Assistant Professor, Department of Finance and Accounting
An experienced expert in corporate finance, enterprise value management, and business valuation. He provides consulting, training, and coaching services for managers, focusing on financial decision-making, analysis of corporate financial conditions, and strategic capital management. As the founder of Cieślik-Consulting, he offers advisory services in business valuation, M&A projects, and restructuring strategy. He is passionate about developing the competencies of current and future managers and leaders to make informed financial decisions that contribute to the long-term growth of company value.
He has extensive experience in investing and active trading in financial markets and digital assets. His practical experience spans equities, commodities, cryptocurrencies, and derivatives. His expertise includes instrument selection, exposure and risk management, and implementing investment and trading strategies based on combining fundamental, quantitative, and market analysis under varying market conditions.
Main research areas
- Economics of Energy Transformation and Sustainable Finance
Market and regulatory mechanisms in the process of global energy transition. The phenomenon of the Renewable Energy Paradox and second-generation challenges in energy. The role of ESG (Environmental, Social, Governance) factors in shaping ownership structure and market valuation of companies. Economic aspects of energy poverty and the impact of digitalization (ICT) on energy efficiency.
- Capital Market Efficiency and Financial Information Quality
Impact of earnings quality and accounting policies on returns and asset valuation. Mechanisms of earnings management and information asymmetry in initial public offerings (IPOs). Behavioral and fundamental determinants of investment decisions on stock exchanges.
- Financial Engineering and Corporate Value Management
Methodology for investment decision-making and capital allocation under uncertainty (Business Value Engineering). Financial and operational leverage in profitability optimization strategies. Modeling resource requirements in capital-intensive sectors.
- Sports Economics and Finance of Sports Entities
Financial efficiency versus sporting performance in professional sports organizations. Predictive models of bankruptcy risk in the sports sector. Rationality and efficiency of public spending in professional sports.
Selected publications
- Cieślik, R. (2025). The Renewable Energy Paradox: An Empirical Analysis of Second-Generation Challenges in the Global Energy Transition. European Research Studies Journal, 28(1), 971-991. DOI: 10.35808/ersj/4087
- Cieślik, R., Klepacki, J., Zbyrowski, R. (2024). Exploring the Relationship Between ESG Performance and Institutional Ownership: Evidence from Poland. European Research Studies Journal, 27(4), 169-183. DOI: 10.35808/ersj/3512
- Postuła, M., Chmielewska, A., Cieślik, R., Lipski, M. (2023). Investment Projects: How Not to Fall into the (Un)Sustainable Development Trap. Warsaw: Difin. ISBN: 978-83-8270-239-2.
- Cieślik, R., Postuła, M., Chmielewski, W., Puczyński, P. (2021). The Impact of Information and Communication Technologies (ICT) on Energy Poverty and Unemployment in Selected European Union Countries. Energies, 14(19), 6110. DOI: 10.3390/en14196110
- Cieślik, R., Postuła, M. (eds.) (2020). Corporate Finance Management – Theory and Practice. Warsaw: Faculty of Management, University of Warsaw.
- Cieślik, R. (2017). Assessment of the Efficiency of Local Authorities’ Expenditures on Professional Football Clubs: A Theoretical Approach. Problemy Zarządzania, 15(2/1), 185-195. DOI: 10.7172/1644-9584.67.11
- Cieślik, R. (2017). Sustainability of Profitable Firms’ Earnings and Its Usefulness for Forecasting Stock Prices: Evidence from the Warsaw Stock Exchange. Zarządzanie i Finanse, 4, 101-113.
- Cieślik, R. (2016). “Earnings Management” as a Factor for Underpricing Initial Public Offerings: Evidence from the Warsaw Stock Exchange. Problemy Zarządzania, 14(4/1), 103-112. DOI: 10.7172/1644-9584.63.7
- Cieślik, R. (2016). Impact of Earnings Quality on the Relationship Between Profit and Stock Return: Evidence from the Warsaw Stock Exchange. Studies and Materials, Faculty of Management, University of Warsaw, 2(2), 60-77.
- Cieślik, R., Zbyrowski, R. (2015). Relationship Between Sports Performance and Profitability: Evidence from Polish Football Clubs. In A. Postuła, J. Majczyk, M. Darecki (eds.), Entrepreneurship: Individual, Organization, Context. Warsaw: Faculty of Management, University of Warsaw.
- Cieślik, R., Zbyrowski, R., Stępień, K. (2015). Foundations for Building a Predictive Model of Continuity Risk for Football Clubs Based on Multivariate Discriminant Analysis. In M. Postuła, J. Turyna (eds.), Financial Management and Economic Efficiency. Warsaw: Faculty of Management, University of Warsaw.
