Efektywność zainwestowanego kapitału w spółkach sektora WIG – budownictwo
Efficiency of Invested Capital in the WIG – Construcion Sector
Author(s): Sylwia KrukSubject(s): Economy, National Economy, Supranational / Global Economy, Micro-Economics, Financial Markets, Public Finances
Published by: Społeczna Akademia Nauk
Keywords: return on invested capital; net operating profit after taxes; weighted average cost of capital; capital asset pricing model; shareholder value
Summary/Abstract: It was assumed that the main goal of corporate finance of a company is to increase its market value, which leads to the maximization of the owners’ benefits. This study covered relations between return on invested capital and cost of obtaining it basing on data from 39 companies grouped under the WIG-construction index for the years 2010–2017. Research conducted in this field in Poland is relatively rare due to limited access to corporate data. As a result of this examination, it was shown that the capital employed in companies only in four out of the eight considered periods exceeded the costs of their acquisition. Additionally, there was no relationship found between the average ROIC and WACC.
Journal: Przedsiębiorczość i Zarządzanie
- Issue Year: 20/2019
- Issue No: 1.2
- Page Range: 217-231
- Page Count: 15
- Language: Polish