<abstract xmlns="http://www.w3.org/1999/xhtml">The paper discusses the issue of the effects of using SRI strategies on performance and risk of investment portfolios. During the research procedure, a number of goals were executed which is reflected by the article’s structure. In the first place, potential directions of the effects of using SRI strategies on portfolio parameters were indicated. Generally, these are hypotheses about 1) positive; 2) negative; 3) neutral impacts of SRI on investment portfolio parameters. Then the main streams in the research on SRI were identified. These streams are mainly based on: modern portfolio theory, the costs of an asset selection conception and the analysis of the correlation between CSR policy and company profitability. Moreover, the research stream which focuses on the relationship between the social responsibility of business and its competitive position was identified. The performed wide review of the literature raising the issues of performance and risk of SRI allows us to make an attempt to synthesize the results obtained by various authors. This synthesis is based on criteria such as: subjective scope, geographical span, methodology and findings of particular research. The main finding of the research is that despite many attempts in which various methods were used, so far there is no firm evidence to support or reject any of the above formulated hypotheses.</abstract>

Is it Worth Being Good? – The Efficiency and Risk of Socially Responsible Investing in Light of Various Empirical Studies

<abstract xmlns="http://www.w3.org/1999/xhtml">The purpose of this article is to present the factors and phenomena resulting from the interaction of economic entities (entrepreneurs and consumers), which determine the level of investment attractiveness for venture capital funds. The activities are aimed at identifying which sectors and sectors of the economy in Poland may in future draw a growing interest of venture capital investors. They conclude that in the long run, consumer values and expectations will have a far greater impact than the technological change itself, on the process of building a market position and on the management of an enterprise. It is concluded that the Polish economy, as a result of demographic change, globalization and technology, will appear as an attractive area for venture capital investment. The basis of the discussion is Polish and foreign literature on the subject, current reports and statistical data.</abstract>

Analysis of the Attractiveness of the Polish Market for Venture Capital Funds

<abstract xmlns="http://www.w3.org/1999/xhtml">This study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Polish listed companies during 2000 - 2012, I do not find a relation between stock liquidity and dividend payouts. This result is robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with my hypothesis that stock liquidity provides information and increases insiders’ incentive to pay out dividends, I do not find that the relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe.The aim of this study is to show the dependencies occurring between dividend policy and the liquidity of shares of a company. The basic thesis of this study is that decisions on dividend payments positively affect the liquidity of the shares of a company.</abstract>

Impact of a Company’s Dividend Policy on the Liquidity of Shares Listed on the Warsaw Stock Exchange

<abstract xmlns="http://www.w3.org/1999/xhtml">Long-term persistence of low interest rates and a decline in attractiveness of investing in low-interest bank deposits generate additional demand for investments in investment funds. In such a situation, it is expected to have widespread use of the investment efficiency measures which take into account not only return, but risk level. The study examines eight measures of efficiency based on the Sharpe ratio. The study uses monthly data for 22 active equity funds over the period 2005-2015. It was found that the majority of funds were more efficient than the market in periods of moderate economic growth and less effective in the period of strong growth on the capital market. The most efficient funds retain high efficiency in all phases of the economic cycle. The efficiency values obtained using indicators: Shape, Treynor, Jensen, Sortino, Omega, Sharpe-Israelsen and IR were strongly correlated, while values of the UPR indicator were significantly different from the other results.</abstract>

Degree of Convergence of the Efficiency of the Polish Equity Investment Funds Obtained with Measures Based on the Sharpe Ratio

<abstract xmlns="http://www.w3.org/1999/xhtml">This research attempts to analyze the relationship between agency, control and corporate governance attributes for a sample of 267 firms listed on the Pakistan Stock Exchange (PSX) from 2005 to 2008. The results show that a) Pakistani listed firms are facing high agency costs problems in contrast to established markets. b) Factors are observed important to having strong effect on mitigating agency costs levels: corporate dividend policy, degree of board independence, and institutional ownership. c) Corporate governance factors reduce discretionary expenditure ratio, increase assets utilization ratio and free cash flow ratio. d) Control variables increases the asset utilization ratio and decreases the free cash flow and increases the managers’ performance (Tobin’s Q ratio). e) Ownership attributes regulate free cash flow and decrease the discretionary expenditure ratio. The outcomes of this research lead to the proposed use of recommended governance, control and ownership attributes to overcome agency problems and a sound policy for better corporate governance (better management of agency cost issues) for listed firms.</abstract>

Analyzing the Link Between Agency Problems, Governance and Control Attributes for Pakistan

<abstract xmlns="http://www.w3.org/1999/xhtml">In the literature on corporate social responsibility (CSR) the origin of the equity is seen as one the drivers of CSR. There is evidence of multinational corporations stimulating diffusion of CSR practices in a few emerging economies. There are no similar studies focusing on the Polish economy. Since CSR practices are country-specific it is important to investigate if and how capital flows foster corporate social responsibility among firms established and operating in Poland. The method applied in the study is a statistical analysis of the ownership structure of firm whose socially responsible practices are highly ranked by the independent think-tanks compared to the ownership structure of their most relevant competitors. The results allow for a more comprehensive understanding of CSR drivers in Poland as well as the role of foreign capital in reshaping economic structures in Poland.</abstract>

The Effect of Foreign Equity Ownership on Corporate Social Responsibility: Empirical Evidence from Poland

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