Research background: The creative industries, from this point of view, have dynamic and not just static economic value. They supply the economic growth and development over and above their addition to culture and society. Purpose of the article: The aim of this paper is to analyse the two models that present the two potential answers to the research question: namely expansion and modernization. This paper will summarize these two models and assemble a sample of remaining evidence to set up the process of separating among them. Methods: However, this paper does not seek a complete study. For that, a much more precise approach to modelling, data and statistical analysis would be required. We provide here only a concept of the classes of models suggested and an explanation of how different sorts of data might be applied to them. The model of economic growth actively involves the creative industries in the growth of the whole economy. The second model – model of innovation as suggested for the effect of science, education and technology in the national systems of innovation approach. The creative industries, in the second model, come from and integrate change in the knowledge base of the economy. Findings & Value added: We proposed the two possible primary relations between the creative industries’ entities and the rest of the economy. We define the relation of each model to various theoretical foundations and the relevant policy framework in each situation.
Research background: To achieve long-term sustainability, it is necessary to strive for a green economy and come up with solutions to address limitations to resource footprints. This will require innovations across the board and creativity in all fields. Creativity and sustainability are closely linked. The sustainable development requires concerted efforts towards building an inclusive and resilient future for the planet. Innovation, the business of ideas, is increasingly seen as the key to future societal prosperity and business success. Purpose of the article: The aim of the paper is to analyse the sustainable development of the most globalized sectors of the creative industries in Slovakia mainly measured by the value added. The value added according to Kalecki (1990) is the sum of wages and profits of the companies. Methods: Sustainability, innovation and value creation (or value added) are nowadays the object of particular attention by the various stakeholders as economic institutions, public and governments. Findings & Value added: This is the first research paper which has used the data on value added recently calculated for the media, publishers and software enterprises, which represent the most globalized sectors of the creative industries in Slovakia. The companies with the highest value added have reached the sustainable development and the best economic performance within the media, publishers and software enterprises’ sector.
The financial health of a company can be seen as the ability to maintain a balance against changing conditions in the environment and companies should pay more attention to the financial viability and risk management. There many models for predicting of financial problems of the companies, especially Altman, Ohlson or Zmijewski are the most cited ones. The main objective of the article is the review and assessment of the level of financial health of Slovak family business in selected industries. The data was obtained from Finstat database and financial statements from 2017, 2018 and 2019 were analysed. For assessing the financial health of selected family businesses 3 models predicting financial distress were used: Kralicek Quick Test, Taffler model and Virág-Hajdu model. The results show how many family businesses are facing to the financial problems using different types of predicting models.
Family business is the most ubiquitous form of business organization in any world economy. Behavior of family businesses is to some extent different than other types of business. The key problem and factor of family businesses is sustainability. Family businesses have many specific features -family firms tend to be more stable, accountable, and trustable on the one hand, but on the other hand, they must combine private and business life and deal with succession issues. Research on the sustainability of family businesses is relatively new, and there are three aspects - sustainability in this type of business has been defined as those concerns related to continuity, perseverance, the second aspect includes actions related to the transparency and values of the company, internal audits, respect for the environment, relationships with both suppliers and customers or consumers, and interaction with the community, all focused on strengthening the viability of the company and the third view focuses on financial stability and sustainable financial performance. We focused on three models – Altman Z-score, IN05 and Binkert´s model a analysed period before and after outbreak COVID-19 pandemic. We monitored how COVID-19 pandemic influenced financial stability of family businesses in selected sector – construction.
Research background: Every business today is facing the greatest challenge in generations, as the pandemic forces owners to drastically rethink business models, supply chains and working practices. Family-owned businesses’ long-term perspective, entrepreneurial spirit, agility and guiding sense of purpose, together with the resilience of their leadership teams make them especially well prepared to fight a such crisis, especially as their multi-generation perspective allows them to meet their customers’ changing circumstances through economic cycles. The covid-19 crisis has produced some great examples of family businesses displaying their experience as innovators to support their governments and communities in need. Purpose of the article: The aim of the paper is to verify and analyse the prediction credit models applied on the Slovak family businesses belonging to the Creative Industries and operating in the global environment. Methods: In order to achieve the aim, namely the verification of existing 3 prediction models, universal methods were used, such as the analysis of available theoretical knowledge obtained by studying the literature and the subsequent synthesis of the acquired knowledge, the comparison of the issue addressed on the basis of the criteria set by the Commercial Code and the results of the observed prediction models, the methods of induction, deduction, description and excerpting. Findings & Value added: The essence of the analysis is the comparison of the results achieved using three prediction credit models with the prosperity criteria that considers the current valid legislation and the economic and financial aspects in order to verify the Slovak prediction models designed for the family businesses.
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