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 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 Adaptive Prediction of Stock Exchange Indices by State Space Wavelet Networks

2009 ◽  
Vol 19 (2) ◽  
pp. 337-348 ◽  
Author(s):  
Mietek Brdyś ◽  
Adam Borowa ◽  
Piotr Idźkowiak ◽  
Marcin Brdyś
Keyword(s):  
State Space ◽  
Network Model ◽  
Stock Exchange ◽  
Real Data ◽  
Economic Indicators ◽  
Wavelet Network ◽  
Wavelet Networks ◽  
Adaptive Prediction ◽  
Wide Range ◽  
Warsaw Stock Exchange

Adaptive Prediction of Stock Exchange Indices by State Space Wavelet NetworksThe paper considers the forecasting of the Warsaw Stock Exchange price index WIG20 by applying a state space wavelet network model of the index price. The approach can be applied to the development of tools for predicting changes of other economic indicators, especially stock exchange indices. The paper presents a general state space wavelet network model and the underlying principles. The model is applied to produce one session ahead and five sessions ahead adaptive predictors of the WIG20 index prices. The predictors are validated based on real data records to produce promising results. The state space wavelet network model may also be used as a forecasting tool for a wide range of economic and non-economic indicators, such as goods and row materials prices, electricity/fuel consumption or currency exchange rates.

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 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.

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 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 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 Changes in the Stock Market of Food Industry Companies during the COVID-19 Pandemic—A Comparative Analysis of Poland and Germany

Energies ◽  
2021 ◽  
Vol 14 (23) ◽  
pp. 7886
Author(s):  
Elżbieta Kacperska ◽  
Jakub Kraciuk
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Food System ◽  
Stock Exchange ◽  
Food Sector ◽  
Rates Of Return ◽  
Thomson Reuters ◽  
Warsaw Stock Exchange ◽  
Polish Government ◽  
Market Indexes

The COVID-19 pandemic had a dramatic effect on the world economy, leading to disturbances in the global agri-food system. Disrupted supply chains caused instability in the market resulting in mixed reactions among market participants. The balance in the access and availability of food was disturbed at various levels starting from local up to international. Partial lockdowns of economies affected the equilibrium on the labor market in the food sector, the level of income and food security. The aim of this study was to determine the effect of shock caused by the COVID-19 pandemic on rates of return from shares of companies in the agri-food sector listed in Poland and Germany, as well as indicate dependencies between restrictions imposed by the investigated countries and changes in the rates of return from shares as a result of the pandemic. The source of data for the analyses of the capital markets in Poland and Germany was the Thomson Reuters database. In order to determine the effect of shock caused by the coronavirus pandemic and restrictions imposed by the states on the capital market the abnormal rates of return were calculated for shares of 24 Polish and 23 German companies from the food sector. The investigated Polish companies were listed on the Warsaw Stock Exchange, while the German companies were listed on the Frankfurt Stock Exchange and other stock exchanges in Germany. Calculations were based on stock market indexes: for the Polish stock exchange it was WIG and WIG-food, while for the German capital market it was DAX and DAX Food & Beverages. In this study the Stringency Index was also used as a tool to follow the response of the governments to the coronavirus pandemic. The results indicate that following the pandemic outbreak large reductions were observed for cumulative rates of return from shares as a consequence of the pandemic both in Poland and Germany. Abnormal cumulative rates of return for the investigated companies were comparable. Markedly greater increases in abnormal rates of return were recorded for the Polish companies of the food sector listed at the Warsaw Stock Exchange. The Stringency Index indicates that restrictions imposed by the German authorities in response to the coronavirus pandemic were slightly more radical than those introduced by the Polish government.

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