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1

The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries

100%

Šimáková J., Rusková N.

Comparative Economic Research. Central and Eastern Europe

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2019

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vol. 22

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issue 3

117-129

PL

Celem artykułu jest ocena wpływu kursów walut na ceny akcji spółek z branży chemicznej notowanych na giełdach w krajach Grupy Wyszehradzkiej. Analiza empiryczna obejmowała okres od września 2003 r. do czerwca 2016 r. W oparciu o dane miesięczne pochcodzące z firm z branży petrochemicznej i farmaceutycznej dokonano analizy wpływu kursu wymiany na ceny akcji za pomocą modelu Joriona. W przeciwieństwie do wybranych spółek petrochemicznych, firmy farmaceutyczne nie stosowały żadnych instrumentów zabezpieczających w badanym okresie. Wpływ kursu walutowego na cenę akcji został udowodniony tylko w przypadku firm z branży farmaceutycznej. Sugeruje to, że ryzyko kursowe można wyeliminować za pomocą instrumentów zabezpieczających.

EN

The aim of the paper is to evaluate the effect of exchange rates on the stock prices of companies in the chemical industry listed on the stock exchanges in the Visegrad Four countries. The empirical analysis was performed from September 2003 to June 2016 on companies from the petrochemical and pharmaceutical industry. The effect of the exchange rate on stock prices is analyzed using Jorion’s approach on monthly data. In contrast to the selected petrochemical companies, the pharmaceutical companies did not use any hedging instruments in the tested period. The effect of the exchange rate on the stock price was proved only in the case of companies from the pharmaceutical industry. This suggests that exchange rate risk could be eliminated by using hedging instruments.

2

Uwarunkowania rozwoju gospodarki obiegu zamkniętego w obszarze tworzyw sztucznych

100%

Posłuszny K.

Gospodarka w Praktyce i Teorii

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2018

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vol. 51

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issue 2

39-49

EN

Idea of circular economy is a natural direction of the development of environmentally oriented management. It is assessed that 95% of plastic packaging materials, valued at 100 bill. USD is lost shortly after first use. Closing of a productionuse loop can be cost effective and can bring reduction of environmental burden. Circular economy in plastics has also far reaching consequences: stimulation of structural changes in industry, new value chains, changes in technologies and investment as well as changes in international trade. In the paper some forecasts and assessments of circular economy consequences for producers and users in plastics are presented and discussed on the example of main types of plastics.

PL

Idea gospodarki obiegu zamkniętego jest jednym z nowych kierunków zmian w dziedzinie zarządzania zorientowanego na poszanowanie środowiska. Szacuje się, że obecnie 95% opakowań z tworzyw sztucznych, wartych około 100 mld USD, jest traconych po pierwszym użyciu. Zamknięcie obiegu tworzyw i wzrost poziomu recyklingu sprzyjać będzie redukcji obciążeń środowiskowych i racjonalizacji kosztów. Gospodarka zamknięta w obszarze tworzyw sztucznych ma jednak dalej idące konsekwencje, dotyczące zmian strukturalnych wśród producentów, przekształceń w łańcuchach tworzenia wartości, procesów substytucji, kierunków inwestycji w zakresie surowców petrochemicznych i struktury handlu zagranicznego. W artykule przedstawiono prognozy i oszacowania najbardziej istotnych skutków – zarówno kosztów, jak i korzyści – implementacji zasad gospodarki obiegu zamkniętego dla podstawowych tworzyw sztucznych oraz dla ich producentów i użytkowników.

3

Chemical industry in Europe during crisis caused by Russia: the case study of Grupa Azoty

89%

Marciniak Z., Noga M.

Zeszyty Studenckie Wydziału Ekonomicznego „Nasze Studia”

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2023

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issue 13

204-223

PL

Kryzys, który rozpoczął się w 2022 r. z powodu rosyjskiej inwazji na Ukrainę, trwał przez następny rok, a od 2023 r. sytuacja na rynku była szczególnie napięta pod względem przemysłu chemicznego. W niniejszym studium przypadku staramy się przedstawić obecną sytuację największego polskiego producenta nawozów, Grupy Azoty S.A., w porównaniu z norweskim konkurentem, Yara International ASA. Szukamy odpowiedzi na to, w jaki sposób obie firmy zostały dotknięte kryzysem i jakie są ogólne trendy w tym okresie między lutym 2022 a marcem 2023 r. Aby odpowiedzieć na cele i pytania badawcze, korzystamy z metod badawczych wtórnych z analizą istniejącej literatury oraz analizy finansowej przeprowadzonej na podstawie dostępnych raportów firm z bazy danych LSEG. Po przeanalizowaniu sytuacji na rynku chemicznym w 2023 r. oraz dokładniejszym zbadaniu cen akcji i wyników finansowych Grupy Azoty, możemy stwierdzić, że kryzys spowodowany wojną na Ukrainie miał duży wpływ na przemysł chemiczny w Europie. Opublikowane informacje o przebiegu wojny i jej konsekwencjach wpływają na poziom zaufania inwestorów i powodują wahania cen na giełdzie. Ponadto, czynniki makroekonomiczne i polityczne mają wpływ na wyniki finansowe przedsiębiorstwa. Chociaż wydawało się, że sankcje nałożone na Rosję stworzyły okazję do zwiększenia udziału w rynku przez wypełnienie luki powstałej w wyniku braku importu, to w rzeczywistości warunki rynkowe utrudniały ten proces. Szczególną rolę odegrał wzrost cen energii i surowców, ponieważ są one głównym kosztem dla przedsiębiorstw produkcyjnych w przemyśle chemicznym.

EN

The crisis that started in 2022 due to the Russian invasion of Ukraine continued throughout the following year, and as of 2023, the market situation regarding the chemical industry was especially tense. In this case study, we try to portray the present status of Poland’s leading manufacturer of fertilizers, Grupa Azoty S.A., with a comparison to its Norwegian competitor Yara International ASA. We look for an answer to how both have been affected by the crisis and the general trends between February 2022 and March 2023. To answer research objectives and questions, we use secondary research methods with the analysis of existing literature and financial study conducted with the available reports from the companies from the database of LSEG. After analyzing the situation as of 2023 in the chemical industry and a closer inspection of the stock prices and financial results of Grupa Azoty, we can conclude that the crisis caused by the war in Ukraine has had a significant influence on the chemical industry in Europe. Published information about the developments of the war and its consequences influenced investors’ confidence levels and caused the prices on the stock exchange to fluctuate. Furthermore, macroeconomic and political factors influence the financial results of the company. Even though it seemed like the sanctions on Russia created an opportunity to increase the market share by filling the gap created by the lack of imports, the market conditions hindered that process. Especially the rise in energy and raw materials prices played an important role as they are the main expense for manufacturing companies in the chemical industry.

4

Dependence on chemical industry products made from oil and gas – on the way to the annihilation of humanity

71%

Szarek S.

Zeszyty Naukowe UPH seria Administracja i Zarządzanie

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2023

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vol. 60

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issue 133

25-38

PL

W artykule przedstawiono konsekwencje uzależnienia gospodarki od produktów przemysłu chemicznego wytwarzanych z ropy naftowej i gazu ziemnego. Stwierdzono, że gospodarka w coraz większym stopniu uzależnia się od tych produktów. Bazując na klasyfikacji NACE Rev2 określono konsekwencje, jakie mogą ponieść wszystkie działy gospodarki w związku z odcięciem ich od dostaw produktów przemysłu chemicznego wytwarzanych z ropy naftowej i gazu ziemnego. Stwierdzono, że największe konsekwencje braku tych produktów poniesie rolnictwo, ochrona zdrowia, transport, przemysł samochodowy i budownictwo. Wskazano, jakie są strategiczne – z punktu widzenia gospodarki – produkty pochodzące z przetwórstwa ropy naftowej i gazu ziemnego. Stwierdzono, że brak tych produktów może spowodować globalny kryzys gospodarczy i cofnąć rozwój ludzkości o 250 lat.

EN

The study presents the consequences of economy’s dependence on chemical industry products made from oil and gas. It is reported that the economy is becoming increasingly dependent on the specified products. Based on the NACE Rev2 classification, the author lists the possible implications for all sectors of the economy of the cutting-off of the supplies of chemical industry products made from oil and gas It is demonstrated that the major consequences of the shortage of such products will be borne by agriculture, health protection, transport, automotive industry and construction. The paper lists the oil and gas processing products which are strategic in terms of the economy. The absence of the products may create a global economic crisis and make human development regress by 250 years.

5

Using TMAI to determine the competitive position of companies in Poland’s chemical industry

71%

Fura B.

Economic and Environmental Studies

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2019

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vol. 19

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issue 1

31-54

EN

Currently, the fastest growth of the chemical industry is, besides the Asian markets, expected in the countries of Central and Eastern Europe, including Poland. However, the Polish chemical industry is facing several challenges, such as high prices of raw materials, tougher environmental standards and growing competition from the rapidly growing Asian markets. It is, therefore, appropriate to define the competitive position of companies in the chemical industry in Poland. This goal was achieved through the use of the Taxonomic Measure of Attractiveness of Investment (TMAI), which belongs to a group of multidimensional comparative analysis. The assessment was made of 23 chemical companies listed on the Warsaw Stock Exchange (WSE) in Poland in terms of liquidity, debt, turnover, profitability and market efficiency. Companies were ranked in terms of their competitive position in two-time points, 2012 and 2016. Rankings were presented in two variants namely, with weighted and unweighted indicators. The research confirmed a compliance of companies’ rankings calculated in both variants of the applied method. Repeatedly high ranking positions were achieved by the majority of companies engaged in the production of mineral fertilizers. Although cosmetics companies were, in 2012, classified low, most of them recorded improvements in 2016. The opposite was observed in respect of manufacturers of pharmaceutical and medical products. The results obtained are useful in assessing the market value of companies in the chemical industry and in developing strategies for the development of the chemical industry in the light of sustainable development.

PL

Sektor chemiczny jest jednym z kluczowych sektorów gospodarki europejskiej. Obecnie najszybszego wzrostu przemysłu chemicznego oprócz rynków azjatyckich, oczekuje się w krajach Europy Środkowej i Wschodniej, w tym w Polsce. Polski przemysł chemiczny stoi jednak w obliczu wielu wyzwań, takich jak wysokie ceny surowców, ostrzejsze normy środowiskowe i rosnąca konkurencja. W związku z tym właściwe jest określenie pozycji konkurencyjnej przedsiębiorstw w sektorze chemicznym w Polsce. Cel ten został osiągnięty poprzez zastosowanie taksonomicznej miary atrakcyjności inwestycyjnej (TMAI), która należy do grupy wielowymiarowych analiz porównawczych. Ocenę przeprowadzono na przykładzie 23 spółek chemicznych notowanych na Giełdzie Papierów Wartościowych w Warszawie (GPW) pod kątem płynności, zadłużenia, obrotowości rentowności i efektywności rynkowej. Badane podmioty zostały uszeregowane pod względem zajmowanej pozycji konkurencyjnej w dwóch momentach czasowych, 2012 i 2016. Rankingi przedsiębiorstw zostały przedstawione w dwóch wariantach, a mianowicie z uwzględnieniem współczynników wagowych oraz bez ich uwzględnienia. Badania potwierdziły zgodność rankingów wyznaczonych w obu wariantach zastosowanej metody. Wysokie pozycje w rankingu utrzymywała większość przedsiębiorstw zajmujących się produkcją nawozów mineralnych. Chociaż przedsiębiorstwa kosmetyczne zostały w 2012 r. sklasyfikowane na niskim poziomie, większość z nich odnotowała poprawę w 2016 r. Odwrotnie było w przypadku producentów produktów farmaceutycznych i medycznych. Uzyskane wyniki są przydatne w ocenie wartości rynkowej podmiotów z sektora chemicznego oraz w opracowywaniu strategii rozwoju tego sektora w świetle idei rozwoju zrównoważonego.

6

Złoża soli w Polsce w ujęciu przeglądowym

71%

Kuc W.

Studia i Materiały do Dziejów Żup Solnych w Polsce

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2016

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vol. 31

151-208

EN

It is a well-known fact that the basis for the existence of mines are minerals (i.e. deposits thereof). Within the present-day borders of Poland, salt deposits are related to two areas. Both are designated by the occurrence of evaporates belonging to epochs distant in time: Zechstein and Miocene. Rock salt of the Miocene epoch occurs in a belt of parallel latitude designated by the border of thrusting over of the Carpathian flysch formations. In these areas, tectonic enrichment of the evaporates took place as a result of scraping them from an area with a width of several dozen kilometres. Tectonic accumulation of salt resulted in emergence of deposits with utility characteristics in several places. Bochnia and Wieliczka are the oldest centres where salt mines were built. The deposits were examined gradually, starting from the Middle Ages, in the course of their exploitation. Such long period of production activity also includes present day utilisation of water from the Wieliczka Salt Mine performed in the saltworks nearby. Production of evaporated salt in the area of Lesser Poland adjoining the Carpathian Mountains constitutes a separate thread in the history of economy. The presence of active salt springs in this area in the middle Neolithic period changed the mode of life of nomadic groups of people. From hunters and gatherers, they transformed into settled producers of evaporated salt. Activity in this area of economy continued to develop until the Middle Ages, when deposits of rock salt were discovered. Since that moment, salt evaporation has been combined with mining activities. Salt brine extracted from the mine provided material for the saltworks operating on the surface; exploitation of rock salt was performed in parallel. Such a state of affairs continued until 1724. At the beginning of the 19th century, attempts were made to reintroduce the production of evaporated salt, yet it was eventually reinstated in 1913 after opening of saltworks near the Kinga Shaft. Therefore, it may be stated that a salt-making centre has existed here for several centuries which, in a certain period, was extended onto a mine. Nowadays, apart from ongoing securing work and control of the state of the mining pits, the basic activity of the salt mines in Wieliczka and Bochnia is limited to the tourist, recreational, entertainment and spa offer. The long production history of the salt deposits is today testified by salt evaporation, initiated already in the Neolithic Age. One may venture saying that after the industrial activity has ceased, a certain return to the sources took place: unfortunately, not the salt spring sources, as they ceased to be active a long time ago. In Wieliczka, the resources are provided by salty waters of the mine and in Łapczyca near Bochnia (SALCO company), rich brine is procured from boreholes. Therefore, today only these two centres make references to the distant salt evaporation traditions. A thorough picture of the genesis of sub-Carpathian salt deposits and the operation of both mines with respect to historical, cultural, technical and natural issues is contained in the display and publication offers and presented during events organised by the Cracow Saltworks Museum Wieliczka. The institution tries to be a centre collecting information about the history of the salt mining industry in Poland, with special attention given to the oldest salt mines in Bochnia and in Wieliczka. The rank of both facilities is confirmed by the entry in the UNESCO World Heritage List: on 23 June 2013 both mines were entered in the list as the Cracow Saltworks along with the Saltworks Castle (the Salt Mine in Wieliczka was entered in the list on 9 September 1978). Bearing in mind such finale of the story, it is worth appreciating the causal factor of nature examined and described by geologists. It was included in numerous studies investigating the genesis of Miocene salt deposits. Examination of the geological structure of deposits and, subsequently, relating their genesis to regional processes, forms a separate part of history. It may start with practical mining activities which, already in the 17th century, found their expression in maps illustrating the situation of mining pits (Marcin German, William Hondius). Conclusions about the form of the deposit may be drawn from them. Questions about its genesis were probably asked earlier. Systematic geological studies commenced in the 19th century focused more on the Wieliczka deposit (Ludwik Emanuel Hrdina, Jan Nepomucen Hrdina, Julian Niedźwiedzki and others). In the course of time, the structure of the deposit was connected to the regional scale of geological processes. Among an incomplete list of researchers discovering the secrets of the Miocene salt, it is necessary to mention the names of Antoni Gaweł, Józef Poborski, Kamila Skoczylas-Ciszewska and Aleksander Garlicki. The work of geologists led to the examination of subsequent deposits. The knowledge gathered during these studies offers a beautiful illustration for the determining relation between geological processes and the mining history of the region. Contemporary stages of exploitation of Miocene salt are designated by the presence of deposits in Barycz, Łężkowice and Siedlec-Moszczenica. However, all of the mining centres related to them ended their operation before the end of the 20th century. Deposits documented in Rybnik and Wojnicz constitute some type of a reserve from this period. Today, their future is unknown, yet a description of their structure also constitutes an important supplement for the knowledge about the formation of Miocene salt series in the area of thrusting over of the Carpathian flysch and outside of it. There is a series of archaeologically documented production sites of evaporated salt dating back to the middle Neolithic period. They occur in the vicinity of later salt mines. Other centres with the tradition of salt evaporation are hidden behind the name of spa resorts: Iwonicz Zdrój, Rabka Zdrój, Busko Zdrój, and these that aspire to such role, making references to the salt-working past, e.g. Sól, Sołonka, Dębieńsko, Dębowiec and Zabłocie. The Zechstein evaporates are related to mining centres located on the deposits discovered in the 19th century. At that time, Inowrocław appeared on the map of salt mining and slightly later Wapno. Both centres already have historical significance, nowadays modestly reminded by the artefacts (e.g. geological specimens) and by descriptive and photographic documents in greater numbers. It is also necessary to mention much older traditions of producing salt from salt springs located on the surface. In Kujawy, such activity already took place in the ancient times; traces of a graduation tower from the beginnings of our era were discovered in the area of present-day Inowrocław. In post-war economy, salt from the Zechstein deposits started to play a growing role. New deposits were documented and subsequently exploited in diapir structures, e.g. in Kłodawa, Góra, Mogilno and Rogóźno, Damasławek, Lubień and Łanięta. The exploited deposits are documented in higher categories, yet the basic data about the structure, such as the caprock, the salt table, the form of diapir, its size, resources and types of salt were determined for all. This also refers to bedded deposits in the region of Łaba and Sieroszowice–Kaźmierz. As it turned out, numerous Zechstein salt deposits are fit for the construction of cavern storage facilities for liquid and gas hydrocarbons. Work in this direction was commenced in 1975 in the diapir deposit “Lubień Kujawski” and stopped in 1981. The first utility storage was established in post-exploitation voids (open pit exploration via leaching) of the “Góra” mine. Subsequent ones were established in “Mogilno” and “Mechelinki” deposits (the last storage facility in 1916). As can be seen from the examples presented above, the history of salt mining includes another aspect of application of salt deposits. It has to be emphasised that each decision on the possibility of opening a storage facility is related not only to the documentation of the salt deposit as such, but it also requires examination of its structure, properties of the rocks and geological structure of the neighbouring area. The history of two locations is related to salt evaporation: in Kołobrzeg, it is slightly overshadowed by health resort functions and in Ciechocinek, one of the graduation towers continues to function in cooperation with saltworks. In both cities, salt tradition is to be connected to the presence of Zechstein formation of evaporates.

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1 Comparative Economic Research. Central and Eastern Europe

1 Economic and Environmental Studies

1 Gospodarka w Praktyce i Teorii

1 Studia i Materiały do Dziejów Żup Solnych w Polsce

1 Zeszyty Naukowe UPH seria Administracja i Zarządzanie

1 Zeszyty Studenckie Wydziału Ekonomicznego „Nasze Studia”

1 Fura B.

1 Kuc W.

1 Marciniak Z.

1 Noga M.

1 Posłuszny K.

1 Rusková N.

1 Szarek S.

1 Šimáková J.

2 2023

2 2019