologi will improve services by adding features to this application. The addition of features requires detailed financial analysis and precise investment calculations Method - Investment analysis using NPV, ROI, PP and IRR. Result – This analysis shows the investment value for investors in making investment decisions. Keywords: Investment, BPJS, Financial Analysis.

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