Wyniki wyszukiwania - Biblioteka Nauki

1

Deficyt i zadłużenie samorządów gminnych w świetle ograniczeń ustawowych

100%

Zawora J. , Zawora P.

Przedsiębiorstwo i Region

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2013

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nr 5

131-139

EN

This article aims to present the legal conditions which affect on management of debt in municipalities and analysis of the financial result and the level of debt of local governments in the Subcarpathian region, and Poland. The debt of local government in 2007–2011 systematically increased. In most municipalities generated local government debt. I increased the budget deficit of municipalities. Although the government debt grew, it was lower than the statutory level

2

Opinia na temat budżetowych kryteriów konwergencji sformułowanych w Pakcie na rzecz stabilności i wzrostu oraz w pakcie fiskalnym

100%

Łacny J. , Szpringer Z.

Zeszyty Prawnicze BAS

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2013

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nr 2(38)

131-139

EN

The aim of the opinion is to answer the question whether the criteria of economic convergence relating to the condition of public finances in the member states, specified in both the Stability and Growth Pact (SGP) and the Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) are identical or not. The EU member states participating in the European Monetary Union (EMU), and using the euro as their currency, as well as those member states which intend to join the EMU need to meet the convergence criteria (also known as Maastricht criteria). These include legal criteria related to independence of their national central banks, and economic criteria related to stability of prices, situation of public finances, currency exchange rates and long-term inter‑ est rates. The authors conclude that the reference values specified in the Stability and Growth Pact and in the Fiscal Compact are identical.

3

Dopuszczalność wyłączenia z konstytucyjnego limitu zadłużenia pożyczek, gwarancji i poręczeń finansowych służących finansowaniu potrzeb obronnych Rzeczypospolitej Polskiej

100%

Dubowski R.

Zeszyty Prawnicze BAS

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2023

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nr 2(78)

69-74

EN

The study considers whether it would be constitutionally permissible to establish such subconstitutional (e.g. statutory) regulations that would prejudge that in calculating the ratio of the state public debt to the value of the annual gross domestic product, loans, guarantees and financial warranties used to finance the defence needs of the Republic of Poland are not included. According to the author, the introduction of such regulations is unacceptable without amending the Constitution of the Republic of Poland.

4

Demand-Side Shocks and Macroeconomic Policy

100%

Dudek M. K.

Gospodarka Narodowa. The Polish Journal of Economics

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2009

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tom 233

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nr 7-8

17-35

EN

The paper focuses on short run macroeconomic dynamics triggered by dem and side shocks. In particular, the paper analyzes, in a general equilibrium framework, the impact of transitory demand side shocks on the behavior of macroeconomic variables and examines the relevance of policy instruments during downturns in economics activity. The paper establishes that transitory shocks can have persistent effects. It shows that stabilization is desirable even if shocks are transitory in nature. In particular, the article reveals that debt financed government spending is a diable stabilization tool and can improve welfare at all horizons even though it inhibits physical capital formation.

5

Skutki prawne zaciągania przez samorządy terytorialne kredytów konsolidacyjnych w świetle obowiązujących regulacji ustawy o finansach publicznych wraz z oceną możliwości dokonania zmian w tym zakresie

100%

Dzwonkowski H.

Zeszyty Prawnicze BAS

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2018

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nr 3(59)

188-197

EN

Within the current state of law, all activities related to contracting a consolidation credit must be included as a revenue and expenditure in the budgetary resolution of a local self-government unit, at the same time affecting the amount of an individual debt ratio. There is no legal basis for directing instructions to the Regional Audit Chambers to change an interpretation of the currently binding legal norms. An amendment to the Act on Public Finances is in the process of drafting, aiming at making possible for local self-government entities to restructure debt through, inter alia, repayment of the existing debt with a new, more favorable consolidation debt.

6

Dylematy wyboru samorządowych instrumentów dłużnych

100%

Filipiak B. Z. , Dylewski M.

Studia BAS

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2021

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nr 4(68)

107-129

EN

Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.

7

Ownership Structure, Firm Value and Investment Opportunities Set: Evidence from Mexican Firms

100%

San Martin-Reyna J. M. , Durán-Encalada J. A.

Journal of Entrepreneurship, Management and Innovation

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2012

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tom 8

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nr 3

35-57

EN

This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.

8

Dylematy wyboru samorządowych instrumentów dłużnych

100%

Filipiak B. Z. , Dylewski M.

Studia BAS

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2021

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nr 4(68)

107–129

EN

Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.

9

Role of debt and the ability to create equity in a family farm

100%

Bereżnicka J.

Management and Production Engineering Review

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2013

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tom Vol. 4, No. 2

3--11

EN

The aim of the work was to assess the dependence between debt level and the creation of equity for the farmer. In this paper were verified the opinions found in literature concerning the positive impact of debt-to-equity farmer. The study was carried out on family farms belonging to the “large” farms according to the classification of the Farm Accountancy Data Network (FADN PL) based on economic size ESU (that is about 45 ESU). The farms were divided into two different groups on account of level their debt. To analyze data were used the descriptive statistics method and regression models. Family farms with a larger level of debt showed better results and the regression models confirmed the positive influence of debt on the ability to create value for farms. This model is consistent when farmers benefit from preferential credit. This form of debt was dominated in the studied farms. The results of the research may constitute an exit point for conducting analysis for farmers considering to take out a loan or credit.

10

Problem bankructwa państwa

100%

Kasperowicz-Stępień A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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nr 919

65-77

EN

Financial problems in many European countries have increasingly brough the issue of state bankruptcy to the fore. The rapid increase in a country’s debt to GDP ratio can cause difficulties in the use of debt and thus reduce the country’s creditworthiness. This paper presents the problem of state bankruptcy and debt restructuring methods used in the global economy.

11

Zadłużenie gospodarstw domowych z tytułu kredytów mieszkaniowych udzielonych przez banki uniwersalne w latach 2000-2007

100%

Fajczak-Kowalska A. J. , Sowińska A. , Wolankiewicz P.

Pieniądze i Więź

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2012

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tom 15

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nr 1(54)

118-129

EN

The article presents the analysis of the absorption of housing loans by households in the entire banking sector between years 2000 and 2007. Attention was drawn to the dynamic development of the mortgage market; also housing loans were analyzed in relation to GDP in Poland and the other European Union countries. The summary shows that real estate lending is dominated by large universal banks.

12

The Realities and Illusions of the XXIstCentury Social Contract

100%

Wolnicki M. , Piasecki R.

Journal of Intercultural Management

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2015

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tom 7

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nr 2

165-179

EN

Purpose – The paper aims to clarify the relationship between the rise of the sovereign debt in the G20 and the relative underpayment of labor versus capital. Design/methodology/approach – The historic analysis of successes and failures of demand management in the leading market economies. Provide data to support and illustrate the claims made in the paper. Findings – The argument presented in the paper is that the root cause of the rapidly rising sovereign debt lies in the demand deficiency originating in the cumulative effect of lagging labor compensation relative to productivity gains. Developed market democracies desperately need policies to mend the failing social contract between labor and capital. The real solution of the debt is to address demand deficiency, increase labor participation and wages, or basically, introduce a new social contract between labor and capital. Research limitations/implications – The detailed analysis of demand management policies would have to be country specific which goes beyond the scope of the paper. Practical implications – The paper implies that G20 policies go into a wrong direction and increase the risk of chain debt defaults in the leading market economies. Originality/value – This paper fulfils an identified need to study the root cause of the demand deficiency syndrome and the need to introduce long term policies needed to restore growth in the market economies.

13

THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS

100%

Czapińska K.

Finansowy Kwartalnik Internetowy e-Finanse

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2013

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tom 9

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nr 3

10-23

EN

The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)

14

Etyka regulowania należności przez przedsiębiorców i konsumentów

100%

Bekas M.

Prakseologia

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2010

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nr 150

211-230

EN

The purpose of this article is to present the state of business and consumer debt on the basis of information materials and reports published by the National Debt Register. The analyzed data shows that many companies and consumers do not pay their obligations on time. Entrepreneurs govern their duties until three months after the due date. The article shows how the public perceive unreliable companies and individuals that do not regulate within its obligations. The author also tries to find the factors influencing fulfillment of financial obligations by individuals and firms.

15

The use of accounting tools in the assessment of enterprise financing policy – debt and liquidity

100%

Prysiński Ł. , Kołysko W.

Przedsiębiorczość i Zarządzanie

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2014

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tom 15

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nr 1

83-92

EN

The article is devoted to the use of accounting tools in the assessment of financial policy of enterprises in the financial crisis. The purpose of the article was to show the impact of financial structure on the financial liquidity of chosen similar firms. The study hypothesized that during financial crisis, a better financial position in terms of liquidity have firms, which limit the level of short - term liabilities in financing short - term assets. To verify the hypotheses, the analysis of documents (financial statements) and debt and liquidity ratios were used.

16

Refinansowanie długu polskich gmin

89%

Jurewicz D.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

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2017

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tom 79

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nr 2

111-126

EN

The choice of the subject of this paper: the refinancing of the local government debt, was determined by the conviction that this field of research has not yet been sufficiently explored. Literature downplays this issue at the regional and local level. Thus the main aim of this work is the systematisation of information on the refinancing of public debt, including local government debt, and examination of the scale of this phenomenon existing throughout Polish municipalities. Debt indicators have been proposed to be added to the array of tools used for assessing the financialcondition of local governments so that the objectives defined in the paper had both a theoretical as well as practical application. Problems and difficulties associated with the measurement of public debt have been identified, the concept of debt refinancing explained in more detail and a reference of a public debt to the local government debt has been made. Issues indicated in the article relate to debt restructuring and are sometimes confused with refinancing. The refinancing of Polish municipalities in the years 2003-2015 has been presented, followed by some proposals for measures applicable to the issues under discussion. The paper ends with a summary containing the main findings, and indicates issues that still require further research.

PL

O wyborze problematyki refinansowania zadłużenia samorządowego zadecydowało przeświadczenie o niedostatecznym ujmowaniu tego zagadnienia w literaturze przedmiotu, nierzadko jego bagatelizowaniu w odniesieniu do szczebla regionalnego i lokalnego oraz istnieniu pokaźnych luk na tym polu badawczym. Zasadniczym celem pracy jest usystematyzowanie informacji dotyczących refinansowania długu publicznego, w tym samorządowego, oraz zbadanie skali zjawiska w polskich gminach. Przedstawiono propozycje wzbogacenia mierników oceny kondycji finansowej samorządów o te dotyczące opisywanych zagadnień. Sprecyzowane cele mają więc charakter zarówno teoretyczny, jak i aplikacyjny. W pracy wskazano trudności, jakie związane są z pomiarem zadłużenia publicznego, przybliżono pojęcie refinansowania długu oraz odniesiono je do długu samorządowego. Zasygnalizowano zagadnienia związane z restrukturyzacją zadłużenia, myloną czasem z jego refinansowaniem. Zaprezentowano również dane dotyczące refinansowania polskich gmin w latach 2003-2015 oraz przedstawiono propozycje mierników omawianych zagadnień. Opracowanie kończy podsumowanie zawierające najważniejsze wnioski; zasygnalizowano również problemy wymagające dalszych badań.

17

Dług samorządu – bodziec czy bariera absorpcji środków europejskich?

89%

Jurewicz D.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

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2016

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tom 78

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nr 2

231-249

EN

The currently binding legal regulations in Poland have created a situation in which the debt of local authorities that has been dynamically growing over the recent years is now an instrument which serves the execution of investments which, at least as intended, are to enhance the development of local communities. Upon Poland joining the structures of the European Union, it was the local governments which became the biggest public investor; thus contributing not only to the development of respective regions but also the domestic economy as a whole. Even though the repayable liabilities facilitate an increase in the speed of the development, their negative consequences can make the debt an obstacle to local development. Local development involves the execution of respective undertakings, most frequently investments. It is extremely important tomake the process of creating the local government comprehensive and to make it consider all the aspects of the operation of a given local government. The development of each local government should be sustainable and permanent, thanks to which the needs of today’s generation can be satisfied at no expense to the future generations.

PL

Zadłużenie, a więc najogólniej rzecz biorąc, zobowiązania podlegające zwrotowi, nierzadko w doniesieniach medialnych traktowane jest jako pojęcie o pejoratywnej konotacji i negatywny aspekt funkcjonowania samorządów, zarówno regionalnych, jak i lokalnych, to jednak ze względu na przeznaczenie, przede wszystkim na finansowanie przedsięwzięć inwestycyjnych, w literaturze z zakresu prawa finansowego oraz ekonomii jest przedstawiane w zdecydowanie lepszym świetle. Jego występowanie w gospodarce finansowej jednostek samorządu terytorialnego (JST) nie stanowi przejawu nieprawidłowości występujących w procesie gospodarowania, a jest wręcz wyrazem prorozwojowej polityki władz lokalnych oraz regionalnych. Ograniczone zasoby finansowe samorządu spowodowały, że realizacja inwestycji, będących niezwykle ważnym stymulatorem rozwoju lokalnego, wymaga sięgania po zwrotne źródła finansowania. Obowiązujące regulacje prawne oraz możliwości pozyskiwania środków z funduszy Unii Europejskiej (UE) spowodowały, że dynamicznie rosnący w ostatnich latach dług JST służył przede wszystkim realizacji przedsięwzięć inwestycyjnych, które przynajmniej w zamierzeniach mają służyć rozwojowi wspólnot lokalnych. Włączenie Polski w struktury zjednoczonej Europy spowodowało, że to właśnie samorządy stały się największym inwestorem publicznym, przyczyniając się tym samym do rozwoju nie tylko poszczególnych regionów, ale również całej gospodarki krajowej. Realizacja poszczególnych przedsięwzięć inwestycyjnych budzi czasem zastrzeżenia i obawy, niemniej z samego założenia mają one służyć zarówno rozwojowi danych samorządów, jak również poprawie jakości życia ich mieszkańców. Mając na względzie te argumenty, zawarty w literaturze przedmiotu pozytywny obraz zadłużenia samorządowego jest uzasadniony. Istnieje jednak dość pokaźna luka w zakresie analizy aspektów negatywnych, jakie bez wątpienia występują.

18

Changes in the Capital Structure of Polish Companies During the Last Twenty Years (1997–2017)

89%

Gajdka J. , Szymański M.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2019

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tom 53

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nr 4

EN

Theoretical background: The capital structure is one of the most important areas in the modern theory of corporate finance. It has inspired the development of a large number of theoretical approaches, but a universally accepted theory of capital structure has not yet been developed. A common belief holds that companies try to achieve a stable capital structure in the long term; thus, companies that, at a given time, are characterised by a relatively low (or high) level of debt, also probably had the same level in previous periods.Purpose of the article: The main purpose of this paper is to provide answers to two basic questions: 1) How did the aggregate capital structure of the non-financial companies listed on the Warsaw Stock Exchange (WSE) change from 1997 to 2017?; 2) What factors are decisive for the companies’ capital structure and do the current trends in capital structure theory take account of them?Research methods: The research is carried out in two phases. In phase 1, the descriptive statistics method is applied to analyse how the capital structure of WSE-listed companies changed in the years 1997–2017. In phase 2, the capital structure determinants are examined using multiple regression models.Main findings: The capital structure of WSE companies varied significantly in the sample years, and overall, the debt ratios, total, short-, and long-term debt slightly increased. The causes of the changes were the economic environment factors (banking sector assets, government debt, and corporate income tax) and macroeconomic circumstances, along with the companies’ characteristics. Among the latter, the company’s profitability and the share of fixed assets in total assets usually turned out to be statistically significant.

19

Opinia na temat decyzji Komisji w sprawie wszczęcia, na podstawie rozporządzenia Parlamentu Europejskiego i Rady (UE) nr 1173/2011 w sprawie skutecznego egzekwowania nadzoru budżetowego w strefie euro, postępowania wyjaśniającego związanego z manipulowaniem danymi statystycznymi w Austrii

88%

Łacny J. , Szpringer Z.

Zeszyty Prawnicze BAS

|

2016

|

nr 3(51)

91-98

EN

The European Commission expresses doubts as to the authenticity of the general government deficit and debt data provided to Eurostat by of Austria. The proceedings launched on its basis may result in improving the quality of statistical data on budget indicators in Member States. The document can also provide the basis for reflection for the Polish authorities regarding the need for strengthened control over local finance.

20

The impact of low interest rates on the debt of polish listed companies

88%

Schmidt K.

Research Papers in Economics and Finance

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2019

|

tom 3

|

nr 2

7-16

EN

Central bank decisions have an impact on the whole economy. Increasing or lowering interest rates as part of a specific policy determines not only changes in macroeconomic aggregates or decisions of financial entities, such as banks, but also has a significant impact on business decisions. Low interest rates, which have been maintained for several years, encourage reflection on the impact of interest rates on the financing structure of companies. The main objective of the research is to verify the relations between monetary policy, in particular low interest rates, and the level of indebtedness of Polish listed companies. The analysis showed that the level of total interest-bearing liabilities for the selected sample of companies remains in a clear upward trend, and interest rates – in a downward trend, excluding the increases in 2008 and 2012. The Pearson correlation for the variables in question should be considered strong, especially in the case of the relationship between long-term interest-bearing liabilities and interest rates. Considering the above, it should be noted that interest rates influence the level of indebtedness of companies, bearing in mind that this is a transmission channel of monetary policy, which operates with a time lag.