Assessing the financial stability of Warsaw-listed transport and logistics firms
Article Sidebar
-
sustainability, financial security, financial liquidity, safety management, financial analysis, financial indicators
Abstract
Purpose. The primary objective of this paper is to evaluate the financial security of transport and logistics companies listed on the Warsaw Stock Exchange. Methodology. The research employs various financial security indicators such as liquidity, capital coverage of assets, working capital, and others. The study focuses on 11 companies in the transport and logistics sector listed on the Warsaw Stock Exchange in the third quarter of 2023. Results. The findings reveal that companies in the transport and logistics sector are highly diverse and challenging to compare on non-financial security aspects. Average data do not reflect the real situation in the sector, and individual companies significantly influence average results. The importance of maintaining an optimal structure of assets and capital for ensuring financial security is also highlighted. Theoretical contribution. This paper contributes to financial security in the transport and logistics sector by analysing companies listed on the Warsaw Stock Exchange. It offers a new perspective on the financial stability of these companies and the factors influencing it. Practical implications. The research calls for caution when assessing the financial security of enterprises in the transport and logistics sector. It also suggests expanding the research group and checking whether the entire sector has any common patterns regarding financial security. This could provide valuable insights for companies in the sector and policymakers.
Full text article
References
Anwar, S. (2019). The influence of ownership structure, asset structure, and earning volatility on debt policy in Indonesia. Journal of Accounting and Strategic Finance, 2(1), 93-106. https://doi.org/10.33005/jasf.v2i1.54
Appuhami, B.A.R. (2008). The impact of firms capital eh=xpenditure on working capital management an empricial study across industries in Thailand. International Management Review, 4(1), 8-21.
Brealey, R. A., & Myers, S. C. (2000). Principles of corporate finance. Sixth Edition, McGraw-Hill, New York.
Brealey, R. A., Myers, S. C., & Marcus, A. J. (2023). Fundamentals of corporate finance. McGraw-Hill.
Celik, I., & Boyacioğlu, N. (2013). The impact of fixed assets expenditures on working capital management: an application on manufacturing enterprises in istanbul stock exchange. Journal of Suleyman Demirel University Institute of Social Sciences, 17(1).
Chiou, J. R., Cheng, L., & Wu, H. W. (2006). The determinants of working capital management. Journal of American Academy of business, 10(1), 149-155.
Comporek, M. (2017). Net working capitalas a determinant of operational financial safety of enterprise. Research Papers of Wroclaw University of Economics, 284. https://doi.org/10.15611/pn.2017.484.05
DeAngelo, H., & DeAngelo, L. (2007). Capital structure, payout policy, and financial flexibility. Marshall school of business working paper no. FBE, 02-06. https://doi.org/10.2139/ssrn.916093
Duraj, N., Sadowski A., Misztal, A., Comporek M., & Kowalska M. (2020). Bezpieczeństwo ekonomiczno-finansowe przedsiębiorstw sektora TSL. Wydawnictwo Uniwersytetu Łódzkiego, Łódź. https://doi.org/10.18778/8142-972-6
Handayani, K. A. T., & Darma, G. S. (2018). Firm size, business risk, asset structure, profitability, and capital structure. Jurnal Manajemen Bisnis, 15(2), 48-57.
Idzik, J., & Klepka, R. (2012). Bezpieczeństwo finansowe. Encyklopedia bezpieczeństwa, tom 1 A-C, ed. O. Wasiuta, S. Wasiuta, Libron, Kraków.
Karbownik, L. (2012). Pojęcie i obszary kreowania oraz zapewniania bezpieczeństwa finansowego przedsiębiorstwa. Acta Universitatis Lodziensis. Folia Oeconomica, 267.
Księżopolski, K. M. (2011). Bezpieczeństwo ekonomiczne. Dom Wydawniczy Elipsa.
Myers, S. C. (1984). Capital structure puzzle. Journal of Finance, 39, 575-592. https://doi.org/10.2307/2327916
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Michaelas, N., Chittenden, F., & Poutziouris, P. (1999). Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data. Small Business Economics, 12, 113-130. https://doi.org/10.1023/A:1008010724051
Norton, E. (1991). Capital structure and small public firms. Journal of Business Venturing, 6(4), 287-303. https://doi.org/10.1016/0883-9026(91)90020-E
Nyamasege, D., Okibo, W. B., Nyang’au, A. S., Obasi Sang’ania, P., Omosa, H., & Momanyi, C. (2014). Effect of asset structure on value of a firm: a case of companies listed in Nairobi Securities Exchange. Research Journal of Finance and Accounting, 5, 205-212.
Scarabot, J. (2001). Asset Securitization and Optimal Asset Structure of the Firm. SSRN Library, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=263088. https://doi.org/10.2139/ssrn.263088
Setiadharma, S., & Machali, M. (2017). The effect of asset structure and firm size on firm value with capital structure as intervening variable. Journal of Business & Financial Affairs, 6(4), 1-5. https://doi.org/10.4172/2167-0234.1000298
Vos, E., Yeh, A. J. Y., Carter, S., & Tagg, S. (2007). The happy story of small business financing. Journal of Banking & finance, 31(9), 2648-2672. https://doi.org/10.1016/j.jbankfin.2006.09.011
Wojciechowska-Filipek, S. (2014). Bezpieczeństwo przedsiębiorstw w systemie gosp[odarczym. Przedsiębiorczość i Zarządzanie, 14(5), 25.
Yatsenko, Y., & Hritonenko, N. (2020). Optimal asset replacement: Profit maximization under varying technology. International Journal of Production Economics, 228, 107670. https://doi.org/10.1016/j.ijpe.2020.107670
Authors
Copyright (c) 2023 Anna Ludwiczak
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication, with the work simultaneously licensed under a CC BY 4.0 License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Article Details
