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DC Field | Value | Language |
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dc.contributor.author | Bernacki, Dariusz | - |
dc.contributor.author | Reyns, Carl | - |
dc.date.accessioned | 2018-05-24T16:12:09Z | - |
dc.date.available | 2018-05-24T16:12:09Z | - |
dc.date.issued | 1998 | - |
dc.identifier.citation | Bernacki, D., & Reyns, C. (1998). Creative accounting in Eastern Europe : the case of the Polish port companies. European Research Studies Journal, 1(2), 49-59. | en_GB |
dc.identifier.issn | 11082976 | - |
dc.identifier.uri | https://www.um.edu.mt/library/oar//handle/123456789/30340 | - |
dc.description.abstract | During 1991, a large number of small companies was created to run the operational activity of the Polish seaports, which was until then monopolised by state-owned enterprises. The major part of the shares is held by the employees. Leasing-techniques are used to solve the problem of financing the infrastructure. Although the profit-margins are relatively modest, the return on total assets is rather important because the infrastructure does not appear on the assets-side of the privatised companies. As a consequence of what we call leasing-leverage, the return on equity reaches almost astronomic heights. In the conclusion we indicate the potential dangers of this situation; the financial construction does not solve the ownership-problem of the assets, can lead to only very short-term based decisions and does not guarantee continuity when the assets have to be replaced. | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | University of Piraeus. International Strategic Management Association | en_GB |
dc.rights | info:eu-repo/semantics/openAccess | en_GB |
dc.subject | Harbors -- Accounts -- Poland | en_GB |
dc.subject | Privatization | en_GB |
dc.subject | Financial leverage | en_GB |
dc.title | Creative accounting in Eastern Europe : the case of the Polish port companies | en_GB |
dc.type | article | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.description.reviewed | peer-reviewed | en_GB |
dc.publication.title | European Research Studies Journal | en_GB |
Appears in Collections: | European Research Studies Journal, Volume 1, Issue 2 |
Files in This Item:
File | Description | Size | Format | |
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Creative_accounting_in_Eastern_Europe_the_case_of_the_Polish_port_companies_1998.pdf | 490.69 kB | Adobe PDF | View/Open |
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