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Financial Performance of State Owned Enterprises
FÁBEROVÁ, Anna
The aim of the diploma thesis is to present a comparative analysis of the financial performance of state-owned enterprises in the European Union aimed at finding the factors that affect this performance. First, the thesis deals with the definition of these enterprises, specifics and purport for society. For comparison, the thesis contains an overview of empirical studies that deal with the question of whether state-owned enterprises are efficient and effective. The financial performance of an enterprise is valued using traditional financial indicators such as: total indebtedness, liquidity, labour productivity, return on assets and investment rate. Comparative analysis and descriptive statistics will be used to find the factors that affect the performance of the enterprise. Then, the ANOVA test will be employed to verify whether there is a dependence of indicators on these factors.
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State-Owned Enterprise
Hokr, Tomáš ; Horáček, Vít (advisor) ; Plíva, Stanislav (referee)
The primary focus of this thesis is a state-owned enterprise, its basic characteristics, the State-Owned Enterprise Act as its principal source of legislation and its status given by some other laws. The state-owned enterprise is a state organization and a specific organizational legal form of business through which the state carries out management of its property, carries on a business and thereby fulfills the purpose for which state-owned enterprise was founded. Specificity is manifested mainly by its property itself, the relationship to that property, the way of establishment and by performance of quasi-shareholders' rights. The main attribute of state-owned enterprises and state organizations in general is incapacity of possession of property rights. Inability of ownership does not only contrast with the ability to bind, but also raises questions concerning the legal personality. The relationship to the property has been expressed by rather vague "right to manage", which has not been used yet. The state-owned enterprise is regulated mainly by the State-Owned Enterprise Act. This regulation, though very brief in scope, has the ambition to be comprehensive legislation for state-owned enterprises. Nevertheless it is not sufficient for the treatment of all possible legal relations arising from the...
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State ownership and ownership concentration as determinants of dividend policy
Picálek, Jan ; Čornanič, Aleš (advisor) ; Malinská, Barbora (referee)
This bachelor thesis complements the existing research on implications of various ownership structures on dividend policy. It extends the literature focused on state ownership and its impact on dividend amount paid out to shareholders for testing such relationship in the environment of EU listed stock market and EU government agencies, scope so far lacking in the scientific literature. Moreover, it provides new way of testing agency theory of dividends by adopting Herfindahl's index as proxy of ownership concentration. Therefore, interaction between shareholders is accounted for as opposed to the commonly used proxy largest shareholder. As a result, this thesis helps to explain relations between various ownership structure characteristics and dividend policies. Primary econometric methods, panel data estimation methods, of this thesis found significantly positive relationship between state owned enterprises and the amount of profit distributed among shareholders. Compared to existing research on emerging economy of China, less evidence is found. Therefore, I argue that tunnelling tendencies in EU are substantially lower due to level of market development and minority investor protection in EU. The results also back up the agency theory, however, its influence is found to be lower than proposed by...
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The creation of and decision-making by the statutory and controlling bodies of state-owned entities in connection with the enforcement of state goals
Trnka, Filip ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
v anglickém jazyce This thesis focuses on the topic of creation of and decision-making by the statutory and controlling bodies of state-owned entities. Its main goal is to analyze the methods by which the law responds (or should respond) to the consequences resulting from the nature of the state as a legal entity for the creation of and the decision-making processes by the relevant bodies. With respect to the topic of this thesis, these specifics include the use of the state- owned entities to achieve certain public goals and the greater significance of the so- called principal agent problem (i.e., the separation of ownership and governance problem). The thesis starts by definitions and descriptions of the above-mentioned specifics, including the consequences these lead to. On the basis of such introduction, the author then analyzes the possible ways to regulate the nomination processes with respect to the statutory and controlling bodies. The nomination process is a process the outcome of which is the determination of the person to be elected or appointed into the respective body of the state-owned entity. In this part, the thesis analyzes, in particular, i) the existing legal regulation - the Governmental Committee for Personal Nominations, ii) four alternatives of proposed legal regulation, and...
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Legal and property situation of a state enterprise
Růžička, Jan ; Zahradníčková, Marie (advisor) ; Eichlerová, Kateřina (referee)
1 Legal and property situation of a state enterprise Abstract This thesis focuses on the evaluation of the current legislation of a state-owned enterprise in the Czech Republic, especially in the light of the last amendment of the State-owned Enterprise Act, which is effective from 1st January 2017. The aim of this diploma thesis is to describe the valid legislation and also to evaluate the context with other legal regulations and finally to consider the need to preserve the unique legal form of the state-owned enterprise for the future. This diploma thesis is divided into the five chapters. The first chapter contains the brief characteristics of a state-owned enterprise and the definition of the basic concepts. The second chapter describes the historical development of the legal regulations of enterprises managing the state property from the establishment of Czechoslovakia until the year 1997, since when is effective the current State-owned enterprise Act. The third chapter, in four subchapters, analyzes the valid and effective legal regulations of the state-owned enterprise. The first subchapter is devoted to the company bodies of state-owned enterprises, the second to the subject of business and a purpose for which are the state-owned enterprises formed. The third subchapter is devoted to the...
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State-owned enterprise and its property
Huštan, Tomáš ; Horáček, Vít (advisor) ; Eichlerová, Kateřina (referee)
The state-owned enterprise is a type of a legal entity which is used in the Czech Republic as an alternative to founding of state-owned joint-stock companies. While the state-owned enterprise serves as a one of the possible ways of managing the state property, it is used to fulfil not only economical tasks, but also other kinds of state interest, such as social or security ones. The legal regulation of the state-owned enterprise recently undergone significant changes in reaction to the recodification of the civil law and the law of commercial corporations. The goal of this thesis called "State-owned enterprise and its property" is to analyse the legal regulation concerning the state-owned enterprise and the management of the state property performed by this legal entity in the context of other influential acts, to pinpoint the shortcomings and problems of the current legal regulation, to evaluate the nature of the state-owned enterprise as a legal entity, to determine the nature of the legal phenomenon of the right to manage the property of state and to evaluate the usefulness of the state-owned enterprise as a separate type of legal entity. This thesis is divided into seven chapters. The first two chapters deal with the development of the state-owned enterprise as a type of legal entity including...
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State-owned enterprise and its property
Karlík, Martin ; Horáček, Vít (advisor) ; Eichlerová, Kateřina (referee)
Over the last 20 years the number of state-owned enterprises has been steadily declining. At this point there are only about 40 active state-owned enterprises and even greater number of inactive state-owned enterprises which are currently in phase of liquidation. Despite the slim numbers of active state-owned enterprises their role in economy remains still important especially as way how to participate in business activities with state owned property. State-owned enterprises manage property in value of approximately 170 billion Czech crown and using this property they are able to achieve profit over 7.5 billion Czech crown every year. The most important source of legislation regarding state-owned enterprises is act. No. 77/1997 Coll., state-owned enterprises act, which has been amended eleven times. Very important amendment was act No. 213/2013 Coll. which introduced a mechanism that allows to transfer a part of state-owned enterprise profit to state budget. Nevertheless the most important amendment is act No. 253/2016 Coll. with effect from 01. 01. 2017 which in reaction to recodification of private law in Czech Republic and insufficient regulation of some areas introduces substantial chances. The biggest changes are introduced in the area of disposition with state property. The new amending act...
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State-Owned Enterprise
Hokr, Tomáš ; Horáček, Vít (advisor) ; Plíva, Stanislav (referee)
The primary focus of this thesis is a state-owned enterprise, its basic characteristics, the State-Owned Enterprise Act as its principal source of legislation and its status given by some other laws. The state-owned enterprise is a state organization and a specific organizational legal form of business through which the state carries out management of its property, carries on a business and thereby fulfills the purpose for which state-owned enterprise was founded. Specificity is manifested mainly by its property itself, the relationship to that property, the way of establishment and by performance of quasi-shareholders' rights. The main attribute of state-owned enterprises and state organizations in general is incapacity of possession of property rights. Inability of ownership does not only contrast with the ability to bind, but also raises questions concerning the legal personality. The relationship to the property has been expressed by rather vague "right to manage", which has not been used yet. The state-owned enterprise is regulated mainly by the State-Owned Enterprise Act. This regulation, though very brief in scope, has the ambition to be comprehensive legislation for state-owned enterprises. Nevertheless it is not sufficient for the treatment of all possible legal relations arising from the...
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Supervisory boards of state-owned enterprises
Zídek, Jan ; Dvořáková, Vladimíra (advisor) ; Vymětal, Petr (referee)
This dissertation deals with the issue of Supervisory boards in Czech state-owned enterprises. At first it defines a clear set of terms to differentiate within appropriate legal forms of state entrepreneurship applicable in Czech Republic. Thereafter it offers the analysis of implementing the nomination process recently brought to our governmental system. The empirical part of this thesis is constituted by the qualitative research of personal policy of the state in four selected stated-owned enterprises carried out for the period from 2006 till 2015. Education, working experience, political membership and personal integrity were the main focus areas while researching the members of selected supervisory boards.
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