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Oeconomia Copernicana
|
2015
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vol. 6
|
issue 2
67-87
EN
The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises years between 2004-2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from the DEA’s point of view.
EN
For decades what has been heated are debates on topics such as: which country is the most competitive? What is the best country to live in?. However, it may be disputable whether results of these debates have practical outcomes. It is arguable whether is it clear what constructs are in fact discussed, how to measure their level, and how to draw conclusions from such studies. This paper addresses aspects relevant to innovativeness - interpretation, measurement, accuracy and practicality. This paper shows that despite of very abundant literature on the subject, the prime tangible effect deals with various rankings of countries for public relations purpose rather than it provides a policy setting directions.
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