Factors Determining the Financial Condition on the Example of WSE Listed Companies

Bolek, Monika; Gniadkowska-Szymańska, Agata

dc.contributor.author	Bolek, Monika
dc.contributor.author	Gniadkowska-Szymańska, Agata
dc.date.accessioned	2023-07-07T10:54:29Z
dc.date.available	2023-07-07T10:54:29Z
dc.date.issued	2023-05-26
dc.identifier.issn	2391-6478
dc.identifier.uri	http://hdl.handle.net/11089/47446
dc.description.abstract	The purpose of the article/hypothesis: The goal of this paper is related to the assessment of companies’ condition on a capital market that is an important information for stakeholders, including investors and managers. The article presents assessment methods related to value creation, solvency and growth potential.Methodology: The measure of the company’s financial situation based on Altman’s Z-Score, Tobin’s Q and EPS growth factor is proposed in this study as a variable that can be influenced by strategies reflected in the levels of financial ratios. The paper provides a new approach to the way the financial condition can be appraised.Results of the research: Basing on data analysis it was found that the companies’ situation related to the 3-year EPS growth, bankruptcy probability and growth potential is determined by total assets in a negative way and return on assets in a positive way. The condition of the companies related to the 5-year EPS growth, bankruptcy probability and growth potential is determined by the capital structure and return on equity in a positive way. Short term growth is therefore determined by assets management and long term growth by the optimization of capital structure. In addition it was found that there are differences between companies in a good and weak condition in terms of the strategies they implement.	en
dc.description.abstract	Cel artykułu/hipoteza: Celem niniejszego artykułu jest ocena kondycji spółek na rynku kapitałowym, która jest ważną informacją dla interesariuszy, w tym inwestorów i menedżerów.Metodyka: W niniejszym opracowaniu jako zmienną, na którą mogą wpływać strategie odzwierciedlone w poziomach wskaźników finansowych, zaproponowano miarę sytuacji finansowej firmy opartą na Z-Score Altmana, współczynniku wzrostu Q Tobina i EPS. Artykuł przedstawia nowe podejście do sposobu oceny kondycji finansowej.Wyniki/Rezultaty badania: Na podstawie analizy danych stwierdzono, że sytuacja firm związana z 3-letnim wzrostem EPS, prawdopodobieństwem upadłości i potencjałem wzrostu jest ujemnie determinowana przez sumę aktywów i dodatnią rentowność aktywów. Kondycję spółek związaną z 5-letnim wzrostem EPS, prawdopodobieństwem upadłości i potencjałem wzrostu determinuje w pozytywny sposób struktura kapitałowa i zwrot z kapitału. Wzrost krótkoterminowy jest więc determinowany przez zarządzanie aktywami, a wzrost długoterminowy przez optymalizację struktury kapitału. Ponadto stwierdzono, że istnieją różnice pomiędzy firmami w dobrej i słabej kondycji pod względem wdrażanych strategii.	pl
dc.language.iso	en
dc.publisher	Wydawnictwo Uniwersytetu Łódzkiego	pl
dc.relation.ispartofseries	Finanse i Prawo Finansowe;38	pl
dc.rights.uri	https://creativecommons.org/licenses/by-nc-nd/4.0
dc.subject	company growth	en
dc.subject	economic condition	en
dc.subject	Altaman Model	en
dc.subject	Tobin’s Q	en
dc.subject	model Altamna	pl
dc.subject	współczynnik Q Tobina	pl
dc.subject	kondycja ekonomiczna przedsiębiorstwa	pl
dc.subject	wzrost spółki	pl
dc.title	Factors Determining the Financial Condition on the Example of WSE Listed Companies	en
dc.title.alternative	Czynniki wpływające na kondycję finansową na przykładzie przedsiębiorstw notowanych na GPW	pl
dc.type	Article
dc.page.number	7-22
dc.contributor.authorAffiliation	Bolek, Monika - Faculty of Economics and Sociology, Department of Corporate Finance, University of Lodz	en
dc.contributor.authorAffiliation	Gniadkowska-Szymańska, Agata - Faculty of Economics and Sociology, Department of Capital Market and Investments, University of Lodz	en
dc.identifier.eissn	2353-5601
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dc.contributor.authorEmail	Bolek, Monika - monika.bolek@uni.lodz.pl
dc.contributor.authorEmail	Gniadkowska-Szymańska, Agata - agata.gniadkowska@uni.lodz.pl
dc.identifier.doi	10.18778/2391-6478.2.38.01
dc.relation.volume	2

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