Search results for query: Van Horne

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Comparison of investment performance measures using the example of selected stock exchanges

Author: Marcin Potrykus

See Issue Contents: fins.2018.2
Abstract:
In this paper the main objective is to examine whether the selection of the performance measure influences the evaluation of individual investments and the performance rankings generated on that basis. This study presents the values of 16 performance indicators along with their detailed descriptions. All calculations were made using the R program, and the source code can be found at the end of the article. Nine selected stock indices were analysed during the period January 1997– December 2015, and the monthly logarithmic rates of return for these indices were calculated. For 14 out of the 16 measures analysed it was shown that the choice of effectiveness measure had no influence on the evaluation of individual investments; therefore it is not important whether the investor uses the Sharpe ratio or the Calmar ratio as an indicator of efficiency since both measures are almost identical in rank for a particular investment. This has not been confirmed for the Upside Potential ratio, which means that using this indicator may lead to different investment decisions in which the objective is to maximize efficiency. Moreover, based on the analysis it was found that the OMXC 20, DAX 30, and OMXS 30 indexes had the highest efficiency during the period January 1997–December 2015, while the AEX, WIG 20, and PSI 20 indexes were characterized with having the lowest levels of efficiency
A comperative study on managers’ assessment of the selected properties of internal reports

Author: Justyna Dobroszek, Ewelina Zarzycka, Alina Almasan, Cristina Circa

See Issue Contents: fins.2018.3
Abstract:
An important role in an organization is played by the management information system that enables managers to perform management tasks. The pillar of this system is financial and non-financial data provided by the management accounting system. The effect of the application of specific management accounting tools are various types of studies and analyses, defined in internal reports, which are the basis for management, and thus making decisions by managers. Internal reports, in order to fulfil their functions effectively, must have appropriate features as to its structure, content and other properties. In connection with this, the authors studied and presented an assessment of managers from Poland and Romania in the context of such properties of internal reports as quality, content, presentation and comments. The survey method was used as the research method, while the analysis of collected research material was based on cluster analysis and descriptive statistics. The sample consisted of 154 questionnaires. The findings are similar in both countries, although in the case of Romania, managers who assessed highly the quality and content of internal reports, and evaluated slightly lower the presentations and comments
The measurement of costs and results in supply chain management: the case of Poland

Author: Justyna Dobroszek

See Issue Contents: fins.2018.3
Abstract:
Supply chain management (SCM) is a modern phenomenon in business practice and an important area of scientific discussions. In the literature it is not easy to find only one explanation of this subject because some scientists treat SCM as a separate concept, others as an expansion of the logistics function. The supply chain is a kind of modern business model that needs accurate management. To support the management process an the effective way, management accounting tools and methods may be applied. The aim of the article is to present the methods and tools of management accounting used for the measurement of costs and results in SCM. For this purpose, a survey was conducted among 40 selected enterprises in Poland. The findings indicate that on the one hand the studied organizations already use advanced management accounting tools and the methods providing information for SCM needs, on the other hand, they rarely apply them. This approach does not contribute to effective and holistic measurement of supply chain and its management
Risks in the investment activity of Polish regions

Author: Beata Zofia Filipiak, Marek Dylewski

See Issue Contents: fins.2018.4
Abstract:
Investment activities executed by regional authorities are exposed to high risk. The risk results from the very essence of investment projects implemented by regions in Poland and can be associated with the failure to meet the regional budget. The purpose of this study is to assess the size of the existing discrepancies between the planned and actually incurred investment expenditure and to find out if there are systematic changes in the level of these discrepancies i subsequent years. This goal was achieved through the presentation of the specific approach to risk measurement in the investment activities of local government units. The research was undertaken by regional self-government units. Empirical research has allowed us to answer three research questions: how great were the disparities between the planned and the actually incurred investment costs in the Polish regions in 2011-2015? Did systematic changes in the level of inconsistency between the planned and the actually incurred costs take place in the observed period? Was the rate of failure to meet investment plans correlated with the rate of failure to meet operational financial plans?
The evolution of the importance of the true and fair view (TFV) principle. The case of Poland

Author: Agnieszka Piechocka-Kałużna

See Issue Contents: fins.2018.4
Abstract:
The aim of this paper is to analyse matters of truth, which is inherent issue of accounting (and therefore in reporting, as its part), which is reflected in the true and fair principle (TFV). The paper demonstrates the essence of the TFV principle and the evolution of its role and place among the set of qualitative characteristics of financial statements. After examining the changes in the development of the perception of TFV the paper makes an appraisal, gives the author’s comments and contribution by providing direct implications for regulators and the setters of standards. With respect to typical limitations regarding behavioural studies, the paper provides practical as well as social implications about understanding of the TFV concept and its effect on both the preparers and users of financial statement
Performance changes around banks mergers and acquisitions: evidence from Poland

Author: Katarzyna Budny, Joanna Krasodomska, Katarzyna Świetla

See Issue Contents: fins.2019.2
Abstract:
This study investigates the influence of M&Aon the performance of banks operating in Poland. We use asample of 14 transactions that occurred in the Polish banking sector from 2001 to 2015. Our data set includes pre and post-merger accounting information covering aperiod of two years before and after the merger. We follow Pilloff’s [1996] approach to determine the average performance changes measured with ROAA and ROAE. According to the research results, M&As transactions seem to affect profitability as both ROAA and ROAE means change. However, these changes do not follow the same trend. The correlations between the acquirer’s pre-merger weighted performance measured with ROAA and ROAE and merger-related changes in performance are significant and negative. The same situation is observed as regards the target pre-merger weighted performance measured with ROAE and merger-related changes in performance. The results also suggest that large acquirers are associated with less successful M&A.
R&D expenditure and the role of scientists

Author: Anna Białek-Jaworska, Justyna Dobroszek

See Issue Contents: fins.2019.2
Abstract:
An effective knowledge-based economy requires regular cooperation between science and business. This is possible thanks to enterprises that create and implement innovations The paper focuses on the recognition of R&D expenditure. This aims to verify if firms with a scientist on their board are more likely to invest in the R&D. We conduct a tobit panel analysis of over 18,000 Polish private firms combined with data on patents and scientists employed at universities. The findings show that firms with scientists on the supervisory board are likely to invest more in R&D. However, these investment in R&D of firms with a scientist on the board are financial constraint. Their growth depends on access to finance. Therefore, institutions in Poland should support and promote cooperation between science and business, aiming for the realization of the implementation research. This approach requires updated regulations in the accounting area relating to the recognition of R&D inputs and outcomes.
Level of financial literacy of academic youth from rural areas in the Visegrad Group countries

Author: Monika Szafrańska

See Issue Contents: fins.2019.3
Abstract:
The aim of the study is to determine the level of financial literacy of academic youth from rural areas in the V4 Group countries, as well as to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference were primary information obtained from own research (PAPI method, 900 people). The research used a set of questions to assess the level of financial literacy of adults proposed by the OECD INFE. In addition to primary sources, secondary sources were also used to achieve the goal. The measures of descriptive statistics and one-way analysis of variance (F) were used. The level of financial literacy was determined at the medium level, which may indicate the low effectiveness of financial education measures implemented at different levels of education. The component of financial literacy where students from rural areas had the lowest scores was basic financial knowledge. Only 43% of people from rural areas achieved the minimum target score
Usefulness of comprehensive income statement – preliminary study on the example of companies from the WIG30 index

Author: Przemysław Czajor, Piotr Druszcz, Michał Hendryk

See Issue Contents: fins.2019.4
Abstract:
The financial result of a company is undoubtedly the most frequently analyzed category in making economic decisions. The changing needs of financial statements users resulted in the replacement of the classic financial result with the broader concept of comprehensive income, which was regulated in the International Accounting Standard 1 Presentation of financial statements. As a result a statement of the entity’s comprehensive income is created. An important element analyzed by the scientific community is the presentation of the mentioned comprehensive income and its usefulness. The purpose of the article is to determine the impact of introducing the obligation to prepare a statement of comprehensive income on the usefulness of the financial statement. The usefulness has been assessed from the perspective of the form of statement of comprehensive income and the relevance of other comprehensive income’s items as compared with net income
A comparability of information in the financial statements of gaming companies

Author: Małgorzata Czerny, Zuzanna Firkowska-Jakobsze, Stanisław Hońko

See Issue Contents: fins.2019.4
Abstract:
The purpose of this article is to assess a comparability in the financial statements of entities from the Polish gaming industry. The article uses an unconventional approach to the analysis of comparability of financial statements, with particular emphasis on the business model of the entity. The overall conclusion is that Polish companies used similar accounting policies during the period under review regarding the methods of valuation of assets and liabilities. The scope of disclosures regarding impairment of assets does not allow for a full assessment of the premises underlying them. It is difficult to find out the criteria for qualifying costs for research and development, which are an important asset item. Deficiencies in disclosures are a common feature of the analyzed reports, which can be interpreted as a symptom of their comparability. The analyzed reports, despite the differences diagnosed, make possible to compare the financial situation and achievements of gaming companies

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