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Mechanizmy kształtowania ładu korporacyjnego stosowane przez fundusze venture capital w inwestycjach w Polsce

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Morawczyński R.
Studia Prawno-Ekonomiczne
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2014
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vol. XCI (91)/2
259-279
EN
The paper deals with the problem of development of the corporate governance structures by venture capital funds in Polish entrepreneurial companies they invested in. In the theoretical part there is a discussion on sources and consequences of agency relationship that exists between funds on one hand and founders and managers of the portfolio companies on the other one. Mechanisms used by VCs are presented that aim at alleviating agency costs, including: ownership structure, voting rights, contract writing, supervising by supervisory board, implementation of motivational mechanisms, investment syndication. Selected factors are presented that may impact the analyzed problem in the Polish context. In the empirical part the theoretical discussion is illustrated with an analysis of twelve companies that underwent initial public offering on the Warsaw stock exchange. Ownership structure and voting rights structure before and after IPO are presented, characteristics of contracts regulating relationship between investors and founders, composition of supervisory boards, characteristics of motivational tools. It was shown that VCs in their portfolio companies aim at possessing dominant ownership position. Contracts between them and entrepreneurs strongly protect interests of investors. They want to safeguard seats in supervisory boards, including chairman position. Motivational mechanisms in companies across several levels of the organizational structure are prepared in order to align investors’ and managers’ goals, usually by issuing shares or options for shares.
2
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Zachowania małopolskich małych i średnich przedsiębiorstw eksportujących w świetle teorii stopniowego umiędzynarodowienia

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Morawczyński R.
Gospodarka Narodowa. The Polish Journal of Economics
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2007
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vol. 217
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issue 7-8
65-82
EN
The author endeavors to establish if Poland’s small and medium-sized enterprises (SMEs) are undergoing internationalization in line with the rules described in the theory of gradual internationalization. This theory is generally used to explain the behaviors of companies on foreign markets. The author carries out a quantitative analysis on a sample of more than 100 exporting manufacturing enterprises based in Poland’s Małopolska province. The study shows that the behavior of most surveyed companies accords with the rules followed in other countries and the guidelines of the gradual internationalization theory. In particular, as their experience grows, companies are entering new markets and increasing the share of exports in their total revenue. Morawczyński’s study shows that companies are entering foreign markets at an increasingly faster rate. This conclusion is compatible with the latest findings in other countries. Beginning exporters usually choose countries that are considered to be close “psychologically,” the author says. Unexpectedly, Morawczyński finds a weaker-than-expected link between the level of internationalization and the system of knowledge associated with operations abroad. The surveyed companies break away from the pattern mapped out by the gradual internationalization theory. This is largely due to a global business concept increasingly popular in recent years whereby companies are encouraged to pursue global operations from inception onward.
3

Spowolnienie gospodarcze a wielkość firmy. Wybrane wnioski z badań nad sytuacją przedsiębiorstw w latach 2008−2009

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Morawczyński R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2012
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issue 897
5-23
EN
The aim of the article is to investigate evidence for a relationship between the size of Polish firms and their reaction to the 2008–2009 slowdown. The method is based on a statistical comparison of different size firms measured with employment, using data collected in a sample of 100 companies. Data was obtained in a telephone survey representing a broad range of activities, ages and markets served. A review of other Polish research as well as a summary of macroeconomic conditions in the years 2008–2009 is presented as an introduction. The results show a comparison between three categories of firms (micro, small, medium) in a few areas. The analysis covers topics such as: temporal aspects, outcomes in various routines of the companies, the impact of external factors and methods of coping. Factor analysis was employed to reduce the multidimensionality of the problems researched. The results show that the vast majority of surveyed firms experienced slowdown effects and that the observed impact depends on employed indicators and firm size. The smallest firms had more problems maintaining liquidity and obtaining adequate financing. Such companies experienced competitive pressure from the shadow economy more deeply. Tiny differences were found as to the perception of changes in the environment. Company size is also a weak indicator of the way in which firms reacted to the effects of slowdown.
4

Ujawnianie ryzyka przez spółki debiutujące na rynku NewConnect. Badanie empiryczne

100%
Morawczyński R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2013
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issue 907
73-89
EN
The paper presents the results of research on the number of risk factors disclosed in official admissions documents prepared by companies entering the NewConnect market in the first half of 2010. It was assumed that the informational content of admissions documents is similar to offering documents presented to investors who buy stocks in a private offer prior to a listing. A positive relationship between the number of risk factors disclosed in the documents and the amount of mispricing at the end of the first day of trading was found. A similar relationship was documented for market risk measured by standard deviation of returns after listing. It was also shown that companies operating in innovative sectors disclose more risk factors, especially those related to the firm itself and its operations. This may be observed mainly for factors related to entrepreneurship, technology and strategy.
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Kapitał ludzki przedsiębiorców jako kryterium decyzyjne w inwestycjach funduszy venture capital

100%
Morawczyński R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2013
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issue 914
21-36
EN
The article is a review of research on the importance of human capital for the assessment of entrepreneurs by venture capital funds. Theories that underpin the study of this problem – the theory of human capital theory, the theory of the firm and its chief executives – are the starting point. The characteristics of entrepreneurs, managers and their teams used to measure the quality of this capital in the decisions taken by venture capital are discussed, as are the conditions of this assessment, including the life cycle of the company, industry, country, and the uniqueness of the investment process and the relationship of these characteristics to the performance of firms. The paper also shows the evolution of research in this field, including the latest concepts from a psychological critique of the concept of bounded rationality. The article argues that human capital is rightly seen as one of the most important decision criteria used by venture capital funds.
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