scholarly journals MEASURING ECONOMIC EFFICIENCY – EXPERIENCE OF MANAGING ENTERPRISES

2020 ◽  
Vol XXII (1) ◽  
pp. 322-331
Author(s):  
Mirosław Wasilewski ◽  
Joanna Żurakowska-Sawa
Keyword(s):  
Decision Making ◽  
Economic Efficiency ◽  
Stock Exchange ◽  
Financial Measures ◽  
Economic Unit ◽  
Industrial Enterprises ◽  
Warsaw Stock Exchange ◽  
Research Objects ◽  
Profitability Ratios

The aim of the study is to recognize management opinions on the issue of measuring economic efficiency in industrial enterprises.The article uses information from an interview conducted with the use of a questionnaire. The research objects were industrial enterprises represented by joint stock companies from the macro-sector of industry according to the classification of the Warsaw Stock Exchange (WSE). In order to assess the economic effectiveness of enterprises, profitability ratios are most often used by managers. The assessment of economic efficiency in over half of the companies is carried out quarterly, by special departments, as well as by accounting departments, which are responsible for this. Managers in each economic unit, individually and with regard to information or decision-making needs, should specify the scope as well as the criteria for measuring economic efficiency. Both financial and non-financial measures should be used to measure economic efficiency in enterprises.

scholarly journals Conditions of Economic Efficiency of Industrial Enterprises in the Enterprise Life Cycle Stages

2019 ◽  
Vol 12 (3) ◽  
pp. 287-301
Author(s):  
Joanna Żurakowska-Sawa
Keyword(s):  
Life Cycle ◽  
Economic Efficiency ◽  
Stock Exchange ◽  
Maturity Stage ◽  
Internal Factors ◽  
Enterprise Life Cycle ◽  
Industrial Enterprises ◽  
Life Cycle Stages ◽  
State Economy ◽  
Warsaw Stock Exchange

SummarySubject and purpose of work: The purpose of the study is to determine the variables determining the level of synthetic measure of economic efficiency in listed companies of the industry sector as part of their enterprise life cycle.Materials and methods: The article uses data from annual unitary financial statements of industrial enterprises according to the classification of the Warsaw Stock Exchange and data describing the macroeconomic situation of the state economy. The research period covered the years 1999-2012. In order to examine which factors determine the level of economic efficiency at each stage of the life cycle of enterprises, estimation of econometric models was carried out.Results: In the models obtained for companies in the growth and maturity stage, statistically significant determinants were obtained only in the field of internal factors. In the models estimated for companies in the stages of launch, shake-out and decline, statistically significant conditions were identified, both in terms of external factors and in the area of internal factors.Conclusions: A comprehensive assessment of the conditions for the level of economic efficiency of enterprises should take into account both factors dependent on the enterprise (microeconomic) as well as those determined by the environment (macroeconomic) and beyond its control. It is therefore necessary for managers of enterprises to have extensive and up-to-date knowledge of factors and conditions that are significant in shaping the level of economic efficiency.

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 Comparative analysis of economic efficiency of Polish and German listed companies

2015 ◽  
Vol 6 (2) ◽  
pp. 67 ◽  
Author(s):  
Artur Sajnóg
Keyword(s):  
Comparative Analysis ◽  
Empirical Research ◽  
Economic Efficiency ◽  
Stock Exchange ◽  
Research Problem ◽  
Point Of View ◽  
Warsaw Stock Exchange ◽  
Assessment Measures ◽  
Profitability Ratios ◽  
Research Period

The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises years between 2004-2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from  the DEA’s point of view.

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.

scholarly journals THE IMPACT OF NORMALIZATION PROCEDURES ON THE CLASSIFICATION OF BUILDING MATERIALS COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

2017 ◽  
pp. 272-281
Author(s):  
Monika Zielińska-Sitkiewicz
Keyword(s):  
Building Materials ◽  
Stock Exchange ◽  
Warsaw Stock Exchange ◽  
The Impact

Jednym z etapów wielowymiarowej analizy porównawczej obiektów jest wybór procedury normalizacji zmiennych. W literaturze prezentowanych jest wiele metod transformacji normalizacyjnej. Wybór jednej z nich jest jednym z najważniejszych etapów badania, bowiem może mieć znaczny wpływ na wynik analizy. W artykule wykorzystano i porównano trzy procedury normalizacji zmiennych przy budowie rankingów w oparciu o TMAI dla 15 spółek przemysłu materiałów budowlanych notowanych na Warszawskiej Giełdzie Papierów Wartościowych dla lat 2013 i 2014. Przeprowadzone badania wskazują, że stosowanie różnych wzorców normalizacji zmiennych może powodować zmianę wyników klasyfikacji firm, która nie wynika ani ze zmiany struktury danych finansowych, ani z poprawy efektywności ich działania.

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 Microscale Evaluation of The Diagnosis Stability

2014 ◽  
Vol 13 (2) ◽  
pp. 109-119
Author(s):  
Katarzyna Wawrzyniak
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Diagnostic Process ◽  
Construction Sector ◽  
The Real ◽  
Warsaw Stock Exchange ◽  
The Stability ◽  
Diagnosis Stability ◽  
Financial Indices

Abstract In the paper the author makes a classification of the Construction Sector companies that are listed on the Warsaw Stock Exchange. The classification is made with a view to identify those companies whose financial standing in the years of study (2007, 2009 and 2011) was good or bad from the point of view of several selected ratios. The classification is based on the inquiry into the stability of final diagnoses of the companies’ financial standing. The final diagnoses were founded on the median from partial diagnoses which had been created in the course of a two-element diagnostic process where the real values of the companies’ financial indices were compared with theoretical and empirical norms.

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.

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.

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