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Application of Finance Management Instruments in Business Entities for example of PGE and Tauron Companies

100%
Trippner P.
Przedsiębiorczość i Zarządzanie
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2015
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vol. 16
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issue 1
181-195
EN
Running a business involves the risk borne by the owners. They are most often identified with failure to achieve expected rates of return by investors. The same mechanisms apply to business entities whose one of the main objectives is to maximize the profits level. Equally important task, and according to the larger group of professional literature authors the most important is the increase of the company’s market value. Both purposes have common ground, involving the selection of indicators and instruments for the assessment of the financial condition and the value added of analyzed business entity. The objective of this paper is to compare mechanisms used to assess the financial condition of enterprises and indicate imperfections of measures based solely on bookkeeping data derived from an annual financial report. Characteristic features and the more objective nature of economic measures, in particular such as the Economic Value Added (EVA), are presented.
2
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FINANCIAL RATIOS FOR DETECTION OF COMPANY’S INSOLVENCY AND BANKRUPTCY FRAUD: SIMILARITIES AND DIFFERENCES

86%
Liodorova J., Voronova I.
Sociālo Zinātņu Vēstnesis
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2020
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issue 1
7-29
EN
This research is aimed to identify the similarities and differences of financial ratios used in the international methods for detecting insolvency (bankruptcy) and bankruptcy fraud. This is the first step in the process of developing a Latvia model of bankruptcy fraud detection. The methods of research: literature review, analysis and synthesis, comparative and correlation analysis. The selection of the analysed financial ratios is based on data from 28 bankruptcy forecasting models tested in Latvia and Lithuania, developed on the basis of multiple discriminant and regression analysis. In addition, the ratios of 3 analogical models for detecting fraud are also analysed. 58 indicators for bankruptcy forecasting were included in the study, selecting 19 indicators, which are also used to reveal fraud in financial statements (FFS) and to detect bankruptcy fraud in experts’ and auditors’ practice. The forensic methods to detect bankruptcy fraud, the international guidelines to reveal FFS, legislative acts and scientific research in this area are reviewed with the purpose to identify and analyse the similarities and differences in detecting insolvency (bankruptcy) and bankruptcy fraud. This type of complex analysis has not been presented in the Baltic countries yet. The article presents the testing results of fraud’s revealing score models (M-score, F-score) using a sample of data obtained manually from financial statements of 114 small and medium companies in Latvia. It has been concluded that it is necessary to implement the system of financial ratios and assess the possibility to use fraud’s revealing models in accounting examination. The authors stated the impossibility of using the M-score and F-score models without calibration for Latvia companies. The logistic regression model for revealing fraud (Lithuania) one year before the fact of bankruptcy forecasts the possibility of the bankruptcy fraud with an accuracy of 61.5%. The results of the study can be used both to create a model for detecting bankruptcy fraud and to develop an accounting expertise procedure to reveal fraud.
3
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Raportowanie wskaźników finansowych przez spółki publiczne

72%
Masztalerz M.
Zeszyty Teoretyczne Rachunkowości
|
2019
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issue 103(159)
99-118
PL
Artykuł jest efektem oryginalnego badania empirycznego i uzupełnia lukę poznawczą, gdyż w dotychczasowych badaniach nad raportowaniem wskaźników finansowych nie dokonywano porównań pomiędzy różnymi typami komunikatów. Celem artykułu jest ustalenie i porównanie zakresu dobrowolnych ujawnień wskaźników finansowych w różnych komunikatach spółek publicznych wchodzących w skład indeksu WIG20. Badanie polegało na analizie zawartości komunikatów umieszczanych przez spółki na stronach internetowych, takich jak sprawozdanie finansowe, sprawozdanie z działalności, raport audytora, list prezesa do akcjonariuszy, prezentacja wyników dla inwestorów, arkusz kalkulacyjny z danymi finansowymi oraz dane publikowane bezpośrednio na stronie internetowej. Łącznie zbadano 106 komunikatów. Wykorzystano metodę analizy treści, analizy opisowej, analizy porównawczej i metodę indukcji. W wyniku przeprowadzonych badań ustalono, że wybrane wskaźniki finansowe (z łącznej liczby 22 raportowanych wskaźników w badanej populacji) są prezentowane w różnych komunikatach, przy czym spółki dokonują odmiennych wyborów odnośnie rodzaju wskaźników, miejsca publikacji i stosowanych formuł obliczeniowych. Największą popularnością cieszyły się wskaźniki oparte na mierniku EBITDA, co jest zaskakujące.
EN
The article is the result of an original empirical study and complements the cognitive gap in existing studies on the reporting of financial indicators – no comparisons have been made so far between different types of messages. The purpose of the article is to identify and compare the scope of voluntary disclosures of financial ratios in the announcements of public companies included in the WIG20 index. The study includes the analysis the content of messages posted by companies on websites, such as financial statements, annual report, auditor's report, letter of the president to shareholders, presentation of results for investors, spreadsheet with financial data and data published directly on the website. In total, 106 messages were examined. Content analysis, descriptive and comparative analysis, and the induction method were used. As a result of the conducted research, it was found that selected financial indicators (out of a total of 22 reported indicators in the surveyed population) are presented in various messages, while companies make different choices regarding the type of indicators, place of publication and calculation formulas used. The EBITDA-based ratios were the most popular, which is a surprising finding.
4
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Analiza kondycji finansowej towarzystw ubezpieczeniowych PZU i Warta

58%
Trippner P.
Acta Universitatis Lodziensis. Folia Oeconomica
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2017
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vol. 5
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issue 331
7-22
EN
The insurance system is a very important element of the financial system of a state. As institutions of public trust, insurance companies play an important role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland. The purpose of the paper is to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition, presented in professional literature. In order to achieve this purpose, the research hypothesis was formulated, according to which the analysis of the financial condition (profitability) of insurance companies PZU and Warta gives the same results, using traditional (financial ratios), as well as alternative methods (the concept of Economic Value Added), and that smaller company (Warta) achieves higher level of operational efficiency than the larger company. The analysis conducted using both traditional (profitability ratios), as well as method of EVA confirmed the hypothesis, according to which PZU company is in better financial condition than one of the biggest competitors in insurance sector.  
PL
System ubezpieczeniowy jest istotnym elementem systemu finansowego państwa. Funkcjonowanie podmiotów tego systemu jest ściśle regulowane oraz monitorowane przez specjalnie powołaną do tego instytucję, czyli Komisję Nadzoru Finansowego. Podmioty rynku ubezpieczeniowego mają obowiązek zapewnienia bezpieczeństwa powierzonych im przez klientów środków. Poziom składek musi być kalkulowany w taki sposób, aby zapewniał płynność finansową towarzystwa oraz pozwalał na osiągnięcie oczekiwanego poziomu rentowności. W artykule zaprezentowana została analiza kondycji finansowej dwóch podmiotów rynku ubezpieczeniowego w Polsce: największego ubezpieczyciela, czyli PZU oraz firmy Warta. Wykorzystane zostały metody klasyczne, czyli wskaźniki finansowe oraz metoda alternatywna, w tym wypadku jest to Ekonomiczna Wartość Dodana. Dzięki wykorzystaniu dwóch metod analizy możliwa będzie odpowiedź na pytanie, czy zastosowanie dwóch różnych metod oceny kondycji finansowej przyniesie podobne rezultaty w zakresie sytuacji finansowej badanych podmiotów. Analizy przeprowadzone metodą tradycyjną (wskaźniki rentowności) i jednocześnie metodą EVA potwierdziły hipotezę, iż spółka PZU jest w lepszej kondycji finansowej niż jeden z jej największych konkurentów z branży ubezpieczeniowej.
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