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The excess market value added functionality for expectations based management

Kaczmarek Jarosław

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2024

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z. 191

247--264

EN

Purpose: The research presented in this article aims to investigate the usefulness of the excess measures of created value for the needs of Expectations Based Management. The theoretical and methodological objective is to propose extending the scope of classical measures of value by including shareholder expectations. The utilitarian objective is to measure value creation using excess market value added to equity WIG30 companies of the Warsaw Stock Exchange in 2017–2022, and its relations with companies capitalisation and market value added. Design/methodology/approach: The proposed measure of excess market value added to equity compares expected value as an increase in companies capitalization related to a minimum rate of return on equity equivalent to its cost, decreased by this capital, with the actually achieved value. The analysis makes use of mathematical statistics tools, including non–standard ones, the measure of concentration, and the taxonomic measure of similarity. Findings: Firstly, the research shows that excess measure does not distort market information and is an appropriate tool for assessing the effectiveness of shareholder value creation. Secondly, the managers of WIG30 WSE companies did not meet shareholder expectations in a satisfactory way. Value management in the analysed companies was given a negative assessment, both in terms of effectiveness and efficiency. Research limitations/implications: The application of this method is limited by the availability of information but only in external analyses, and it only reduces the frequency of analyses. The trend for further research is the analyses of companies representing various industry indexes and the comparative analyses of individual entities from the perspective of above average values in relation to benchmarks. Practical implications: The utilitarian value of the research study is the proposal of a method for measuring value creation which includes shareholder expectations for the needs of EBM. Moreover, the research offered an unbiased assessment of whether shareholder value in WSE WIG30 companies is created and simultaneously reflected in an increased value of shares (capitalization) to a higher degree than expected by shareholders. Originality/value: The presented study mitigates a methodological gap in the area of unbiased assessments of measuring value creation which considers shareholder expectations. The study presents empirical evidence of shareholder value creation. As yet, similar research has not been conducted for Polish and foreign capital markets.

2

Efficiency and financial standing of coal mining enterprises in Poland in terms of restructuring course and effects

Sobczyk Eugeniusz Jacek, Kaczmarek Jarosław, Fijorek Kamil, Kopacz Michał

Gospodarka Surowcami Mineralnymi

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2020

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T. 36, z. 2

127--152

EN

The subject of the research presented in this paper were financial results of mining industry enterprises (PKD 5 – Polish Classification of Activity – “Mining of coal and lignite”) in 2007–2019. The research was conducted using relative and absolute financial measures, forming an extensive and coherent set of features characterizing their financial condition. The purpose was to measure and evaluate the efficiency of examined enterprises operation, considered as an attribute of development as well as factors describing and determining it. This evaluation was made against the background of ongoing restructuring processes taking into account their potential effects. The article presents the course of the process of adapting Polish hard coal mining to market economy conditions after 1989. The process can be conventionally divided into several periods. The scope and intensity of changes in the mining industry followed the subsequent government programs for mining industry restructuring. The lignite mining has not implemented any specific restructuring programs. The remedy processes were mainly related to organizational and ownership changes. In relation to operation efficiency and value creation three turning points in the development path of enterprises were highlighted – 2011, 2015 and 2017, while the period of strong deterioration of results occurred in 2011–2015. It was proved that restructuring processes did not affect the operating return on sales. However, there was a strong relation between changes in economic conditions on the coal market (prices) and the accumulation rate.

PL

Przedmiotem badań przedstawionych w artykule były wyniki finansowe przedsiębiorstw wydobywczych (PKD 5 „Górnictwo i wydobywanie węgla kamiennego i brunatnego”) za lata 2007–2019. Badania przeprowadzono z zastosowaniem względnych i bezwzględnych miar finansowych, stanowiących rozległy i spójny zbiór cech charakteryzujących ich kondycję finansową. Celem był natomiast pomiar i ocena efektywności funkcjonowania badanych przedsiębiorstw, uznawana za atrybut rozwoju oraz czynniki ją opisujące i kształtujące. O cena ta prowadzona była na tle przebiegających procesów restrukturyzacyjnych z uwzględnieniem ich potencjalnych efektów. W artykule przedstawiono przebieg procesu dostosowywania polskiego górnictwa węgla kamiennego do warunków gospodarki rynkowej od 1989 roku. Wyróżniono kilka okresów restrukturyzacji, a zakres i intensywność zmian w górnictwie postępowała w ślad za kolejnymi rządowymi programami restrukturyzacji górnictwa. W przypadku górnictwa węgla brunatnego nie zostały wdrożone żadne szczególne programy restrukturyzacyjne. Procesy naprawcze dotyczyły przede wszystkim zmian organizacyjnych i własnościowych. W zakresie efektywności działania i kreacji wartości wyróżniono punkty zwrotne ścieżki rozwoju przedsiębiorstw – lata 2011, 2015 i 2017, a okres silnego pogorszenia osiągniętych wyników wystąpił w latach 2011–2015. Wykazano, że procesy restrukturyzacyjne nie miały wpływu na rentowność operacyjną sprzedaży. Natomiast w wyraźny sposób uwidocznił się związek między zmianami koniunktury na rynku.

3

The effectiveness of working capital management strategies in manufacturing enterprises

Kaczmarek Jarosław

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2019

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z. 136

191--208

EN

The paper presents the results of a study aimed at identifying and assessing the efficiency of working capital management strategies in enterprises. The analysis focuses on the volumes of net working capital and its cycle (dependent variable), as well as the conversion cycles of its main components (independent variables). The study comprises the entire population of manufacturing enterprises in Poland covered by public statistics (nearly 14 thousand entities), divided into size categories (small, medium and large). The long-term analysis covers the period of 2007-2018. The study makes use of the measures that characterise working capital management strategies and their effects including net working capital volumes and working capital cycles. The study also employs measures related to correlations, similarity, density, positioning and classifying, as well as descriptive statistics. The effect of the study is the verification of three research hypotheses related to the characteristics, correlations, profile similarities and identification of working capital strategies in manufacturing enterprises.