Sustainable development is a socioeconomic development that respects environmental protection. It can be analyzed at a macro- and microscale. The goals of sustainable development are realized by ordinary people, politicians, organizations, and enterprises. At the enterprise level, sustainable development means an improvement in quantitative and qualitative conditions of running a business, the use of pro-ecological standards and solutions, and support of employee development. The sustainable development of enterprises depends on several factors, including macroeconomic conditions. The main aim of this paper is to show the impact of the macroeconomic stabilization on the sustainable development of the manufacturing enterprises in the Central and Eastern European Countries (CEECs). We examine only the CEECs which are the members of the European Union. Considering this, we focus on the eleven counties (i.e., Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic, and Slovenia) in the period from 2008 to 2018. The main hypothesis is formulated as follows: Macroeconomic stabilization has a statistically significant impact on the sustainable development of manufacturing enterprises in the period from 2008 to 2018. The results of the study indicate that in all analyzed countries there is a statistically significant relationship between the indicator of sustainable development (SISDE) and the indicator of macroeconomic stabilization. The highest level of correlation was observed in Czechia, Poland, and Hungary, while the lowest in Estonia.

No abstract

This paper fits into the stream of current research on the concept of short-termism and its importance for economic sustainability, especially sustainable finance. Short-termism focuses on short time horizons by both corporate managers and the financial markets, and prioritizes short-time shareholder return over the long-term growth of the company’s value. This study engages the short-termism discussion by examining the effect of quarterly reporting on the long-term market value of listed companies. The aim of the article is to determine whether European companies experience the negative effects of short-termism, precisely, whether public companies that prepare quarterly reports, and which focus mainly on achieving the short-term goals of stock exchange investors, are seeing a decline in their market value in the long-term. We have not proven the existence of such a dependence, the increase in reporting frequency of public companies does not contribute to a decline in their long-term market value. In the case of the EU-15 the results of regression model estimation indicate a positive and statistically significant impact of the time of regular quarterly reporting on the buy-and-hold rates of return, in the “new” EU member states this relationship is not observed.

Research background: Making decisions concerning the payout policy depends on many diversified neoclassical and behavioral determinants. Although these factors are well-described in the literature, there is still a research gap concerning the lack of a comprehensive impact model of payout policy determinants on the investment attractiveness of shares. Purpose of the article: The aim of this paper is to present the diverse nature of the relation-ship between different forms of cash transfer to the shareholders and in-vestments attrac-tiveness of public companies in the context of various determinants of payout policy. The possibility of achieving this objective was conditioned by the empirical verification of research hypothesis stating that the diversify of payout forms is accompanied by the different determinants of payout policy that condition an effective investment of stock investors’ capital. Methods: The empirical research was conducted among the electromechanical companies listed on the Warsaw Stock Exchange in the years 2006-2015. The data for analysis were obtained from Notoria Service database and Stock Exchange Yearbooks. The calculations were carried out using the methodology of taxonomic measure of investment attractiveness, as well as dividend premium and share repurchase premium. Findings & Value added: The final conclusion of our research is that the companies con-ducting the payout policy in different forms of cash transfer differ in terms of many charac-teristics, such as: financial standing, market value, ownership structure, company’s size and age. Moreover, their investment attractiveness differs according to regularity of payment, stock exchange situation and shareholders’ preferences. The value added of this paper is a new approach to the evaluation of capital investment with a special emphasis on the determinants of payout policy.

Motivation: The ownership structure is a frequently undertaken research issue on the dividend determinants. However, there are not many scientific studies conducted on the Warsaw Stock Exchange (WSE) which investigate the ownership structure of dividend payers in the context of board characteristics (i.e. board composition, board independence or chairman entrenchment). Therefore, a research gap has been observed in this area and an appropriate study has been conducted. Aim: The aim of the paper is to investigate the links between the ownership structure of publicly traded companies and the dividend pay-outs in the context of board characteristics. Results: Empirical research has been conducted on a group of 354 non-financial companies listed on the WSE. The results of the study indicate that in the companies that pay out dividend one can observe a greater share of both the institutional investors and the State Treasury. The board of such companies is bigger, the board members more often hold shares and the chairman occupies the position for a longer time. Moreover, the propensity to pay dividend and dividend amount increase if there is an increase in institutional ownership, board duality and chairman entrenchment.