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Assignment

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Article I. Abstract

The Warsaw Stock Market is Poland's national stock exchange and is in charge of the

different financial transactions that take place in the country. The directory provides

information on more than 420 different companies altogether. This investigation was

undertaken with the intention of investigating the preventive measures that may be

done in response to the WSE. This was achieved by making certain adjustments to the

format of the descriptive study. Beta coefficients were implemented in order to

mitigate the potentially damaging consequences of the inherent risks that are

associated with the stock market. Additionally, the regulatory framework that protects

the stock market from the myriad of risks that it is exposed to is dissected as part of

this study as well.

Keywords: Warsaw stock exchange, beta coefficient, risk measures.

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Contents
I. Abstract...........................................................................................................2

II. Introduction...................................................................................................3

III. Literature review.........................................................................................7

Section 3.01 Analysis of market risk:...........................................................................8

Section 3.02 Role of the stock market in risk management:.......................................11

Section 3.03 Analysis of market return.......................................................................12

Section 3.04 Capital asset pricing model (CAPM) and return....................................14

IV. Risk measures in the Warsaw stock exchange........................................16

Section 4.01 Market analysis:.....................................................................................17

Section 4.02 Accounting risk measures......................................................................22

V. Methodology.................................................................................................25

VI. Results.........................................................................................................29

VII. Discussion..................................................................................................32

VIII. Conclusion...............................................................................................41

Article IX. References...................................................................................................42

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Introduction

The Warsaw Stock Exchange is one of the most important financial institutions in the area that

encompasses central and eastern Europe. It first began operations in 1991, and the Polish

government now owns the business. It is situated in the Polish capital of Warsaw. In 2010, it

made its shares available to the general public, which led to the listing of fresh shares on the

market. It is one of the exchanges in Europe that is developing at the quickest rate. To cater to

the needs of the trade market, it provides a comprehensive selection of goods and services(Wac\

lawik, 2021). The Warsaw stock exchange provides a variety of services, including clearing of

transactions, debt and structured product trading, energy trading, natural gas trading, property

rights trading, and more. When compared to other stock exchanges in the central and eastern

European area in December 2013, the Warsaw Stock Exchange had the highest total market

capitalization of the firms that were listed on it. The gain represented by the share of the Warsaw

Stock Exchange rising from 54.3 percent to 58.5 percent in the area is a substantial leap forward.

In this research paper, we will discuss the accounting and market measures of risk that

are faced by firms that are listed on the Warsaw Stock Exchange, in addition to the profitability

of such companies. This discussion will be in conjunction with the profitability of such

businesses. This is a research paper, and its purpose is to talk about the concerns that have been

addressed before. The idea of using the accounting beta coefficient as a measure of sensitivity is

an important aspect of this research that must not be disregarded, as it is one of the essential

components of this investigation. The production of a profit needs to always be the primary

emphasis of the new endeavors that a company embarks on, no matter what those endeavors may
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be. When a company makes the decision to branch out into a new industry, one of its primary

objectives is to maximize the increase in both its short-term and long-term profits that it can

achieve in order to maintain the same degree of market involvement and capital investment that

it currently possesses. The amount of money that is distributed to shareholders on an annual basis

in the form of dividends has an inverse relationship with the degree of trust that shareholders

have in an organization.

Concurrently, a new theoretical direction about the impact and after-effects of the deviant

policy has started to emerge(Aluchna, 2010). The concepts of malleability and uncertainty are

afforded a significant amount of relevance in the context of the debate within the parameters of

this framework. These two aspects of the corporation are ultimately to blame for the fact that

there are risk factors associated with the organization's operations. It is essential that this

information be taken into account because it is responsible for assessing the level of threat that is

presented to the earnings of the companies as well as their ability to continue operating. Taking

into account this information is essential because it is responsible for assessing the amount of

threat that is presented. The price of a company's stock is very volatile and is directly linked to

the pace at which market experts expect the company will increase its business activities. On the

other hand, this phenomenon may be observed in the overall hazard, and the fact that there is a

significant lot of variance among them is the most important factor in this regard.

In addition to the many risk factors, there is an extra kind of risk known as systematic

risk, which may also be evaluated. This risk can be measured. This type of risk is closely tied to

the rates of return, as well as the profitability ratios(Bieszk-Stolorz & Markowicz, 2021). The

variance or the standard deviation is a useful measurement tool that may be used to estimate the

level of risk associated with this situation. The beta coefficient is one statistic that can be used to
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quantify the amount of systemic risk that is presented by the companies that are listed on the

Warsaw stock market. This may be done to determine how much of a threat the companies are to

the whole financial system. Sharpe's model is used in the process of analyzing not only the

performance of companies whose shares are traded on stock exchanges but also, and this is of the

utmost importance, the operation of the equity market as a whole. It is feasible to use it as an

additional instrument for the purpose of measuring the amount of systemic risk that is presented

by the firms that are traded on the capital market. This is conceivable because it is possible to use

it as an additional instrument.

One of the important management domains that strive to grow and continue the

functioning of the financial institutions that project a rise in both their share and market is risk

management. This management domain also attempts to minimize potential losses. The

authorities who are in charge of regulating the stock market often keep an eye on the

implementation of risk management methods that are employed in firms and the different

financial instruments. This is done in order to ensure that investors are protected. To achieve this

goal successfully is of the utmost importance owing to the fact that the stock exchange's existing

level of activity has to be maintained in order to avert a large financial loss. After the devastating

global financial crisis of 2007, at which time practically all of the major stock markets were

wiped out and the whole world was faced with a loss on a scale never before seen, this strategy

was used on the Warsaw Stock Exchange.

This article also examines the legal aspects of risk management in companies that are

listed on the Warsaw Stock market, as well as the use of the beta coefficient as a method for

reducing risk. In addition, the article provides some background information on the Warsaw

Stock market. There is also the question of why a study was conducted on this specific stock
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market, in addition to the question of why the risks connected with it were examined. The

rationale for this is really simple to comprehend. Although there is some information available

on the usage of the beta coefficient on the Warsaw Stock Exchange, this study is fairly limited in

its scope. As a consequence of this, it may also be seen as an effort to bridge the gap between the

two groups.

Literature review

The discussion of the many companies that are traded on the Warsaw Stock Exchange

will begin with the first portion of this section of the report. In all, there are 420 different
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companies that are classified in this manner. The ups and downs witnessed on the Warsaw Stock

Exchange may be directly attributed to the profit and loss of these companies, in addition to the

operations of their enterprises, which are directly responsible for these variations. Apator S.A.,

Bank BPH S.A., Budimex S.A., and Grupa LOTOS S.A., amongst many more notable

companies, are just a few examples of the country's thriving private sector(Nowak & Olbryś,

2016). These companies are also mentioned in the RESPECT index, which is kept up to

DateDate by the stock exchange.

Analysis of market risk:

Businesses that are publicly listed on a stock market are exposed to a broad range of

dangers and threats, some of which are particularly pertinent to the business sector in which they

operate. In this part of the investigation, I will conduct an analysis of the many different kinds of

risks that are faced by the many various kinds of organizations that trade on the stock market.

These organizations may be of a wide variety of forms. These dangers include the following:

Companies that are recorded by the government are more likely to be subject to the rules and

regulations that are presently in existence(Aluchna et al., 2019). This is needed by commercial

law; therefore, having documentation from the government increases the likelihood that a

company will be subject to the rules and regulations. On the other hand, organizations that do not

keep official records are exempt from the application of these laws and guidelines.

One of the most serious threats that companies are exposed to is the chance that the

returns on their investments would fall short of what they had anticipated. In spite of this, this is

a necessary step in the process of turning a profit. The authorities will frequently recommend a

variety of strategies to corporations in order to assist them in mitigating the risks associated with

trading on the stock market. The end goal is to simultaneously increase the profits of the
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company, which is the ultimate goal of the authorities recommendations. It is essential that the

stock market be subject to some kind of regulation in order to safeguard the economy and ensure

the continued viability of the companies that are registered with the government. In order to cut

down on the amount of risk that is involved with investments, it is essential to make use of the

various models of asset and return valuation(Honko et al., 2020).

However, the investment risk is not the only risk that is linked with trading on the

Warsaw Stock Exchange; other types of risks, some of which are displayed in the image, also

exist. Some of these risks are given below.

In the following section of the investigation, we are going to go into further depth about

each of these possible risks. Since market risk is one of the most evident forms of risk, having a

solid understanding of it is very necessary. This kind of risk, which is also referred to as the

systematic risk, is a risk that develops as soon as a firm is registered with the system that the

stock markets make use of. It is a risk that may affect the value of the company. It comes into

being when the trade risk and the shortfall risk that are present inside the companies reach a

sufficient degree of development (Jonek-Kowalska, 2019)t. This kind of risk is distinguished by

the uncertainty of the value, as well as the asset's gradual decrease in value over time. This form

of risk is tied to the risk of losing money on investment since an increase in the market share also

brings about an increase in the hazard that is presented to an investment.

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The creation of the economy of the country is substantially aided by the Warsaw Stock

Exchange, which is an important component. It is particularly pertinent in the developed world

since it is related to the macroeconomic risk that is presented to businesses that are listed on the

stock market. This risk is posed to the companies that are involved in the stock market. The stock

market is tied to a wide range of other components of a nation's economy, including its fiscal

policy, the rate of economic growth, production, and supply, inflation, and even the political

atmosphere of the country. Because of this, any threat to the stock market will inevitably result in

economic instability throughout the country.

In addition to being a part of the overall risk that is associated with the stock, the

regulatory risk also plays a role. It encourages publicly traded firms to comply with the formal

requirements while simultaneously beginning their operations inside the institutional framework

at the same time. Consequently, this facilitates the smooth functioning of the market. The

regulatory obligations are often carried by the bodies that are in charge of supervision. The

current regulatory crisis has been brought on by a number of different factors, some of which

include an increase in operating expenses, a rise or fall in investment levels, and the

unattractiveness of the regulation in the eyes of the business community(Paluch & Jackowska-

Strumi\l\lo, 2018). These are just some of the factors that have contributed to the crisis. On the

other hand, elevating the level of competition in the market will contribute to a reduction in the

problems that are now being encountered.

The risk of information is yet another kind of risk that has the ability to alter the position

that organizations have in the market. One example of the kinds of dangers that may be

generated by a variety of various sources is when the general public is given false information
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about the stock market. It's possible that investors would remove their faith in the market since

incorrect information is being spread about it.

Role of the stock market in risk management:

The stock market is an essential element in mitigating risk, and this is true both of its

myriad of general manifestations and of the myriad of specific manifestations that it might take.

If individuals in the business community are given the opportunity to make investments, it is

possible to lessen the effect that macroeconomic risk has. In addition to this, it draws attention to

the dangers that are posed by the market and suggest suitable steps that may be taken to

counteract these dangers. In order to avoid the analysis of the market, the authorities of the stock

market provide an analysis of the market couched in terms of early detecting grounds for the

stock market. In addition to this, it develops strategies through which it is able to simply

anticipate the market collapsing, and it does this by engaging in futures trading.

The management solutions that have been recommended by the authorities may also be

used to lessen the risk that is associated with investments, and these strategies can also determine

the level of insecurity(Jermakowicz & Gornik-Tomaszewski, 1998). By providing investors with

access to the right legal framework and by documenting the health of their economies, the

regulatory risk may be mitigated, according to one interpretation of the term. Companies that

have not been registered with the appropriate authorities do not have the same level of safety as

organizations that have been properly registered. Last but not least, one method that can be used

to reduce the risk that is connected with information is to make sure that individuals have access

to information that is accurate and specific. It is necessary for investors to have a comprehensive

grasp of any and all economic issues, and it is possible to get this sort of information via

openness. Some of the ways in which stock exchanges, and the Warsaw stock exchange, in
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particular, help manage risks and provide chances for the growth and expansion of corporations

are as follows:

Analysis of market return

Return, in its most fundamental meaning, refers to the amount of more money that is

made possible as a direct consequence of an investment being made. It provides information on

the amount of money gained or lost as a result of investing over a certain period of time. The

return will indicate whether the firm was profitable or unprofitable as a result of its performance

in the stock market. The idea of nominal return may be conceptualized and described in a

number of different ways, one of which being the change in the value of one dollar over a period

of time. It is also feasible to describe it as a percentage, which illustrates the link between the

profit and the investment. Another way to express it is as follows: In addition, the "net results,"

which take into account factors like fees, inflation, and taxes, can also be presented in the form

of a return(Pieloch-Babiarz, 2020). The term "return" refers to an increase or decrease in value

that occurs over a period of time in relation to an asset, project, or investment. It is also possible

to represent it in terms of a change in price or a percentage of the whole sum. Both a positive and

a negative version of the return are possible; the former is referred to as the positive return, while

the latter is known as the negative return. Returns containing a positive number imply profits,

while returns containing a negative number indicate losses. Profits and losses may be determined

based on these numbers. In order to accomplish the purpose of this comparison, a summary of

each of them is required. It refers to the total profit made from an investment that was held for a

certain period of time. When calculating the overall return on the stocks, both the rise and fall in

the stock price as well as any dividends received are included. In addition to that, the

fundamental investigation is dependent upon them.

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A corporation that is traded on the stock market could have some gains or losses, and

these fluctuations might induce changes in the investment and return of the money. These shifts

determine the return on the investment, and in addition to that, the circumstances in the global

economy also have an effect on the returns in the stock market. The volume of Poland's

commerce with other nations, tariffs and other costs, and the current state of economic consensus

may all have an effect on the pace at which the stock market generates returns. There is no way

that the return on the stock market can be perfect. Rather, they are grounded in reality, and it is

anticipated that they will serve as the true standards. It is required that the overall stock returns

add up to six percent on average. According to the WIG index, the Warsaw Stock Exchange will

close out on 52861.55 points in 2022, and there will be an extra growth of 5 percent in

2023(Henke & Voronkova, 2005).

Capital asset pricing model (CAPM) and return

By using the capital and pricing model, one may determine the connection that exists

between the systemic risk and the anticipated return on the assets. In the realm of finance, it is

used for the goal of putting a value on the risks that are associated with assets, and it is hoped

that this would result in returns for those assets. It is essential to familiarise oneself with the

formula in order to have a comprehensive understanding of this model.

ERi=Rf+βi(ERm−Rf)

According to this formula, Eri is the expected return of investment. Rf is the risk-free

rate, and βi is the beta of investment, while (ERm−Rf) is the market risk premium.

The investor anticipates receiving compensation for both the risk and the changing value

of their money over time, but the risk-free rate also takes into account the changing worth of

their assets. Investors are likely to take on additional risk if they base their decisions on this
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formula. The purpose of the beta is to get an understanding of the level of risk associated with

the investment. When beta's value goes up, the rate of return goes up, but when beta's rate goes

down, it brings the rate of return down. The subsequent chapter of the study would have thus

been devoted to discussing the use of beta on the risk and return.

When the market risk premium is multiplied by the stock beta, the result is a rise in the

risk-free market(Gurgul & Majdosz, 2007). The most important purpose of the CAPM algorithm

is to determine whether or not a stock is priced fairly. With the assistance of this model, it is also

anticipated that it will provide the deviants with discount rates and that the stock will experience

capital appreciation over the course of the anticipated amount of time.

Despite the fact that CAPM is a very popular formula and has a number of distinct

advantages, On the other hand, it does have a few drawbacks, such as the fact that it is merely an

illusion and does not actually exist in any form. Two fundamental presumptions underpin

contemporary financial theory. For instance, the markets for securities are cutthroat, and second,

the investors who take risks are the ones who own them. These investors are afraid of taking

risks. Thus their goal is to maximize the happiness they get from their returns.

Risk measures in the Warsaw stock exchange

The sensitivity measure and the variance matrix both provide findings that are

significantly dissimilar to one another, which is a substantial deviation from what was

anticipated to take place(Wheeler et al., 2002). This is a considerable difference from what was

projected to take place. This is a significant part of the investigation that was done. This is a

major deviation from what was expected to take place in the situation. The goal of this research

is to analyze risk with respect to the many shapes that outcomes might possibly take and the

general state of the stock market as a whole. Although both the variance matrix and the sensor
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measures take into account thpossibility that the risk will be realized, the sensitive measures

place a greater emphasis on the factors that are to blame for the risk than the variance matrix

does. The variance matrix does not take into account the possibility that the risk will be realized.

The chance that the risk will really materialize is not taken into account by the variance matrix.

When combined, these two strategies take into account the possibility that the risk will really be

carried out. The many possible threats have been categorized and classified under three primary

areas in order to make the process of analysis that is explained in this work more approachable

and user-friendly. They are making a reference to the idea of embarking on a journey into

uncharted terrain, which might have either favorable or unfavorable effects depending on the

conditions that are present at the time. This measure takes into consideration not only the

assessment of the overall systemic risk but also the metrics that are based on the rates of return,

as well as the profitability and loss of the company. Additionally, this statistic takes into account

the data about the firm's profitability. In addition, this metric takes into account the whole of the

company's income as well as its losses(Tarczyński, Majewski, et al., 2021).

In addition to a wide range of other statistical methods of analysis, the neutral

methodology makes use of risk assessments that are symmetric in nature, such as the standard

deviation. In this section of the book, symmetrical risk measures are going to be disassembled

into their component pieces and investigated in depth in order to prepare for their quantification

in a later chapter. In the following conversation, we are going to concentrate the majority of our

attention on crucial features of the areas that will be analyzed in order to evaluate the degrees of

risk that are now present in the Warsaw stock market.

Market analysis:
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In the process of risk assessment, two measures that are often used are known as the

standard deviation and the variance. These metrics are referred to by the names of the statistical

measurements that they correspond to. Both of these metrics may be used to get a better idea of

how dispersion is distributed. Research on the hazards that may potentially be encountered was

the first use of these. If the values of these metrics are high, then the rate of return in this

scenario would be higher than the one that was projected given the conditions because it would

be higher than the one that was actually achieved. This would be the case because it would be

higher than the rate of return that was actually achieved. This would be the case due to the fact

that it would be a rate of return that is greater than the one that was really obtained. This would

mean that the rate of return in this situation would be greater than the one that was predicted

given the conditions because of the fact that the circumstances have been taken into

consideration. In this particular context, the rate of return is the single most important component

that must be taken into account before making any decisions. This strategy is excellent for

investors who have a low tolerance for risk since it minimizes the chances that they will suffer a

loss. This is because it eliminates the possibility of suffering a loss in the event that the value is

equal to zero. This strategy has the potential to be beneficial for investors who are not bothered

by their portfolios being exposed to a negligible amount of risk. The use of standard deviation

has one and only one drawback, which is that the results are interpreted in the same way

regardless of whether they are a positive or negative departure from the figure that was projected.

This is the one disadvantage of using standard deviation. There are no additional substantial

downsides associated with the use of standard deviation. The use of standard deviation does not

come with any other significant drawbacks that need to be considered. In point of fact, positive

deviations indicate that there is a prospect of producing a higher profit, whilst negative
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deviations indicate that there is a desire for something. [Case in point] It's possible that the idea

of "desires" may be understood in relation to either of these two distinct categories of behavioral

aberrations. In addition to these additional drawbacks, other measurement instruments, such as

the standard semi deviation and the semi variance, are used at various points over the course of

this process. The computation of the standard deviation that is carried out takes into account both

of these aspects as part of its process. The following is an example of one such formulation that

might be used in order to depict them:

DSI 2 = E n min[(Rit − γ), 0] 2 o ,

dSi = r E n min[(Rit − γ), 0] 2 o

where:

t = 1,2,3,……

T = time unit

Rit = rate of return achieved

γ = target of return.

When there is uncertainty about whether or not an investment should be made, the overall

risk indicators are the ones that are included in the decision-making process. This occurs anytime

there is a doubt about whether or not an investment should be made. The second category

consists of the many facets of a scenario that, when considered as a whole, make the degree of

risk much higher than it would have been otherwise. For the purpose of the context in which they

are presently being discussed, the measures that are currently being spoken about are referred to

as sensitive safeguards(Tarczyński, Mentel, et al., 2021a). This is a result of the fact that they

take into consideration a wide variety of various kinds of possible risks. If there is a rise in either

the risks or the costs that are associated with them, then there will be an increase in the
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symmetric values in a manner that is commensurate with that increase. This means that the

increase will be proportional.

The beta coefficient provides a number that can be entered into an equation in order to

get an idea of how high the degree of systemic risk is. This can be done in order to obtain an idea

of how high the degree of systemic risk is. The form of presentation that is most often used for it

is shown by the following example:

βi = COViM \SM 2

The sign COViM is the result of the formula that was used to calculate the covariance,

whereas the symbol S.M. 2 is the one that was used to show the variance. The table that follows

presents examples of both of these symbols. The term "aggressive security" is used to describe

security whose value is more than 1, and this kind of security is considered to be part of the

larger category of "aggressive securities." If there is sufficient interest, there is the possibility

that research will be conducted on a wide range of different types of marketplaces. As an

example, the rate of return on equity investments often outpaces that of the market index when

the market is having an upswing, as the market is now experiencing. During a bear market, a loss

in profitability will lead to a drop in the amount invested in the market index, which will result in

a lower overall market index value. This is because a drop in profitability leads to a drop in the

amount of money invested in the market. This is due to the fact that the value of the market index

will decrease in response to a reduction in the total amount of money invested in the market

index.

If a person were interested in conducting research on the downside method, they would

be required to conduct an analysis of the systemic threats that would need to be taken into

consideration in order to evaluate risk and return. This would be necessary in order to fulfill the
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requirements of the research. In order to satisfy the prerequisites of the research, it would be

required you to do this. Regarding this particular point, it makes no difference whatsoever

whether or not the downside approach was being studied at the time in question(Tarczyński,

Mentel, et al., 2021b). One of the possible reasons for the recent decline in profitability is that

there has been a gradual reduction in the number of partial moments that are available. There is

always the danger of swerving to the left and falling off the deviation when one approaches the

deviation from the direction that is upward. When traveling at an angle that is downward, it is

especially essential to keep this in mind. When calculating the downside beta coefficient, the

expected benchmark for the rate of return is one of the most significant aspects to take into

consideration. This is due to the fact that it is one of the essential factors that go into the

equation. On the other hand, in real practice, there are just a few of them, or even just one of

them, that can be used to evaluate the level of risk that is associated with each and every one of

the many kinds of market. In theory, there might be an almost limitless number of different

permutations of the variables. On the other side, there is just one that is now being used. In

theory, there might be an almost limitless number of different permutations of the variables. In

addition to using the downside approach, the Warsaw Stock Exchange makes use of this method

in order to be effective in overcoming the risk factors and calculating the rate of return. In

addition to that, the disadvantageous approach is applied in this instance.

Determining the rate of return that is unfavorable to the investment is another method of

gauging risk that may be used in circumstances in which there is neither a profit nor a loss. This

is a strategy that can be utilized in situations in which there is neither a profit nor a loss. When
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there is neither a profit nor a loss, one may choose to proceed in this manner as an alternative.

Participants in the market who participate in a different strategy see downside risk as a departure

from the average rate of return; as a result, they adopt a position that is in contradiction to the

idea of a risk-free rate(Domino, 2011). The information that may be used to characterize the

downward beta coefficient includes the items listed in the following list:

The results of the research make it plainly evident that beta coefficients that move in the

opposite direction are favorable when it comes to doing an analysis of the systematic risk. This is

one of the conclusions that can be drawn from the findings of the study. One piece of evidence

that supports this assertion is the fact that they move in the opposite direction from one another.

This is in addition to the beta coefficients that are often used, each of which helps, on its own, to

a clearer understanding of the systemic risk. According to the findings of the research, the beta

coefficients provide a more realistic depiction of whether a company is successful or

unsuccessful in relation to the share of the market that it possesses. Because of this, beta

coefficients are distinguished from the other kinds of coefficients by the increased openness that

they exhibit in comparison to the other kinds of coefficients. This is the primary way in which

beta coefficients are distinguished from the other kinds of coefficients. Beta coefficients are

distinguished by this openness, which is a distinctive trait. You need to be able to recognize them

in order to make use of this method.

Accounting risk measures

To a considerable degree, profitability in accounting, return on assets, and equity is all

used in order to make certain that the processes for risk management are carried out in the most
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effective manner that is physically feasible. In order to carry out research on the extent to which

organizations of different sizes carry out their activities with a high degree of effectiveness, it is

required to calculate these ratios. It is not possible to calculate the ratio when the value of the

equity is negative. Even if it were possible to do so, it would be pointless to do so since it would

not change the outcome. On the other side, bigger emissions might lead to a lower return since

they increase the value of the stock. This is because larger emissions create more demand. This

would be the result due to the fact that the value of the stock would go up. If the price of the

stock were to go up, then this would unquestionably become the situation. At this stage, it is

necessary to revise the value of the assets that have been collected due to the accumulation of

new information.

One of the things that needed to be done in order to accomplish the objectives of this

specific piece of the study was an analysis of the risks that are associated with accounting in

terms of the overall risks. In addition to this, the systematic technique includes it as a factor in

the process of risk assessment so that it may be taken into consideration. This allows for the

possibility that it will be taken into account. People will speak about them using the term beta

coefficients when they are brought up in the context of accounting. It is possible to obtain the

expertise required to evaluate the financial reports by reading the many studies that are part of

the enormous body of work that is now accessible for consumption. These studies are available

on the internet. The Critical Analysis of a Piece of Writing (CAPM) is the Name of the

conclusion that one could arrive at after doing an in-depth analysis of any particular piece of

writing. In the process of accounting measurement, the Z-score serves as an extra vital

component that is incorporated. When it was designed, the only thing that was taken into account

was the expansion of financial service options. Recently, it has come to light that the Z-score is
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employed in the transactional activities that take place on the Warsaw Stock market. These

operations take place on the Warsaw Stock market. [Further citation is required] [Further citation

is required] There is a comparison and contrast made between the ratio of the company's assets to

the proportion of its stock in the business. It is a concept that applies to the action of assessing

the amount of risk that is involved in the situation(Gordon & Rittenberg, 1995). A greater x

score, as contrasted to a lower score, which shows that the amount of danger has increased,

suggests a lower degree of risk since it indicates that there is less danger there. This is in contrast

to a lower score, which indicates that the quantity of danger has risen. For instance, as a result of

the significantly higher value of the z factor in the banking industry, there is almost certainly not

even a single instance of individuals declaring bankruptcy. This is due to the fact that there is

almost certainly not even an instance of individuals declaring bankruptcy. This is indeed the

situation. Even while it cannot be implemented because of certain limits, this in no way indicates

that the areas or departments to which it might be applied are in any kind of danger, are

threatened, or lack any sort of security in any way. On the other hand, this gives the impression

that it may be applied to departments and areas of this sort.

Beta accounting is a concept that is used extensively in the field of financial analysis, and

it is responsible for the completion of the vast majority of the tasks that are carried out therein.

These occurrences provide credence to the premise that what you are seeing right now is a

regression coefficient. The concept of several nodes is employed in order to characterize it more

thoroughly. [This needs more clarification] It is an important aspect of the technique for

measuring sensitivity, as well as a vital part of the operation itself. One way to think about the

market beta is as the total of all of the individual beta coefficients that have been estimated

depending on how the market is priced.

 23

Methodology
 24

In this section of the essay, the objective at hand is to create a plan for completing

research on the risk management methods that are presently being applied by the Warsaw Stock

Exchange. The Warsaw Stock Exchange is located in Warsaw, Poland (WSE). The Warsaw

Stock Exchange, or Warsaw Stock Exchange as it is more often known, is more commonly

referred to by its full Name, the Warsaw Stock Exchange (WSE). In addition to this, the team of

investigators has been putting in a large amount of work in an attempt to come up with

institutional remedies in an effort to decrease the risks that are linked with return on investment

and accounting. Conducting a study on the role that institutions play in the documentation of

enterprises is one tactic that may be used in the endeavor to realize this target. This may be one

of the strategies that are utilized. This is only one example of a potential strategy among many

more(Ho\lda, 2020). The following are some more methods that are comparable: In a situation

like this, there are a lot of different courses of action that may be pursued, and this is just one of

them. There are still a great many more.

Companies that are registered with the various indexes that are provided by the Warsaw

Stock Exchange, as well as companies that are listed on the Warsaw Stock Exchange, are taken

into consideration in this study. Additionally, companies that are listed on the Warsaw Stock

Exchange are also taken into consideration. In addition to that, the firms that are traded on the

Warsaw Stock Exchange are taken into account in this research. There are around 420 companies

that have been granted legal registration as of the month of July in the year 2022. In addition to

this, the RESPECT index contains some of the firms that are the most successful in their

respective sectors and have a strong hold on the market share that they command. These

companies can be identified by the fact that they are included in the index. This is due to the fact

that the RESPECT index contains corporations that have a firm grasp on the proportion of the
 25

market that they control. The term "small caps" is used by the stock market to refer to publicly

traded businesses that manage investments on a size that is considered to be on the lower end of

the spectrum. This is because the exchange itself only deals with a very limited quantity of

transactions at any one time. Investment, profitability, and capital loss are all aspects of the

company that has a direct impact on the other six businesses. Additionally, the firm's capital loss

has a direct impact on the other six companies that make up the organization. A correlation was

found via research that was carried out not only on the companies themselves but also on the

Warsaw Stock Exchange to exist between the level of a company's profitability and the mean

ratios found in the company's financial statements. The results of the investigation backed up this

assertion, demonstrating that this is really the Case. Due to the fact that the ratio is much higher

for bigger organizations in contrast to those that are smaller, it has the opposite impact on the

corporations that are larger. Even if there is no way to avoid talking about beta, the matter still

has to be tackled even though there is no way to avoid it. The beta value is higher in

organizations of medium size when it comes to investment and capital, but it is lower in

organizations of a smaller size. Indicators obtained from the Warsaw stock market were analyzed

in a manner that was both comprehensive and in-depth, with the intention of carrying out in-

depth research on this topic.

An examination of the development of the Warsaw Stock Exchange was carried out,

beginning with the month of February 2012 as the point of departure and proceeding all the way

through to the month of February 2018 as the point at which the examination was finished. This

particular time period in history was chosen as a result of a very specific collection of criteria,

and the following is a list of those factors: It was a lot simpler to conduct in-depth research as a

result of the fact that information about all of the organizations, regardless of whether they were
 26

traditional or financial, was not only freely available but also could be accessed in a great deal of

detail. This made it possible to access the information in as much depth as possible, which made

conducting in-depth research much simpler. Because of this, it is now much simpler to engage in

research on a more in-depth level. The scope of this inquiry included a total of twenty distinct

businesses, each of which had its roots in a distinct industry area of the economy. The practice of

classifying companies as either small, medium, or big was implemented with the intention of

making the process of analyzing the particulars of the financial status of each individual

organization, as well as the categorization and rating of risk, more manageable. Because the

financial crisis had such a detrimental effect on the current financial standing of the companies

and was to blame for the failure of hundreds of reputable banks and businesses, the researchers

made sure to exclude the period of the crisis from the companies that were chosen. This was

done because the crisis was responsible for the failure of hundreds of businesses and banks. This

was done due to the fact that the crisis was responsible for the demise of hundreds of companies

and banks with a good reputation. This was done since the crisis was responsible for the ruin of

hundreds of enterprises and institutions that had a strong image before its onset. The researchers

were particularly careful to omit the years 2008–2018 from the scope of their examination when

choosing the companies that would be the focus of their investigation. This was due to the fact

that the economic crisis remained throughout the whole that time period. Data in its raw form on

the return on assets in addition to the return on investments as of the time the stock market was

closed. In order to accomplish the goals of analyzing quarterly investments and quotes, it was

suggested that the rollover approach be used. This was done so that the objectives could be met.

This was done in order to go closer to accomplishing these objectives. They had been conducting

their operations based on the presumption that the data would be obtained on trade days with a
 27

greater degree of clarity. Because of this, they worked on the idea that it was true. The research

subjects for this study centered on a number of different firms that are listed on the Warsaw

Stock market, and the information that was garnered for this study was collected in the form of a

panel in order to make the data gathering process easier. The analysis of the observations that

were carried out was made possible with the assistance of the raw data that was utilized. This

research was conducted with the assistance of Thomson Reuters's database in order to ensure

accurate results. At each and every one of the steps in the process, this database was used.

In addition, the fundamental objective of this study is to identify the legal aspects and

considerations that have an impact on risk evaluations. In order to accomplish this objective, a

comprehensive inquiry of a significant number of legislative authorities at both the regional and

national levels was carried out. The purpose of this study was to obtain information; hence it was

carried out. In addition, a thorough investigation was conducted in order to carry out an in-depth

study of the true risk measures that were provided as a technique of lowering the risks. This

research was carried out in order to carry out the inquiry. The purpose of this study was to

investigate whether or not the hazards could be mitigated by carrying out the research. This

research was carried out with the goal of determining whether or not it is possible to steer clear

of the potential hazards.

 28

Results

The inquiry was split into two phases, each of which may be summarised in the following

way: In order to get things going, we began by doing an analysis of the significant aspects of the

profitability and calculating the values of those aspects. This allowed us to begin the ball rolling.

Following those years, in order to conduct a risk assessment, a time series analysis was

performed on the data in order to investigate it. This was done in order to study the data. This

was done so that we may do a study on it. The inquiry that finally led to the discovery of the

linkages was built on the basis of data that was acquired in a cross-sectional fashion. These bits

of data served as the basis around which the investigation was formed. Every single company's

market betas and accounting betas are computed on an individual basis in order to ensure

accuracy. In order to gain the most exact portrayal of the approaches that were possibly

conceivable, we depended on two separate procedures at the same time. The term "standard

deviation" is one that most people are acquainted with when discussing the first concept;

however, the phrase "downside risk" refers to the probability that the value of an asset would go

down. During the process of working on the descending approaches, two separate tactics were
 29

used at different stages during the task. They were built with the profitability ratios serving as the

major underpinning for their creation when they were being made. This was done while they

were in the process of being constructed. The findings of the study were generated by taking into

consideration a wide variety of business categories at a number of different stages spread out

during the course of the process. The indices WIG30, WIG40, and WIG80 were used in

combination with this particular collection of data. It was decided to group the businesses into

one of three distinct subgroups, and the division would be dependent on the amount of money

that had been contributed by the company at the outset. These are broken down into three

different sizes: small, medium, and giant.

An investigation into the descriptive statistics of the example that was just presented to

the reader is carried out, and the findings of that investigation are subjected to further scrutiny.

The only businesses that were able to qualify for these very low average quarterly rates were the

largest of the nation's corporations. These rates were as low as they possibly could be granted.

When the symmetrical approach and the downside method were used, respectively, the variance

was utilized as a measuring tool for the overall risk that these firms were able to deliver in terms

of the rate of return. This was accomplished via the utilization of the variance. The mean and the

median were determined via the use of manual estimates, and it was found that the beta

coefficient for the largest companies in the WIG80 was less than 1. The discoveries of both of

these truths were made due in part to random occurrences. There was not a single occurrence of

undesirable value occurring as a result of the activities of any of the firms. It is still possible to

differentiate between the two organizations even if there are just a few, or maybe none at all, of

the traits that set them apart from one another.

 30

When it came to the return on assets, the findings were not at all open to interpretation.

This is one of the financial outcomes that might possibly occur as a result of the current

circumstance, and it is one of the outcomes that are in the best possible position to occur. The

firms that had previously made the most substantial investments in their company got the

greatest return on their investment capital, which resulted in the highest profits for the

corporations as a whole. On the other hand, smaller businesses were able to earn a return on their

assets that were on par with the average rate for their industry. This was due to the fact that they

had fewer assets, to begin with. In addition to the above facts, mean rates were determined via

calculation. The interest rates that were being made available at this location were quite similar

to those that were being made available on the stock market in Frankfurt at the same time. This is

very useful information since a preliminary study was also conducted, in which it was used to

conduct an examination of the Warsaw stock market, also known as the FSE. Despite this, both

the WIG40 and the WIG80 were able to provide investors with a larger rate of return on their

individual investments than they would have received on their individual investments alone.

As an unintended consequence of the approach, considerable profits were generated as a

result of the manner of accounting for the benefits gained by the beta. The market values of the

companies that were included in the WIG30 index had much lower values on the stock market in

comparison to the market values of the firms that were rated higher in the higher index. This was

the case because the WIG30 index was calculated using a higher standard of measurement. In a

manner that is quite comparable to the instance that came before, the values of accounting on the

Warsaw stock market were quite a bit lower than those on the FSE.
 31

Discussion

The goals of this study were to (1) analyze the risk factors and give the measures to

investigate them; (2) evaluate the connection between the variance and the standard deviation in

the context of the Warsaw Stock Exchange, and (3) evaluate the connection between the variance

and the standard deviation in the context of the Warsaw Stock Exchange. In order to achieve the
 32

objectives of this study, each and every conclusion was arrived at by performing an inquiry into

both the market rates and the rate of profitability. This was done in order to fulfill the aims of

this investigation. These discoveries came in the form of a pattern that, once discovered, was

quite unsettling to learn more about. If one were to examine the state of the economy between

the end of the preceding decade and the beginning of the current one, it would be easy to see that

the majority of the developed nations of the western world, with the exception of Australia, were

hit by a significant financial crisis during that time period. This would be easy to see if one were

to examine the state of the economy between the end of the preceding decade and the beginning

of the current one. If one were to compare the status of the economy at the conclusion of the

previous decade with the beginning of the one that is now being discussed, it would be simple to

see that this is the Case. Millions of people lost their jobs as a direct consequence of the

economic crisis, which was a direct consequence of the collapse of nearly all of the stock

markets and the precarious financial situation of many countries. This was a direct effect of the

economic crisis. The findings of this study, which was carried out after the global financial crisis,

indicated that the Warsaw Stock Exchange rebounded too quickly and that it has regained its

position as the stock exchange with the highest rate of growth in eastern Europe. The research

was carried out by the University of Warsaw, and the findings were presented in the form of a

report. The researchers who authored the prior paragraph were the ones who carried out the

study. According to the findings of the survey, the Warsaw Stock Exchange has successfully

reclaimed its previous position as the stock exchange in eastern Europe, exhibiting the fastest

rate of development. This achievement was made possible as a result of the stock exchange's

commitment to continuous improvement.

 33

The next thing that needed to be done with the study was to determine how the

companies would be spread throughout the three important company indexes that are utilized by

the stock market. This was the next thing that needed to be done with the inquiry. This phase in

the investigation, which was the second half, had finally been reached. We did this in order to

ensure that we were meeting all of the requirements, and we also did this with regard to the rate

of return and the profitability of the venture. For the purpose of ensuring that we were meeting

these requirements, we broke both measures down into their component pieces. Both of them are

directly connected to one another, and in the same way, in order to keep the same degree of

contact between them, it is necessary for one of them to advance in order for the other one to

advance as well. In other words, in order to maintain the same degree of connection between

them, it is necessary for one of them to advance in order for the other one to advance. In other

words, in order to keep the same level of connection between them, it is required for one of them

to progress in order for the other one to advance. This is because maintaining the same level of

connection requires them to advance at the same rate. To put it another way, in order to maintain

the same degree of connection between them, it is necessary for one of them to advance in order

for the other one to advance. Only then will they be able to maintain the same level of

connection. This is due to the fact that in order to maintain the same degree of connection, both

parties need to progress at the same pace. When there is a rise in the rate of profit, there is also

an increase in the rate of return, which is also the reason for there being an increase in the rate of

return when there is a rise in the rate of profit. However, traditional measures of sensitivity were

also covered in this article, and it was shown that these measures played an important part in

calculating the rate of profitability as well as the rate of return on the assets. In other words, the

article covered both traditional and non-traditional measures of sensitivity. To put it another way,
 34

the paper discussed conventional as well as non-traditional methods of measuring sensitivity. To

phrase it another way, the study explored typical techniques of assessing sensitivity in addition to

approaches that are not traditionally used. To restate it in a different manner, the purpose of the

research was to investigate conventional methods of sensitivity testing in addition to methods

that are not often used. To restate it from a different perspective, the goal of the study was to

explore standard techniques of sensitivity testing in addition to methods that are not typically

employed. This was done in order to compare and contrast the two types of approaches.

The conversation that was conducted on risk measurement used Pearson's correlation

coefficient as the primary source of information and thus served as the foundation around which

the discussion was formed. This was the discussion that was built upon. They were put to use so

that research into the financial viability of the working link that already existed between the two

organizations could be carried out. In addition to that, the method of comparison known as

"pluses and minuses" was used for the data, and then the outcomes of that comparison were

examined. There is a significant correlation between the mean values of a company's profitability

and the rate of return on assets among the companies that are included in the WIG30, WIG40,

and WIG80 indexes. These indices track the performance of 30 companies, 40 companies, and

80 companies, respectively. The range of market capitalizations that are covered by these indices

is from 30 to 80. These indexes evaluate the returns on assets generated by anything from 30 to

80 distinct companies. In addition, there is a connection between these indexes and the

companies that are included in them. Thus the two together form a meaningful whole. A link

might be drawn between this relationship and that phenomenon. This relationship may be tied to

the events that had happened, and a correlation can be formed between the two.
 35

Within WIG40, it was found that there is a connection between the betas that indicate

how successful a business is on the stock market and the betas that show how successful a firm is

in its accounting department. This was a discovery made by the accounting department. Every

single business came out on top, which is evidence that the rate of profitability was very high

across the board for all of the companies that took part in the study and were included in the

indices. This can be shown by the fact that every single business came out on top. In addition,

the fact that each and every business was prosperous is evidence that the rate of profitability was

very high across the board. This occurred as a result of the fact that each firm achieved its goals

and became profitable. The rate of return, which was equivalent to the rate of investment, was

what determined the rate of profit; as a result, firms that made more investments had a greater

rate of profitability than businesses that made smaller investments, which had a lower rate of

profitability.

In addition to this, during this time period, there was a notable rise in the degree of

reliance that existed between the companies that were listed on the stock market in Warsaw. This

change occurred throughout this time period. On the other hand, when these rates were compared

among the numerous companies that are listed on the FSE, it was found that there was a

significant level of fluctuation. This was the situation due to the fact that these firms were

involved in a diverse range of sectors. Variations such as these include fluctuations in market

share as well as alterations in the positive and negative rates of the accounting coefficients.

In the same section of the research report, there is also an explanation of the regular

structure that needs to be used in order to maintain the risk-free processes in place. As a part of

this specific phase of the investigation that we are carrying out, we will also undertake an

examination into the organizations that are accountable for the legal framework. The Warsaw
 36

Stock Exchange has requirements in a variety of different areas, including the GPW Rules 2018,

which is a code of corporate governance that enrolled the top firms, and the GPW comprehensive

exchanging rules, which made a large regulation for measuring the risk assessment for the

companies. Both of these requirements can be found on the Warsaw Stock Exchange website. On

the website of the Warsaw Stock Exchange, you may find detailed information on both of these

regulations. On their website, you should be able to get the instructions for each of these items.

The information concerns that were discussed before may be found to be thoroughly

addressed in the document named "GPW Rules 2018," which can be located on this website.

This exemplifies the historical link that exists between the different forms of publication as well

as the cyclical relationship that exists between them. In addition to this, it offered a structure for

the criteria that have to be used when conveying factual information. This was really helpful. In

addition to this, it protected the interests of investors while also preserving the honesty of the

stock trading process. The code of corporate governance for companies also showed the positives

to overcoming the responsibility risk, which holds the audit and supervisory committee or board

whose responsibility it is to manage the internal control system and the risk management.

An examination of the hazards that are linked with accounting in terms of the overall

threats was one of the things that had to be done in order to achieve the goals of this particular

piece of research. This was one of the things that had to be done in order to be successful. This

was one of the things that had to be completed as soon as possible. In addition to this, the

systematic technique incorporates it as a factor into the process of risk assessment so that it may

be taken into account. This allows the factor to be taken into account. This is done in order to

ensure that it may be taken into consideration. Because of this, there is a chance that it will be

taken into account as a consequence of this, so this is something to keep in mind. People will
 37

refer to them as beta coefficients if they are addressed within the framework of accounting. [Case

in point] [Case in point] [This is a prime example] [This is a prime example] One approach to get

the competence that is necessary to do a financial report analysis is to read the various studies

that are included in the large body of work that is now available for consumption. This is one

option. Another way is to take classes. This is a possibility that ought to be considered. You may

get the outcomes of these studies by searching for them on the internet. The Critical Examination

of a Piece of Writing (CAPM) is the Name of the conclusion that one could arrive at after

conducting an in-depth analysis of any given piece of writing. This conclusion is given the

acronym "CAPM." The abbreviation for the path that one may follow to get to this conclusion is

where this conclusion got its Name. Therefore the two go hand in hand. In the process of

accounting measurement, the Z-score serves as an auxiliary yet necessary component that is

incorporated. It fills the function of this particular component. At the time that it was conceived,

the primary consideration that was given was how it would affect the growth of available

prospects in the field of financial services. It was only very recently found that the Z-score is

employed in the numerous transactional operations that take place on the Warsaw Stock market.

Prior to this discovery, nobody knew that the Z-score was involved. These transactions are

carried out at the Warsaw Stock Exchange, which is the Name of the institution in question.

[There is a need for a further reference at this time] [There is a need for a further reference at this

time] In this article, comparison and contrast are made between the ratio of the company's assets

to the proportion of the firm's shares that are owned by the company. It is a notion that may be

used in the procedure of assessing the level of risk that is involved in the situation that is being

discussed here. The process that is being described here is what is meant by the term "risk

assessment." When compared to a lower score, which shows that the amount of danger has
 38

increased, a higher x score, which indicates that there is less danger there, signifies a lower

degree of risk since it indicates that there is less danger there. On the other hand, a lower score

indicates a greater degree of risk since it shows that there is less danger there, which is the

opposite of what a higher score would indicate. On the other side, a score that is lower than

before suggests that the level of risk is now higher. This is an argument that contradicts the

earlier assertion. For instance, as a direct consequence of the far greater value of the z factor in

the banking business, there is almost likely not even a single instance of individuals declaring

bankruptcy. This is because there are essentially no instances of people declaring bankruptcy at

all. This is because going bankrupt is a very uncommon occurrence. This is owing to the fact that

there is almost likely not even an incident of someone declaring bankruptcy. The reason for this

is as follows: This is the rationale behind why things are the way they are. Without a shadow of a

doubt, this is the current state of affairs. Even when it cannot be implemented owing to certain

constraints, this in no way means that the areas or departments to which it may be applied are in

any kind of danger, are threatened, or lack any kind of security in any manner, even when it

cannot be implemented due to certain limits. Even in cases when it is impossible to carry it out

because of certain restrictions. On the other hand, this opens up the prospect that it may be used

in other departments and sectors that are of a kind that is comparable to this one.

The concept of beta accounting is one that is used extensively in the industry of financial

analysis; additionally, it is responsible for the effective accomplishment of the overwhelming

majority of the tasks that are carried out within this sector. As a consequence of these events, the

hypothesis that what you are seeing right now is a regression coefficient acquires more backing

as a result of the support it receives. The idea of numerous nodes is being used so that it may be

characterized in a way that is more all-encompassing. [Case in point] [Case in point] [This is
 39

something that has to be discussed in more depth] In addition to being a crucial part of the

operation itself, the procedure that is used to assess sensitivity relies on it heavily since it is a key

part of the process. One approach to thinking about the market beta is as the sum of all of the

many beta coefficients that have been calculated based on how the market is priced. This is one

way to think about the market beta. This is but one approach that may be used when considering

the market beta.

The code of corporate governance for companies also showed the positives of

overcoming the responsibility risk. The code of corporate governance that corporations are

required to follow highlights both the advantages and the negatives to successfully overcome the

responsibility risk. Both the positives and the downsides of effectively overcoming the

responsibility risk were brought to light by the code of corporate governance that companies are

expected to follow. The code of corporate governance that businesses are supposed to adhere to

sheds light on both the benefits and the drawbacks of successfully overcoming the responsibility

risk and bringing them to the forefront for consideration.

 40

Conclusion

The purpose of this paper was to make an effort to determine the formal and legal criteria

that influence risk management in companies that are listed on the GPW in Warsaw. Stock risk

elements were described, along with their significance in the risk management process, and

essential needs for risk management were established in this category of businesses, which were

dictated by the regulatory risk(Grosfeld & Tressel, 2002).As a result of the research that was

conducted, one can reach the conclusion that businesses that are listed on the GPW in Warsaw

are required to restructure their risk management systems in accordance with the internal

procedures of this stock market as well as the regulations enacted by the authorities of the

European Union that define the requirements that must be met by all issuers of securities that are

allowed to be traded on regulated markets in member states.

 41

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