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 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 Phases in the Lifecycle of a Company and the Profitability of Industrial Companies

2017 ◽  
Vol 10 (4) ◽  
pp. 62-75 ◽  
Author(s):  
Agnieszka Kuś ◽  
Joanna Żurakowska-Sawa
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Test Results ◽  
Industrial Companies ◽  
Warsaw Stock Exchange ◽  
Post Hoc ◽  
Profitability Ratios ◽  
A Company ◽  
Early Phases

Abstract Subject and purpose of work: The aim of this study is to analyse the profitability level of industrial companies in various phases of their lifecycle. Materials and methods: The article uses data from individual annual financial statements of industrial companies in accordance with the classification of the Warsaw Stock Exchange. In order to investigate whether there are essential differences in the level of profitability of companies in various phases of their lifecycle, due to significant deviations from normality, the nonparametric Kruskal-Wallis H test was used. To find out which lifecycle phases differ significantly in terms of the level of analysed profitability ratios, a test of multiple comparisons of medium ranks was used (Post-hoc Dunn’s test). Results: The obtained research results show that a given lifecycle phase significantly differentiates the level of the analysed profitability indices. Conclusions: Based on the conducted research, it was found that the company’s lifecycle phase statistically significantly differentiates the level of the analysed profitability indices. In the early phases of the lifecycle, the level of profitability in the surveyed companies increased gradually reaching maximum and stable values in the phase of maturity or shake-out, after which it decreased in the decline phase. This points to an evolutionary transition of individual companies to the next phase of the lifecycle.

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.

Fundamental Portfolio Construction Based on Semi-Variance

2013 ◽  
Vol 8 (2) ◽  
pp. 151-162 ◽  
Author(s):  
Anna Rutkowska-Ziarko
Keyword(s):  
Stock Exchange ◽  
Risk Measure ◽  
Equal Treatment ◽  
Rate Of Return ◽  
Portfolio Construction ◽  
Financial Situation ◽  
Markowitz Model ◽  
Synthetic Indicator ◽  
Warsaw Stock Exchange

In models for creating a fundamental portfolio, based on the classical Markowitz model, the variance is usually used as a risk measure. However, equal treatment of negative and positive deviations from the expected rate of return is a slight shortcoming of variance as the risk measure. Markowitz defined semi-variance to measure the negative deviations only. However, finding the fundamental portfolio with minimum semi-variance is not possible with the existing methods.The aim of the article is to propose and verify a method which allows to find a fundamental portfolio with the minimum semi-variance. A synthetic indicator is constructed for each company, describing its economic and financial situation. The method of constructing fundamental portfolios using semi-variance as the risk measure is presented. The differences between the semi-variance fundamental portfolios and variance fundamental portfolios are analysed on example of companies listed on the Warsaw Stock Exchange. 

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 The impact of IFRS 16 on the financial position of selected companies from the WIG30 index

2018 ◽  
Vol 2018 (97 (153)) ◽  
pp. 57-76
Author(s):  
Mateusz Krawczak ◽  
Renata Dyląg
Keyword(s):  
Stock Exchange ◽  
Balance Sheet ◽  
Debt Ratio ◽  
Financial Situation ◽  
International Reporting ◽  
Financial Position ◽  
Actual Risk ◽  
Warsaw Stock Exchange ◽  
The Subject ◽  
The Impact

The main purpose of this article is to analyze the impact of changes in accounting for leases, defined in IFRS 16, on the financial situation of selected Polish entities listed on the Warsaw Stock Exchange. The following qualitative research methods were used to accomplish the goal: analysis of the literature of the subject and analysis of international reporting standards regarding accounting for leases. In the empirical part of the article, a simulation was carried out. It analyzed the impact of capitalization of operating lease on the selected parts of the balance sheet and changes in profitability of four entities listed on the Warsaw Stock Exchange. The results of empirical research indicate an increase in the value of assets and liabili- ties, a decline in the financial results, and an increase in profitability and debt ratios. The largest changes pertained to the equity and asset debt ratio, which confirms that the application of IFRS 16 will show corporate indebtedness, thus increasing investors' knowledge of the actual risk with which the company is burdened. The main value of this article is the originality of the pilot study carried out. To the best of the authors’ knowledge, these are the first practical measurements of the impact of capitalization of operating lease on the changes in profitability and indebtedness of the reporting entities.

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.

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