The Significance of Derivatives in the Management of the Value of Non-Financial Enterprises in Poland on the Age of Financialization

The turn of the 21st century is a period of the growing importance of finance in the global economy. The domination of the financial sphere about the real sphere is defined as financialization. The inflation of financial instruments, derivatives, in particular, is indicated among the symptoms of financialization. Financialization about companies is associated with the growing importance of financial motives in the decision-making processes of enterprises. The enlarging pressure of financial markets and investors forces transformations in the value management process. Companies raising capital from share issues are evaluated by investors (shareholders). In turn, management is entrusted to hired managers whose evaluation depends on the current results. To meet the requirements of the owners (shareholders), they stop taking into account the long-term development of a given undertaking and focus on achieving the required rate of return in the short term. Therefore, they limit their operational activities, and in particular long-term investment activities, in favour of short-term financial activities. They use derivatives as one of the forms of short-term profit generation. Their use is characterized by a relatively high level of risk resulting from the use of leverage in their construction. It also results in potential profits (or losses) many times higher than the capital employed. The purpose of this paper is to examine whether non-financial enterprises operating in Poland use derivatives in value management. The research was based on the analysis of indicators identifying the role of derivatives in the enterprise and determining their impact on the ROE ratio as a measure of value for shareholders. For this purpose, the financial statements of non-financial enterprises published in Poland by the Central Statistical Office for the years 2010-2017 were used.

Download Full-text

Impact of FII’s and FDI’s on Indian Stock Market

Adhyayan A Journal of Management Sciences ◽

10.21567/adhyayan.v1i1.10220 ◽

2016 ◽

Vol 1 (1) ◽

Author(s):

Dr. Kamlesh Kumar Shukla

Keyword(s):

Stock Market ◽

Financial Markets ◽

Global Economy ◽

Short Term ◽

Earnings Growth ◽

The Past ◽

Bull Market ◽

Indian Stock Market

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.

Download Full-text

Organisational Decision-Making and Academic Institutions

Zagreb International Review of Economics and Business ◽

10.2478/zireb-2018-0003 ◽

2018 ◽

Vol 21 (1) ◽

pp. 37-46 ◽

Cited By ~ 1

Author(s):

Ivana Ilijašić Veršić

Keyword(s):

Decision Making ◽

Large Body ◽

Academic Institutions ◽

University Professors ◽

Human Decision ◽

Decision Making Processes ◽

High Level ◽

The University

Abstract Changes in understanding and interpretation of decision-making processes have shed more light on complex interplay given the different settings, and different actors. The limitations in human decision-making and their significance and long-term implications on organizational management or policy making inspired a large body of evidence and research. Exploration of decision-making processes spans over decades, and is closely connected to the role of power; the amount of power in organizations is usually joined by the knowledge and prior experience, which together play a significant role in decision-making process, as well in selection of candidates for the job. However, there is an evident void concerning publications on decision-making processes in academic institutions, and it rapidly becomes the focus of interest due to a specific opposition contained in its core; positions of high level administrators are held by the university professors with no mandatory previous experience and/or knowledge in organisational management.

Download Full-text

AIR FREIGHT TRANSPORT IN POLAND

Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego w Siedlcach. Seria: Administracja i Zarządzanie ◽

10.34739/zn.2019.50.08 ◽

2020 ◽

Vol 50 (50) ◽

pp. 65-72

Author(s):

Katarzyna Wąsowska ◽

Jan Žukovskis

Keyword(s):

Global Economy ◽

Freight Transport ◽

Civil Aviation ◽

Air Cargo ◽

Long Distance ◽

Cargo Transport ◽

Central Statistical ◽

Central Statistical Office ◽

Air Freight

Air transport is currently one of the major branches of transport both in the national – and global – economies. It is one of the fastest, most expensive, but at the same time also most effective types of transportation. It plays a fundamental role in the global economy, particularly in the transcontinental carriage of goods and passengers. Its availability and quality constitute a powerful driving force for a country’s development. Air freight transport, both in Poland and worldwide, is seen mostly from the angle of long-distance passenger flights. Given that, one often tends to forget the role of this transport branch in the case of freight transport. Air cargo transport is a booming branch with great development potential. The development of air freight is the key for gaining a competitive advantage by Polish enterprises. This, however, is related to considerable experience and knowledge on the part of both the carrier and the owner of goods with regards to the technical capacities of a given aircraft, maintenance costs, and rule awareness. The objective of the paper is to present the volumes of air cargo shipments in Poland and to identify the hazards and obstacles to its development. The study authors endeavour to analyse air freight transport in Poland. To this end, details will be presented regarding air cargo transport at Polish airports based on the Civil Aviation Authority (ULC) and Central Statistical Office (GUS) data and air market reports.

Download Full-text

Digital economy of China: level and factors of development

VESTNIK OF ASTRAKHAN STATE TECHNICAL UNIVERSITY SERIES ECONOMICS ◽

10.24143/2073-5537-2021-3-28-36 ◽

2021 ◽

Vol 2021 (3) ◽

pp. 28-36

Author(s):

Tatiana Aleksandrovna Levchenko

Keyword(s):

Global Economy ◽

New Technologies ◽

Innovation Policy ◽

Technological Development ◽

High Growth ◽

Digital Economy ◽

Long Term Effects ◽

Short Term ◽

High Level

The article considers the active development and significant impact of digital technologies on people’s lives, functioning of enterprises in various sectors of the economy and government agencies. The level of digital competitiveness is different, which determines the importance of studying and adapting the experience of countries - digital leaders with a developed and rapidly growing digital economy of China. There has been given analysis of the main indicators of the development of China’s digital economy over the period 2018-2020, which showed high growth rates of the digital economy - more than 25%, an increase in the share of the digital economy in GDP by almost 6 p.p. There have been defined the policies, in which China is the undisputed world leader: e-commerce, financial technology, cloud computing, and the export of IT products. China’s strengthening its position in international digital rankings has been analyzed. It was ranked 4th in the Digital Opportunity Index, 16th in the Global Digital Competitiveness Index and 45th in the E-Government Development Index. This became possible due to factors such as the scale and potential of the domestic market, a high level of technological development, an active innovation policy of the state and large Chinese corporations that promotes digitalization, high quality education and research results. Taking into account the processes taking place in the global economy in 2020, the short-term and long-term effects of the COVID-19 pandemic on the development of China’s digital economy have been identified. The short-term effects include the capitalization of restrictions, testing of new technologies and familiarization of the population with new digital opportunities, the long-term ones are the expansion of demand and a change in its structure, an increase in investments in digital transformation, including through public and private support programs

Download Full-text

Introduction: Kinship Bereavement in Later Life

OMEGA - Journal of Death and Dying ◽

10.2190/bd9q-rqyb-1x18-9evp ◽

1997 ◽

Vol 35 (1) ◽

pp. 1-7 ◽

Cited By ~ 1

Author(s):

Brian De Vries

Keyword(s):

Adult Child ◽

Later Life ◽

Short Term ◽

Traumatic Grief ◽

Death Of A Parent ◽

De Vries ◽

Longitudinal Effects ◽

Analysis Of Variation

This article introduces a volume devoted to the examination of later-life bereavement: an analysis of variation in cause, course, and consequence. Six articles address and represent this variation and comprise this volume: 1) Prigerson et al. present case histories of the traumatic grief of spouses; 2) Hays et al. highlight the bereavement experiences of siblings in contrast to those spouses and friends; 3) Moss et al. address the role of gender in middle-aged children's responses to parent death; 4) Bower focuses on the language adopted by these adult children in accepting the death of a parent; 5) de Vries et al. explore the long-term, longitudinal effects on the psychological and somatic functioning of parents following the death of an adult child; and 6) Fry presents the short-term and longitudinal reactions of grandparents to the death of a grandchild. A concluding article is offered by de Vries stressing both the unique and common features of these varied bereavement experiences touching on some of the empirical issues and suggesting potential implications and applications.

Download Full-text

Shades between Black and Green Investment: Balance or Imbalance?

Sustainability ◽

10.3390/su13095024 ◽

2021 ◽

Vol 13 (9) ◽

pp. 5024

Author(s):

Vítor Manuel de Sousa Gabriel ◽

María Mar Miralles-Quirós ◽

José Luis Miralles-Quirós

Keyword(s):

Risk Factor ◽

Oil Prices ◽

Oil Price ◽

Short Term ◽

Environmental Indices ◽

Long Run ◽

Green Investment ◽

Bounds Test

This paper analyses the links established between environmental indices and the oil price adopting a double perspective, long-term and short-term relationships. For that purpose, we employ the Bounds Test and bivariate conditional heteroscedasticity models. In the long run, the pattern of behaviour of environmental indices clearly differed from that of the oil prices, and it was not possible to identify cointegrating vectors. In the short-term, it was possible to conclude that, in contemporaneous terms, the variables studied tended to follow similar paths. When the lag of the oil price variable was considered, the impacts produced on the stock market sectors were partially of a negative nature, which allows us to suppose that this variable plays the role of a risk factor for environmental investment.

Download Full-text

The key role of contact time in elucidating the mechanisms of enhanced decontamination by Fe0/MnO2/sand systems

Scientific Reports ◽

10.1038/s41598-021-91475-x ◽

2021 ◽

Vol 11 (1) ◽

Author(s):

Viet Cao ◽

Ghinwa Alyoussef ◽

Nadège Gatcha-Bandjun ◽

Willis Gwenzi ◽

Chicgoua Noubactep

Keyword(s):

Contact Time ◽

Diffusive Transport ◽

Iron Hydroxides ◽

Iron Corrosion ◽

Short Term ◽

Batch Studies ◽

Water Decontamination ◽

Co Precipitation

AbstractMetallic iron (Fe0) has shown outstanding performances for water decontamination and its efficiency has been improved by the presence of sand (Fe0/sand) and manganese oxide (Fe0/MnOx). In this study, a ternary Fe0/MnOx/sand system is characterized for its discoloration efficiency of methylene blue (MB) in quiescent batch studies for 7, 18, 25 and 47 days. The objective was to understand the fundamental mechanisms of water treatment in Fe0/H2O systems using MB as an operational tracer of reactivity. The premise was that, in the short term, both MnO2 and sand delay MB discoloration by avoiding the availability of free iron corrosion products (FeCPs). Results clearly demonstrate no monotonous increase in MB discoloration with increasing contact time. As a rule, the extent of MB discoloration is influenced by the diffusive transport of MB from the solution to the aggregates at the bottom of the vessels (test-tubes). The presence of MnOx and sand enabled the long-term generation of iron hydroxides for MB discoloration by adsorption and co-precipitation. Results clearly reveal the complexity of the Fe0/MnOx/sand system, while establishing that both MnOx and sand improve the efficiency of Fe0/H2O systems in the long-term. This study establishes the mechanisms of the promotion of water decontamination by amending Fe0-based systems with reactive MnOx.

Download Full-text

Reform in the international food aid regime: the role of consensual knowledge

International Organization ◽

10.1017/s0020818300001491 ◽

1992 ◽

Vol 46 (1) ◽

pp. 225-264 ◽

Cited By ~ 18

Author(s):

Raymond F. Hopkins

Keyword(s):

Economic Development ◽

International Organizations ◽

Epistemic Community ◽

Food Aid ◽

Local Production ◽

Short Term ◽

The 1950S ◽

Food Imports

The principles and norms adopted by the regime governing food aid in the 1950s have changed substantially during the subsequent three decades. Explaining the changes necessarily includes analyzing the efforts of an international epistemic community consisting of economic development specialists, agricultural economists, and administrators of food aid. According to the initial regime principles, food aid should be provided from donors' own surplus stocks, should supplement the usual commercial food imports in recipient countries, should be given under short-term commitments sensitive to the political and economic goals of donors, and should directly feed hungry people. As a result of following these principles, the epistemic community and other critics argued, food aid often had the adverse effects of reducing local production of food in recipient countries and exacerbating rather than alleviating hunger. The epistemic community (1) developed and proposed ideas for more efficiently supplying food aid and avoiding “disincentive” effects and (2) pushed for reforms to make food aid serve as the basis for the recipients' economic development and to target it at addressing long-term food security problems. The ideas of the international epistemic community have increasingly received support from international organizations and the governments of donor and recipient nations. Most recently, they have led to revisions of the U.S. food aid program passed by Congress in October 1990 and signed into law two months later. As the analysis of food aid reform demonstrates, changes in the international regime have been incremental, rather than radical. Moreover, the locus for the change has shifted from an American-centered one in the 1950s to a more international one in recent decades.

Download Full-text

Economic valuation and the commodification of ecosystem services

Progress in Physical Geography Earth and Environment ◽

10.1177/0309133311421708 ◽

2011 ◽

Vol 35 (5) ◽

pp. 613-628 ◽

Cited By ~ 295

Author(s):

Erik Gómez-Baggethun ◽

Manuel Ruiz-Pérez

Keyword(s):

Ecosystem Services ◽

Environmental Policy ◽

Biodiversity Conservation ◽

Economic Valuation ◽

Short Term ◽

Valuation Of Ecosystem Services ◽

Equity Of Access ◽

The Way

In the last decade a growing number of environmental scientists have advocated economic valuation of ecosystem services as a pragmatic short-term strategy to communicate the value of biodiversity in a language that reflects dominant political and economic views. This paper revisits the controversy on economic valuation of ecosystem services in the light of two aspects that are often neglected in ongoing debates. First, the role of the particular institutional setup in which environmental policy and governance is currently embedded in shaping valuation outcomes. Second, the broader economic and sociopolitical processes that have governed the expansion of pricing into previously non-marketed areas of the environment. Our analysis suggests that within the institutional setup and broader sociopolitical processes that have become prominent since the late 1980s economic valuation is likely to pave the way for the commodification of ecosystem services with potentially counterproductive effects in the long term for biodiversity conservation and equity of access to ecosystem services benefits.

Download Full-text