Title: Cele długoterminowych decyzji finansowych


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Alternative title:

Objectives of the long-term fi nancial decisions


Tyt. zeszytu: Transformacje systemu gospodarczego : (prace poświęcone pamięci Profesora Tomasza Afeltowicza)


The main goal of the article is to characterise different types of fi nancial decisions taken by companies, 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 effectiveness 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 owners, which means the company achieves the optimal level in particular circumstances

Date issued:



oai:repozytorium.uni.wroc.pl:96414 ; ISSN 2084-4093 ; ISBN 978-83-229-3281-0


pol ; eng


Acta Universitatis Wratislaviensis, ISSN 0239-6661 ; no 3398. Ekonomia, ISSN 2084-4093 ; 18, s. 263-275

Is version of:

Czasopisma Naukowe w Sieci (CNS)

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© Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o., Wrocław 2010

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WR U/PAdjm

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Last modified:

Sep 24, 2019

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Sep 24, 2019

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Cele długoterminowych decyzji finansowych Sep 24, 2019



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