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

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.

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

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).

WORKING CAPITAL MANAGEMENT STRATEGY AND SELECTED MEASURES OF FINANCIAL SECURITY FOR DAIRY COOPERATIVES IN POLAND

The article evaluates select financial security indicators from groups of dairy cooperatives, and examines the relationship between the net working capital ratio and these indicators, in order to illustrate the strength of the relationship between pursued strategies and financial security. Most of the surveyed entities pursued a conservative strategy in the area of working capital management. The greatest relation between the share of net working capital in current assets and financial security ratios was found in the case of financial liquidity (according to the literature and the author’s expectations), where this relation was close to unity. A negative strength in the relationship was noted between the ratio of working capital share in current assets and trading in inventories in days in all groups of cooperatives, regardless of the working capital strategy applied.

Capital Share Risk in International Asset Pricing

ZusammenfassungIn a seminal study, Lettau et al. (2019) demonstrate that a single macroeconomic factor can explain a wide range of equity and nonequity portfolio returns within the U.S. market. This factor, which is based on the growth in the capital share of aggregate income, is able to outperform, yet even subsume information in well-established factor models as for instance the Fama-French three factor model. The aim of this paper is to study whether the explanatory power of this factor maintains across international equity markets.

Legitimate Expectations as an Object of Corporate Legal Relations

The authors have conducted the analysis of the legislation of Ukraine, the case law of Ukraine and the European Court of Human Rights, as well as doctrinal approaches to understanding legitimate expectations as objects of corporate legal relations. It has been concluded that the share (capital share), and in fact participation in the company, is an asset associated with the occurrence of favorable property consequences in the future, and has all the characteristics of legitimate expectations. Participation in a company has all the characteristics necessary for its potential monetary evaluation, because it is negative from its owner (does not have a personal, inseparable connection with the person to whom it belongs), and therefore is potentially viable. Monetary evaluation of the participation in the company allows us to classify this object as property benefits (asset). The emergence of economic benefits, as a result of the use of participation, the exercise of the right to it, indicates the connection of such benefits with the consequences that arise. Thus, participation in the company has all the characteristics of legitimate expectations. That is, the participant expects in the future to receive economic benefits from the participation in the company (exercise of corporate rights) that result from the placement of certain values in the charter capital, which have a monetary value. Legitimate expectations, in addition to regulatory corporate legal relations, can be recognized as the object of protective corporate relations, based on the facts of the violation of the right to peaceful possession of such property. It is applied both to the violation of the right to manage the corporation (in case of failure to notify about the general meeting of participants) and the refusal to repurchase shares from a shareholder as the exercise of the “right to disagree”. It is alleged that there are also protective legal relations with such an object as legitimate expectations in case of the violation of the rights to dividends, to the payment of the value of the share (capital share), to the liquidation quota. But such legal relations are not corporate, because the rights to be protected are not included into the group of corporate rights.

A Real-business-cycle Model with a Stochastic Capital Share: Lessons for Bulgaria (1999–2018)

We allow for a stochastic capital share into a real-business-cycle setup with a government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018). We investigate the quantitative importance of the variability in capital share for cyclical fluctuations in Bulgaria. In particular, allowing for a stochastic capital share in the model increases variability of investment and employment, at the cost of decreasing the volatility of wages, and causing employment to become countercyclical. JEL Classification: E24, E32