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Vliv devizového rizika na výkonnost firem
Kučerová, Aneta
The aim of this bachelor thesis is evaluation of the foreign exchange risk influence on the performance of firms that are part of the European Union that don’t have euro as their national currency and face this risk throughout running their international business. Within analysis was used multiple regression method. Results of the analysis are compared with other works that studied this issue and based on conclusions are formulated recommendation towards firm management area.
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Relationships between Corporate Governance and Firm Performance: Effects on Czech Export Oriented and Financial Industries
Habiňák, Ladislav ; Princ, Michael (advisor) ; Jašová, Martina (referee)
The thesis describes effects of corporate governance on firm performance and managerial income of firms from sectors important for Czech GDP: financial sector and export-oriented manufacturing industries. Added value of the work comes mostly from the fact that it concerns Czech firms and especially that it studies the two sectors using econometric method as well as it compares them on graphs and tables. There are two main topics for hypotheses testing. Firstly, the thesis investigates effects on firm performance, measured by proxy variable return on equity, by sizes of executive boards and firms. Secondly, the effects of performance as well as companies and boards sizes on managerial income are studied.
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The Value of Political Connections: Evidence from the Czech Republic
Palanský, Miroslav ; Janský, Petr (advisor) ; Gregor, Martin (referee)
The Value of Political Connections: Evidence from the Czech Republic Miroslav Palanský Abstract This thesis estimates the value of political connections in the Czech Republic and it is divided into two parts. The first one explores the recently extended, most advanced publicly available data set on political party financing in the Czech Republic, covering the time period 1995-2015. We analyze basic patterns in party funding and their development over time. We focus primarily on private funding from both legal and natural persons. The data show that there exists substantial heterogeneity in the volume of private funding across parties and over time, but contributions from the government budget remain the most important source of income for all larger parties. We analyze the available data on donations and discuss several issues regarding the notion that donors may view contributions as investment, yielding possible profits in the future. In the second part, we use the data set of corporate donations to construct a proxy variable for political connections and to estimate the effect of being connected to a political party on the financial performance of such firms. We find that the connected firms perform significantly better than the non- connected ones in the years following the establishment of the...
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Board Diversity and Firm Performance: Evidence from the Czech Republic
Parlásková, Eva ; Pavlíček, Jaroslav (advisor) ; Palanská, Tereza (referee)
This master thesis is focused on an analysis of the impact of corporate board diversity on firm performance using evidence from the Czech Republic. Return on assets, EBIT margin, EBITDA margin, and net profit margin were used as the performance measures. Three types of board diversity were examined in this thesis - gender, nationality, and age. Gender and nationality diversity were both represented by the percentage of women or foreigners on board, and by a dummy variable indicating the presence of women or a foreigner on board. The age diversity was measured by the average age of all board members. Some additional control variables were included in the models such as firm age, firm size, liquidity, etc. Our research is using data from 114 Czech enterprises between the years 2010 and 2018. The fixed-effects or the random-effects method was used to determine the relationship between board diversity and firm performance. The results show that there is a significant and positive relationship between the presence of women on board and firm performance. The average age of board members has a significant negative effect on all dependent variables. Nationality diversity has a mixed effect on firm performance. JEL Classification D22, G32, G34, J15, J16 Keywords Board diversity, firm performance,...
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The Value of Political Connections: Evidence from the Czech Republic
Palanský, Miroslav ; Janský, Petr (advisor) ; Gregor, Martin (referee)
The Value of Political Connections: Evidence from the Czech Republic Miroslav Palanský Abstract This thesis estimates the value of political connections in the Czech Republic and it is divided into two parts. The first one explores the recently extended, most advanced publicly available data set on political party financing in the Czech Republic, covering the time period 1995-2015. We analyze basic patterns in party funding and their development over time. We focus primarily on private funding from both legal and natural persons. The data show that there exists substantial heterogeneity in the volume of private funding across parties and over time, but contributions from the government budget remain the most important source of income for all larger parties. We analyze the available data on donations and discuss several issues regarding the notion that donors may view contributions as investment, yielding possible profits in the future. In the second part, we use the data set of corporate donations to construct a proxy variable for political connections and to estimate the effect of being connected to a political party on the financial performance of such firms. We find that the connected firms perform significantly better than the non- connected ones in the years following the establishment of the...
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Gender board diversity and its impact on firm performance in the Czech Republic
Černík, David ; Janský, Petr (advisor) ; Dvořáková Švejdová, Lenka (referee)
The purpose of this study is to examine the extent of gender inequality on boards of joint-stock companies and the relationship between gender diversity on board of directors and the return on assets in the Czech Republic. Using a panel data set of 204 Czech companies of various sizes over the years 2003 - 2011, we discovered that women are considerably underrepresented on corporate boards and that the gender board diversity has not significantly changed over the observed time period. The results of regression analysis showed a non-significant effect on return on assets for all our gender diversity measures, even after we accounted for endogeneity of the gender diversity variable in the form of fixed effects method and two-stage least squares estimator. Economic justification of potential legislation that should force the companies to appoint more women into board positions was therefore not found. Moreover, if companies account for underlying cost of implementing such measures, firm performance might be negatively affected in the short term. 1
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The Value of Political Connections: Evidence from the Czech Republic
Palanský, Miroslav ; Janský, Petr (advisor) ; Gregor, Martin (referee)
The Value of Political Connections: Evidence from the Czech Republic Miroslav Palanský Abstract This thesis estimates the value of political connections in the Czech Republic and it is divided into two parts. The first one explores the recently extended, most advanced publicly available data set on political party financing in the Czech Republic, covering the time period 1995-2015. We analyze basic patterns in party funding and their development over time. We focus primarily on private funding from both legal and natural persons. The data show that there exists substantial heterogeneity in the volume of private funding across parties and over time, but contributions from the government budget remain the most important source of income for all larger parties. We analyze the available data on donations and discuss several issues regarding the notion that donors may view contributions as investment, yielding possible profits in the future. In the second part, we use the data set of corporate donations to construct a proxy variable for political connections and to estimate the effect of being connected to a political party on the financial performance of such firms. We find that the connected firms perform significantly better than the non- connected ones in the years following the establishment of the...
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Creditors payout from debtors operating income - Economic analysis
Zdeněk, Jakub ; Gutiérrez Chvalkovská, Jana (advisor) ; Čornanič, Aleš (referee)
Insolvency act in force - Act 182/2006 Coll., represents disruptive chance in bankruptcy approach on corporation level. The most revolutionary change is possibility of company reorganization with no doubts. This thesis deals with economic rationality behind bankruptcy, mainly with economic rationality behind reorganization. The thesis is economic analysis of input for decision-making process whether debtor if proper candidate for restructuring and process of creditors payout from debtors operating income during reorganization. The thesis contains original qualitative research of sample of allowed reorganization aimed on comparison of theoretical finding with reality. There is a theoretical model of bankrupted company where all theoretical findings are demonstrated in a last part of this thesis JEL Classification G33, G34, L25, L61 Keywords Bankruptcy, Restructuring, Company Crisis, Firm Performance, Creditor payout Author's e-mail zdejak@seznam.cz Supervisor's e-mail jana.chvalkovska@gmail.com
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Relationships between Corporate Governance and Firm Performance: Effects on Czech Export Oriented and Financial Industries
Habiňák, Ladislav ; Princ, Michael (advisor) ; Jašová, Martina (referee)
The thesis describes effects of corporate governance on firm performance and managerial income of firms from sectors important for Czech GDP: financial sector and export-oriented manufacturing industries. Added value of the work comes mostly from the fact that it concerns Czech firms and especially that it studies the two sectors using econometric method as well as it compares them on graphs and tables. There are two main topics for hypotheses testing. Firstly, the thesis investigates effects on firm performance, measured by proxy variable return on equity, by sizes of executive boards and firms. Secondly, the effects of performance as well as companies and boards sizes on managerial income are studied.
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The Relationship of Corporate Governance with Firm performance and Tax Fees
Spirollari, Persida ; Horváth, Roman (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The aim of this thesis is to examine the relationship of all corporate governance indicators with firm performance (proxied by price to book value) and tax fees. Using a sample of 133 large U.S firms, in a single model, we explore the correlation of price to book value with board of director's structure (composition and size). Our results show that smaller and younger boards with less independent directors lead to a higher firm performance. We further find that presence of women on board is important rather than their number. The outcome of the study shows also that financial expertise of audit committee members has a significant and positive influence on the amount of tax fees. Overall, the results suggest that board characteristics are important and they influence firm performance. Keywords: board of directors, firm performance, price to book value, governance indicators, tax fees.
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