scholarly journals Gender diversity in leadership of listed companies

2021 ◽  
Vol 9 (5) ◽  
pp. 90-98
Author(s):  
Małgorzata Stępień
Keyword(s):  
Labor Market ◽  
Stock Exchange ◽  
Good Practice ◽  
Gender Diversity ◽  
Listed Companies ◽  
Management Style ◽  
Warsaw Stock Exchange ◽  
Supervisory Boards ◽  
Central Statistical ◽  
Managerial Positions

Purpose of the study: The article attempts to characterize the management style represented by women and its impact on company management. The study aims to analyze the situation in the field of women's participation in the bodies of companies listed on the Warsaw Stock Exchange in the context of the situation in the Polish labor market. Methodology: The analyzes were carried out based on data from a survey of 140 largest Polish listed companies conducted by CFA Society Poland and data published by the Central Statistical Office for 2015-2019. Main Findings: Women and men represent two different management styles. Women, representing different leadership styles, can provide new values, which will improve management and lead to an increase in the importance of enterprises. The number of educated women with high professional qualifications is increasing. However, as research shows, the share of women in management boards and supervisory boards in Poland is small. There are still large disproportions in wages between women and men and the process of unequal promotion of women to managerial positions. Applications of this study: Due to the dissemination of research results by researchers, changes to codes of good practice were initiated and many initiatives were taken around the world. Research can also contribute to the creation of organizations supporting and promoting the professional development of women, creating databases of managerial talents and extending activities promoting the participation of women in the management staff. Novelty/Originality of this Study: The issues discussed in the study and the conducted analysis of the situation of women in Poland contribute to the discussion on the equality of women in the labor market. The thematic area of ​​the problem of the low presence of women in supervisory boards and management boards should be considered poorly explored. More research is needed in this area and will allow researchers to compare results over many years.

scholarly journals Gender diversity and financial performance of the stock exchange listed companies

2020 ◽  
Vol 17 (4, Special Issue) ◽  
pp. 257-267
Author(s):  
Yasmina Jaber
Keyword(s):  
Stock Exchange ◽  
Critical Mass ◽  
Gender Diversity ◽  
Listed Companies ◽  
Least Square ◽  
Bivariate Analysis ◽  
Explanatory Variables ◽  
Muslim Countries ◽  
The Board Of Directors ◽  
The Impact

Tunisia is considered one of the first Arab Muslim countries to have the freedom of women and their participation in the economic sphere. Despite these advancements in women’s freedom, Tunisia still has a few women in positions of responsibility in the business. Our reflection on gender diversity will, therefore, be studied from the angle of the contribution of women to the performance of the company. Our research uses different gender diversity proxies such as the percentage of women on the board, a binary variable, and two additional indices of the diversity the Blau and Shannon indices. In order to properly study this impact, we have mainly used bivariate analysis by studying the association between endogenous and explanatory variables and multivariate analysis by applying double least square regression (2SLS). Using the panel data methodology and controlling for endogeneity, the results show that gender diversity on the board of directors does not have an impact on the performance of listed companies measured by Tobin’s Q. However, if critical mass is reached, the impact on gender diversity becomes positive and significant.

scholarly journals Pyramidal Ownership and Company Value: Evidence from Polish Listed Companies

2021 ◽  
Vol 15 (4) ◽  
pp. 479-498
Author(s):  
Maria Aluchna ◽  
Tomasz Kuszewski
Keyword(s):  
Firm Value ◽  
Stock Exchange ◽  
Listed Companies ◽  
Ownership Concentration ◽  
Company Value ◽  
Warsaw Stock Exchange ◽  
Pyramidal Ownership ◽  
Dual Class Shares ◽  
Dual Class ◽  
Majority Shareholder

This paper examines the effects of pyramidal ownership. Using the sample of 162 non-financial companies listed on the Warsaw Stock Exchange during the period 2010-2014, we verify the relation between the adoption of a pyramidal structure and company value. Specifically, we show that the link between pyramidal ownership and company value is more complex than previously thought addressing the aspect of ownership concentration and dual class shares. Our results indicate that the use of pyramids is associated with a higher value measured by Tobin’s Q, supporting the efficient monitoring hypothesis. Contrary to our expectations the combination of pyramidal ownership and dual class shares is correlated with lower Q. Finally, while the adoption of a pyramid by a majority shareholder does not impact firm value, the combination of a pyramid, ownership concentration and dual class shares is associated with higher Q. This finding suggests that the blockholder ownership outweighs the possible cost of excessive disproportionate ownership and that pyramids and dual class shares have different effects on company value.

scholarly journals The measurement of intellectual capital by market capitalization method: Empirical study of Polish listed companies

2017 ◽  
Vol 5 (2) ◽  
pp. 106-115
Author(s):  
Salome Svanadze ◽  
Magdalena Kowalewska
Keyword(s):  
Stock Market ◽  
Empirical Study ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Market Value ◽  
Financial Statements ◽  
Listed Companies ◽  
Future Research ◽  
Book Value ◽  
Warsaw Stock Exchange

Intellectual capital has become a fundamental source for enterprises, but its measurement and reporting remain a major challenge for managers and researchers. The purpose of this paper is to examine and report the differences in the Intellectual Capital (IC) Market Value (MV) to Book Value (BV) of the Polish WIG 20 indexed companies from Warsaw Stock Exchange. The data necessary to perform the calculations in accordance with the MV/PV method came from the financial statements for the period 2010-2014 of 20 Polish companies. The MV/BV method provides the means to measure intellectual capital in a precise and timely calculation and is particularly useful for the companies that are listed on the stock market. Results are presented and followed by discussion and implication for future research.

scholarly journals Modelling the Employment Structure in Public Companies for a Small Sample

2008 ◽  
Vol 7 (1) ◽  
pp. 33-44
Author(s):  
Waldemar Tarczyński ◽  
Mirosława Gazińska
Keyword(s):  
Stock Exchange ◽  
Labour Productivity ◽  
Listed Companies ◽  
Small Sample ◽  
Public Companies ◽  
Employment Structure ◽  
Interesting Issue ◽  
Financial Condition ◽  
Warsaw Stock Exchange ◽  
Statistical Regularities

Modelling the Employment Structure in Public Companies for a Small SampleThe analysis of employment structure is a very important issue in the companies and it is connected with many factors in the company and on the market. An interesting issue is whether labour efficiency affects economic and financial performance of the company and the whole market. In the case of any statistical regularities concerning this issue it is necessary to allow for the variables related to employment, e.g. in the analyses of listed companies. It is a particularly important matter in Poland where the ownership transformations and transition to market economy have resulted in major changes in employment in individual companies. The main goal of the paper is an analysis of the structure of companies by their group labour productivity in homogenous groups of listed companies, the so called megasectors, in relation to their economic and financial condition. The study refers to the period of 2000-2003 and includes 73 companies listed on the Warsaw Stock Exchange.

scholarly journals Going concern in the financial reports of listed companies during the COVID-19 pandemic – the results of an empirical study

2021 ◽  
Vol 45 (3) ◽  
pp. 9-28
Author(s):  
Ewa Chrostowska ◽  
Katarzyna Koleśnik
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Listed Companies ◽  
Research Approach ◽  
Financial Reports ◽  
Going Concern ◽  
Warsaw Stock Exchange ◽  
Sector Analysis ◽  
The Subject ◽  
The Impact

Purpose: The objective of this article is to assess how many entities have faced going concern problems and to identify what uncertainties may affect a going concern, especially during the COVID-19 pandemic. Methodology/research approach: The subject of the research was financial reports of com-panies listed on the main market of the Warsaw Stock Exchange in the following sectors: clothing and cosmetics, recreation and leisure, and transport and logistics. Thirty-three (out of 37) reports for the first half of 2020 were examined. We analysed the content of full ver-sions of the descriptive parts of financial statements, reports on the auditor’s review and management comment letters. Results: Nearly half of the surveyed entities that declared they were a going concern dis-closed going concern uncertainties. The pandemic affected the scope of disclosures present-ed in the reports. The variety of presentation styles and the selectivity of the place of the disclosure may hinder stakeholders when drawing conclusions. Research limitations/implications: Only three sectors were examined, and the sector analysis was conducted only in listed companies with complete and available reports. We analysed half-yearly reports that were reviewed by statutory auditors. The reports were analysed early in the pandemic. The article may be an inspiration for further research, including comparative research, in companies from the same and other sectors. The issue is vital, all the more so as the impact of the pandemic may change over time. Originality/Value: The article is a practical study of going concern disclosures during the pandemic. The study reveals the multifaceted nature and complexity of the issues related to continuation assessment.

scholarly journals The disclosure of events after the reporting period. The example of listed companies from selected European countries

2020 ◽  
Vol 109 (165) ◽  
pp. 139-156
Author(s):  
Małgorzata Szulc ◽  
Paweł Zieniuk
Keyword(s):  
Empirical Research ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Statements ◽  
Listed Companies ◽  
European Countries ◽  
Stock Exchanges ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Warsaw Stock Exchange

Purpose: The aim of this article is to present a practical study of disclosures of events after the reporting period in the financial reports of listed companies from selected European countries. The paper presents the results of empirical research based on the source material in the form of financial statements for the year 2018 of listed companies included on the following stock exchange indices: DAX, PSI-20, OMX25, BUX, WIG20, which comprise companies listed on the stock exchanges in Germany, Portugal, Denmark, Hungary and Poland. Methodology/approach: The research sample includes 110 companies. Content analysis of full versions of individual financial statements was performed. Findings: The results show that listed companies comply with the International Financial Reporting Standards regarding the disclo-sure of events after the reporting period. The occurrence of such events in the business practice of com-panies listed on the Warsaw Stock Exchange is much more frequent than in other European countries. The results of the study also present the diversity of events disclosed by respective companies included in the sample after the reporting period. Originality/value: The research allowed us to compare the scope of financial reporting disclosures of events after the reporting period in companies listed on the Warsaw Stock Exchange and in other European companies. Comparisons of this kind have not yet been carried out in international empirical research, which makes this article all the more valuable.

scholarly journals Accounting Education towards Sustainable Labour Markets in Sri Lanka

2021 ◽  
pp. 35-48
Author(s):  
K. A. J. O. Perera ◽  
U. L. N. L. Perera ◽  
N. H. G. Guruge ◽  
S. Subashini ◽  
W. D. N. Madhavika ◽  
...  
Keyword(s):  
Labor Market ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Listed Companies ◽  
Accounting Education ◽  
Primary Data ◽  
Sri Lankan ◽  
Software Application ◽  
Convenience Sampling

The quality of Accounting Education determines the quality of Professionals in the field of Accounting. During last few decades with the effect of globalization, many technological advancements occurred in every industry. It directly affects the job profile of sustainable labor market of Accounting field where work becomes challenging and complex to achieve. Babike [1] proved that as Accounting Academics have become more important in the re-contextualization of the new global. The purpose of this article is to identify which qualifications are preferred by the employers out of Professional Accounting Qualification and Academic Accounting Qualification in Sri Lankan sustainable labor market. The present study adopted interpretation in philosophy and the inductive approach.  The data collection was based on primary data and was collected through online interview method. Researchers selected convenience sampling method since more than 80% of listed companies in Colombo Stock Exchange are in Western Province. Based on the convenience sampling technique researchers have selected ten listed companies and interview ten Finance Managers in respective companies. Thematic Analysis technique was used to analyze the data by using the NVivo software application. The findings of the present study suggest that many employers prefer Professional Accounting Qualifications rather than Academic Accounting Qualifications. The main reason for the choice is candidates with Professional Accounting Qualifications are more capable in handling tasks and the assigned job role due to the training offered through Professional Accounting Qualification when compared to Academic Accounting Qualifications. As an implication the respected authorities in Sri Lankan educational sector can implement Accounting trainings component for Academic Accounting Education. This may also be useful to future researchers to identify the perceptions of the employers. 

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.

scholarly journals Directors Remuneration and Companies' Performance the Comparison of Listed Companies in Poland and UK

2011 ◽  
Vol 3 (2) ◽  
pp. 41-54 ◽  
Author(s):  
Agnieszka Herdan ◽  
Katarzyna Szczepańska
Keyword(s):  
Content Analysis ◽  
Linear Regression ◽  
Ceo Compensation ◽  
Stock Exchange ◽  
Listed Companies ◽  
Annual Reports ◽  
Return On Equity ◽  
Warsaw Stock Exchange ◽  
Equity Ratio ◽  
The Relationship

Directors Remuneration and Companies' Performance the Comparison of Listed Companies in Poland and UKThis paper examines the determinants of CEO compensation. There are many factors that influence CEO compensation. For this research three factors has been selected: companies size, accounting factor and market factor. The study looks at the relationship between each of this factors and directors remuneration. Sample of companies listed on London Stock Exchange (LSE) and Warsaw Stock Exchange (WSE) has been investigated over the period of 2007 - 2010. Data has been collected through annual reports content analysis and announcement on websites of LSE and WSE. Linear regression has been run on collected data. Positive correlation has been found between directors' remuneration and companies' size in both British and Polish listed companies. The relationship is also positive between directors pay and companies performance. Companies' performance has been assets by return on equity ratio (ROE) and Tobin's Q. All the findings are consistent with the outcome presented within previous research by variety of scholars.

scholarly journals Influence of Interlocking Directorates on Integration after the Acquisition of Warsaw Stock Exchange—Listed Companies

2019 ◽  
Vol 11 (24) ◽  
pp. 6955
Author(s):  
Anna Stankiewicz-Mróz
Keyword(s):  
Stock Exchange ◽  
Synergistic Effects ◽  
Listed Companies ◽  
Structured Interview ◽  
Risk Area ◽  
Interlocking Directorates ◽  
Integration Model ◽  
Personal Connections ◽  
Warsaw Stock Exchange ◽  
Acquisition Processes

Acquisition processes are aimed at achieving value based on synergistic effects. One of the most important obstacles in achieving value is the manner of conducting post-transaction integration—a risk area often ignored. This study assumes that a factor that may be important for the course of integration after the acquisition of enterprises may be the fact of personal connections through interlocking directorates between transaction partners of acquisitions. The research was carried out in two stages. The first was to identify the scope of connections by interlocking between WSE-listed companies participating in acquisition transactions. This stage was implemented using the social network analysis method (SNA) and covered 188 companies. In the second stage, research was conducted using semi-structured interview techniques with the CEOs of the acquiring companies. The aim of the study was to identify the relationship between personal relations and the course of post-transaction integration. The analysis focused primarily on two factors: the dynamics of integration activities and their centralization. The research covered 38 companies that were included in the sample in the first stage of the research (including 19 personally related companies and, for comparison, in 19 unrelated companies). Studies have shown that the fact of connecting through interlocking affects the post-transaction integration model in the analyzed group. The dynamically centralized model dominates in enterprises related by particular persons. Many integration activities are carried out in the first 100 days. The factor affecting the implemented integration model is the durability of connections between participants before and after the transaction is conducted and the position in the network of connections determined by such sociometric measures as the centrality of proximity and own vector. Enterprises connected with long-term relationships usually demonstrate high dynamics of integration activities, which are conducted by joint teams whose group employees represent each of the merging enterprises. In addition, the CEOs surveyed from this group of companies declare having an integration plan with different levels of detail in each case.

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