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Tytuł:
Comparison of investment performance measures using the example of selected stock exchanges
Autorzy:
Potrykus, Marcin
Powiązania:
https://bibliotekanauki.pl/articles/949133.pdf
Data publikacji:
2018
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
investment performance
investment portfolio
correlation
R program
Opis:
In this paper the main objective is to examine whether the selection of the performance measure influences the evaluation of individual investments and the performance rankings generated on that basis. This study presents the values of 16 performance indicators along with their detailed descriptions. All calculations were made using the R program, and the source code can be found at the end of the article. Nine selected stock indices were analysed during the period January 1997– December 2015, and the monthly logarithmic rates of return for these indices were calculated. For 14 out of the 16 measures analysed it was shown that the choice of effectiveness measure had no influence on the evaluation of individual investments; therefore it is not important whether the investor uses the Sharpe ratio or the Calmar ratio as an indicator of efficiency since both measures are almost identical in rank for a particular investment. This has not been confirmed for the Upside Potential ratio, which means that using this indicator may lead to different investment decisions in which the objective is to maximize efficiency. Moreover, based on the analysis it was found that the OMXC 20, DAX 30, and OMXS 30 indexes had the highest efficiency during the period January 1997–December 2015, while the AEX, WIG 20, and PSI 20 indexes were characterized with having the lowest levels of efficiency.
Źródło:
Financial Sciences. Nauki o Finansach; 2018, 23, 2; 30-46
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The impact of global risk on the performance of socially responsible and conventional stock indices
Autorzy:
Śliwiński, Paweł
Łobza, Maciej
Powiązania:
https://bibliotekanauki.pl/articles/22446626.pdf
Data publikacji:
2017
Wydawca:
Instytut Badań Gospodarczych
Tematy:
socially responsible investments (SRI)
socially responsible indices
investment performance
financial global risk
VIX
Opis:
Research background: In the last decades social responsible investment has evolved into an important and influential investment class. What supports then the development of SRI? The neoclassical approach suggests that the attractiveness of investment should result from the risk-return relationship that is satisfying for the investor. However, the performance analysis of SRI vs. conventional investment, conducted in numerous research papers, often delivers contradictory conclusions. If financial factors could not explain the phenomenon of SRI, nonfinancial factors may have played a decisive role in the formation of modern SRI market. Purpose of the article: The purpose of this paper is to analyze financial investment performance of socially responsible vs. respective conventional indices in the periods of high, low and unidentified global risk. Therefore, a following research hypothesis was verified: SR indices perform financially better in high-risk periods than in low-risk periods. This hypothesis is justified by the assumption that, when selecting SRI, investors go by a longer investment horizon than they do when selecting other investments, not subject to such verification. Methods: Among SR indices, we chose three to compare them with their conventional counterparts: DJSI US vs. DJITR (USA), DJSI Korea vs. KOSPI (South Korea) and Respect Index vs. WIG20TR (Poland). The VIX index was used as the global measure of risk aversion. To measure the relative performance of SR and conventional indices in different risk periods, we applied risk-adjusted performance measures, including RSD, Sharpe and Treynor ratios, traditional and asymmetrical CAPM. Findings & Value added: The research shows that conventional and socially responsible indices do not differ statistically in terms of risk and return irrespective of global risk. Our research confirms that the rising, socially responsible, investment market cannot be analyzed only through the prism of simplified rational choices. Additionally, it should be analyzed in terms of moral philosophy and behavioral economics, including the psycho-social features of investors.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 657-674
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Does Relative Performance of Socially Responsible Investing Increase With Financial Risk?
Czy relatywna efektywność inwestowania odpowiedzialnego społecznie wzrasta wraz z ryzykiem finansowym?
Autorzy:
Śliwiński, Paweł
Łobza, Maciej
Powiązania:
https://bibliotekanauki.pl/articles/1922376.pdf
Data publikacji:
2019-08-02
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Socially Responsible Investments
RESPECT Index
investment performance
inwestycje odpowiedzialne społecznie
efektywność finansowa inwestycji
Opis:
The research paper positively verified the research hypothesis that the relative financial performance of investments in socially responsible indices against the performance of conventional indices may go up as the global financial risk, measured by the VIX index, increases. Socially Responsible Investing can be rational from the financial point of view. In addition to the ethical aspect, it may fulfill the function of protecting the investment portfolio in periods characterized by a high level of global risk. The hypothesis was tested using statistical research based on a comparative portfolio analysis of the geographically diverse SRI indices (RESPECT Index and DJSI) against the reference points which were the territorially relevant conventional stock indices (WIG20TR and DJITR). JEL: G11, G41 null The creation of the English-language version of these publications is fi nanced in the framework of contract No. 607/P-DUN/2018 by the Ministry of Science and Higher Education committed to activities aimed at the promotion of education.
W artykule pozytywnie zweryfikowano hipotezę badawczą, że relatywna efektywność finansowa inwestycji w indeksy odpowiedzialne społecznie względem efektywności indeksów konwencjonalnych może wzrastać wraz ze wzrostem finansowego ryzyka globalnego mierzonego indeksem VIX. Inwestowanie odpowiedzialnie społeczne może być zatem racjonalne finansowo i pełnić, poza aspektem etycznym, funkcję ochrony portfela inwestycyjnego w okresach charakteryzujących się wysokim poziomem globalnego ryzyka. Weryfikację postawionej hipotezy przeprowadzono z wykorzystaniem badań statystycznych opartych na komparatywnej analizie portfelowej zróżnicowanych geograficznie giełdowych indeksów SRI (RESPECT Index i DJSI) względem punktów odniesienia, którymi były odpowiadające im terytorialnie giełdowe indeksy konwencjonalne (WIG20TR i DJITR). JEL: G11, G41 null The creation of the English-language version of these publications is fi nanced in the framework of contract No. 607/P-DUN/2018 by the Ministry of Science and Higher Education committed to activities aimed at the promotion of education.
Źródło:
Problemy Zarządzania; 2019, 3/2019 (83); 212-228
1644-9584
Pojawia się w:
Problemy Zarządzania
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Ocena zarządzania funduszami inwestycyjnymi portfeli Polskiego Towarzystwa Ubezpieczeń na Życie
The evaluation of managing investment funds in the Polish life insurance company’s portfolios
Autorzy:
Urbański, Stanisław
Wrzecionek, Anna
Powiązania:
https://bibliotekanauki.pl/articles/587578.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Fundusz inwestycyjny
Powtarzalność wyników
Zarządzanie funduszem
Investment funds
Investment funds performance
Performance persistence
Opis:
W artykule przedstawiono prace dotyczące oceny zarządzania funduszami inwestycyjnymi portfeli oferowanych przez wybrane Polskie Towarzystwo Ubezpieczeń na Życie. Oceny zarządzania dokonano poprzez badanie występowania powtarzalności stóp zwrotu i wskaźników Sharpe’a w podokresach 2-, 4- i 5-letnich oraz na podstawie oszacowania oczekiwanej stopy zwrotu i ryzyka inwestycji portfelowych w aktywa funduszy. Analizie poddano 132 fundusze o różnych klasach ryzyka, notowanych na rynku w latach 2004-2013. Badania w zdecydowanej większości badanych przypadków nie wykazały powtarzalności przyjętych miar wyników. Stwierdzono natomiast odwracanie skumulowanych stóp zwrotu i wskaźnika Sharpe’a w podokresach 4-letnich oraz statystycznie równe oczekiwane zwroty z inwestycji w badane portfele funduszy, WIG i bony skarbowe.
The article presents an evaluation of managing investment funds in portfolios offered by the Polish Life Insurance Company. Assessments are based on the analysis of the persistence of cumulative returns and Sharpe ratios in 2-, 4- and 5-year subperiods, with one year step. We analyze 132 funds with different risk classes, quoted in the Polish market in 2004-2013. Most of our studies do not show performance persistence. However, we find the occurrence of the Sharpe ratio and cumulative returns reversal in 4-year sub-periods. Moreover, we find no statistically significant differences between expected returns of fund portfolios, Warsaw Stock Exchange Index, and Polish treasury bills.
Źródło:
Studia Ekonomiczne; 2016, 299; 305-320
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Positioning equity mutual funds performance with the use of various risk measures
Autorzy:
Żebrowska-Suchodolska, Dorota
Karpio, Andrzej
Powiązania:
https://bibliotekanauki.pl/articles/2128548.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet w Białymstoku. Wydawnictwo Uniwersytetu w Białymstoku
Tematy:
risk
rate of return
open-end mutual fund of shares
investment performance
ranking of funds
Opis:
Purpose – Verifying the hypothesis that the ranking positions of funds are not repeatable during periods of changing market conditions. The subject of research are equity investment funds operating on the Polish market in the years 2003-2017. Research method – The research employed various risk measures appearing in investment performance indicators: as measures of variability relative to the average rate of return or market benchmark as well as measures of potential investor losses. Performance comparisons were made in five-year subperiods taking into account the monthly percentage changes in participation units. In each subperiod, a number of rankings based on the following indicators: Sharpe, Information Ratio, Sortino, Martin, Pain, Calmar, RVaR, mRVaR and CS were created. Results – There are no funds that would occupy high ranking positions created on the basis of various indicators. Positions taken by equity funds change randomly regardless of the situation on the capital market. Originality /value / implications /recommendations – The study uses a wide range of measures that differ in many important parameters from an investment point of view. In particular, this applies not only to risk measures, but also to benchmarks. The authors tried to increase the value of the study by associating subperiods with periods of changing market conditions. This allows conclusions to be drawn regarding the capital market segment. The presented studies can be extended to funds from other risk classes.
Źródło:
Optimum. Economic Studies; 2020, 2(100); 132-147
1506-7637
Pojawia się w:
Optimum. Economic Studies
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Evaluation of Performance and Efficiency of Polish Open-End Mutual Funds under High Volatility Environment in Financial Markets
Autorzy:
Lisak, Filip
Powiązania:
https://bibliotekanauki.pl/articles/18105074.pdf
Data publikacji:
2023
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
investment funds
performance analysis
funds' performance indicators
investment
volatility
Opis:
Theoretical background: Retail investors in the financial market have nowadays access to a wide range of investment products. One of the types of such products are open-end investment funds, which by design are asset masses managed by professional entities. Open-end investment funds became one of the more popular financial instruments that retail customers purchase. Purpose of the article: This article aims at determining the efficiency of mutual funds as measured by the rate of return. An important point of the study is to determine whether funds with lower total risk as measured by standard deviation achieved lower losses. Research methods: The research method is an analysis of performance of twenty Polish open-ended mutual funds in three different time horizons, by using classic mutual fund performance measures adjusted for negative returns, i.e. Sharpe, Treynor and Jensen alpha indicators as well as the Israelsen and Treynor ratios adjusted for negative return. Main findings: It has been observed that the high volatility in the financial market had a direct negative impact on the returns of these funds. When comparing the Treynor ratio adjusted for negative returns values it appears that some of the analysed equity funds performed better than, for example, stable growth funds. In case of high volatility in the stock market, both in the long and short term, the analysed stable growth funds did not bring more value to investors in relation to the total risk incurred than balanced or even equity funds, which is particularly noticeable in the case of three-year and annual results. This is because asset diversification did not fully work in the high market volatility seen since the beginning of 2022 mostly due to falling prices of debt securities caused by interest rate increases. The article also contributes to the interpretation of Sharpe and Israelsen ratios in case of similar negative rates of return and different volatility measured, because the Israelsen ratio may not be the best to compare such funds as it prioritizes the funds with lower risk and does not consider relation of risk to return.
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2022, 56, 4; 63-82
0459-9586
2449-8513
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE EFFECTS OF FOREIGN OWNERSHIP AND SIZE ON FIRM PERFORMANCE: EVIDENCE FROM PANEL DATA ANALYSIS OF ISE LISTED FIRMS
Autorzy:
Balsarı, Çağnur Kaytmaz
Üçdoğruk, Yeşim
Powiązania:
https://bibliotekanauki.pl/articles/450464.pdf
Data publikacji:
2010
Wydawca:
Uniwersytet Gdański. Wydawnictwo Uniwersytetu Gdańskiego
Tematy:
FDI
Investment Incentives
Firm Performance
Opis:
The role of foreign direct investment (FDI) in economic development and its contribution to the performance of domestic firms has motivated researchers to initiate studies for analyzing the impact of FDI on economic performance. The literature on the role of FDI mainly focuses on the production, employment, economic growth, balance of payments, knowledge spillovers and general welfare of the recipient country. However, economic growth is triggered by firms that are able to transform these positive impacts of FDI into improved firm performance. Nevertheless, the impact of FDI on firm performance has not been investigated at firm level widely. The aim of this paper is to examine whether FDI and investment incentives can be justified on the basis of academic research regarding their firm performance effect. A panel data of non-financial firms listed at Istanbul Stock Exchange (ISE) for the period 1998-2007 is used to model firm performance in terms of return on assets and sales as a dynamic process. This paper contributes to the existing literature by providing firm level empirical evidence on the impact of investment incentives and foreign ownership together with size on firm performance. Our results suggest that large and foreign ISE listed firms perform better than domestic firms. Moreover, investment incentives, as both determinants of FDI decisions and as their stand alone positive impact on firm performance, can create the economic environment in which FDI inflows can be transformed into positive returns both for recipients and investors.
Źródło:
International Journal of Emerging and Transition Economies (IJETE); 2010, 3, 1; 93-114
1308-2701
Pojawia się w:
International Journal of Emerging and Transition Economies (IJETE)
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Ownership Structure, Firm Value and Investment Opportunities Set: Evidence from Mexican Firms
Autorzy:
San Martin-Reyna, Juan M.
Durán-Encalada, Jorge A.
Powiązania:
https://bibliotekanauki.pl/articles/474934.pdf
Data publikacji:
2012
Wydawca:
Fundacja Upowszechniająca Wiedzę i Naukę Cognitione
Tematy:
debt
investment opportunities
performance
family business
Opis:
This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.
Źródło:
Journal of Entrepreneurship, Management and Innovation; 2012, 8, 3; 35-57
2299-7075
2299-7326
Pojawia się w:
Journal of Entrepreneurship, Management and Innovation
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
ANALYSIS OF SOCIALLY RESPONSIBLE INVESTMENTS (SRI) ON THE BASIS OF GLOBAL 100 RANKING (Analiza atrakcyjności inwestycji w spolki odpowiedzialne spolecznie (SRI) na podstawie rankingu Global 100)
Autorzy:
Kazmierkiewicz, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/599574.pdf
Data publikacji:
2010
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
FINANCIAL PERFORMANCE EVALUATION
INVESTMENT SCREENS
PORTFOLIO SELECTION
SOCIALLY RESPONSIBLE INVESTMENT
Opis:
This paper seeks the solution how to influence investors' behavior and their ability to invest responsibly. The aim is to extend the traditional approach to portfolio selection by adding ethical dimension to risk/return analysis. The first part of this study is a review of different methods of presenting the SRI outperformance – from matching approach and fund benchmarking to comparison of the performance of SRI index with the traditional non-screened indices. The second part compares the significance of financial outperformance of companies considered as socially responsible over any other companies from American stock markets. The last section of this paper contains the results of the performance analysis of socially screened companies over the last five years. These results support the hypothesis that social screens help investors to pick financially strong companies that give favorable risk-expected return relation.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2010, Special Issue; 28-45
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of Foreign Direct Investment Performance – a Critical Literature Review
Autorzy:
Trąpczyński, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/489059.pdf
Data publikacji:
2013
Wydawca:
Instytut Badań Gospodarczych
Tematy:
foreign direct investment
subsidiary performance
firm resources
Opis:
Foreign direct investment (FDI), its motives, modes and location choice constitute key subjects in theory and research in international business, due to their long-term consequences for firm competitiveness. The determinants of results achieved in foreign markets can therefore be described as a fundamental research area, which specifically includes studies on FDI performance. In spite of its long tradition and methodical advancement, extant research show numerous inconsist-encies and ambiguous findings. In both international and Polish literature, no complex summary of extant knowledge on FDI performance determinants can be found, which would allow for the consolidation and evaluation of earlier findings. The aim of this paper is to present the findings of a structured review of 95 studies on performance of foreign subsidiaries. Within extant studies, four main research streams were identified, focusing on FDI mode choice, resource determinants on a firm and subsidiary level, host-country characteristics and corporate strategy. Previous research has not adequately considered the role of expansion motives for evaluating FDI performance. Future studies should also to a greater extent account for a differentiated role of firm resources, particularly various types of international experience, as applied in host countries at different levels of economic and institutional development. Moreover, a more holistic FDI performance analysis requires a simultaneous consideration of financial and non-financial dimensions of a foreign subsidiary's competitive position. Based on the outcomes of the present review, areas for further studies have been proposed, especially as regards the context of outward FDI, increasingly undertaken by Polish companies, and its specific character.
Źródło:
Oeconomia Copernicana; 2013, 4, 2; 117-132
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
EU framework programmes: positive and negative effects on member states innovation performance
Autorzy:
Andrijauskiene, Meda
Dumciuviene, Daiva
Stundziene, Alina
Powiązania:
https://bibliotekanauki.pl/articles/22444331.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
innovation performance
national innovative capacity
EU investment
Opis:
Research background: Seeking to ensure competitiveness in the global market, the EU is constantly improving its innovation policy. Compared to other EU initiatives, the Framework Programs for Research and Innovation (FPs) act as the main instrument with the longest history and the largest budget to boost member states' innovation performance. Despite the initial presumptions that these financial inflows should bring positive and constructive effects, the results significantly diverge across the countries with highly uneven and incoherent progress. Therefore, complex and reliable tools must be adopted to evaluate the long-term influence of EU investment and the reasons which distort the innovation performance in separate member states. Purpose of the article: The purpose of this article is to evaluate the influence of EU investment on its member states? innovation performance by using a redeveloped national innovative capacity framework and including technological, non-technological and commercial innovative output. Methods: Panel unit root tests were used to assess the time series stationarity. Autoregressive distributed lag models helped in calculating the long-term influence of EU investment on member states? innovation performance. Finally, by employing dummies, it was analysed how this influence varied over time and across different countries. Findings & value added: The findings provide evidence that EU investment exerts positive long-term influence on the technological innovative output proxied as total, business and higher education institutions? patent applications, as well as product and process innovations. The effects were also positive on trademarks and marketing, and organisational innovations. However, small but negative influence was found in the case of patent applications by the government sector and the exports of hi-tech products and knowledge-intensive services. These insights may serve in the designing process of the specific instruments and the future innovation policies, which would bring the maximum benefit for the society and economy.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 3; 471-502
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Analiza wydajności agentów podejmujących decyzje kupna–sprzedaży w systemie wieloagentowym a-Trader
Performance analysis of the buy-sell decision agents’ in a-Trader system
Autorzy:
Korczak, Jerzy
Hernes, Marcin
Bac, Maciej
Powiązania:
https://bibliotekanauki.pl/articles/432147.pdf
Data publikacji:
2014
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
multiagent systems
agents’ performance analysis
investment decisions
Opis:
The article presents the performance analisys issues of buy-sell decisions agents’ in a-Trader system. The system allows for supporting of investment decision on FOREX market. The first part of the article contains a description of a-Trader system. Next, the algorithms of the selected buy-sell decision agents are presented. The evaluation function of agents’ performance is elaborated, and the manner of performance analisys executing is presented in the final part of the article.
Źródło:
Informatyka Ekonomiczna; 2014, 1(31); 77-90
1507-3858
Pojawia się w:
Informatyka Ekonomiczna
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Millennials’ willingness to pay for socially responsible investment and its institutional and individual antecedents – evidence from Italy, Poland, and Ukraine
Autorzy:
Doś, Anna
Foltyn-Zarychta, Monika
Matteo, Matteo
Shkura, Iryna
Powiązania:
https://bibliotekanauki.pl/articles/19322647.pdf
Data publikacji:
2023-09-15
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sustainable investment
Willingness to pay
Financial performance
Multi-level
approach
Sustainable finance
Opis:
The readiness to sacrifice profit while making socially responsible investments among millennials, as future investors and managers, was examined. Specifically, a multi-level perspective on willingness to pay for socially responsible investment was assumed to understand how nationality, personal values and investment knowledge affect millennials’ readiness to sacrifice profit to achieve sustainability goals. Using survey data of 521 business students from Italy, Poland and Ukraine, it is showed that a considerable share of millennials prefer social and environmental performance of investment over financial return and that their nationality is the most powerful factor in explaining willingness to pay for socially responsible investment along with their sensitivity to environmental issues that takes the leading role among all personal values motivating investors to accept lower rates of return. The results can be relevant for financial institutions aiming at developing socially responsible investment products. Policy implications of the results are insights into nationality-related tensions while Europe-wide regulation of socially responsible investment could enter into force.
Źródło:
Journal of Banking and Financial Economics; 2023, 1(19); 137-159
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Quantitative and qualitative diagnostic methods for measuring the effects of foreign direct investment in terms of the wood-processing industry in the Slovak Republic
Ilościowe i jakościowe metody diagnostyczne służące mierzeniu efektów bezpośrednich inwestycji zagranicznych z punktu widzenia przemysłu drzewnego w Republice Słowacji
Autorzy:
Merkova, M.
Rajnoha, R.
Novak, P.
Powiązania:
https://bibliotekanauki.pl/articles/52490.pdf
Data publikacji:
2012
Wydawca:
Sieć Badawcza Łukasiewicz - Instytut Technologii Drewna
Tematy:
quantitative method
qualitative method
diagnostic method
measurement
investment effect
foreign direct investment
Slovak Republic
wood processing industry
business performance
Opis:
The paper deals with the issue of increasing the potential of the wood-processing sector and increasing its efficiency and competitiveness through the impact of foreign direct investment within the specific conditions of the wood-processing industry in the Slovak Republic. The aim of this paper is the analysis and evaluation of the quantitative and qualitative effects of foreign direct investment in the Slovak Republic and other V4 countries with a specific focus on the wood-processing industry in the Slovak Republic.
Przepływ bezpośrednich inwestycji zagranicznych jest uzależniony od istnienia niedoskonałości rynku, które pojawiają się w związku z nierównowagą podaży i popytu na rynku krajowym. Napływ kapitału zagranicznego jest ważny z punktu widzenia poprawy jakości produktów i usług, wzrostu wartości dodanej lub konkurencyjności. Przedmiot niniejszych badań oparto na analizie przeszłej i obecnej sytuacji w zakresie inwestycji bezpośrednich w Republice Słowacji, kładąc szczególny nacisk na przemysł drzewny w celu zidentyfikowania znaczących efektów ilościowych i jakościowych wpływu bezpośrednich inwestycji zagranicznych na rozwój sektora drzewnego w Republice Słowacji. Mierzalne efekty BIZ w specyficznych warunkach panujących w Republice Słowacji i w jej przemyśle drzewnym przedstawiono w wynikach z badań używając analizy korelacji i regresji. Ilościowa analiza efektów BIZ potwierdza pewne ważne fakty takie jak to, że na poziomie krajowym istnieje szczególnie silna korelacja pomiędzy kapitałem/zasobem BIZ a wzrostem PKB w Republice Słowacji, natomiast na poziomie przemysłu drzewnego odkryto znaczący wpływ inwestycji na wzrost sprzedaży i wydajność. W oparciu o badania ilościowe zrealizowane przy wykorzystaniu analizy korelacji i regresji, można stwierdzić, co następuje: –– bezpośrednie inwestycje zagraniczne wywierają pozytywny wpływ na wzrost PKB w Republice Słowacji, –– inwestycje oraz wartość rezydualna środków trwałych w przemyśle drzewnym pozytywnie wpływa na sprzedaż, wartość dodaną i wydajność pracy w sektorze drzewnym, –– wydajność pracy pozytywnie wpływa na wartość średniego miesięcznego wynagrodzenia w przemyśle drzewnym. Analiza jakościowa trudnych do zmierzenia efektów, które wpływają na sektor, wykazała pewne rozszerzone efekty charakterystyczne dla przemysłu drzewnego. Określono również potencjalne rozszerzone efekty w przemyśle drzewnym, które jednak nie znalazły jeszcze zastosowania. Część wyników badań dotyczy określonych efektów BIZ, które są zauważalne w kraju na pewnym etapie. W oparciu o wyniki badań ilościowych, potwierdzone przez statystyczną analizę korelacji i regresji, można wnioskować, że inwestycje w sektorze drzewnym mają pozytywny wpływ na wzrost wartości dodanej całego sektora. Z punktu widzenia podnoszenia wydajności i konkurencyjności branży drzewnej, jak również całej gospodarki słowackiej, analiza wzrostu wartości dodanej pod względem jej poszczególnych elementów jest także ważna (amortyzacja środków trwałych, płace i zysk). Późniejsza analiza struktury wartości dodanej w przemyśle drzewnym i jej poszczególnych składowych ujawniła silną korelację pomiędzy płacami a wzrostem wartości dodanej.
Źródło:
Drewno. Prace Naukowe. Doniesienia. Komunikaty; 2012, 55, 187
1644-3985
Pojawia się w:
Drewno. Prace Naukowe. Doniesienia. Komunikaty
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Polityka rachunkowości w zakresie nieruchomości inwestycyjnych
Accounting Policy in Regard to Investment Properties
Autorzy:
Tkocz-Wolny, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/593628.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Inwestycje
Nieruchomości
Polityka rachunkowości
Wynik finansowy
Accounting policy
Financial performance
Investment
Real estate
Opis:
A company is in possession of instruments that frequently allow it to shape contents of financial statements independently from real life processes. These instruments arise from the right to choose between two or more solutions allowed by balance sheet saw, to a given accounting problem. The object, which allows for use of such alternative solution, is real estate. Growing interest of entrepreneurs in real estate market exposed novel functions of realty. Profitability as well as location emerged as important factors, besides purely utilitarian function of real estate, enabling it to become an investment opportunity.
Źródło:
Studia Ekonomiczne; 2014, 201; 379-392
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 19

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