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EQUITY SHARES EQUATING THE RESULTS OF FCFF AND FCFE METHODS

100%
Cegłowski B., Podgórski B.
Finansowy Kwartalnik Internetowy e-Finanse
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2012
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vol. 8
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issue 2
34-43
EN
The aim of the article is to present the method of establishing equity shares in weight average cost of capital (WACC), in which the value of loan capital results from the fixed assumptions accepted in the financial plan (for example a schedule of loan repayment) and own equity is evaluated by means of a discount method. The described method causes that, regardless of whether cash flows are calculated as FCFF or FCFE, the result of the company valuation will be identical.
2
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The effect of the changes in accounting estimates of the discount rate to the costs on account of creating provisions

88%
Staszel A., Hołda A.
Nauki o Finansach
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2019
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issue vol. 24 no. 1
94-114
EN
The aim of the study is to answer the question of how a slight change in the actuarial assumptions (regarding the discount rate used) can affect the amount of the provisions, and consequently create the level of costs in the entity. In order to find the answer the financial statements of 148 stockexchange- quoted companies from 2007 to 2014 (1184 financial statements in total) were analysed, determining whether the changes in long-term provisions for retirement benefits provisions (due to the use of a different discount) have a significant impact on the financial statements of these companies. The research involved the use of deductive-inductive research methods in the form of literature review and analysis of the content of financial statements. The obtained results indicate that the estimation of the discount rate significantly affects the levels of costs related to creating provisions, which may be an effective tool for manipulating the financial result.
3
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Can discounts expand local and digital currency awareness of individuals depending on their characteristics?

88%
Ključnikov A., Civelek M., Vozňáková I., Krajčík V.
Oeconomia Copernicana
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2020
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vol. 11
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issue 2
239-266
EN
Research background: Because of enabling a greater amount of money circulation and addressing the needs of individuals in specific regions, local and digital currencies have become more important for local economic and sustainable development, especially in last decade. However, their awareness by potential users have become one of major constraints to their extensive usage. In this regard, discount have been used to increase the awareness of individuals.  Purpose of the article: As discount is used as an effective promotional tool. This study pays regard to this indicator and aims to investigate whether the  discount rate is positively associated with local and digital currency awareness of potential users. Moreover, this research also includes job positions and age of the respondents into the analyses due to potential existence of differences in the awareness of people regarding their characteristics. Methods: The research employs a questionnaire survey and acquires data from 407 workers of a local business in Cieszyn Silesia region of the Czech Republic. The researchers run Binary Logistic Regression analyses in IBM SPSS Software to examine the relationship between these specified variables. Findings & Value added: The research substantiates the fact that potential users who demand more discount rates are more likely to be aware of local and digital currencies. Moreover, potential users who work in lower job positions and demand more discounts are more acquainted with these currencies. Although the existence of a relationship between age and local currency awareness is not proved, older people who demand discounts with higher percentages are more informed about digital currencies than younger individuals. Higher elasticity in discount demand, mutual interactions and relations, such as social media and internet usage of potential users, might be the reasons of these results. This study makes significant contributions to the literature by confirming the significance of individuals' ages and occupational statuses in the awareness of local and digital currencies and the positive relationship between their discount propensity and awareness.
4
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Discounting for Intergenerational Investments: Individual Discount Rate for Close and Remote Beneficiaries

75%
Foltyn-Zarychta M.
Problemy Zarządzania
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2018
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issue 2/2018 (74)
96-115
EN
The paper aims to diagnose whether it is justified in investment appraisal to apply a separate treatment (in terms of the value of the discount rate) for close-in-time versus distant-in-time project effects as well as for effects applying to close-in-space versus distant-in-space beneficiaries. The analysis rests on a survey asking Polish citizens to state their indifference points between lives saved now and in the future (with delays from 10 to 150 years to capture temporal distance) for two separate projects: saving lives in Poland (geographically close) and in Latvia (geographically remote). The findings suggest that while time distance can be perceived as a rationale to apply separate (lower) DRs which increase the weight of time-distant impacts in project’s NPV, outcomes distant in space should be treated as equally important to geographically close impacts, thus extending the analysis beyond national borders.
PL
Celem artykułu jest określenie czy w ocenie efektywności inwestycji uzasadnione jest odrębne traktowanie (wyrażające się doborem odmiennej wartości stopy dyskontowej) efektów bliskich oraz odległych w czasie, a także efektów dotyczących beneficjentów bliskich oraz odległych geograficznie. Analizę przeprowadzono na podstawie wyników badania ankietowego, gdzie respondentami byli obywatele Polski, pytani o zadeklarowanie liczby istnień ludzkich uratowanych w przyszłości (z opóźnieniami od 10 do 150 lat) równoważących zadaną liczbę osób uratowanych dzisiaj dla dwóch odrębnych projektów: ratującego osoby w Polsce (bliskie geograficznie respondentom) i ratującego osoby na Łotwie (odległe geograficznie). Wnioski z badań wskazują, że o ile uzasadnione jest stosowanie odrębnych (niższych) stóp dyskontowych ze względu na odległość czasową efektów, o tyle oddziaływania odległe w przestrzeni powinny być traktowane jako równie istotne jak te pojawiające się blisko pod względem geograficznym. Uzasadnia to rozszerzenie prowadzonych ocen efektywności poza granice poszczególnych krajów.
5

How to Perform Discounted Cash Flow Valuation?

63%
Janiszewski S.
Foundations of Management
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2011
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vol. 3
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issue 1
81-96
EN
Within the last few decades the quickly accelerating globalization processes contributed to rapid increase in the value of the global capital markets, and mergers and acquisitions transactions. This implicated the rising importance of methodologies that enable investors to efficiently value the companies. The aim of this elaboration is to present practical approach towards the discounted cash flow company valuation method, considered one of the most effective but simultaneously one of the most sophisticated among all. The article comprises purely theoretical as well as practical knowledge, based on the author's broad professional experiences.
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