Search results

1

Wpływ internacjonalizacji na wyniki ekonomiczne największych polskich przedsiębiorstw przemysłowych

100%

Doryń W., Stachera D.

Gospodarka Narodowa. The Polish Journal of Economics

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2008

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vol. 228

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issue 11-12

95-114

EN

The paper aims to identify the effects of internationalization on firms’ financial performance. Numerous empirical investigations have attempted to study the relationship between internationalization and firm performance, producing both monotonic and curvilinear findings. The paper uses a sample of Polish businesses from the 2005-2006 period based on an annual league table of Poland’s 500 largest companies ranked by Rzeczpospolita daily newspaper. The dependent variable, firm performance, was measured using the return on assets. The key independent variable, the degree of internationalization, was measured by the ratio of foreign sales (exports) to total sales. The authors controlled for firm size, which was measured by the natural logarithm of total employment. The econometric analysis of a cross-sectional data set of multinational firms yielded results that point to a non-monotonic relationship between the degree of internationalization and firm performance, Doryń and Stachera say. The study shows that there is a standard U-shaped curvilinear relationship between international diversification and firm performance. Polish firms initially suffer a decline in profits as they expand internationally, but over time, through gaining experience and through organizational learning, they begin to derive benefits from their international expansion and their performance improves.

2

Entrepreneurial Orientation in Mexican Microenterprises

100%

Campos H. M., Alvarado Acuña L. S., Parra J. P. N. d. l., Aguilar Valenzuela F. A.

Journal of Entrepreneurship, Management and Innovation

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2013

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vol. 9

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issue 3

5-20

EN

Over the past 30 years research on Entrepreneurship Orientation (EO) has provided valuable information regarding strategy, entrepreneurship and aspects of performance at the firm-level. In the entrepreneurial universe, microenterprises play a very special role in the business context of the economy. However, they have not been relatively present in the EO research. This paper studies the EO-performance relationship in a group of microenterprises in Mexico and includes the Dominant Logic (DL) as a variable that moderates this relationship. The results indicate that risk taking, proactiveness and competitive aggressiveness variables from the EO influence the microenterprise performance. In addition, the external DL conceptualization moderates the EO-performance relationship. This paper shows the conclusions of the investigation as well as the limitations and identifies future research methods.

3

Does corporate governance influence firm performance? Evidence from India

100%

Saha R., Kabra K. C.

Economics and Business Review

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2019

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vol. 5 (19)

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issue 4

70-89

EN

Corporate Governance (CG) in India has undergone major transformation in the recent past with the enactment of Companies Act, 2013 and revision of SEBI’s Listing Agreement. Though some studies were undertaken in the Indian context few conventional aspects of CG have been repetitively addressed with conflicting results. The aim of this study is to examine the impact of some prominent CG attributes such as board size, board independence, role duality, board’s gender diversity, ownership concentration and audit committee independence on both market as well as account- ing based measures of firm performance (FP). To this end the study uses a sample of top 100 non-financial and non-utility firms listed on the Bombay Stock Exchange (BSE) for the period of 2014-2018 and employs two stage least square with instrumen- tal variables technique of estimation which takes into account potential endogeneity in CG-FP relationship. The findings reveal a significant positive impact of board size, ownership concentration and audit committee independence on market based meas- ure of FP while board independence is found to have a significant negative impact on accounting based measure of FP. Moreover role duality and gender diversity are not associated with FP. The outcome of this study highlights how the relationship between CG and FP works in the unique institutional setting of India and it should be of inter- est to regulators, practitioners and other market participants.

4

An empirical evidence on the effect of women board representation on firm performance of companies listed in Iraq Stock Exchange

100%

Farhan Jedi F., Nayan S.

Business and Economic Horizons

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2018

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vol. Volume 14

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issue Issue 1

117-131

EN

The Iraqi stock price index performance has been on the decline which indicates a deteriorating performance of the listed companies which is mostly associated with weak corporate governance practices. Despite that fact that Iraq has gone very far in the liberalization of women, Iraqi board of directors is still dominated by men. However, gender diversity is one of the largest concepts of board diversity and a major issue within corporate governance where several studies seek to discover the influence of diversity on firm performance. Considering the inconsistencies in the results of previous studies concerning gender diversity and firm performance relationship, this lack of consensus permit for further research as it is important to investigate the factors in board processes that are crucial to board effectiveness. This article aims at examining the effect of women representation on firm performance of Iraqi listed firms using panel regression analysis. The empirical results of this paper provide evidence of a positive and significant relationship between female directors and firm performance as measured by Return on Assets while no relationship with Tobin’s q. The important policy implication of this finding is that the Iraqi Stock Exchange and Iraqi Security Commission should incorporate gender diversity in corporate governance practices and encourage women directorship in Iraq. Finally, this study provided some suggestions for future researchers.

5

Executive compensation and comprehensive income: evidence from Polish listed companies

88%

Sajnóg A. R.

Oeconomia Copernicana

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2019

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vol. 10

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issue 3

493-509

EN

Research background: The literature of Economics presents the agency problem, which can be mitigated through executive compensation, especially when it is connected with company profits. This relationship has been repeatedly analysed in the corporate governance literature, which shows both positive and negative correlations between these categories. Thus, another approach is presented with comprehensive income, which (in contrast to net income) is generally beyond the control of managers and hinders active earnings management. Purpose of the article: This article presents the evaluation of three stages of the relationship between executive compensation and profitability ratios (RoS, RoA, RoE), which are based on comprehensive income and net income. The main research hypothesis states that in economic practice, it can be assumed that there is a stronger positive correlation between executive compensation and comprehensive income than net income. Methods: The research covered companies listed on the WSE from the industry sector (between 2009 and 2017). The first part of the paper contains the results of correlations between profitability ratios and executive compensation (conducted by means of Pearson?s correlation coefficient). The second part presents the results of three regression models in two versions ? the influence that RoS, RoA and RoE have on companies? executive compensation, based on comprehensive income and net income. Findings & Value added: The analysed companies were characterised by a diversity correlation between the executive compensation and profitability ratios calculated with net profit and comprehensive income. Nevertheless, it must be stressed that the results of the estimation show, in this case, the slightly greater role of comprehensive income than net profit. One can emphasise a certain advantage of comprehensive income over net profit, as the former can inhibit the effects of managers' intentional influence on the value of the reported earnings.

6

Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey

88%

Mandacı P., Gumus G.

South East European Journal of Economics and Business

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2010

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vol. 5

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issue 1

57-66

EN

This study examines the effects of ownership concentration and managerial ownership on the profitability and the value of non-financial firms listed on the Istanbul Stock Exchange (ISE) in the context of an emerging market. We measure the firm's performance by Return on Assets (ROA) and Tobin's Q ratios, where the former measures profitability and the latter the value of the firm. In addition, we give detailed information on the main characteristics of the ownership structures of the firms in our sample and find that ownership of Turkish firms is highly concentrated. In addition, the unlisted holding companies have the highest average percentage of shares, which supports the belief that individuals or families establish the holding companies in order to control their listed firms. After controlling for investment intensity, leverage, growth and size, we find that ownership concentration has a significantly positive effect on both firm value and profitability, while managerial ownership has a significantly negative effect on firm value.

7

From Knowledge to Firm Performance: An Empirical analysis of Intellectual Capital Impact in Polish and Dutch Listed Firms

88%

Verduijn K.

Management and Business Administration. Central Europe

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2013

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vol. 21

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issue 3(122)

114-138

EN

Purpose: Empirical results about the direct relation of knowledge leading to financial performance at a firm is dispersed. This study aims to examine the impact intellectual capital (IC) has on firm performance in Polish and Dutch listed firms. Methodology: Quantitative data is collected based on audited annual reports from the top 20 companies listed at the Warsaw Stock Exchange and Amsterdam Stock Exchange between 2007 and 2011. IC is measured using the VAIC methodology with its individual elements of HCE, SCE, and CEE. Direct relations between ICE, HCE, and SCE and five measures of firm performance are statistically analysed. Results: The results suggest that there is a direct positive relationship between ICE and firm performance of Polish and Dutch listed firms, particularly with ROA, ROE, EP, and to a lesser extent with ATO. Firms listed in Poland provide a stronger positive ICE relation to ROA and ROE where firms listed in the Netherlands provide a stronger positive ICE relation to EP. Regarding individual elements, HCE relates highly positive to ROA, ROE, and EP where SCE finds only partial negative relation with ATO. Implications: Nurturing IC and in particular HC confirms the importance of firm knowledge and employees with right training and other support. Additionally, further clarification regarding SC is required. Originality: This paper presents the first study of the IC relationship with firm performance in Poland as well in the Netherlands. Additionally, the comparison between firms of both countries establishes a novelty in IC research.

8

Is internationalisation beneficial for novice internationalisers? The performance effects of firm-specific advantages, internationalisation degree and firm size revisited

88%

Barłożewski K., Trąpczyński P.

Oeconomia Copernicana

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2021

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vol. 12

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issue 1

53-75

EN

Research background: Research on the performance outcomes of different forms of internationalisation has attracted significant attention due to its theoretical and practical relevance. Still, the related findings have remained conflicting. Scholars have argued that companies need to possess or acquire firm-specific advantages (FSAs) to succeed internationalisation. However, a significant part of International Business (IB) research has treated FSAs as enablers of internationalisation, while some have argued that internationalisation in itself only helps firms translate the possessed resources into performance. Purpose of the article: The objective of this study, which is based on the resource-based view (RBV), is to explore the moderating effect of internationalisation on the relationship between FSAs and performance, considering internationalisation degree and firm size as boundary conditions for that relationship. Methods: We carry out statistical analyses on a longitudinal dataset containing 304 novice internationalisers from the post-transition economy of Poland and a total of 1167 firm-year observations. Thereby, we compare SMEs with large firms. Findings & value added: We find that while FSAs do positively affect firm performance, this relationship becomes weaker for higher levels of internationalisation. However, the negative moderating effect of the internationalisation degree becomes weaker for larger novice internationalisers, which are more able to handle the complexity of managing foreign operations.

9

Moderating effect of competitive strategies on the relation between financial leverage and firm performance: evidence from Jordan

88%

Al-Rdaydeh M., Almansour A. Y., Al-Omar M. A.

Business and Economic Horizons

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2018

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vol. Volume 14

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issue Issue 3

626-641

XX

This study examined the moderating role of competitive strategy in the relationship between financial leverage and performance of firms based on a sample of industrial firms in Jordan between 2007 and 2016. The interaction between competitive strategy and financial leverage was revealed to influence the effects of financial leverage towards the performance of firms in terms of return on assets (accounting-based measure) and market-to-book ratio (market-based measure). Conclusively, obtained results are in line with the notion that firms that employ cost leadership strategy experience tax advantages and increased efficiency through debt financing and/or debt covenants. This study extends the overall understanding on the effects of financial leverage towards performance of firms and how this relationship is moderated by competitive strategy among firms in an emerging market such as Jordan.

10

Do board characteristics and risk management disclosure have any effect on firm performance? Empirical evidence from Deposit Money Banks (DMBs) in Nigeria

88%

Kakanda M. M., Salim B., Chandren S.

Business and Economic Horizons

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2017

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vol. Volume 13

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issue Issue 4

506-521

EN

This study examines the relationship between board characteristics, risk management disclosure and performance of Deposit Money Banks (DMBs) in Nigeria. Data were obtained from the annual accounts and reports of the 15 DMBs listed on the Nigerian Stock Exchange (NSE) covering 2012 to 2016. For the purpose of testing the relationship between the dependent variable (return on asset [ROA]) and the explanatory variables in this study, Random Effect (RE) regression model was employed. The study finds that board size, board composition, and risk management disclosure have a significant positive effect on ROA, whereas, board meeting has a significant negative influence on ROA. Moreover, the study documents that board expertise has a negative, but an insignificant association with ROA. The finding of this study is essential to both corporate authorities and other corporate stakeholders in Nigeria. The study concludes by providing an agenda for future research in a similar domain.

11

Managerial Entrenchment and Firm Performance: Evidence from Moroccan Listed Companies

88%

Bousetta M.

Central European Management Journal

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2021

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vol. 29(3)

40-62

EN

Purpose: Grounded in agency and entrenchment theories, this study assumes that CEOs’ propensity to entrench themselves can affect firm performance. The purpose of this article is to investigate the relationship between dimensions and mechanisms through which managers entrench themselves and influence firm performance. Design/methodology/approach: The article uses OLS regression to explain the assumed relationships between managerial entrenchment and firm performance. The study is based on a sample of 55 Moroccan listed companies over the period 2010–2015. Findings: Taken together, the findings contribute to a better understanding of the effect of several entrenchment pathways on firm performance. These findings imply that managerial entrenchment is not necessarily detrimental, as suggested by some governance theories. On the contrary, it can have a beneficial effect on wealth creation. Research limitations/implications: This study faces several limitations. The first appears in the sample size of its quantitative element. The second is related to the variables used to measure managerial entrenchment. The current research explores the effects of the most commonly used measures and some non-retained measures could be pertinent in verifying the assumed relationships. Originality/value: This analysis is one of the few studies conducted in the African countries that scrutinize the impact of managers’ entrenchment determinants (ownership, duality, age, and tenure) on firm performance

12

Związki między zaangażowaniem rodziny a innowacyjnością i wynikami polskich przedsiębiorstw rodzinnych

88%

Kraśnicka T., Steinerowska-Streb I.

Studia BAS

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2024

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issue 1(77)

53-71

EN

The article presents the research results on the relationship between family involvement and innovation of family firms and their economic performance. The following criteria were used to measure family involvement: participation of family members in the company’s management, participation in ownership, presence of family members among the company’s employees, and the act of carrying out succession. Based on the analysis of the collected data from Polish family businesses, it was found that family involvement positively influences the company’s performance. However, the relationship between family involvement and firm innovativeness, measured by the number of implemented product innovations, was statistically insignificant. The study’s findings confirm the complexity of family businesses and the ambiguous nature of family influence on family business.

13

The effect of information communication technology readiness and knowledge management on entrepreneurial strategic orientation and its implications on firm performance

88%

Jayanagara O., Chen K. A.

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2023

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vol. 47

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issue 1

71-104

EN

This research aims to investigate the effect of the information communication technology readiness and knowledge management on entrepreneurial strategic orientation and their implication to firm performance. The methodology of this research was explanatory research with hypothesis testing for examining seven hypotheses. The study populations were small medium enterprises located in DKI Jakarta, with a sample size of 392 SMEs. Data for this study were collected using questionnaires, and structural equation modeling (SEM) was employed for data analysis. The results of this research were as follows: (1) Information communication technology readiness positively and significantly influenced entrepreneurial strategic orientation; (2) knowledge management positively and significantly influenced entrepreneurial strategic orientation; (3) information communication technology readiness and knowledge management positively and significantly influenced entrepreneurial strategic orientation; (4) information communication technology readiness positively and significantly influenced firm performance; (5) knowledge management positively and significantly influenced firm performance; (6) entrepreneurial strategic orientation positively and significantly influenced firm performance; and (7) information communication technology readiness, knowledge management, and entrepreneurial strategic orientation positively and significantly influenced firm performance. The mediating effect of entrepreneurial strategic orientation increased the effects of information communication technology readiness and knowledge management on firm performance. The results of this research indicate that the effect of information communication technology readiness and knowledge management on entrepreneurial strategic orientation, information communication technology readiness, and knowledge management on entrepreneurial strategic orientation on firm performance of SMEs of Jakarta. All of seven hypotheses that are proposed in this research can be accepted. Information communication technology readiness as an independent variable was the strongest influence on entrepreneurial strategic orientation, and entrepreneurial strategic orientation was the strongest influence on firm performance. This dissertation also discusses the findings and limitations, theoretical and practical contribution, theoretical and managerial implications of the study, and suggestions for future research.

14

Disentangling the impact of ICT adoption on SMEs performance: the mediating roles of corporate social responsibility and innovation

75%

León-Gómez A., Santos-Jaén J. M., Ruiz-Palomo D., Palacios-Manzano M.

Oeconomia Copernicana

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2022

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vol. 13

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issue 3

831-866

EN

Research background: The literature on the effects of Information and Communication Technologies (ICT) on performance is extensive and shows a significant positive effect. Likewise, the use of ICT to facilitate and report on Corporate Social Responsibility (CSR) practices implemented by Small and Medium Enterprises (SMEs) contributes to improve business performance. Moreover, through innovative activities, firms also obtain competitive advantages that impact positively on their performance, even more so when they are impacted by CSR. For this reason, it is expected that the adoption of ICTs in companies through a CSR-oriented strategy will increase their impact on business performance. Purpose of the article: This article tries to examine how ICT affects SMEs' performance through CSR and innovation. Methods: We tested our hypotheses using a sample of 2,825 Spanish SMEs and by applying a Partial Least Squares Path Modeling (PLS-PM) with a double confirmatory and predictive purpose: to identify the causal relationships between latent variables, and to evaluate the ability of the model to make predictions for individual cases. Findings & value added: The results show that CSR-oriented ICT impacts innovation by changing strategies and business model in companies. Moreover, the implementation of CSR practices gave them competitive advantages to increase their performance. We highlight how innovation gives companies greater capacity to respond to changes in their environment and how innovation positively impacts the link between CSR and performance. Finally, our research makes two significant contributions to the literature by incorporating two sequential mediating effects into the model. On the one hand, the indirect effect of ICT on innovation through CSR. On the other hand, the indirect effect of CSR on SME performance through innovation.

15

A New Instrument for Measuring the Local Causal Effect of Privatisation on Firm Performance

75%

Hagemejer J., Tyrowicz J.

Gospodarka Narodowa. The Polish Journal of Economics

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2020

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vol. 303

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issue 3

35-52

PL

Pomimo istnienia w literaturze ewidentnego konsensusu, że prywatyzacja jednoznacznie prowadzi do wzrostu produktywności i zyskowności przedsiębiorstw, problem obciążenia estymatorów wywołany endogenicznością jest znaczny, co potwierdzają liczne metaanalizy. W artykule zaproponowano nową metodę rozwiązującą problem endogeniczności, którą stosuje się do danych o uniwersum polskich średnich i dużych przedsiębiorstw w latach 1995–2008. Rezultaty estymacji wskazują, że wywołana prywatyzacją poprawa wyników przedsiębiorstw widoczna jest jedynie w niektórych ich grupach.

EN

Despite an apparent consensus in the literature that privatisation universally leads to an increase in firm performance, the problem of endogeneity bias is profound and has been emphasised in a number of meta-analyses. We propose a new instrument to address the endogeneity bias and apply it to Polish medium-sized and large firms in the period of 1995 to 2008. We find that improvements in firm performance are not universal; in particular, we find no improvement among manufacturing firms privatised to domestic investors.

16

Do Strategic Alliances, Acquisitions, and R&D Investments Act as Complements or Substitutes?

75%

Martynov A.

Foundations of Management

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2016

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vol. 8

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issue 1

7-20

EN

This paper studies possible complementarities and substitution effects between such strategic choices as alliances, acquisitions and internal R&D investments. The findings indicate that a firm’s absorptive capacity affects the presence of complementarities and substitution effects among those strategic choices. Firms with high absorptive capacity exhibit substitution effects between alliances and acquisitions and between alliances and internal R&D investments. Firms with high absorptive capacity also exhibit complementarities between acquisitions and additional R&D investments. These results were obtained from panel data of large and medium U.S. companies spanning the years 1998- 2009. The results are robust to the use of different measures of performance: profitability, market-tobook value, and sales growth. This paper contributes to our understanding of the role of absorptive capacity for the optimal choice of inter-organizational strategy vs. greater internal R&D investments.

17

IFRS innovation, governance practices and firm performance: A new empirical assessment of moderating effects across GCC region

75%

Alruwaili W. S., Ahmed A. D., Joshi M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2023

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vol. 18

|

issue 3

615-659

EN

Research background: Despite the large volume of research which has been conducted, the association between corporate governance mechanisms and firm performance remains a controversial issue, particularly with the growth of accounting settings around the world. Purpose of the article: This study assesses the moderating role of International Financial Reporting Standards (IFRS) on the association between corporate governance mechanisms and firm performance in selected Gulf Cooperation Council (GCC) country-listed firms, namely Saudi Arabia, Qatar, Bahrain, and United Arab Emirates over the period 2016–2019. Methods: Importantly, we examine the direct and indirect influences of royal family members on long-term firm performance. We attempt to answer our research questions using robust estimation methods such as pooled OLS, fixed effect, random effect and first difference models. Findings & value added: The outcome reveals a significant and positive impact of firm size and board size on the firm performance in the pooled sample, while there is a significantly negative influence of financial leverage on firm performance. The impact of RFP on FP is seen to be negative and significant while the interaction term is found to be positive and statistically significant. This notably refers to the possibility that royal family directors could play an essential role in influencing the executive management team to fully react to provide extensive voluntary disclosure and comply with IFRS adoption. Our simultaneous quantile regression analysis displays the influence of corporate governance mechanisms on firm performance in various stages. While we observe that IFRS transformation has improved information comparability, policy makes in GCC countries should continue to foster conducive environment to support innovative business practices that help diversify their economies.

18

Operating risk and firm’s profitability: evidence from non-listed manufacturing firms from V4 countries

75%

Sroka Ł., Wieczorek-Kosmala M.

Współczesna Gospodarka

|

2024

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vol. 18

|

issue 1 (42)

1-14

PL

Cel. Artykuł stanowi wkład w toczącą się debatę na temat determinantów strategii odporności firm w obliczu kryzysu, odnosząc się do ryzyka operacyjnego. Celem naszej pracy jest zbadanie wpływu ryzyka operacyjnego na rentowność firm nienotowanych na giełdzie, działających w sektorze produkcyjnym. Badania nasze wypełniają lukę badawczą w tym temacie, w zakresie badań na poziomie konkretnego sektora i w grupie mniejszych firm. Metoda. Nasze badanie opiera się na danych księgowych dużej próby firm nienotowanych na giełdzie, dla czterech krajów (Polska, Czechy, Słowacja i Węgry). Zastosowana została regresja ważona (WLS - Weighted Last Squared) do testowania dwóch modeli wpływu ryzyka operacyjnego na rentowność firmy. Wyniki. Badania wskazują, że firmy narażone na wyższe ryzyko operacyjne są mniej rentowne. Biorąc pod uwagę krzyżowy wpływ ryzyka operacyjnego i finansowego, potwierdziliśmy na poziomie istotnym statystycznie, że wzajemne oddziaływanie ryzyka operacyjnego i finansowego ma negatywny wpływ na rentowność firmy. Wyniki naszych badań mają ważne implikacje praktyczne. Wskazują, że w okresie kryzysu mniejsze firmy potrzebują finansowania własnego, dla wsparcia odporności na skutki kryzysu dla sytuacji finansowej firmy.

EN

Purpose. This study contributes to the ongoing debate on determinants of firms’ resilience strategies while facing a crisis, by referring to the operating risk. The purpose of our work is to examine the effects of operating risk on profitability of non-listed firms in manufacturing sector. Therefore, our study responds to the literature gap within investigating this problem at sector level, and among smaller firms. Methodology. Our evidence is based on accounting-based data, covering four countries (Poland, Czechia, Slovakia and Hungary) and large number of non-listed firms. We apply WLS (Weighted Last Squared) regression to test two models of the impacts of operating risk on firm’s profitability. Findings. Our results indicate that firms exposed to higher operating risk, tend to be less profitable. While considering cross-effects of operating and financial risk in our model, we found strong and sound evidence that the interplay between operating and financial risk exposure exerts a negative impact on firm’s profitability. These results have important implications, by demonstrating that during the period of crisis firms need equity financing to sustain resilience.

19

Women’s Representation on Boards and the Financial Performance of Polish Public Companies in the pre-COVID-19 Decade

63%

Kompa K., Witkowska D., Hewitt L.

Gospodarka Narodowa. The Polish Journal of Economics

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2023

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vol. 315

|

issue 3

34-47

PL

Różnorodność płci w zarządach i jej związek z wynikami finansowymi spółek notowanych na giełdzie jest przedmiotem szerokiej debaty. Dotychczas identyfikowano zarówno pozytywne, jak i negatywne relacje między tymi dwoma zjawiskami. W niniejszym badaniu podjęto próbę ustalenia, czy istnieje związek między reprezentacją kobiet w zarządach a wynikami finansowymi spółek w Polsce. Próba badawcza obejmowała 90 spółek, które posiadały pełną dokumentację niezbędnych danych i były nieprzerwanie notowane na Giełdzie Papierów Wartościowych w Warszawie w latach 2010–2019 (w okresie określanym jako dekada przed pandemią COVID- 19). Wyniki finansowe spółek mierzone są 1) kilkoma pojedynczymi wskaźnikami finansowymi oraz 2) miarami syntetycznymi (taksonomicznymi), skonstruowanymi z wykorzystaniem zbiorów różnych pojedynczych wskaźników finansowych. Badania przeprowadzono dla wszystkich wybranych spółek łącznie oraz oddzielnie dla banków, innych firm finansowych i spółek niefinansowych. Uzyskane rezultaty sugerują, że reprezentacja kobiet w zarządach nie była powiązana z wynikami finansowymi spółek notowanych na giełdzie w Polsce, choć odnotowano kilka przykładów korelacji dodatniej, szczególnie w przypadku banków.

EN

Gender diversity in corporate boardrooms and its relation to the financial performance of public companies is the subject of a wide debate. Both positive and negative relationships have been identified between these two phenomena. This study attempts to determine if there is a relationship between the representation of women on boards and the financial performance of companies in Poland. The research sample comprised 90 companies that had complete records of necessary data and were continuously listed on the Warsaw Stock Exchange in Poland from 2010 to 2019 (in a period referred to as the pre-COVID-19 pandemic decade). The financial performance of companies is measured by (1) several single financial ratios and (2) synthetic (taxonomic) measures constructed using sets of various individual financial ratios. Investigations were conducted for all the selected companies collectively, and separately for banks, other financial firms and non-financial companies. The findings indicate that women’s representation on boards had no connection to the financial performance of public companies in Poland, although a few examples of positive relation were noted, particularly in the case of banks.

20

Mediacje relacji orientacja przedsiębiorcza–wynik firmy

63%

Wójcik-Karpacz A.

Przedsiębiorstwo we współczesnej gospodarce - teoria i praktyka

|

2017

|

vol. 1

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issue 20

85-97

PL

W opracowaniu przedstawiono mediację jako technikę analityczną pozwalającą na wyjaśnienie zgłaszanych przez badaczy znacznych odchyleń w wielkości i kierunku relacji orientacja przedsiębiorcza (entrepreneurial orientation, EO) – wynik firmy. Syntetycznie omówiono założenia prowadzenia analiz mediacyjnych, wskazując praktyki, które należy stosować, aby prawidłowo przeprowadzić takie postępowanie. Ustalono, że choć mediacja nie jest nowym w statystyce narzędziem rozwiązywania problemów badawczych, to w naukach o zarządzaniu odnotowuje się wyraźny deficyt jej stosowania. Dlatego celem opracowania jest identyfikacja zmiennych mediujących relację orientacja przedsiębiorcza (EO)– wynik firmy. Studia efektów mediacji przedstawiane w literaturze poświadczyły użyteczność omawianej techniki analitycznej w kontekście problematyki EO. Realizacja tego celu pozwoliła sformułować listę czynników mediujących zależność „orientacja przedsiębiorcza – wyniki firmy”.

EN

In the study, the mediation was presented as an analytical technique allowing the explanation of significant fluctuations in size and the direction of the entrepreneurial orientation (EO)–firm performance relationship. The assumptions of analysis of mediation were discussed as the whole, pointing to the practices, which should be used in order to carry out this process properly. It was found out, that mediation, despite not being a new tool of solving the research problems in statistics, is not commonly used in the management sciences. That is why, the aim of the study is to identify mediating variables which explain entrepreneurial orientation (EO)–firm performance relationship. The studies on the effects of mediation presented in the scientific literature confirmed the usefulness of the analytical technique in the context of the EO discussion. It allowed to compile the list of the meditative factors on the relationship “entrepreneurial orientation (EO)–firm performance".

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