Analiza rentowności polskich spółek pracowniczych
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Date
1997
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Wydział Prawa i Administracji UAM
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The analysis of profitability of Polish ESOPs
Abstract
The article presents an analysis of profitability of Polish ESOPs. The research conducted
independently by IBnGR and ISP PAN and more general statistic data indicate higher profitability
of ESOPs in comparison to other types of enterprises. There are two reasons for such a situation.
Firstly, the best performing enterprises were included in the program of allowing employees
to lease them. Secondly, ESOPs benefited from operational leverage effect much more extensively
than other firms. The second, worth noting, feature of the profitability of Polish ESOPs is that in the period
considered, it was growing less dynamicly than it was the case in other enterprises. This phenomenon
is evident in research of the correspondence between GNP growth and gross profitability of
ESOPs (and then all enterprises). This phenomenon can be, at least partly, explained by the, so
called, additional expenditure burden borne by ESOPs. The stable level of profitability achieved
by these enterprises indicates that their performance fall short of expectations that as a result of
privatisation, they would be more effective and efficient. It is typical for Polish ESOPs that financial leverage has a significant impact on their rate of return on equity. Such an effect results from high operational profitability and high level of outside financing (especially, high amount of long-term accounts payable arising from outstanding leasing payments to the State Treasury). High rates of return from equity can become an incentive
for prospective investors, who could be able to provide capital needed to solve the basic problem of
all ESOPs: lack of financial resources necessary for further development.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny, 59, 1997, z. 4, s. 109-121.
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ISBN
ISSN
0035-9629