Joanna WyrobekKrakow University of Economics
Joanna Wyrobek
About
49
Publications
5,381
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
95
Citations
Introduction
Joanna Wyrobek currently works at Cracow University of Economics.
Publications
Publications (49)
The chapter reviews changes in the way public goods (PGs) are defined, starting with the two major streams in economics that deal with their study: the theory of public goods and the theory of public choice. However, due to the purpose of the entire book, the commons have been analyzed in more detail. More attention was also paid to global and loca...
The purpose of the publication was to create a model that, based on the annual financial statements, identifies the risk of significant financial irregularities occurring in the enterprise. These irregularities may relate to different types of financial fraud that do not necessarily affect the annual financial statements. A characteristic feature o...
International enterprises (in this paper, international companies are understood as companies that sell their products and services abroad) are precious for the national economy because, through their experience in international sales, they stimulate the development of other companies in the same industry and their subcontractors. The knowledge tha...
The goal of the research was to compare the selected traditional bankruptcy prediction models, namely linear discriminant analysis and logit (logistic) models, with the technique called Gradient Boosting. In particular, the paper verifies two research hypotheses (verification was based on the balanced sample of Polish companies): [H1]: Gradient Boo...
The aim of the publication was a comparative analysis of selected indicators of the financial situation of enterprises whose main activity is the generation of wind energy and its sale to the power grid. The publication compared selected average values of financial ratios for the following European Union countries: Austria, Belgium, Bulgaria, Croat...
In the following paper, we propose an utilization of a simulation - based approach for a wind farm viability analysis. The simulation is created in Erlang language, and it takes into account a set of parameters selected on the basis of a bibliographical analysis. A number of simulations were performed with the discussed model and selected results h...
Insolvency prediction is one of the crucial abilities in corporate finance and financial management. It is critical in accounts receivable management, capital budgeting decisions, financial analysis, capital structure management, going concern assessment and co-operation with other companies. The purpose of this paper is to compare the efficiency o...
The study investigates changes in productivity and labour costs in the light of their potential impact on Poland’s competitive position in the years 2004–2012. It addresses the following questions: (a) what was the rate of change in labour productivity in Poland in real terms? (b) what was the rate of change in unit labour costs in real terms? (c)...
The purpose of the paper is to assess the decoupling hypothesis which states that the performance of the emerging economies is relatively independent from the changes in developed economies. Christiano-Fitzgerald’s band-pass filter and spectral analysis have been applied to examine the hypothesis. Comparing the deviations of GDPs from their long-te...
The purpose of the study was to verify whether exporters use more liabilities in their financing structure than non-exporters. The study was conducted for companies listed on the Warsaw Stock Exchange for the years 2000-2009. Capital structure was measured with a debt ratio calculated as a ratio of total liabilities divided by total assets. To test...
The purpose of the paper was to highlight the conflict between business practice in Poland and the legal interpretation of the Polish Bankruptcy Act. Many companies in Poland fail to fill for bankruptcy at the time when they should do so mostly because the managers differently interpret the notion of losing liquidity than the legal bodies. The pape...
PurposeThe purpose of the paper was to investigate the usefulness of external audit of financial statements in detecting manipulation of financial statements in Poland. Design/method/approachThe study analyzes and summarizes common techniques used to manipulate financial statements of Polish companies in years 2010-2015 and presents the results of...
The paper analyzes Polish companies’ attitudes towards external financial statements’ audit. In particular, the purpose of the paper was to investigate the extent to which supervisory boards are involved in the audit process, how much auditors go beyond obligatory tests and techniques and how much information about audit findings goes to shareholde...
The purpose of the paper was to investigate the frequency of Polish companies’ liquidity problems and to analyze how many of liquidity-troubled firms fulfilled the insolvency conditions specified by the interpretation of the Polish Bankruptcy Law. It seems that most of such companies do not follow the letter of the law and do not fill for bankruptc...
The paper presents selected survey results run on Polish corporate auditors measuring their role in preventing creative accounting in Polish companies.
Celem artykułu jest zweryfikowanie hipotezy o związkach cykli koniunkturalnych gospodarki Stanów Zjednoczonych z cyklami koniunkturalnymi głównych gospodarek wschodzących (z wyjątkiem Chin). Z analizy danych, w tym w szczególności z analizy harmonicznej i analizy koherencji, wynika, że gdy uwzględni się odchylenia tempa PKB od trendu długookresoweg...
Celem artykułu było przedstawienie popularnych w 2013 r. technik poprawiania wizerunku przedsiębiorstwa w sprawozdaniu finansowym jednostki. Publikacja została oparta na wywiadach z przedsiębiorcami oraz analizie literatury z zakresu finansów, uzupełniono ją o analizę wybranych zmian w ustawodawstwie polskim mających na celu przeciwdziałanie wybran...
The purpose of the paper was to investigate the effectiveness of external corporate auditors in detecting creative accounting in Poland. According to the survey results, auditors regularly identified such practices and introduced appropriate adjustments to the financial statements.
The purpose of this paper was to present the decoupling hypothesis which says that the performance of emerging economies becomes relatively independent of the changes in advanced economies, and to empirically verify this hypothesis. The Christiano-Fitzgerald band-pass filter and spectral analyses have been applied to examine the hypothesis. On the...
Although family firms are a dominant part of the industrial landscape in the USA and Poland, they normally do not capitalise on international opportunities. We hypothesise that the lack of internationalisation is primarily due to agency concerns such as losing control of executive power, difficulty in external coordination, and diluting the firm's...
Celem publikacji jest przedstawienie aktualnych metod kreatywnej rachunkowości stosowanych obecnie (rok 2013) w Polsce. The purpose of the paper is to present creative accounting techniques that are currently (year 2013) used in Poland.
Celem opracowania było przedstawienie wyników badań empirycznych różnic w poziomie zadłużenia pomiędzy spółkami prowadzącymi działalność eksportową a spółkami prowadzącymi wyłącznie sprzedaż krajową. Badania przeprowadzono dla spółek notowanych na GPW w latach 2000-2009. Porównania przeprowadzono dla wskaźników ogólnego zadłużenia obliczanych jako...
The purpose of the paper was to present the decoupling hypothesis which says that the performance of the emerging economies becomes relatively independent from the changes in advanced economies, and to empirically verify this hypothesis. The Christiano-Fitzgerald band-pass filter and spectral analyses have been applied to examine the hypothesis. On...
Celem publikacji było przedstawienie propozycji estymacji kosztu kapitału własnego za pomocą CAPM na podstawie aktualnego stanu wiedzy. W artykule omówiono również wiele problemów związanych z tą techniką i zaproponowano konkretne empiryczne rozwiązania tych kwestii. The purpose of this paper was to illustrate a proposal how to estimate the cost of...
Celem publikacji było omówienie najbardziej popularnych technik zarządzania wynikiem finansowym w polskich przedsiębiorstwach oraz dyskusja na temat ich wykrywalności. W pracy omówiono techniki legalne, półlegalne i nielegalne. The purpose of this paper was to present the most common techniques of profit management in Poland and what are the chance...
The purpose of this paper was to present selected problems of using in practice financial analysis. The paper presents different groups of problems: using historical values to predict the future, loss of comparability in the case of corporate restructurings, various constructions of the same financial ratios, analysis of a company that operates in...
Celem niniejszego opracowania było zbadanie zależności pomiędzy działalnością eksportową a rentownością przedsiębiorstw dla polskich spółek giełdowych. Wyniki pokazały statystycznie wyższą rentowność na sprzedaży brutto eksporterów. Analiza rentowności netto również wykazała nieco wyższą rentowność eksporterów ale różnice nie były statystycznie ist...
The purpose of this paper was to analyze and compare whether agency cost concerns impede international collaborations for family firms in the United States and Poland.
The paper examines the synchronization of business cycles between Poland and the euro zone and selected members of the European Union with the reference to the length, coherence, amplitude and phase shifts of the cycles. The length of the cycles in Poland is similar to the length of the cycles in the euro zone and the new member states of the Europ...
The purpose of the article was to present the methods of adjusting the credit risk level of a company. It turns out that, to some extend, companies can modify their credit rating. Celem opracowania było przedstawienie metod jak przedsiębiorstwo może zmieniać swój poziom ryzyka. Okazuje się bowiem że do pewnego stopnia jednostka może modyfikować swó...
Artykuł przedstawia zmianę podejścia polskich spółek giełdowych do istotności długookresowej polityki podziału wyniku finansowego. W okresie 2002–2006 spółki zaczęły ogłaszać swoje plany dotyczące podziału wyniku finansowego co jest traktowane w artykule jako dowód rozwoju rynku kapitałowego w Polsce. Artykuł prezentuje także obserwacje empiryczne...
The purpose of this article is to present real-life problems encountered when trying to establish the precise moment at which a firm loses financial liquidity. Unfortunately, definitions of liquidity do not provide us with a clear enough picture of when a company actually loses its ability to meet its obligations on time. This problem is of particu...
The purpose of this paper was to analyse similarities and differences between the loss of financial liquidity and insolvency of the firm. The comparison between liquidity and solvency held in this paper proves that the definition of liquidity is multidimensional and it is not easy to decide when the firm lost liquidity. There are many factors that...
Streszczenie Celem opracowania było przedstawienie problemów związanych z kształtowaniem struktury kapitałowej przedsiębiorstwa. Metody maksymalizacji wartości stosowane obecnie nie są spójne w kwestii optymalnej struktury kapitałowej. W zależności od wybranej metody i celu optymalizacyjnego uzyskana zostanie inna optymalna struktura kapitałowa roz...
The purpose of this paper was to analyze whether there exists a trade-off between profitability and liquidity. Research suggests that despite theoretical models, companies that are profitable have also high financial liquidity ratios and companies that have low profitability (ratios compared to industry averages) have also low (compared to industry...
Celem publikacji było znalezienie dowodów empirycznych na możliwe korzyści gospodarcze wynikające z przystąpienia do strefy euro, które uzasadniałyby przystąpienie do ERM2 a także próba zdefiniowania skutków przestrzegania kryteriów z Maastricht.The purpose of this paper was, on the basis of empirical evidence, to find possible economic advantages...
Celem opracowania była odpowiedź na pytanie czy prywatyzacja w Polsce obserwowana z perspektywy roku 2005 rzeczywiście poprawiła efektywność gospodarowania przedsiębiorstw. W celu odpowiedzi na to pytanie główne rozważono trzy problemy cząstkowe: czy sektor spółek prywatnych uzyskał wyższą rentowność od sektora firm publicznych dla każdego rodzaju...
Celem badania była analiza polityki wypłaty dywidend po transformacji systemowej w Polsce. W szczególności, zbadano czy istniała zależność pomiędzy źródłem pochodzenia kapitału (zwłaszcza kapitał zagraniczny), a polityką dywidend oraz jakie czynniki determinowały wypłacanie dywidendy. Z uwagi na małą dostępność informacji przed rokiem 1994 okres ob...
Questions
Questions (3)
Dear All,
I have the following problem. I want to create the model which predicts the stringency of the ecological policy in a country based on 7 indicators which all together make well-known measure of a country's policy (EPS).
In the first model I use EPS but in the second model I want to use individually all these 7 elements which together make the EPS measure.
I have the problem with this second model. Its form is as follows:
logRE = a + b*logGDP + c*logIMPOR + d*logSTAND + e*logSUBS + f*logTAX + g* logTARIF + h*logTRAD
The problem I have is that the Pedroni panel cointegration test work only for models which have altogether 7 variables and my model has 8.
I can do 2 things.
Solution 1: I use Westerlund panel cointegration test instead of Pedroni, but Westerlund returns only 1 (problematic) result (as described below), whereas Pedroni returns several results.
Solution 2: I remove one of the variables which has the highest correlation that is one of these: logGDP or logSUBS, but I have no meritorical reasons to do that (and then Pedroni test says that there exists the cointegration between them).
When I run the Westerlund test on 8 variables it denies the existence of the cointegrating vector:
. xtcointtest westerlund logRE logIMPOR logTAX logTRAD logTARIF logGDP logSUBS logSTAND, trend
Westerlund test for cointegration
---------------------------------
Ho: No cointegration Number of panels = 26
Ha: Some panels are cointegrated Avg. number of periods = 24.269
Cointegrating vector: Panel specific
Panel means: Included
Time trend: Included
AR parameter: Panel specific
------------------------------------------------------------------------------
Statistic p-value
------------------------------------------------------------------------------
Variance ratio -0.3070 0.3794
------------------------------------------------------------------------------
. xtcointtest westerlund logRE logIMPOR logTAX logTRAD logTARIF logGDP logSUBS logSTAND
Westerlund test for cointegration
---------------------------------
Ho: No cointegration Number of panels = 26
Ha: Some panels are cointegrated Avg. number of periods = 24.269
Cointegrating vector: Panel specific
Panel means: Included
Time trend: Not included
AR parameter: Panel specific
------------------------------------------------------------------------------
Statistic p-value
------------------------------------------------------------------------------
Variance ratio -0.3275 0.3716
------------------------------------------------------------------------------
Kao panel cointegration test confirms that there exists cointegration between variables.
What shall I do?
Edit: I receive reasonable results from Westerlund test only if I deduct cross-sectional means. Is such evidence sufficient to prove that there exists a cointegrating equation (if Kao test also confirms that)? If so, should I modify somehow my model to adjust for deducted cross-sectional means?
. xtcointtest westerlund logRE logIMPOR logTAX logTRAD logTARIF logGDP logSUBS logSTAND, trend demean
Westerlund test for cointegration
---------------------------------
Ho: No cointegration Number of panels = 26
Ha: Some panels are cointegrated Avg. number of periods = 24.269
Cointegrating vector: Panel specific
Panel means: Included
Time trend: Included
AR parameter: Panel specific
Cross-sectional means removed
------------------------------------------------------------------------------
Statistic p-value
------------------------------------------------------------------------------
Variance ratio 1.9420 0.0261
------------------------------------------------------------------------------
. xtcointtest westerlund logRE logIMPOR logTAX logTRAD logTARIF logGDP logSUBS logSTAND, demean
Westerlund test for cointegration
---------------------------------
Ho: No cointegration Number of panels = 26
Ha: Some panels are cointegrated Avg. number of periods = 24.269
Cointegrating vector: Panel specific
Panel means: Included
Time trend: Not included
AR parameter: Panel specific
Cross-sectional means removed
------------------------------------------------------------------------------
Statistic p-value
------------------------------------------------------------------------------
Variance ratio 2.3224 0.0101
------------------------------------------------------------------------------
I will be very thankful for letting me understand how to run correctly the cross-section dependence tests. In the paper I read that the researchers used ARDL model. Then I can see the cross-secional dependence tests results similar to the results shown in the first ile (example1).
So I tried to repeat this procedure. However, in e-views if I estimate the ARDL model I cannot run the cross-section dependence test. This option is not available. Only if I run the LS panel data model then I can run the cross-secton dependence test. But even if I run this tests, its results in e-views look different from what I see in other papers - example2 shows what results I can obtain.
I probably do not understand something, just I cannot tell what it is.
If I may ask - if a variable is I(0) but only for one unit root test (MW) with 3 lags, and not I(0) with CIPS for all lags, can I ignore this one result and treat it as I(1)?
Maddala and Wu Panel Unit Root Test
| Specification without trend
-------------+--------------------------------------
Variable | lags chi_sq p-value
-------------+--------------------------------------
logGDP | 0 39.920 0.890
logGDP | 1 36.240 0.952
logGDP | 2 46.638 0.684
logGDP | 3 85.668 0.002
logGDP | 4 66.254 0.088
Specification with trend:
logGDP | 0 61.254 0.178
logGDP | 1 36.912 0.944
logGDP | 2 22.948 1.000
logGDP | 3 20.483 1.000
logGDP | 4 28.860 0.996
CIPS no trend:
-------------+--------------------------------------
Variable | lags chi_sq p-value
-------------+--------------------------------------
logGDP | 0 0.755 0.775 .
logGDP | 1 -0.040 0.484 .
logGDP | 2 0.597 0.725 .
logGDP | 3 0.783 0.783 .
logGDP | 4 -0.732 0.232 .
CIPS with trend
logGDP | 0 0.570 0.716 .
logGDP | 1 1.739 0.959 .
logGDP | 2 3.395 1.000 .
logGDP | 3 4.217 1.000 .
logGDP | 4 3.399 1.000 .
And more generally, is my data only I(1) or should I assume that some data is I(0)?
I attached the Excel file.
