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THE ANALYSIS OF THE IMPACT OF OPERATIONAL AND NON-OPERATIONAL ACTIVITIES ON ROE
Abstract
In business management, the critical issue is identifying those activities that are drivers of value. One of the indicators stakeholders are interested in is return on equity (ROE). For managers, it is important to identify those activities that affect its growth or decline. The aim of the study is disaggregation of the ROE indicator on the parts depicting the operating activities through Return on Net Operating Assets (RNOA) and non-operational activities through financial leverage and spread. Then more detailed analysis can be conducted and the part illustrating the operational activity can be disaggregated at the second and third levels. This part is more important because from the point of view of value drivers, operational activity is more significant, although non-operational activities should be also carefully managed. The aim of the study is to carry out such disaggregation of ROE on the example of selected Polish mining companies and also carry out comparative analysis of the impact on this indicator of operational and non-operational activities.
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