Scholarly record
VALUE ADDED STATEMENT AS A MEASURE OF SOCIAL RESPONSIBILITY OF MINING COMPANIES IN POLAND
Abstract
The growing social and ecological awareness of society has forced changes in the strategies of functioning of many companies, including companies in the Polish mining industry. Modern management requires consideration of the idea of corporate social responsibility, which relies on a quest to achieve a balance of economic, social and environmental concerns in relations of the company with its stakeholders. Such requirement is the basis for long-term sustainable development of mining enterprises and maximize the value generated for the benefit of stakeholders. The authors proceed from the assumption that companies should generate value not only for shareholders, but also for other stakeholders, hence the need for calculating value added (VA). The aim of the article is to examine how and whether the deteriorating financial situation of mining companies in Poland affects the distribution of value added to stakeholders. The article presents the idea of value added generated by the mining companies for the benefit of stakeholders as a measure of the company's commitment to the idea of social responsibility. The structure of the value added statement is presented as well as information on how the value added is distributed to employees, the state budget, donors of capital and the company itself. An analysis of the value added indicators can be made by using ratios of vertical integration, productivity, distribution or business development. Calculations have been made for the years 2010 - 2014 based on information from the financial statements of two Polish mining companies listed on the stock exchange in Warsaw and belonging to the RESPECT Index, i.e. companies declaring adherence to the principles of corporate social responsibility.
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