Financialisation of the Non-Financial Corporations and Enterprise Value Migration : Evidence from the Polish Stock Market: 2000-2015

• Autorzy: Piotr Szczepankowski

Warianty tytułu

Finansyzacja przedsiębiorstw a migracja ich wartości na przykładzie spółek giełdowych w Polsce za lata 2000-2015

• Języki publikacji: EN

Abstrakty

EN

One of an approach to financialisation examines the increasing role of the shareholder value orientation as a guiding principle of the non-financial corporations (NFCs) behaviours. Using firm-level data for the period 2000-2015, the article examines the connection between financialisation and enterprise value migration with respect to one of the emerging European capital market which is the Warsaw Stock Exchange. The main purpose of this article is to verify the hypothesis that financialisation affects value migration between two groups of companies - value and growth. The quantitative analysis has used the Generalized Method of Moments (GMM) to measure the relationship between value migration and basic variables for financialisation, which are leverage, financial investment, and financial profits of NFCs. Econometric model revealed a positive relationship between higher financial benefits and value migration. Using a concept of Tobin's Q and its time-changes, it was founded that the increases of firm value driven by financialisation was born most strikingly by increasing financial investment and financial profits, or decreasing corporate leverage. The findings are important to understand links between shareholders value concept and financialisation and they can support managers to prepare effective corporate business policy, which will be expected by shareholders and investors.(original abstract)

Jedno z podejść do opisu zjawiska finansyzacji koncentruje uwagę na analizie oddziaływania koncepcji zarządzania wartością na zmiany zachowań (decyzji) finansowych przedsiębiorstw. Artykuł odnosi się do tej problematyki. Wykorzystując dane finansowe spółek niefinansowych notowanych na Giełdzie Papierów Wartościowych w Warszawie w latach 2000-2015, przedstawiono w nim wyniki badania zależności pomiędzy stopniem finansyzacji jednostki gospodarczej i migracją jej wartości rynkowej. Głównym celem opracowania jest weryfikacja hipotezy o istotnym wpływie finansyzacji na kierunek i siłę migracji wartości pomiędzy dwiema grupami przedsiębiorstw, tj. spółkami wartościowymi i wzrostowymi. Badanie zostało oparte na analizie zależności między miernikiem migracji wartości i wybranymi wskaźnikami finansyzacji przedsiębiorstw niefinansowych, jakimi są: stopień zadłużenia aktywów, udział aktywów finansowych w zasobach majątkowych oraz udział zysku z działalności finansowej w dochodach całkowitych. Do oceny natężenia i kierunku migracji wartości wykorzystano roczne zmiany wielkości wskaźnika Q-Tobina. Otrzymane wyniki wskazują, że na wzrost wartości rynkowej spółek pozytywnie wpływa wzrost inwestycji w aktywa finansowe oraz wysokość zysków osiąganych z działalności finansowej. Negatywny wpływ ma zaś stopa zadłużenia aktywów. Przeprowadzona obserwacja empiryczna pozwala lepiej zrozumieć współzależność między koncepcją zarządzania wartością i zjawiskiem finansyzacji, co może okazać się przydatne dla zarządzających przedsiębiorstwami przy formułowaniu akceptowanych przez właścicieli oraz inwestorów strategii wzrostu i rozwoju jednostek gospodarczych. (abstrakt oryginalny)

Słowa kluczowe

EN

Financialization; Enterprises; Shareholder Value (SHV); Capital market; Value migration

PL

Finansjeryzacja; Przedsiębiorstwo; Wartość dla akcjonariuszy; Rynek kapitałowy; Migracja wartości

• Czasopismo: Studia i Prace WNEiZ US
• Rocznik: 2017
• Numer: nr 50 T. 3. Metody ilościowe w ekonomii : zarządzanie wartością przedsiębiorstwa
• Strony: 156--172

Twórcy

autor

Piotr Szczepankowski

• The University of Finance and Management in Warsaw

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Identyfikatory

DOI

10.18276/sip.2017.50/3-13