Goal is to systemise knowledge about the rules and basic elements of financial management of the State Forests as an entity responsible for the sustainable development of forestry in Poland. Research methodology used in the study is analysis of the literature related to financial management of enterprises in the forestry sector, especially in the SFNFH, as well as sustainable forest economy. The literature review allows the author to examine the general rules, aims and elements of financial management of the State Forests. The determinants influencing the form of financial management of this entity are also indicated. Score: The research confirms that the financial management of the State Forests is influenced by numerous factors resulting from the specific nature of the forest industry. On one hand, there is a necessity to take into account the economic efficiency of conducted operations, as well as the need for maintaining the financial independence of all the SFNFH's organisational units. On the other hand, any initiated activities should comply with environmental requirements and the social needs of society.
Purpose – The purpose of the research is to investigate the links between concentration of ownership and control of analysed companies and the value of their financial and market performance, as well as to test whether this performance depends on the presence of owners of large, but non -controlling blocks of votes among shareholders. Research method – The article presents an analysis of data contained in financial statements and Management Board’s reports. Pearson’s correlation coefficient, one -way ANOVA test and Kruskal -Wallis test were also used to investigate the links between concentration of ownership and control of analysed companies and the value of their financial and market performance.Results – The conducted studies showed theconcomitance of concentration of owner-ship and control in hands of shareholders holding over 5% of votes at the general meeting and the financial performance in the analysed entities.The research also showed that the relation between the market value of shares and their book value in companies in which shares of two largest shareholders were the same or comparable was higher than in entities in which a difference between these shares was observed. Moreover, ownership and control structure in such entities allowed them for a better use of resources.Originality / value / implications / recommendations – The article emphasises not only the role of ownership and control concentration as regards the value of financial and market performance of companies, but also presents the desired scope of concentration in the hands of the individual shareholders. It draws attention to the role of large, but non -controlling shareholders in corporate governance, especially in the mitigation of the horizontal agency conflict.
Background: An adequate number of formal, corporate governance institutions is a necessary condition for prompting managerial staff to take such decisions that will be beneficial to owners. In most cases, their establishment is required by legal acts and this is why companies have the same types of formal institutions. Therefore, the observed differences between the companies in terms corporate governance do not stem from the very existence of certain formal institutions, but depend on the extent to which those entities take care of corporate governance quality and on whether formal institutions are consistent with the standards developed in order to improve the efficiency of corporate governance. Research purpose: The research compares formal, corporate governance institutions in 20 non- -financial companies listed on the Warsaw Stock Exchange, including 10 with the highest and 10 with the lowest market capitalisation. Methods: The theoretical section analyses the literature regarding the essence of corporate governance and the formal and informal institutions which comprise it. The scope of the empirical research covered an analysis of formal, corporate governance institutions such as: ownership structure, general shareholder meetings, management boards, supervisory boards and their committees, corporate bylaws, and codes of good practice. In order to compare these institutions in the sample, an analysis of numerical data, as well as a simple statistical methods were used. The study spans the years 2016–2018. Conclusions: The article provides an initial description of formal, corporate governance institutions in analysed companies. The entities with the highest market capitalisation were found to have been characterised by, e.g. higher concentration of ownership in the hands of the main stakeholder, greater frequency of extraordinary general meetings, higher numbers of supervisory board members and their greater independence, as well as lower changeability in the composition of those bodies. The activity of supervisory boards were more effectively streamlined by specialised committees working in advisory capacities. What is more, formal institutions in those entities were created in line with the standards of corporate governance, as confirmed by stricter compliance to the Best Practice for WSE Listed Companies.
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