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Introduction
I am an Associate Professor and an active academic teacher in the Department of International Finance and Investments of the University of Lodz. My main interest areas include capital markets, sustainable finance, corporate finance, financial analysis, and reporting. I am the author of several publications devoted to the development and value of public companies. My current research focuses on the financial and non-financial reporting and its consequences for the sustainable development.
Publications
Publications (41)
Research background: In the economic literature there are many arguments presented by critical supporters and opponents of measuring and reporting comprehensive income. There is a justified need to examine the relevance and usefulness of comprehensive income, especially the predictive power of comprehensive in-come for forecasting future earnings....
The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections...
This study examines the impact of other comprehensive income reporting in mitigating earnings management by using discretionary accruals for a sample of 83 industrial WSE-listed companies over the period of 2009–2016. We apply a panel least square model using year fixed-effects regression. We find that other comprehensive income reporting diminishe...
This paper presents a theoretical-empirical study comprising a comparative analysis of the influence of specific strategies for increasing share capital on the economic efficiency of companies listed on the Polish and German capital markets. The paper consists of three parts. The first part includes the evaluation of possible relations between the...
Z inicjatywy prof. E. Przeździeckiej oraz prof. A.A. Ambroziaka z SGH, na początku 2022 r. w gronie naukowców z różnych ośrodków akademickich w Polsce rozpoczęliśmy dyskusję, do której zainspirowała nas sytuacja, której doświadczyliśmy w tamtym czasie. Zgodnie z myślą Arystotelesa: „Nieświadomy człowiek wypowiada zdobytą wiedzę, mądry człowiek zada...
In the 21st century business entities are required to change priorities and move to a sustainable relationship between environmental, social, and economic well-being. Climate and environment are phenomena of transnational and global nature, and for this reason, actions in this area should be taken at a supranational level. Nowadays, the European Un...
One of the contemporary challenges related to climate change and effectively managing raw materials is to reduce resource consumption and the negative environmental impact while simultaneously increasing the economy’s competitiveness. This requires that business entities change priorities and move to a sustainable relationship focused on ecological...
The aim of the study is a cross-industry, comparative assessment of the environmental and economic performance of companies listed on the regulated markets of the European Union. The research covers 10 industries between 2011 and 2020 using data from the Refinitiv Eikon database. The initial research sample covered almost 21,000 public companies li...
Działania zmierzające w kierunku wypracowania wspólnych standardów raportowania niefinansowego w obszarze ESG zaczynają przybierać, w miejsce dotąd dominującego podejścia regionalnego, wymiar globalny. Inwestorzy działający na międzynarodowych rynkach finansowych oczekują przejrzystych, terminowych i porównywalnych informacji, dzięki którym będą mo...
Research background: The level of compensation earned by CEOs and the relationship between executive pay and companies? performance is one of the most widely studied issues in the corporate governance literature. Studies conducted in the last several decades have provided evidence that CEO pay should be aligned with accounting financial measures. P...
The mainstream theoretical and empirical research presented in the study is a comparative analysis of comprehensive income reporting by groups listed in the Polish and German capital markets. The theoretical part of the article is dedicated to a scientific discussion on the determinants of the capital market and corporate governance in continental...
Large companies in the European Union are required to publish information related to environmental, social and governance (ESG) matters. The aim of our study is to determine the quality of ESG reporting in EU public companies (measured by the ESG-index) and its effect on their market capitalisation. Therefore, the results of our research will be bo...
Current European Union efforts are focused on creating regulations that are conducive to long-term investor commitment, i.e. they are fighting short-termism on financial markets. Enterprises that implement the European Union’s environmental policy are seen to engage long-term financial resources, which should therefore dominate the structure of the...
Sustainable finance is not the same as green finance understood as financing a low-carbon economy. It is a broader concept that focuses on the importance of long-term investments that include environmental, social, and governance factors. Owing to these long-term investments, the financial system develops in a harmonious way, serving sustainable ec...
Druga fala globalizacji rynków finansowych, która rozpoczęła się w gospodarce
światowej w latach 90. XX w., przyniosła przebudowę globalnych struktur gospodarczych
w wymiarze znacznie szerszym niż finansowy. W efekcie zmian, będących następstwem
liberalizacji rynków finansowych, rozwoju korporacji transnarodowych i gwałtownego przyśpieszenia techno...
his paper fits into the stream of current research on the concept of short-termism and its importance for economic sustainability, especially sustainable finance. Short-termism focuses on short time horizons by both corporate managers and the financial markets, and prioritizes short-time shareholder return over the long-term growth of the company’s...
Background: The basis for the research was the assessment of the financial data results of several companies listed on the Warsaw Stock Exchange, directly collected from the EMIS database as well as said companies’ websites, during the horizon from 2008 until 2017. Research purpose: The main objective of the paper was to use the 7-factor DuPont mod...
This study examines the strength and character of relationship between dividend policy and comprehensive income in Polish manufacturing companies. We formulated two research questions:
1) does comprehensive income determine the ability to pay out a dividend?
2) what is the key role of comprehensive income in shaping a dividend policy?
To receive th...
Research background: The literature of Economics presents the agency problem, which can be mitigated through executive compensation, especially when it is connected with company profits. This relationship has been repeatedly analysed in the corporate governance literature, which shows both positive and negative correlations between these categories...
The major aim of this paper is to compare relationships of comprehensive income and net income with selected market ratios (market capitalization, market value to book value ratios) in companies listed on the Warsaw Stock Exchange included in WIG30 Index (qualified on 01.03.2018). Empirical data was obtained from the Thomson Reuters database (the p...
The main purpose of this study was to examine the role and importance of
the comprehensive income in the forming of the return on equity of listed companies.
The major subject of the theoretical-empirical study was to test of the general research
hypothesis that stipulated the existence of different effects of analysis of return on equity
using the...
The main purpose of this study was to examine the role and importance of the comprehensive income in the forming of the profitability of listed companies. The major subject of the theoretical-empirical study was to test of the general research hypothesis that stipulated that the comprehensive income of joint stock companies, presented in the statem...
The main purpose of this paper is to show a comparative analysis of comprehensive
income and net profit, primarily associated with the predictive power of this financial category for cash flows of an enterprise. Realization of the fundamental objective of this paper was centered around the main research hypothesis, stating that the comprehensive in...
The main purpose of this paper is to examine the role and influence of the other comprehensive income in the forming of the financial results of enterprise. The empirical studies have been focused on verification of the general research hypothesis that stipulated that the other comprehensive income of joint stock companies, presented
in the stateme...
The study presents the results of research oriented at the assessment of economic
efficiency of disinvestment processes of private equity funds pursued on the Warsaw
Stock Exchange. The results of empirical research indicate that the time from the stock market debut till the complete exit of a private equity fund from the investment in the company...
The main purpose of this paper is to determine the comparability and significance of other comprehensive income, which was introduced to the statement of comprehensive income in Poland in 2009. The major subject of the theoretical and empirical study presented in this paper is the evaluation of the presentation of comprehensive income and its compo...
The paper presents a theoretical-empirical study comprising a comparative
analysis of the standards of good corporate governance practices in the area of
creating investor relations websites, used in Polish and German listed companies.
The paper consists of three parts. The first part includes the essence of investor re-
lations, as one of the most...
The financial statements of the joint stock company should be characterized by relevance, defined as the factor which may influence on the investment decisions. In this context, the financial results of companies play a vital role in the investor relations and specific information policy connected with corporate governance. The main purpose of this...
The main subject of theoretical‑empirical study presented in this paper is the estimate of the information significance of comprehensive income, primarily associated with the predictive power of this financial category. Realization of the fundamental objective of this paper was centered around the main research hypothesis, stating that the comprehe...
The major subject of this paper is the evaluation of usefulness of other comprehensive income and its components for predicting future profits and cash flows in selected bank joint-stock companies listed on the Warsaw Stock Exchange. The differentiation of the components of other comprehensive income was assessed in the course of analysis of quarte...
The main subject of theoretical-empirical study presented in this paper is the estimate of the relationship between changes in the value and structure of equity and profitability of the enterprises listed on the Polish and German capital market. For the purposes of achieving the work formulates the main research hypothesis, stating that to increase...
Głównym celem opracowania jest zbadanie roli i znaczenia kategorii zysku całkowitego w kształtowaniu rentowności giełdowych spółek akcyjnych. Wiodącym nurtem badań o charakterze teoretyczno-empirycznym jest próba weryfikacji hipotezy, iż zysk całościowy, prezentowany w sprawozdaniu z całkowitych dochodów spółek akcyjnych, może być bardziej adekwatn...
Podwyższanie kapitału zakładowego stanowi ważny aspekt w zarządzaniu finansami spółek, w szczególności w odniesieniu do strategii finansowania majątku kapitałem własnym. Na tym tle istotnego znaczenia nabiera realistyczna ocena efektywnego i nominalnego podwyższenia kapitału zakładowego. Podwyższenie efektywne wiąże się z dopływem środków do spółki...
