Summary
With regard to success achieved on the capital market by the investors, effective management of resources, especially knowledge, is a decisive factor, which means that the right choice of data sources and processing them into information that is useful in decision-making It can significantly contribute to risk reduction, meaning that not the subjective value perception, but the actual value of companies will have the ultimate influence on choices of investment areas, information source selection and factors supporting the decisions. The market value is not objective, but defined by the market, and, at the same time, it exists in two dimensions – actual value, possible to be gener-ated in the sequence of activities performed on resources and calculgener-ated by means of economical indices and dimension of virtual set of signs and symbols that influence the perception of company value. The conducted research did not indicate any essen-tial difference between behaviour and choices of individual and institutional investors, whereas these two decision-making procedures are far from the traditional principles of capital investments. Therefore, it is recommended to accept the principles that en-able risk reduction.
Keywords: knowledge management, information source, enterprise value, value perception, investment risk on the capital market
Introduction
Regardless of the work environment, effective management always means the ability to set objectives and to accomplish them effectively, i.e. the ability to use the existing resources, modify them, if required, or to arrange new resources. What becomes a basic resource in the post-industrial society is information and knowledge, currently perceived as the fundamental resource, allowing to gain other resources [10]. What seems to be particularly valuable is the knowledge in the scope of the selection of business models, including both the description of the place in the value supply system and the acceptance of a set of common values, allowing for particular and predictable behaviours [26], characteristic of organisations, allowing to succeed on the selected markets. The value of each organisation is estimated through the prism of the objectives set by it and the effectiveness of accomplishing these objectives. The issues of the objectives in the scope of enterprise management is what has aroused controversies among economic theoreticians and practitioners for decades. As regards enterprises' goals, they usually include the two main objectives, such as the shaping of resources to the condition allowing to reach a competitive advantage and the creation of values for shareholders [20]. The competitive advantage is a primary objective in the structure of the set of goals, and its accomplishment allows to maximise the benefits for shareholders, which, in turn, should take place at the same time as the maximisation of benefits for the other stakeholders, each of which being a potential investor. The company's value is verified on the basis of its results on the stock market, which at the same time creates such values. There are many ways of creating a real value of a company, there are also different ways of creating the
corporate image [1] as a valuable and safe enterprise from the perspective of the investor. The activities carried out in the scope of building the corporate image [1] may generate different behaviours, as regards both the selection of the areas of investment and selection of sources of information and the definition of factors justifying the decision, depending on the competences and sensitivity of potential investors. For this reason, it is necessary to define the basic principles of operation on the capital market, the application of which should contribute to significant reduction of investment risk.
1. Risks in the activities of stock market investors
Each activity is connected with uncertainty and risk. The risk level depends on how difficult it is to determine a list of factors affecting the results and the variability of the factors in the time. Both the uncertainty and the risk size and type depend on the kind of conducted activity, although they are analysed in different temporal perspectives. What the global economic crisis demonstrated is how difficult it is to predict and define the future conditions of management, how difficult it is to define the direction and the impetus of the resultant of these factors on the possibilities of pursuing the strategy planned by the entrepreneur, and how difficult it is to select proper instruments for the implementation of the adopted strategy, in order to reach the basic objectives of survival and development. The Polish companies are more and more effective as regards risk management, which is a result of the educational effect of the crisis and the amendments of legal provisions of the Expert Auditor Act and the Public Finance Act, imposing on Audit Committees at the Supervisory Boards of public companies the obligation to verify the correctness of operation of risk management systems. Between 2009 and 2011 the number of companies that have adopted formal plans of actions to be followed in the event of occurrence of the most important risks (economic slowdown, fluctuation of exchange rates and prices of raw materials, changes of legal provisions, disturbances and interruptions in the supply chain, loss of company goodwill) has increased considerably. However, as time goes by, these risks are perceived from a different perspective and their ranking in terms of importance has changed. Nevertheless, most managers keep identifying and evaluating risk in informal discussions, using their own intuition and experience, gained also at the early stage of the crisis [28].
The issues connected with uncertainty and risk have to be taken into consideration at the time of the preparation for investment decisions, in particular the decisions on investing on the capital market, since in this case the entrepreneur, entering the areas that have not been explored by him/her so far, reaching beyond his/her knowledge and experience, has no choice but to use his/her intuition and imagination. Collection of data, selection and processing of data into information facilitates analysing the risk factors and undertaking actions aimed to reduce risk. Taking into account a huge quantity of data generated by different mass media, this task is not easy. Already 20 years ago the weekend edition of New York Times contained as much data as an average person living 300 years ago came across throughout his/her life [12], and the global web traffic is no longer counted in terabytes but in exabytes (1 million terabytes) [15]. The sensitivity of enterprises to risk factors is different and depends, to a large extent, on the risk structure. However, risk is always involved, and the only instrument to reduce risk resulting from wrong decisions is the information, constructed on the basis of the gained, internalised and processed data. What is necessary as regards stock market investors is to differentiate the signals generated by different entities, aimed to point to real values, from the signals that merely suggest desirable conditions of different objects, difficult to verify.
The use in analytical processes of available, professional sources [5] and official materials of the issuer is what may reduce the investment risk. The correct use of the information is a result of acquisition of the ability to sort and analyse the information as regards its usefulness for the decision-making processes [27, 23]. There are only few managers that possess such abilities. What distinguishes them is the leader's intelligence [16], whose basic component is the critical thinking, i.e. "active interpretation and evaluation of observations, communications, information and arguments as a type of a compass in thinking and acting" [11, 16].
The process of the transformation of data into useful information is extended in time and includes the incubation phase and the phase of gathering data and transforming it into information, which should result in increasing the information level to the value at which the risk reaches the critical condition, acceptable at the time of making a decision by the manager [7]. Reaching maturity in this area means reduction of the risk of operations and is only possible as taking part in the knowledge transfer processes. Companies and investors, being elements of an open system, function in the environment whose knowledge level is usually higher than in a single element, but it does not relate to expertise, owned by the leading element of the environment. Transfer of knowledge takes place between particular objects in the environment in the two directions, i.e. to the company (absorption) and from the company to the environment (transmission). From the time of absorption there take place the processes of internalisation, integration and codification of knowledge [17]. After reaching a higher level of knowledge than the competitors the process of transmission of knowledge from the company to the environment starts, regardless of the will of the innovator, in the two main forms, such as a concentrated form in the marketing offer, in particular in the product or service, or in the form of publication, e.g. patent specifications, interviews and promotional materials. The transmission of knowledge to the environment does not result in a reduction in the organisation's knowledge, but it contributes to the improvement of the knowledge in the environment. Purposeful transmission relates to selected areas of the processed knowledge, but a part of knowledge of the environment comes from unintended transmission, connected with the participation of the company's employees possessing foreground in formal and informal groups functioning in the environment.
2. Value and perception of value
The reality recognised by the human is within the two considerably different and divergent fields, such as the order of things and the order of values. However, the content of things may be differentiated from the content of values in the objects of cognition containing both these contents. Values separated from things constitute the subject of feelings, which constitutes, according to Max Scheler, the very core of practical cognition. What most definitions have in common is that the market value is not objective but it is defined by the market. Since values are not objective, they have to be subjective or, to be more accurate, intersubjective. What changed the manner of perception of different phenomena was the introduction of the concept of simulacrum [2, 3, 4], being an image without a real reference, pure simulation, i.e. a phenomenon or thing that imitates the reality or creates hyperreality, fiction that is more real than the reality itself. Thus, the market is a world of simulacra, signs that have lost a link with the reality. What determines the value of goods is its perception by consumers. When signs take the place of the reality, imitation loses its raison d’être. They are replaced with simulation, and it is an operational double that replaces the real process. Simulacrum "underlies the difference between what is true and what is false, what is real
and what is imaginary” [4]. There are no real things in the hyperreality, there are only imitations of real things, pretending to be real. What is more, they make the impression that they are real things to a greater extent than the real things themselves [2]. Each product or service, whether tangible or intangible, may become a subject of transaction. However, what determines the effects of transaction is not the object as such but a kind of a dialogue between objects, in other words, a system of signs and the syntax worked out by them, and, most of all, the fact that they refer to a less realistic world than the world that appears to us against the background of the alleged omnipotence of consumption and profit. Objects have always been considered as powerful and mute, and we are believed to have the right to dispose of them as if they were ours. Truth and beauty are the values encoded in objects. "Beauty is truth and truth is beauty” [John Keats, as cited in 6]. Certainly, one might argue whether or not 'truth' and 'beauty' are equivalent concepts. "In the reply we may inform all interested parties that 'truth' and 'beauty' are convergent terms. We may definitely assure that the real truth, being the absolute, is always beautiful. This truth is so beautiful that it attracts everyone, even the beauty itself". [6]. The world of objects was under the control of signs, as a result of which nothing is as simple as it used to be. A sign is a reflection of another, deeper reality, which it starts to veil and deform. It masks a lack of links between it and the reality, and always assumes overshadowing the thing itself [2]. Thus, the object did not only designate the real world, but also, at the same time, its absence [3]. "In the epoch of post-modern society the distance to the imaginary world disappears, which means that the reality does not exist". The consumerism of 'experiences' as a simulation of the model of living of masses, stimulated and controlled by a global network of innovative products and services, is perceived as sell-driven, uncontrolled simulacrum" [14], while the global economic crisis may be treated as an inevitable effect of social and economic simulacra. Certainly, the value is closely connected with the object, but the issue of values is narrower, covering most of all the value in use and the exchange value. Market participants are seduced by the value, seduction is aimed to deprive the seduced one of its identity and reality, and, at the same time, of the value, in order to make the seduced one take part in the game of appearances, in the symbolic exchange. Seduction is always aimed to disturb our identity, to undermine our ideas and perception of ourselves. Seduction is what conceals the possibility of radical otherness [3]. "While making attempts to reduce the fear of existence and, at the same time, being unable to build their own identity, consumers desperately need external identification with logos and brands ... This is how they gain an illusionary corporate belonging, which moves away, for some time, the spectre of total alienation" [19]. Like the market value, the market has never existed in an objective way, but only virtually [3], its establishment means neither more nor less than its mere generation in the course of simulation. It might, certainly, lead to the effect of reality, the effect of truth, the effect of objectivity, but, to be rational, the market itself does not exist. Thus, the market virtuality is merely a hyperbole of the tendency to transfer from symbolism to reality, constituting its zero level. The virtual reality, i.e. a completely homogenised reality, takes the place of another reality because it is more perfect and operational, i.e. controllable. Since it is more elaborate, more signs were used for its description, it is more realistic than what used to be referred to as simulacrum. As regards the virtuality, it is no longer about the value but rather about assigning the informative and accounting character to everything, overall accountability, contributing to a loss of the effects of reality. Thus, market virtuality is in fact a horizon of the reality [3]. What should be emphasised at the same time is that understanding signs is something completely different from understanding words, because "... signs are living under our establishment and conventions, already assuming an agreement in the oral form or in equivalent forms of understanding. However, it is not the case as regards the word.
A word is presented to us as the fulfilment of any requirement on part of the object itself. We look for a proper word matching the object, in the aspect in which the object turns to us each time” [21]. 3. Use of sources of information by investors within the light of empirical research
There are many ways of creating the company's value, there are also different ways of creating the corporate image as a valuable and safe enterprise from the perspective of the investor. The activities carried out in the scope of building the corporate image may generate different behaviours, both as regards the selection of the areas of investment, sources of information and the definition of factors justifying the decision, depending on the competences and sensitivity of potential investors. Thus, an attempt to empirically recognise these conditions was made. What was adopted as the leading hypothesis of the research is that the behaviours and decision-making processes of individual investors differ from the behaviours of institutional investors and, at the same time, both decision-making procedures constitute the violatation of the classic principles of capital investments. The strategies and principles of investment worked out by B. Graham [13], W. Buffett [18] and A. Rappaport [20] were adopted as classic principles. The research was carried out on a target group of 30 potential individual investors, selected on the basis of external attributes of wealth, such as place of residence – residential areas on the outskirts of large cities (Bydgoszcz, Gdask, Łód, Kraków, Pozna, Toru, Warszaw and Wrocław); employment – company owner or a person in a responsible in a large enterprise; good/expensive car, etc. The spacial range is Poland for individual investors and Europe for a group of institutional investors, since the research covered 6 companies operating on the capital markets of Poland, Great Britain and Cyprus. The research on the individual investors was carried out in the form of direct interviews with the use of a questionnaire, and with the use of a survey in the case of institutional investors.
The interesting issue of the selection of the areas/industries of the investment was determined, as regards both individual investors and institutional investors, in compliance with the recommendations of Warren Buffet: "acquire shares of the companies that do not use very advanced technologies rather than companies investing in state-of-the-art technology" [18].
Graph 1. Preferred directions of investment Source: own study on the basis of the research.
In the area of traditional industries there were selected (graph 1) – individual 48% / institutional investors 59%: agriculture –1/ 1; raw materials – 9/0 ; transport, automotive – 2/3 ; industrial processing – 3/2, chemistry – 3/3; food – 2/1; energy sector, fuels – 9/3; packaging – 1 /0. As regards individual investors, 5 investors (8%) selected the reply "does not matter, provided that it is the first listing". What it proves is a rather short-term perspective, which is connected with the history of the majority of the first listings, i.e. investors demonstrate a speculative approach rather than an investment approach – 11 individual investors have no experience in this area and 15 investors have experience shorter than 15 years, while in 22 cases their investments did not reach the third year. As regards innovative industries, there were selected: individual investors 44% / institutional investors 41%: IT – 4/1, mobile phones – 2/1, biotechnologies – 6/ 1, pharmaceutical industry – 5/2, nanotechnologies – 3/2, Internet, media – 4/0, precision mechanics, 3D technology – 0/ 0, renewable energy sources – 3/2.
The most frequently used sources of information included (graph 2) – individual investors / institutional investors – rank of average values: the Internet, television and daily press – 2.3/ 2.8; publications of the Stock Exchange – 2.7/ 1.8; trade and specialist press – 3.1/ 2.5; issuer's materials – 3,0/ 3,0, most of all oral communications – 3.8/ 4.8. What should be considered while conducting any business activity is the principles adopted by Bank One, including "We ourselves should be an expert on our business. We need no consultants to tell us what to do" [26].
Graph 2. Average values of the ranking of sources of information (individual investors) Source: own study on the basis of the research.
Warren Buffett's recommendation is similar: "make investment decisions on your own” [18], but it requires prior investments in oneself, and at least basic knowledge of accounting and financial markets. Contrary to institutional investors, individual investors, only 2 of whom completed studies in the field of Economics, tend to confront their limited experience with the information collected from many different sources, including the Internet and TV programmes (graph 2). Financial experts, usually possessing recognised qualifications, believe in the power of different exotic but rather useless tools and techniques they learned about at recognised universities. Most of them keep ignoring the investment in the value, a method applied by W. Buffett for almost five decades, which consists in the use of differences between the exchange rate and the value of shares [18].
As regards the criteria affecting the investment decisions made by individual investors (graph 3), the most important factors were considered the factors connected with the industry's prospects (3.0), followed by the return on investment (2.96), stock market quotation (2.4), factors connected with the current condition and prospects of the company (2.3), the company's innovativeness (1.5), ownership structure (1.3) and composition of the management board (1.2). However, this time the indication of the industry's prospects as the main criteria of selection points to the long-term investment vision, much ahead of the company's development prospects, whose significance may be completely lost in the event of the disappearance of the given sector. Every investor is interested in the return on the investment (2.96), but what should be highlighted here is the imperfection of this indicator, since both companies' reports and the financial press focus on the value of the profit per one share, and the growth of this indicator does not always result in the growth of the stock market price of the share, though [20]. Because of different accounting principles applied by different companies, not taking into account the necessity of making investments and ignoring the
variability of the value of money in time, profit is not suitable for the measurement of the company's economic value [20]. Value structure is a factor that is usually undervalued, while ownership concentration may increase the company's value and prevent from excessive differentiation of activities. Companies with a high concentration of shares are less willing to get involved in mergers or buyouts in sectors not connected with their basic activity [24]. Share concentration promotes the sale of business units that are not connected with the company's basic activity.
Graph 3. Average weights of criteria of investment decisions made by individual investors (0 – insignificant; 5 – of maximum significance)
Source: own study on the basis of the research.
The business risk level (2.2) may be reduced on the basis of a thorough analysis, i.e. "... analysing facts in compliance with the established standards of safety and valuation", while safety means "protection from loss under normal and predictable conditions" [13]. The type of capital investments perceived by some people as more secure than stock market investments is investment in bonds – 6, investment in their own company – 3, or bank deposits – 4. As regards institutional investors, they put the factors affecting their investment decisions (graph 4) in the following order: potential return on investment (1.0), company's condition and development prospects (2.8), prospects of the industry (3.8), stock market quotation (4.8), political situation in the country of the investment (5.2), company's innovativeness (5.2), ownership structure (6.3), geopolitical factors (7.5) and the composition of the management board (8.3).
Graph 4. Significance of criteria determining the investment decisions (institutional investors) Source: own study on the basis of the research.
The criterion of composition and competences of the management board was on the last place, like in the case of individual investors. As W. Buffett gives a clear hint – "have a close look at the managerial staff” [18], and the leader's role has been known for a long time – "in most cases means of production may be replaced but the leader may not” [22]. However, the composition and competences of the management board were considered by institutional investors as the least significant factor as regards the selection of the investment direction. Certainly, it would be hard to find another Jacek Welch, who took the first place on the list of persons the respondents would like to have in the supervisory board, published by the Financial Times in 2004. The reasons for respondents' choice was that at the time of his management of General Electric the company's value increased from 12 to almost 500 billion USD – S. Lachowski, "Introduction to the Polish Edition" [26].
In the opinion of both groups the company's stock market quotation was in the middle position of the ranking, which might be interpreted as following the recommendations of W. Buffett: "dot not look as stock market quotation" – [18], and if you have to, "treat the downs as an opportunity to buy" – W. Buffet [18]. Each investor should "....ask a question: if the company's shares were not listed, would I like to invest in this company under the same conditions" [13]. Stock market quotation constitutes no grounds for making a decision by an experienced investor, "what is important is to invest in shares only if you feel good while holding them, even without knowing the current prices of shares" [13].
Company's condition and prospects – the most important factor contributing to successful investments is the awareness that the investor acquires a part of a particular company rather than merely something that represents a real enterprise. In other words, "acquire companies rather than shares” – W. Buffett [18]. The company's condition and its current and past results are the key
elements for the selection of shares. That is the reason why W. Buffett acquired no share of Internet companies, considered by him as unpredictable, other than "profitable companies of solid balance sheet results and stable cash flows” [18]. The ownership structure is treated by investors taking part in the research as a factor of secondary or lower importance. In fact, concentration of ownership is the measurement of the power of shareholders and a possibility of having an influence on managers. Larger shareholders have a greater impact on managers and more power to force thinking in the category of the company's value. One may also mention different preferences depending on the type of the owner; institutional investors are more focused on the conventional measurements of success. Their relations with the company are clearly defined and easier to define than, for example, in the case of banks, being at the same time the owner and the lender. Apart from that, institutional investors also pay more attention to measurements of the company's value than the other groups of shareholders. They are also better at coping with risk, which stems, to a large extent, from clearly defined relations between the investor and the enterprise, thus the value to shareholders is higher if the institutional investor has the greatest number of shares, so [24] it is difficult to rationally analyse the company's condition and prospects without taking into consideration the analysis of the ownership structure.
To sum up, it was impossible to confirm a significant difference between the behaviours and choices made by individual and institutional investors. However, what was found is that both decision-making procedures diverge from classic principles of capital investments. Both types of investors probably act on the basis of the 'learning by doing' principle, thus the further research should consist in tracing the effectiveness of further investments and analytical procedures applied in them.
4. Summing up
The assumption adopted in the paper was that all objects or organisations constituting an object of desire have a value. When an enterprise becomes an object of sale, one may accept the opinion that the company's value is nothing but probability of effective functioning, even in the rapidly changing reality. Regardless of different approaches, the common feature of most definitions of value is the concept that the market value is not objective but it is defined by the market. Since values are not objective, they have to be subjective or, to be more accurate, intersubjective. Thus, one might state that the value exists in the two different dimensions, such as the dimension of the real value, which may be created in the sequence of activities on resources and counted with the use of different economic indicators, and the dimension of the virtual set of signs and symbols, created by the entrepreneur for the purpose of reaching this set, usually attributed to the winning organisation. The above conclusion should be taken into consideration in investment processes, in particular on the capital market. All in all, in decision-making processes which concern capital mar-kets, it is recommended to implement the following principles:
– investment decisions should be made independently, which excludes oral messages from the list of potential information sources, and, concurrently, requires prior investments in one’s own de-velopment and achievement of at least basic knowledge in the field of accounting and financial markets.
– consider the members and competences of the Management and the structure of proprietor-ship as well as assume that the company’s condition, its current and historical results are key in choosing stocks, whereas quotation should not be the primary criterion in ion-making.
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ħRÓDŁA INFORMACJI W PROCESACH DECYZYJNYCH INWESTORÓW GIEŁDOWYCH
Streszczenie
O sukcesie inwestorów na rynku kapitałowym decyduje efektywne zarządzanie za-sobami, w szczególnoĞci zaĞ wiedzą, co oznacza trafny wybór Ĩródeł danych i prze-tworzenie ich w informacje, uĪyteczne w procesach decyzyjnych. Pozwoli to w znacz-nym stopniu obniĪyü ryzyko, Īe nie subiektywna percepcja wartoĞci a wartoĞü realna spółek przesądzaü bĊdą o wyborach obszarów inwestowania, doborze Ĩródeł informa-cji czynników uzasadniających decyzje. WartoĞü rynkowa nie jest bowiem obiektywna, lecz okreĞlana przez rynek a jednoczeĞnie egzystuje w dwóch wymiarach – wartoĞci realnej, dającej siĊ tworzyü w sekwencji działaĔ na zasobach i policzyü za pomocą wskaĨników ekonomicznych oraz wymiarze wirtualnego zbioru znaków i symboli, wpływających na percepcjĊ wartoĞci firmy. W zrealizowanych badaniach nie stwier-dzono znaczącej róĪnicy pomiĊdzy zachowaniami i wyborami inwestorów indywidual-nych i instytucjonalindywidual-nych, przy czym obydwie procedury decyzyjne rozmijają siĊ z kla-sycznymi zasadami inwestycji kapitałowych. Rekomendowano wiĊc przyjĊcie zasad umoĪliwiających obniĪenie ryzyka.
Słowa kluczowe: zarzdzanie wiedz, ródła informacji, warto przedsibiorstwa, percepcja warto ci, ryzyka inwestycji na rynku kapitałowym.
Michał Bacior
International Lime Corporation Ltd. e-mail: bacior@spidernet.com.cy
