Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector
Main focus of this work is to present the results of empirical investigations of financial standing in joint-stock companies from telecommunications sector. The analysis was carried out on the basis of the following ratios: liquidity, return and debt ratio. The second part of the investigations enco...
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| Cite this: | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector / M. Grabowska // Электронное моделирование. — 2009. — Т. 31, № 6. — С. 17-26. — Бібліогр.: 15 назв. — англ. |
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| citation_txt | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector / M. Grabowska // Электронное моделирование. — 2009. — Т. 31, № 6. — С. 17-26. — Бібліогр.: 15 назв. — англ. |
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| description | Main focus of this work is to present the results of empirical investigations of financial standing in joint-stock companies from telecommunications sector. The analysis was carried out on the basis of the following ratios: liquidity, return and debt ratio. The second part of the investigations encompassed empirical analysis based on relationships between price and book value.
Представлены результаты эмпирических исследований финансового положения в совместных акционерных компаниях сектора телекоммуникаций. Проанализированы коэффициент ликвидности, коэффициент окупаемости капиталовложений и коэффициент задолженности. Проведен также эмпирический анализ на основе отношений между ценой и балансовой стоимостью активов.
Наведено результати емпіричних досліджень фінансового стану в сумісних акціонерних компаніях сектора телекомунікацій. Проаналізовано коефіцієнти ліквідності та капіталовкладень, а також коефіцієнт заборгованості. Виконано емпіричний аналіз на основі співвідношення ціни та балансової вартості активів.
|
| first_indexed | 2025-12-07T15:14:27Z |
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M. Grabowska, PhD
Czestochowa University of Technology
Analysis of Financial Standing in Joint-Stock
Companies of Telecommunications Sector
Main focus of this work is to present the results of empirical investigations of financial standing
in joint-stock companies from telecommunications sector. The analysis was carried out on the ba-
sis of the following ratios: liquidity, return and debt ratio. The second part of the investigations
encompassed empirical analysis based on relationships between price and book value.
Ïðåäñòàâëåíû ðåçóëüòàòû ýìïèðè÷åñêèõ èññëåäîâàíèé ôèíàíñîâîãî ïîëîæåíèÿ â ñîâ-
ìåñòíûõ àêöèîíåðíûõ êîìïàíèÿõ ñåêòîðà òåëåêîììóíèêàöèé. Ïðîàíàëèçèðîâàíû êîýô-
ôèöèåíò ëèêâèäíîñòè, êîýôôèöèåíò îêóïàåìîñòè êàïèòàëîâëîæåíèé è êîýôôèöèåíò çà-
äîëæåííîñòè. Ïðîâåäåí òàêæå ýìïèðè÷åñêèé àíàëèç íà îñíîâå îòíîøåíèé ìåæäó öåíîé è
áàëàíñîâîé ñòîèìîñòüþ àêòèâîâ.
K e y w o r d s: financial analysis, option of increase in value.
The essence and tools for financial analysis in companies. Conventional eval-
uation of company’s operation consists in measurement of the investment, oper-
ational and financial decisions. Depending on the selection of research tools, an-
alysts evaluate not only current situation in a particular entity but they can also
conclude its future results. H. Buk argues that both planning and managerial
control are not possible without acquisition of proper information and develop-
ment of properly formed information system [1].
The most accessible sources of information necessary to perform analysis
include financial reports encompassing e.g. information about book value of the
property, book pricing of sources of financing, achieved revenues and incurred
costs, cash flow during operational, investment and financial activities. Thus fi-
nancial reports comprise fundamental source of information on economic achie-
vements in companies.
D. Wedzki argues that financial reports are necessary to evaluate financial
situation in the company, however, it is insufficient for presentation of its full
view [2]. The author cites in his work the following reasons that prove this
situation:
different needs of information recipients contained in financial report;
ISSN 0204–3572. Ýëåêòðîí. ìîäåëèðîâàíèå. 2009. Ò. 31. ¹ 6 17
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complex and dynamic reality of economy;
conventional and generalized nature of the report;
business transactions given in the form of balanced values.
E. Maczyñska states that «…the view of company’s result created by the ac-
counting is often real from the standpoint of current accounting principles, how-
ever, it remains in close relationship with economic reality and, in this sense, it is
far from actual economic truth» [3]. The reasons for this situation can be found
in e.g. complexity and intricacy of the balance law.
One can also find, in the subject-related references, the reasons for which fi-
nancial reports are numbered among the most important and optimal sources of
information about financial standing of the entity [2, 4]. A financial report con-
tains aggregated economic values being a result of the business activities per-
formed in the entity. Expressing these values in cash values leads to opportuni-
ties to compare them to various entities. The financial report facilitates commu-
nication between companies, thus it is often referred to as a «business language».
In consideration of the abovementioned arguments it is necessary, in order
to evaluate financial standing of a company, to use proper tools being a particu-
lar relation of financial values. Fundamental tools include a financial ratio. Ra-
tios typical of financial reports can be divided using a variety of criteria [5].
However, there is a consistent opinion in the subject literature on the methods
and nomenclature of main groups of ratios. Consequently, the following types
can be highlighted [2, 6]: financial liquidity; debt; management efficiency;
return ratios.
Synthetic approach allows for showing that evaluation of financial liquidity
in companies determines its ability to cover current liabilities. This analysis can
be conducted with static approach (analysis based on the data contained within
the balance sheet) or with dynamic approach (analysis based on the data con-
tained in cash flow statement). Evaluation of financial liquidity is completed
with analysis of debt in the company which allows for determination of long-
term solvency and determining the structure of finance in the entity. A financial
strategy of the enterprise is mainly based on the choice of financing the appropri-
ate option of activity of a given unit taking into consideration such elements as:
chances and threats appearing on the market, the appropriate assessment of weak
and strong sides of activity as well as the assessment of effects of stakeholders
decision of the given unit [7].
Ratios of efficiency allow for measurements of efficiency of the use of
company’s resources. On the other hand, the return ratios point to profitability of
the performed tasks and define advantages of the business activity.
E. A. Helfert emphasizes that the abovementioned groups of ratios used for
financial analyses, based on the data from the same source, are connected with
M. Grabowska
18 ISSN 0204–3572. Electronic Modeling. 2009. V. 31. ¹ 6
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different dependencies and thus they form a coherent system [8]. The example of
system analysis of company’s operation is the Dupont pyramid. This analysis
consists in decomposition of the determined economic index. Therefore it be-
comes a test where a particular relationship is divided into parts in order to find
cause and effect dependencies between partial indexes of these structure [9].
This creates conditions conducive not only for evaluation, but also for stimula-
tion of particular economic events. This method allows for determination and
identification of the areas of company’s operation where operations which pose
threat to good financial condition of the company occur.
Advanced ratio analysis is not only time-consuming but it can also obscure
the analysis of financial standing. Therefore it seems purposeful to use simpli-
fied methods to evaluate financial standing in companies [10]. One of the most
simplified methods for evaluation of financial standing is ‘Quicktest’ method,
being a fast method whose result, in most of the cases, is consistent with the re-
sults of detailed analysis based on many financial ratios [11].
Models for early warning in economic activity is an essential tool used in fi-
nancial analysis. E. Maczyñska argues that the need to use early warning tools is
justified by the regularity, according to which companies show symptoms of
critical situation much earlier than the threat of bankruptcy. Early identification
of the signs of impending crisis is therefore one of the most fundamental chal-
lenges in business management [3]. Preventing of bankruptcies of companies re-
quires the earlier diagnosis of the crisis situation in the company [12].
An analysis of financial standing is inseparably connected with evaluation
of opportunities to generate ownership value. In consideration of wide spectra of
economic tools for measurement of company’s operation results, growing popu-
larity of the measures for evaluation of financial efficiency from value-based
management domain should be emphasized; they reflect the effects of generat-
ing the value added [1]. Considerations of value-based management in the sub-
ject references focus on different methods of the value measurement. There are
many measures which are employed for measurement of the values which func-
tion next to each other, often emphasizing different aspects. These measures
include e. g.:
ratios based on market-related or accounting data: return on investment,
earnings per share, return on equity (ROE), total shareholders return;
deterministic and stochastic models of determinants of increase in value;
measures that reflect expectations of the investors relating to the cost of cap-
ital: economic value added, shareholder value added, cash value added, market
value added, cash flow return on investment and value creation index.
The subject literature also emphasizes definition of the option of increase in
value as a relation of market value to book value of an enterprise [13]. This deter-
Analysis of Financial Standing in Joint-Stock Companies
ISSN 0204–3572. Ýëåêòðîí. ìîäåëèðîâàíèå. 2009. Ò. 31. ¹ 6 19
�
mines the degree of capital growth in a particular entity in relation to the value of
capital presented according to the accepted accounting principles. Option of in-
crease in capital shows the shareholders’ opportunities to achieve measurable fi-
nancial benefits connected with increase in value of the invested capital. The fi-
nancial analysis in the company should lead to evaluation of its financial stand-
ing and then to drawing conclusions as well as implementation of possible
preventive measures in the areas which require such actions to be taken.
Empirical evaluation of financial standing in stock companies from
telecommunications sector. Empirical analysis was carried out for the compa-
nies quoted on Warsaw Stock Exchange which belong to telecommunication
sector, i.e.: Polish Telecommunications, Netia, Mediatel, Multimedia Poland,
MNI, Hawe, Hyperion. In order to perform the analysis, the yearly and half-
yearly financial reports prepared for 2007-2009 were employed.
The empirical investigations aim to verify hypothesis according to which fi-
nancial standing in the investigated entities has deteriorated during last two peri-
ods, i.e. the time of companies’ operation under conditions of world financial
crisis. The analysis concerned financial liquidity, debt and return ratios in the en-
tities. The second part of the investigations encompassed determination of the
market value in the investigated entities and their book value. The table below
presents values of liquidity ratios in joint-stock companies from the sector of
telecommunications (Table 1).
An analysis of financial liquidity ratios allows for conclusion that five enti-
ties within the whole investigated period showed current ratio which exceeded
unity (except for Mediatel in VI 2009). This causes that the value of current as-
sets in these companies was higher than the value of short-term liabilities. These
companies had opportunities to repay short-term borrowed capital from the
components of current assets without changing fixed assets. An analysis of ten-
dencies in changes of the value of this ratio does not allow for determination of a
uniform trend which characterizes all the investigated entities. The lowest value
of current ratio at the end of 2007 or in the first half of 2008 was observed for
four companies. Netia S.A. showed the lowest current liquidity in XII 2008,
however, in VI 2009, this was observed for Mediatel and Multimedia Polska.
Further analysis of financial liquidity in the investigated companies reveals
that lack of financial liquidity throughout the analyzed period was typical of
Polish Telecommunications. Value of current liabilities in this entity exceeded
the value of current assets. This means that the company showed negative level
of current assets. Repayment of current liabilities could occur only in the case of
use of fixed assets. The highest financial liquidity was observed for MNI. This
company was characterized by financial overliquidity, i.e. excessive value of
current assets as compared to short-term borrowed capital. This situation might
prove inefficient management of the property.
M. Grabowska
20 ISSN 0204–3572. Electronic Modeling. 2009. V. 31. ¹ 6
Value of quick ratio is, in most cases, concurrent with the value of current
ratio. This proves lack of inventory in the property of the investigated entities.
Moreover, the difference between quick ratio and cash ratio is essential in most
of the companies (except for Hawe). Therefore it can be concluded that the most
significant component of working capital in telecom sector is short-term liabili-
ties.
Further evaluation concerned debt in telecommunication sector companies
(Table 2). In most of the investigated entities (Netia, Multimedia Polska, MNI,
Hawe, Hyperion) the property was financed mainly from the equity. The debt ra-
tio did not exceed 0.5 in these companies. Outside sources of finance prevail in
financing of the assets in Telecommunications and Mediatel. However, value of
Analysis of Financial Standing in Joint-Stock Companies
ISSN 0204–3572. Ýëåêòðîí. ìîäåëèðîâàíèå. 2009. Ò. 31. ¹ 6 21
Joint-stock company
Liquidity
ratio
Investigation period
XII 2007 VI 2008 XII 2008 VI 2009
Telekomunikacja Polska Current 0.29 0.27 0.29 0.64
Quick 0.28 0.26 0.29 0.64
Cash 0.09 0.09 0.15 0.47
Netia Current 2.07 1.62 1.30 1.47
Quick 2.06 1.61 1.29 1.46
Cash 0.28 0.47 0.45 0.57
Mediatel Current 1.53 2.18 1.66 0.92
Quick 1.53 2.18 1.66 0.92
Cash 0.07 0.01 0.11 0.04
Multimedia Polska Current 1.21 0.76 0.38 0.22
Quick 1.19 0.75 0.36 0.22
Cash 0.82 0.48 0.11 0.01
MNI Current 2.25 1.89 3.99 2.55
Quick 2.25 1.89 3.98 2.54
Cash 0.15 0.04 0.64 0.02
Hawe Current 1.03 152.43 36.19 5.72
Quick 1.03 152.43 36.19 5.72
Cash 1.01 151.76 35.44 4.74
Hyperion Current 1.07 1.13 1.09 1.24
Quick 1.07 1.13 1.09 1.24
Cash 0.41 0.12 0.32 0.13
Source: own study on the basis of [14].
Table 1. Liquidity ratios in telecommunications companies (relative values)
debt ratio rose insignificantly in TP S.A. to the level of 55% and for the other
companies this value dropped from 74% in XII 2007 to 64% in VI 2009.
Both debt-equity ratio, being a reference of outside sources of finance to
own ones and equity multiplier which reflects relationship of assets to the equity
confirm low level of debt in the investigated companies. Interpretation of the last
measure leads to the conclusion that, in most of the cases, one unit of equity falls
by one or two units of assets. The value of equity multiplier much higher than 2
occurred only in Telecommunications and Mediatel.
Evaluation of return on the operation was carried out on the basis of the fol-
lowing ratios: return on sales (ROS), return on equity, return on assets (ROA).
M. Grabowska
22 ISSN 0204–3572. Electronic Modeling. 2009. V. 31. ¹ 6
Joint-stock companies Debt ratio
Investigated period
XII 2007 VI 2008 XII 2008 VI 2009
Telekomunikacja Polska In total 0.47 0.50 0.52 0.55
Equity 0.89 1.00 1.08 1.26
Equity multiplier 1.89 2.00 2.08 2.26
Netia In total 0.14 0.01 0.23 0.24
Equity 0.16 0.01 0.31 0.32
Equity multiplier 1.16 1.12 1.31 1.32
Mediatel In total 0.74 0.76 0.60 0.64
Equity 2.91 3.17 1.54 1.80
Equity multiplier 3.91 4.17 2.54 2.80
Multimedia Polska In total 0.52 0.50 0.49 0.47
Equity 1.11 1.02 0.98 0.90
Equity multiplier 2.11 2.02 1.98 1.90
MNI In total 0.32 0.28 0.03 0.34
Equity 0.48 0.40 0.05 0.52
Equity multiplier 1.48 1.40 1.53 1.52
Hawe In total 0.10 0.01 0.01 0.01
Equity 0.10 0.01 0.01 0.01
Equity multiplier 1.10 1.01 1.01 1.01
Hyperion In total 0.22 0.23 0.26 0.31
Equity 0.29 0.30 0.36 0.46
Equity multiplier 1.29 1.30 1.36 1.46
Source: own study on the basis of [14].
Table 2. Debt ratios in telecommunication sector companies (relative values)
Net financial result presented in profit and loss account was assumed for each ra-
tio as an effect of the operation (Table 3).
The investigated entities were both characterized by return ratio (net finan-
cial result was positive) as well as by deficiency of operation (net financial result
was negative). Net profit in the investigated period was observed for: Teleko-
munikacja Polska, Multimedia Polska, Hyperion. Mediatel and MNI generated
financial loss in XII 2007 and VI 2009 with VI 2008 and VI 2008, respectively,
while for Netia the whole period was characterized by deficit.
Highest return was observed for Telekomunikacja Polska, which concerned
VI 2009 in particular. Net profit accounted for this company to 67.89% of each
Analysis of Financial Standing in Joint-Stock Companies
ISSN 0204–3572. Ýëåêòðîí. ìîäåëèðîâàíèå. 2009. Ò. 31. ¹ 6 23
Joint-stock companies Debt ratio
Investigated period
XII 2007 VI 2008 XII 2008 VI 2009
Telekomunikacja Polska ROS 8.15 11.70 5.24 67.89
ROA 3.01 2.19 1.99 10.41
ROE 5.71 4.39 4.16 23.60
Netia ROS �10.89 �14.63 �18.21 �3.93
ROA �3.75 �3.09 �7.44 �1.23
ROE �4.38 �3.46 �9.78 �1,63
Mediatel ROS �8.71 0.01 5.62 �8.01
ROA �20.58 0.00 7.12 �3.07
ROE �80.53 0.02 18.12 �8.60
Multimedia Polska ROS 9.54 23.08 15.75 9.19
ROA 3.24 4.79 6.77 2.14
ROE 6.84 9.69 13.41 4.07
MNI ROS 17.58 �0.10 29.73 �598.25
ROA 3.99 �0.01 1.88 �1.74
ROE 5.94 �0.01 2.89 �2.66
Hawe ROS
ROA �0.69 �0.09 0.28 0.12
ROE �0.76 �0.09 0.28 0.13
Hyperion ROS 18.28 27.07 16.92 7.64
ROA 3.47 2.33 2.78 0.58
ROE 4.50 3.04 3.80 0.85
Source: own study on the basis of [14].
Table 3. Return ratios in telecommunication sector (%)
monetary unit reached as a result of return on sales in the first half of 2009. Each
PLN involved in TP S. A. assets brought 10 groszy of net profit while each PLN
of the equity corresponded to 60 groszy of net profit. Other entities which belong
to the sector of telecommunications were not in such advantageous situation in
terms of return. Even in the entities characterized by positive financial result in
the investigated period, return on operation did not exceed 10% in VI 2009 in
terms of return on turnover and 5% in terms of return on capital.
It can be also observed that profitability in the sector during the investigated
period was not characterized by a uniform tendency. Moreover, financial profit-
ability in the investigated entities at the end of 2008, thus during operation of
companies under conditions of world financial crisis was not essentially worse
than profitability generated during previous periods.
Next part of the investigations concerned determination of the option of in-
crease in value through comparison of market value (MV) of the investigated en-
tities and their book value (BV) (see Fig. 1).
An analysis of the abovementioned data allows for conclusion that the mea-
sure of increase option is higher than unity, thus indicating the exceeded MV and
BV in the companies quoted at Warsaw Stock Exchange. Throughout the ana-
lyzed period, this situation occurred for three entities (Telekomunikacja Polska,
Mediatel and Multimedia Polska). However, the lowest market capitalization, as
compared to balance-related value of enterprises was observed at the end of
M. Grabowska
24 ISSN 0204–3572. Electronic Modeling. 2009. V. 31. ¹ 6
XII 2007
VII 2008
XII 2008
VI 2009
Telekomunik
acja Polska
T
el
ek
o
m
u
n
ik
ac
ja
P
o
ls
k
a
Netia
N
e
ti
a
Mediatel
M
ed
ia
te
l
Multimedia
Polska
M
u
lt
im
e
d
ia
P
o
ls
k
a
MNI
M
N
I
Hawe
H
a
w
e
Hyperion
H
y
p
e
ri
o
n
1.84
1.53
1.5
1.17
0 81.
0 7.
0 48.
0 72.
3 19.
13 59.
2 02.
1 95.
2 9.
1 93.
1 89.
1 95.
2 08.
1 23.
0 97.
1 26.
0 13.
2 47.
0 65.
0 89.
1.27
1 36.
0 54.
1 06.
MV/BV
3
2
1
0
Fig. 1. Increase of option ratio in companies from telecommunication sector
Source: own study on the basis of [15]
2008. Except for three of the abovementioned entities, the value increase option
ratio was lower than unity. However, the data from the end of the first half of
2009 should be also assessed positively; the value of two companies was lower
that the book value.
Conclusions. Recognition of the existing financial standing in the compa-
nies brings a necessity to calculate particular economic relationships and then to
determine the factors typical of these changes. Knowledge of economic relation-
ships is undoubtedly useful both for the purposes of management and for its
stakeholders. Financial data are used by capital owners, investors, suppliers,
consumers, competitors, governmental organizations and employees [5]. The
reasons for changes are the basis for the proper conclusions and decision-mak-
ing relating to future periods.
An analysis of financial standing in joint-stock companies in telecommuni-
cation sector allows for conclusion that the research hypothesis was not con-
firmed. The calculated liquidity, debt and return ratios do not point to consider-
able deterioration in value in the second part of the investigated period and thus
during operation under conditions of the world financial crisis. Most of the in-
vestigated companies maintained financial liquidity, i.e. it showed ability to re-
pay current liabilities. Moreover, it is remarkable that the investigated entities fi-
nanced their property from their own sources. Only the return on operation in the
second part of the investigated period was insignificantly worse as compared to
the end of 2007 and the first half of 2008.
Only market capitalization of the most of companies of telecommunications
sector was distinctly lower than at the end of 2008 as compared to BV of the ana-
lyzed entities. Therefore it can be concluded that MV in these companies, mea-
sured by the evaluation in stock-exchange market, depended on other factors
than current financial standing. Taking this thesis into consideration is particu-
larly essential due to the fact that value-based management is one of the most im-
portant issues of contemporary management sciences, widely discussed both in
the subject literature and in business practice. Efficient management of MV
should lead to maximization of measurable effects, whose recipients are stake-
holders. Therefore, MV-based management obliges to employ solutions which
allow for optimization of decisions, coordination of actions both in operational,
investment and financial domains.
Íàâåäåíî ðåçóëüòàòè åìï³ðè÷íèõ äîñë³äæåíü ô³íàíñîâîãî ñòàíó â ñóì³ñíèõ àêö³îíåðíèõ
êîìïàí³ÿõ ñåêòîðà òåëåêîìóí³êàö³é. Ïðîàíàë³çîâàíî êîåô³ö³ºíòè ë³êâ³äíîñò³ òà êàï³òà-
ëîâêëàäåíü, à òàêîæ êîåô³ö³ºíò çàáîðãîâàíîñò³. Âèêîíàíî åìï³ðè÷íèé àíàë³ç íà îñíîâ³
ñï³ââ³äíîøåííÿ ö³íè òà áàëàíñîâî¿ âàðòîñò³ àêòèâ³â.
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Submitted on 12.10.09
M. Grabowska
26 ISSN 0204–3572. Electronic Modeling. 2009. V. 31. ¹ 6
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| id | nasplib_isofts_kiev_ua-123456789-101525 |
| institution | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
| issn | 0204-3572 |
| language | English |
| last_indexed | 2025-12-07T15:14:27Z |
| publishDate | 2009 |
| publisher | Інститут проблем моделювання в енергетиці ім. Г.Є. Пухова НАН України |
| record_format | dspace |
| spelling | Grabowska, M. 2016-06-04T13:11:37Z 2016-06-04T13:11:37Z 2009 Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector / M. Grabowska // Электронное моделирование. — 2009. — Т. 31, № 6. — С. 17-26. — Бібліогр.: 15 назв. — англ. 0204-3572 https://nasplib.isofts.kiev.ua/handle/123456789/101525 Main focus of this work is to present the results of empirical investigations of financial standing in joint-stock companies from telecommunications sector. The analysis was carried out on the basis of the following ratios: liquidity, return and debt ratio. The second part of the investigations encompassed empirical analysis based on relationships between price and book value. Представлены результаты эмпирических исследований финансового положения в совместных акционерных компаниях сектора телекоммуникаций. Проанализированы коэффициент ликвидности, коэффициент окупаемости капиталовложений и коэффициент задолженности. Проведен также эмпирический анализ на основе отношений между ценой и балансовой стоимостью активов. Наведено результати емпіричних досліджень фінансового стану в сумісних акціонерних компаніях сектора телекомунікацій. Проаналізовано коефіцієнти ліквідності та капіталовкладень, а також коефіцієнт заборгованості. Виконано емпіричний аналіз на основі співвідношення ціни та балансової вартості активів. en Інститут проблем моделювання в енергетиці ім. Г.Є. Пухова НАН України Электронное моделирование Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector Анализ финансового состояния акционерных компаний в секторе те-лекомуникаций Article published earlier |
| spellingShingle | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector Grabowska, M. |
| title | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector |
| title_alt | Анализ финансового состояния акционерных компаний в секторе те-лекомуникаций |
| title_full | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector |
| title_fullStr | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector |
| title_full_unstemmed | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector |
| title_short | Analysis of Financial Standing in Joint-Stock Companies of Telecommunications Sector |
| title_sort | analysis of financial standing in joint-stock companies of telecommunications sector |
| url | https://nasplib.isofts.kiev.ua/handle/123456789/101525 |
| work_keys_str_mv | AT grabowskam analysisoffinancialstandinginjointstockcompaniesoftelecommunicationssector AT grabowskam analizfinansovogosostoâniâakcionernyhkompaniivsektoretelekomunikacii |