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Cele długoterminowych decyzji finansowych
(Wydawnictwo Uniwersytetu Wrocławskiego, 2010-06) Gadawska, Jolanta; Uniwersytet Wrocławski
The main goal of the article is to characterise different types of fi nancial decisions taken by compa-nies, with special insight into long-term fi nancial decisions. The article presents main theories of fi nancial decisions, goals of fi nancial management and types of decisions in fi nancial management fi eld. The main measures of the effectiveness of fi nancial decisions are the cost of capital and the degree of leverage. The rate of return on invested capital must be higher than the cost of capital provided. Maximizing business value is the overriding long term goal of the decisions taken by its owners. Decisions made in companies are reviewed by the capital market. We can state that effective-ness of fi nancial (capital) decisions depends on the effi ciency of investment decisions, and vice versa. A basic condition for making rational decisions is a conduct in accordance with the objective function. Therefore, the new economic approach primarily aims to maximize the wealth of the own-ers, which means the company achieves the optimal level in particular circumstances.

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Affiliation: Uniwersytet Wrocławski Start date: 2010 End date: 2019 Subject: criterion of flow
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