- Author
- Mądra-Sawicka Magdalena (Szkoła Główna Gospodarstwa Wiejskiego w Warszawie)
- Title
- Differences in the Cost of Capital : the Case of Food Companies from Emerging and Developed European Economies
Zróżnicowanie kosztu kapitału przedsiębiorstw spożywczych wśród wchodzących i rozwiniętych gospodarek europejskich - Source
- Acta Scientiarum Polonorum. Oeconomia, 2020, R. 19, nr 3, s. 49-56, bibliogr. 28 poz.
- Keyword
- Koszt kapitału, Gospodarka, Kapitał własny, Rynki wschodzące
Capital cost, Economy, Ownership capital, Emerging markets - Note
- JEL Classification: L22, L11, E32.
streszcz., summ. - Abstract
- Przeprowadzone badania miały na celu ocenę poziomu i zróżnicowania kosztu kapitału zgodnie z metodologią WACC w podmiotach branży spożywczego wśród europejskich gospodarek wschodzących i rozwijających się. W artykule uwzględniono ponadto główne wyznaczniki finansowe podkreślające pozycję firmy na rynku (suma aktywów, całkowite przychody i całkowity kapitał własny). W badaniach wykorzystano dane empiryczne 1274 obserwacji z 35 krajów europejskich. Okres badawczy obejmował lata 2015-2018. Uzyskane wyniki badań podkreślają znaczenie asymetrii informacji w ocenie działalności podmiotów branży spożywczej, przy wykorzystaniu metodologii WACC. Wyniki badań wskazały na istotne statycznie różnice między europejskimi gospodarkami wschodzącymi i rozwiniętymi ze względu na koszt kapitału. Rynki wschodzące charakteryzowały się wyższym poziomem kosztów długu i kapitału. Koszt długu przedsiębiorstw z gospodarek wschodzących był powiązany z ich wartością aktywów ogółem i przychodów, co świadczy o znaczeniu wielkości przedsiębiorstw wobec ich oceny rynkowej. (abstrakt oryginalny)
The research aims to assess the cost of capital according to the WACC methodology across the food industry companies. The study also investigates the primary financial indicators for company position on the market as total assets, total revenues, and total equity. The study was conducted among 35 European countries from a sample of 1,274 records. The research period covers the years 2015-2018. The results of the survey underline the current asymmetric information problems in WACC food companies' assessment between European emerging and developed economies. The emerging markets were characterized by a higher level of the cost of equity and debt. The cost of debt among companies from emerging economies was related to total assets value and revenues, which proves the importance of the size of enterprises in relation to their market assessment. (original abstract) - Accessibility
- The Library of Warsaw School of Economics
The Main Library of Poznań University of Economics and Business - Full text
- Show
- Bibliography
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- Cited by
- ISSN
- 1644-0757
- Language
- eng
- URI / DOI
- http://dx.doi.org/10.22630/ASPE.2020.19.3.27