scholarly journals Problematic aspects of the economic value added measure in environment of the Czech Republic

2010 ◽  
Vol 58 (6) ◽  
pp. 59-66 ◽  
Author(s):  
Michaela Beranová ◽  
Marcela Basovníková ◽  
Dana Martinovičová
Keyword(s):  
Economic Value ◽  
Accounting Standards ◽  
Value Added ◽  
Economic Value Added ◽  
Economic Data ◽  
Recent Past ◽  
Accounting Data ◽  
The Czech Republic ◽  
Pros And Cons ◽  
Ideal Number

The EVA indicator has been constructed in the recent past as a reaction to requirements of the new economic environment. As the EVA indicator has been introduced by Stewart Stern & Co. in the early nineties, past two decades many economists have been discussing the pros and cons of EVA application as well as various adjustments needed to calculate some relevant result. A range of attitudes to the adjustments to accounting data towards economic data exist there. As the indicator of economic value added is considered to be a criterion of company’s real economic performance it is necessary to be very careful at applying encouraged adjustments. In this article, the authors compare and discuss these adjustments advised in order to reach some ideal number. Accounting differences of US GAAP, IFRS and Czech Accounting Standards are taken into consideration.

scholarly journals Business performance assessment of small and medium-sized enterprises: Evidence from the Czech Republic

2021 ◽  
Vol 19 (3) ◽  
pp. 430-439
Author(s):  
Vojtech Stehel ◽  
Jakub Horak ◽  
Tomas Krulicky
Keyword(s):  
Performance Assessment ◽  
Business Performance ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
The Czech Republic ◽  
Economic Result ◽  
Risk Free Rate ◽  
The Given ◽  
Free Rate

Business performance assessment is one of the basic tasks of management. Business performance can be assessed using a number of methods. The basic ones include financial analysis, Balanced Scorecard or Economic Value Added (EVA). The paper is focused on SME business performance assessment based on Economic Value Added, calculated using the INFA build-up model. According to this method, companies were divided into four categories. The first category included companies with a positive EVA value. The second category included companies with negative EVA, but with the economic result above the risk-free rate. The third category included companies with a positive economic result above the risk-free rate. The fourth category included companies with a negative economic result. The model did not include companies with negative equity. The input represented 15 predictors based on their financial statements. The data were normalized and all extreme values, likely caused by a data rewriting error, were removed. Company performance is visualized by comparing Principal Component Analysis and Kohonen neural networks. Compared to similar research, the methods are compared using the data that analyzes the performance of companies. Both methods made it possible to visualize the given task. With regard to the purpose of facilitating the interpretation of the results, for the given case, the use of PC seems to be more appropriate. AcknowledgmentThis study has been supported by the Technology Agency of the Czech Republic under project No TL01000349.

scholarly journals Credit Absorption Capacity of Businesses in the Construction Sector of the Czech Republic—Analysis Based on the Difference in Values of EVA Entity and EVA Equity

2020 ◽  
Vol 12 (21) ◽  
pp. 9078
Author(s):  
Jakub Horak ◽  
Petr Suler ◽  
Jaroslav Kollmann ◽  
Jan Marecek
Keyword(s):  
Czech Republic ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Absorption Capacity ◽  
Economic Value Added ◽  
Investment Climate ◽  
Construction Sector ◽  
The Czech Republic ◽  
The Difference

The contribution deals with the economic value added and its influence on credit absorption capacity. The aim was to determine the significance of the difference between the economic value added (EVA) entity and EVA equity indicators on credit absorption by the construction sector in the Czech Republic. The data came from the Albertina database of Bisnode Czech Republic for the period 2012–2018; small and medium-sized enterprises, in particular, were selected. The most important factor for calculating the amount of credit absorption depends on the EVA entity indicator and the weighted average cost of capital. The calculations produced negative values for credit absorption, which reflects an unattractive investment climate for business owners and their creditors. In other words, loans sought by enterprises in the Czech construction sector do not lead to a greater degree of realization of their goals, i.e., an increase in value for shareholders.

scholarly journals Analysis of competitiveness and economic profit of the confectionary sector in Kazakhstan and its comparison with Czech Republic data

2021 ◽  
pp. 1-30
Author(s):  
Petr Hájek ◽  
Eva Kaňková ◽  
Gulnar Zhunissova
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Food Industry ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Z Score ◽  
The Czech Republic ◽  
Economic Profit ◽  
Communist Countries

Measuring competitiveness in post-communist countries in Central Asia is challenging. Many well-known metrics fail to warn bankruptcy risks sufficiently early or at all. This study uses metrics of the Altman z-score, Taffler z-score, IN99, IN01, IN05, and creditworthiness models to assess bankruptcy likelihood and financial performance of local and foreign confectionery companies operating in Kazakhstan during 2007-2018. These companies are Roshen, KDV Yaskino, Konti, Rakhat, and Bayan Sulu. The IN bankruptcy and creditworthiness models are considered in this study because they are found to be more appropriate for post-communist countries. Compared to the well known Altman or Taffler z-score models, they better suit the events and corporate situations peculiar to these countries. The benchmarking INFA system, involving a pyramidal approach developed for Czech companies, provides the economic-value-added (EVA) and component indicators to analyze competitiveness. This study also compares the performance of Kazakhstan companies with Nestlé Czechia and the Czech food industry. The objective is to analyze company competitiveness, bankruptcy probability, and ability to create value. Results show the effectiveness of INFA in analyzing competitiveness and the applicability of IN models to companies from Kazakhstan, Russia, Ukraine, and the Czech Republic.

scholarly journals The Impact of Economic Value Added, Market Value Added and Traditional Accounting Measures on Shareholders’ Value: Evidence from Jordanian Commercial Banks

2018 ◽  
Vol 10 (10) ◽  
pp. 40 ◽  
Author(s):  
Hanan Ali Al-Awawdeh ◽  
Sa’ad Abdul Kareem Al-Sakini
Keyword(s):  
Commercial Banks ◽  
Economic Value ◽  
Accounting Standards ◽  
Value Added ◽  
Market Value ◽  
Rate Of Return ◽  
Economic Value Added ◽  
Return On Assets ◽  
Market Value Added ◽  
The Impact

The purpose of this is study is to test the impact of economic value added, market value added and traditional accounting measures on the shareholders’ value in the Jordanian commercial banks, based on a sample of 13 banks during the period 2010-2016. The study used the shareholders’ value as a dependent variable, while five independent variables were used, including Economic Value Added (EVA), Market value added (MVA), and three traditional accounting measures, namely; the rate of return on assets (ROA), rate of return on equity (ROE), and the Earning per share (EPS). The study found, by using the common regression analysis, that the rate of return on assets (ROA) and the economic value added (EVA) had a positive and statistically significant effect on maximizing the shareholders’ value, while the rest of the traditional accounting standards or the market added value had no any significant impact on shareholder’ value. The study concluded that traditional accounting standards are still constitute an important input for assessing shares, and maximizing the shareholders’ value along with modern performance assessment measures, especially economic value added. The study recommended that the performance assessment of banks should be based on two criteria: the rate of return on assets and the economic value added.

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

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