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The topic of farms that deal with environmental constraints is an ongoing agricultural policy issue, including within the Common Agricultural Policy. We propose empirical evidence based on a sample of Farm Accountancy Data Network (FADN) farm households, evaluate the influence of chosen factors on financially sustainable farm development and verify less-favoured area (LFA) farms’ growth compared with non-LFA households. To specify farm households, we use the Sustainable Growth Challenge (SGC) model and DuPont decomposition based on financial measures and indicators that were adopted from corporate finance. It is concluded that the differences in SGC and revenue growth values between LFA and non-LFA farms mainly results from the system of subsidising LFA farms that receive compensation for farming in areas with adverse environmental conditions. Generally, the impact of agricultural policies on LFA and non-LFA farms is significant and may weaken the effect on LFA. With the exception of education, other sociodemographic factors do not highly influence farm efficiency. Along with improvements in the quality of human capital (e.g., higher education level), awareness of subsidies, and debt and innovative solutions increases. The interest in precision agriculture and agriculture 4.0 is also growing, which directly translates into better technological and financial efficiency of farms.
Radosław Pastusiak; Michał Soliwoda; Magdalena Jasiniak; Joanna Stawska; Joanna Pawłowska-Tyszko. Are Farms Located in Less-Favoured Areas Financially Sustainable? Empirical Evidence from Polish Farm Households. Sustainability 2021, 13, 1092 .
AMA StyleRadosław Pastusiak, Michał Soliwoda, Magdalena Jasiniak, Joanna Stawska, Joanna Pawłowska-Tyszko. Are Farms Located in Less-Favoured Areas Financially Sustainable? Empirical Evidence from Polish Farm Households. Sustainability. 2021; 13 (3):1092.
Chicago/Turabian StyleRadosław Pastusiak; Michał Soliwoda; Magdalena Jasiniak; Joanna Stawska; Joanna Pawłowska-Tyszko. 2021. "Are Farms Located in Less-Favoured Areas Financially Sustainable? Empirical Evidence from Polish Farm Households." Sustainability 13, no. 3: 1092.
Purpose of the article: The aim of the paper was to show connections between the instruments of cashless payments and economic growth. The goal was to find the answers to the following research questions: What is the current share of payments with the use of particular forms of cashless payments in total payments?; What forms of cashless payments are connected with economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?; What is the relation between the value of cashless payments and economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?Research methods: Spearman’s rank correlation.Research results: The authors have found that the highest share in terms of the number of payments in total payments in the countries of Central and Eastern Europe constituted payments with the use of payment cards, then, the payments with the use of a transfer order. Whereas, in the countries of Western Europe, apart from the fact that high percentage of payments in total constituted payments with the use of payment cards and transfer orders, more and more payments are made with the use of the instruments of e-money. Examining mutual relationships, information about correlational connections that occur between economic growth measured by GDP per capita and value of payments with the use of some instruments of cashless payments was obtained. The main conclusion that can be drawn after data analysis is positive relationships between the value of payments with the use of a transfer order, payment card and economic growth found both in the countries of Central and Eastern Europe and the countries of Western Europe. In the countries of Western Europe, the payments with the use of a direct debit turned out to be insignificant, whereas the payments with the use of instruments of e-money were signifiant. Taking into account the force of relationships, it can be said that higher positive correlation is shown by the value of payments with the use of a transfer order with reference to real GDP per capita in the countries of Western Europe (0.80). In the countries of Central and Eastern Europe, it is only 0.48. Mutual connections between the value of payments with the use of payment cards and economic growth are similar in both groups of countries. What is interesting, high impact on real GDP per capita – about 0.80 – is shown by the payments with the use of instruments of e-money. This study may represent a contribution to further research, that is, an analysis of cause-and-effect relationships in the field of cashless payments and economic growth, including division of countries in terms of, for example, the level of wealth.Added value: Analysis of current literature on the impact of cashless payments on economic growth and an empirical analysis.
Marlena Grzelczak; Radosław Pastusiak. Cashless Payments and Economic Growth in Selected European Countries. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 2020, 54, 1 .
AMA StyleMarlena Grzelczak, Radosław Pastusiak. Cashless Payments and Economic Growth in Selected European Countries. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia. 2020; 54 (3):1.
Chicago/Turabian StyleMarlena Grzelczak; Radosław Pastusiak. 2020. "Cashless Payments and Economic Growth in Selected European Countries." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 54, no. 3: 1.
The main aim of the paper is to explore the intra‐industry effects of a bankruptcy filing on the capital market and to analyse the predomination of either competitive or contagion effect. The article is based on the assumption that the bankruptcy filing of the company affects the stock returns of its industry competitors and that the competitive effect dominates. The event study method is employed to assess the effect on the valuation of announcing and non‐announcing firms. The empirical study is conducted on the example of stock‐listed companies in Poland, where bankruptcy proceedings are not aimed at preserving the firm in distress. Averaged results suggest that the bankruptcy filing has a positive short‐term effect on the valuation of industry competitors in the sample, which indicates the competitive effect. However, looking at results broken down by industries there is no robust evidence of the effect. Only one sector experiences short‐lived positive investors' reaction.
Olga Krzeczewska; Radosław Pastusiak. Does bankruptcy filing always mean contagion? Evidence from industry rivals. International Journal of Finance & Economics 2020, 1 .
AMA StyleOlga Krzeczewska, Radosław Pastusiak. Does bankruptcy filing always mean contagion? Evidence from industry rivals. International Journal of Finance & Economics. 2020; ():1.
Chicago/Turabian StyleOlga Krzeczewska; Radosław Pastusiak. 2020. "Does bankruptcy filing always mean contagion? Evidence from industry rivals." International Journal of Finance & Economics , no. : 1.
The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.
Radosław Pastusiak; Jakub Keller; Michał Radke. Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland. Journal of Risk and Financial Management 2020, 13, 132 .
AMA StyleRadosław Pastusiak, Jakub Keller, Michał Radke. Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland. Journal of Risk and Financial Management. 2020; 13 (6):132.
Chicago/Turabian StyleRadosław Pastusiak; Jakub Keller; Michał Radke. 2020. "Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland." Journal of Risk and Financial Management 13, no. 6: 132.
Detailed analysis of Hill [1] based on EU FADN data indicate that the level of “incomes of farms in LFAs was lower than those in non-LFAs, even after including the special payments that the former receive.” The following question arises as to whether being located on less-favored areas may alter significantly the financial efficiency of farms and whether it is possible to identify such measures that would improve financial efficiency at a farm level and preserve the environmental value of the LFA and implement sustainable development policies. The article proposes an analysis of profitability according to criteria regarding being located on LFA, taking into account the peculiarities of production orientation. This is an important issue, not only from a scientific point of view but also an important element for agricultural policy and the issue of subsidies to agricultural holdings located in areas of environmental constraints. We confirmed that in Poland in 2009-2014 the farms located on LFAs significantly differentiate the financial efficiency of farms and are significantly less profitable assets and use financial resources less effectively than farms located in favorable areas. We also proved that farms located on LFAs that specialize in crop productions are described by the highest profitability.
Radosław Pastusiak; Magdalena Jasiniak; Michał Soliwoda; Joanna Stawska. Does Being Located in Less-Favored Areas Weaken the Profitability of Polish Farm Households? Empirical Evidence. Polish Journal of Environmental Studies 2019, 28, 2331 -2343.
AMA StyleRadosław Pastusiak, Magdalena Jasiniak, Michał Soliwoda, Joanna Stawska. Does Being Located in Less-Favored Areas Weaken the Profitability of Polish Farm Households? Empirical Evidence. Polish Journal of Environmental Studies. 2019; 28 (4):2331-2343.
Chicago/Turabian StyleRadosław Pastusiak; Magdalena Jasiniak; Michał Soliwoda; Joanna Stawska. 2019. "Does Being Located in Less-Favored Areas Weaken the Profitability of Polish Farm Households? Empirical Evidence." Polish Journal of Environmental Studies 28, no. 4: 2331-2343.
Radosław Pastusiak; Magdalena Jasiniak. Dividend policy of leading state-owned enterprises in Poland. Proceedings of the 3rd International Conference on Social, Economic, and Academic Leadership (ICSEAL 2019) 2019, 1 .
AMA StyleRadosław Pastusiak, Magdalena Jasiniak. Dividend policy of leading state-owned enterprises in Poland. Proceedings of the 3rd International Conference on Social, Economic, and Academic Leadership (ICSEAL 2019). 2019; ():1.
Chicago/Turabian StyleRadosław Pastusiak; Magdalena Jasiniak. 2019. "Dividend policy of leading state-owned enterprises in Poland." Proceedings of the 3rd International Conference on Social, Economic, and Academic Leadership (ICSEAL 2019) , no. : 1.
The main aim of the article is to analyze the occurrence of agglomeration effect in the hospital sector on the basis of financial performance. The considerations are made on the example of hospitals in Poland—the country that survived the latest economic crisis relatively well, usually generating positive values of GDP, but where still there is an ongoing discussion on the final shape of healthcare financing model. The article is based on the assumption that there occur significant differences in financial performance between hospitals according to their location. The research hypothesis is as follows: Hospitals operating in big cities are featured by better financial condition than their counterparts operating in smaller towns. To verify the hypothesis, the methods of financial analysis and statistical hypothesis testing are used. As it is emphasized in the article, the assumption is true and the hypothesis can be verified positively.
Bartłomiej Krzeczewski; Olga Krzeczewska; Anna Pluskota; Radosław Pastusiak. Does the agglomeration effect occur in the hospital sector? The impact of agglomeration economies on the financial performance of hospitals—An evidence from Poland. The International Journal of Health Planning and Management 2018, 34, 553 -571.
AMA StyleBartłomiej Krzeczewski, Olga Krzeczewska, Anna Pluskota, Radosław Pastusiak. Does the agglomeration effect occur in the hospital sector? The impact of agglomeration economies on the financial performance of hospitals—An evidence from Poland. The International Journal of Health Planning and Management. 2018; 34 (2):553-571.
Chicago/Turabian StyleBartłomiej Krzeczewski; Olga Krzeczewska; Anna Pluskota; Radosław Pastusiak. 2018. "Does the agglomeration effect occur in the hospital sector? The impact of agglomeration economies on the financial performance of hospitals—An evidence from Poland." The International Journal of Health Planning and Management 34, no. 2: 553-571.
Radosław Pastusiak; Monika Bolek; Magdalena Jasiniak; Jakub Keller. Effectiveness of special economic zones of Poland. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 2018, 36, 263 -285.
AMA StyleRadosław Pastusiak, Monika Bolek, Magdalena Jasiniak, Jakub Keller. Effectiveness of special economic zones of Poland. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business. 2018; 36 (1):263-285.
Chicago/Turabian StyleRadosław Pastusiak; Monika Bolek; Magdalena Jasiniak; Jakub Keller. 2018. "Effectiveness of special economic zones of Poland." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 36, no. 1: 263-285.
Celem artykułu jest pokazanie zjawiska nadmiernego optymizmu na rynku kapitałowym na przykładzie rekomendacji i wycen przygotowywanych przez Domy Maklerskie w Polsce. W strukturze przygotowywanych rekomendacji jest więcej rekomendacji pozytywnych niż negatywnych i neutralnych. Statystycznie byłoby to zasadne przy stałym rynku wzrostowym. A przecież na giełdzie jest hossa, bessa oraz okresy trendu horyzontalnego. Dlaczego w takim razie w zmieniającej się koniunkturze zawsze przeważają rekomendacje pozytywne? Bazą dla rekomendacji są wyceny przedsiębiorstw, często wykonane metodą DCF. Aby zrealizować badanie, wybrano spółki z GPW w Warszawie i porównano wydane dla nich rekomendacje w danym okresie. Badania wskazały, że dominują rekomendacje pozytywne. Następnie porównano cenę notowań w dniu wydania rekomendacji pozytywnych i negatywnych do ceny, jaką spółka osiągnęła po roku notowań. Uzyskane wyniki wskazują, że pomimo rekomendacji domów brokerskich znacząca część rekomendacji w spółkach podaje za wysoką cenę w stosunku do realnie uzyskiwanej przez przedsiębiorstwo na GPW.
Radosław Pastusiak. Heuristic of Excessive Optimism in Corporate Valuations. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 2018, 51, 283 .
AMA StyleRadosław Pastusiak. Heuristic of Excessive Optimism in Corporate Valuations. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia. 2018; 51 (6):283.
Chicago/Turabian StyleRadosław Pastusiak. 2018. "Heuristic of Excessive Optimism in Corporate Valuations." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 51, no. 6: 283.
Artykuł ma dwa zasadnicze cele, po pierwsze, przedstawienie ogólnej sytuacji dochodowej, a także udziału dochodów pozarolniczych w dochodach ogółem gospodarstw rolniczych Kanady i USA (według orientacji produkcyjnej i typu „społeczno-ekonomicznego”), po drugie, dokonanie przeglądu i oceny aktualnych wybranych narzędzi oddziałują - cych na generowanie dochodów pozarolniczych. Szczególnie dla USA znamienny był widoczny spadek udziału dochodów pozarolniczych w dochodach farm i rancz. W ramach polityk rolnych i rozwoju obszaru wiejskich można wyodrębnić narzędzia oddziałujące pośrednio bądź bezpośrednio na generowanie dochodów pozarolniczych, jednak należy przywidywać, że coraz bardziej istotną rolę odgrywać będą instrumenty stymulujące zwiększenie zatrudnienia poza rolnictwem na obszarach wiejskich.
Radosław Pastusiak; Magdalena Jasiniak; Joanna Stawska; Michał Soliwoda. Znaczenie dochodów pozarolniczych w gospodarstwach rolnych Kanady i USA. Wieś i Rolnictwo 2017, 49 -74.
AMA StyleRadosław Pastusiak, Magdalena Jasiniak, Joanna Stawska, Michał Soliwoda. Znaczenie dochodów pozarolniczych w gospodarstwach rolnych Kanady i USA. Wieś i Rolnictwo. 2017; (1 (174)):49-74.
Chicago/Turabian StyleRadosław Pastusiak; Magdalena Jasiniak; Joanna Stawska; Michał Soliwoda. 2017. "Znaczenie dochodów pozarolniczych w gospodarstwach rolnych Kanady i USA." Wieś i Rolnictwo , no. 1 (174): 49-74.
Celem artykułu jest pokazanie zjawiska nadmiernego optymizmu na rynku kapitałowym na przykładzie rekomendacji i wycen przygotowywanych przez domy maklerskie w Polsce. W strukturze tych rekomendacji jest więcej rekomendacji pozytywnych niż negatywnych i neutralnych. Statystycznie byłoby to zasadne przy stałym rynku wzrostowym, ale należy wziąć pod uwagę, iż na giełdzie są hossa, bessa oraz okresy trendu horyzontalnego. Dlaczego w takim razie w zmieniającej się koniunkturze zawsze przeważają rekomendacje pozytywne? Bazą dla rekomendacji są wyceny przedsiębiorstw, często wykonywane metodą DCF. Aby zrealizować badanie, wybrano spółki z GPW w Warszawie i porównano wydane dla nich rekomendacje w danym okresie. Badania wskazały, że dominują rekomendacje pozytywne. Następnie porównano cenę notowań w dniu wydania rekomendacji pozytywnych do ceny, jaką spółka osiągnęła po roku notowań. Uzyskane wyniki wskazują, że pomimo pozytywnych rekomendacji domów brokerskich znacząca część rekomendacji w spółkach podaje za wysoką cenę w stosunku do realnie uzyskiwanej przez przedsiębiorstwo na GPW. Ponadto porównano w wybranych firmach prognozy finansowe z realnymi sprawozdaniami. Ta analiza również wykazała istnienie nadmiernego optymizmu wśród analityków.
Radosław Pastusiak. Excessive Optimism in Company’s Valuations. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 2017, 50, 383 .
AMA StyleRadosław Pastusiak. Excessive Optimism in Company’s Valuations. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia. 2017; 50 (4):383.
Chicago/Turabian StyleRadosław Pastusiak. 2017. "Excessive Optimism in Company’s Valuations." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 50, no. 4: 383.
Radosław Pastusiak. ANALYSIS OF DEVIATIONS VALUATIONS OF COMPANIES IN THE BROKERAGE RECOMMENDATIONS. EXCESSIVE OPTIMISM. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 2017, 89, 299 -306.
AMA StyleRadosław Pastusiak. ANALYSIS OF DEVIATIONS VALUATIONS OF COMPANIES IN THE BROKERAGE RECOMMENDATIONS. EXCESSIVE OPTIMISM. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia. 2017; 89 ():299-306.
Chicago/Turabian StyleRadosław Pastusiak. 2017. "ANALYSIS OF DEVIATIONS VALUATIONS OF COMPANIES IN THE BROKERAGE RECOMMENDATIONS. EXCESSIVE OPTIMISM." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 89, no. : 299-306.
Radosław Pastusiak; Anna Pluskota. The Impact Of Corruption On Investment. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 2017, 85, 659 -667.
AMA StyleRadosław Pastusiak, Anna Pluskota. The Impact Of Corruption On Investment. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia. 2017; 85 ():659-667.
Chicago/Turabian StyleRadosław Pastusiak; Anna Pluskota. 2017. "The Impact Of Corruption On Investment." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 85, no. : 659-667.
This paper investigates the companies listed on WSE in the context of intangibles and financial management. If a company decides to build its strategy on innovation, it will have to manage the finances according to some rules specific for innovation based entities. The value of a company should grow as a result of joint decisions in the field of innovation and finances. Specifically, this paper investigates the influence of company’s intangibles on its liquidity strategy, cash management, profitability, debt capacity and market value. As a result of analysis it has been found that there exist relationships among those factors, indicating that innovation based strategy should be supported by financial decisions that enable the company to increase its value.
Radosław Pastusiak; Monika Bolek; Katarina Lyroudi. Intangible Assets and Financial Management Decisions on the Example of WSE Companies. Acta Universitatis Lodziensis. Folia Oeconomica 2016, 4, 1 .
AMA StyleRadosław Pastusiak, Monika Bolek, Katarina Lyroudi. Intangible Assets and Financial Management Decisions on the Example of WSE Companies. Acta Universitatis Lodziensis. Folia Oeconomica. 2016; 4 (323):1.
Chicago/Turabian StyleRadosław Pastusiak; Monika Bolek; Katarina Lyroudi. 2016. "Intangible Assets and Financial Management Decisions on the Example of WSE Companies." Acta Universitatis Lodziensis. Folia Oeconomica 4, no. 323: 1.
This study seeks to show the impact of stock recommendation reports on the efficiency of investments in the Polish stock market. The study is carried out in two stages: the first takes place at the micro-level and is based on a behavioural experiment, while the second focuses on the verification of our results obtained on a real market. The main assertion is that stock recommendations create heuristic effects among investors near the publication date of the recommendation. The ambiguity of the recommendations hinders investors’ reliable and unequivocal evaluation in investment decisions. There are studies in this field for different stock markets and periods of time, but our research added significant new knowledge about the functioning of the Polish stock exchange. Our study fits into the mainstream analysis of outlining the behaviour of investors in the capital market. The research findings underpin our pessimism about the impact of stock recommendations on investors’ behaviour.
Jakub Keller; Radoslaw Pastusiak. The psychology of investing: Stock market recommendations and their impact on investors’ decisions (the example of the Polish stock market). Acta Oeconomica 2016, 66, 419 -437.
AMA StyleJakub Keller, Radoslaw Pastusiak. The psychology of investing: Stock market recommendations and their impact on investors’ decisions (the example of the Polish stock market). Acta Oeconomica. 2016; 66 (3):419-437.
Chicago/Turabian StyleJakub Keller; Radoslaw Pastusiak. 2016. "The psychology of investing: Stock market recommendations and their impact on investors’ decisions (the example of the Polish stock market)." Acta Oeconomica 66, no. 3: 419-437.
Katarzyna Biegańska; Magdalena Jasiniak; Radosław Pastusiak; Anna Pluskota. The Anchor Effect in Merger and Acquisition Transactions on the Example of Poland. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 2016, 79, 585 -593.
AMA StyleKatarzyna Biegańska, Magdalena Jasiniak, Radosław Pastusiak, Anna Pluskota. The Anchor Effect in Merger and Acquisition Transactions on the Example of Poland. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia. 2016; 79 ():585-593.
Chicago/Turabian StyleKatarzyna Biegańska; Magdalena Jasiniak; Radosław Pastusiak; Anna Pluskota. 2016. "The Anchor Effect in Merger and Acquisition Transactions on the Example of Poland." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79, no. : 585-593.
Magdalena Jasiniak; Radosław Pastusiak. The Average Cost of Mortgage Financing in the Years 1995–2014. Implications for Banking Supervision. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 2016, 79, 451 -463.
AMA StyleMagdalena Jasiniak, Radosław Pastusiak. The Average Cost of Mortgage Financing in the Years 1995–2014. Implications for Banking Supervision. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia. 2016; 79 ():451-463.
Chicago/Turabian StyleMagdalena Jasiniak; Radosław Pastusiak. 2016. "The Average Cost of Mortgage Financing in the Years 1995–2014. Implications for Banking Supervision." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79, no. : 451-463.
Radosław Pastusiak; Monika Bolek; Maciej Malaczewski; Marta Kacprzyk. Company Profitability Before and After IPO. Is it a Windows Dressing or Equity Dilution Effect? Prague Economic Papers 2016, 25, 112 -124.
AMA StyleRadosław Pastusiak, Monika Bolek, Maciej Malaczewski, Marta Kacprzyk. Company Profitability Before and After IPO. Is it a Windows Dressing or Equity Dilution Effect? Prague Economic Papers. 2016; 25 (1):112-124.
Chicago/Turabian StyleRadosław Pastusiak; Monika Bolek; Maciej Malaczewski; Marta Kacprzyk. 2016. "Company Profitability Before and After IPO. Is it a Windows Dressing or Equity Dilution Effect?" Prague Economic Papers 25, no. 1: 112-124.
The main aim of this article is to compare the financial performance of private and publicly traded companies in accordance with ownership structure and size. The analysis carried out in the article leads to the conclusion that in Poland private companies perform better than companies that are publicly traded on the Warsaw Stock Exchange (WSE). Statistically significant results are obtained for medium-sized companies. Moreover, it turns out that medium-sized enterprises operate better than large companies as far as profitability is concerned, at least in the group of private companies where results are statistically significant. The analyses conducted in the article are aimed at filling in the gap in studies comparing profitability between publicly traded and private companies.
Radosław Pastusiak; Katarzyna Miszczynska; Bartłomiej Krzeczewski. Does public offering improve company’s financial performance? The example of Poland. Economic Research-Ekonomska Istraživanja 2015, 29, 32 -49.
AMA StyleRadosław Pastusiak, Katarzyna Miszczynska, Bartłomiej Krzeczewski. Does public offering improve company’s financial performance? The example of Poland. Economic Research-Ekonomska Istraživanja. 2015; 29 (1):32-49.
Chicago/Turabian StyleRadosław Pastusiak; Katarzyna Miszczynska; Bartłomiej Krzeczewski. 2015. "Does public offering improve company’s financial performance? The example of Poland." Economic Research-Ekonomska Istraživanja 29, no. 1: 32-49.
The aim of this paper is to present the impact of stock recommendations on the prices in the context of excessive optimism heuristic. The main goal of the conducted analysis is to show that investors on the Warsaw Stock Exchange seem to ignore the economic information that comes with the recommendation report. Also, as the analyzed recommendations are set in the specified economic conditions, authors would like to show that reports are biased with excessive optimism. The research of the structure of recommendations was issued for the biggest companies of the Polish market listed on the Warsaw Stock Exchange from 2009 to 2012. The investigation showed that the ambiguity of the creation methods of analytical reports and differences in valuation of companies causes subjectivism in analysts’ assessments, which leads to heuristic effects. According to the authors, the structure of reports and their specificity shows that excessive optimism is an important factor in creation of stock exchange recommendations.
Radosław Pastusiak; Jakub Keller. Stock Exchange Recommendations and Economic Realities. Przedsiebiorczosc i Zarzadzanie 2015, 16, 113 -139.
AMA StyleRadosław Pastusiak, Jakub Keller. Stock Exchange Recommendations and Economic Realities. Przedsiebiorczosc i Zarzadzanie. 2015; 16 (1):113-139.
Chicago/Turabian StyleRadosław Pastusiak; Jakub Keller. 2015. "Stock Exchange Recommendations and Economic Realities." Przedsiebiorczosc i Zarzadzanie 16, no. 1: 113-139.