Niniejsza monografia dotyczy kluczowych problemów działalności przedsiębiorstw, które odnoszą się do szeregu czynników efektywnego wykorzystania zasobów materialnych i niematerialnych dla budowania przewagi konkurencyjnej na rynku. Wskazują one na potrzebę eksponowania oceny operacyjnych, finansowych oraz inwestycyjnych nośników efektywności ekonomicznej podmiotów gospodarczych, nadto kluczowych ich kompetencji. Prezentowana monografia składa się z 20 artykułów naukowych, które wydają się być uŜyteczne nie tylko dla rozpoznania prawidłowości działania przedsiębiorstw na rynku kapitałowym, lecz takŜe dla wskazania przyczyn i konsekwencji podejmowania szeregu decyzji wzmacniających efektywność ekonomiczną jednostek gospodarczych. Pierwsze opracowanie, autorstwa Magdaleny Burzykowskiej, zatytułowane: Skutki finansowe memoriałowego i kasowego rozliczania podatku od towarów i usług (VAT) małego podatnika VAT w skali krajowej, stanowi próbę określenia wpływu memoriałowego i kasowego rozliczania podatku od towarów i usług (VAT) na finanse małego podatnika. Autorka, eksponując problem wyboru memoriałowego lub kasowego rozliczania podatku dochodowego, wskazuje Ŝe nowelizacja ustawy o VAT daje małym podatnikom sposobność poprawy i utrzymania płynności finansowej, tworzy ułatwienia rozliczeń między partnerami biznesowymi oraz wywołać moŜe zmniejszenie zatorów płatniczych. Zmiany te wiąŜe z koniecznością dostosowania niektórych przepisów ustawy o VAT do przepisów unijnych oraz z potrzebą kreowania przedsiębiorczości i konkurencyjności przedsiębiorstw. Michał Comporek, w artykule pod tytułem: Kształtowanie standingu finansowego klubów piłkarskich notowanych na Stoxx Europe Football Index w latach 2007-2011 w zaleŜności od osiąganych przez nie rezultatów sportowych, przedstawia obszerne wyniki badań empirycznych nad kondycją finansową klubów piłkarskich, wskazując jednocześnie na zasadność pojmowania standingu finansowego klubów piłkarskich w szerokim znaczeniu. Zasadniczym celem artykułu jest weryfikacja hipotezy stwierdzającej, Ŝe standing finansowy klubów piłkarskich notowanych na Stoxx Europe Football Index w latach 2007-2011
This paper fits into the stream of current research on the concept of short-termism and its importance for economic sustainability, especially sustainable finance. Short-termism focuses on short time horizons by both corporate managers and the financial markets, and prioritizes short-time shareholder return over the long-term growth of the company’s value. This study engages the short-termism discussion by examining the effect of quarterly reporting on the long-term market value of listed companies. The aim of the article is to determine whether European companies experience the negative effects of short-termism, precisely, whether public companies that prepare quarterly reports, and which focus mainly on achieving the short-term goals of stock exchange investors, are seeing a decline in their market value in the long-term. We have not proven the existence of such a dependence, the increase in reporting frequency of public companies does not contribute to a decline in their long-term market value. In the case of the EU-15 the results of regression model estimation indicate a positive and statistically significant impact of the time of regular quarterly reporting on the buy-and-hold rates of return, in the “new” EU member states this relationship is not observed.
Research background: The level of compensation earned by CEOs and the relationship between executive pay and companies? performance is one of the most widely studied issues in the corporate governance literature. Studies conducted in the last several decades have provided evidence that CEO pay should be aligned with accounting financial measures. Purpose of the article: The main purpose of this paper is to determine the relationship between executive compensation and organizational financial performance. In particular, the effect of net income and comprehensive income as the accounting measures of financial performance on executive compensation is compared. Methods: The research comprised listed companies on the Warsaw Stock Exchange (WSE). The role and effect of accounting financial measures on executive compensation are analyzed based on three regression models. The period of analysis spanned ten years, from 2009 to 2018. Findings & value added: There are three conclusions that can be drawn from the study. Firstly, executive compensation in the analyzed companies largely depends on the accounting measures of financial performance, based on net income and comprehensive income (excluding ROE). Secondly, its level is significantly and positively influenced by the company?s size, Tobin?s Q ratio, debt ratio, and dividend rate. Thirdly, comprehensive income has a stronger effect on executive compensation than net income. Our findings add some potentially noteworthy dimensions to the economic literature on corporate governance, which is especially important to apply in the CEE region and other emerging economies. The Anglo-American assumption of corporate governance and executive compensation policy might not be suitable for the realities in much of the world.
Research background: The literature of Economics presents the agency problem, which can be mitigated through executive compensation, especially when it is connected with company profits. This relationship has been repeatedly analysed in the corporate governance literature, which shows both positive and negative correlations between these categories. Thus, another approach is presented with comprehensive income, which (in contrast to net income) is generally beyond the control of managers and hinders active earnings management. Purpose of the article: This article presents the evaluation of three stages of the relationship between executive compensation and profitability ratios (RoS, RoA, RoE), which are based on comprehensive income and net income. The main research hypothesis states that in economic practice, it can be assumed that there is a stronger positive correlation between executive compensation and comprehensive income than net income. Methods: The research covered companies listed on the WSE from the industry sector (between 2009 and 2017). The first part of the paper contains the results of correlations between profitability ratios and executive compensation (conducted by means of Pearson’s correlation coefficient). The second part presents the results of three regression models in two versions — the influence that RoS, RoA and RoE have on companies’ executive compensation, based on comprehensive income and net income. Findings & Value added: The analysed companies were characterised by a diversity correlation between the executive compensation and profitability ratios calculated with net profit and comprehensive income. Nevertheless, it must be stressed that the results of the estimation show, in this case, the slightly greater role of comprehensive income than net profit. One can emphasise a certain advantage of comprehensive income over net profit, as the former can inhibit the effects of managers' intentional influence on the value of the reported earnings.
The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises years between 2004-2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from the DEA’s point of view.
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