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NET PROFIT DISTRIBUTION POLICY IN COMPANIES USING STATE–OWNED ENTERPRISES AGAINST PAYMENT

100%
Matuszewska–Pierzynka A.
Oeconomia Copernicana
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2015
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vol. 6
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issue 2
89-107
EN
The main objective of this paper is to present the results of empirical studies on net profit distribution in companies using state–owned enterprises against payment. The main research hypothesis states that the majority of companies using state–owned enterprises against payment waive their right to the dividend and transfer a major part of retained earnings to supplementary capital. The empirical investigation of the main hypothesis has been conducted among 21 companies based in Mazowieckie Province, which concluded privatisation agreements with the State Treasury in years 2000–2005. The analysis of net profit distribution in companies using state–owned enterprises against payment is based on data collected and processed by the author of the article from the National Court Register, for the period from the privatisation date of the surveyed enterprises to 2010, using measures of descriptive statistics. The paper consists of the following parts: the introduction, the essence of giving state–owned enterprise for use against payment, the characteristics of companies qualified to the research sample, net profit distribution policy in companies using state–owned enterprises against payment. Finally, it is concluded that over the first three years of operation every second company using a state–owned enterprise against payment did not pay a dividend transferring all of retained earnings to supplementary capital.
2
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Productivity effects of the ownership concentration in Polish employee-owned companies

100%
Matuszewska-Pierzynka A.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2018
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vol. 13
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issue 4
781-798
EN
Research background: The conducted empirical research on the influence of the degree of ownership concentration in the employee?owned companies on their sales revenues thematically fits into the issue of efficiency of the direct privatisation method, in particular giving a state?owned enterprise for use against payment. Purpose of the article: The main goal of this article is to verify the research hypothesis stating that in employee?owned companies an increase in the degree of ownership concentration leads to an increase in sales revenues. Methods: The empirical studies were carried out on a sample of 15 employee-owned companies from Mazowieckie Province, which concluded the agreement of giving a state?owned enterprise for use against payment from 2000 to 2004 and using the data from financial statements handed in by these entities to the National Court Register for a ten?year period after the privatisation year. The verification of research hypothesis was based on the estimation of a Cobb?Douglas production function by Ordinary Least Squares method for two variants, differing in the way of measuring the degree of ownership concentration in investigated employee?owned companies. Findings & Value added: The research hypothesis formulated in this paper was verified negatively as the increase in the degree of ownership concentration in employee?owned companies caused the decrease in their sales revenues. The conducted empirical research also suggests that sales revenues in examined employee?owned companies peak at some intermediate/optimal level of ownership concentration.
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Kredyty i pożyczki jako źródło finansowania działalności gospodarczej spółek pracowniczych

72%
Matuszewska-Pierzynka A.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2015
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vol. 49
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issue 4
EN
The main objective of the paper is to recognize the level of use of credits and loans as the source of financing for business activity of employee-owned companies. The formulated research hypothesis states that the majority of employee-owned companies financed business activity from credits and loans to a small extent. The empirical investigation of the constructed hypothesis has been carried out among 17 employee-owned companies in the Mazowieckie Province, which concluded privatisation agreements with the State Treasury in the years 2000–2002 on the basis of their financial statements. The empirical research proved that employee-owned companies had financed their business activities from credits and loans to the small extent.
PL
Zasadniczym celem artykułu jest rozpoznanie stopnia wykorzystania kredytów i pożyczek jako źródła finansowania działalności gospodarczej przez spółki pracownicze. Sformułowana hipoteza badawcza stanowi, iż większość spółek pracowniczych w niewielkim zakresie finansowała działalność gospodarczą z kredytów i pożyczek. Empiryczna weryfikacja postawionej hipotezy została przeprowadzona wśród 17 spółek pracowniczych z województwa mazowieckiego, które zawarły umowę o oddanie przedsiębiorstwa państwowego do odpłatnego korzystania w latach 2000–2002 w oparciu o ich sprawozdania finansowe. Przeprowadzone badania empiryczne wykazały, iż spółki pracownicze w niewielkim stopniu finansowały działalność gospodarczą z kredytów i pożyczek.
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