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Applying the Options Framework to a Value based Model of the Firm

100%
Jan V.
Littera Scripta
|
2018
|
issue 2
69-79
EN
This paper develops the value based model of a firm from a conventional accounting based approach to on e that acknowledges individuals' human capital and firms' competences as fundamental creator s of value. Both have distinctive characteristics, but may be integrated from the perspective of their holders through various contracts, which then constitute cont ractual assets enhancing a firm ´ s capital. Product ownership constitutes another vital component of value determination and is one of the reasons firms enhance its value, either by taking protective action, or by designing hard to replicate strategies. Thi s paper a ddress es a current issue and presents potential means by which to determine firms' strategies in highly competitive business environments driven primarily by innovations, as well as for the design of appropriate types and terms of contracts. In it s reasoning, the paper is exceptional by aggregating the findings of firm theory with those of modern financial theory, proposing real and embedded options within an appropriate quantitative framework.
2
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Business Valuation Engagement Letter – Regulations Adopted in Selected Standards

100%
Grudziński M.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
|
vol. 7
|
issue 4
13-24
EN
The article presents conclusions drawn from the analysis of regulations concerning the issue of the content of business valuation engagement letter. The analysis covered regulations appearing in eight business valuation standards used in Australia, New Zealand, Hong Kong, Canada and the USA. Author also took into consideration two international standards. The first part of the article reviews business valuation standards valid in selected countries. The second part presents regulations valid while signing a contract for business valuation, included in analyzed standards. The final part of the article compares identified regulations, focusing on information that should be included in business valuation engagement letter.
3
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The Effects of a Change in the Environment on Business Valuation Using the Income Capitalization Approach

100%
Režňáková M., Karas M.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2012
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vol. 7
|
issue 2
EN
Determining the company value in the conditions of unstable development is a very difficult, almost sophisticated activity. The experience of authors confirms high sensitivity of the resulting company value in relation to critical input parameters, which are known as value drivers. One of these drivers, in case of determining the company value using the income capitalization approach, is the expected sales. In practice, some authors, but mainly experts, limit sales forecast to extrapolation of the identified trend of the past development, while neglecting the importance of the strategic analysis. The aim of the strategic analysis is to identify all factors which may influence future company objectives, i.e. also future sales. This article provides a possible approach to the correction of sales forecast based on the information gained from the strategic analysis.
4
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Premie i dyskonta w wycenach przedsiębiorstw

75%
Prusak B.
Optimum. Studia Ekonomiczne
|
2014
|
vol. 2(68)
PL
Głównym celem artykułu jest ukazanie rodzajów i zasad stosowania korekt w wycenie przedsiębiorstw. Na podstawie literatury przedmiotu zaprezentowano wyniki badań dotyczące różnych koncepcji kalkulacji premii oraz dyskont, ich poziomów i czynników je kształtujących. Zaznaczono, iż podczas ich stosowania w wycenie spółki do każdego przypadku należy podchodzić indywidualnie i uwzględniać jego charakterystykę. W drugiej części opracowania przedstawiono wyniki badań przeprowadzonych na podstawie 1101 raportów finansowych, sporządzonych w latach 2009-2012 celem wydania rekomendacji dla spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie. Ukazano rodzaje korekt, ich poziomy, a także uzasadnienia ich stosowania w procesie wyceny akcji.
EN
The main purpose of this paper is to present different types of adjustments and rules of applying them for the purpose of business valuation. On the basis of the literature review, various concepts of premium and discount calculation, along with their values and determinants on Polish and foreign markets, are shown. It is emphasized that any premium or discount must be individually adjusted to each case of business valuation. In the second part of the publication, the results of conducted survey are described. The sample consisted of 1,101 financial reports prepared in the years 2009-2012 to provide stock recommendations for the companies listed on the Warsaw Stock Exchange. Types and levels of premiums and discounts as well as causes of their application are presented.
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