Corporate reputation, based on factors such as corporate social responsibility (CSR), became a signal for investors. However, in some countries it seems, that profits are the most important issues for managers And managers as well as investors do not pay much attention to CSR. The aim of this research is to identify the relationship between corporate reputation and economic performance in one of such countries: Poland. The hypothesis, stating that relations between indicators of corporate reputation and economic performance in Poland are weak, which was originally put forward, was not rejected. There were just a few statistically significant correlations and most of them were weak. The reason for this is that despite a low level of interest in promoting corporate reputation (through engaging companies in CSR events) companies of better performance have more funds, and they are more conscious of the importance of this issue.

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Availability of information is one of the most important factors for financial decision-makers. Having complete information about the probability of losing money should always leave decision-makers better off. However, in some situations financial decision-makers prefer to know less than more. In this study we investigated the impact of selected characteristics of financial threats on individuals' decisions to avoid risk information in an incentivised online experiment. We found that threat severity, relative risk, and effectiveness of threat prevention alone do not influence decisions to avoid risk information. However, we did find an interaction effect between the first two treatments. Furthermore, our data suggest that coping style, locus of control, and anticipated emotional response are statistically significant predictors of financial risk information avoidance.

The ownership of a company can be classified into inside ownership and outside ownership. According to Alignment Theory, there is a positive relation between the inside ownership and a company performance. However, there have been some researches that indicate the opposite relation. This is explained by the Enhancement Theory. The aim of the research is to indentify of the relationship between shareholders structure and the company's performance in case of the Polish stock listed companies. The research is based on data for companies listed on the main market of the Warsaw Stock Exchange. The main thesis is that there is no evident the relation between shareholders structure and company's performance as the optimal ownership structure depends on a wide array of factors such as branch, market concentration, costs structure etc. As a result, it is also hard to indicate the optimal percentage of inside ownership, which is needed for profit optimization. The first stage of task realization was the analysis of various theories on relationship between ownership structure and the company's performance. Then ownership characteristics and financial characteristics were determined and analysed. The last stage was the analysis of correlation between ownership structure and the Polish stock listed companies' performance.

ABSTRACT. The aim of the research was to identify the nature of the relationship between corporate reputation and individuals' investment decisions. We focused on three reputational factors that influence such decisions: value of stock market analysts' recommendation (either neutral or positive), reputation value (either positive or negative), and reputation domain (either ethical or financial). We tested two hypotheses in an online experiment and we have confirmed that investors are more sensitive to firm's financial rather than to its ethical reputation. However, we could not confirm that a reputation damage has a stronger impact on changes in the planned investment's value than an improvement in company's reputation.

Abstract. In the event study methodology it is recommended to use buy-and-hold abnormal return approach, based on reference portfolio or a stock exchange index, to estimate abnormal returns in the long-run. Th ere is growing literature on the biased BHAR estimates problem, that can result from the common estimation procedures. However, in the crisis condition, application of appropriate reference portfolio seems to be crucial. Th e aim of this research is to identify the impact of application of diff erent stock exchange indices, as reference portfolios, on results obtained in the BHAR methodology in the crisis condition. Th e common practice is to use indices based on a sector in which the analysed company is operating or indices based on the size classifi cation. Th e main thesis is that the application of one of these reference indices, especially in the crisis condition leads to rates of return, which can be considerably diff erent in the case of another reference index. For analysis purposes two representative sectors of the Warsaw Stock Exchange were chosen. Th e research covers real BHAR calculations and comparative analyses of obtained results from diff erent points of view: states of economy, market sectors and sizes of companies.

There are two different concepts of corporate reputation grounded in individual and collective perceptions, respectively. The aim of this study was to identify how these two ways of conceiving of corporate reputation affect investors’ decisions about whether or not to buy stock in a given company. As this problem tackles individual decision-making processes, we designed and applied an incentivised economic experiment based on vignette studies and focused on individual decisions of single investors. Subjects took part in an online game that imitates stock exchange conditions and that concerns corporate reputation and investing. We found that the individual propensity to invest is not directly based on an investor’s perception (rooted in historical share price and other objective metrics) of a firm’s reputation but rather on an investor’s subjective recognition of collective corporate reputation in the market. This suggests a need to rethink the popular measures of corporate reputation in the context of studies of stock market investor decisions.

STRESZCZENIEW artykule poruszono temat reputacji przedsiębiorstwa jako zmiennej mającej wpływ na podejmowanie decyzji przez inwestorów. Celem artykułu jest określenie możliwości jej pomiaru. Na podstawie analizy literaturowej zidentyfi kowano stosowane dotychczas metody pomiaru. Analizie poddano możliwości ich zastosowania, a także ich przydatność do określe-nia poziomu postrzeganej przez inwestorów reputacji. Jak wykazują badania, inwestorzy nie zawsze zachowują się zgodnie z teoriami fi nansów oraz teoriami opartymi na psychologii. Dlatego, w kontekście badań nad czynnikami kształtującymi rzeczywiste decyzje inwestorów, problematyka praktycznego pomiaru reputacji przedsiębiorstwa może okazać się szczególnie istotna. Słowa kluczowe: reputacja przedsiębiorstwa, decyzje inwestycyjne WprowadzenieIstnieje wiele teorii dotyczących inwestowania. Pomimo to badania wykazują, że inwestorzy nie zawsze zachowują się zgodnie z tymi teoriami (Nofsinger, 2016). Efektem prób wyjaśnienia tych rozbieżności było wprowadzenie podejścia beha-* Adres