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Selected Elements of Strategic Organisational Management Dividend Policy Risk

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Zemke J.

Pieniądze i Więź

2007

vol. 10

issue 4(37)

50-57

Organisation's financial risks vary in nature. Some of them need to be taken into account by the management every day, while some - such as the dividend policy risk - become visible once a year, when shareholders adopt a resolution concerning dividend payment and value policy. Nevertheless, even these actions, although taken once a year, bring both capital and financial effects, as it has been proved and therefore can not be ignored. The hypothesis formulated in the paper, which accepts a risk model construction where knowledge resources enabling risk measurement are opened, has been verified here. The reasoning presented in the paper shows an important element of the measurement conception - i.e. the contents of differing definitions of risk present in the literature of the subject has not been discussed, considered to be ineffective in terms of the theses at issue, as there is always some risk in any action taken - the axiom of risk existence. This intentional avoidance of search for an universal definition of risk enables one to construct models of risks of activities without taking into consideration very ambiguous restrictions which make it impossible to identify explicitly risks of explicitly specified activities. The random nature of risk which is perceived as a state related to activities being effected by the organization's management, enables one to describe risk formally as an element of the random vectors space with all consequences of this approach. Those really important apply to measures of risk space elements, to opportunities provided by the instruments of probability calculus and mathematical statistics. The paper addresses the basic measures, enabling one to describe changes that occur in the risk model structure. Definition of risk description and measurement tools supplemented with a description of the dividend policy mechanisms, with identification of effects of activities taken by the organization's management in the area of dividend policy, enable one to conclude that the conception of risk identification and measurement, supported by organisation's dividend policy example may be a significant element of the organisation's risk management system design.

Risk. Identification. Measurement

100%

Zemke J.

Pieniądze i Więź

2007

vol. 10

issue 4(37)

109-117

The contents of the paper serves to construct a special 'iinstrument' enhancing effectiveness and efficiency of the business organization's risk management system. When reviewing the literature, the author selected the publications crucial to the subject. The multitude of risk definition is surprising. The problem emerges in the area of risk measurement process. It is usually 'ex post' measurement due to the character of existing definitions. At the same time, various definitions are informative - they stress the nature of risk, but do not define the idea of risk. Therefore such a definition of risk itself is of little use in the risk management practice. Chapters 2 and 3 are important for achievement of the purpose of the study. The first of them contains information about the space of the concept being defined and about properties of this space vectors. It presents the necessary definitions and properties of the random vector, this concept constituting the basis for constructing risk measures presented in chapter 4. Chapter 3 is central for the study - it presents the contents of three axioms: the axiom of risk existence, the axiom of risk equivalence to the random vector being an element of (Q, F, P) probabilistic space and the axiom which expresses the possibility of measuring risk. Chapter 4 defines two important concepts: the concept of named risk - its map in (D, F, P) space is a random vector, and the concept of risk profile, with clearly defined characteristics which are random variables. For so defined concepts of named risks and risk profile, the contents of the chapter has been supplemented with definitions of risk profile measures which address the contents of chapter two. This enables one to consider the hypotheses presented at the beginning of the paper as credible.

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2 Pieniądze i Więź

2 Zemke J.

2 2007

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Selected Elements of Strategic Organisational Management Dividend Policy Risk

Risk. Identification. Measurement