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1

The concept of compulsory governance structure

Matusik Rafał

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 160

409--428

EN

Purpose: identification of the original concept of compulsory governance structure. Design/methodology/approach: institutions that legally compel owners to entrust the governance of the firm to an independent outsider were sought. Their features were subjected to a cluster analysis in a form of Czekanowski's diagram. Based on Coase theorem, a definition is proposed. Findings: the compulsory governance structure is a regulatory mechanism aimed at neutralizing the social cost for stakeholders caused by ineffective firm. It introduces an external manager to the firm, who under special powers aims to remove the causes of inefficiency. During compulsory governance structure collateral transaction costs are internalized by the firm and transformed into additional coordination costs. The second finding is an observation that firm’s ineffectiveness might be measured by the level of stakeholders transaction costs. Research limitations/implications: relying solely on manifestations of compulsory governance structure in Poland. Originality/value: identification of a new research unit called compulsory governance structure and noting the relationship between firm ineffectiveness and stakeholders transaction costs.

2

Pricing of European and American claims in the CRR model with fixed plus - concave transaction costs

Piasecka J.

Demonstratio Mathematica

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2004

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Vol. 37, nr 3

727--744

EN

In the paper CRR model with fixed + concave transaction costs is studied. Pricing of European and American claims is considered. The paper is a generalization of [4], where only concave transaction cost were investigated.

3

Optymalizacja kosztów przebudowy portfela jako zadanie transportowe

Piasecki K.

Badania Operacyjne i Decyzje

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2004

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nr 2

51-60

PL

Wszystkie koszty generowane przez prowizje maklerskie są włączone do zadania optymalizacji portfela. Transformacja portfela jest opisana jako zadanie transportowe. Minimalne koszty transformacji portfela są osiągnięte za pomocą pewnego rodzaju otwartego zadania optymalizacyjnego. Naszkicowano możliwość korygowania stopy zwrotu portfela optymalnego obciążonego kosztami transakcji.

EN

All costs generated by broker's commission are included in portfolio optimization. The value of indicated broker's commission is given as a constants point of some simple iteration process. The switching process is described as a closed transportation problem. It is proved that for a fixed ordered pair of portfolios the total costs of switching the first portfolio to the second one are constant. The strategy of optimizing indicated broker's commission is proposed. The minimal switching costs are attained by means of some kind of open transportation problem. The obtained method of costs management may be applied together with any procedure of portfolio selection. There are sketched the possibilities of correcting return rate of optimal portfolio burdened with switching costs.