Object structure


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Cele długoterminowych decyzji finansowych

Alternative title:

Objectives of the long-term fi nancial decisions


Gadawska, Jolanta

Subject and Keywords:

financial decisions ; the objectives of financial decisions ; the criterion of flow ; resulting criterion ; the efficiency of financial 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

Place of publishing:



Wydawnictwo Uniwersytetu Wrocławskiego


Olszewski, Leon (1940- ). Red.

Date issued:



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)

Rights Management:

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

Autor opisu:

WR U/PAdjm