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EN
The main aim of the article is to present the main characteristics of industrial organization (IO) economics and its role in the development of strategic management. This is in general the subject of study in many international review papers on the history of strategic management.In most Polish papers on the development of strategic managementthe role and influence of IO Economics is generally omitted.
EN
This paper presents empirical tests of the relation between fundamental ratio (ROE, earning) and average return on the Warsaw Stock Exchange. The analysis examines a simple fundamental strategy. The test shows that when portfolios are formed on fundamental ratio, we observe abnormal return. Portfolio of high fundamental ratio outperforms the WIG index, generates a several dozen percent annual average return between 2002 and 2010, but susceptible to random factors.
EN
In the conditions of increasing environmental threats that arise from overexploitation of the environment and business activity the idea of implementation and functioning of environmental management system (EMS) in enterprises is getting more popular. Taking into account these expectations, as well as the desire to generate profits, companies should use instruments by which they can manage their goals in a sustainable way. The main aim of the article is to present the role and benefits of implementation and functioning EMS compliant with the ISO 14001 standard, EMAS (in force only in EU countries), as well as programs: Cleaner Production and Responsible Care. The Authors focus on EMS scale, problems and meaning for companies functioning in contemporary globalizing world.
EN
The article considers concept of socially responsible investment. The main purpose of the paper is to fill existing gap in knowledge by presenting and analyzing key elements of that investment strategy. The paper is divided into three parts. In the first part the author presents the rise and growth of socially responsible investment. The next part deals with four generations of investment strategies including: negative and positive screening, engagement and integration. In the last part of the article, drawing on both theory and empirical studies, the author presents relationship between SRI and financial performance. The article concludes by presenting recommendations for further research.
EN
The role of indicators in the system of the effects evaluation of each organization activ- ity, especially in enterprises, is very important. But a large number of indicators still do not translate into the possibility of making comprehensive and objective evaluation of the organiza- tion. As a result, among others, we can try to build models based on discriminatory, multi – criteria or optional analysis, etc. The defects of these methods cause that both we should improve analysis based on indicators in supplementary description or create evaluation systems in which measure- able and not measurable criteria would be included in one comprehensive evaluation system.
EN
Intellectual capital shows a significant growing acceptance as a worth topic of academic investigation and practical implication because the performance of IC investments influence on a company's long term competitive advantage. This study examines the relationship between ownership structure of Polish listed companies and intellectual capital efficiency measured by VAIC™. We employed data consist of all companies listed on the Warsaw Stock Exchange between 2005 and 2009. Then we conducted panel data analysis, which supported that financial investors ownership and management board ownership positively affect intellectual capital efficiency. Our results proved that focusing on intellectual capital is important for companies with significant share of these shareholders in ownership structure.
EN
The main aim of the article is to present the overview of the research papers concerning the strategic groups idea. The very first concepts of strategic groups were discovered by Hunt, and then developed separately by Newman, Porter and Hatten. They together questioned the basic assumptions of Structure-Conduct-Perfomance paradigm. The concept of strategic groups within industries was accepted and received a huge body of research until today. In spite of some criticism of the idea, especially a severe one described by Bamey and Hoskisson, the main premises of the concepts (i.e. mobility barriers or methods for identifying strategic groups structure) became widely accepted in the literature of strategic management.
EN
Realization of principle company objective – shareholder value maximization – requires maintaining of high growth rates coupled with achieving returns on investments higher than the cost of capital for the company. The condition for high growth and return is a possession by a company of sustainable competitive advantage. In times of “hypercompetition” and growing market uncertainty, the key to success is maintaining strategic flexibility. An option approach to strategy gives a clue about how firms can improve their strategic flexibility in order to effectively respond to volatile environment and gain sustainable competitive advantage. The main source of numerous strategic options for the company are its competences and underlying resources (mostly intangible). Thus the value creation process is a result of pursuing strategy aimed at the identification, development and optimal use of competences as a source of strategic options for the company
EN
In recent years the sizes of the premium has been the premier question for theorists and practitioners alike. The equity risk premium is the difference between the rate of return on the stock market and the risk-free rate. This paper provides returns data on equity, government bonds and treasury bills for 1996–2010. The mean historic nominal premium against bonds during 1996– 2010 was 5,7 per cent and 6,6 per cent against treasury bills. The ex ante premium implied by the dividend discount model was between 2,9 per cent and 8,6 per cent. The observed premium was about one percentage point higher than the expected equity premium.
EN
The capital consolidation taking place for many decades also concerns the banking sector. All the expectations about possible profits from mergers and acquisitions among banks didn't appear. Such situation challenged the sense of consolidation despite of its offensive nature. There is an attempt of the arguing with actual ideas about the mergers and acquisitions profitability criteria, focused on the financial analysis, in this paper. Some hypothetical mergers and acquisitions profitability measures were also presented.
EN
There were significant changes in the range of the information access observed during last two decades. It has determined growth of the international capital exchange. The effect of such situation is raising foreign investors’ participation in exchanges’ turnover. The monetary union in Europe indeed decreased FX risk in euro zone additionally. The goal of this paper is to analyze how the introduction of the euro influenced on stock exchange volatility. The hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges volatility verification has been undertaken. The previous research does not fully confirm legitimacy of this opinion. The occurrence of such influence possibility has been proved, but the researchers are far from straight generalizations. The empirical analysis conducted in the article did not prove the hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges with no doubts. There were some stock exchanges lowering their volatility after EMU accession analyzed in the paper, but we also find some others that such situation did not appear. Strong positive verification of Authors’ hypothesis cannot be done. However the hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges volatility may be verified empirically. Although some other important stock exchange volatility determinants, strengthening or reducing the role of euro, may be omitted.
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