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    Wyświetlanie 1-7 z 7
    Tytuł:
    Distinctive determinants of financial indebtedness: evidence from Slovak and Czech enterprises
    Autorzy:
    Valaskova, Katarina
    Kliestik, Tomas
    Gajdosikova, Dominika
    Powiązania:
    https://bibliotekanauki.pl/articles/22444317.pdf
    Data publikacji:
    2021
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    indebtedness
    financial performance
    determinants
    construction sector
    Opis:
    Research background: Indebtedness indicators are used to monitor the structure of corporate financial resources. The company's share of its own and foreign resources affects the financial stability of the company. A high share of own re-sources makes the company stable, and independent. With a low share, on the contrary, the company is unstable, market fluctuations and credit uncertainty can have serious consequences. However, foreign capital is cheaper, and too high indebtedness ratios can jeopardize the existence of enterprises. Purpose of the article: In general, the economic recession worsens the capital structure of enterprises, especially their debt management. Thus, the paper aims to apply the set of 13 indebtedness ratios to a sample of 779 Slovak and Czech enterprises from the construction sector to determine key microeconomic determinants that may influence the level of indebtedness. Methods: A non-parametric one-way analysis of variance ? the Kruskal-Wallis test ? was used to determine whether the set of indebtedness ratios is the same across countries, districts, and sizes. For analyzing the specific sample pair of stochastic dominance, the pairwise comparison was realized using the Dunn'stest with Bonferonni correction. The Mann-Whitney test was used to compare the differences in the set of indebtedness ratios between two independent groups of enterprises, based on their legal form and country. Findings & value added: The level of total indebtedness ratio and the self-financing ratio depends on the region as well as on the size of the enterprise and the legal form. In the case of credit indebtedness and debt-to-cash-flow indebted-ness, their dependence on the size of the enterprise and the legal form is obvious. The importance of the region and the legal form of enterprises, vice versa, affect the level of the financial independence ratio. These outputs are relevant for au-thorities, policy makers, or financial institutions to identify financial constraints that construction enterprises face and, as a result, make a long-term contribution to theory in this field.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 3; 639-659
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The impacts of innovative and competitive abilities of SMEs on their different financial risk concerns: System approach
    Autorzy:
    Civelek, Mehmet
    Krajčík, Vladimír
    Fialova, Vendula
    Powiązania:
    https://bibliotekanauki.pl/articles/19322758.pdf
    Data publikacji:
    2023
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    financial risk management
    financial performance
    bankruptcy
    innovativeness
    competitiveness
    Opis:
    Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs' financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs' bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs' different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers' attention.
    Źródło:
    Oeconomia Copernicana; 2023, 14, 1; 327-354
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Financial performance and bankruptcy concerns of SMEs in their export decision
    Autorzy:
    Ključnikov, Aleksandr
    Civelek, Mehmet
    Krajčík, Vladimír
    Novák, Petr
    Červinka, Michal
    Powiązania:
    https://bibliotekanauki.pl/articles/19322617.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    financial performance
    bankruptcy
    SMEs
    export obstacles
    Visegrad countries
    Opis:
    Research background: Due to having lack of financial power and low amount of revenues, most of SMEs' major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions. Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not. Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test. Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural-linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs' perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill.
    Źródło:
    Oeconomia Copernicana; 2022, 13, 3; 867-890
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Executive compensation and the financial performance of Polish listed companies from the corporate governance perspective
    Autorzy:
    Sajnóg, Artur
    Rogozińska-Pawełczyk, Anna
    Powiązania:
    https://bibliotekanauki.pl/articles/22443163.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    executive compensation
    corporate governance
    financial performance
    comprehensive income
    Polish listed companies
    Opis:
    Research background: The level of compensation earned by CEOs and the relationship between executive pay and companies? performance is one of the most widely studied issues in the corporate governance literature. Studies conducted in the last several decades have provided evidence that CEO pay should be aligned with accounting financial measures. Purpose of the article: The main purpose of this paper is to determine the relationship between executive compensation and organizational financial performance. In particular, the effect of net income and comprehensive income as the accounting measures of financial performance on executive compensation is compared. Methods: The research comprised listed companies on the Warsaw Stock Exchange (WSE). The role and effect of accounting financial measures on executive compensation are analyzed based on three regression models. The period of analysis spanned ten years, from 2009 to 2018. Findings & value added: There are three conclusions that can be drawn from the study. Firstly, executive compensation in the analyzed companies largely depends on the accounting measures of financial performance, based on net income and comprehensive income (excluding ROE). Secondly, its level is significantly and positively influenced by the company?s size, Tobin?s Q ratio, debt ratio, and dividend rate. Thirdly, comprehensive income has a stronger effect on executive compensation than net income. Our findings add some potentially noteworthy dimensions to the economic literature on corporate governance, which is especially important to apply in the CEE region and other emerging economies. The Anglo-American assumption of corporate governance and executive compensation policy might not be suitable for the realities in much of the world.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 459-480
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    ES-QUAL model and customer satisfaction in online banking: evidence from multivariate analysis techniques
    Autorzy:
    Ahmed, Rizwan Raheem
    Romeika, Giedrius
    Kauliene, Raimonda
    Streimikis, Justas
    Dapkus, Rimantas
    Powiązania:
    https://bibliotekanauki.pl/articles/19233490.pdf
    Data publikacji:
    2020
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    ES-QUAL model
    customer satisfaction
    financial performance
    Internet banking
    normal theory method
    bootstrapping method
    Structural Equation Modeling
    SEM
    Opis:
    Research background: The commercial banks are adopting online services for their transactions to stay competitive and fulfill the customers' needs. There is a dire need to satisfy online customers in a competitive environment. Thus, this paper employed the ES-QUAL model and two mediating variables and outlined the recommendations to the management of the online banking industry to develop effective strategies. Purpose of the article: The undertaken research aimed to examine the electronic banking service quality and customer satisfaction. For this purpose, we employed the ES-QUAL model and examined the direct impact of ES-QUAL dimensions and customer's satisfaction. The secondary task of this paper is to investigate the mediation effect of customer's trust and the perceived value in an association between the ES-QUAL model and customer satisfaction. Finally, we examine and check whether customer satisfaction translates into the business performance of commercial banks or not. Methods: To achieve the overall goal of this research, SEM-based multivariate approach has been used, including confirmatory factor analysis, exploratory factor analysis, and multiple approaches (normal theory, and bootstrapping) to examine the moderation between the exogenous and endogenous variables. For the validation of hypotheses and results, a financial analysis has been performed simultaneously with the primary analysis. The research is done for a sample of 910 respondents of the account holders of five top commercial banks of Pakistan. Findings & Value added: The outcomes of the direct investigation revealed an affirmative, and potent impact of ES-QUAL dimensions on customer's satisfaction. The outcomes of the indirect relationship exhibited that the perceived value and trust mediate ES-QUAL dimensions and customer satisfaction. The secondary data of selected five commercial banks and ratios analysis validated the results of the ES-QUAL model, and it is concluded that the results are linear with the outcomes of customers' satisfaction of primary analysis.
    Źródło:
    Oeconomia Copernicana; 2020, 11, 1; 59-93
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The impact of global risk on the performance of socially responsible and conventional stock indices
    Autorzy:
    Śliwiński, Paweł
    Łobza, Maciej
    Powiązania:
    https://bibliotekanauki.pl/articles/22446626.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    socially responsible investments (SRI)
    socially responsible indices
    investment performance
    financial global risk
    VIX
    Opis:
    Research background: In the last decades social responsible investment has evolved into an important and influential investment class. What supports then the development of SRI? The neoclassical approach suggests that the attractiveness of investment should result from the risk-return relationship that is satisfying for the investor. However, the performance analysis of SRI vs. conventional investment, conducted in numerous research papers, often delivers contradictory conclusions. If financial factors could not explain the phenomenon of SRI, nonfinancial factors may have played a decisive role in the formation of modern SRI market. Purpose of the article: The purpose of this paper is to analyze financial investment performance of socially responsible vs. respective conventional indices in the periods of high, low and unidentified global risk. Therefore, a following research hypothesis was verified: SR indices perform financially better in high-risk periods than in low-risk periods. This hypothesis is justified by the assumption that, when selecting SRI, investors go by a longer investment horizon than they do when selecting other investments, not subject to such verification. Methods: Among SR indices, we chose three to compare them with their conventional counterparts: DJSI US vs. DJITR (USA), DJSI Korea vs. KOSPI (South Korea) and Respect Index vs. WIG20TR (Poland). The VIX index was used as the global measure of risk aversion. To measure the relative performance of SR and conventional indices in different risk periods, we applied risk-adjusted performance measures, including RSD, Sharpe and Treynor ratios, traditional and asymmetrical CAPM. Findings & Value added: The research shows that conventional and socially responsible indices do not differ statistically in terms of risk and return irrespective of global risk. Our research confirms that the rising, socially responsible, investment market cannot be analyzed only through the prism of simplified rational choices. Additionally, it should be analyzed in terms of moral philosophy and behavioral economics, including the psycho-social features of investors.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 657-674
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    IFRS innovation, governance practices and firm performance: A new empirical assessment of moderating effects across GCC region
    Autorzy:
    Alruwaili, Waleed S.
    Ahmed, Abdullahi D.
    Joshi, Mahesh
    Powiązania:
    https://bibliotekanauki.pl/articles/22398299.pdf
    Data publikacji:
    2023
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    IFRS innovation
    governance practices
    firm performance
    Saudi listed firms
    Gulf Cooperation Council countries (GCC)
    International Financial Reporting Standards (IFRS)
    Opis:
    Research background: Despite the large volume of research which has been conducted, the association between corporate governance mechanisms and firm performance remains a controversial issue, particularly with the growth of accounting settings around the world. Purpose of the article: This study assesses the moderating role of International Financial Reporting Standards (IFRS) on the association between corporate governance mechanisms and firm performance in selected Gulf Cooperation Council (GCC) country-listed firms, namely Saudi Arabia, Qatar, Bahrain, and United Arab Emirates over the period 2016–2019. Methods: Importantly, we examine the direct and indirect influences of royal family members on long-term firm performance. We attempt to answer our research questions using robust estimation methods such as pooled OLS, fixed effect, random effect and first difference models. Findings & value added: The outcome reveals a significant and positive impact of firm size and board size on the firm performance in the pooled sample, while there is a significantly negative influence of financial leverage on firm performance. The impact of RFP on FP is seen to be negative and significant while the interaction term is found to be positive and statistically significant. This notably refers to the possibility that royal family directors could play an essential role in influencing the executive management team to fully react to provide extensive voluntary disclosure and comply with IFRS adoption. Our simultaneous quantile regression analysis displays the influence of corporate governance mechanisms on firm performance in various stages. While we observe that IFRS transformation has improved information comparability, policy makes in GCC countries should continue to foster conducive environment to support innovative business practices that help diversify their economies.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 3; 615-659
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-7 z 7

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