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Detalles de la revista
Formato
Revista
eISSN
2719-3454
Publicado por primera vez
30 Mar 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

Volumen 13 (2017): Edición 4 (December 2017)

Detalles de la revista
Formato
Revista
eISSN
2719-3454
Publicado por primera vez
30 Mar 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

13 Artículos
Acceso abierto

Information needs of financial market professionals in the big data and social media era. The empirical evidence from Poland

Publicado en línea: 06 Aug 2018
Páginas: 1 - 13

Resumen

Abstract

To meet general objectives of the article, i.e. to check the extent to which the information needs of financial market institutions are satisfied, and to learn about whether there is a transition in this realm triggered by the advent of social media and big data, we surveyed a sample of 415 financial market professionals working in Poland. We also used logit regression models, through which we processed the survey results, to identify which factors are responsible for meeting the needs. We showed that although the information needs of financial market professionals are met to a large degree, still some potential for improvement remains in this regard. We found also that respondent-specific traits are insignificant in explaining the degree of satisfaction with data and information that is used by financial market professionals. Out of firm-specific characteristic and, the value of assets under the institution’s management turned out to be the key factors explaining the distribution of responses concerning satisfaction.

Palabras clave

  • financial market professionals
  • information needs
  • big data
  • social media
  • financial institutions

JEL Classification

  • G14
  • G23
  • G24
Acceso abierto

Changing activity in the construction sector in selected states 2003-2012

Publicado en línea: 06 Aug 2018
Páginas: 14 - 26

Resumen

Abstract

Construction companies are important economic actors in every country. Their activity translates into employment levels, tax revenues, and the provision of new spaces that require further expenditure on equipment, thus stimulating consumer spending. The activity of construction companies depends on the demand for space, the state of the economy and the financial market. Undoubtedly economic disturbances in the form of a recession have a significant impact on construction activity. The authors were interested in whether the boom and recession in the selected countries were similarly reflected in the activity of construction companies. In particular, they were interested in residential construction activity, although it was not possible to select companies that would only deal with residential construction. The authors selected four post-socialist countries and two countries which are called winners of the integration process due to their enormous economic growth. The authors outline the residential construction and construction sector results and activity in the Czech Republic, Poland, Slovakia, Hungary, Spain and Ireland, and draw a wider picture for analyses of construction companies’ financial results for the years 2003-2012. This period was chosen because it covered periods of both boom and bust. All enterprises were part of the sector denoted in the Amadeus database as primary code: Eurostat NACE Rev. 2 with codes: 41 - Construction of buildings: 4110 - Development of building projects, 4120 - Construction of residential and non-residential buildings. Due to the specificity of the construction sector the authors divided the surveyed enterprises into two groups – all companies; and only large and very large companies. It was not possible to separate data specifically with respect to residential construction companies.

Palabras clave

  • construction companies
  • residential real estate
  • profitability

JEL Classification

  • D22
  • L25
  • R30
Acceso abierto

Polish cooperative banks as net lenders in the money market

Publicado en línea: 06 Aug 2018
Páginas: 27 - 36

Resumen

Abstract

Due to the traditional operational model of cooperative banks which is mostly based on financial intermediation, the range of a local bank’s social influence in a given environment is highly dependent on the money transfer balance, that is using local money to satisfy local needs. A typical obstacle to this activity could be observed in Poland, in positive money transfers in those banks understood as the excess of deposits from customers over loans given to them. The purpose of the following paper is to examine this phenomenon in Polish cooperative banks in comparison to credit cooperatives in Europe together with its explanation on the basis of the selected group of cooperative banks in Poland. According to the sector data in the years 2004-2015 Polish cooperative banks are net lenders for the remaining entities of the financial sector. On the European market, on the other hand, groups of cooperative banks aim to balance money transfers. It is the activity of the biggest sector players that mostly influences the information concerning credit cooperatives, which is why more thorough research into the group of over 90 Polish cooperative banks was conducted in the years 2009-2016. In the examined group deposits exceed loans and the phenomenon continues to grow and it has been observed in over three quarters of the institutions in question since 2011.

Palabras clave

  • cooperative bank
  • money transfers
  • deposits
  • loans

JEL Classification

  • G21
  • M21
  • L31
Acceso abierto

The attractiveness of FX housing loans for housholds in view of supervisory actions in selected EU countries

Publicado en línea: 06 Aug 2018
Páginas: 37 - 53

Resumen

Abstract

The article relates to the attractiveness of FX housing loans for households which led to over increase in EU countries. Results of comparative analysis conducted for Poland, Austria, Romania and Hungary indicates that actions taken by the supervisory bodies dedicated to demand indicators influence credit increase limitation in different ways. Non-standard actions taken seem to be most effective. Nevertheless, looking at the Hungarian caseit brings high costs to the economy.

Palabras clave

  • FX loans
  • housing loans
  • risk
  • supervisory actions
  • customers
  • households

JEL Classification

  • D14
  • E58
  • G21
  • G28
Acceso abierto

Trade credit: a benefit to get, a “must” to give? Motives behind trade credit use in Poland

Publicado en línea: 06 Aug 2018
Páginas: 54 - 66

Resumen

Abstract

The paper analyses the motives behind trade use credit in the Polish enterprise sector, based on the results of the 2016 NBP Annual Survey. It verifies the conclusions stemming from trade credit theories regarding both the main motives driving supply and demand for trade credit, as well as explaining the variation in their relevance across companies. The analysis shows that trade credit supply in Poland is driven to a large extent by suppliers’ desire to win and maintain their customers: allowing deferred payments creates attractive terms of sale and is often a requirement set by clients with strong bargaining power. These results indicate high willingness of customers to settle their payments on a deferred basis, which could mirror an important fact uncovered by the survey: contrary to the assumptions made in many theories, trade credit proves to be a relatively cheap form of financing for the majority of the surveyed firms. As a consequence, trade credit could be perceived by firms as an attractive, standard tool used in day-to-day business rather than an expensive form of financing used only to address specific problems or achieve other benefits that would outweigh its high costs. Survey results provide some confirmation for this explanation of trade credit demand.

Palabras clave

  • Trade credit
  • Corporate finance

JEL Classification

  • G30
  • L20
Acceso abierto

Capitalization and bank performance: Evidence from Nigerian Banking Sector

Publicado en línea: 06 Aug 2018
Páginas: 67 - 75

Resumen

Abstract

The study examines the impact of capitalization on bank performance of some selected commercial banks in Nigeria using econometric analysis on annual time series data of ten banks over the period of 2006 to 2014. The results from a Levin, Lin & Chu unit root test show that all the variables were non-stationary. The results from a Panel Least Square (PLS) estimate found that operating expenses, bank size and bank loan are negatively related to profitability but only bank loans are significant. On the other hand, bank deposit and bank liquidity are positively related to profitability but not significant. This conclusion has important policy implications for emerging countries like Nigeria as it suggests that capitalisation and total assets of a bank should be periodically evaluated. The regulatory authorities will therefore need to put in place appropriate machinery that will address issues of bank liquidity and assure asset quality in the industry.

Palabras clave

  • Capitalization
  • Bank Performance
  • Commercial Bank
  • Nigeria

JEL Classification

  • G21
  • L25
  • O55
Acceso abierto

Impact of foreign ownership on dividend policy in Poland

Publicado en línea: 06 Aug 2018
Páginas: 76 - 88

Resumen

Abstract

The article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using 2 models, was conducted applying logistic regression. The first – dividend payout policy based on the binary logit model - showed that along with a growing share of a foreign investor in a given company the probability of dividend payment by the company increased significantly. The second – dividend level change model based on the multinominal logit method - showed, however, that with an increasing share of foreign investors the probability that a given company will reduce the paid dividend level was enhanced significantly. Additionally, it should be stated that these results, irrespective of the model used, were to a very large extent in line with conclusions of the pecking order theory. However, in the case of signaling, free cash flow and maturity theories, these results only to a small extent provided evidence supporting these theories.

Palabras clave

  • ownership structure
  • dividends
  • foreign investors
  • payout policy

JEL Classification

  • G32
  • G35
Acceso abierto

Analysis and profitability assessment of Polish construction companies threatened with bankruptcy

Publicado en línea: 06 Aug 2018
Páginas: 89 - 96

Resumen

Abstract

This paper presents analysis of profitability indicators of Polish construction companies threatened with bankruptcy compared to analogous indicators obtained by Polish construction entities as a whole.

The analysis concerns companies generating positive and negative financial results (both EBIT and net financial results). Moreover, the operating profitability ratio, return on sales, and return on total assets ratios have been verified.

The analyses have been conducted using financial reports of Polish construction companies which went bankrupt in 2013, as well as financial data of construction sector participants as a whole.

Palabras clave

  • construction companies
  • profitability
  • bankruptcy

JEL Classification

  • G32
  • G33
Acceso abierto

Threshold Theory – modelling risk attitude

Publicado en línea: 06 Aug 2018
Páginas: 97 - 109

Resumen

Abstract

In this paper we offer an alternative framework for examining why risk matters in the decisions of economic agents, and how the agent’s risk attitude affects his decisions. This “Threshold Theory” framework is based on a real options approach and the observation that in many situations an agent faces one or more thresholds in the payoff function. These thresholds influence the agent’s risk attitude. The theory’s predictions help to explain many anomalies that the standard expected utility model cannot. Threshold Theory can also model behavior in contexts such as individual investor decisions, corporate governance and other agency problems. Further, we examine CEO decisions as a function of time to the CEO’s retirement to test predictions of the Theory.

Palabras clave

  • Decision-making under uncertainty
  • real options
  • agency theory
  • CEO behavior

JEL Classification

  • G31
  • M15
  • D01
Acceso abierto

The influence of the recent financial crisis on the financial situation of Polish listed companies

Publicado en línea: 06 Aug 2018
Páginas: 110 - 126

Resumen

Abstract

The recent financial crisis that began in 2007, also known as the Global Financial Crisis, had a huge influence on the financial situations of enterprises and financial institutions around the world. The situation on world stock markets was also strongly affected by the crisis. As the behavior of investors may be affected by various factors which can impact their decisions on the stock exchanges, some of them may be unable to act in a rational manner and make the right decisions. The huge drop in share prices on world stock markets was visible in the early stages of the crisis. The share price does not always reflect the real situation of the company. The main purpose of this article is to evaluate the influence of the recent financial crisis on the financial situation and performance of Polish listed companies. Financial ratios will be utilized to evaluate the real changes in the financial situation of Polish listed companies during the crisis. A large group of companies will be covered by the survey in order to assess the impact of macroeconomic factors on the financial situations of enterprises in different phases of the crisis. Market tests will not be applied because they may be affected by changes in share prices which in turn are often affected by irrational decision-making and fear.

Palabras clave

  • financial statement analysis
  • financial situation and performance of listed companies
  • global financial crisis
  • financial ratios

JEL Classification

  • G1
  • G2
  • G3
Acceso abierto

The role of loan and guarantee funds in filling the funding gap for Small and Medium-sized Enterprises

Publicado en línea: 06 Aug 2018
Páginas: 127 - 135

Resumen

Abstract

Research background. The analysis of the funding gap for SMEs and loan and guarantee funds’ capability to fill this gap has been undertaken to assess the instruments used in Poland which are focused on the development of entrepreneurship.

Methodology/methods. The funding gap for small and medium-sized enterprises is measured with the method of unfulfilled demand for funding and unawarded funding. The size of the gap is compared to the potential amount of the guarantees and loans granted by non-bank organisations in Poland dependent on the amount of capital held.

Purpose of the article. The purpose of the article is to answer the research question of whether guarantee and loan funds in Poland play a significant role in filling the funding gap for small and medium-sized enterprises

Findings & Value added Guarantee and loan funds are not able to fill the equity gap of SMEs in Poland due to low capital resources compared with needs, and an insufficient number of institutions offering non-bank funding. Also, the high risk attributed to loans granted to small and medium-sized entrepreneurs influences the low degree of utilisation of the capital already held, both by loan and guarantee funds. The unutilised capital is deposited in bank accounts and does not lead to the increase of the multiplier effect. The analysis concerns the specificity of the support system for SMEs in Poland and cannot be generalised to systems in other countries. However, the conclusions from the conducted analysis and the methodology of calculation of the equity gap may serve other researchers as a basis for creating their own theses and research hypotheses.

Palabras clave

  • small and medium-sized enterprises
  • loan
  • guarantee
  • funds
  • financing

JEL Classification

  • M15
  • M21
Acceso abierto

The impact of trading liquidity on the rate of return on emerging markets: the example of Poland and the Baltic countries

Publicado en línea: 06 Aug 2018
Páginas: 136 - 148

Resumen

Abstract

Each type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity premium’. In this paper I present various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock return on the Warsaw Stock Exchange (WSE) and Nasdaq stock exchanges in Tallinn, Riga and Vilnius.

Palabras clave

  • illiquidity premium
  • capital market
  • liquidity of shares

JEL Classification

  • G12
  • G15
  • G4
  • F30
  • F50
Acceso abierto

Mandatory pension funds in Chile: decline of the arrangement?

Publicado en línea: 06 Aug 2018
Páginas: 149 - 155

Resumen

Abstract

Chile has been both a pioneer and the most radical follower of the idea of converting pension savings into contributions to privately-managed capital funds. Two recent portions of reforms under President Bachelet extended the social safety net as well as re-introduced publicly-administered programs on behalf of retirees.

Does such direction, in the country with the longest lasting evidence of privatized fully-funded pensions mean a fall of the arrangement? The article attempts a political-economic argumentation in aim to form the answer.

The premise is that risk sharing constitutes a crucial issue in insurance industry where old-age security is largely placed. In social security segment the risk of default on liabilities is backed by taxing capacity of the state; in fully-funded-pensions plans normally this is individual contributor who faces the portfolio risk. Therefore change in risk sharing between the contributors to the funds, pension management companies and the state is fundamental for evaluation of the reforms. The review of Chilean reforms reveals an institutional arrangement which is fundamental to risk sharing, namely the relation between contribution and benefit, left intact. This finding supports the conclusion that bringing recently the state back into retirement system can not be conceived as any systemic revolution.

Palabras clave

  • the political economy of pension reforms
  • funded pensions
  • risk sharing

JEL Classification

  • P16
  • B52
13 Artículos
Acceso abierto

Information needs of financial market professionals in the big data and social media era. The empirical evidence from Poland

Publicado en línea: 06 Aug 2018
Páginas: 1 - 13

Resumen

Abstract

To meet general objectives of the article, i.e. to check the extent to which the information needs of financial market institutions are satisfied, and to learn about whether there is a transition in this realm triggered by the advent of social media and big data, we surveyed a sample of 415 financial market professionals working in Poland. We also used logit regression models, through which we processed the survey results, to identify which factors are responsible for meeting the needs. We showed that although the information needs of financial market professionals are met to a large degree, still some potential for improvement remains in this regard. We found also that respondent-specific traits are insignificant in explaining the degree of satisfaction with data and information that is used by financial market professionals. Out of firm-specific characteristic and, the value of assets under the institution’s management turned out to be the key factors explaining the distribution of responses concerning satisfaction.

Palabras clave

  • financial market professionals
  • information needs
  • big data
  • social media
  • financial institutions

JEL Classification

  • G14
  • G23
  • G24
Acceso abierto

Changing activity in the construction sector in selected states 2003-2012

Publicado en línea: 06 Aug 2018
Páginas: 14 - 26

Resumen

Abstract

Construction companies are important economic actors in every country. Their activity translates into employment levels, tax revenues, and the provision of new spaces that require further expenditure on equipment, thus stimulating consumer spending. The activity of construction companies depends on the demand for space, the state of the economy and the financial market. Undoubtedly economic disturbances in the form of a recession have a significant impact on construction activity. The authors were interested in whether the boom and recession in the selected countries were similarly reflected in the activity of construction companies. In particular, they were interested in residential construction activity, although it was not possible to select companies that would only deal with residential construction. The authors selected four post-socialist countries and two countries which are called winners of the integration process due to their enormous economic growth. The authors outline the residential construction and construction sector results and activity in the Czech Republic, Poland, Slovakia, Hungary, Spain and Ireland, and draw a wider picture for analyses of construction companies’ financial results for the years 2003-2012. This period was chosen because it covered periods of both boom and bust. All enterprises were part of the sector denoted in the Amadeus database as primary code: Eurostat NACE Rev. 2 with codes: 41 - Construction of buildings: 4110 - Development of building projects, 4120 - Construction of residential and non-residential buildings. Due to the specificity of the construction sector the authors divided the surveyed enterprises into two groups – all companies; and only large and very large companies. It was not possible to separate data specifically with respect to residential construction companies.

Palabras clave

  • construction companies
  • residential real estate
  • profitability

JEL Classification

  • D22
  • L25
  • R30
Acceso abierto

Polish cooperative banks as net lenders in the money market

Publicado en línea: 06 Aug 2018
Páginas: 27 - 36

Resumen

Abstract

Due to the traditional operational model of cooperative banks which is mostly based on financial intermediation, the range of a local bank’s social influence in a given environment is highly dependent on the money transfer balance, that is using local money to satisfy local needs. A typical obstacle to this activity could be observed in Poland, in positive money transfers in those banks understood as the excess of deposits from customers over loans given to them. The purpose of the following paper is to examine this phenomenon in Polish cooperative banks in comparison to credit cooperatives in Europe together with its explanation on the basis of the selected group of cooperative banks in Poland. According to the sector data in the years 2004-2015 Polish cooperative banks are net lenders for the remaining entities of the financial sector. On the European market, on the other hand, groups of cooperative banks aim to balance money transfers. It is the activity of the biggest sector players that mostly influences the information concerning credit cooperatives, which is why more thorough research into the group of over 90 Polish cooperative banks was conducted in the years 2009-2016. In the examined group deposits exceed loans and the phenomenon continues to grow and it has been observed in over three quarters of the institutions in question since 2011.

Palabras clave

  • cooperative bank
  • money transfers
  • deposits
  • loans

JEL Classification

  • G21
  • M21
  • L31
Acceso abierto

The attractiveness of FX housing loans for housholds in view of supervisory actions in selected EU countries

Publicado en línea: 06 Aug 2018
Páginas: 37 - 53

Resumen

Abstract

The article relates to the attractiveness of FX housing loans for households which led to over increase in EU countries. Results of comparative analysis conducted for Poland, Austria, Romania and Hungary indicates that actions taken by the supervisory bodies dedicated to demand indicators influence credit increase limitation in different ways. Non-standard actions taken seem to be most effective. Nevertheless, looking at the Hungarian caseit brings high costs to the economy.

Palabras clave

  • FX loans
  • housing loans
  • risk
  • supervisory actions
  • customers
  • households

JEL Classification

  • D14
  • E58
  • G21
  • G28
Acceso abierto

Trade credit: a benefit to get, a “must” to give? Motives behind trade credit use in Poland

Publicado en línea: 06 Aug 2018
Páginas: 54 - 66

Resumen

Abstract

The paper analyses the motives behind trade use credit in the Polish enterprise sector, based on the results of the 2016 NBP Annual Survey. It verifies the conclusions stemming from trade credit theories regarding both the main motives driving supply and demand for trade credit, as well as explaining the variation in their relevance across companies. The analysis shows that trade credit supply in Poland is driven to a large extent by suppliers’ desire to win and maintain their customers: allowing deferred payments creates attractive terms of sale and is often a requirement set by clients with strong bargaining power. These results indicate high willingness of customers to settle their payments on a deferred basis, which could mirror an important fact uncovered by the survey: contrary to the assumptions made in many theories, trade credit proves to be a relatively cheap form of financing for the majority of the surveyed firms. As a consequence, trade credit could be perceived by firms as an attractive, standard tool used in day-to-day business rather than an expensive form of financing used only to address specific problems or achieve other benefits that would outweigh its high costs. Survey results provide some confirmation for this explanation of trade credit demand.

Palabras clave

  • Trade credit
  • Corporate finance

JEL Classification

  • G30
  • L20
Acceso abierto

Capitalization and bank performance: Evidence from Nigerian Banking Sector

Publicado en línea: 06 Aug 2018
Páginas: 67 - 75

Resumen

Abstract

The study examines the impact of capitalization on bank performance of some selected commercial banks in Nigeria using econometric analysis on annual time series data of ten banks over the period of 2006 to 2014. The results from a Levin, Lin & Chu unit root test show that all the variables were non-stationary. The results from a Panel Least Square (PLS) estimate found that operating expenses, bank size and bank loan are negatively related to profitability but only bank loans are significant. On the other hand, bank deposit and bank liquidity are positively related to profitability but not significant. This conclusion has important policy implications for emerging countries like Nigeria as it suggests that capitalisation and total assets of a bank should be periodically evaluated. The regulatory authorities will therefore need to put in place appropriate machinery that will address issues of bank liquidity and assure asset quality in the industry.

Palabras clave

  • Capitalization
  • Bank Performance
  • Commercial Bank
  • Nigeria

JEL Classification

  • G21
  • L25
  • O55
Acceso abierto

Impact of foreign ownership on dividend policy in Poland

Publicado en línea: 06 Aug 2018
Páginas: 76 - 88

Resumen

Abstract

The article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using 2 models, was conducted applying logistic regression. The first – dividend payout policy based on the binary logit model - showed that along with a growing share of a foreign investor in a given company the probability of dividend payment by the company increased significantly. The second – dividend level change model based on the multinominal logit method - showed, however, that with an increasing share of foreign investors the probability that a given company will reduce the paid dividend level was enhanced significantly. Additionally, it should be stated that these results, irrespective of the model used, were to a very large extent in line with conclusions of the pecking order theory. However, in the case of signaling, free cash flow and maturity theories, these results only to a small extent provided evidence supporting these theories.

Palabras clave

  • ownership structure
  • dividends
  • foreign investors
  • payout policy

JEL Classification

  • G32
  • G35
Acceso abierto

Analysis and profitability assessment of Polish construction companies threatened with bankruptcy

Publicado en línea: 06 Aug 2018
Páginas: 89 - 96

Resumen

Abstract

This paper presents analysis of profitability indicators of Polish construction companies threatened with bankruptcy compared to analogous indicators obtained by Polish construction entities as a whole.

The analysis concerns companies generating positive and negative financial results (both EBIT and net financial results). Moreover, the operating profitability ratio, return on sales, and return on total assets ratios have been verified.

The analyses have been conducted using financial reports of Polish construction companies which went bankrupt in 2013, as well as financial data of construction sector participants as a whole.

Palabras clave

  • construction companies
  • profitability
  • bankruptcy

JEL Classification

  • G32
  • G33
Acceso abierto

Threshold Theory – modelling risk attitude

Publicado en línea: 06 Aug 2018
Páginas: 97 - 109

Resumen

Abstract

In this paper we offer an alternative framework for examining why risk matters in the decisions of economic agents, and how the agent’s risk attitude affects his decisions. This “Threshold Theory” framework is based on a real options approach and the observation that in many situations an agent faces one or more thresholds in the payoff function. These thresholds influence the agent’s risk attitude. The theory’s predictions help to explain many anomalies that the standard expected utility model cannot. Threshold Theory can also model behavior in contexts such as individual investor decisions, corporate governance and other agency problems. Further, we examine CEO decisions as a function of time to the CEO’s retirement to test predictions of the Theory.

Palabras clave

  • Decision-making under uncertainty
  • real options
  • agency theory
  • CEO behavior

JEL Classification

  • G31
  • M15
  • D01
Acceso abierto

The influence of the recent financial crisis on the financial situation of Polish listed companies

Publicado en línea: 06 Aug 2018
Páginas: 110 - 126

Resumen

Abstract

The recent financial crisis that began in 2007, also known as the Global Financial Crisis, had a huge influence on the financial situations of enterprises and financial institutions around the world. The situation on world stock markets was also strongly affected by the crisis. As the behavior of investors may be affected by various factors which can impact their decisions on the stock exchanges, some of them may be unable to act in a rational manner and make the right decisions. The huge drop in share prices on world stock markets was visible in the early stages of the crisis. The share price does not always reflect the real situation of the company. The main purpose of this article is to evaluate the influence of the recent financial crisis on the financial situation and performance of Polish listed companies. Financial ratios will be utilized to evaluate the real changes in the financial situation of Polish listed companies during the crisis. A large group of companies will be covered by the survey in order to assess the impact of macroeconomic factors on the financial situations of enterprises in different phases of the crisis. Market tests will not be applied because they may be affected by changes in share prices which in turn are often affected by irrational decision-making and fear.

Palabras clave

  • financial statement analysis
  • financial situation and performance of listed companies
  • global financial crisis
  • financial ratios

JEL Classification

  • G1
  • G2
  • G3
Acceso abierto

The role of loan and guarantee funds in filling the funding gap for Small and Medium-sized Enterprises

Publicado en línea: 06 Aug 2018
Páginas: 127 - 135

Resumen

Abstract

Research background. The analysis of the funding gap for SMEs and loan and guarantee funds’ capability to fill this gap has been undertaken to assess the instruments used in Poland which are focused on the development of entrepreneurship.

Methodology/methods. The funding gap for small and medium-sized enterprises is measured with the method of unfulfilled demand for funding and unawarded funding. The size of the gap is compared to the potential amount of the guarantees and loans granted by non-bank organisations in Poland dependent on the amount of capital held.

Purpose of the article. The purpose of the article is to answer the research question of whether guarantee and loan funds in Poland play a significant role in filling the funding gap for small and medium-sized enterprises

Findings & Value added Guarantee and loan funds are not able to fill the equity gap of SMEs in Poland due to low capital resources compared with needs, and an insufficient number of institutions offering non-bank funding. Also, the high risk attributed to loans granted to small and medium-sized entrepreneurs influences the low degree of utilisation of the capital already held, both by loan and guarantee funds. The unutilised capital is deposited in bank accounts and does not lead to the increase of the multiplier effect. The analysis concerns the specificity of the support system for SMEs in Poland and cannot be generalised to systems in other countries. However, the conclusions from the conducted analysis and the methodology of calculation of the equity gap may serve other researchers as a basis for creating their own theses and research hypotheses.

Palabras clave

  • small and medium-sized enterprises
  • loan
  • guarantee
  • funds
  • financing

JEL Classification

  • M15
  • M21
Acceso abierto

The impact of trading liquidity on the rate of return on emerging markets: the example of Poland and the Baltic countries

Publicado en línea: 06 Aug 2018
Páginas: 136 - 148

Resumen

Abstract

Each type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity premium’. In this paper I present various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock return on the Warsaw Stock Exchange (WSE) and Nasdaq stock exchanges in Tallinn, Riga and Vilnius.

Palabras clave

  • illiquidity premium
  • capital market
  • liquidity of shares

JEL Classification

  • G12
  • G15
  • G4
  • F30
  • F50
Acceso abierto

Mandatory pension funds in Chile: decline of the arrangement?

Publicado en línea: 06 Aug 2018
Páginas: 149 - 155

Resumen

Abstract

Chile has been both a pioneer and the most radical follower of the idea of converting pension savings into contributions to privately-managed capital funds. Two recent portions of reforms under President Bachelet extended the social safety net as well as re-introduced publicly-administered programs on behalf of retirees.

Does such direction, in the country with the longest lasting evidence of privatized fully-funded pensions mean a fall of the arrangement? The article attempts a political-economic argumentation in aim to form the answer.

The premise is that risk sharing constitutes a crucial issue in insurance industry where old-age security is largely placed. In social security segment the risk of default on liabilities is backed by taxing capacity of the state; in fully-funded-pensions plans normally this is individual contributor who faces the portfolio risk. Therefore change in risk sharing between the contributors to the funds, pension management companies and the state is fundamental for evaluation of the reforms. The review of Chilean reforms reveals an institutional arrangement which is fundamental to risk sharing, namely the relation between contribution and benefit, left intact. This finding supports the conclusion that bringing recently the state back into retirement system can not be conceived as any systemic revolution.

Palabras clave

  • the political economy of pension reforms
  • funded pensions
  • risk sharing

JEL Classification

  • P16
  • B52

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