The review of the financial strategies of Polish wood-industry companies listed on the Warsaw Stock Exchange

2021 ◽  
Vol 115 ◽  
pp. 37-44
Author(s):  
Justyna Biernacka
Keyword(s):  
Stock Exchange ◽  
Equity Capital ◽  
Wood Industry ◽  
Total Debt ◽  
Capital Share ◽  
Warsaw Stock Exchange ◽  
High Volatility ◽  
Financial Strategies ◽  
Financing Strategy

The review of the financial strategies of Polish wood-industry companies listed on the Warsaw Stock Exchange. The paper focuses on the analysis of the financing strategies of wood industry enterprises listed on Warsaw Stock Exchange in 2018 - 2020. This paper examines three main values characterising company's financing strategy: equity capital share in total capital, equity capital share in fixed assets and long-term debt share in total debt. The data for calculations was taken from publicly available quarterly financial statements of analysed entities from 1st quarter of 2018 to 3rd quarter of 2020. The analysis showed that moderate financing strategy was used by Biofactory and KLON companies and an aggressive strategy was used by Standrew. KPPD financing strategy was not possible to clearly define due to the high volatility of values of examined ratios and depend on the considered period. The highest variability in the structure of foreign capital was observed in KLON - in this company the highest level of long-term debt was observed (above 70% of total debt).

The review of the financial strategies of Polish pulp and paper companies listed on the Warsaw Stock Exchange

2021 ◽  
Vol 116 ◽  
pp. 148-156
Author(s):  
Justyna Biernacka ◽  
Sylwia Oleńska
Keyword(s):  
Stock Exchange ◽  
Equity Capital ◽  
Pulp And Paper ◽  
Capital Share ◽  
Total Capital ◽  
Fixed Assets ◽  
Warsaw Stock Exchange ◽  
Financial Strategies ◽  
Moderate Policy ◽  
Financing Strategy

The review of the financial strategies of Polish pulp and paper companies listed on the Warsaw Stock Exchange. The main purpose of this paper is to evaluate the financial strategy undertaken by the polish pulp and paper companies listed on Warsaw Stock Exchange in 2018 - 2020. In this paper three most frequently used indicators characterising company’s financing strategy were analysed, namely: equity capital share in total capital, equity capital share in fixed assets and long-term debt share in total debt. The calculations used data from publicly available quarterly financial statements of the analysed enterprises for the period from 1st quarter of 2018 to 3rd quarter of 2020. The calculations showed that Kompap has a more moderate policy of financing its activity. The second company, Arctic Paper, was characterized by a more risky approach to the financing strategy.

scholarly journals ANALISIS PENGARUH KEBIJAKAN HUTANG TERHADAP KINERJA KEUANGAN

2020 ◽  
Vol 9 (1) ◽  
pp. 35
Author(s):  
Ari Triadi Wijaya ◽  
Muhammad Ali Fikri
Keyword(s):  
Data Analysis ◽  
Financial Performance ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Free Variable ◽  
Short Term ◽  
Return On Equity ◽  
Total Debt ◽  
Research Population

This study aims to determine the effect of debt policy on  financial performance of coal companies listed on the Indonesia Stock Exchange. Policy debt is proxied by short term debt (STD), long term debt (LTD), and total debt (TD), while financial performance is proxied by return on equity (ROE). This research carried out for 3 (three) years, namely 2015-2017. This research is a causal research with a quantitative approach, whereas based on the level of exploration of this study, including associative research. Population research is a coal company listed on the Indonesia Stock Exchange for the period 2015-2017. Samples obtained were based on purposive sampling technique, and obtained 21 company. Data analysis technique used panel data regression. Regression with using the free variable short term debt (STD), long term debt (LTD), and total debt (TD). Based on the results of data analysis, STD has no significant effect on ROE. Variable LTD has a significant effect on ROE. The TD variable has no significant effect with ROE. so the STD and LTD variables are able to influence the ROE variable explained by other factors outside this research model.

scholarly journals Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

e-Finanse ◽  
2015 ◽  
Vol 11 (4) ◽  
pp. 23-33
Author(s):  
Monika Bolek ◽  
Katerina Lyroudi
Keyword(s):  
Capital Structure ◽  
Intellectual Capital ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Equity Capital ◽  
Warsaw Stock Exchange ◽  
Relationship Of ◽  
The Relationship ◽  
A Company ◽  
The Capital Structure

Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

scholarly journals THE INFLUENCE OF THE COVID 19 ON THE BET AND WIG20 INDICES. COMPARATIVE ASPECTS

2021 ◽  
Vol 6 (1) ◽  
pp. 87-95
Author(s):  
Catalin Florin Barnut
Keyword(s):  
Stock Markets ◽  
Stock Exchange ◽  
Sustainable Growth ◽  
Long Term Effects ◽  
Negative Effects ◽  
State Institutions ◽  
Medical Sector ◽  
Starting Point ◽  
Warsaw Stock Exchange

The aim of the paper is to assess the effects of the coronavirus pandemic (COVID – 19) on two stock market indices: BET index for Bucharest Stock Exchange and WIG20 index for Warsaw Stock Exchange. The negative effects of the pandemic have had an influence on the performance of the stock markets since its debut. Many companies as well as sectors have ceased their activity during the outbreak, causing devastating financial losses worldwide. By comparing indices evolution during 2020 using the data available on the stock markets’ websites, as well as analyzing in part the companies that make up the indices portfolio, we will try to present the sectors most affected by the pandemic as well as their evolution during the analysis period. The results of this research can be a starting point for future empirical analysis on the long-term effects of the pandemic on stock markets’ performance for Romania and Poland. The results could be a source of information for state institutions, companies, investors, analysts but also representatives of the medical sector (responsible for crisis management) - in order to observe the severity and magnitude of the negative effects of the coronavirus pandemic on the financial markets and also help develop and ensue their long-term sustainable growth.

scholarly journals Analysis of Factors Determining Capital Structure of Firms Listed in Colombo Stock Exchange in Sri Lanka

2021 ◽  
Vol 04 (11) ◽  
Author(s):  
M.B.M. Amjath ◽  
Keyword(s):  
Sri Lanka ◽  
Capital Structure ◽  
Firm Size ◽  
Negative Impact ◽  
Stock Exchange ◽  
Equity Capital ◽  
Debt Ratio ◽  
Endogenous Factors ◽  
Significant Negative Impact

Capital structure describes a mix of long-term debt capital and equity capital employed by a company to fund its operation and finance its assts. The objective of the study is to identify the determinants of the capital structure and examine whether each of the determinants have significant impact on capital structure. A sample of 25 beverage food and tobacco sector firms listed on Colombo Stock exchange(CSE) in Sri Lanka over the period of 2016 to 2020 were considered for the study. The independent variables such as profitability (PROR), firm size (FMSZ), tangibility (TANR) and liquidity (LIQR) and dependant variable such as long term debt ratio (LTDR), short term debt ratio (STDR) were used to measure the leverage level of the firms. The data were analysed and hypotheses were tested through regression analysis and correlation analysis by use of SPSS. Coefficient of regression used to identify the significant impact of each determinant against the endogenous factors. The investigation empirical findings reveals that firm size, tangibility and liquidity have significant negative impact on leverage level (STDR), while profitability has positive insignificant impact on leverage level (SDTR). On the other hand all four element have insignificant relationship with LTDR.

scholarly journals Leverage and Corporate Financial Distress in Nigeria: A Panel Data Analysis

2019 ◽  
Vol 3 (2) ◽  
pp. 26-38 ◽  
Author(s):  
Lucky Anyike Lucky ◽  
Agilebu Ogechi Michael
Keyword(s):  
Financial Distress ◽  
Manufacturing Firms ◽  
Equity Capital ◽  
Fixed Effect ◽  
Z Score ◽  
Financial Leverage ◽  
Total Debt ◽  
Equity Ratio ◽  
Positive Effect

This study examined the effect leverage on corporate financial distress of quoted manufacturing firms in Nigeria. The objective is to examine if financial leverage have any effect on financial distress of the Nigeria firms. Cross sectional data was sourced from financial statement of ten quoted manufacturing firms. Z-Score and Changes in operating profits was proxy for corporate financial distress while debt equity ratio, short, long term debt and total debt to total assets were proxy for leverage. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model.  Findings reveal that financial leverage have positive effect on financial distress measured by the z-score while total debt ratio and debt equity ratio have positive effect on financial distress measured by changes on operating profits while  short term debt and long term debt have negative effect on operating profits. From the regression summary, the study concludes that leverage have significant effect on corporate financial distress. We recommend that Financial structure of the manufacturing firms ought to be adequately planned to safeguard the interest of the equity holders, shareholders and financial requirements of the firm and the firms should formulate policies of increasing its equity capital as oppose to debt and that Implementable investment policies should be formulated and the business environment should be well examined. Recognizing faults of investment might be paramount to develop the business’s financial performance, since it specifies the loopholes which corrective decision can be applied.

scholarly journals Capital Structure and Bank Performance: Empirical Evidence from Bangladesh

2020 ◽  
Vol 12 (1) ◽  
pp. 161
Author(s):  
Md. Ibrahim Molla
Keyword(s):  
Capital Structure ◽  
Positive Impact ◽  
Stock Exchange ◽  
Positive Influence ◽  
Bank Performance ◽  
Total Debt ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship

The paper empirically investigates the relationship between capital structure and the performance of listed banks in Bangladesh using panel data over the period of five years from 2014-2018. To estimate the association between leverage level and bank performance the Panel Corrected Standard Error (PCSE) model is used in this study and the findings indicate that long term debt has a positive influence on the performance of banks which is measured in terms of ROA and ROE. This implies that long term debts are associated with the higher performance of banks listed in Bangladesh. The regression results also reveal that the capital structure component of total debt has no statistically significant impact on ROA, ROE and EPS but it has a significant positive impact on the performance of banks measured by price earning ratio. Furthermore, this analysis finds no relationship of long term debt and total debt with the EPS. These findings lead to conclude that capital structure has a weak to no influence on the performance of listed banks in Bangladesh. This paper is the first research attempt that investigates the impact of capital structure on the performance of all banks listed on the Dhaka Stock Exchange in Bangladesh.

The Cost of Equity Capital in Stock Portfolios Listed on the Warsaw Stock Exchange Using the Classic CAPM

e-Finanse ◽  
2019 ◽  
Vol 15 (2) ◽  
pp. 48-62
Author(s):  
Stanisław Urbański
Keyword(s):  
Real Options ◽  
Stock Returns ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Bootstrap Method ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Warsaw Stock Exchange ◽  
The Cost

AbstractThis work is an attempt to estimate the cost of equity capital characteristic among portfolios of companies listed on the Warsaw Stock Exchange in the years 1995-2017. To this end, the classic CAPM is used to estimate the cost of risk. Model tests are based on 252 monthly returns. In order to assess the errors of cost of capital estimation, the bootstrap method is used. The estimated cost of capital refers to the project portfolio with real options on these projects. Stock returns are generated not only by the companies implementing projects but also through real options modifying these projects. The estimated cost of capital can be a valuable indicator for portfolio managers. Also, it can be an approximate indicator for making decisions on the implementation of new investment projects. The estimated cost of capital assumes the highest values for value portfolios. The estimated cost of capital assumes the small values for growth portfolios.

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 EFFECT OF PAYABLE TO PROFITABILITY IN SECTOR COMPANY INFRASTRUCTURE, UTILITIES, AND TRANSPORTATION IN IDX PERIOD 2010 - 2014

2015 ◽  
Vol 14 (2) ◽  
Author(s):  
Yohan Prasetyo ◽  
Liliana Inggrit Wijaya ◽  
Bertha Silvia Sutejo
Keyword(s):  
Stock Exchange ◽  
Control Variable ◽  
Total Asset ◽  
Sales Growth ◽  
Significant Positive Effect ◽  
Total Debt ◽  
Equity Ratio ◽  
Independent Variable ◽  
Positive Effect

This study aims to examine the effect of short terms debt to total asset, long term debt to total asset , total debt to total asset, debt to equity ratio as a independent variables with sales growth and size as a control variable on infrastructure,utilities and transportation industry sector in Indonesia Stock Exchange (IDX) with the period 2010-2014. The variables tested are the variables that can affect profitability. This study uses a quantitative approach to multiple linear regression analysis model. This study used data drawn from infrastructure,utilities and transportation companies listed on Indonesia Stock Exchange for the period 2010-2014. The samples used in this study were 35 companies with 175 observation points at first by using classical. The study findings suggest that short term debt to total asset significant positive effect on the profitability, long term debt to total asset significant positive effect on the profitability, total debt to total asset significant positive effect on the profitability, debt to equity ratio is significantly negative effect on the use of profitability, size as a control variable contributed effect againsts independent variable against the dependent variable, sales growth as a control variable not contributed effect againsts independent variable against the dependent variable.

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