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Wyświetlanie 1-15 z 56
Tytuł:
Mezzanine as an Alternative Form of Corporate Financing
Autorzy:
Czajkowska, Agnieszka
Powiązania:
https://bibliotekanauki.pl/articles/488866.pdf
Data publikacji:
2015
Wydawca:
Instytut Badań Gospodarczych
Tematy:
Corporate Finance
Mezzanine Financing
Opis:
The main goal of the article is the assessment of mezzanine financing as an innovative form in Poland, which might play a significant role in the dynamically developing companies which can’t obtain sufficient capital from traditional sources in the form of bank credits. Mezzanine may be applied to: financing investment projects, increasing the value of the company, the expansion of businesses through mergers and acquisitions, redemption of shares or the financing of leveraged buyouts. The main methodology used in this article is explanatory research and comparative analysis. The hypothesis assumes that mezzanine financing may become an important alternative source of funding for medium and large sized enterprises in Poland. This article presents the idea of mezzanine financing, its mechanism, structures and comparison to alternative funding, examples of such transactions costs. An important part is indication of types of mezzanine capital and applications in the USA, the UE including Poland as well as comparative analysis of mezzanine advantages and disadvantages.
Źródło:
Oeconomia Copernicana; 2015, 6, 1; 99-111
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Behawioralne finanse przedsiębiorstw jako interdyscyplinarny nurt neoklasycznej teorii finansów
Behavioural corporate finance as an interdisciplinary strand of neoclassical finance theory
Autorzy:
Byczkowska, Magdalena
Majzel, Anna
Powiązania:
https://bibliotekanauki.pl/articles/1929250.pdf
Data publikacji:
2021-12-22
Wydawca:
Akademia im. Jakuba z Paradyża w Gorzowie Wielkopolskim
Tematy:
behavioural corporate finance
neoclassical finance
interdisciplinarity
Opis:
Nowadays, we see increasing interconnections between different scientific disciplines. It is becoming increasingly difficult for scholars to practice exclusively within their own field. Economics, finance and related disciplines, in recent years, have made extensive use of theoretical and empirical findings of other social sciences. The aim of this article is to present the issue of behavioural finance, the assumptions of which make it easier to understand what and why makes financial managers choose a particular course of action. Focusing on the tendencies of a psychological nature characteristic of managers that determine their specific behaviour, it is explained how the behaviour of finance professionals can be analysed through the prism of psychology. The article is based on the analysis of the literature on the subject, where the method of source analysis was mainly used.
Źródło:
Język. Religia. Tożsamość; 2021, 2(24) B; 143-153
2083-8964
2544-1701
Pojawia się w:
Język. Religia. Tożsamość
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Reflecting interdependencies between risk factors in corporate risk modeling using Monte Carlo simulation
Odzwierciedlanie współzależności pomiędzy czynnikami ryzyka w modelowaniu ryzyka działalności gospodarczej przedsiębiorstwa z wykorzystaniem symulacji Monte Carlo
Autorzy:
Kaczmarzyk, Jan
Powiązania:
https://bibliotekanauki.pl/articles/425266.pdf
Data publikacji:
2016
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
Corporate finance
Risk
Monte Carlo
Opis:
Modern enterprises use various spreadsheet financial models to project their financial situation as well as to address potential entrepreneurial activity risk exposure. The most advanced solution is provided by the Monte Carlo approach that offers much broader possibilities in terms of entrepreneurial risk measurement than in the case of traditional methods. One of the most significant problems of the Monte Carlo approach is to identify, quantify and reflect interdependencies between variables that are risk factors in any risk analysis. The aim of this paper is to discuss possibilities to identify and quantify interdependencies in terms of historical data availability as well as to present a spreadsheet solution that would reflect interdependencies in risk simulation and which would be easy to implement. The solution presented is not the only one available, but it does not require too much effort to be implemented in any financial model developed in the form of a spreadsheet, especially by the individuals responsible for risk management in small and medium sized enterprises.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2016, 2 (52); 98-107
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Finanse przedsiębiorstw - swa typy podejścia
Corporate finance - two approaches
Autorzy:
Mizerka, Jacek
Powiązania:
https://bibliotekanauki.pl/articles/539862.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
finanse przedsiębiorstw
podejście normatywne
podejście deskryptywne
paradygmat neoklasyczny
finanse empiryczne
corporate finance
normative approach to corporate finance
descriptive approach to corporate finance
Opis:
W artykule przedstawiono pokrótce charakterystykę normatywnego i deskryptywnego podejścia do uprawiania finansów przedsiębiorstw. Szczególną uwagę zwrócono na podejście deskryptywne, czyli finanse empiryczne, w związku z upowszechnieniem się technologii informacyjnych i dostępu do masowych danych finansowych. Dzięki finansom empirycznym dokonuje się coraz większy postęp, jeśli chodzi o weryfikację założeń i wniosków wypływających z koncepcji neoklasycznej. Badania empiryczne z zakresu finansów przedsiębiorstw wymagają jednak dobrego przygotowania z zakresu metod ekonometrycznych.
This paper presents an overview of the normative and descriptive approaches to corporate finance. Particular attention is paid to the descriptive approach, namely empirical finance, which is connected with the widespread use of information technology and access to a large volume of financial data. Through empirical financial analysis constant progress is being made as regards the verification of the assumptions and conclusions which stem from neoclassical concepts. However, empirical studies in the area of corporate finance require proper preparation in respect of such econometric methods.
Źródło:
Studia Oeconomica Posnaniensia; 2013, 1, 1(250)
2300-5254
Pojawia się w:
Studia Oeconomica Posnaniensia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wstęp do badań nad ujednoliceniem podstawy opodatkowania w Unii Europejskiej
Introduction to research to harmonize the tax base in the European Union
Autorzy:
Iwin-Garzyńska, Jolanta
Powiązania:
https://bibliotekanauki.pl/articles/424931.pdf
Data publikacji:
2015
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
income tax
tax base
corporate finance
Opis:
One of the main objectives to be accomplished by the European Union law is to eliminate barriers to the functioning of domestic market and in particular improve the competitiveness of enterprises. The paper addresses issues relating to tax in corporate finance. Canons of taxation are discussed and special emphasis is placed on principles behind formulating fiscal law provisions (including the EU law). Furthermore, the article presents the results of surveys into the importance of taxation cannons for Polish companies.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2015, 4 (50); 92-104
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Trends in IPOs: The Evidence From Financial Markets
Autorzy:
Meluzín, Tomáš
Zinecker, Marek
Powiązania:
https://bibliotekanauki.pl/articles/517317.pdf
Data publikacji:
2013
Wydawca:
Instytut Badań Gospodarczych
Tematy:
Corporate Finance
IPO
Trends
Financial Markets
Opis:
This paper deals with the analysis of initial public offerings of shares in terms of their quantity and the amount of capital raised by this form of financing on the world markets. Relevant global developments will be analyzed first, followed by a description of regional situation. The analysis is based on secondary data which are processed by descriptive statistics methods. The analysis of IPO trends on the world markets indicates that, in the period of 2004-2007, IPO-based financing of corporate growth gained in importance on both developed and emerging markets. The IPO segment was dominated by the largest emerging markets (Brazil, Russia, India and China) and at the same time the US American and Western European markets decline in their importance. The world-wide economic crisis of 2008 sup-pressed the interest in new IPOs, particularly in the developed economies. As the economy of most countries is beginning to revive, the interest in the IPO approach from businesses and investors is on the rise. It can be expected that, in the next few years, the arena of initial public offerings will be dominated by visionary companies operating on emerging markets where the execution of an IPO will constitute the key element in securing the capital essential for further expansion.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2013, 8, 2; 45-63
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Several sets of assumptions for the Monte Carlo simulation for a more precise analysis of enterprise risk
Autorzy:
Kaczmarzyk, Jan
Powiązania:
https://bibliotekanauki.pl/articles/425026.pdf
Data publikacji:
2019
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
corporate finance
risk analysis
Monte Carlo simulation
Opis:
The traditional methods of risk quantification include a sensitivity analysis, a scenario analysis and a historical simulation. The true nature of risk factors changes is ignored in the traditional ‘ceteris paribus’ approach to a sensitivity analysis, hence it can be reflected in a scenario analysis and a historical simulation. The most significant disadvantage of a scenario analysis is the limited number of scenarios, whereas a historical simulation depends on historical data availability and adequacy. The Monte Carlo simulation is a clear answer to the limitations of traditional methods. The changes of risk factors reflected in the Monte Carlo simulation are simultaneous, non-linear and interdependent. The most important aspect of this method is the stage of taking up the assumptions. The purpose of the paper is to indicate that considering several reasonable sets of assumptions for the Monte Carlo simulation simultaneously can bring even more comprehensive information about enterprise risk.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2019, 23, 4; 80-95
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
IS A FINANCIAL DIRECTOR A STRATEGIST OR A STEWARD? A COMPARATIVE ANALYSIS OF POLAND, THE US AND CHINA
Dyrektor finansowy – strateg czy administrator. Analiza porównawcza Polski, Stanów Zjednoczonych i Chin
Autorzy:
Wrońska-Bukalska, Elżbieta
Wawryszuk-Misztal, Anna
Powiązania:
https://bibliotekanauki.pl/articles/950455.pdf
Data publikacji:
2015
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
financial director
model of competence
corporate finance
Opis:
The article aims to present the role of the financial director in three different countries (Poland, China, and the US). The role of the financial director was defined by the Model of Competences covering two dimensions and four faces of the CFO. The literature and survey reviews let us think that nowadays the dominant role of the financial director is that of Strategist. The main research question was to find out whether the job of the CFO and his/her main role differs across these countries (Strategist and Catalyst will be dominant in the US, but in other countries Steward and Operator will be dominant). The choice of these countries was not a random one because they have a different history, corporate governance systems and culture. The method which reveals the CEO’s expectations towards the CFO’s duties was applied. The research consisted of a comparative analysis of job advertisements in these countries. The results of this research provide a new description of the CFO’s roles. In each country the main duty of the CFO was Steward (even in the US). In Poland, financial director as Strategist appeared more frequently (than in the other two countries) but was not dominant, either. The research study uses the Model of Competences, which allows to identify whether the CFO is really a strategic position. These findings have important implications for understanding the role of CFOs and their work.
Źródło:
Financial Sciences. Nauki o Finansach; 2015, 4(25); 122-134
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Agency costs of overvalued equity and earnings management in companies listed on WSE
Autorzy:
Kałdoński, Michał
Jewartowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/557811.pdf
Data publikacji:
2017-03-30
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
overvalued equity, earnings management, agency costs, agency theory, corporate finance, corporate governance
Opis:
The aim of the paper is to study earnings management activities of companies listed on Warsaw Stock Exchange from the perspective of Jensen’s agency theory of overvalued equity (Jensen, 2005). Specifically, we analyze relations between equity overvaluation and various types of earnings management used by public companies between 2005 and 2015. We provide evidence partially consistent with Jensen’s theory. Specifically, our study reveals that overvaluation intensifies income-increasing accrual earnings management activities. However, we also find that overvaluation is not followed by real transactions management activities, as opposed to previous studies based on the US market. We provide some evidence that this difference might be driven by external monitoring executed by large institutional investors.
Źródło:
Economics and Business Review; 2017, 3(17), 1
2392-1641
Pojawia się w:
Economics and Business Review
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Prospective financial analysis with regard to enterprise risk exposure – the advantages of the Monte Carlo method
Autorzy:
Kaczmarzyk, Jan
Powiązania:
https://bibliotekanauki.pl/articles/950239.pdf
Data publikacji:
2016
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
corporate finance
financial analysis
risk
Monte Carlo
forecasting
Opis:
Prospective financial analysis is a key decision tool in an enterprise. The traditional approach confronts the forecasted value of a financial category or a financial ratio with a requirement or a standard. Knowing that the particular category or the ratio meets the requirement or the standard is a kind of risk information, but realizing that the requirement or the standard is met with a particular probability level is a detailed image of risk. The aim of the paper is to indicate the possibility to increase the effectiveness of prospective financial analysis by using a Monte Carlo simulation. The biggest advantage of the presented approach (that is in fact the evolution of the traditional scenario approach to risk analysis) is that it delivers the detailed probability distributions of key financial categories and ratios. Shareholders accepting the results of prospective financial analysis with the Monte Carlo simulation should accept risk in a more conscious way than in the case of the traditional approach
Źródło:
Financial Sciences. Nauki o Finansach; 2016, 2(27); 23-37
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Forecasting currency risk in an enterprise using the Monte Carlo simulation
Autorzy:
Kaczmarzyk, Jan
Powiązania:
https://bibliotekanauki.pl/articles/949105.pdf
Data publikacji:
2018
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
corporate finance
financial risk
risk analysis
Monte Carlo
Opis:
A non-financial enterprise with receivables or liabilities denominated in a foreign currency is exposed to currency risk. Wanting to calculate a financial reserve in order to secure its receivables or liabilities, an enterprise can introduce the concept of the value at risk. To determine value at risk, an enterprise has to know the probability distribution of the future value of the receivable or the liability for a specific moment in future. Using a geometric Brownian motion to reflect exchange rate changes is among the possible solutions. The aim of the paper is to indicate that using the Monte Carlo simulation for forecasting the currency risk of an enterprise is a clear, easy-to-implement and flexible in terms of the assumptions approach. The flexibility of the Monte Carlo approach relies on the possibility to take up the assumption that the currency position changes caused by currency fluctuations have an other than normal probability distribution.
Źródło:
Financial Sciences. Nauki o Finansach; 2018, 23, 4; 50-62
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Institution of VAT binding rate information – theoretical and practical aspects
Autorzy:
Rogowska-Rajda, Beata
Powiązania:
https://bibliotekanauki.pl/articles/2128468.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet w Białymstoku. Wydawnictwo Uniwersytetu w Białymstoku
Tematy:
VAT
Binding Rate Information
VAT rates
corporate finance
Opis:
Purpose – The purpose of the article is to provide a comprehensive analysis of the new institution, i.e. the Binding Rate Information, in theoretical and practical terms. Therefore, the nature of this institution and its impact on business finances will be examined. This article also aims to verify the degree of its use by entrepreneurs and indicate possible directions of future changes. Research method – Literature reviews, analysis of legal acts, analysis of the decisions issued by administrative courts and the CJEU, and analysis of statistical data which relates to Binding Rate Information were used as part of this research. Research description – The analysis includes legal regulations concerning VAT rates and their impact on enterprises; also statistical data processed by the National Revenue Information System (KIS) in respect of Binding Rate Information issued. Results – Binding Rate Information reduces the tax risk of entrepreneurs related to the application of VAT rates. For this reason, entrepreneurs are willing to take advantage of this institution. However, this institution may have a negative impact on the finances of enterprises by distorting their competitiveness on the market in case of differences in the judicial decisions issued on rates classification. Consequently, it is crucial to maintain uniformity in the issued decisions. Despite the positive assessment of the new institution, it is necessary to consider to set it in a specific timeframe, and to limit the legal protection guaranteed by this institution in certain situations. It is recommended that further analysis should be undertaken with respect to extending the scope of binding information to include VAT exemptions.
Źródło:
Optimum. Economic Studies; 2020, 3(101); 56-67
1506-7637
Pojawia się w:
Optimum. Economic Studies
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Franczyza - koncepcja biznesu dla przedsiębiorstw działających na rynku usług turystycznych
Franchise as a Concept of Business for the Enterprises Operating in the Market for Tourist Services
Autorzy:
Wiśniewska, Anna Maria
Powiązania:
https://bibliotekanauki.pl/articles/439655.pdf
Data publikacji:
2016
Wydawca:
Akademia Finansów i Biznesu Vistula
Tematy:
turystyka
franczyza
franchising
finansowanie przedsiębiorstwa
tourism
franchise
corporate finance
Opis:
Sposobem na rozwój działalności gospodarczej dla wielu osób może być franczyza. Jest to system sprzedaży towarów, usług lub technologii, w którym dochodzi do stałej współpracy między prawnie i finansowo odrębnymi przedsiębiorstwami. Rozwój przedsiębiorstw dzięki franczyzie, czyli gotowej koncepcji biznesu, jest bardzo widoczny w usługach na rynku turystycznym. Niesłabnącą popularnością wśród biorców franczyzy cieszą się placówki gastronomiczne, biura podróży czy firmy zajmujące się sprzedażą biletów lotniczych. W związku z rosnącym zainteresowaniem naszym krajem ze strony turystów zagranicznych, polscy potencjalni kandydaci na przedsiębiorców powinni w sposób umiejętny wykorzystać szansę, jaką daje opisywany rynek. W artykule podjęto próbę przedstawienia szansy dla osób mających zamiar założyć swoją działalność dzięki franczyzie, która „szturmem” zdobywa polski rynek w systemie dystrybucji towarów i usług. Artykuł zawiera dane na temat rynku franczyzy w Polsce, informacje na temat preferencji turystów krajowych oraz ciekawe opinie turystów zagranicznych, którzy bardzo chwalą sobie nasz kraj doceniając naszą otwartość, gościnność i dbałość o ochronę środowiska naturalnego. Przedstawiono również, na podstawie przeglądu literatury oraz raportów o franczyzie, średni koszt przykładowych inwestycji w wybranych placówkach gastronomicznych.
The way for developing business for many people may be franchise. This is the system of selling commodities, services or technologies, in which there takes place a permanent cooperation between legally and financially separate enterprises. The development of enterprises owing to franchise, i.e. the ready concept of business, is evident in services in the tourism market. The unabated popularity among franchisees is enjoyed by catering outlets, travel agencies or companies selling airline tickets. Because of an ever growing interest in Poland at the part of foreign tourists, Polish potential candidates for entrepreneurs should skilfully make use of the opportunity provided by the analysed market. In her article, the author undertook an attempt to present the opportunity for the individuals who are going to start up their business owing to franchise which gains by storm the Polish franchise market in the system of distribution of goods and services. The article contains data on the market for franchise in Poland, information on preferences of domestic tourists and interesting opinions of foreign tourists who value highly our country appreciating our openness, hospitality and protection of the natural environment. She also presented, based on the overview of literature and reports on franchise, the average cost of exemplary investments in the selected catering outlets.
Źródło:
Kwartalnik Naukowy Uczelni Vistula; 2016, 4(50); 149-159
2084-4689
Pojawia się w:
Kwartalnik Naukowy Uczelni Vistula
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Forecasting fixed assets and their depreciation in conditions of volatile demand for production capabilities
Autorzy:
Ciupek, Bożena
Kaczmarzyk, Jan
Powiązania:
https://bibliotekanauki.pl/articles/581884.pdf
Data publikacji:
2017
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
financial modelling
forecasting
corporate finance
risk
Monte Carlo approach
Opis:
A significant element of managing corporate finance is forecasting the financial situation of an enterprise. Forecasting means drawing up simplified financial statements (pro- -forma). One of the basic components of a financial situation forecast is estimating both: fixed asset levels, as well as their depreciation. In a volatile environment, the natural assumption is volatile demand for production capabilities, as a consequence of volatile economic conditions. Furthermore, eventual changes of the production capabilities being the consequence of purchasing and selling fixed assets are not smooth. Taking the above into account, the authors propose the concept of a financial model for forecasting fixed assets and their depreciation. The implementation of the model is also presented using a case study.
Źródło:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu; 2017, 482; 17-28
1899-3192
Pojawia się w:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Institutional investors and real earnings management: A meta-analysis
Autorzy:
Kabaciński, Bartosz
Mizerka, Jacek
Stróżyńska-Szajek, Agnieszka
Powiązania:
https://bibliotekanauki.pl/articles/2058072.pdf
Data publikacji:
2022-07-11
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
real earnings management
institutional ownership
meta-analysis
corporate finance
Opis:
The aim of the article is to examine the inuflence of institutional investor ownership on real earnings' management (REM) practices through a meta-regression analysis (MRA) based on a sample of 225 estimations from 19 articles. Some of the available research suggests a mitigating role for institutional investors who can serve as external monitors and thus reduce earnings' management activities which could have a negative impact on the company's value. eTh results obtained from the basic model conrfimed neither the hypothesis about the inuflence of institutional ownership on REM, nor the hypothesis about the existence of a signicfiant publication bias. Using an augmented MRA model conclusions in diefrent areas associated with structural and methodological heterogeneity were drawn. Diefrences in the impact of institu tional ownership on real earnings' management in diefrent regions of the world, a de pendence of the results on diefrent data characteristics and diefrences in the results depending on whether the article was published in a top journal or not were found.
Źródło:
Economics and Business Review; 2022, 8, 2; 50-79
2392-1641
Pojawia się w:
Economics and Business Review
Dostawca treści:
Biblioteka Nauki
Artykuł
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