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The Influence of Reserves on Profitableness of Polish Public Companies

100%
Duraj A. N.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2004
|
issue 15
68-78
EN
The main goal of this article is to present the role of reserves and provisions in determining the level of profitability of Polish public companies, especially the level of ROE (Return on Equity). This article presents also a relationship between reserves and financial results of the enterprises, such as R (net revenues from sales of product, goods and materials), EBIT (earnings before interest and tax), EBT' (profit on commercial activity, EBT (earnings before tax) and EAT (earnings after tax). This paper describes three kinds of reserves: reserves as the liability (reserve for income tax, social security reserves and other reserves), accruals and deferred income, and capital reserves, such as reserve capital, revaluation reserve capital and other reserve capital.
2

IMPACT OF INTANGIBLES ON FIRM VALUE: EMPIRICAL EVIDENCE FROM EUROPEAN PUBLIC COMPANIES

70%
Glova J., Mrázková S.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 7
665 – 680
EN
This paper examines the value relevance of intangibles expressed by R&D expenditures and intangible fixed assets, and other variables with the firm value. Using the regression approach for 1 520 observations in years 2011 – 2015, we found out that R&D expenses to total assets can significantly explain market to book value ratio of selected companies. Results of our analysis indicate the more accelerated increase of firm value with the increase of R&D expenses to total assets in comparison with the increase in relation to other regressions. An interesting fact is that intangible fixed assets to total assets are not statistically significant, indicating that the market does not evaluate passive strategy of externally acquiring intangible assets instead of their own development.
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