scholarly journals The use of neural networks to determine value based drivers for SMEs operating in the rural areas of the Czech Republic

2020 ◽  
Vol 11 (2) ◽  
pp. 325-346 ◽  
Author(s):  
Jaromír Vrbka
Keyword(s):  
Neural Networks ◽  
Czech Republic ◽  
Rural Areas ◽  
Economic Value ◽  
Value Added ◽  
Value Drivers ◽  
Data Set ◽  
The Czech Republic ◽  
The Difference ◽  
A Company

Research background: In the past, the main objective of a company was to generate sufficient profit. Nowadays, a company must seek to achieve much broader objectives. To be successful in this pursuit, it must not only measure financial performance, but also monitor internal and external developments, increase shareholders’ wealth and protect the interests of other stakeholders, i.e. to analyze and act on those factors that affect company value. Purpose of the article: The objective of the contribution is to determine through the use of artificial neural networks the relationship between business value drivers, or value based drivers (VBD), and EVA Equity, which is economic value added (EVA), of small and medium-sized enterprises operating in the rural areas of the Czech Republic. Methods: The data was obtained from the Bisnode´s Albertina database. The data set consists of the profit and loss accounts for 2013 to 2017 of small and medium-sized enterprises operating in rural areas of the Czech Republic. Two scenarios are analyzed. In the first, the independent variables are only the value drivers, whereas in the second, company location (region) is included. The objective is to find the dependence of EVA Equity on individual VBD and company location. A sensitivity analysis is conducted, on the basis of which the importance of individual value drivers and company location is determined. Findings & Value added: The output is a set of value drivers, which could be used by company managers to regulate the growth of EVA Equity, i.e. value for shareholders. The findings reveal that the difference between successful and unsuccessful companies is determined by the level of involvement of human capital; companies use a large number of substitutes for factors of production, whereby the involvement of borrowed capital is likely to cause a positive financial leverage effect.

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 The application of Kohonen networks for identification of leaders in the trade sector in Czechia

Equilibrium ◽  
2019 ◽  
Vol 14 (4) ◽  
pp. 739-761 ◽  
Author(s):  
Jaromír Vrbka ◽  
Elvira Nica ◽  
Ivana Podhorská
Keyword(s):  
Neural Networks ◽  
Cluster Analysis ◽  
Czech Republic ◽  
Value Added ◽  
Financial Statements ◽  
Data Set ◽  
The Czech Republic ◽  
Return On Equity ◽  
Kohonen Networks ◽  
Trade Sector

Research background: The trade sector is considered to be the power of economy, in developing countries in particular. With regard to the Czech Republic, this field of the national economy constitutes the second most significant employer and, at the same time, the second most significant contributor to GNP. Apart from traditional methods of business analyzing and identifying leaders, artificial neural networks are widely used. These networks have become more popular in the field of economy, although their potential has yet to be fully exploited. Purpose of the article: The aim of this article is to analyze the trade sector in the Czech Republic using Kohonen networks and to identify the leaders in this field. Methods: The data set consists of complete financial statements of 11,604 enterprises that engaged in trade activities in the Czech Republic in 2016. The data set is subjected to cluster analysis using Kohonen networks. Individual clusters are subjected to the analysis of absolute indicators and return on equity which, apart from other, shows a special attraction of individual clusters to potential investors. Average and absolute quantities of individual clusters are also analyzed, which means that the most successful clusters of enterprises in the trade sector are indicated. Findings & Value added: The results show that a relatively small group of enter-prises enormously influences the development of the trade sector, including the whole economy. The results of analyzing 319 enterprises showed that it is possible to predict the future development of the trade sector. Nevertheless, it is also evident that the trade sector did not go well in 2016, which means that investments of owners are minimal.

scholarly journals Bioeconomy in the National Forest Strategy: A Comparison Study in Germany and the Czech Republic

Forests ◽  
2020 ◽  
Vol 11 (6) ◽  
pp. 608 ◽  
Author(s):  
Ratna Chrismiari Purwestri ◽  
Miroslav Hájek ◽  
Miroslava Šodková ◽  
Mathy Sane ◽  
Jan Kašpar
Keyword(s):  
Czech Republic ◽  
Rural Areas ◽  
Forest Policy ◽  
Forest Biomass ◽  
Value Added ◽  
Adoption Process ◽  
National Forest ◽  
Comparison Study ◽  
The Czech Republic ◽  
European Forest

Background and Objectives: Forest-based bioeconomies have been adopted as the national forest strategies in many European countries. However, in the Czech Republic, the bioeconomy has not been officially included in national policies. The main objective of the paper was to review the current forest policy in the Czech Republic in meeting the purposes of the European forest-based bioeconomy. To better understand the opportunities and shortcomings of the forest strategy and the implementation of a forest-based bioeconomy in the country, a comparison study in the Czech Republic and Germany was also carried out. Methods: A review of the forest strategies was done based on the following research questions: (1) How are the bioeconomy principles and priorities present in the Czech National Forest Programme (NFP) as reflected in the EU Forest Strategy, and how does the Czech forest strategy compare to that in Germany? (2) What is the situation concerning the national wood production and consumption to understand the opportunities and challenges of the bioeconomy implementation in the studied countries? Results: The Czech NFP was approved following the pan-European process for the protection of forests in Europe; therefore, it does not directly reflect the 2012 bioeconomy principles, although most of these approaches have been included in this strategy. Different national measures in two studied countries were revealed to achieve the objectives of the forest bioeconomy. The primary contribution from the Czech forestry to the bioeconomy is sustainable forest-based products. A forest bioeconomy is also targeted at mitigating climate change by providing forest biomass for bioenergy. Conclusions: The Czech Republic is in the midst of the adoption process of the bioeconomy strategy. The main challenges faced by the forest-based sector in the country is to fulfil the demand for sustainable forest biomass and high value-added products. Multisectoral collaboration, business diversification, and education for public consumers are needed to increase the growth and job opportunities of the bioeconomy sector in rural areas.

scholarly journals Performance factors of Czech brewing industry companies

2013 ◽  
Vol 61 (2) ◽  
pp. 353-365
Author(s):  
Gabriela Chmelíková
Keyword(s):  
Balanced Scorecard ◽  
Economic Value ◽  
Value Added ◽  
Brewing Industry ◽  
Value Drivers ◽  
Comprehensive Overview ◽  
Significance Level ◽  
Performance Factors ◽  
The Difference ◽  
And Performance

The aim of this paper is to identify and subsequently quantify the intensity of relation between selected value drivers of Czech brewing industry companies and thus answer the question of what the significance level of partial indicators influencing the economic value added in the Czech brewing industry is. The aim was achieved by construction and application of multifactorial model for value generators explanation, which represents a synthesis of the INFA model and performance system Balanced Scorecard. The features typical for the first part of the model are algorithmized relations and financial character of the elements, while in the second with non-financial elements the ability of algorithmization is lost and the connection are defined solely on the basis of causality. This inconsistency also implied the difference in the character of analysis results. The proposed model made it possible to identify the most significant generators of value in the Czech brewing industry and it thus became an important guideline for brewery management. The results of the analysis offer a comprehensive overview of the most important value generators and thus enable the company managers to attain the goals of the owners more effectively.

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 Dependence of the CZK Exchange Rate on the Development of the GDP in the Czech Republic in the Conditions of an Expected Crisis

2021 ◽  
Vol 92 ◽  
pp. 08013
Author(s):  
Veronika Machová ◽  
Tomáš Krulický
Keyword(s):  
Neural Networks ◽  
Exchange Rate ◽  
Czech Republic ◽  
Value Added ◽  
The Czech Republic ◽  
The Past ◽  
Currency Exchange ◽  
Currency Exchange Rate ◽  
The World ◽  
Rate Development

Research background: In the past, some studies proved that the development of a currency exchange rate predicts the development of the whole national economy. The monetary market overtakes the development of the actual economy for a few months. Does this apply also in the case of the Czech koruna, in the era of the global Coronavirus pandemics and in the world affected by the pandemics? Purpose of the article: The main objective is to analyze a dependence of the Czech koruna (CZK) to Euro (EUR) exchange rate development on gross domestic product of the Czech Republic in the conditions of an expected crisis. Methods: The data used of the analysis are represented by the information about the CZK and EUR exchange rate from the beginning of 1999 to the 15th June 2020 and by the quarterly development of the Czech GDP. To measure the dependence and predict the development of the GDP based on the CZK exchange rate development, the method of AI is used, namely the regression analysis using the artificial neural networks. Findings & Value added: The effect of EUR/CZK on GDP can be quantified reaching around 31%. It is assumed that the GDP will fall significantly in 2020 with a certain growth only being possibly expected in 2021 (even more significantly in the second quarter of 2021). Due to the GDP development, the development of the EUR/CZK could then be forecasted as well.

scholarly journals Ecological and economic multicriteria optimization of operating alternative propulsion vehicles within the city of Ostrava in the Czech Republic

Equilibrium ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. 907-943
Author(s):  
Kamila Janovská ◽  
Iveta Vozňáková ◽  
Petr Besta ◽  
Marek Šafránek
Keyword(s):  
Czech Republic ◽  
Public Transport ◽  
Value Added ◽  
Evaluation Procedure ◽  
Data Set ◽  
The Czech Republic ◽  
Advantages And Disadvantages ◽  
Multi Criteria Evaluation ◽  
Depth Analysis ◽  
The City

Research background: Individual car transport significantly burdens the environment, especially in the centres of large cities. There is pollution, traffic jams and an increase in overall noise. In the area of passenger car transport, legislation is being significantly tightened. Therefore, there are also increasing demands on public transport operators in the Czech Republic. Previously, most of the fleet consisted of diesel vehicles. These have been gradually replaced by drives that are significantly more environmentally friendly, such as the Compressed natural gas drive. The requirements defined in relation to the reduction of vehicle emissions are increasingly stricter. A number of cities, not only within the European Union, are addressing significant issues concerning the future of public transport. Purpose of the article: The main objective of the article is to demonstrate an in-depth analysis of the operation of transport vehicles in the Statutory City of Ostrava, both from the cost and environmental point of view. The comparison of transport means using CNG, electric and diesel propulsion is made. Specific factors such as the route profile or the environmental impact of the mode of transport are also taken into account. The extent of the data processed and the multidimensional nature of the assessment offer a unique analysis of the problem. The article provides an exact view of the advantages and disadvantages of operating specific means of transport. Everything is based on data on transport operations in the city of Ostrava (the Czech Republic, EU). Methods: The comprehensive evaluation is based on the application of methods from the field of financial accounting, evaluation of measured data from the operation of transport means and, last but not least, on the analysis of empirical data from the given area. The analysed data set is unique due to the time period, as is the multi-criteria evaluation methodology.  Findings & value added: The analysis performed demonstrated the economic viability of operating CNG vehicles. The main added value of the article is the unique multi-criteria evaluation procedure for the vehicles. The paper shows the evaluation of a complex decision problem in the transport field in the form of a case study implemented in the city of Ostrava. The evaluation results then consider both cost and environmental factors, which can be described as a comprehensive and highly innovative approach. The defined assessment can then be applied to other European and world metropolises.

scholarly journals Assigning a Value to Volunteering in Requests for Proposals

SAGE Open ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 215824402110095
Author(s):  
Jakub Dostál
Keyword(s):  
Czech Republic ◽  
Theoretical Basis ◽  
Economic Value ◽  
European Economic Area ◽  
The Czech Republic ◽  
A Value ◽  
Economic Area ◽  
Different Types ◽  
The Relationship ◽  
Volunteer Time

The economic value of volunteering is an increasingly important part of volunteering management. It has become part of public policies. Some requests for proposals (RFP) enable nonprofits to include the value of volunteer time in compulsory co-financing. These RFP include the European Economic Area (EEA) Grants and Norway Grants. This article addresses the relationship in the value of volunteering, also called in-kind volunteering contributions. The research includes two case studies of finances from EEA and Norway Grants in the Czech Republic: the Czech NGO Programme, responsible for allocating grants between 2009 and 2014, and the Active Citizens Fund, responsible for allocating grants between 2014 and 2021. They share elements through the EEA and Norway Grants rules. However, they use different types of specialist replacement wages. The article summarizes the arguments for including in-kind volunteering contributions. It presents the possible values of these contributions in the selected cases, including the relationship between the type of volunteering and the number of hours necessary to achieve these values. The article defines the theoretical basis for calculating the value of in-kind volunteer contributions and illustrates this with real examples of allocations from EEA and Norway Grants.

scholarly journals Analysis of the development of the economic account for agriculture of the Czech Republic

2012 ◽  
Vol 52 (No. 5) ◽  
pp. 205-208
Author(s):  
J. Klíma ◽  
M. Palát Sn
Keyword(s):  
Czech Republic ◽  
Statistical Analysis ◽  
Value Added ◽  
Plant Production ◽  
Reference Period ◽  
The Czech Republic ◽  
Agricultural Industry ◽  
Increasing Trend ◽  
Production Output ◽  
Net Value Added

The paper is focused on assessing the development of the economic account for agriculture of the Czech Republic in the selected reference period 1998–2003. There were evaluated effects of the particular types of the economic accounts. Methods of regression and correlation analysis and development trends were used for the mathematical-statistical analysis. The plant production output similarly as the output of agricultural industry show an increasing tendency since the period under investigation reaching a peak about 2001 and in next years decreasing in difference to the gross value added at basic prices and the net value added at basic prices which shows an increasing trend throughout the period. Both animal output and the agricultural services output show a decreasing trend reaching a minimum about 2002. 

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