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NON-INSTITUTIONAL PRIVATE EQUITY AS INVESTMENTS IN START-UPS AND EXPANSION-STAGE ENTERPRISES
Skalická, Martina ; Dostál, Petr (referee) ; Kožená, Marcela (referee) ; Živělová, Iva (referee) ; Zinecker, Marek (advisor)
This Ph.D. thesis examines characteristics of Business Angel investors in the Czech Republic and their attitudes to evaluation of investment projects. The research is based on primary data obtained by interviewing active Business Angel investors operating in the Czech Republic. The characteristics of Business Angel investors and their attitudes in investment decision making and subsequent monitoring of investments are analysed. Business Angel investors were also asked how they perceive external environment. The topics and questions listed in the interviews result from a systematic literature review. Based on the results of the interviews, an elimination model was developed to capture the preferences of individual Business Angel investors. The model represents a tool supporting entrepreneurs while determining the probability that their project will not be rejected without a deeper examination. Therefore, the model supports entrepreneurs to set the parameters of their projects to increase the likelihood that a Business Angel investor will undergo a detailed due diligence process.
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Creative Accounting in Small and Micro Companies in the Czech Republic
Zemánková, Lenka ; Kocmanová, Alena (referee) ; Schillerová, Alena (referee) ; Živělová, Iva (referee) ; Fedorová, Anna (advisor)
The dissertation deals with the issue of creative accounting of small and micro companies in the Czech Republic. Creative accounting is a phenomenon that gained importance in the 21st century after publicizing of a number of accounting scandals. In the context of economic crisis and budget deficit, the phenomenon of creative accounting, in particular the prevention and detection of financial manipulation, is a topical issue which draws attention of experts specialized in economics as well as of entire countries including the Czech Republic. The research focus on small and micro companies stems from the undeniable importance of this segment for the performance of the economy of the entire country. This dissertation provides a comprehensive view of the issue of creative accounting in terms of theoretical approaches as well as its practical application. Primary research is based on an analysis of the phenomenological paradigm, i.e. it focuses on the understanding of human behaviour on the basis of a reference framework of research participants. The main aim of primary research is to discover the motives, techniques, perception of risk and consequences of creative accounting in the Czech Republic. The main research method used in the research is a case study based on a comparison of four business entities. The consequences of creative accounting are illustrated on a critical case. The main limitation of the dissertation rests in the impossibility of examining a large sample. The research revealed some findings that are contributive in particular to practice in the area of prevention and detection of creative accounting. The research provides findings usable by supervisory bodies to improve detection of creative accounting, and thus to increase the perceived risks. Another contribution of the dissertation is a suggestion of several possible alterations of legislation which will help reduce existing opportunities of creative accounting in relation to the motives to carry out creative accounting. Assistance in directing further research into the issue of creative accounting may also be considered important, in particular for the theory.
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Cost of Equity as a Measuring Instrument of Risks during the Corporate Life Cycle
Konečný, Zdeněk ; Bartoš, Vojtěch (referee) ; Duspiva, Pavel (referee) ; Živělová, Iva (referee) ; Zinecker, Marek (advisor)
In this doctoral thesis is suggested the methodics for determination the risk structure depending on the corporate life cycle with considering the sector sensitivity to the economic cycle. The share of the operational and financial risk is calculated using the beta coefficient, in which the selected measuring quantities are included. The phases of the corporate life cycle are identified according to the quadrants of the Boston matrix and the sector sensitivity to the economic cycle is determined using the Spearman´s rank correlation coefficient describing the relation between the gross domestic product and sales of the sector. The methodics is applicable for both managers and investors.
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Business models’ dynamics through implementation of circular economy strategies
Krmela, Aleš ; Kožená, Marcela (referee) ; Váchal, Jan (referee) ; Živělová, Iva (referee) ; Šimberová, Iveta (advisor)
The presented dissertation examines the dynamics of changes in business logic and business models’ architecture associated with the implementation of sustainability related activities, specifically circular economy strategies, with a focus on reducing the amount of unused waste. Business models, being abstract concepts of the business logic, are made up of dynamically changing elements of value proposition, creation, delivery, capture and communication of value created. Businesses are motivated by pressures in society, as well as in their immediate ecosystem, to actively implement circular economy principles and strategies into their business models. The dissertation conceptually captures the issue of business models’ dynamics – what are business models’ dynamics, how are they defined, what possible forms do they take. It explicitly extends the concept of business model for circular economy with a key element value communication. In the application part it analyses, drawing mainly on case studies and quantitative analyses, the evolution of business models’ adaptation related to the implementation of circular economy strategies by companies operating in manufacturing industries, and impact of the strategies on business models. It studies the adaptation of the business models from the temporal and the content point of view. It studies the dynamics of the relations among the elements of business models. The theoretical framework of the dissertation is the Attention Based View Theory, as well as the Legitimacy Theory. The key output of the dissertation is the proposal of a methodology for determining business models’ dynamics through the implementation of selected circular economy strategies. It proposes a business model dynamics index IOMDRi. The methodology allows to quantitatively determine the business models elements’ structure, to quantitatively determine the implemented circular economy strategies, as well as to compare the impact of selected circular economy strategies on the business model and its elements – on a company level, among the companies in a particular industry, and among the industries. A mixed qualitative-quantitative research strategy is applied, using mainly case studies and observations carried out in a selected European manufacturing sector of decorative and information systems (DIS), quantitative content analyses and questionnaire-based surveys.
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Measuring of Corporate Environmental, Social, Economic and Corporate Governance Performance
Pavláková Dočekalová, Marie ; Dostál, Petr (referee) ; Paseková, Marie (referee) ; Živělová, Iva (referee) ; Kocmanová, Alena (advisor)
The aim of the doctoral thesis is to design and verify a model measuring complex corporate performance integrating environmental, social, economic and Corporate Governance performance in a selected sector of CZ – NACE. The model was constructed in six steps. A basic set of key performance indicators was designed by a synthesis of findings from preliminary research and analysis of approaches of international institutions that deal with the issue of corporate sustainability. Through a questionnaire survey a relevance of a proposed basic set of key performance indicators was verified. Key performance indicators were verified on a group of companies which have more than 250 employees and belong to a CZ – NACE 27.1 Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus. Subsequently, a reduction of a number of key performance indicators was done by statistical methods so that the explanatory power of the model has been retained as much as possible. In order to model reflect a reality, weights that express an influence of key performance indicators on corporate performance and sustainability were assigned to key performance indicators. Through a literature research a benchmarks for a reduced set of key performance indicators were determined in order to quantify a performance gap. Key performance indicators were aggregated into a single aggregate indicator measuring complex corporate performance by an additive method.
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Internal and external factors influencing the cost of equity capital
Mokhova, Natalia ; Kožená, Marcela (referee) ; Živělová, Iva (referee) ; Lace, Natalja (referee) ; Zinecker, Marek (advisor)
Náklady vlastního kapitálu, jež jsou ovlivňovány řadou interních a externích činitelů, významným faktorem ovlivňujícím rozhodovací procesy v podnikové sféře. Cílem této disertační práce je na základě primárních a sekundárních dat formulovat původní metodiku řízení nákladů vlastního kapitálu. Zdrojem sekundárních dat je rozsáhlá literární rešerše zahrnující zahraniční a tuzemské vědecké studie a databáze. Primární data, na základě nichž byl zkoumán vztah mezi teoretickými přístupy řízení nákladů vlastního kapitálu a podnikovou praxí, byla získána formou dotazníkového šetření od finančních manažerů působících v podnicích se sídlem na území ČR. Data byla zpracována s využitím statistických metod. Výsledky disertační práce přispívají k hlubšímu porozumění vztahu mezi náklady vlastního kapitálu a jejich determinantů a odhalují rozdíly mezi teorií a manažerskou praxí. Navrhovaná metodika řízení nákladů vlastního kapitálu je určená k použití v podnikové praxi a lze předpokládat její další rozvíjení v rámci navazujících výzkumných aktivit.
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Identification of Value Determinants of the Mechanical Engineering Enterprises in the Czech Republic
Strnadová, Michala ; Hrvolová, Božena (referee) ; Koráb, Vojtěch (referee) ; Živělová, Iva (referee) ; Režňáková, Mária (advisor)
This doctoral thesis is focused on value based management. The basic principle of value based management states that the main object in an organization is value enhancement. Within an organization the concept of value based management connects activities and people participating in business processes to maintain that the resources the owners put into the business are evaluated. The essential task of value based management is to find and identify factors which contribute increasing performance and creating the value of a company, known as value drivers. The purpose of this thesis is to identify the factors which by significant amount affect the value of the mechanical engineering enterprises in the Czech Republic. In the first part of the thesis an analysis of current academic knowledge in area of value drivers is made. The base of the analysis is created by foreign resources because there is only limited amount of information in domestic literature. Besides the determination of value approach and its benefits attention is mainly paid to organizing results from value generators area. Findings of secondary resources analysis are used for own research problem. The second part of the thesis includes determination of the main objects and the research problem as well as formulation of the research questions and tested hypotheses. The third part is focused on describing methods which were used in the thesis. In the thesis was applied logical (induction – deduction, analysis – synthesis, generalization – concretaization) and empirical methods (comparsion method, quantitative research methods). Primary data was collected by using a questionnaire. Obtained data was analyzed using logarithmic decomposition of the return on equity, Boosted Trees and descriptive statistics (for example measures of location, measures of variability) and more statistical methods for analysis of statistical hypothesis (Kolmogorov-Smirnov test, Lilliefors test for normality, F-test, Student’s t-test, Chi-squared test, Fisher’s exact test, Spearman’s rank correlation coefficient). In the fourth part of the thesis the branch of manufacturing industry is characterized and the identification of performance factors is accomplished applying logarithmic decomposition of the return on equity. The other subjects of research were companies in a branch called “Manufacturing of machines and devices”. The fifth part of the thesis includes summary of findings of the prime research and its discussion. Primary data was obtained by a questionnaire survey and completed with accounting information of respondents. The findings of the research show that main determinants affecting the value of engineering companies in the Czech Republic are return on assets, profit margin, consumption, sales profitability, personnel costs and value added. The qualitative value drivers are good reputation, human resources (employees) and its characteristics, business and flexibility, performance and productivity, assets, competency responsible staff, attentiveness to requirement of customers, innovation and quality.
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Novel business models based on sustainable multiple customer value creation
Kita, Peter ; Kožená, Marcela (referee) ; Strážovská, Lubomíra (referee) ; Živělová, Iva (referee) ; Šimberová, Iveta (advisor)
The dissertation deals with the issue of novel business models based on sustainable multiple customer value creation. The issue is evaluated from the perspective of novel approaches to business models integrating environmental, social, and economic value into corporate activities. The dissertation’s objective is creating novel business model concepts based on sustainable multiple value creation for the Czech chemical industry, namely category CZ_NACE 20.1. Primary and secondary research was conducted in the making of dissertation. Research results are presented as partial conculussions describing individual areas, as well as a general conclussion. For easier interpretation of results, the disseratation emphasizes visual interpretations of provided novel business model ceoncepts. The conclussion provides contributions for theory and research, practictioners and teaching practice.
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Synergies of Mergers Identification in Mechanical Engineering Companies
Pěta, Jan ; Hrvolová, Božena (referee) ; Sedláček, Jaroslav (referee) ; Živělová, Iva (referee) ; Režňáková, Mária (advisor)
The dissertation deals with different approaches to determining the value of synergies of companies implementing mergers in the mechanical engineering industry in the Czech Republic. This topic was chosen because of the high number of mergers, as well as the failure to achieve the effects planned. As a result, the consequence of such transactions is not the expected value growth for the owners. In the theoretical part of the thesis, mergers are defined from a legal point of view, and the historical development in the studied area is described. Based on the results of previous research, the systematization of the motives of mergers was carried out. The most common reason is the planned economic benefits in the form of cost savings or revenue growth. This part also describes the merger efficiency evaluation procedures used in previous research. Two approaches were identified, the first based on financial analysis indicators, and the second on discounted cash flow. The main objective of the dissertation is to propose adjustments to the procedure of valuation of companies implementing mergers in order to make it possible to identify the formation of synergy. Therefore, the data of companies operating in the mechanical engineering industry from 2004 to 2011 was used. As part of factor research, statistical tests of significance and dependence were used; the methods of classification and regression trees, as well as the linear regression model, were used to predict synergy. First, using the revenue indicators and operating profit, the transactions were divided into successful mergers and unsuccessful mergers. Based on this division, statistically significant differences in the financial analysis indicators were identified between companies implementing successful and unsuccessful transactions. Statistically significant differences were identified in the indicators of labour cost to revenues, depreciation to revenues and asset turnover ratio. All of the companies examined (target, bidder and newly created) were valued using the discounted capital cash flow method. Based on this valuation, factors that affect the value of the synergy achieved before implementation of the merger were identified. The indicators of return on assets, short-term financial assets to assets, cash flow to assets, and cash flow to interests were identified as statistically significant. These indicators were subsequently used to create prediction models. The first model predicts whether synergies will be achieved, and the second model predicts what the value of the synergies will be. The second model was subsequently incorporated into the pre-merger company valuation model
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Business models’ dynamics through implementation of circular economy strategies
Krmela, Aleš ; Kožená, Marcela (referee) ; Váchal, Jan (referee) ; Živělová, Iva (referee) ; Šimberová, Iveta (advisor)
The presented dissertation examines the dynamics of changes in business logic and business models’ architecture associated with the implementation of sustainability related activities, specifically circular economy strategies, with a focus on reducing the amount of unused waste. Business models, being abstract concepts of the business logic, are made up of dynamically changing elements of value proposition, creation, delivery, capture and communication of value created. Businesses are motivated by pressures in society, as well as in their immediate ecosystem, to actively implement circular economy principles and strategies into their business models. The dissertation conceptually captures the issue of business models’ dynamics – what are business models’ dynamics, how are they defined, what possible forms do they take. It explicitly extends the concept of business model for circular economy with a key element value communication. In the application part it analyses, drawing mainly on case studies and quantitative analyses, the evolution of business models’ adaptation related to the implementation of circular economy strategies by companies operating in manufacturing industries, and impact of the strategies on business models. It studies the adaptation of the business models from the temporal and the content point of view. It studies the dynamics of the relations among the elements of business models. The theoretical framework of the dissertation is the Attention Based View Theory, as well as the Legitimacy Theory. The key output of the dissertation is the proposal of a methodology for determining business models’ dynamics through the implementation of selected circular economy strategies. It proposes a business model dynamics index IOMDRi. The methodology allows to quantitatively determine the business models elements’ structure, to quantitatively determine the implemented circular economy strategies, as well as to compare the impact of selected circular economy strategies on the business model and its elements – on a company level, among the companies in a particular industry, and among the industries. A mixed qualitative-quantitative research strategy is applied, using mainly case studies and observations carried out in a selected European manufacturing sector of decorative and information systems (DIS), quantitative content analyses and questionnaire-based surveys.
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