Grzegorz Michalski

Grzegorz Michalski
Wroclaw University of Economics and Business | WUE · Institute of Finance Management

Professor

About

168
Publications
18,244
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563
Citations
Introduction
Grzegorz Michalski is an assistant professor of corporate finance at the Wroclaw University of Economics in Corporate Finance and Value Management Department. His recent scholarly work has focused on corporate liquidity management and the valuation of investments in current assets. Currently, Michalski is a part of editorial board of the Journal “Problems and Perspectives in Management” and serves as reviewer for the Journal of Multinational Financial Management, and the Journal of Information and Organizational Sciences. He reviews research papers for the journals in finance and economics as well as grants for the Polish grant authorities. He cooperate as expert and speaker with the premier consulting and business training firms such as Wolters Kluwer Polska, Institute for International Research, Informedia and others. His consulting experience includes cooperation with local Lower Silesian Government and many privately held and public firms. Mr. Michalski received a Ph.D. in economics from the Wroclaw University of Economics in 2002.
Additional affiliations
June 2001 - October 2002
Wroclaw University of Economics and Business
Position
  • Value of Liquidity during short-run corporate financial management (in Polish: Wartość płynności w bieżącym zarządzaniu finansami)
Description
  • value of liquidity, financial management
Position
  • Corporate Finance Liquidity Management Value Based Current Assets Management Financial Management

Publications

Publications (168)
Article
It is generally accepted that it is young people who are particularly interested in information and communication technologies (ICT). Older adults remain to be considered less prepared, not only technically, but also mentally, to use the Internet. However, the development of ICT may contribute to extending life activities by facilitating everyday a...
Article
Full-text available
The aim of the study is to determine the rules governing the modern cash management in food and beverages processing enterprises with a full operating cycle with a particular emphasis on environmental conditions influencing enterprises. Having a full operating cycle is defined as a situation in which the small or medium enterprise has a stock of ma...
Article
Full-text available
Capital structure is an indicator that testifies about the level of financial risk. Nonprofit organisations are an essential part of general social policy in the Polish economy. They realise important aims in healthcare, education and many other socially important areas. Considering efficiency of nonprofit entities should be remembered that from th...
Article
Full-text available
The paper reports the way of working Financial Liquidity Investment Efficiency Model (FLIEM). It’s an author proposed approach to predicts the most accurate from firm maximization point of view cash management and current assets management policy. The novelty of the proposed approach is linked with including the idea of risk sensitivity into model....
Article
Full-text available
This paper highlights the importance of treasury management in a corporate world. Treasury management is a dynamic phenomenon, and treasurers need to update treasury activities accordingly. This paper aims to provide a future roadmap for treasury management. In the near future, the most important aspects of treasury management will be new financial...
Chapter
The Financial Liquidity Investment Efficiency Model (FLIEM) was presented and discussed by Michalski (Value-based working capital management: determining liquid asset levels in entrepreneurial environments. Palgrave Macmillan, 2014). Here the Cash Levels in Full Operating Cycle (CLFOC) is proposed as a FLIEM remodelling. Some external factors resul...
Article
Full-text available
This paper shows how long-term value added driven competitiveness is widely adopted by German DAX 30 corporations and how it can be measured. It explains and shows how different measures such as shareholder value, economic value added (EVA), return on capital employed (ROCE), return on equity (ROE) and others are calculated and how they correlate t...
Article
Full-text available
In the last decade the domestic financial environment was affected by a number of important factors that allowed increase of household indebtedness. From a macroeconomic perspective the Visegrad Four Group of countries belongs to the less indebted countries in the European Union, but tracking of the volume of savings showed the opposite effect. Sub...
Conference Paper
Full-text available
This paper presents and discusses the Industry 4.0 and green jobs definitions and their mutual relations. Industry 4.0 is a synonym for a new age of technological jump based on digitization and extended internet connection between devices. Next to this progress also important is a sustainable development and its measurable implementation in labour...
Article
The aim of the study is to determine the rules governing the modern cash management in food and beverages processing enterprises with a full operating cycle with a particular emphasis on environmental conditions influencing enterprises. Having a full operating cycle is defined as a situation in which the small or medium enterprise has a stock of ma...
Article
That paper as a continuation of the studies about financially efficient working capital decisions model components and its applications, presents discussion about risk sensitivity influence on enterprise decisions in area of net working capital investments. Effectiveness of net working capital investments is only one from possible explanations of l...
Article
Full-text available
Cash levels in firm are an real option instrument similar to financial option of American type. They can serve as hedging against risk instrument. Inside debt is a source of financial risk. The debt is higher the risk is higher. We expect that inside debt levels should be in correspondence with cash levels. In case of firms without full operating c...
Article
Full-text available
Agency costs conception has moderating influence on decisions made in small and medium enterprises. A smaller amount of information available on small and medium-sized enterprises compared to information on large entities results in an increase in the cost of external capital. This phenomenon is called information asymmetry. It occurs when the vari...
Article
Full-text available
The authors conceived a new simple method for creating the approximation of the border of investment opportunities. The method enumerates all the possibilities of assigning weights to the investment portfolio. It does not enable short sales. The software which the authors coded is written in VBA and also enables active management. The method is sim...
Article
Full-text available
So called “hard times” are in our paper connected with post-crisis situation. FLIEM model predicts that before the crisis, during the crisis and after the crisis phases are connected with higher levels of inventory in food processing enterprises. Investments in current assets of the businesses are a hedging instrument against individual risk sensit...
Book
Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk.
Article
The paper reports the way of working Financial Liquidity Investment Efficiency Model (FLIEM). It's an author proposed approach to predicts the most accurate from firm maximization point of view cash management and current assets management policy. The novelty of the proposed approach is linked with including the idea of risk sensitivity into model....
Article
There is believed that German and French economies set the tone for other EU economies. It is why we use data from German speaking countries of EU and France for illustration of our findings in context of other EU countries like Czech Republic or Poland. Effectiveness of liquid assets investments is only one from possible explanations of liquidity...
Article
Effectiveness of working capital investments is only one from possible explanations of working capital levels in firms. Too small working capital leads some firms to negative changes in their sale levels. Destruction of cash revenues creation possibilities is dangerous for them and is hard to rebuild possibilities to create cash revenues. Financial...
Chapter
This chapter discusses the relationship between firm value and business risk sensitivity. The chapter starts with a presentation of intrinsic liquidity value and firm reactions to market liquidity value. This is the basis for target liquidity level in the enterprise. Liquid assets are the main part of working capital assets, so the next part of the...
Chapter
ssues related to the management of working capital and enterprise liquidity are and will be an area of research. The analysis in this study focused primarily on working capital and liquidity management; understanding its specifics will facilitate the management of liquidity in any type of organization. Working capital as a specific buffer against r...
Chapter
This chapter discusses the objectives and nature of enterprises in the context of their risk sensitivity, as well as the relationships between the objectives of enterprises and the characteristic features of their businesses. Enterprises operate in various business environments, but generally speaking, they all have one main aim: wealth creation fo...
Chapter
In this part of the monograph we discuss the items contained within the cost of maintaining inventory. Using this approach, a model of managing inventories is presented. Theoretically, the value-maximizing optimal level of inventory is determined to be the modified EOQ model, presented as VBEOQ model. We also present an outline of issues associated...
Chapter
This chapter presents a definition of financial liquidity and liquidity-level measurements. This chapter contains four subchapters that address the specific role of short-term financial decisions, a classification of definitions of financial liquidity, sources of information about liquidity level, and liquidity-level measurements (Lazaridis and Try...
Article
Full-text available
So called "hard times" are in our paper connected with post-crisis situation. FLIEM model predicts that before the crisis, during the crisis and after the crisis phases are connected with higher levels of inventory in food processing enterprises. Investments in current assets of the businesses are a hedging instrument against individual risk sensit...
Article
Paper is about paradox of operating cycle. Działania w cyklu operacyjnym są w każdym przedsięwzięciu, źródłem powstawania wartości tworzonej przez dane przedsięwzięcie. Równocześnie środki zaangażowane w realizację cyklu operacyjnego, stanowiące kapitał pracujący, powinny być dopasowane do rzeczywistych potrzeb realizacji cyklu i ukierunkowane na r...
Article
The basic financial purpose of corporation is creation of its value. Liquidity management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profitbased models could be...
Article
Full-text available
The kind of realized mission inflows the sensitivity to risk. Among other factors, the risk results from decision about liquid assets investment level and liquid assets financing. The higher the risk exposure, the higher the level of liquid assets. If the specific risk exposure is smaller, the more aggressive could be the net liquid assets strategy...
Article
According to FLIEM model predictions, before the crisis, during the crisis and just after the crisis phases should be connected with higher levels of cash investments. Investments in financial liquidity of the businesses are done as hedging method against higher risk sensitivity. That is done by investing money in current assets. The goal of the pa...
Article
Depending on the kind of realized mission, sensitivity to risk, which is a result of the decision about liquid assets investment level, NPOs should choose that level and resulting from it, the liquid assets financing. The kind of organization influences the best strategy choice. The organization choosing between various solutions in liquid assets n...
Article
In dependence of kind of realized mission, sensitivity on risk, which is a result of decision about liquid assets investment level and liquid assets financing. The kind of organization influence the best strategy choice. The organization choosing between various solutions in liquid assets needs to decide what level of risk is acceptable for her own...
Article
Cost of capital rate is a result of risk included in cost of debt rates and cost of equity rates. Generally to estimate cost of capital rates with use of CAPM conception, is used information about general risk indicator, known as beta coefficient and relations between debt and equity rates. Such approach in unmodified version, falsely gives the sim...
Article
This paper contributes to the discussion about nonprofit organizations’ (NPO) model of financial management in the accounts receivable area. In fact, when it is judged from a technical point of view, the opinion that nonprofit financial management do not differ from a for-profit business could be justified, and is known in nonprofit financial manag...
Article
Cash maintained in nonprofit organizations is not a source of any interest and although the close to cash assesses together with credit lines available for enterprise are connected with resigning from realization of the part of incomes or costs, firms decide to maintain some liquidity reserves. Not only this, resulting from transactional needs, but...
Article
Liquid assets which nonprofit institutions holds are not a source of any special interests and although the close to cash assesses together with credit lines available for nonprofit institution are connected with resigning from realization of the part of incomes or costs, nonprofit institutions decide to hold some liquidity reserves. And not only t...
Article
Depending on the kind of realized mission, sensitivity on risk, which is a result of decision about liquidity financing policy, is on different level. The kind of healthcare organization influences the best strategy choice. Efektywność inwestycji w płynne aktywa w opodatkowanych i nieopodatkowanych organizacjach opieki zdrowotnej. Organizacja reali...
Conference Paper
Effective liquid assets management in relation to risk sensitivity: Polish enterprises case[1]<align="left">Grzegorz Michalski <align="left">Wroclaw University of Economics Komandorska Str. 118 / 120, 53345 Wroclaw, Poland<align="left">Phone: +48503 452 860, fax: +4871 718 3313, e-mail: michalskig@ue.wroc.pl Abstract Liquid assets in firm are...
Article
Accounts receivable management should contribute to realization of basic financial purpose of an enterprise which is the realization of such strategy which is linked with its owner (or its stake holders) wealth maximization. The enterprise performance and value maximization strategy realization is more effective when it is realized in the most effi...
Article
Polish nonprofit organizations are important part of general social policy in Polish economy. They realize important aims in healthcare, in education and many other socially important areas. Considering efficiency of nonprofit organizations, should be remembered that from the donor perspective, is important the way the managing team uses resources...
Article
Paper presents discussion about competitive inventory management in context of changes of cost of capital rates.
Article
Enterprise liquidity management can tell us many about the general condition of the firms using it. It is because liquidity is held in enterprises not only because of transactions but also because of entrepreneurs fear and hopes about the future. Paper try to use financial liquidity efficiency model (FLIEM) to diagnose if after 2008 world "financia...
Article
The basic financial aim of nonprofit organization is the most financially effective realization of the mission that cause the donors support for the organization. It is close in many points to creating of for-profit firms value. The aim of paper is to discuss the liquidity management model in Polish nonprofit organizations influenced by changes in...
Article
Enterprise financial liquidity management can reduce risk influence on enterprise results. Air transport industry from one side have not a comfort of stable demand on its services and it is linked with volatility of realized incomes. Market situation influence enterprise ability to generate value for its owners depending on kind of business and ind...
Article
There is a myth about standardized financial ratios. It is believed that Current Ratio should be near to 1,5; Quick Ratio should be higher than 1; Cash Ratio should be no smaller than 0,7. Paper shows other perspective of the problem using financial liquidity efficiency of investment model (FLEIM) and Polish data for key financial liquidity indicat...
Article
Financial liquidity in enterprise is maintained and managed for risk reduction purposes. Liquidity management should contribute to realization of the fundamental enterprise aim that is maximization of owner wealth. The enterprise owner wealth maximization strategy is executed with a focus on risk and uncertainty. The paper presents the consequences...
Article
Liquidity management should contribute to realization of the fundamental enterprise aim that is maximization of owner wealth. The enterprise owner wealth maximization strategy is executed with a focus on risk and uncertainty. Financial liquidity in enterprise is maintained and managed for risk reduction purposes. The paper presents the consequences...
Article
File contains raw data collection. Data is collected from over 3000 Polish firms for 2008-2010 period and icludes information from balance sheet, income statments and cash flow reports. Additionaly it include the information about auditor who audited the statements.
Article
Machinery industry from one side have not a comfort of stable demand on its production and is strongly linked with volatility of realized incomes and also very often face the volatility of prices of raw materials for its production. Enterprise financial liquidity management can reduce risk influence on enterprise results. General economic situation...
Article
Healthcare financial manageent decisions in liquidity investment strategies. Grzegorz Michalski (michalski g.) The efficiency of liquid assets investment: taxed and not taxed healthcare organizations case
Article
General economic situation influence enterprise ability to generate value for its owners depending on kind of business and individual enterprise flexibility and risk sensitivity. Enterprise financial liquidity management can reduce risk influence on enterprise results. Food processing industry from one side have not a comfort of stable demand on it...
Conference Paper
Non-Profit Organizations Liquid Assets Strategies in Poland* Grzegorz Michalski PhD Wroclaw University of Economics ul. Komandorska 118/120, p.Z-2, KFPiZW PL53-345 Wroclaw, Poland +48503452860 Grzegorz.Michalski@ue.wroc.pl ABSTRACT The managing team of Non-Profit Organization (NPO) choosing between various solutions in liquid assets...
Article
Primary objective before the firm managers affects all economic parameters (and their interpretation) that describe both the contractor's business being evaluated as well as ours. The basic financial objective of company operation was defined differently and differently as a consequence of this, looked the picture of a company for players evaluatin...
Article
In dependence of kind of realized mission, sensitivity on risk, which is a result of decision about liquid assets investment level and liquid assets financing. The kind of organization influence the best strategy choice. If an exposition on risk is greater, the higher level of inventories, accounts receivable and operating cash should be. If the ex...
Article
Podstawowym finansowym celem zarządzania płynnością jest kreacja wartości przedsiębiorstwa. Niniejszy artykuł zajmuje się zarządzaniem zasobami operacyjnej gotówki w przedsiębiorstwie i ich relacją do wartości przedsiębiorstwa. Realizacja strategii tworzenia wartości odbywa się w warunkach ryzyka i niepewności. Firmy trzymają gotówkę z rozmaitych p...
Article
Monography about financial analysis with MPB data collected from over 3000 Polish firms for 2008-2010.
Article
The basic financial purpose of corporation is creation of its value. Liquidity management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be...
Article
The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to the realization of this basic aim. Many current asset management models found in financial management literature were constructed with the assumption of book profit maximization as their basic aim. However these models could lack...
Article
The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk...
Article
Full-text available
Decyzje w zakresie zarządzania i finansowania uruchamianego biznesu, (Decisions in area of management and financing startup in Polish), [in:] Jak wykorzystać potencjał uczelni i założyć firmę (How to use university power and start the business in Polish), W.Potwora, J.Żurawska [ed.], ISBN: 978-83-88980-86-6, WSZiA Opole 2009, p. 82-101.
Article
The basic financial purpose of the firm is maximization of its value. A inventory management should also contribute to realization of this basic aim. Many current assets management models which we can find in the literature relating to financial management were constructed with the assumption of book profit maximization as basic aim. These models c...
Article
The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk...
Article
The basic financial purpose of an enterprise is the maximization of its value. Trade credit management should also contribute to the realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-base...
Article
Maximization of wealth of his owners is the basic financial aim in management of an enterprise. Decisions in net current assets investments should contribute to realization of this aim. Article presents the discussion about relations between firm's net current assets (working capital) investment policy and firms value.
Article
From financial perspective, the JEREMIE fund initiative is profitable and enhances the functioning of micro and small enterprises. Particularly profitable are aspects connected with providing these enterprises with equity capital (i.e. Business Angels, Venture Capital) as well as with the theoretical possibilities connected with reducing the financ...
Article
This article discusses the problem of accounting for Poznan-Cracow voicing in Government Phonology. It is concluded that in order for the process to be handled representationally, Polish words beginning with non-obstruents would need to carry the element {L} as part of the melody at the leftmost skeletal slot. It is explained that although such a m...
Article
The basic financial purpose of corporation is creation of its value. Liquidity management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be...
Article
The basic financial purpose of an enterprise is the maximization of its value. Operating cycle management should also contribute to realization of this fundamental aim. The enterprise value creation strategy is executed with a focus on risk and uncertainty. This paper presents the consequences for the firm that can result from changes in operating...
Article
Trade credit managers should create value also during trade credit decision making. Present article is about using portfolio approach to chose the best way trade credit decision making.
Article
The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to the realization of this fundamental aim. Many of the current asset management models that are found in the financial management literature assume book profit maximization as the basic financial purpose. These book profit-base...
Article
The basic financial purpose of an enterprise is maximization of its value. Operating cycle management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based mod...
Article
The basic financial aim of an enterprise is maximization of its value. At the same time, both theoretical and practical meaning is researched for determinants that increase the enterprise value. Financial literature contains information about numerous factors that influence enterprise value. Among those contributing factors is the extent of the net...
Article
The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk...
Article
Full-text available
The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to realization of this basic aim. Many current asset management models currently found in financial management literature were constructed with the assumption of book profit maximization as basic aim. However these models could lack...

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Projects (4)
Archived project
The scientific goal of the project is to develop a model of factors conditioning the effectiveness of relationships in an inter-organizational network, created by specialized medical teams, in the so-called oncological network. The adopted definition of an inter-organizational network significantly determines the specific scientific objectives that focus on verifying: a) the space of cooperation of relatively independent entities that in the planned research form an oncological network, b) economic and social ties existing between these entities, c) management processes implemented by contracts and interpersonal decision-making processes.