Abstract The aim of the article is to present and analyse the attitudes of Polish society and individual investors towards challenges of environmental protection. For the purposes of the study, the following hypothesis was formulated: environmental aspects are an important factor in making investment decisions by individual investors on the Polish capital market. In the article, various research methods were applied, with particular emphasis on empirical research, both external and own. The own research was carried out on a representative sample of the Polish society, as well as on a targeted sample of individual investors who invest in the Warsaw Stock Exchange. Unfortunately, on the basis of results from conducted research, it was found that environmental aspects are not an important factor in making investment decisions by individual investors on the Polish capital market.
{"title":"Environmental aspects of investing in the Polish stock exchange market according to individual investors","authors":"Leszek Dziawgo","doi":"10.2478/fiqf-2022-0027","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0027","url":null,"abstract":"Abstract The aim of the article is to present and analyse the attitudes of Polish society and individual investors towards challenges of environmental protection. For the purposes of the study, the following hypothesis was formulated: environmental aspects are an important factor in making investment decisions by individual investors on the Polish capital market. In the article, various research methods were applied, with particular emphasis on empirical research, both external and own. The own research was carried out on a representative sample of the Polish society, as well as on a targeted sample of individual investors who invest in the Warsaw Stock Exchange. Unfortunately, on the basis of results from conducted research, it was found that environmental aspects are not an important factor in making investment decisions by individual investors on the Polish capital market.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114267662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract In 1961, Miller and Modigliani (M–M) published a dividend irrelevance theory, which shows that the payment of dividends does not make any changes to the value of the company. The assumption about the existence of the perfect market made by M–M became the basis for a common criticism of the theory, and the critics also tried to empirically prove that dividend payments have a positive effect on future stock prices. A different interpretation was presented by Damodaran (2007), who stated that a dividend is a compensation for lost capital gains on the first day without a dividend. The aim of the article is to verify the M-M theory according to the Damodaran approach based on the data of companies listed on the WSE in 2019–2021. For this purpose the calculations of the total rate of return on investments consisting in the purchase of shares at the end of the cum-dividend day and the sale of these shares at the end of the ex-dividend day were carried out. Then, the average values of the total rates of return in each of the three years were calculated and using the Student’s t-test it was examined whether the average of one-session rate of return is insignificantly different from zero. If so, it would mean that the dividend irrelevance theory is correct. In 2019 and 2021, the average total rates of return turned out to be statistically insignificant, which supports the M—M theory. The negative significant value of the average in 2020 may result from the COVID-19. The M–M theory perceived in this way can be a warning to investors looking for “quick profits” and trying to apply the strategy of buying dividend stocks at the cum-dividend day and selling them at the ex-dividend day.
{"title":"The Miller–Modigliani dividend irrelevance theory as a warning for investors looking for quick profits from investments in companies paying dividends","authors":"M. Kowerski, Laura Haniewska","doi":"10.2478/fiqf-2022-0029","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0029","url":null,"abstract":"Abstract In 1961, Miller and Modigliani (M–M) published a dividend irrelevance theory, which shows that the payment of dividends does not make any changes to the value of the company. The assumption about the existence of the perfect market made by M–M became the basis for a common criticism of the theory, and the critics also tried to empirically prove that dividend payments have a positive effect on future stock prices. A different interpretation was presented by Damodaran (2007), who stated that a dividend is a compensation for lost capital gains on the first day without a dividend. The aim of the article is to verify the M-M theory according to the Damodaran approach based on the data of companies listed on the WSE in 2019–2021. For this purpose the calculations of the total rate of return on investments consisting in the purchase of shares at the end of the cum-dividend day and the sale of these shares at the end of the ex-dividend day were carried out. Then, the average values of the total rates of return in each of the three years were calculated and using the Student’s t-test it was examined whether the average of one-session rate of return is insignificantly different from zero. If so, it would mean that the dividend irrelevance theory is correct. In 2019 and 2021, the average total rates of return turned out to be statistically insignificant, which supports the M—M theory. The negative significant value of the average in 2020 may result from the COVID-19. The M–M theory perceived in this way can be a warning to investors looking for “quick profits” and trying to apply the strategy of buying dividend stocks at the cum-dividend day and selling them at the ex-dividend day.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122960898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The OECD project against BEPS has brought and initiated many changes – among others, in the OECD Transfer Pricing Guidelines. To react and respond to changes in the current business environment, a new chapter for transfer pricing in financial transactions has also been introduced (namely chapter X). This step can be considered beneficial. However, meeting all the requirements for setting a transfer price for financial transactions seems to remain a very demanding and expensive task. Furthermore, the OECD Transfer Pricing Guidelines have been of a general nature rather than providing responses to all potential problems and circumstances – they provide fundamental ideas and principles. Thus, the potential to apply a simplified procedure for setting a transfer price (even for financial transactions) can be viewed as desirable, both for taxpayers and tax authorities. The aim of the paper is linked to this idea – to present the results of a comparative study dealing with the rules for safe harbours for financial transactions (namely loans) as established worldwide, providing a summary of existing concepts and systematized criteria for a safe harbour to be considered.
{"title":"Challenges in transfer pricing: A concept of safe harbours for financial transactions","authors":"M. Istok, V. Solilová, K. Brychta","doi":"10.2478/fiqf-2022-0025","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0025","url":null,"abstract":"Abstract The OECD project against BEPS has brought and initiated many changes – among others, in the OECD Transfer Pricing Guidelines. To react and respond to changes in the current business environment, a new chapter for transfer pricing in financial transactions has also been introduced (namely chapter X). This step can be considered beneficial. However, meeting all the requirements for setting a transfer price for financial transactions seems to remain a very demanding and expensive task. Furthermore, the OECD Transfer Pricing Guidelines have been of a general nature rather than providing responses to all potential problems and circumstances – they provide fundamental ideas and principles. Thus, the potential to apply a simplified procedure for setting a transfer price (even for financial transactions) can be viewed as desirable, both for taxpayers and tax authorities. The aim of the paper is linked to this idea – to present the results of a comparative study dealing with the rules for safe harbours for financial transactions (namely loans) as established worldwide, providing a summary of existing concepts and systematized criteria for a safe harbour to be considered.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"160 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132499306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The article analyses relationships between fiscalism indicators and the number of newly registered companies (i.e. a new business density index). The study covered the period from 2015 to 2020 (inclusive). Considering the timeframe, the purpose is to determine the impact of COVID-19 on new firm formation. Two principal research hypotheses are formulated. The first hypothesis assumes a negative impact of fiscal burden on the creation of new firms. The second hypothesis assumes that COVID-19 reduced interest in starting new business entities. The research results demonstrate that there is a negative relationship between fiscalism and new firm formation. Contrary to expectations, the research has shown that COVID-19 did not adversely affect the creation of new companies, as the new business density index remained stable in most of the analyzed countries.
{"title":"Fiscal policy before and during COVID-19 and its impact on the creation of new comapnies","authors":"Anetta Sokołowska, Viktor Trasberg","doi":"10.2478/fiqf-2022-0028","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0028","url":null,"abstract":"Abstract The article analyses relationships between fiscalism indicators and the number of newly registered companies (i.e. a new business density index). The study covered the period from 2015 to 2020 (inclusive). Considering the timeframe, the purpose is to determine the impact of COVID-19 on new firm formation. Two principal research hypotheses are formulated. The first hypothesis assumes a negative impact of fiscal burden on the creation of new firms. The second hypothesis assumes that COVID-19 reduced interest in starting new business entities. The research results demonstrate that there is a negative relationship between fiscalism and new firm formation. Contrary to expectations, the research has shown that COVID-19 did not adversely affect the creation of new companies, as the new business density index remained stable in most of the analyzed countries.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129226877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Joanna Podgórska, Katarzyna Mormul, Janusz Maksymowicz
Abstract The issues related to the identification and assessment of risk in the automotive industry are particularly important from the point of view of functioning in a changing environment. The main purpose of the article is to present the basic definitions of risk and its types, as well as to identify the most important sources of industry risk for companies operating in the automotive industry in Poland. In addition, it is also crucial to assess the impact of identified risks on the activities of these enterprises. Two methods were used in the empirical part: a survey questionnaire (research conducted with the management staff) and an in-depth interview, which was conducted with an auditor in the automotive industry. The research results show that in companies from the automotive industry, the main risks are identified in individual areas: operational, legal and IT. One of the main challenges is the ability to adapt to changing conditions, but also the diversification of suppliers so that a key supplier does not shut down the entire production line.
{"title":"The risk identification and assesment on the example of companies from the automotive industry in Poland","authors":"Joanna Podgórska, Katarzyna Mormul, Janusz Maksymowicz","doi":"10.2478/fiqf-2022-0030","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0030","url":null,"abstract":"Abstract The issues related to the identification and assessment of risk in the automotive industry are particularly important from the point of view of functioning in a changing environment. The main purpose of the article is to present the basic definitions of risk and its types, as well as to identify the most important sources of industry risk for companies operating in the automotive industry in Poland. In addition, it is also crucial to assess the impact of identified risks on the activities of these enterprises. Two methods were used in the empirical part: a survey questionnaire (research conducted with the management staff) and an in-depth interview, which was conducted with an auditor in the automotive industry. The research results show that in companies from the automotive industry, the main risks are identified in individual areas: operational, legal and IT. One of the main challenges is the ability to adapt to changing conditions, but also the diversification of suppliers so that a key supplier does not shut down the entire production line.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127266957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The purpose of this research is to examine the poverty phenomenon indicators in Poland through the prism of sustainable development. The subject of poverty and its consequences is often omitted in the discussion of sustainable development, or simplified only to social issues, yet it is an important aspect of economic development and implementation of Sustainable Development Goals (SDGs). The study will cover the problem of poverty in Poland, together with the assessment of the potential of implementation of sustainable development goals in terms of poverty eradication, as well as the issue of the impact of social policy activities on SDGs (named as ‘no poverty’) and household finances, both closely related to the risk of poverty. To achieve the aim of the study the authors use statistical data describing the issues of poverty and changes in this area in the period between 2010 and 2020 (or the most up-to-date data available) based on data from the Central Statistical Office in Poland.
{"title":"‘No poverty’ - sustainable development goals in the light of Polish statistics and social policy activities","authors":"Karolina Palimąka, Gabriela Karaś","doi":"10.2478/fiqf-2022-0019","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0019","url":null,"abstract":"Abstract The purpose of this research is to examine the poverty phenomenon indicators in Poland through the prism of sustainable development. The subject of poverty and its consequences is often omitted in the discussion of sustainable development, or simplified only to social issues, yet it is an important aspect of economic development and implementation of Sustainable Development Goals (SDGs). The study will cover the problem of poverty in Poland, together with the assessment of the potential of implementation of sustainable development goals in terms of poverty eradication, as well as the issue of the impact of social policy activities on SDGs (named as ‘no poverty’) and household finances, both closely related to the risk of poverty. To achieve the aim of the study the authors use statistical data describing the issues of poverty and changes in this area in the period between 2010 and 2020 (or the most up-to-date data available) based on data from the Central Statistical Office in Poland.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130604794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The rapid transformations and developments experienced today have increased the importance of energy resources and sustainable energy. In this context, the success and profitability of the activities of companies engaged in energy production and distribution is an important topic. This study, which was carried out in such an environment, was aimed to determine the financial indicators that statistically significantly affect the return on assets (ROA) and equity (ROE) of companies that produce and distribute oil, gas and electricity in Turkey. In the context of the energy sector, ROA and ROE increase competitiveness and provide companies with an advantage in terms of financial success and sustainability of operations. Considering the increasing importance of energy, it is important to determine the internal factors that have an impact on the profitability of energy companies. The research was carried out on a sample of 16 companies operating in the Turkish energy sector and traded on Borsa Istanbul. A panel linear regression model was used to identify the strongest predictors of ROA and ROE. The study used fifteen ratios that are believed to impact ROA and ROE significantly. According to the results obtained, ROE is influenced by CSR (at the significance level of 10%), QR, LR, RTO, ITR, and TA, and ROA is influenced by RTO, CSR, LR, QR (10%), and PB.
{"title":"What are the internal determinants of return on assets and equity of the energy sector in Turkey?","authors":"B. Tekin","doi":"10.2478/fiqf-2022-0018","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0018","url":null,"abstract":"Abstract The rapid transformations and developments experienced today have increased the importance of energy resources and sustainable energy. In this context, the success and profitability of the activities of companies engaged in energy production and distribution is an important topic. This study, which was carried out in such an environment, was aimed to determine the financial indicators that statistically significantly affect the return on assets (ROA) and equity (ROE) of companies that produce and distribute oil, gas and electricity in Turkey. In the context of the energy sector, ROA and ROE increase competitiveness and provide companies with an advantage in terms of financial success and sustainability of operations. Considering the increasing importance of energy, it is important to determine the internal factors that have an impact on the profitability of energy companies. The research was carried out on a sample of 16 companies operating in the Turkish energy sector and traded on Borsa Istanbul. A panel linear regression model was used to identify the strongest predictors of ROA and ROE. The study used fifteen ratios that are believed to impact ROA and ROE significantly. According to the results obtained, ROE is influenced by CSR (at the significance level of 10%), QR, LR, RTO, ITR, and TA, and ROA is influenced by RTO, CSR, LR, QR (10%), and PB.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121910930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The war affects the socio-economic state of Ukraine and is the cause of the deterioration of the economic situation of neighboring countries. Under such conditions, there is a need to carry out assessments of economic losses from the conduct of military operations and forecast the main economic indicators for the nearest period, taking into account the impact of the war. The purpose of the study is to calculate the losses to the economy, the destruction of residential facilities and critical infrastructure facilities in the first 100 days of the war, the assessment of the potential volume of the fall in GDP and the calculation of projected fiscal losses. The calculation of GDP reduction was based on the forecasts of the International Monetary Fund, the World Bank Group and the Government of Ukraine. The expected amount of GDP reduction is calculated using the GAP-analysis method, based on the forecasts made by these institutions in the prewar period, and the calculation of the level of GDP during the war. Based on the results of the conducted research, it was established that the economic losses from the war consist not only of the losses incurred and the reduction of GDP volumes, but also of the lost opportunities for development and unearned profits. In addition to the reduction in GDP, Ukraine’s losses are manifested in the increase in the level of public debt, the depreciation of the national currency, the reduction of gold and currency reserves, and the outflow of foreign direct investments3.
{"title":"Economic and financial consequences of war in Ukraine: analysis of development scenarios","authors":"Marianna Bida, I. Ruda","doi":"10.2478/fiqf-2022-0022","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0022","url":null,"abstract":"Abstract The war affects the socio-economic state of Ukraine and is the cause of the deterioration of the economic situation of neighboring countries. Under such conditions, there is a need to carry out assessments of economic losses from the conduct of military operations and forecast the main economic indicators for the nearest period, taking into account the impact of the war. The purpose of the study is to calculate the losses to the economy, the destruction of residential facilities and critical infrastructure facilities in the first 100 days of the war, the assessment of the potential volume of the fall in GDP and the calculation of projected fiscal losses. The calculation of GDP reduction was based on the forecasts of the International Monetary Fund, the World Bank Group and the Government of Ukraine. The expected amount of GDP reduction is calculated using the GAP-analysis method, based on the forecasts made by these institutions in the prewar period, and the calculation of the level of GDP during the war. Based on the results of the conducted research, it was established that the economic losses from the war consist not only of the losses incurred and the reduction of GDP volumes, but also of the lost opportunities for development and unearned profits. In addition to the reduction in GDP, Ukraine’s losses are manifested in the increase in the level of public debt, the depreciation of the national currency, the reduction of gold and currency reserves, and the outflow of foreign direct investments3.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130922968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The study determines the factors that can affect the operational efficiency of Saudi commercial banks. It uses the data of listed banks from the period 2010 to 2017. The panel data estimation technique of pooled ordinary least squares is used with random and fixed effects estimations to find the significant factors. Based on the Hausman test (1978) fixed effects estimation results are used for discussion. The operational efficiency of Saudi banks is influenced by the same factors highlighted for different economies, with a certain exception. Capital adequacy, profitability, and bank size have an adverse influence on operational efficiency. Contrary to this it is positively related to liquidity and asset quality. The results of the study will be useful for policymakers and bank managers to support the effective role of banks in the improvement of the financial sector which is also part of the Kingdom’s vision 2030 development plan.
{"title":"Determinants of operational efficiency: the case of Saudi Banks","authors":"Shoaib Khan","doi":"10.2478/fiqf-2022-0016","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0016","url":null,"abstract":"Abstract The study determines the factors that can affect the operational efficiency of Saudi commercial banks. It uses the data of listed banks from the period 2010 to 2017. The panel data estimation technique of pooled ordinary least squares is used with random and fixed effects estimations to find the significant factors. Based on the Hausman test (1978) fixed effects estimation results are used for discussion. The operational efficiency of Saudi banks is influenced by the same factors highlighted for different economies, with a certain exception. Capital adequacy, profitability, and bank size have an adverse influence on operational efficiency. Contrary to this it is positively related to liquidity and asset quality. The results of the study will be useful for policymakers and bank managers to support the effective role of banks in the improvement of the financial sector which is also part of the Kingdom’s vision 2030 development plan.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124766967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Working capital management (WCM) plays an important role in a firm’s value, financial risk, and firm profitability. WCM requires continuous management to maintain a certain level of the numerous components of working capital (WC). The main aim of this study is to estimate the efficiency of WCM of certified firms from the European Foundation for Quality Management (EFQM) Excellence Model. The study also tests the speed to attain each firm’s target level of efficiency using industry norms as the target level of efficiency. The financial data of the Czech certified firms from the manufacturing sector was derived from the CRIBIS database from 2015 to 2020. The efficiency of WCM is measured by utilization index (UI), performance index (PI), and efficiency index (EI). The findings revealed that Gerresheimer Horsovsky Tyn Spol., Miele Technika, and Koyo Bearings Česká Republika efficiently managed WC, as their indexes are greater than 1. The number of efficient firms was the lowest in 2020 based on the year-wise comparison which means that the efficiency of WCM of the firms was severely affected by the coronavirus pandemic (COVID-19). All the β values are lower than one, which signifies that none of the selected firms outperform the manufacturing industry as a whole. The findings of the current research are useful to the management of the firms and recommends that they give importance to the different indexes of WCM and efficiently use the current assets to generate sales.
营运资金管理在企业价值、财务风险和盈利能力方面发挥着重要作用。WCM需要持续的管理，以维持营运资金(WC)的众多组成部分的一定水平。本研究的主要目的是评估欧洲质量管理基金会(EFQM)卓越模型认证公司的WCM效率。本文还以行业规范为目标效率水平，检验了企业达到目标效率水平的速度。捷克制造业认证企业2015年至2020年的财务数据来自CRIBIS数据库。WCM的效率由利用率指数(UI)、性能指数(PI)和效率指数(EI)来衡量。研究结果显示，Gerresheimer Horsovsky Tyn Spol。Miele Technika和Koyo Bearings Česká Republika的指标均大于1，有效地管理了WC。根据年度比较，2020年高效企业数量最低，这意味着企业的WCM效率受到新冠肺炎大流行的严重影响。所有的β值都小于1，这意味着没有一家企业的表现优于整个制造业。本文的研究结果对企业的管理有一定的借鉴意义，建议企业重视企业资产管理的不同指标，有效地利用流动资产来产生销售。
{"title":"Working capital management efficiency: a study of certified firms from the EFQM excellence model","authors":"Muhammad Yousaf","doi":"10.2478/fiqf-2022-0017","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0017","url":null,"abstract":"Abstract Working capital management (WCM) plays an important role in a firm’s value, financial risk, and firm profitability. WCM requires continuous management to maintain a certain level of the numerous components of working capital (WC). The main aim of this study is to estimate the efficiency of WCM of certified firms from the European Foundation for Quality Management (EFQM) Excellence Model. The study also tests the speed to attain each firm’s target level of efficiency using industry norms as the target level of efficiency. The financial data of the Czech certified firms from the manufacturing sector was derived from the CRIBIS database from 2015 to 2020. The efficiency of WCM is measured by utilization index (UI), performance index (PI), and efficiency index (EI). The findings revealed that Gerresheimer Horsovsky Tyn Spol., Miele Technika, and Koyo Bearings Česká Republika efficiently managed WC, as their indexes are greater than 1. The number of efficient firms was the lowest in 2020 based on the year-wise comparison which means that the efficiency of WCM of the firms was severely affected by the coronavirus pandemic (COVID-19). All the β values are lower than one, which signifies that none of the selected firms outperform the manufacturing industry as a whole. The findings of the current research are useful to the management of the firms and recommends that they give importance to the different indexes of WCM and efficiently use the current assets to generate sales.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127604191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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