Value creation efficiency of Polish construction companies listed on Warsaw Stock Exchange during 2010-2012

Abstract

Measuring the efficiency of enterprise value creation is the basis for assessing the profitability of capital investment by its shareholders. The conceptualisation and application of the value creation measures were related to the creation and development of the value-based management concept. These measures also enriched the financial analysis, becoming tools for the analysis of the enterprise value. The purpose of this article is to analyse the value creation efficiency of Polish construction companies listed on the Warsaw Stock Exchange with showing the possibility of using the mentioned measures to assess the value creation efficiency. This will enable to answer the research questions formulated for the purposes of analysis. The article is based on an analysis of the literature and the use of value creation measures, constituting a scientific reflection presented from the perspective of the few years that have passed since the analysed period.

Quantifying Critical Success Factors (CSFs) in Management of Investment-Construction Projects: Insights from Bayesian Model Averaging

“…However, this does not mean that the Polish construction market is not struggling with problems [2,3]. Some of them were described in the study by Jaki andĆwięk [4], e.g., unfavorable legal regulations in the sphere of public procurement (in which the offered price is often taken as a dominant criterion), rising labor costs and the costs of raw materials and construction materials, or inefficient activities of public authorities with regards to the settlement of completed investments. Important issues that hinder the functioning of this market are described by Sobieraj [5] and Górny [6].…”

Bankruptcy Prediction Models Based on Value Measures

“…Among the exogenous causes of the bankruptcies of Polish building firms whose source was the macroeconomic environment, we should indicate the general recession of the world economic system, which evoked a negative climate among potential investors and real estate buyers, thus weakening the condition of the housing segment of the construction sector. The aforementioned accumulation of the investment ventures that were connected with Euro 2012 also showed other threats from the central authority whose ineffective activities with regard to the process of settling public investments, among others, directly contributed to the rapid collapse of the Polish construction sector (Jaki 2018;Jaki and Ćwięk 2020).…”