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Institutional determinism of the execution of transactions within the company

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Derkacz A. J.
Journal of Management and Financial Sciences
|
2020
|
issue 40
21-41
EN
Modern companies, operating in a dynamically changing environment, are subject to the permanent determinism of the institution. On the other hand, companies are more and more often perceived as complex networks of interpersonal relations in often dispersed organizational structures. Relationships seem to play the role of a link between human activities. The latter, being dependent on the level of his/her opportunism, limited rationality, uncertainty and defined costs of transaction execution within the company, take actions consistent with the company's goal. Man-made activities seem to be more and more often characterised by market transactions concluded within the frames of a company. The whole mechanism of company functioning cohabits under the influence of institutional determinism. Such a context of social and economic reality observed within the frame of the company has become a contribution to the emergence of the question which inspires the author's scientific work within the scope of the new institutional economics. What are the reasons for the existence of various forms of transaction organization and ways of their implementation within the company? The following article is an attempt to answer such a question in the context of the theory of institutions. The presented considerations, through the theoretical meanders of neo-institutionalism, ultimately lead to the localization of institutional determinism, which shapes the way transactions are carried out within the company.
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A method of estimating the Return on Housing Investment (ROHI)

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Derkacz A. J.
Statistics in Transition new series
|
2024
|
vol. 25
|
issue 4
157-178
EN
The aim of the study was to develop a method for estimating the profitability of housing investments. Market practice shows that the profitability of this type of investment is influenced by specific determinants that are absent in the classical approach to profitability analysis. The most commonly used method is the Return on Equity (ROE) ratio, which is dedicated to enterprises. However, housing investments are becoming increasingly popular among individuals, while the classical ROE method proved suboptimal for such ventures (i.e. those involving the purchase of residential property and its subsequent rental to third parties). In this context, we made an attempt to develop a method that would make the estimation of the profitability level of this type of investment possible. Through the decomposition of the ROE ratio, a model for the Return on Housing Investment (ROHI) was created. This model was verified using real market data. Ultimately, we found that the ROHI method allows the estimation of the profitability level while taking into consideration the most important determinants characteristic of this type of investment.
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