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Investment activities of insurance companies operating in Visegrad Group countries - theoretical and empirical approach

Spigarska Ewa, Majerowska Ewa

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2023

z. 175

501--512

Purpose: The objective of this article is to assess the relationship between the investment activities of insurance companies and the gross premium written as well as the selected profitability and liquidity indicators. The research hypothesis assumes that such a relationship can be identified, and it depends on the type of activity and varies for each country. Design/methodology/approach: The study period covers 2013-2020 in a panel approach. Insurance companies operating in the Visegrad countries were subjected to the study. Econometric panel data models were estimated and verified. Findings: The study covering life and non-life insurance companies, indicated confirmation of the assumed research hypothesis. In the case of life insurance companies, considering all companies of the Visegrad Group countries together, the following factors have a statistically significant impact on the level of investments: gross premium written, profit after tax. However, this conclusion cannot be generalised by treating individual countries separately. In comparison, when analysing the performance of non-life insurers, only gross premiums written have a statistically significant impact on the level of investments. Research limitations/implications: The analysis covers only the companies of the insurance sector of the Visegrad countries. In the next step, similar research should be carried out for companies from other groups of countries. Practical implications: The considerations and research results contained in the article can serve insurance company managers in making investment-related decisions based on the technical results obtained. They can also be used by state governments and regulators to predict the future investment behaviour of insurance companies. Originality/value: The uniqueness of the proposed article is demonstrated by the use of panel data and panel estimation used to describe the above-mentioned relationships as well as a comparison of results by type of activity and country.

Capital structure vs financing rules - the Visegrad Group countries

Gostkowska-Drzewicka Magdalena, Majerowska Ewa

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2023

z. 169

301--318

Purpose: The purpose of this paper is to investigate whether the capital structure of stock exchange listed companies in individual countries of the Visegrad Group differs significantly, and whether these entities can be considered to be organizations implementing the principles of the golden and silver rules of accounting. Design/methodology/approach: The research hypotheses assumed were verified using appropriate statistical tools. Calculations were per-formed using the Gretl software and MS Excel. Findings: The basis for operating activity financing in the companies under examination mainly entailed equity. In practice, this means that most of the entities surveyed follow the silver, less frequently the golden (the more restrictive), rule of accounting. The results obtained for each country of the Visegrad Four differed significantly. The research conducted provides a basis for determining whether the golden and silver rules of accounting constitute factors affecting the decision-making regarding capital structure formation in companies listed in the Visegrad Group countries. The study covers companies listed in the four countries and provides a basis for further research in this area, with respect to both the sample size and the time series length. Research limitations/implications: The paper takes into account only listed companies, so its results do not explain capital structure behavior of other companies. The research is a contribution to further analyses of the capital structure, which covers all types of enterprises. Practical implications: The research conducted provides a basis for determining whether the golden and silver rules of accounting constitute factors affecting the decision-making regarding capital structure formation in companies listed in the Visegrad Group countries. The study covers companies listed in the four countries and provides a basis for further research in this area, with respect to both the sample size and the time series length. Originality/value: The most important principle of financing is that firms should try to match the characteristics of the financing as closely as possible to the characteristics of the assets being financed. Unfortunately, only a few studies on this subject can be found, especially internationally. Our research aims to fill a gap in the literature on the subject. It made possible to identify financing rules characterizing capital structure of the companies operating in different economic conditions. The study may be addressed to analysts, investors and managers of companies as well as researchers conducting research in corporate finance area.