Business companies have many kinds of products that they sell to other businesses, consumers, etc. They are a driving force of economies, especially in developing countries. The aim of this article ...is to analyse business companies in the Czech Republic using artificial neural networks and subsequently to estimate the development of this branch of the national economy. An analysis is performed to create a significant number of clusters of businesses. An analysis of the most significant clusters is also carried out. The result can be generalized and we can predict the number of companies that will be creditworthy or bankrupt in the following period. This makes it possible to estimate not only the overall growth or decline of business companies in the Czech Republic, but also to estimate the structure of the companies in terms of their size, turnover or volume of sales.
The property market has experienced a sharp increase in prices recently, which indicates a different nature of the Covid 19 downturn of the economy compared with usual economic crises. This paper ...identifies key features of the property market which may help understand why the property market performs differently from other markets. A number of factors play an important role in shaping real estate prices, some of which can and cannot be influenced. The quality of the environment is often one of the main important factors, which is also presented by air pollution values. Apart from transport, waste incineration and thermal power plants, the most common causes of air pollution include the mining industry's activities. We aim to explain why property prices do not converge across regions, but prices in expensive regions experience an even stronger price dynamics, a recent phenomenon. We argue that the price dynamics have been predominantly demand-driven in a market with an unelastic and lacking supply of new properties. The real estate market was also significantly affected by the monetary and fiscal policies of individual states. It has been found that money, which has been invested on a large scale in all sectors of the economy in order to limit the negative effects of pandemic measures, has often found its way to investing in assets of all kinds. As a result, real estate prices are rising sharply, especially in richer areas with minimal unemployment. This article aims to offer a deeper insight into the relationship between flats/house prices and variables that proved to be significantly correlated to prices in regional decomposition. Finally, we suggest ways for sustainable future development of the property market.
Research background: Covid-19 has affected the global economy and has had an inevitable impact on capital markets. In the week of February 24–28, 2020, stock markets crashed. The index FTSE 100 ...decreased 13%, while the indices DJIA and S&P 500 fell 11–12%, the biggest drop since the 2007–2008 financial and economic crisis. It is therefore of interest to test the random walk hypothesis in developed capital markets, European and also non-European, in order to understand the different predictabilities between them. Purpose of the article: The aim is to analyze capital market efficiency, in its weak form, through the stock market indices of Belgium (index BEL 20), France (index CAC 40), Germany (index DAX 30), USA (index DOW JONES), Greece (index FTSE Athex 20), Spain (index IBEX 35), Ireland (index ISEQ), Portugal (index PSI 20) and China (index SSE) for the period from December 2019 to May 2020. Methods: Panel unit root tests of Breitung (2000), Levin et al. (2002) and Hadri (2002) were used to assess the time series stationarity. The test of Clemente et al. (1998) is used to detect structural breaks. The tests for the random walk hypothesis follows the variance ratio methodology proposed by Lo and MacKinlay (1988). Findings & Value added: In general, we found mixed confirmation about the EMH (efficient market hypothesis). Taking into account the conclusions of the rank variance test, the random walk hypothesis was rejected in the case of stock indices: Dow Jones, SSE and PSI 20, partially rejected in the case indices: BEL 20, CAC 40, FTSTE Athex 20 and DEX 30, but accepted for indices: IBEX 35 and ISEQ. The results also show that prices do not fully reflect the information available and that changes in prices are not independent and identically distributed. This situation has consequences for investors, since some returns can be expected, creating opportunities for arbitrage and for abnormal returns, contrary to the assumptions of random walk and information efficiency.
Transport is one of the key sectors of the European economy. Effectiveness of transport companies depends mainly on the changes in the given environment. Transport companies differ from other types ...of companies especially in higher focus on ecology, not storing the services offered or high cost investments. The aim of each business is generally the increase of the value of the company. The objective of this contribution is thus to identify the value drivers of a transport company in the Czech Republic, provided that the value of the company is measured by means of the EVA equity indicator. The data set contains complete financial statements of 1500 transport companies in the Czech Republic for the year 2016. For each company, the EVA equity value is calculated. For the analysis, the Statistica software and the method of artificial neural networks are used. 1000 neural networks are generated, out of which 5 showing the best results are retained. In total, 12 variables are chosen that enter/play a part in the process of the company value creation. Based on the sensitivity analysis, the most important components of the variable are the financial result, consumption of material and energy and the profit on ordinary operations.
The aim of this paper is to synthesize and analyze existing evidence on Internet of Things-based decision support systems, industrial big data analytics, and autonomous production processes in ...sustainable smart manufacturing. Using and replicating data from Capgemini, Deloitte, The Economist Intelligence Unit, IoT World Today, LNS Research, Management Events, McKinsey, and Plex Systems, we performed analyses and made estimates regarding how digital transformation endeavors develop on sustainable cyber-physical production systems, representing a groundbreaking prospect for industrial plants to reconfigure their operations, as cyber-physical smart manufacturing systems self-optimize production processes by harnessing smart sensors. Descriptive statistics of compiled data from the completed surveys were calculated when appropriate.
Research background: In creative accounting, the primary goal of every enterprise is to increase and strengthen its market position. Over the years, manipulation of financial statements has also ...reached the territory of Central European countries, including the Slovak Republic. Therefore, an analysis was conducted to identify enterprises that handle accounting. This article focuses specifically on Sector A: agriculture, forestry, and fisheries. Purpose of the article: The aim of the article was to reveal the creative accounting practices of a sample of enterprises operating in the Slovak business environment in a sector using the Beneish model. Methods: The Beneish model was used to calculate the manipulation of enterprises? financial statements. Both variants, that is, the 5-parameter model and 8-parameter model, were used for the calculation. The results of these models were plotted using graphs and receiver operating characteristic (ROC) curves. Findings & value added: Based on the use of both variants of the Beneish model, it was proven that enterprises in the analyzed sector use the possibility of manipulating financial statements. The added value of the article is the detection of the use of creative accounting in a specific sector, which makes the study original in its application and space-time orientation.
Actual paid cost of equity in construction Krulický, Tomáš; Machová, Veronika; Dvorák, Ondřej
Entrepreneurship and Sustainability Issues,
09/2022, Letnik:
10, Številka:
1
Journal Article
Recenzirano
Odprti dostop
The value of the cost of equity capital is very important, both for all businesses and for investors, as it expresses the return on invested funds and is one of the most important factors in ...decision-making. The aim of the article is to determine the value of the actual paid costs of equity capital in the construction industry in 2016-2019. The used data from the Cribis / Albertina databases were processed using changes in the undistributed economic result of previous years and the economic result of the current accounting period. The results found show that the average cost of equity in the years 2016 - 2019 ranges from 29.35 % - 37.81 % and the median values range from 16.43 % - 24.24 %. The benefit of the presented results is primarily seen in their possibility of subsequent prediction of future costs of equity capital. A limitation of the research may be in the data used, for which it is appropriate when it is the most recent.
The dividend policy presents an important tool to decide whether to pay or with hold the earning. The resolute information about purchasing shares and subsequent dividends show the future prosperity ...of the company and its position on the market. The article aims at analysing the development of the payout ratio estimated from the current dividend policy of ČEZ Company. CEZ is one of the most important suppliers and producers of electricity in the Czech Republic. The majority owner of the company is the Czech state. It can be stated that the area of operation does not only cover the Czech market, because ČEZ company also operates in other countries, mainly in Central Europe. For this reason, it is very interesting to watch the development of this power giant in terms his dominant role in a small and open economy such as the Czech Republic. The data extraction from company annual reports of 2008-2018 allows the correlation analysis to collect and interpret data on the payout ratio adequacy, examining the actual state of the company, earning distribution and corporate expectations from the market. The earning has a visibly positive impact on the payout ratio. The article offers advice for the organization changes to generalize achieved results, subsequently passing on advice for the whole segment.
The paper deals with intangible assets - the goodwill of a company and its valuation using the Weighted Average Return on Assets (WARA) method. The paper aims to determine the value of goodwill of an ...average enterprise in the Transport and Storage sector in the Czech Republic for the period 2016-2020 and then to consider the use and benefits of the WARA method. The data are obtained from the Cribis database of Crif - Czech Credit Bureau, s.r.o. for the period 2016 - 2020; for the paper, an average enterprise in the selected sector was selected, from which the individual items of the financial statements were defined for the preparation of the balance sheet and profit and loss statement. The difference between the income valuation of the company using the net income capitalisation method and the equity valuation was used to calculate the goodwill of the average company, which was then modified using the WARA method. The resulting goodwill value of the average enterprise in the order of hundreds of millions, on the one hand, indicates a long-standing and prosperous enterprise with a sound business name, providing quality services; on the other hand, with such a high value, a possible error in the data can be considered, as the vast data sample provided was difficult to analyse by averaging the data to define the average enterprise in the sector. Further research could be directed again towards the valuation of goodwill by the WARA method, as this research field needs to be strengthened.
This article reviews and advances existing literature concerning the power of human–machine collaboration. Using and replicating data from Accenture, BBC, CellStrat, eMarketer, Frontier Economics, ...MIT Research Report, Morar Consulting, PwC, and Squiz, we performed analyses and made estimates regarding the impact of artificial intelligence (AI) on industry growth: real annual GVA growth by 2035 (%), how AI could change the job market: estimated net job creation by industry sector (2017–2037), reasons given by global companies for AI adoption, and leading advantages of AI for international organizations.
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