Tworzenie wartości w spółkach giełdowych z Wielkopolski

Jarosław Nowicki

Abstract

The article presents the findings of research conducted into companies from the Wielkopolska region listed on the Warsaw Stock Exchange (WS E). The study explores whether these entities create value and transfer it to the shareholders, and whether the effects of the value creation process are correlated with value transfer to shareholders. The study also identifies the main determinants of corporate value changes. The results show that most companies from the Wielkopolska region listed on WS E did not create corporate value in the analysed period. This means that returns on equity generated by them was lower than the cost of capital. Companies from the Wielkopolska region listed on the WS E transferred value to their shareholders, on average, in 2010 and 2013 which means that in 2011 and 2012 the total shareholder return generated by those companies was lower than expected. However the study shows large diversity among analysed companies in terms of relative economic profit (REP) as well as created shareholder value spread (CS Vspread). Analysis of the data indicates a low correlation between REP and CS Vspread variables among the analysed companies in 2010-11 and 2013. Only year 2012 showed a relatively strong and statistically significant correlation between variables REP and CS Vspread. Analysis showed that the most important determinant of changes in economic profit is gross profit. The influence of other variables, i.e. equity, the effective income tax rate and the cost of equity is much smaller.
Author Jarosław Nowicki (WZ / KCAFiW)
Jarosław Nowicki,,
- KCAFiW
Other language title versionsCreating value in Wielkopolska listed companies
Journal seriesRuch Prawniczy, Ekonomiczny i Socjologiczny, [Journal of law, Economics and Sociology], ISSN 0035-9629, (B 11 pkt)
Issue year2015
No1
Pages349-367
Publication size in sheets0.9
Keywords in PolishTworzenie wartości, Zarządzanie wartością przedsiębiorstwa, Spółki giełdowe, Zysk
Keywords in EnglishValue creation, Value Based Management (VBM), Stock market companies, Profit
Abstract in PolishCelem pracy jest pomiar i ocena dokonań spółek giełdowych z Wielkopolski w zakresie osiąganiu celu działania przedsiębiorstwa według koncepcji zarządzania przez wartość. Zakres przedmiotowy pracy określa koncepcja VBM, a w szczególności pomiar dokonań w ramach tej koncepcji. Zakres podmiotowy ogranicza rozważania do wielkopolskich spółek giełdowych, przez które rozumie się spółki akcyjne mające siedzibę na terenie województwa wielkopolskiego, notowane na Giełdzie Papierów Wartościowych w Warszawie. Zakres czasowy badań obejmuje lata 2010-2013.
DOIDOI:10.14746/rpeis.2015.77.1.19
URL https://pressto.amu.edu.pl/index.php/rpeis/article/view/949/837
Languagepl polski
Score (nominal)11
Score sourcejournalList
ScoreMinisterial score = 11.0, 30-12-2019, ArticleFromJournal
Ministerial score (2013-2016) = 11.0, 30-12-2019, ArticleFromJournal
Citation count*1 (2020-09-18)
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