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EN
Purpose: The main purpose of the study is to ascertain whether intellectual capital will affect company growth expressed by the earnings per share (EPS) indicator. Design/methodology/approach: The relationship between the company’s growth expressed by EPS and intellectual capital was checked using the vector autoregression (VAR) model. Findings: This study analyzed the relationship between measures of intellectual capital and the future development of companies listed on the main market of the Warsaw Stock Exchange. It demonstrated that measures of intellectual capital are reflected in the future growth of enterprises, especially earnings per share, and that the development phase can change the results related to the opportunity for company growth and future development. Research limitations/implications: The sample size is small for any generalization. A mixed method approach in the future could contribute to a holistic finding Practical implications: The results of empirical analyzes reflect the growth of enterprises and should be based on various economic measures, because it is impossible to clearly determine which indicators influence or do not influence this growth and to what extent they determine it. Originality/value: The added value of the presented research results concerns the demonstration that investments in human capital influence the increase in the value of the enterprise on the capital market. Although the Polish market, with companies listed on the WIG, is considered an example of a developing economy, the Polish capital market has not yet been covered by this type of research.
EN
The socially responsible companies expect to see improvement of their reputation, an increase in customer loyalty and - in the long perspective - also better financial results. The international studies are ambiguous as regards the correlation between CSR and financial results. The goal of the article is to determine whether in case of the companies listed on Warsaw Stock Exchange, it is possible to ascertain profitability of CSR activities. The article proposes a hypothesis that the financial results of the companies involved in corporate social responsibility undertakings are better than other companies. The analysis covered the companies from the three most numerous sectors on the RESPECT index, including only companies, which have been on the index for at least 5 years and for which it was possible to find a control group (companies comparable in terms of size and business activity not belonging to the index RESPECT). The analysis results are not explicit, however, they indicate to the fact that the proposed hypothesis is not positively verified in case of the analysed companies.
4
Content available remote Insider trading disclosures : an effect on the Warsaw Stock Exchange
EN
In this paper we address the problem as to whether insider trading disclosures have informational content by using the sample which is comprised of 164 announcements about insider transactions which have taken on the Warsaw Stock Exchange (WSE). It turned out that announcements about the sale of stocks by insiders convey no information to the market participants. On the other hand, when insiders disclose the circumstances of the purchase of shares, statistically significant market reaction to such an announcement can be observed for both return as well as trading volume series.
PL
W artykule tym zajmujemy się pytaniem, czy ujawnienie transakcji dokonywanych przez insiderów jest ważną informacją dla pozostałych uczestników rynku. W pracy używamy próby złożonej z 164 ogłoszeń transakcji z udziałem insiderów, które miały miejsce na GPW w Warszawie. W toku analizy ustalono, że sprzedaży akcji przez insiderów nie towarzyszy żadna reakcja ze strony rynku, podczas gdy ujawnienie szczegółów zakupu akcji przez insiderów wywołuje dodatnią reakcję zarówno cen, jak i wolumenu obrotów.
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