The subject of the project was the preparation and publication of a special edition of ‘e-Finanse’ titled ‘Effectiveness, risk and enterprise value in theoretical and empirical studies’. The project led to the achievement of several important objectives.

Firstly, the challenge of enterprise value creation and the main determinants of this value (effectiveness and risk) is becoming increasingly significant in Poland. Knowledge of the substance of company value, factors that condition it, and methods of increasing value will in the very near future be increasingly useful, which has led to the conducting of research and education in this area. Such a statement may be justified in the following manner:

  1. the Polish capital market is dynamically growing, and this is where (market) value of a firm is determined; more and more entities will therefore be interested in how to shape their value;
  2. as a result of the increasing wealth and entrepreneurship of Poles, new businesses continue to open in this country; company owners are always interested in increasing their value;
  3. in business, financial knowledge is required not only among staff in the finance and accounting departments, but more and more often from all employees, at least at the managerial level; an understanding of company value – its financial significance and variability – and the way it is shaped will likely be increasingly demanded from those with aspirations to attain responsible positions in business.

The first aim of the project was to initiate new studies focussing on the issues of company value and key factors that condition it (effectiveness and risk).

This aim was achieved in the framework of cooperation not only between universities but with the involvement of business representatives. The articles written for the special edition of ‘e-Finanse’, which was the output of the project, were authored by staff at the following institutions:

  1. University of Information Technology and Management in Rzeszow,
  2. College of Business – National-Louis University in Nowy Sącz,
  3. Warsaw School of Economics,
  4. Central Brokerage House of Bank Pekao SA.

The second aim of the project was the initiation of cooperation in studies on value management, based on the involvement of entities representing various groups of stakeholders.

The idea of accepting maximization of company value as the overriding financial goal of a company has been put to a serious test in relation to the current economic-financial crisis. More often opinions are voiced in which the concentration on value for shareholders lead to a belief (to the detriment of all) that stock prices would continue to rise forever. The challenge of the current economic-financial crisis was the subject of a presentation on the pages of the quarterly ‘e-Finanse’ previously. Number 3/2009 titled ‘Anatomy of a crisis. Causes-path-perspectives,’ was a special edition financed by the National Bank of Poland. The editors aim for ongoing and active participation in the debate over the crisis.

The third aim of the project was an attempt to evaluate the condition of the conception of maximalization of company value as the overriding goal of a business in conditions of the current economic-financial crisis, and to continue what was begun in issue 3/2009 - a cycle of expert works reflecting to the present day aspects of the crisis.

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