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Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

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Zalewska J., Nehrebecka N.

Central European Economic Journal

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2019

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vol. 6

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issue 53

EN

The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity and solvency on the rates of return on the shares of companies listed on the Warsaw Stock Exchange. In the context of developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is still not clear. Poland is the most economically developed country in Central and Eastern Europe. A thorough analysis is necessary to take appropriate action and introduce adequate regulations in the country, as well as to create the foundation for researching other economies in this region. In addition, this article includes new estimators that have not yet been taken into account but that may affect the rates of return, which will contribute to the literature on the subject and to the development of knowledge on the volatility of returns on shares. In the study, we have calculated the time-varying beta coefficients of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency ratios, which were computed using the CAPM, Fama–French and Carhart models. The empirical study described in the article focuses on companies listed on the Warsaw Stock Exchange in the period from 1 January 1999 to 30 June 2013. Regressions were estimated by the least-squares method and by quantile regression. Based on the results, it was found that listed companies at risk of bankruptcy are able to meet their short-term liabilities. Liquidity and solvency measured by financial ratios significantly affect the sensitivity of the rate of return on shares to the risk factors expressed in the CAPM, Fama––French and Carhart models.

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Are subsidies for Polish enterprises effective: empirical results based on panel data

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Gosk B., Nehrebecka N.

Central European Economic Journal

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2019

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vol. 6

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issue 53

EN

The objective of this article was to identify and evaluate the effectiveness of subsidies used by companies, as well as to develop an approach to assess the effectiveness of subsidies for the manufacturing sector of Polish economy. In order to organise the results obtained by researchers dealing with the efficacy of subsidies, a meta-analysis, i.e. a quantitative assessment of empirical literature, was carried out. Based on the data from the financial statements of medium-sized and large Polish companies, published in Monitor Polski B (a former Official Journal of the Republic of Poland), an evaluation study was conducted to verify the research hypotheses. Based on the obtained results, it was found that the aid in the form of subsidies did not have a significant impact on the productivity of the subsidised companies, growth rate of assets or profitability.

3

Financial liability stress tests: an approach based on the use of a rating migration matrix

100%

Kleszcz K., Nehrebecka N.

Central European Economic Journal

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2020

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vol. 7

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issue 54

EN

The article addresses the issue of stress testing based on the probability of bankruptcy and a rating migration matrix. The analysis is conducted on a sample of listed companies in Poland in the years 1998–2016, and the forecasts are made for the years 2016–2018. Particular attention is paid to how the variable on which rating migration matrices are developed is defined. Stress tests are carried out on variables derived from rating migration matrices and economic indicators. The study provides information on the methodology for stress testing.

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3 Central European Economic Journal

3 Nehrebecka N.

1 Gosk B.

1 Kleszcz K.

1 Zalewska J.

3 2020

Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

Are subsidies for Polish enterprises effective: empirical results based on panel data

Financial liability stress tests: an approach based on the use of a rating migration matrix