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    Wyświetlanie 1-8 z 8
    Tytuł:
    RETURN ON CURRENT ASSETS, WORKING CAPITAL AND REQUIRED RATE OF RETURN ON EQUITY
    Autorzy:
    Bolek, Monika
    Powiązania:
    https://bibliotekanauki.pl/articles/599614.pdf
    Data publikacji:
    2014
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    return
    equity cost
    liquidity risk
    Opis:
    The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk – return and liquidity – profitability trade-offs influence the company’s equilibrium and management decisions. Liquidity is measured by the cash conversion cycle and it is related to the working capital strategy, measured by current ratio. Rate of return on current assets should be related to the rate of return on working capital that is linked to the cost of capital and the required rate of return. The results indicate that there is a positive relationship between the return on current assets and cash conversion cycle, a positive relationship between cost of equity and return on working capital meaning that the working capital, cash conversion cycle and current assets management are related to profitability, and cost of equity is determined by the required rate of return calculated based on the Capital Asset Pricing Model.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2014, 10, 2; 1-10
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Venture capital and private equity investment preferences in selected countries
    Autorzy:
    Dziekoński, Krzysztof
    Ignatiuk, Sławomir
    Powiązania:
    https://bibliotekanauki.pl/articles/599644.pdf
    Data publikacji:
    2015
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    venture capital
    private equity
    correspondence analysis
    Opis:
    Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 3; 128-137
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS
    Autorzy:
    Czapińska, Katarzyna
    Powiązania:
    https://bibliotekanauki.pl/articles/599424.pdf
    Data publikacji:
    2013
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    debt
    equity
    capital structure
    financial leverage
    Opis:
    The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2013, 9, 3; 10-23
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Studies of firm capital structure determinants in Poland: an integrative review
    Autorzy:
    Cwynar, Andrzej
    Cwynar, Wiktor
    Dankiewicz, Robert
    Powiązania:
    https://bibliotekanauki.pl/articles/599576.pdf
    Data publikacji:
    2015
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    capital structure
    equity
    debt
    leverage
    financing
    Opis:
    We investigated 34 empirical studies aimed at examining the capital structure determinants in firms operating in Poland to test to what degree the financing patterns were steady during the observed period (2001-2012). Specifically, in conducting the survey we were motivated by the following research questions which constitute the objectives of the article: (1) which factors – country- or firm-specific – are more relevant in explaining leverage in Poland, (2) which theory – trade-off or pecking order – gains greater support in Poland, and (3) what is the significance of the optimal capital structure notion in Poland. Our results show that financing patterns changed importantly during the last 20 years, which manifests itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage and the key firm-specific factors remained relatively stable during the investigated period, with the exception concerning tangibility. These signs provide greater support for pecking order theory, with at most a moderate role of the target capital structure.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 4; 1-22
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS
    Autorzy:
    Czapińska, Katarzyna
    Powiązania:
    https://bibliotekanauki.pl/articles/599428.pdf
    Data publikacji:
    2013
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    debt,
    equity,
    capital structure,
    financial leverage.
    Opis:
    The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2013, 9, 4; 11-23
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Is there any relation between intellectual capital and the capital structure of a company? The case of Polish listed companies
    Autorzy:
    Bolek, Monika
    Lyroudi, Katerina
    Powiązania:
    https://bibliotekanauki.pl/articles/599546.pdf
    Data publikacji:
    2015
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    intangible assets
    intellectual capital
    leverage
    equity
    Opis:
    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.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 4; 23-33
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    QUASI-BETA INDEX: MULTIDIMENSIONAL COMPARATIVE ANALYSIS APPLICATION TO DETERMINE RISK INDEX FOR STOCK INVESTMENTS ON WARSAW STOCK EXCHANGE (Indeks quasi-beta: Wykorzystanie wielowymiarowej analizy porownawczej do wyznaczania indeksu ryzyka inwestycji
    Autorzy:
    Cwynar, Wiktor
    Powiązania:
    https://bibliotekanauki.pl/articles/599505.pdf
    Data publikacji:
    2010
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    BETA
    CAPM
    COST OF EQUITY
    MULTIDIMENSIONAL COMPARATIVE ANALYSIS
    Opis:
    Cost of capital is the key parameter when evaluating company's financial performance and valuing a firm or a project. The cost of equity calculation methods most commonly used in practice, are based on market data. When such a data is not available, classical methods used to determine required rate of return on equity capital are substituted with techniques based on accounting data. One of these techniques is multidimensional comparative analysis. This text shows an attempt to assess quasi-beta indices using multidimensional comparative analysis. Using five financial ratios calculated for companies from Warsaw Stock Exchange indices WIG20, mWIG40 and sWIG80, risk coefficients were determined as taxonomic measures of development, and then they were compared to traditional beta indices. The final results are promising – the highest values of quasi-beta indices are assigned to companies that are characterized by equally high values of beta coefficients (characterized by high volatility of stock returns compared to volatility of broad market returns).
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2010, Special Issue; 1-14
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Venture capital and private equity investment strategies in selected European countries
    Autorzy:
    Dziekoński, Krzysztof
    Ignatiuk, Sławomir
    Powiązania:
    https://bibliotekanauki.pl/articles/1597432.pdf
    Data publikacji:
    2015
    Wydawca:
    Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
    Tematy:
    venture capital
    private equity
    correspondence analysis
    industry analysis
    Opis:
    Private equity and venture capital (PE/VC) funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a conti nuati on of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.
    Źródło:
    Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 4; 34-45
    1734-039X
    Pojawia się w:
    Finansowy Kwartalnik Internetowy e-Finanse
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-8 z 8

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