The paper aims at analysing the sector differentiation in the equity structure by means of selected financial indicators as well as making an attempt to establish an average equity costs for the sector by means of CAPM model. The return on equity indicator has been used to measure financial profitability while a standard deviation indicator of the value creation index has been used to assess a financial risk which led to indicating sectors with the highest and the lowest financial risk. As the research comprises years 2009-2011 its results also show dependency of calculated indicator on phases of the business sector.
This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.
The article analyzes the concept of justice in both procedural and substantive aspects of civil law, with regards to John Rawls’ notion of “procedural justice”. The basic problem of the article is the question if each outcome of a fair procedure is just by the token of the fairness of the procedure. The author argues that such a standpoint, claiming that the procedure itself creates a just decision, will be incompatible with Article 45 paragraph 1 of the Polish Constitution. This paragraph grants the right to just adjudicature, which takes into account the whole substantive law. There are areas in law where conflicts between the procedural and the substantive justice are possible. Such an area is the adversary trial proceedings and evidentiary proceedings. The Court of Justice of the European Union emphasizes that there are such groups of legal entities (eg. consumers), for which it is necessary to regard ex officio all of facts pointing to the unjust treatment of consumer. The similar point of view was expressed by the Supreme Court of Poland. The Supreme Court of Poland allowed an evaluation of a claim which includes principles of justice, even if the defendant doesn’t take any position. This belief agrees with the standpoint of E. Waśkowski, who emphasized that the sentence should be “rightful”.
Statement of changes in equity, as one part of the financial statement, is not much used by financial analysts. Certainly, there is small readable information presented in this statement, especially the balance presented some of this information. Next, the scope of information presented in the financial statement depends on subjective accounting policy of entity. The statement of changes in equity made by international accounting standards presents too synthetically information about equity than we take in used polish accounting act. Thought, from the statement of comprehensive income we can get additional information about some component of equity. These facts are proved an example KGHM company.
The issues of efficiency and equality are key in the discussion of the state’s role in the economy and every day life of citizens. The discussion takes on greater importance in times of economic crisis, when it is more common to exert pressure on raising the commitment of public money in the economy. Adherents of the essential role of the state say that it is necessary to raise all donations, benefits and transfers for the most needy while liberals disagree, saying that the less the state interferes in the economy, the better off the people will be. The aim of this article is to show each side’s arguments and to make an effort to find a consensus in the discussion of efficiency and equality.
The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
The dislocation of the Pandemic caused social convulsions around the world. The middle and ruling classes seem to have rediscovered humans – essential workers, employees, members of underrepresented minorities, and children. In our rush to atone our sins and redress imbalances, we are not stopping to define words nor, as the pragmatists would want us to, think through what our moral precepts mean in practice. Nor do we have the tools in accounting, the “language of business,” to capture our efforts. However, teams that do not take the time to establish ground rules and standard definitions often get a faster start but don’t always do the best work nor have the most impact. Let’s give ourselves better changes.
On the example of a workload dispute (a version of a ‘border dispute’) I present the general problem of two persons – M and P – with equal entitlements to one commodity, which is equally desired by both of them. They are both moderately altruistic; they are not angels untempted by a selfish willingness to get their own way, nor are they devils, who want to destroy others even if it leads to self-destruction. As human beings operating in a world of limited goods, they are so physically and intellectually feeble that neither of them is able to permanently enslave the other and submit him to the second person’s will. Such being the case, each solution to the problem means that the profit of one person is the loss of the second. The question, whether justice is possible at all, suggests itself whether in a situation when people are more or less equal, or with limited altruism and/or selfishness and scarce resources.
The purpose of this article is to supplement the space between the theoretical and practical approach to business valuation method adjusted net assets. The combination of legal principles and recommendations of how to establish the theoretical adjustment of individual balance sheet items valued companies, using the examples from the Polish capital market, allows the reader familiar with same accounting policies to make the company’s valuation using the presented method. The author proposes ways to determine the corrections, especially for other funds, unlisted joint stock companies and bonds due to the acceptance of an independent auditor and the Financial Supervisory Commission who, in turn, provide an assurance of the correctness of a valuation prepared in this way.
Hungarian educational policy took a sharp turn in 2010, after the change of regime. The study analyses how pupil/parent preferences and enrolment chances have changed since 2000 in secondary education. The core of the study are KIFIR databases. Their task is to conduct secondary admission processes and to register applications. We have also used the data of the national com- petence survey to investigate the relationships between social background and student performance. While the strong government policy prefers vocational training, students and parents tend to turn away from it. However, the chances to enter secondary school have decreased, thus reducing the chances to enter higher education.
In addition to thinking about the meanings of solidarity, it is important to address how solidarity of the appropriate sort can be cultivated. Possibilities include the transformative power of key individuals or events; and the role of institutions. In health care it is suggested that a combination of the two strategies is required. Professional conduct includes not only acting in 'face to face' delivery, but also engaging with those institutions which enable or disable certain ways of acting, so that they are constantly subject to revision to ensure that they facilitate the provision of decent healthcare.
Kakwani and Lambert (1998) state three axioms which should be respected by an equitable tax system; then they propose a measurement system to evaluate at the same time the negative influences that axiom violations exert on the redistributive effect of taxes, and the potential equity of the tax system, which would be attained in absence of departures from equity. The authors calculate both the potential equity and the losses due to axiom violations, starting from the Kakwani (1977) progressivity index and the Kakwani (1984) decomposition of the redistributive effect. In this paper, we focus on the measure suggested by Kakwani and Lambert for the loss in potential equity, which is due to violations of the progressive principle: the authors’ measure is based on the tax rate re-ranking index, calculated with respect to the ranking of pre-tax income distribution. The aim of the paper is to achieve a better understanding of what Kakwani and Lambert’s measure actually represents, when it corrects the actual Kakwani progressivity index. The authors’ measure is first of all considered under its analytical aspects and then observed in different simulated tax systems. In order to better highlight its behaviour, simulations compare Kakwani and Lambert’s measure with the potential equity of a counterfactual tax distribution, which respects the progressive principle and preserves the overall tax revenue. The analysis presented in this article is performed by making use of the approach recently introduced by Pellegrino and Vernizzi (2013).
The author analyzes and compares various meanings of the concept of equity such as they were conceived by prominent personalities of the history of the juridical, ethical and philosophical ideas in order to deduct their common contents. Having ethical and juridical connotations, the vision on equity and on applying its principles into the law-making process, into achieved the act of justice and in all kind of public authorities decision-taking process are differently designed at micro-groups level compared to the macro-social layer. The practical achievement of equity and justice is the privilege of the just person. The rightful person’s personality in the contemporary democratic societies may be considered as an ideal prototype which should be found in a larger extent, in the effective functioning of the institutions under the rule of law – at the level of human resources, with as much possible appropriate compliance with this prototype.
We investigated 34 empirical studies aimed at examining the capital structure determinants in firms operating in Poland to test to what degree the financing patterns were steady during the observed period (2001-2012). Specifically, in conducting the survey we were motivated by the following research questions which constitute the objectives of the article: (1) which factors – country- or firm-specific – are more relevant in explaining leverage in Poland, (2) which theory – trade-off or pecking order – gains greater support in Poland, and (3) what is the significance of the optimal capital structure notion in Poland. Our results show that financing patterns changed importantly during the last 20 years, which manifests itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage and the key firm-specific factors remained relatively stable during the investigated period, with the exception concerning tangibility. These signs provide greater support for pecking order theory, with at most a moderate role of the target capital structure.
Aim. The goal of the paper is migration processes in the context of globalisation leading to the erosion of cultural identity and the emergence of many heterogeneous cultures in many countries. Modern countries, where traditional societies with minor inclusions of another culture of European origin, have turned into multicultural communities, in which there are many scenarios for intercultural dialogue and multiculturalisation, including such negative options as xenophobia and racism, highlighting that one of the consequences of the multicultural approach in Europe has been a retreat into closed cultural communities. Methods. During the working process on the paper we applied the main methods of social and political studies such as the comparative analysis method; empirical methods; the method of observation; evaluation method and methods of content analysis. The paper is based on empirical research materials, articles, reports, research, and books. Results and conclusion. By way of conclusion, we can say that Muslim migrants who arrive in Europe, for the most part, do not hurry to integrate into the local society. Compared to the local population, they wear different clothes, have different habits, and profess a different religion. All this sets one to consider them y as “others,” as strangers, which, under certain conditions, can lead to a feeling of fear or hostility (Alaverdov, 2020). The fact that Muslims maintain respect for their traditions is often seen by residents of their host countries as a sign of disrespect for local traditions.
The financial security of economic entities is part of the financial security of the state since the enterprise creates added value, which forms a gross domestic product at the state level. In addition, businesses are the main taxpayers that affect the formation of state and local budget revenues. Therefore, a high level of financial security of an enterprise provides the state opportunities to perform its functions, ensures economic development, and improves social standards. In the context of economic and political instability, in addition to the variability of micro- and macro-environment factors that affect the activity of the enterprise, the assessment of financial security is a particularly pressing issue. The aim of the article is to develop a mechanism for managing the financial security of enterprises in accordance with the actual conditions of business conducted by Ukrainian enterprises. The management mechanism is considered as a certain system, which consists of a certain set of interrelated elements and involves taking actions to achieve financial interests by the timely reduction of financial risks and counteracting external as well as internal threats. In each enterprise, an urgent task is to develop an effective strategy for the development of financial security, which is characterized by the close relationship and interdependence of its individual components. In these conditions, in order to increase the level of financial security of enterprises, the following measures are proposed: reducing the amount of receivables, controlling short-term debt, limiting the need for financial sources, reassessing fixed assets, increasing production volumes and product sales, reducing costs and others.
The question addressed in this paper asks what is to be learned with respect to the issue of gender ratio when pedagogical and political philosophical analyses apply principles of equity
Low socioeconomic status (SES) is often seen as a risk factor for lower academic achievement, so this study explains how teacher support and equity are related to higher student engagement and achievement in low SES school contexts. Based on the results, student behavioural engagement is related to their achievement. The results of the multiple regression analysis show that teacher support and equity predict student emotional engagement statistically significantly, while behavioural engagement predicts only equity. No significant teacher support and equity prognostic values were found for student achievements. The study’s results encourage further research and the search for answers to the question of what kind of teacher behaviour creates a favourable learning environment for all students in low SES context schools.
The paper presents research findings concerning financial efficiency in the context of capital concentration in the economy. The research was based on farm data collecting information on accounting for 2004-2011. The research shows that returns, obtained by farms more intensively gathering capital, are below the weighted average cost of capital.
Na konkretnym przykładzie sporu o pensum (klasyczny wariant „sporu o miedzę”) przedstawiam ogólny problem identycznych uprawnień dwóch równych sobie Polaków – Mariusza i Piotra – do pożądanego przez nich w równym stopniu tego samego dobra. Obu cechuje ograniczony altruizm; nie są ani aniołami, których nie kusi samolubna chęć postawienia na swoim, ani diabłami, którzy chcą niszczyć innych nawet kosztem zniszczenia samych siebie. Powstaje pytanie, czy sprawiedliwość – w warunkach przybliżonej równości ludzi, ograniczonego altruizmu i/lub samolubstwa oraz ograniczonych zasobów – jest aby w ogóle w świecie ludzkim możliwa.
EN
On the example of a workload dispute (a version of a ‘border dispute’). I present the general problem of two persons – M and P – with equal entitlements to one commodity, which is equally desired by both of them. They are both moderately altruistic; they are not angels untempted by a selfi sh willingness to get their own way, nor are they devils, who want to destroy others even if it leads to self-destruction. As human beings operating in a world of limited goods, they are so physically and intellectually feeble that neither of them is able to permanently enslave the other and submit him to the second person’s will. Such being the case, each solution to the problem means that the profit of one person is the loss of the second. The question, whether justice is possible at all, suggests itself whether in a situation when people are more or less equal, or with limited altruism and/or selfishness and scarce resources.
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.