The paper discusses ways of measuring the financial performance of businesses. The aim is to determine to what extent the form of profit calculation influences value of return on assets (hereinafter referred to as 'ROA'), which is frequently used as an indicator for measuring financial performance. The theoretical part is focused on the comparative analysis of accounting data based on Czech practices and IFRS with the in-depth focus on interest charges and reporting requirements. There is discussed the topic of objective and subjective measurement of financial performance. In the practical part, ROA is calculated using a profit in two forms of its construction. There are evaluated TOP 100 Czech companies in order to assess the differences in the final values of the tested indicator. The results are linked to the capital structure of the analysed companies and prove that the level of indebtedness influences the difference in the ROA calculations when different kinds of profit are used. In the case of the companies with higher indebtedness, it is more appropriate to compare the ROA indicators based on the nominator containing earnings before interest and taxes. It shall be concluded that this is a pioneer study of this topic in the Czech Republic and probably also in the CEE region.
The purpose of this paper is to analyse corporate governance codes in the member states of the European Union (EU) and to examine to what extent is their contents shaped by the EU. Building on study of diffusion in organizational settings, we examine whether exogenous forces in the form of the European Commission recommendations have impact on the contents of corporate governance codes or contents is driven by domestic stakeholders representing endogenous forces. Furthermore, we contribute to limited research analysing evolution of corporate governance codes and we examine how compliance with the European Commission (EC) has changed over time. Our findings suggest a significant strengthening of codes' quality across member states and convergence tendency to international best practices. However, we are not able to affirm that the European Commission recommendations were that certain exogenous force to shape national governance codes.
This article analyzes perception of quality as a factor of performance of companies operating in the tourism industry. The introduction defines business performance and quality with a focus on tourism companies. A synthesis of findings from empirical studies conducted abroad follows, and is focused on the determinants of performance of a company (success), including the quality management which emerged as one of the important factors, and so these findings justify the importance of quality management in business practice. The aim of this article is to find the perception of quality and emphasis on the quality management of tourism companies in the Czech Republic. To identify the specific characteristics of quality perception and management in this sector, comparative analysis of questionnaire results, and results of a financial analysis of companies from various sectors of the Czech economy, with emphasis on tourism, has been used. It has been proved that enterprises in the sectors surveyed perceive quality as the key factor in business performance; it was also empirically shown that companies with higher levels of service quality reach better values of financial indicators. Also it was found that although tourism companies perceive the service quality of as one of the key success factors, the level of its actual implementing is low. This is related to the fact that relatively good financial results can be achieved in this industry without adjustment of the maximum customer service. This fact is also confirmed by the findings that show that in comparison to companies in other sectors, tourism companies still perceive relationship between quality production and business performance as substandard. The paper focuses on a problem that is usually not solved in literature. Of course, there is a group of studies which deals with quality, service quality or performance, but authors did not find any specialized studies that look into the relationship between service quality and performance, moreover in conditions of the Czech Republic. For us, the most important thing is to fill this white place of science. Because of 63.6% enterprises in the Czech Republic pursue in the service sector (Czech Statistical Office, 2010), it is fundamental to asnwer the question of their quality, and especially the influence of their quality to their performance, thanks to permanently increasing and changing competitive environment.
In privately held firms, owners are a social group of people who are aware of, interact with, and influence each other. There are dynamic relationships between them and potential clashes between self-and collective interests. At the same time, the management literature suggests that family firms behave differently than non-family firms and follow a different set of goals. This paper introduces a research framework, sample and initial findings of the Responsible Ownership Project, which aims to contribute to our understanding of how attitudes and behaviours of owners in privately held firms may influence the economic and non-economic outcomes of their firms. The goals of the paper are to explore the role of family businesses among Czech private firms and to test whether the family plays a significant role in responsible ownership behaviours in private firms. Our descriptive statistics suggest that family businesses play a non-negligible role in the Czech economy. Using Student's t-test for mean differences, we find a higher level of responsible ownership for family-owned vs non-family-owned firms. Finally, we present directions for future research and the expected contributions of the research project.
The main purpose of this paper is to evaluate and compare a financial performance of Czech sugar refineries within a period 2010-2013. Due to the availability of financial statements for the requested periods were analysed following public limited companies -Cukrovar Vrbátky, Tereos TTD, Litovelská cukrovarna and Moravskoslezské cukrovary. There is an applied standard financial analytical approach, i.e. there are performed ratio analysis and tested selected bankruptcy and credibility indexes for financial performance analysis. The results of this analysis point out the stability of this industry having as its leaders Cukrovar Vrbátky and Moravskoslezské cukrovary.
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