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Impact of zombie firms on the weak post-crisis growth of the Slovak Republic
Bosák, Martin ; Pleticha, Petr (advisor) ; Kočenda, Evžen (referee)
According to the Convergence Analysis of Slovakia from 2017, the current subject of Slovak economic growth and convergence is the slow growth in productivity as relative productivity of Slovakia to the EU average was decreasing in the period from 2014 to 2017. Moreover, it shows that Slovakia is one of the countries with low efficiency of using labour and capital, which means that there is an occurrence of misallocation of resources. A significant role in this downturn according to recent literature might be the occurrence of zombie firms, which are old companies that do not have sufficient profitability to cover their interest expenses for a longer period. This thesis examines zombie firms and their significance in stifling productivity performance. Using a rich firm-level dataset for Slovakia, we research the determinants of zombie companies in Slovakia. Controlling for cyclical effects, this thesis reveals that zombie enterprises over the period from 2003 to 2013 were significantly less productive compared to their healthy competitors. In addition, we find out that occurrence of zombie companies curbs the growth of healthy companies and has a negative impact on the economic output overall. These results are raising several issues for public policy as it needs to mitigate this cause of...
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Impact of zombie firms on the weak post-crisis growth of the Slovak Republic
Bosák, Martin ; Pleticha, Petr (advisor) ; Teplý, Petr (referee)
Productivity growth is diminishing among OECD countries, coupled with increased differences in productivity development among enterprises and misallocation of resources. A recent literature focuses on the role of zombie firms, defined as old firms that have persistent problems meeting their interest payments, to explain these developments. This thesis examines the extent to which zombie firms are stifling labour productivity performance. Using a rich firm-level dataset for Slovakia, we assess the role of zombies on firm dynamics. We confirm the results that prevalence of zombie firms curbs the growth of healthy firms and thus dragging aggregate productivity down. Controlling for cyclical effects, our analysis shows that zombie firms over the period 2003-2013 are significantly less productive within industries than their healthy counterparts. Furthermore, a higher share of industry capital or employment sunk in zombie firms is associated with lower labour productivity, investment and employment growth of the typical non-zombie firm, which results in less productivity-enhancing capital reallocation. These results highlight the role of public policy in addressing prevalence of zombie firms, fostering a more efficient resource allocation and enabling productivity growth.
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Educational system in China and its impact on the country's competitiveness
Pacalová, Michaela ; Stuchlíková, Zuzana (advisor) ; Procházková Ilinitchi, Cristina (referee)
The thesis is devoted to the topic of the educational system in China. The aim of the thesis is to evaluate the impact of higher education on competitiveness and to verify the hypothesis that investing in human capital is a key factor in increasing China's competitiveness. The thesis is divided into a theoretical and practical part. The theoretical part defines the basic definitions of competitiveness and the indices in which competitiveness is measured. It also characterizes specific pillars of given indices. The practical part evaluates the educational system, its history, the basic structure and, in particular, the problems that are present in the field of educationg in China. The second part is devoted to the impact of higher education on China's competitiveness. By using the well-known competitiveness indexes, the thesis evaluates the criterion focused on higher education. Part of the chapter is to look at the actual reforms implemented by the Chinese government in order to eliminate the problems with which the education system is linked, thus contributing to increasing overall competitiveness in the country.
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The Barriers of the growing productivity in the Czech Republic
ANTROPIUSOVÁ, Radka
This bachelor's thesis consists of two parts: the theoretical part (as literature review) and the practical one. The first part is focused to meet what the productivity means and how it can be measured, a meaning of the word "barrier" and which barriers of productivity some authors consider. The second practical part solves the main tasks of the thesis, which is called definition of the main barriers of productivity growth in the Czech Republic. To implement the task there was analysing the productivity situation in the Czech Republic by GDP per capita and then a labour productivity and a capital productivity. After that the thesis deals with the barriers of labour and capital productivity. In conclusion, the main barrier of each productivity is defined (if it is possible) and there are some suggestions to making better the situation in the Czech Republic from the productivity-growing view.
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