Search results

1

Determinanty inwestycji przedsiębiorstw

100%

Kasprzak-Czelej A.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2013

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vol. 47

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issue 2

EN

The article provides a brief review of internal and external factors that determine corporate investment. The results of empirical researches on investment determinants are quoted. They suggest that the key factors for investment, generally speaking, are connected with an economic condition, uncertainty and risk, and the level of financial development.

PL

Artykuł nie zawiera abstraktu w języku polskim

2

Szacowanie kosztu kapitału własnego na przykładzie polskiego sektora bankowego

100%

Zyguła A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 913

159-175

EN

The concept of the cost of equity is one of the key issues of corporate financial management. However, numerous scientific studies as well as economic practice show that there is no single, universal technique for estimating the cost of equity. Moreover, even within a given technique there is often no consensus on how to determine its basic parameters. This article focuses on the most popular technique for estimating the cost of equity, i.e. the CAPM approach. Doubts and problems arising while estimating the cost of equity are analysed and then presented on the example of the banking sector companies listed on the Warsaw Stock Exchange in the years 2001–2011.

3

What drives the dividend decisions in BRICS countries?

100%

Mrzygłód U., Nowak S., Mosionek-Schweda M., Kwiatkowski J. M.

Oeconomia Copernicana

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2021

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vol. 12

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issue 3

593-629

EN

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS' stock exchanges is scarce. Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995-2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends' levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.

4

Przemiany na chińskim rynku akcji w latach 1990–2012

100%

Marszk A.

International Business and Global Economy

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2014

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vol. Volume 33

340–351

EN

The main purpose of this paper is to examine the transformation of the stock market in the People’s Republic of China (i.e. concentrated on stock exchanges in Shanghai and Shenzhen; the stock exchange in Hong Kong was omitted) from its beginnings in the early 1990s, through rapid development over the next two decades, up to the financial crisis of 2008 (the period examined is 1990–2012). The paper presents a short history of the Chinese stock market before and after 1990. Other topics covered include unique stock classification system, comparison of the two stock exchanges, main market participants (including barriers for institutional and foreign investors), and legal/regulatory environment evolution. The next part of the paper consists of an analysis of the main stock market’s development indicators (in both absolute and relative terms). The findings conclude that, in the said period, Chinese stock market has undergone a deep transformation, especially when its size and liquidity are being considered. However, there are still many aspects in which it remains underdeveloped, particularly in the supervision system’s area.

5

Standardowe i niestandardowe działania antykryzysowe w gospodarkach wschodzących

100%

Wojtyna A.

Gospodarka Narodowa. The Polish Journal of Economics

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2011

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vol. 250

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issue 9

1-21

EN

The article discusses and evaluates the latest trends in research on stabilization policies in medium-developed countries at a time of crisis. The author sets out to determine whether and to what extent these policies have been based on standard (conventional, orthodox) measures and to what extent they have relied on nonstandard (unconventional, unorthodox) methods. To make sure these concepts are useful in his analysis, in the second part of the article the author clarifies their meaning and highlights their relationship with other methods for classifying anti-crisis measures. The third part discusses some recent findings in research on the determinants of emerging markets’ resilience/susceptibility to crises. This section of the article focuses on the impact of an economic policy on the resilience of economies to crisis. The author takes into account the specific features of emerging markets, which determine the need for, possibilities and effectiveness of both standard and nonstandard anti-crisis measures. The focus is on the use of these measures in medium-developed countries. The analysis covers developed countries only insofar they have an impact on the application of similar measures in medium-developed countries, the author says.

6

Struktura finansowania przedsiębiorstw w Polsce na tle badań międzynarodowych

100%

Nawrot W.

Gospodarka Narodowa. The Polish Journal of Economics

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2007

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vol. 217

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issue 7-8

19-42

EN

The author analyzes the structure of financing enterprises in Poland in 1992-2005. She looks at her findings through the lens of key business financing theories as well as data yielded by international research. In doing so, Nawrot aims to fill a gap in international research because most other researchers dealing with the subject focus on emerging markets in South America and Asia rather than Central and Eastern Europe. The paper features a research method based on a detailed analysis of individual sources of financing in the analyzed period, taking into account changes in enterprises’ ownership structures as well as changes in the choice of sources of funds in the context of the overall changes in the economy. Nawrot’s analyses reveal that changes in the structure of financing Polish enterprises-though consistent with international business financing theories and congruent with the results of analyses made for other emerging markets-largely stemmed from the specific conditions in which these companies operated in the analyzed period, following market-oriented reforms in the Polish economy.

7

An Analysis of Social Campaigns Aimed at Reducing Alcohol Consumption: the Case of Poland

100%

Hernik J., Lascu D. N.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2012

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vol. 7

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issue 4

EN

Poland is currently grappling with a challenging situation: as salaries are increasing and more consumers can afford to purchase alcohol, alcoholic consumption in Poland is among the highest in the European Union. Specifically, the market for vodka alone currently stands at $347 million, and beer at $465.2 million (www.money.pl 2011). In response to these developments, the Polish government has levied high taxes on alcohol consumption and enacted some of the most stringent advertising laws for alcoholic products in the European Union. It also launched nine national advertising campaigns and a local campaign in the West-Pomeranian region and increased the excise tax on alcohol. The current study attempts to shed light on the campaigns and to offer insights into the different themes that the campaigns use to persuade consumers to limit their alcohol consumption and to act responsibly when consuming alcohol and to offer actionable solutions to change the alcohol-related consumption behavior in Poland through warning labels, health education, and other attempts at demarketing alcohol consumption. The paper also examines alternative venues that might lead to a change in the alcohol-related consumption behavior for Polish consumers, which may include instituting warning labels and other counteradvertising to educate the public with regard to alcohol-related risks, and thus curb the overall alcohol consumption and related negative outcomes for the Polish consumers.

8

How to Measure Illiquidity on European Emerging Stock Markets?

100%

Vidović J., Poklepović T., Aljinović Z.

Business Systems Research Journal

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2014

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vol. 5

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issue 3

67-81

EN

Background: Liquidity is, in practice of portfolio investment, an important attribute of stocks and measuring illiquidity presents a real challenge for researchers, primarily on developed stock markets. Moreover, there is a lack of research dealing with (il)liquidity on emerging markets. In the paper, the problem of applicability and validity of two well-known illiquidity measures, ILLIQ and TURN, on European emerging markets is observed. Objectives: The paper has two main purposes. The first is to test the relative performance of the two selected illiquidity measures in terms of their validity on European emerging stock markets. The second is to propose a new and improved illiquidity measure named Relative Change in Volume (RCV). Methods/Approach: Using daily returns and traded volumes for 12 stocks which are constituents of stock indices on seven observed markets, ILLIQ and TURN along with the new proposed measure are calculated and tested based on correlation with return. All measures are tested and proposed using the single stock approach. Results: It is shown that ILLIQ and TURN are not appropriate for seven observed markets. The measures do not follow the obligatory request that returns increase in illiquidity while RCV has the ability of taking into account the pressure of big differences in volume on return. RCV gives satisfactory results, making clear the distinction between liquid and illiquid stocks and between liquid and illiquid markets. Conclusions: The proposed measure potentially has important implications in illiquidity measurement in general, and not only for investors on emerging stock markets.

9

Credit cycles and macroprudential policies in emerging market economies

100%

Lazarevic J., Kuzman T., Nedeljkovic M.

Oeconomia Copernicana

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2022

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vol. 13

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issue 3

633-666

EN

Research background: Excessive credit expansions have an important role in the generation and amplification of business cycles in emerging market (EM) economies. Macroprudential policies can be beneficial in restraining excessive credit growth and safeguarding financial stability. Despite recent theoretical advances in understanding of the benefits of macroprudential policies, empirical evidence on their effect on the credit cycle is still scarce. Purpose of the article: This paper studies the effectiveness of macroprudential measures in the sample of major EM economies focusing on the broad credit measure and using an empirical framework which aims to alleviate several concerns in the previous literature. We examine the effectiveness of four categories of measures which are granular enough to provide relevant policy perspectives, whilst mitigating data sparsity issues. By exploiting both time-series and cross-country variation in the tightness of macroprudential regulation in the construction of policy variables we also mitigate some of the common reverse causality concerns. Methods: We use panel data and employ several (fixed effect, bias corrected LSDV and dynamic interactive fixed effect) estimators to ensure that the results are not sensitive with respect to the estimation method while, together with our construction of the policy variables, alleviating other endogeneity concerns. Findings & value added: We uncover the heterogeneity in the effects of macroprudential measures on the credit cycle. While measures related to bank capital and credit activity are found to be effective in leaning-against the credit cycle, the measures targeting bank liquidity and FX exposures fail to have statistically significant effect. Our results provide the rationale for mixed evidence in the empirical literature studying the effectiveness of the broadly defined macroprudential measures. From the policy perspective, our findings provide evidence that the measures which address excessive credit expansion and strengthen the resilience of the financial system are effective in the EM economies.

10

Do managers really care about shareholders’ expectations? Evidence on dividend smoothing on Latin American emerging stock markets

100%

Mosionek-Schweda M., Mrzygłód U., Nowak S.

Econometrics. Ekonometria. Advances in Applied Data Analytics

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2017

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issue 2 (56)

67-91

EN

The main goal of the paper is to examine dividend smoothing behaviour among companies listed on the stock markets in Brazil, Chile, Colombia, Mexico and Peru in the period of 1994-2015. The research sample consisted of 227 companies and 4968 observations. On the basis of Lintner’s dividend partial adjustment model, we calculated the speed of dividend adjustment (SOA) in response to the change in earnings. We found many companies with low SOA values, which on the grounds of the classic Linter’s approach implies the existence of dividend smoothing. However, the obtained average SOA values varied in four out of five analyzed stock markets from 0.731 for Chile to 0.914 for Brazil.This means that on selected emerging stock markets of Latin America – except Peru – the dividend smoothing has not been confirmed. Moreover, the obtained SOA levels varied among the selected stock markets, which implies that the differences in the speed of dividend adjustment may be driven by either national or stock markets characteristics.

11

Can Emerging Countries Mitigate the Effect of Original Sin Problem in Achieving External Debt Sustainability?

100%

Güneş S., Akin T.

Central European Journal of Economic Modelling and Econometrics

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2023

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issue 3

267-285

EN

Due to the spike in inflation, the implementation of easy monetary and fiscal policies since the pandemic appears to be coming to an end. The shift towards tighter policies raises concerns about debt sustainability in developing countries, particularly due to the challenge of the "original sin" problem. Given these premises, to analyze debt sustainability for emerging countries, this study focuses on foreign exchange revenue capability and employs external debt-creating (imports, reserves and interest payments) and reducing variables (exports, reserve return and net transfers) for 1995-2020. The results of this panel cointegration estimation for 15 EMDE countries are 0.74 and 0.70 for CCEMG and AMG estimators respectively which indicates moderate sustainability as whole sample countries. However, the individual estimators vary widely for each individual country from weak to strong sustainability.

12

An Evolutionary Approach to Understanding Adjustment of MNCs in A Complex Environment

100%

Dziubińska A.

Problemy Zarządzania

|

2015

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issue 1/2015 (51), t.2

183-199

PL

Artykuł prezentuje wyniki badań dotyczących dostosowywania się przedsiębiorstw międzynarodowych do złożonego otoczenia. Model badawczy został osadzony na gruncie teorii ewolucyjnej, natomiast rynki wyłaniające się zostały wybrane jako kontekst badań. W rezultacie zostały scharakteryzowane trzy typy dostosowywania się do złożonego otoczenia. Przedstawiono implikacje co do możliwości rozwoju działań w odniesieniu do procesów uczenia się organizacji jako siły sprawczej dostosowywania się do otoczenia rynków zagranicznych.

EN

The article presents the results of the research concerning adjustment of multinational enterprises (MNCs) to a complex environment. The research model was grounded in the evolutionary theory, and emerging markets were chosen as the contexts of studies. As a result, three types of adjustment to a complex environment were characterized. Implications for the development of activities were formulated in relation to processes of learning of an organization as main driving forces of adjustment to the environment of a foreign market.

13

Intraday patterns in time-varying correlations among Central European stock markets

100%

Wójtowicz T.

Managerial Economics

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2016

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vol. 17

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issue 1

149-162

EN

In this paper we investigate intraday relationships between three Central European stock exchanges: those in Frankfurt, Vienna and Warsaw. They represent different types of stock markets: two of them are developed, while the last is an emerging market. Via DCC-GARCH models we analyze and compare time-varying conditional correlations of intraday returns of the main indices of the stock exchanges. We study the impact of important public information, US macroeconomic news announcements, on the strength of interrelationships between the markets. Additionally, we analyze diurnal patterns in time-varying correlations on different days of the week.

14

Interdependence of sentiment indicators − a case of the Polish OTC market

100%

Jaworski P., Mielus P.

Nauki o Finansach

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2017

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issue 2(31)

31-43

EN

Prices observed on emerging markets are affected by market sentiment changes. The article presents an interdependence analysis of a chosen set of sentiment indicators observed on the Polish OTC market. The set contains both interest rate market (basis swap, asset swap, convergence swap, overnight index swap), foreign exchange market (ATM volatility, risk reversal) and equity market (WIG20). The analysis is focused on cointegration and Granger causality approach in order to present forecasting power of elaborated models. Evidence from the market reveals economic link between the time series that comes from the strong influence of the cross-border trading between non-residents and local market makers. High responsiveness of daily prices of OTC instruments to the changes of the market sentiment and a level of the risk aversion can be proven. Moreover, error correction model using foreign exchange options has practical forecasting power generating adequate trading decisions taken by market makers

15

High-Volume Return Premium on the Warsaw Stock Exchange: evidence, drivers, and strategy design

100%

Sieradzan O., Wójtowicz T.

Managerial Economics

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2025

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vol. 26

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issue 2

265-290

EN

This paper investigates the High-Volume Return Premium (HVRP) on the Warsaw Stock Exchange from 2002 to 2023. Building on prior research, it tests whether an unusually high trading volume predicts short-term return anomalies. Using daily data and long-only strategies based on relative trading volume, the study confirms the existence of the HVRP, with the strongest effects observed over one-day horizons, particularly for mid-cap and low-priced stocks. The premium weakens with longer holding periods and lower trading activity. These findings indicate that trading volume carries predictive information in an emerging market context and that volume-based signals can generate exploitable short-term return patterns. However, practical constraints such as transaction costs may limit the real-world profitability of such strategies.

16

Влияние Премии За Страновой Риск На Оценку Стоимости Компании В Эпоху Цифровых Технологий

88%

Frolova T., Vasiuk Y.

MIND Journal

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2020

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issue 10

1-15

EN

Financial globalization and artificial intelligence increase capital mobility along with risk consideration in cross-border investments. Emerging markets are the most vulnerable to specific risk factors like government regulation, political and macroeconomic stability. International investors require additional returns for a business operating in such locations, and higher risks should be captured appropriately in a valuation context. This paper investigates the nature, measures and ways of incorporating country risk premium as an upward adjustment to the discount rate applied within DCF calculations. It shows how to get to country premium using sovereign ratings, credit default swaps and relevant equity market volatility.

17

Bringing Children into the Sociology of Consumption: A Symbolic Consumption Perspective

88%

Senooane B., Wiid J.

Journal of Marketing and Consumer Behaviour in Emerging Markets

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2023

|

issue 2(17)

46-65

EN

This article explores children’s consumption practices from a sociology of consumption perspective. The aim is to discover whether South African children, in their consumption of clothing, engage in symbolic consumption and to identify the ways in which they do so. Existing studies on children and symbolic consumption have largely excluded African children, hence this study represents an attempt to include their voices in the conceptualisation of childhood consumer behaviour. Data were collected through a survey of 192 children aged 10–14, using a questionnaire developed from the literature on symbolic consumption. The article presents the design and implementation of a quantitative empirical study into children’s engagement in symbolic consumption. Exploratory factor analysis (EFA) was used to tease out the factors representing the ways in which children engage in symbolic consumption, while confirmatory factor analysis was used to verify the factor structure and test whether the data fit the model. The EFA revealed four factors that represent the ways in which children engage in symbolic consumption: identity, affiliation, perception, and image. The findings reveal that children use their clothing to create their individual identities, fit in with social groups, draw inferences about others through their clothing, and as a yardstick to gauge social image. This research furthers the enquiry into children as consumers while addressing the paucity of research related to African child consumers. The results of the study have implications for marketing practitioners, while also providing directions for future research.

18

The internationalization of Polish firms: an empirical investigation of the M-P relationship

88%

Karasiewicz G., Nowak J.

Faculty of Management Working Paper Series

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2014

|

issue WPS 2/2014

1-32

EN

The purpose of this paper was to determine the nature of the relationship between multinationality and performance (M-P relationship) among Polish companies. It is based on a sample of over 300 Polish companies listed on Warsaw Stock Exchange, studied over two years (625 observations were used for statistical processing). Multiple regression and t-statistic analyses were applied to test three hypotheses. The dependent variable was company performance and the independent variable was the degree of company internationalization. A number of control variables were also incorporated in the regression models. The statistically significant results of the multiple regression analyses show that Polish companies experience a negative linear relationship between their degree of internationalization and performance for two variants of the dependent variable, and a non-linear, U-shaped relationship for one dependent variable. The results also show that companies operating on international markets achieve lower market-valuation results than their domestic counterparts, and companies with lower levels of multinationality perform better than those with higher levels of multinationality

19

Do Emerging VC Markets Mirror Established Ones? A Comparison of CEE, the USA and Israel

88%

Baranowski B., Bielicki M.

Central European Economic Journal

|

2024

|

vol. 12

|

issue 59

138-156

EN

The venture capital market in Central and Eastern European (CEE) countries-particularly Poland, Hungary, and the Czech Republic-has experienced rapid growth in recent years, prompting a closer examination of the factors driving this expansion and the long-term trajectories of these emerging ecosystems. This study aims to compare their development stages with those of the USA and Israel, highlighting key similarities and differences in investment patterns, government interventions, and market maturity. By identifying the current phases across these CEE markets and projecting potential future stages, the research seeks to contribute to a deeper understanding of venture capital (VC) dynamics in transition economies. Using a multiple case study methodology, the analysis examines the evolutionary phases of VC markets in the USA, Israel, and the three CEE countries-Poland in more depth. The findings reveal that Poland and Hungary share parallels with the USA and Israel-particularly with Israel, where government programs have spurred growth-while the Czech Republic has relied more on private-sector initiatives. The analysis concludes that Poland and Hungary remain in the emergence phase of VC development, with further phases likely to follow. This research contributes to the literature on VC evolution by offering insights into the comparative growth trajectories of emerging ecosystems and providing a perspective on the opportunities and challenges that may lie ahead for these countries.

20

Sentiment and dividend smoothing: Do firms alter dividends during periods of high market activity?

88%

Palas M. J. U., Ahmed M. A.

Economics and Business Review

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2025

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vol. 11

|

issue 4

111-137

EN

This study investigates whether investor sentiment shapes dividend policy among publicly listed firms in Bangladesh by testing the hypothesis that firms alter their dividend smoothing practices in response to market optimism. We utilise a balanced panel of 116 firms from 2010 to 2021, applying robust panel regression techniques, including random effects, panel-corrected standard errors, and instrumental variable estimation to address model imperfections and potential endogeneity. Our findings show that, on average, firms increase dividends during periods of heightened investor optimism. However, this effect is moderated by prior dividend levels, indicating a tendency toward dividend smoothing. Firms appear to balance market sentiment with the need to maintain consistent payout signals. The findings contribute to the behavioural finance literature by highlighting sentiment as a key determinant of dividend behaviour within the Bangladesh context, where market volatility and retail participation are pronounced.

Refine search results

Determinanty inwestycji przedsiębiorstw

Szacowanie kosztu kapitału własnego na przykładzie polskiego sektora bankowego

What drives the dividend decisions in BRICS countries?

Przemiany na chińskim rynku akcji w latach 1990–2012

Standardowe i niestandardowe działania antykryzysowe w gospodarkach wschodzących

Struktura finansowania przedsiębiorstw w Polsce na tle badań międzynarodowych

An Analysis of Social Campaigns Aimed at Reducing Alcohol Consumption: the Case of Poland

How to Measure Illiquidity on European Emerging Stock Markets?

Credit cycles and macroprudential policies in emerging market economies

Do managers really care about shareholders’ expectations? Evidence on dividend smoothing on Latin American emerging stock markets

Can Emerging Countries Mitigate the Effect of Original Sin Problem in Achieving External Debt Sustainability?

An Evolutionary Approach to Understanding Adjustment of MNCs in A Complex Environment

Intraday patterns in time-varying correlations among Central European stock markets

Interdependence of sentiment indicators − a case of the Polish OTC market

High-Volume Return Premium on the Warsaw Stock Exchange: evidence, drivers, and strategy design

Влияние Премии За Страновой Риск На Оценку Стоимости Компании В Эпоху Цифровых Технологий

Bringing Children into the Sociology of Consumption: A Symbolic Consumption Perspective

The internationalization of Polish firms: an empirical investigation of the M-P relationship

Do Emerging VC Markets Mirror Established Ones? A Comparison of CEE, the USA and Israel

Sentiment and dividend smoothing: Do firms alter dividends during periods of high market activity?