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Abstract

The distribution of net profit is one of the basic problems of the financial strategy of companies. The amount of retained earnings affects the level of investment and the pace of their development, whereas the level of dividends translates into stock prices. Therefore, it is assumed that maintaining the right proportions in the distribution of net profit into the retained part and the part transferred to the shareholders will translate into the company’s value. The first part of the paper contains theoretical considerations on macroeconomic, microeconomic and the capital market determinants influencing companies’ distribution of net profit. A large group of microeconomic factors – long-term trends in changes of net profit, shareholder structure, the company’s life cycle and its investment opportunities – as well as a selection of financing sources facilitating the attainment of the optimal capital structure are discussed. The most important macroeconomic factors include the economic situation, the level of inflation, sector specifics and the situation on the stock market. The authors present the results of empirical research in which they assume that the dividend yield of companies from the oil and gas sector influences the value of the company depending on the level of investments shaping the book value of shares, and that the dividend yield affects the duration of the return on capital expressed as the price to net profit ratio, and thus the level of company risk. The calculated Pearson linear correlation coefficients show an insignificant influence of the dividend yield on the value of companies from the oil and gas sector. This value is determined by a number of other factors. The study is based on statistical data for 2010–2020 derived from Warsaw Stock Exchange Yearbooks.
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Authors and Affiliations

Agata Sierpińska-Sawicz
1
ORCID: ORCID
Maria Sierpińska
2
ORCID: ORCID

  1. Poznan University of Economics, Poznań, Poland
  2. University of Economics and Human Sciences in Warsaw, Warszawa, Poland
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Abstract

Complex rheological properties of yield-stress materials may lead to the generation of an intensive mixing zone near a rotating impeller. From the practical point of view, the zone should cover most of the stirred liquid. According to the literature review, several parameters may affect the size of the mixing zone, in particular forces exerted on the liquid. This paper presents both experimental and numerical investigation of axial and tangential forces generated during mechanical mixing of yield-stress fluids in a stirred tank. The tested fluids were aqueous solutions of Carbopol Ultrez 30 of concentration either 0.2 or 0.6 wt% and pH = 5:0. The study was performed for three types of impeller, pitched blade turbine, Prochem Maxflo T and Rushton turbine, in a broad range of their rotational speed, N = 60 - 900 rpm. The axial and tangential forces were calculated from the apparent mass of the stirred tank and torque, respectively. The experimental results were compared with CFD predictions, revealing their good agreement. Analysis of the generated forces showed that they are dependent on the rheological characteristic of liquid and the impeller type. It was also found that although axial force was smaller than tangential force, it significantly increased the resultant force.
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Authors and Affiliations

Anna Story
1
Grzegorz Story
1
Zdzisław Jaworski
1

  1. West Pomeranian University of Technology in Szczecin, Faculty of Chemical Technology and Engineering, Department of Chemical and Process Engineering, al. Piastów 42,71-065 Szczecin, Poland
Keywords Antarctic fish
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Abstract

The shelf fishing grounds of Kerguelen Islands and of some neighbouring ocean shallows were studied in April 1975. The occurrence of 15 species representing 9 families was found in the catches. Detailed study of the following five species was performed: Champsocephalus gunnari, Channichthys rhinoceratus, Notothenia rossi rossi, N. squamifrons and Dissostichus eleginoides, all of potential commercial importance. The boundaries of regions with concentrations of Ch. gunnari and N. squamifrons were determined, the productive and suitable for trawling fishing grounds were localized.

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Authors and Affiliations

Wiesław Ślósarczyk
Antoni Wysokiński
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Abstract

This article addresses the issue of the axiological and derivational specificity of the secondary names of defenders and enemies of Ukraine during the period of the Russian intervention of 2022. Its relevance is due to the need for a comprehensive study of new trends in connotative nomination, as well as the importance of outlining the value orientations of Ukrainians in the critical conditions of the war. The author defines 5 groups of secondary names of persons created during the Russian invasion of Ukraine in 2022: 1) names of soldiers of the Armed Forces; 2) the names of the occupiers; 3) names of Ukrainian politicians; 4) names of politicians from the aggressor side; 5) names of foreign politicians who have supported Ukraine. The author emphasizes that modern Ukrainians use both traditional means of emotional and evaluative nomination, as well as original derivational mechanisms, in particular graphoderivation, a non‐standard combination of word‐forming components, witty convergence of words, etc. For the first time, the author substantiates the connotative derivation as an effective method of verbal psycho‐regulation and worldview self‐presentation of Ukrainians during the Russian aggression, since the names of defenders and enemies in the modern Ukrainian communicative space perform a number of communicative‐pragmatic and psychoregulatory functions: they enable the nomination of persons according to new value criteria, provide an outlet for negative emotions, indicate a cultural and moral superiority over the invaders, define the political position against the background of the enemy’s geopolitical and informational aggression.
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Authors and Affiliations

Myroslava Bahan
1
ORCID: ORCID

  1. Kyiv National Linguistic University
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Abstract

Post-1989 feminist critique in Poland tried to establish itself academically not only in a social landscape of immense political and economic change, but also in a discourse that framed feminist arguments as communist relics. In analysing three major books in feminist Polish literary studies from the 1990s, we find there is a main interest on the condition of women and the specifics of female writing. This trending current propagates the introduction and stabilisation of two categories: the description of the female condition as an academic discipline based on political neutrality and objectivity, and the discipline of womanhood itself, framed by the enhancement of stereotypically understood femininity based on female corporeality and feeling. This main strand of Polish feminist critique of the 1990s thus affirms an apolitical and normative understanding of academic research and of gender roles, re-staging a bourgeois discourse that dismisses political engagement and critical deconstruction.
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Authors and Affiliations

Nina Seiler
ORCID: ORCID
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Abstract

The death of a person, particularly my own death, is the most momentous occasion that happens in a lifetime. It seems to be an inevitable end of any possible experience, ceasing any relationship, the end of memories and hopes. It evokes various reactions in the living, just to mention some as: fascination, fear, stress, consent, willingness to familiarization. Each of them may be analysed, while each one shows also the death in a different aspect. In the proposed article, the author indicates another reaction - that is experiencing anxiety. It appears that this is the key experience, both when I am thinking about it as something that may afflict me at any moment, as well as when I become aware that there is a possibility of exit of the loved ones or just a popular person. Some texts by Joseph Ratzinger have inspired me to carry out such analyses.

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Authors and Affiliations

Ks. Mirosław Pawliszyn CssR
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Abstract

This paper presents an idea and results of 2D and 3D numerical CFD simulations of the proposed ring-engine construction dedicated for air propulsion or generation of electric power. The engine is designed as the simplest construction realizing the idea of pulsating reaction chamber utilizing a constant volume combustion principle. An atypical fuel (hydrogen peroxide) is used in the analyzed construction. The proposed ring-engine has reaction chambers forming a part of a ring periodically filled by cooling air and hydrogen peroxide vapour. The H2O2 is decomposed in exothermic reaction increasing pressure inside the chamber of constant volume. High pressure gas contents of the reaction chambers are periodically decompressed by jet nozzles generating torque. The paper contains the description of the ring-engine idea, the schematic engine geometry and a set of data visualizing pressure, velocity, temperature and species distribution inside the engine components being results of numerical simulations.

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Authors and Affiliations

Janusz Piechna

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