Journal articles on the topic 'Capital market – Czech Republic'
To see the other types of publications on this topic, follow the link: Capital market – Czech Republic.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Capital market – Czech Republic.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Jaroslava Rajchlová, Ing, and Ing Veronika Svatoaová. "Benchmarking study on the venture capital market in the Czech Republic, Hungary and the Netherlands." Investment Management and Financial Innovations 13, no. 3 (September 23, 2016): 191–202. http://dx.doi.org/10.21511/imfi.13(3-1).2016.05.
Full textAbstract:
The main aim of paper is seen at two levels: the first level to assess the situation on the venture capital market in the Czech Republic based on the results of a comparative study of selected countries of European Union is the area of venture capital financing. The second level is, then, to propose measures, whose implications could increase the effectiveness of venture capital to the business sector in the Czech Republic. The main purpose of the paper is to identify internally homogeneous groups of the EU states regarding the situation on the venture capital market in the European Union Member States. The aim of this article is supported by relevant statistical data for the period 2008-2013 to assess the legislative framework of venture capital market in the Czech Republic and other selected European countries. Based on the results of cluster analysis, EU countries were identified, Hungary and the Netherlands, in which legislative conditions with venture capital market were subsequently analyzed and the results were compared with the situation in the Czech Republic. The Netherlands as a representative of the countries with developed market risk capital, Hungary as a representative of CEE countries. The problem of undeveloped VC market in the Czech Republic is not in demand for venture capital, but in its supply. Pension funds and insurance companies cannot invest more than 5% in risky assets. In the Czech Republic, there are no tax incentives to attract investors and even government programs that could complement the missing investors and support the creation of venture capital funds. This low level of venture capital usage for the development of enterprises could also be seen in misunderstanding and ignorance of this form of financing, the inability of management to prepare a business plan and to attract a potential investor, fears of administrative burdens arising from an investor and finally questionable return on investment when, for example, public offering of shares, which achieves a high appreciation, is in the Czech Republic underused. Keywords: venture capital, benchmarking, cluster analysis, Ward’s method, CEE countries, EU countries, Czech Republic, Hungary, Netherlands. JEL Classification: G32, M21
2
Meluzin, Tomas, and Michal Pavlicek. "Analysis of the current situation in the area of IPO on the Czech capital market." Equilibrium 5, no. 2 (December 31, 2010): 79–91. http://dx.doi.org/10.12775/equil.2010.026.
Full textAbstract:
Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. The objective of this paper is to analyze the current situation in the area of IPO on the Czech capital market and identify the causes of the low numbers of IPOs in the Czech Republic. The paper was written with the financial support of the Czech Science Foundation (Grant Agency of the Czech Republic), grant project No. 402/09/P134 “Decision Model of Company Financing via IPO”.
3
Meluzín, Tomáš. "Research of causes of low IPO number in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 56, no. 3 (2008): 129–38. http://dx.doi.org/10.11118/actaun200856030129.
Full textAbstract:
Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. Under the conditions of the Czech capital market this way funding of development of the company, connected with its entering into the capital market, is not very usual. The Strategy of Sustainable Development of the Czech Republic considers this situation the weakness of the Czech economy, and its resolving has to be paid a due care. The present paper introduces the results of an analysis identifying the causes of the low numbers of IPOs in the Czech Republic. These causes were analyzed in a comprehensive way covering the period of time from the beginnings of the modern-day capital market in the Czech Republic until the present times. In order to reach the objective, the secondary research of the literature sources, focused on the issue in question and the primary research in the Czech companies was carried out.
4
Meluzín, Tomáš. "Determination of prerequisites for implementation of IPOs in the Czech capital market." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 56, no. 3 (2008): 119–28. http://dx.doi.org/10.11118/actaun200856030119.
Full textAbstract:
In advanced markets, IPOs represent an opportunity to obtain the necessary capital for further company development. This form of financing is significant not only for the joint-stock company itself, for which an IPO is an alternative to debt financing, but also for further development of the capital market as a whole. That is to say, one of the fundamental functions of the capital market, the allocation function, is accomplished by means of IPOs. It follows from investigations of the situation in IPOs in the Czech Republic that financing company development through IPOs, which are linked with entrance into the capital market, has not become common practice in the Czech capital market. Comparing the present situation with the situation in international markets, it must be stated that the Czech capital market shows anomalies not only with regard to advanced capital markets such as those in the USA or Japan but also in reference to markets in Central and Eastern Europe. In the past, unfavourable conditions resulting from legislation and the institutional environment were considered the major cause of the long-term low numbers of initial public offerings in the Czech Republic. It follows from the results of the analysis of legislative barriers to carrying out IPOs that in recent years, a number of steps were taken to draw the Czech capital market nearer to the European standard, at least formally. Laws were passed that determine the scope and regulations for entrepreneurial activities of individual subjects, and an independent authority was set up that kept an eye on the transparency of the market and compliance with the given regulations; there are institutional and technical prerequisites available that facilitate trade in securities. Nowadays there are no more any legislative or general economic barriers, designated as significant obstacles for IPO realization in the Czech environment in the past. It depends mainly on approach of individual companies to this form of funding and on assessment of not only all minuses, but also all the pluses connected with IPO. The aim of the present paper is to determine all major prerequisites for successful implementation of an IPO in the Czech capital market.
5
Vanicek, Jiri. "Position of Prague on the International Tourism Market." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 5, no. 6 (2020): 34–41. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.56.2003.
Full textAbstract:
There are not many European countries with such a significant share of the capital city on tourism (especially incoming tourism) as the Czech Republic. The number of foreign tourists grows significantly in the Czech Republic, and so does the share of Prague. All marketing campaigns aiming to get foreign tourists beyond Prague ended inefficient. The share of Prague on the number of tourists accommodated in standard accommodation facilities on the total number of tourists in the Czech Republic (CZ) is 62%. Prague is also the only region with a higher number of foreign tourists than Czech tourists (85% of tourists in Prague are foreigners). Prague is therefore struggling with overtourism in some attractive areas and must deal with unsustainable development.
6
Blažek, Jiří. "Regional Analysis of Capital Market in the Czech Republic." Geografie 99, no. 4 (1994): 225–33. http://dx.doi.org/10.37040/geografie1994099040225.
Full textAbstract:
The article deals with the issue of interregional differentiation of companies shares quotations on Prague stock exchange which has been up to now neglected. It is argued that data from stock exchange can reveal important features of behaviour of key players (investment funds) on capital market. The results are supporting the argument about emerging regional segmentation of capital market in the Czech Republic.
7
Akkerman, Abraham. "Age-Specific Household Size as a Demographic Aspect of Regional Disparity: Czech Republic, 1991." Canadian Studies in Population 31, no. 2 (December 31, 2004): 237. http://dx.doi.org/10.25336/p6zs3r.
Full textAbstract:
The post-communist transition to market economy in Central Europe over the last decade of the twentieth century had a significant impact on the demographic profile of the former Soviet bloc countries. Largely due to government policy and market conditions related to housing, this observation is particularly true for the Czech Republic. The present study shows housing as a facet of regional demographic differences within the Czech Republic. The household composition matrix is applied here as a demographic gauge to the behavioral response of households to Czech housing markets and policy. The matrix provides here a glance at households’ demographic behavior in the capital city of Prague and in the country’s other regions, during the early transition period, based on observations from the 1991 census. A summary feature of household composition is the age-specific household size shown for the various regions of the Czech Republic to trace the reduced standard Gamma function. Anomalies detected in the trajectory of age-specific household size for Prague confirm the unique housing market conditions in the capital city, and point to a commensurate demographic response in Prague as opposed to the rest of the country.
8
Zinecker, Marek. "Private equity and venture capital: investment fund structures in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, no. 7 (2011): 541–52. http://dx.doi.org/10.11118/actaun201159070541.
Full textAbstract:
A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006).
9
Kucera, Jiri, and Lenka Maskova. "Methodology of calculating risk premiums in the environment of the Czech Republic and its comparison with Damodaran." SHS Web of Conferences 91 (2021): 01045. http://dx.doi.org/10.1051/shsconf/20219101045.
Full textAbstract:
Investors' decisions are largely influenced by the riskiness of the country. Several different approaches are available to calculate this risk, but even so, the values set by Damodaran are usually used, even for non-US states. The aim of the paper is to propose a methodology for creating a risk premium in the environment of the Czech Republic and then compare it with Damodaran [1]. Methods applicable in the Czech Republic and Damodaran methods are used, then these methods are compared. For Czech as well as foreign investors, the easiest way to obtain a risk premium is to use the company’s investment rating. In the case of determining the risk premium of the Czech Republic, the easiest method is the CRP (country risk premiums) model. If the country’s market does not have a long history or does not have such a developed capital market, it is recommended to apply data from the US capital market. However, there are significant differences in the economy between Europe and the USA, so the data of an European country such as Germany, which has historical risk premium calculations, should be used.
10
Ryczkowski, Maciej, and Marek Zinecker. "Gender unemployment in the Czech and Polish labour market." Argumenta Oeconomica 2020, no. 2 (2020): 213–29. http://dx.doi.org/10.15611/aoe.2020.2.09.
Full textAbstract:
Making use of EU-Labour Force Survey data, the authors estimated logistic regressions with a maximum likelihood method and found that gender unemployment risk was largely explained by human capital, marital status, receiving financial support, job experience and gender discrimination in both Poland and the Czech Republic. The gender unemployment risk gap amounted to 8% and 10% in Poland and the Czech Republic, respectively. Although the impact of marital status was significant and considerable, married women in the Czech Republic benefited from their marital status on average three times less than men in the Czech Republic, and men and women in Poland. In both countries only women aged below 30 were ‘rewarded’, while women beyond 50 years of age were penalized in terms of unemployment risk. As opposed to that, men up to 60 years old have their unemployment risk reduced all else equalled. The authors argue that this form of possible discrimination in some respects is a better measure of injustice than the commonly used pay gap and it constitutes an alternative dimension of ‘gender inequality’. The results can contribute to better targeted policies against discriminatory practices by enhancing the career paths demanded in the labour market and by breaking the stereotypes rooted in the cultures of Polish and Czech societies
11
Fenyves, Veronika, Károly Pető, János Szenderák, and Mónika Harangi-Rákos. "The capital structure of agricultural enterprises in the Visegrad countries." Agricultural Economics (Zemědělská ekonomika) 66, No. 4 (April 29, 2020): 160–67. http://dx.doi.org/10.17221/285/2019-agricecon.
Full textAbstract:
The Visegrad countries – or the V-4 countries: the Czech Republic, Hungary, Poland and Slovakia – is strong regional cooperation of four EU member states in Eastern-Central-Europe aimed at strengthening the positions of the members on both a European and a global level. The aim of this research is to analyse the capital structure of the agricultural and food companies in the V4 Member States. The results show that more profitable companies were less dependent on debt finance, while the fast-growing companies had limited access to the financial market. Company size had a significant effect only in the Czech Republic. Overall, the capital structure seemed to be strongly affected by the farm structure and the relative company size.
12
Vychytilová, Jana. "Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 62, no. 6 (2014): 1509–19. http://dx.doi.org/10.11118/actaun201462061509.
Full textAbstract:
Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.
13
Meluzín, Tomáš. "Analysis of the main characteristics of Initial Public Offerings in the Czech Republic and perspectives of their further development." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 57, no. 3 (2009): 97–106. http://dx.doi.org/10.11118/actaun200957030097.
Full textAbstract:
Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. Since 2004, several companies that have opted for this form of financing can be found in the Czech Republic as well. The objective of the paper is to analyze the main characteristics of initial public offerings of shares effected on the Czech capital market between 2004 and 2008 and to outline the perspectives of further development in this area.
14
Zinecker, Marek, and Jaroslava Rajchlová. "Private equity and venture capitalists' investment criteria in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 6 (2010): 641–52. http://dx.doi.org/10.11118/actaun201058060641.
Full textAbstract:
For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of management, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002).The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria and their weight is sent to those interested in financing by means of Private Equity/Venture Capital as well as investors in Private Equity and Venture Capital funds and to investment companies.
15
Svítil, Martin. "The New Rules of Capital Adequacy Basel III from the Perspective of Leasing Companies in Europe and Czech Republic." Financial Assets and Investing 10, no. 2 (December 31, 2019): 21–41. http://dx.doi.org/10.5817/fai2019-2-2.
Full textAbstract:
Some significant changes to the Basel III regulatory framework (called Basel IV) will come into effect during the 2022 to 2027 period. In its first part, this article shows the opinion of the European Federation of Leasing Company Associations Leaseurope on Basel IV. In its second part, this paper evaluates the situation of the largest leasing companies on the Czech market using methods of financial analysis.The results of several studies published by Leaseurope clearly show that the risk associated with the provision of liabilities through leasing is significantly lower than the risk calculated by the capital adequacy calculation for Basel rules. For this reason, the Leaseurope federation prepared concrete proposals for changes in the rules so that the regulation better corresponds to the actual risks taken.The second part of the article analyzes the situation of leasing companies in the Czech Republic in terms of capital, capital adequacy and compliance with Basel rules. It shows the state of the capital adequacy of the largest leasing companies operating on the Czech market using simplified indicators of the ratio of Equity / Balance sheet total and Equity / Receivables. As a complementary indicator, the ratio of Share capital / Balance sheet total is also used. Furthermore, a simplified stress test based on 5% and 10% decline in net receivables and coverage of this decline from equity, respectively, was performed.The results show that leasing companies operating on the Czech market would probably have no problem meeting the considered tightening of capital requirements. Several exceptions are mentioned in the text.
16
OPREAN, CAMELIA, and CRISTINA TĂNĂSESCU. "FRACTALITY EVIDENCE AND LONG-RANGE DEPENDENCE ON CAPITAL MARKETS: A HURST EXPONENT EVALUATION." Fractals 22, no. 04 (November 12, 2014): 1450010. http://dx.doi.org/10.1142/s0218348x14500108.
Full textAbstract:
Since the existence of market memory could implicate the rejection of the efficient market hypothesis, the aim of this paper is to find any evidence that selected emergent capital markets (eight European and BRIC markets, namely Hungary, Romania, Estonia, Czech Republic, Brazil, Russia, India and China) evince long-range dependence or the random walk hypothesis. In this paper, the Hurst exponent as calculated by R/S fractal analysis and Detrended Fluctuation Analysis is our measure of long-range dependence in the series. The results reinforce our previous findings and suggest that if stock returns present long-range dependence, the random walk hypothesis is not valid anymore and neither is the market efficiency hypothesis.
17
Vrchota, Jaroslav, Monika Mařiková, Petr Řehoř, Ladislav Rolínek, and Radek Toušek. "Human Resources Readiness for Industry 4.0." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 1 (December 27, 2019): 3. http://dx.doi.org/10.3390/joitmc6010003.
Full textAbstract:
Industry 4.0 is related to major changes, particularly in production. As such changes might have major implications for the labour market; the paper focuses on the assumptions of the human capital and its preparedness for Industry 4.0 in the Czech Republic. The findings are based on EUROSTAT, MEYS, OECD, ISCED, CZSO, and WEF. Based on such data, twelve indicators were selected and described in the results. Subsequently, the correlation analysis was carried out, using the data of the Czech Republic in order to estimate which indicators are related and thus to obtain a more detailed view of areas that need to be improved. The level of computer skills in the Czech Republic are increasing. Internet connection is around 80%. The share of technical workers in the Czech Republic is in the range of 30–40%. In terms of expenditure on education, the Czech Republic belongs to the countries of the eastern region. The number of graduates of technical professions managed to catch up with the development of the European Union (EU). In terms of employment in High-tech and Medium-high-tech areas, the Czech Republic is one of the leaders in the EU. Czech students have great potential in basic computer skills.
18
Wolz, A., J. Fritzsch, and J. Pencáková. "The impact of structural social capital on farm income in the Czech Republic ." Agricultural Economics (Zemědělská ekonomika) 52, No. 6 (February 17, 2012): 281–88. http://dx.doi.org/10.17221/5025-agricecon.
Full textAbstract:
The change of the economic system from the socialist central planning system to the market economy required the reorganisation not only of agricultural production, but also of the organisations supporting it. In the Czech Republic, agricultural production is characterised by a dualistic structure, i.e. private farmers on the one side and corporate farms on the other. However, among both groups some had been economically more successful than others. In general, a varying adoption of production factors, i.e. land, labour and capital is identified as being of influence. Namely, their ability to collaborate with other farms which is discussed under the concept of social capital, will be analysed in this paper. Based on the findings of a survey among a sample of 62 farms by adopting factor and multiple regression analysis, it can be deduced that social capital is indeed a significant factor determining farm income.
19
Erdas, Mehmet Levent. "Validity of Weak-Form Market Efficiency in Central and Eastern European Countries (CEECs): Evidence from Linear and Nonlinear Unit Root Tests." Review of Economic Perspectives 19, no. 4 (December 1, 2019): 399–428. http://dx.doi.org/10.2478/revecp-2019-0020.
Full textAbstract:
Abstract This paper aims to focus weekly stock market prices from the CEECs (Lithuania, Hungary, Romania, Croatia, Slovenia, Poland, Bulgaria, the Slovak Republic, Latvia, Estonia, and the Czech Republic) markets for evidence of weak-form market efficiency. This is complemented by the use of comprehensive unit root tests to test for abnormal return behaviour in these stock markets. For this purpose, Harvey et al. (2008) linearity test was applied in order to determine the characteristics of the series. The results indicate that the series with linear characteristics are Slovenia, Bulgaria, the Slovak Republic, Estonia, and the Czech Republic and those with non-linear characteristics are Lithuania, Hungary, Romania, Croatia, Poland, and Latvia. Then, in order to examine the weak-form market efficiency, DF-GLS (1996), Phillips-Perron (1988) and Lee-Strazicich (2003) unit root tests are applied to linear series and Kapetanios et al. (2003) and Kruse (2011) tests were applied to nonlinear series. The linear and nonlinear unit root tests evidence that all the selected stock markets in CEECs have a unit root, in other words, are non-stationary. In the period analyzed, the results suggest that the weak-form efficient market hypothesis holds in the CEECs. Accordingly, the results indicate support for the validity of the random walks hypothesis in all the selected stock markets in CEECs. It means that investors should not be able to earn abnormal returns by carrying out the same analysis and analysing historical prices in CEECs. The finding of weak-form market efficiency has notable implications from the point of capital allocation, stock price predictability, and the influence of shocks to stock prices.
20
Meluzín, Tomáš. "Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 56, no. 6 (2008): 59–68. http://dx.doi.org/10.11118/actaun200856060059.
Full textAbstract:
Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.
21
Ostojic, Sinisa. "Models of restructuring banking systems in economies in transition." Privredna izgradnja 45, no. 3-4 (2002): 201–24. http://dx.doi.org/10.2298/priz0203201o.
Full textAbstract:
In view of the still underdeveloped capital market in Central and Eastern Europe, modernizing enterprises particularly depends on a functioning banking sector. Due to the interdependence enterprises and banks the insolvency of individual enterprises set off chain reactions which resulted in the collapse of banks and shook the banking systems in some countries. Commercial banks were particularly susceptible to these developments since the ratio between their own fluids and enough experience in reorganizing enterprises nor business perspectives for the enterprises depending on them. In the past years the individual states have made different degrees of progress in reorganizing their commercial banks. Two policy patterns become manifest: Estonia very consistently closed insolvent banks and opened markets for foreign banks and newly developing private banks. Thus the Estonia state considerably reduced its own share in the banks. Latvia also tried to increase its banks orientation towards profitability by opening the market and reducing state shares. The other countries, by contrast, primarily improved capital endowment of the existing banks. Between 1992 and 1995 Polish, Hungarian and Slovene governments realized extensive recapitalisation. While Poland increased the registered capital of important commercial banks, the Slovene and the Hungarian governments also bought nonperforming loans from the banks for state bonds. Hungary then increased the registered capital of the big state-owned banks. In 1994. and 1995. respectively partial recapitalisation took place in Bulgaria and the Czech Republic. Neither Latvia nor Bulgaria nor Lithuania have until now succeeded in stabilizing their banking systems. In the Czech Republic which similar to Estonia opened the market, leading to the emergence of about 60 banks, the central bank has hitherto intervened in 12 banks facing liquidity problems or insolvency. In the Slovak Republic a far-reaching consolidation of banks is also still due. The governments in Bulgaria and Lithuania presently intend to increase the banks capital by state bonds, while the Latvian central bank refrained from direct intervention after the collapse of Banks Baltija and only intensified control of the banks activities.
22
Hýblová, Eva, Jaroslav Sedláček, and Zuzana Křížová. "Development of mergers in the Czech Republic in 2001–2010." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 4 (2012): 133–40. http://dx.doi.org/10.11118/actaun201260040133.
Full textAbstract:
One of consequences of the substantial market globalization is company transformations, which essentially affect the creation, existence or dissolution of companies; their number has been on the increase in recent years. They are mergers and acquisitions; mergers represent a combination of companies, whereas acquisitions involve selling, purchase or investments of companies. The main reason for a merger is economic growth which can be provided in various ways: these are e.g. decreases in costs, strengthening of a position in the market or access to new markets, decrease in prices and thus gaining new customers, access to knowledge or diversification of risks.The process of a merger is a highly demanding matter which includes the economic view (a choice of the right partner, setting merger objectives, preparation of merger project) and the legal view as the merger involves commercial law, reporting and taxation legislation. Discrepancies in the legal, reporting and taxation procedures in the area can have a negative effect on the process of merger and economic practice. The development of mergers and acquisitions and their success rate is related to the development of the economic and legislative environment. An important aspect is also the successfulness of mergers in the following year which will confirm (or not) the quality of all previous decisions.Research studies conducted in this field focus on mergers with the aim to evaluate procedures during mergers. An important part of research is an analysis of the effect of a merger on the evaluation of the successor company’s performance, changes in capital and capital structure of the entities. The aim of the paper is to publish first partial results in this direction of research. The first part of the research focuses on the creation of a database of companies as this is essential for practical verification of the results of the theoretical research. Due to the fact that there is no similar official statistics in the Czech Republic, its creation needs to be devoted great attention. It is also vital to define the transactions which will be included in the total number so that the results are relevant.
23
Pyšný, T., Z. Pošvár, and S. Gurská. "Analysis of selected demand factors of wine market of the Czech Republic." Agricultural Economics (Zemědělská ekonomika) 53, No. 7 (January 7, 2008): 304–11. http://dx.doi.org/10.17221/1151-agricecon.
Full textAbstract:
This paper analyzes the data on the development of the main factors of the demand for wine and wine consumption in the Czech Republic. The average annual wine consumption, one of the wine demand factors, grew between1991 and 2005 from 14.8 l to 17 l per capita. Following this trend, we can expect the average annual wine consumption 17.4 l per capita in year 2010. However there are critical factors in the development of the demand for wine demand here. Specifically it is the daily feasible ratio of alcohol in wine and other alcoholic drinks, especially beer that we can treat as the substitute of wine. The ethanol consumption in beer accounts for 50% of the total ethanol consumption in alcoholic drinks in the Czech Republic. The negative influence on wine demand growth has been the price of other alcoholic drinks, especially beer that is the cheapest form of ethanol.
24
Pomazalová, Nataša. "The base of redefining social capital in the conditions of agrarian sector in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 54, no. 3 (2006): 175–82. http://dx.doi.org/10.11118/actaun200654030175.
Full textAbstract:
The aim of the article is to provide a survey of approaches to the investigation of social capital. And the another purpose is to present a proposal for a concept of social capital that would make it possible to quantify the market-unrealised capital potential with respect to sustainable development of multifunctional agriculture. For identification of social capital due to the specificities of our conditions – mobilizational individual capital and its manifestations in identification with the environment is in order to capture the individual dimensions of the approache mentioned.
25
Dedek, Oldrich. "Insider Trading, Investor Protection and an Orderly Capital Market: Lessons for the Czech Republic." Business Ethics: A European Review 4, no. 2 (April 1995): 83–92. http://dx.doi.org/10.1111/j.1467-8608.1995.tb00233.x.
Full text
26
Katona, Klára. "Tőkepiaci versenyképesség tényezőinek alakulása Kelet-Közép-Európában." Jelenkori Társadalmi és Gazdasági Folyamatok 4, no. 3-4 (January 1, 2009): 143–47. http://dx.doi.org/10.14232/jtgf.2009.3-4.143-147.
Full textAbstract:
The purpose of this paper is to analyse the FDI potential index in Central-Eastern Europe. This index was elaborated by UNCTAD to identify the main elements of competitiveness in capital market. According to international and regional researches these factors influence the investors' decisions which are the following: market size of the country, openness of the trade, state of the infrastructure, level of human capital, country risk, the labour cost and labour productivity, tax policy, tax level. The research covers the periods before and after the integration of this region to European Union. The temporal and spatial comparison concerning the influence of these factors on FDI mirrors the competitiveness of these countries (Hungary, Czech Republic, Slovakia, Poland) in capital market and proved the essential effects of the level of human capital and the infrastructure in the new member states.
27
Nölke, Andreas, and Arjan Vliegenthart. "Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies in East Central Europe." World Politics 61, no. 4 (August 26, 2009): 670–702. http://dx.doi.org/10.1017/s0043887109990098.
Full textAbstract:
This article enlarges the existing literature on the varieties of capitalism by identifying a third basic variety that does not resemble the liberal market economy or coordinated market economy types. The dependent market economy (DME) type, as it is named by the authors, is characterized by the importance of foreign capital for the socioeconomic setup and is located in postsocialist Central Europe. Since the collapse of state socialism in the late 1980s, the Czech Republic, Hungary, Poland, and the Slovak Republic have introduced a rather successful model of capitalism when compared with other postsocialist states. This article identifies the key elements of the DME model and discusses their interplay. DMEs have comparative advantages in the assembly and production of relatively complex and durable consumer goods. These comparative advantages are based on institutional complementarities between skilled, but cheap, labor; the transfer of technological innovations within transnational enterprises; and the provision of capital via foreign direct investment.
28
Urbánek, Václav, and Kateřina Maršíková-Nepolská. "Financial Market in the Czech Republic and Human Capital Investment: Private Financing of Higher Education." Prague Economic Papers 14, no. 2 (January 1, 2005): 131–46. http://dx.doi.org/10.18267/j.pep.258.
Full text
29
Šedová, Jindřiška. "Changes in New Private Law of the Czech Republic and Implementation of Basel III." International Journal of Applied Mathematics and Informatics 15 (November 16, 2021): 37–42. http://dx.doi.org/10.46300/91014.2021.15.6.
Full textAbstract:
Competition in the financial market puts currently new requirements for cost reduction on financial institutions. Available sources of cost reduction are seen i.a. in minimizing legal risks, which can reduce the uncertainty associated with enforcement and interpretation of legal acts, treaties and regulations in the field of contractual obligations. In this regard, banks in the Czech Republic are looking for new ways to reduce costs in the ongoing implementation of Basel II and preparation for implementation of Basel III. The central problem to which attention is focused is to ensure the required level of capital adequacy. This is conditioned i.a. by their risk management system. Capital adequacy may affect credit risk substantially. Besides others, the level of credit risk may be affected to a considerable extent by application of hedging instruments. This paper presents conclusions of the executed comparison of the existing and new private law provisions in the Czech Republic and, based on that, draws new opportunities and difficulties for banks in managing their credit risk and capital adequacy. The focus is only on the hedging instruments that may affect the activities of banks in a significant way.
30
Chase, Robert S. "Markets for Communist Human Capital: Returns to Education and Experience in the Czech Republic and Slovakia." ILR Review 51, no. 3 (April 1998): 401–23. http://dx.doi.org/10.1177/001979399805100303.
Full textAbstract:
This research examines how the earnings structure in the Czech Republic and Slovakia changed after the collapse of those countries' Communist governments. Tests of four similar micro-data sets show that returns to education rose significantly with the transition to non-Communist governments. For example, returns to education rose from 2.4% to 5.2% for Czech men between 1984 and 1993. Though women had, in general, higher returns to education than men did, returns for men increased more with the regime change. Among both sexes, those with academic secondary education experienced particularly large earnings increases. Returns to experience, on the other hand, fell. Earnings structure changes appear to have been larger in the Czech Republic than in Slovakia, probably because transition occurred more rapidly and deeply in the former.
31
Rodionova, T., S. Yakubovskiy, and A. Kyfak. "Foreign Capital Flows as Factors of Economic Growth in Bulgaria, Czech Republic, Hungary and Poland." Research in World Economy 10, no. 4 (December 22, 2019): 48. http://dx.doi.org/10.5430/rwe.v10n4p48.
Full textAbstract:
While foreign investment is generally associated with economic growth, it can also pose significant risks to the economies of the recipient countries. An empirical study is carried out to test the causality between various forms of capital inflows and economic growth of four emerging market countries of Central and Eastern Europe: Bulgaria, the Czech Republic, Hungary and Poland. Using the vector autoregression framework it is found that prior to the crisis events in the world economy and euro area capital inflows, especially foreign direct investment, played significant role in boosting economic growth. However, afterwards there is no evidence of such impact and the reverse trend is observed: now economic growth is the factor driving capital inflows, again, mainly direct investments, to the countries. Also, as a result of the steady increase in value of the accumulated assets possessed by foreign investors in national economies negative effects of attracting foreign capital could be observed, which take the form of high volumes of repatriated profits, exceeding received investment and posing new threats for national economies.
32
Chetverikova, A. "Investment Ties of Visegrad Countries." World Economy and International Relations 66, no. 3 (2022): 90–100. http://dx.doi.org/10.20542/0131-2227-2022-66-3-90-100.
Full textAbstract:
The article is devoted to the analysis of the investment ties of the Visegrad Group countries over the last three decades with the emphasis on the period of their EU membership. Transformation and subsequent integration into the EU predetermined certain imbalances in investment sectors of Hungary, Poland, Slovakia and the Czech Republic, some of which still remain. The Visegrad countries continue to be strong importers of capital, but Hungary and the Czech Republic were able to equalize several imbalances, which is manifested in increased export opportunities. The importance of FDI for the Visegrad economies is only increasing, which exacerbates the problem of external dependence and associated risks. The territorial diversification of investment ties is among positive trends, but dependence on several economies of the European market is preserved. A quantitative analysis of sectoral imbalances has shown that the Czech Republic and Hungary have the least diversified outward FDI, Hungary – inward FDI. Slovakia has the most diversified FDI sectoral structure. The analysis of several types of investments indicates a certain exhaustion of the potential of the Visegrad market. Large companies and their projects and deals continue to play a significant role in investment ties of the V4. At the same time, Visegrad companies are not inferior to foreign ones in terms of volume of investments, which is often associated with their sectors of specialization – raw materials. The branch network of Visegrad companies is small compared to the foreign one, which plays a significant role in the V4 labor markets and produces a significant share of production. Investment ties of the Visegrad countries have common features, while maintaining the characteristics of each of them.
33
Grabowski. "Givers or Recipients? Co-Movements between Stock Markets of CEE-3 and Developed Countries." Sustainability 11, no. 22 (November 18, 2019): 6495. http://dx.doi.org/10.3390/su11226495.
Full textAbstract:
In this paper, time-varying co-movements between the stock markets of Poland, the Czech Republic, Hungary, and the capital markets of developed countries in stable and crisis periods are studied. The parameters of the VAR-AGDCC-GARCH (Vector Autoregressive- Asymmetric Generalized Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity) model are estimated, and volatility spillovers are calculated. The evidence suggests that the level of correlation between stock return shocks of Central and Eastern European countries increased significantly in the period of financial turmoil and was high in the period of the US sub-prime crisis, as well as during the euro area sovereign debt crisis. After the announcement of the OMT (Outright Monetary Transactions) program, the evolution of the stock market indices in Central and Eastern Europe countries (CEECs) have followed different paths. An analysis of the volatility spillovers indicates that CEECs are the recipients of volatility. In the period of 2004–2019, they received much volatility—from Germany and the US, in particular. They also received much volatility from Spain during the euro area sovereign debt crisis. After 2012, volatility transmission to Poland, the Czech Republic, and Hungary dropped significantly.
34
Kogut, B. "Capital market development and mass privatization are logical contradictions: lessons from Russia and the Czech Republic." Industrial and Corporate Change 11, no. 1 (February 1, 2002): 1–37. http://dx.doi.org/10.1093/icc/11.1.1.
Full text
35
Guswardi, Rachman. "ASSET PRICE SHOCK RESPONSE TO SHOCK CAPITAL FLOW, EXCHANGE RATE AND INTEREST RATE: CASE STUDY OF 16 EMERGING MARKET COUNTRIES." Journal of Developing Economies 1, no. 2 (February 21, 2017): 14. http://dx.doi.org/10.20473/jde.v1i2.3294.
Full textAbstract:
Capital flows to developing countries and emerging markets in the world is constantly increasing. However, the crisis that occurred in 2008 and 2011 caused concern for investors. A series of policies have been carried out in several emerging market countries to take steps prudence in controlling capital flows. This study aimed to analyze the response of asset prices to the shock caused by capital inflows, interest rates and exchange rates and analyzes the contribution of shock in capital inflows, interest rates and exchange rates on asset prices in 16 emerging market countries (India, Brazil, Russia, Indonesia, Republic of South Africa, Mexico, Thailand, South Korea, Colombia, Philippines, Egypt, Hong Kong, Peru, Czech, Bangladesh, Hungary) in the year 2001-2015. The method used is quantitative method using Panel Vector Auto Regression models. The results of this study show that the first shock of positive capital inflows will affect asset prices, both that a positive shock on interest rates will affect asset prices, the third that the positive shock of the exchange rate would affect asset prices. The variables that have the biggest contribution in influencing asset prices is the exchange rate which further interest rates and the smallest is the capital inflows.
36
Wadhwa, Preeti, Marleen McCormick, and Martina Musteen. "Technological innovation among internationality active SMEs in the Czech economy." European Business Review 29, no. 2 (March 13, 2017): 164–80. http://dx.doi.org/10.1108/ebr-12-2015-0156.
Full textAbstract:
Purpose This paper aims to examine the impact of human and social capital of CEOs of internationally active small- and medium-sized enterprises (SMEs) in the Czech Republic on their firms’ approach to technological innovation. Design/methodology/approach The study sample was drawn from data collected from the population of Czech manufacturing firms. The final sample included 153 SMEs that met the criteria for inclusion in the study. The authors employed robust regression analysis to test their specific hypotheses. Findings This study found that human capital (in the form of CEOs’ professional background and foreign customer knowledge) and social capital (conceptualized as embeddedness in the international markets) of CEOs in the Czech Republic impacted their firms’ approach to technological innovation. Specifically, firms headed by CEOs with professional background in output functions (R&D and marketing) are more likely to invest in technological innovation. The same was found true for firms led by CEOs who possessed a strong knowledge of international customers and were socially embedded in international markets. Originality/value This study makes a twofold contribution to the extant literature. First, it develops and tests the theoretical link between human and social capital and technological innovation among internationally active firms. Second, it highlights factors that positively influence technological innovation in the context of a small Central European economy, a setting that has been generally viewed as unfavorable to such innovation.
37
Prorok, Vesna, and Slađana Paunović. "COINTEGRATION BETWEEN STOCK MARKET INDICES AND NOMINAL EXCHANGE RATES: EVIDENCE FROM TRANSITION COUNTRIES." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, no. 10 (December 7, 2015): 35. http://dx.doi.org/10.7251/zrefis1510035p.
Full textAbstract:
This paper analyzes the interdependence between stock market indices and exchange rates in four transition countries: Croatia, Serbia, Hungary and the Czech Republic. The analysis is based on monthly data for the nominal exchange stock market indices and nominal exchange rates over the period from March 2010 to March 2015. The main objective of this work is to determine whether the exchange rates had a significant impact on future trends in the capital markets and vice versa. Empirical analysis has shown that the series are stationary in the first differences, and using both Engle-Granger cointegration and Granger causality test it has been shown, as well, that there is neither long-run nor short-run relationship between these two variables. In other words, it means that prediction of movement of one variable cannot be based on past values of other variable
38
Beblavý, Miroslav, and Lucia Mýtna Kureková. "Into the First League: The Competitive Advantage of the Antivirus Industry in the Czech Republic and Slovakia." Competition & Change 18, no. 5 (October 2014): 421–37. http://dx.doi.org/10.1179/1024529414z.00000000069.
Full textAbstract:
The antivirus industry is the only innovation-intensive sector in which home-grown companies from Central Europe have been able to gain and retain global leadership. We review the literature on sources of national competitive advantage and evaluate the relative importance of different factors, drawing on evidence gained from semi-structured interviews with key stakeholders and existing research about the IT sector's global and regional trends. Highly-skilled, technical human capital played a crucial and positive role. Paradoxically, a lack of available foreign finance also had a positive impact by steering the best people towards a sector with smaller capital needs. Unlike other leading sectors in Central Europe, where state support and foreign capital were important, these factors were absent in this sector. This article contributes to understanding of the emergence of a home-grown, highly competitive, high-technology sector under the conditions of market transformation, liberalization and internationalization in small economies.
39
Lament, Marzanna, and Blanka Jarolímová. "Foreign capital as a determinant of the non-financial reporting development in insurance companies of the Visegrad Group countries." Investment Management and Financial Innovations 18, no. 1 (February 18, 2021): 203–14. http://dx.doi.org/10.21511/imfi.18(1).2021.17.
Full textAbstract:
Insurance companies are institutions of public trust, and this affects their corporate culture, strategies and management systems. One of the image concerns is reporting on socially responsible actions in non-financial reports. The prime objective of the research presented in this paper is to analyze the dependence between the level of non-financial reporting in the insurance market and the share of foreign capital, measured based on the market size of foreign insurance companies compared to all insurance companies, and the share of foreign insurance companies in non-financial reporting. The study concerned insurance markets in the Czech Republic, Hungary, Poland and Slovakia, and the overall market of the Visegrad Group countries. The theoretical section provides a review of the literature and applicable legislation to indicate the causes of non-financial reporting by insurance companies. Next, the correlation was used to determine the relationship between the variables studied, the regression method was applied to determine the impact of the variables studied, in particular foreign capital, on the level of non-financial reporting. A model was constructed, and the results of its estimation were analyzed. Analysis of the data demonstrated that the greater the share of foreign capital, the higher the level of non-financial reporting. The study results indicate that the share of foreign insurance companies can become a determinant in the development of non-financial reporting.
40
Pražák, Tomáš. "The Effect of Economic Factors on Performance of the Stock Market in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, no. 6 (2018): 1613–26. http://dx.doi.org/10.11118/actaun201866061613.
Full textAbstract:
History has shown that the stock prices and other financial assets are important aspects of the dynamics of economic activity. Stock prices can be an indicator of social mood and are used as a leading factor in the economic activity and financial stability. This paper investigates the relationship between selected macroeconomic and microeconomic factors and stock prices of companies listed on the Prague Stock Exchange. The portfolio theory and Capital Asset Pricing Model for specification of stock market are used. Johansen and Juselius (1990) and Hansen (1982) approaches are applied to test for causal relationship. In addition, the Vector error correction model for equilibration of a potential long‑run relationship between variables is used. Selected macroeconomic and microeconomic factors provide a statistically significant relationship on stock prices during the observed period from 2006 to 2016. However, the results differ substantially among the sectors of economic activity, the industrial production, the gros domestic product and profitability ratios in particular, can explain a long‑run behavior of stock prices.
41
Věžník, A., and L. Bartošová. "Selected regional geographical differences of the Czech Republic agriculture, after the transformation processes." Agricultural Economics (Zemědělská ekonomika) 50, No. 5 (February 24, 2012): 207–16. http://dx.doi.org/10.17221/5191-agricecon.
Full textAbstract:
Transformation of Czech agriculture led to significant changes, which were mirrored in the crystallisation of rather large territorial differences. Clear regional disproportions are a fundamental problem for the state as a whole, therefore, it is important to provide aid for the regions that lag behind in economic development by introducing sensible regional policies. This situation is still more complicated in agriculture, as this transformation to free market economy results in the unequal regional development in relation to natural environment, regional traditions and the level of rural settlement in addition to the phenomena such as price liberalisation and the flow of goods, capital and population, among other. At the moment, the principal aims of regional agricultural policies are the preservation of regional productivity, the settlement of problematic and endangered regions and the support of a balanced regional development. The primary goal of this article is to indicate some of the largest regional differentiations in the agriculture of the Czech Republic. The purpose is to give an increased consideration to the restructuring of agricultural production, the environment and the social and general economic milieu in which it is located
42
Režňáková, Mária, and Jan Pěta. "Efficiency of Mergers of Mechanical Engineering Companies in the Czech Republic." Review of Economic Perspectives 16, no. 4 (December 1, 2016): 361–74. http://dx.doi.org/10.1515/revecp-2016-0020.
Full textAbstract:
Abstract This paper presents the research results in the field of the efficiency of mergers and acquisitions in the mechanical engineering industry of the Czech Republic. The aim of this paper is to determine whether mergers taking place in mechanical engineering are successful, or possibly to identify factors which may be deemed as synergies sources. In our research, the success rate of mergers is identified on the basis of the increasing revenues and operating profit. It has been established that out of mergers completed in 2004 - 2011, success has been achieved in approximately half of them. For this reason, we have focused on identifying the factors which may serve as the reasons for such a difference. The selected indicators of the cost-to-revenue ratio and utilization of fixed assets, investments, and net working capital we analysed before and after the mergers in both groups of successful and unsuccessful mergers. The Mann-Whitney U test was used to test the results. The research results have demonstrated that synergies are not achieved due to the change in the market power of the merged companied but owing to operational efficiency which is reflected in a drop in labour costs and depreciation to revenues ratios and increasing asset utilization.
43
Dajčman, Silvo, Mejra Festić, and Alenka Kavkler. "MULTISCALE TEST OF CAPM FOR THREE CENTRAL AND EASTERN EUROPEAN STOCK MARKETS." Journal of Business Economics and Management 14, no. 1 (February 22, 2013): 54–76. http://dx.doi.org/10.3846/16111699.2011.633097.
Full textAbstract:
This paper examines the systematic risk and validity of the basic capital asset pricing model of Sharpe (1964), Lintner (1965) and Mossin (1966) in three Central and Eastern European stock markets (i.e. Slovenia, Hungary and Czech Republic). The CAPM is tested on a multiscale basis, building on the Fama and MacBeth (1973) methodology and applying two modern econometric techniques – wavelet analysis and generalized method of moments estimation. Empirical results indicate that the systematic risk and validity of CAPM implications are multiscale phenomena. Empirical evidence in support of CAPM implications in the investigated Central and Eastern European stock markets is found to be weak. The most commonly violated CAPM hypotheses are the zero Jensen's alpha condition, positive market premium, and the non-systematic influence of non-observable variables on the excess returns of stocks in these stock markets.
44
Procházková, Kateřina, and Peter Mičák. "Prevalence of Different Approaches to Remuneration in the Czech Republic." Trends Economics and Management 16, no. 40 (December 30, 2022): 59–72. http://dx.doi.org/10.13164/trends.2022.40.59.
Full textAbstract:
Purpose of the article: The presented paper analyses the application of different methods and approaches to the remuneration of senior executives in the manufacturing industry.Methodology/methods: The presented article is based on a combination of the analysis of case studies, annual reports, and primary research consisting of in-depth interviews and a questionnaire survey.Scientific aim: The paper analyses the prevalence of three different remuneration methods for senior executives. The first is the remuneration through option and stock programs, the second is the value-based approach to remuneration, and the last is the remuneration linked to traditional indicators such as company earnings. Each of these methods has advantages and disadvantages described in the paper.Findings: The limiting factor for more significant deployment of senior executives’ remuneration through option and stock programs is, above all, the low level of development of the capital market in the Czech Republic. Another analysed method of remuneration is to link it with the Economic Value Added indicator, i.e. with the so-called value-added approach to remuneration. Unfortunately, this approach is not very widespread due to the necessary complex change of accounting data. The authors’ research results suggest that the most common remuneration of senior executives is based on a traditional connection with the company’s earnings, which is often considered inappropriate and outdated nowadays.Conclusions: Our research implies that the most prevalent senior executives’ remuneration in the Czech Republic is linked to indicators that can often be described as outdated nowadays. Therefore, the paper describes the possible reasons for using these indicators.
45
Anýžová, Petra, and Petr Matějů. "Beauty still matters: The role of attractiveness in labour market outcomes." International Sociology 33, no. 3 (March 13, 2018): 269–91. http://dx.doi.org/10.1177/0268580918760431.
Full textAbstract:
The main objective of the study is threefold: first, to examine the role of attractiveness in the Czech labour market; second, to assess gender differences in returns of attractiveness; and third, to show that the positive association between attractiveness and earnings does not disappear even when cognitive skills, social background, occupational status and individual characteristics are controlled for. The study uses data from the first large-scale sociological survey focusing on attractiveness carried out in the Czech Republic. The results provide strong evidence for the hypothesis that, in general, more attractive people have a better chance of higher socioeconomic occupational status as well as higher incomes than less attractive individuals even when controlling for cognitive skills, social background, occupational status and personality. However, the analysis also shows that the relationships are different for men and women. The study finds that the income premium for attractiveness is markedly higher among prime-aged women than men. The authors conclude that there have been profound changes in the last 30–40 years in the Western world and that the importance of physical attractiveness and erotic capital has been increasing, especially for women.
46
Verwiebe, Roland, Christoph Reinprecht, Raimund Haindorfer, and Laura Wiesboeck. "How to Succeed in a Transnational Labor Market: Job Search and Wages among Hungarian, Slovak, and Czech Commuters in Austria." International Migration Review 51, no. 1 (March 2017): 251–86. http://dx.doi.org/10.1111/imre.12193.
Full textAbstract:
This paper deals with job search strategies and wages among cross-border commuters residing in the Central European Region (CENTROPE). Our main aim is to investigate the role of social networks as constitutive for job searching and for successful labor market integration. We build upon a theoretical framework developed by Aguilera and Massey, reflecting on the nexus of social networks, job search methods, and related labor market outcomes. Methodologically, we use a new quantitative survey on the employment careers of cross-border commuters residing in the regions of the Czech Republic, Slovakia, and Hungary bordering on Austria, conducted in the winter/spring of 2012/2013 (N = 2,573). Our results corroborate the hypothesis that human and social capital resources as well as labor market characteristics serve as key factors for job search and labor market integration among cross-border commuters in the CENTROPE transnational labor market.
47
Chmelíková, Gabriela. "EVA measure and ability of the firm to create shareholder wealth." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 55, no. 6 (2007): 65–74. http://dx.doi.org/10.11118/actaun200755060065.
Full textAbstract:
This paper is devoted to the possibilities of Economic Value Added index usage in the conditions of Czech food-processing industry and is trying to provide independent empirical evidence on the indicator’s qualities. The EVA proponents attach to it a superiority compared to other common performance measures. The aim of this article is to investigate the relationship between Economic Value Added, traditional performance measures (ROA and ROE) and ability of creation of shareholder wealth for food-processing firms in the Czech Republic. The way of intended comparison is not dissimilar to the main world studies, which are quoted in this paper. A critical point of the EVA’s application in the conditions of Czech economy is a lack of good quality information from capital market, which at the same time, serve as an exogenous criterion for assessing the quality of the examined measures in the mentioned studies. In the absence of quality capital market information, a criterion for assessing the information content of performance measures suitable for conditions of Czech economy is developed in this paper. This also shows how to circumvent the handicap of the available data.The intent of this article is fulfilled by providing a simple regression test of the hypothesis, that the EVA measure is more associated with improved shareholder wealth than traditional performance measures ROA and ROE. The results of regression analysis show higher quality information content of EVA indicator in the relationship to the ability of shareholder wealth creation than traditional performance measures. This fact supports the tested hypothesis as well as the conclusions of corporate finance theory, that from the theoretical point of view EVA is seen as a superior performance metric.
48
Kučerová, R. "Factors of the attractiveness of Slovak wine market and their influence on the Czech wine export to Slovakia." Agricultural Economics (Zemědělská ekonomika) 60, No. 9 (September 30, 2014): 430–39. http://dx.doi.org/10.17221/130/2013-agricecon.
Full textAbstract:
The contribution follows the development of Czech wine exports to Slovakia, depending on the development of the wine industry attractiveness in Slovakia. Wine export from the Czech Republic to Slovakia in the terms of volume and value of exports, both globally and in the division of export bulk and bottled wine, is confronted with the development of factors influencing the wine sector attractiveness in Slovakia. The Slovak wine market is a market in the phase of growth, the wine consumption per capita in 2011 reached 14.7 Lt.; the domestic production covered only 46% of the domestic consumption. The level of the industry concentration is high, the 6 largest companies produce more than 18.5 mill. Lt. of wine – 50% of the total domestic production. Wine legislation is comparable to the Czech legislation, the purchasing power of the customers shows a positive development, but the cheap table wine imports still represent more than 50% of the total domestic consumption. The opportunity for Czech exporters is the factor represented by the size and growth of the market and the legislation, too. The situation is rather more positive for the re-export of cheap wine from other countries than the direct export of Czech wine to Slovakia in case of other analyzed factors.
49
Bartková, Hana, Marcela Palochová, and Marek Pomp. "The process of economic integration and globalization in the area of financial reporting, focusing on publication of financial statements in the Czech Republic and in selected countries of the European Union." SHS Web of Conferences 92 (2021): 02004. http://dx.doi.org/10.1051/shsconf/20219202004.
Full textAbstract:
Research background: One of the most important features of the current development of the world economy is international integration, which is taking on global dimensions. Operations of transnational companies and the development of the global capital market brings the necessity of accounting harmonization. The goal of this is to ease the mutual observation, reporting, use and thus creation of a single, international accounting. Purpose of the article: The purpose of this article is to describe the current state of the process of harmonization during preparing the annual accounts in the Czech Republic and in selected countries of the European Union, with the analysis of impacts of change in the legislative framework to the obligations of entities in the area of preparation and publication of financial statements. Methods: Scientific procedures using theoretical methods were used in the paper, which include description, analysis, synthesis, comparison and evaluation, inclusive of processing and evaluation of data and information obtained from research conducted by business entities in the Czech Republic. Findings & Value added: The article analyses the impacts of the process of harmonization and globalization on the area of financial reporting and on publishing financial statements. Based on the acquired theoretical and practical knowledge, the paper suggests possible solutions to improve the informational obligations of accounting units. The paper also evaluates the achievement of compliance in the area of reporting financial statements from the perspective of the Czech Republic and selected countries of the European Union.
50
Záboj, Marek. "Position and development of the food independent trade and its prediction on Czech market." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 6 (2010): 633–40. http://dx.doi.org/10.11118/actaun201058060633.
Full textAbstract:
The paper deals with a problem of independent trade in Czech Republic which means small and medium sized retail and wholesale enterprises without capital linkage to big companies abroad. It is especially focused on Czech food sellers trying to compete against transnational companies entering and operating on Czech market. One of possibilities how to face geographically and financially strong subjects is vertical cooperation and creation trade alliances. It means joining individual small and medium sized wholesalers and retailers into one association representing all members. Main advantages of these cooperative structures are lower purchase costs due to common negotiation with suppliers and co-financing of some activities (for example promotion). It is very important to sustain the diversity of retail market because of ensuring and forming competitive environment and offering the miscellaneous forms of retail to final consumers. That is why the main goal of this paper is to find out last changes and contemporary position and structure of the food independent trade alliances with prediction of future development. It is necessary to mention the fact that data is quite difficult to gain for this purpose. There are yearbooks of Czech and Slovak trade where some important information are published namely sales of food trade alliances are used like main indicator to describe and predict their development. A suitable statistic method has to be selected to fulfil the stated goal. Time series and interlay with trend curve seem like the most suitable instrument. In case of individual trade alliances the linear or logarithmic function will be used according to course of sales.