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Volume 6, No. 2

Published 28 February 2018

Articles

  1. Joanna Lizińska, Leszek Czapiewski

    Zarządzanie zyskami i underpricing dla spółek debiutujących na rynku wschodzącym

    The empirical design of this study concentrates on earnings management activities around initial public offerings of equity (IPOs). Previous studies for developed markets mostly concluded that many companies managed earnings around important company events. Such practices were especially aggressive around important corporate events, and the IPO is reputedly one of them. This study aims at the measurement of the pervasiveness of earnings management and describing its consequences for company short-term market pricing on an emerging market, mainly for Poland. Earning management was measured with discretionary accruals proxied with the application of cross sectional models. The empirical research provided evidence that earnings management practices were also reported for Polish IPO companies around IPO. However, strong differences in aggressive earnings management among IPO firms were revealed during the subperiods of stable or bull versus bear market. Earnings management approximated by discretionary accruals had informative power in explaining first-day IPO returns.

  2. Marcin Piasecki

    Financial Reporting Quality and Ownership Structure in Companies Listed on The Warsaw Stock Exchange

    The article investigates whether there is a relationship between financial reporting quality and ownership structure in companies listed on the Warsaw Stock Exchange. Panel regression including 88 companies with their financial data from 2006-2012 was conducted to examine the relationship. The results indicate that the size of a company has a considerable impact on the relationship between financial reporting quality and ownership structure. This relationship is negative - as the size of a company increases, manager influence on financial statements tends to decrease.

  3. Hanna Sikacz

    Economic Indicators in Integrated Reports of Selected Capital Groups - Findings of the Research

    The aim of the study is to assess the quality of the leading integrated reports published by capital groups in Poland. The main point focused on a set of economic indicators which are extracted according to the GRI guidelines. Also, in the follow up of a specific selection (detailed analyses of the content of integrated reports allow to choose some general conclusions) for the mainstream studies several integrated reports of entities aspiring as socially responsible were chosen. The results of studies using induction methods are not optimistic. The reports being prepared on the basis of the GRI guidelines do not ensure the comparability of information. Also looking at the specific details of integrated reports the quality of them is not satisfactory. If an integrated report is to be fundamental to communicate with stakeholders, the reporting standards should be mandatory and strictly defined, giving the ability to standardize information in order to improve readability and comparability of the data. Also the verification of an integrated report should be full (not only to a limited extent), so that it is possible to assess the reliability and clarity of the situation of the capital group, both in terms of financial but also the context of rights and obligations applicable to the group.

  4. Joanna Średzińska

    Czynniki kształtujące dochody gospodarstw rolnych w krajach Unii Europejskiej

    The aim of the research was to identify determinants of the income of farms in the EU-15 as well as in Central and Eastern European countries and to assess how these determinants varied over time. The research was based on data from the FADN and it spanned the period from 2005 to 2013. Multiple regression was used to investigate the influence of selected variables on the income of farms. The analysis showed that apart from a wide range of similarities between farms in the EU-15 as well as in Central and Eastern European countries, there are also some differences between the determinants of their income. They usually refer to variables representing the production potential.

  5. Roma Ryś-Jurek

    The Assessment of the Liquidity of Agricultural Farms in Poland on the Background of the European Union in the Years 2009-2015

    The aim of the study was an analysis of the liquidity of agricultural farms in Poland on the background of the European Union. The FADN statistical data was mainly used. That enabled the analysis of the phenomenon by the countries of the European Union in the years 2009-2013 and in layouts by economic size and type of farming. A study was also performed for the Polish regions of FADN.

  6. Agnieszka Kozera, Aldona Standar

    Assessment of Change and the Reasons of Development of the Level of Financial Self-Sufficiency of Towns with County Rights in Poland

    The aim of the article was to analyse the level of financial self-sufficiency of towns with county rights in Poland in the years 2007-2014. In the first step of the research the level and the share of own income in the total income of towns with county rights on the background of other entities of the local government sector in Poland were presented. Then, in the second step of the research Ward's method was used to identify the classes of the typological level of self-sufficiency of towns with county rights.

  7. Katarzyna Stabryła-Chudzio

    Prospects for EU Finance after the British Withwdrawal from the European Union

    As a result of the referendum held on 23 June 2016 in the UK, a majority of citizens voted in favour of the withdrawal of their country from the EU structures. It should be emphasized that this is not synonymous with the immediate resignation of membership by Great Britain until the start of the procedure with the European Union institutions. However, this event should become a pretext for a clearer than ever question about the future of the European Union. Because of a multithreading topic, the aim of this article will be an attempt to outline the scenario for new financial perspectives, as it may change the EU budget. Calculations of EU revenue relating to the twenty-seven states will be presented, together with the change in the contributions of the British and correction mechanism to the UK.