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De Jong, Piter, Mark J. Greeven, and Haico Ebbers. "Getting the Numbers Right on China's Actual Overseas Investment: The Case of the Netherlands." Journal of Current Chinese Affairs 46, no. 1 (April 2017): 187–209. http://dx.doi.org/10.1177/186810261704600108.
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This study assesses the quality of Chinese outbound FDI data. In our case study of the Netherlands, we checked the data quality of the often-used Orbis/Amadeus database and its data source, the Dutch Chamber of Commerce (Kamer van Koophandel, KVK), which has one of the oldest and, arguably, one of the better databases within Europe. We analysed Chinese investments in the Netherlands and show that six adjustments are necessary to clean up the data. We also show that not making these adjustments can significantly impact the outcome of research. The cleaned-up data show that sampled Chinese firms are young, small, and private.
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Izzo, Filomena, Viktoriia Tomnyuk, and Giuseppe Varavallo. "Intellectual Capital and Company Performance: Evidence from European FinTech Companies." International Business Research 13, no. 6 (May 8, 2020): 34. http://dx.doi.org/10.5539/ibr.v13n6p34.
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The scope of this study is to examine the impact of Intellectual Capital (IC) on the performance of European FinTech companies. Despite numerous studies conducted to measure the IC, only a few of these explore the impact of IC in dynamic and technological markets. This study intents to contribute to the existing literature by examining a completely new sample of companies that operate in the condition of Industry 4.0. This paper uses data of 12 European Fintech companies from 2016 to 2018, listed in the Dealroom global database. This research employs the Value Added Intellectual Coefficient (VAIC) model proposed by Pulic to measure Intellectual Capital. To obtain accounting information, the authors utilised the Amadeus Bureau van Dijk database.
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Durica, Marek, Peter Adamko, and Katarina Valaskova. "MDA financial distress prediction model for selected Balkan countries." Balkans Journal of Emerging Trends in Social Sciences, Vol 1, No 1 (December 31, 2018): 85–93. http://dx.doi.org/10.31410/balkans.jetss.2018.1.1.85-93.
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The issue of company financial distress and the early prediction of potential bankruptcy is one of the most discussed issues of economists around the world in recent decades. The most widely used method to create these models is Multidimensional Discrimination Analysis from the first attempts in the 1960s to the present. In the paper we present prediction model for some emerging market countries in Balkan region created using a Multidimensional Discriminant Analysis method based on real data from the financial statements obtained from Amadeus - A database of comparable financial information for public and private companies across Europe. Our database contains data more than 200 000 companies and about 25 predictors. Using this model, it is possible to predict the financial difficulties of companies one year in advance.
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Algieri, Bernardina, Antonio Aquino, and Marianna Succurro. ""Sunny" prospects: an analysis of the photovoltaic industry in Italy." ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, no. 3 (December 2012): 111–33. http://dx.doi.org/10.3280/efe2012-003008.
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The present study provides an analysis of the Italian photovoltaic sector (PV). To this purpose, we first evaluate the main characteristics of the Italian PV incentive scheme by focusing on its costs and benefits. The analysis then turns to the evolution of PV demand over recent years, the key features of the Italian PV supply and its performances by identifying the strengths, limitations and growth prospects of the sector. The investigation relies on accounting data of the Italian producers collected from the Bureau van Dijk's Amadeus database, over the 2000- 2010 years. Some industrial policy implications conclude the work.
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LANDINI, SIMONE, CORRADO DI GUILMI, and MAURO GALLEGATI. "A MAXENT MODEL FOR MACROSCENARIO ANALYSIS." Advances in Complex Systems 11, no. 05 (October 2008): 719–44. http://dx.doi.org/10.1142/s021952590800201x.
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In this paper, starting from Jaynes' MaxEnt methodology [10, 11], we follow the original idea of Aoki [1] to implement a canonical MaxEnt inference model for the replication of industrial firms' dynamics over a space of economic states. We develop an aggregate model to infer the distributions of agents at meso level using representative states. In particular, we estimate the access probability for agents in different states consistently with macroscopic economic constraints. The model is calibrated on the basis of a sample of firms, drawn from the AMADEUS database, within the manufacturing industry made up of nine sectors of economic activity from 1995 to 2004, and results come to experimental proof at aggregate macroscopic level.
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Podhorska, Ivana, and Anna Siekelova. "Enterprises Financial Performance in a Globalized World." SHS Web of Conferences 74 (2020): 05018. http://dx.doi.org/10.1051/shsconf/20207405018.
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World globalization has a significant impact on the financial performance and financial health of enterprises. The aim of the paper is to analyse and compare the financial performance of selected enterprises under the conditions of globalization. Paper will work with six selected enterprises from the IT sector, which represents one of the fastest growing sectors in the globalized world. Each of them will be from the Slovak Republic. As input data will be used their financial statements during years 2015-2018. These data will be obtained from the Amadeus database - a database of comparable financial information for public and private companies across Europe. The methods of financial-economic analysis will be used to analyse these data. Especially, the paper will be work with selected financial ratios from analysing of liquidity, profitability, indebtedness, and activity. The theoretical part of the paper will contain a literature review and historical development of financial performance assessment and theoretical aspects of enterprise financial performance. The practical part will contain the application of selected methods of financial-economic analysis in the database of enterprises. Paper findings brings evaluation of financial performance of enterprises in IT sector under the conditions of globalized world.
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Lennert, Moritz. "The Use of Exhaustive Micro-Data Firm Databases for Economic Geography: The Issues of Geocoding and Usability in the Case of the Amadeus Database." ISPRS International Journal of Geo-Information 4, no. 1 (January 9, 2015): 62–86. http://dx.doi.org/10.3390/ijgi4010062.
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Eriotis, Nikolaos, Spyros Missiakoulis, Ioannis Dokas, Marios Tzavaras, and Dimitrios Vasiliou. "Tax Avoidance and Transfer Pricing." International Journal of Corporate Finance and Accounting 8, no. 2 (July 2021): 28–39. http://dx.doi.org/10.4018/ijcfa.2021070103.
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Globalization has led multinational companies, beyond intensifying their competitiveness, to seek ways to maximize profits through tax avoidance. The international character enables them to transfer profits to tax havens or seek transactions that will enable them to avoid, postpone, or pay lower taxes. Although the previous allegations have been hypothesized by researchers, tax audits, and governments, it is difficult to prove due to the chaotic data and the causal relationship between variables. The present study compared the tax burden of 971 multinationals and 1,160 independent companies for the years 2010-2017 in Greece, using data from the Amadeus Tp-Catalyst database and confirmed previous research on significant differences in terms of profits and tax burdens. To the authors' knowledge, there has not been attempted such an extensive analysis for Greece in the past.
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Chaves, Federico Quesada. "The springboard network: multinationals in Latin America." International Journal of Emerging Markets 13, no. 5 (November 29, 2018): 855–74. http://dx.doi.org/10.1108/ijoem-07-2016-0172.
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Purpose The purpose of this paper is to provide empirical evidence regarding the springboard regionalization strategy implemented by multinationals entering Latin America and the organizational networks developed to serve this end. Design/methodology/approach Using the organizational network approach, a typology is developed to explain the Springboard network. Quantitative analysis is used, in the form of logistic binary regression, to study these networks composition. Findings From a sample of 154 subsidiaries extracted from the AMADEUS intelligent database, three categories for multinational’s networks are created, with the Spanish subsidiary acting as the leader: strategic centers (SCs), administrative centers (ACs) and regional headquaters (RHQs). Findings provide evidence of cultural features, industry behavior and the multinational’s size and entry mode influence these networks organization. Research limitations/implications It is proposed that culture and historical ties have evolved together and management scholars should be aware of this phenomenon. Specific limitation that this study exhibits is the data provided by AMADEUS and the fact that R&D information for both the Spanish and the Latin American subsidiary were not available. Practical implications Staffing composition and expatriate corporate policy should consider the springboard effect to manage springboard networks. Social implications Industries and authorities in all countries involved should be aware of their role in MNC strategies for regional expansion. Originality/value It is argued that a network of subsidiaries within the multinational can participation in the springboard behavior, which is determined by the culture that the multinational originates from, as well as the Spanish culture, creating a particular type of leadership.
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Bočková, Nina, Zdeněk Brož, and Mirko Dohnal. "Fuzzy model of relationship among economic performance, competitiveness and business ethics of small and medium-sized enterprises." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 4 (2012): 71–78. http://dx.doi.org/10.11118/actaun201260040071.
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The objective of this article is to study the relations among financial indicators, competitiveness and business ethics of comparable small and medium-sized enterprises. A sample of 59 SMEs from the South Moravia region was chosen. All selected companies either produce or service electronics. This research is based on the application of scientific analysis, synthesis, induction, fuzzy logic and modeling. Information for this research was obtained from secondary information sources – Amadeus database, accounting statements and information from the register of companies. Each company is described by a set of 10 variables. Fuzzy sets and reasoning are ideal tools to cope with vague, ill-structured and uncertain scenarios which can be found frequently in business and economics. This is the main reason why fuzzy logic was used in this research. The paper is self-explanatory and no a prior knowledge of fuzzy reasoning is required.
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Heryán, Tomáš. "Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment?" Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 65, no. 6 (2017): 1925–33. http://dx.doi.org/10.11118/actaun201765061925.
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This paper has focused on the issue of foreign exchange markets in relation to tourism and hotel industry in the small open economy such as the Czech Republic. After more than three years when the Czech National Bank (CNB) intervened on the foreign exchange market, everybody look forward to development of exchange rates after the end of the exchange rate commitment. The aim of this study is to show how Czech hotels were been able to confront current appreciation of the Czech koruna before the CNB had ended the exchange rate commitment. According to this aim it was necessary to investigate relations between exchange rates and turnover of Czech hotels as the first. Therefore, it has been obtained time series of the hotels’ profit and loss statements from Bureau van Dijk’s Amadeus international statistical database as well as exchange rates from the CNB online database. Other data is from the Eurostat and the World Bank online statistical database. As the main estimation method it is used the GMM approach with panel data for period from 2007 till 2014. After the estimation of those statistical significant relations it is essential to describe the ways, how were the hotels been able to face the exchange rate risk before the end of the commitment. Furthermore, it has been differentiated between natural hedging for smaller hotels and the usage of the financial derivatives for these bigger. Three types of hedging are described: (i) natural hedging, (ii) usage of a currency forward, and (iii) taking a loan in foreign currency.
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Svabova, Lucia, Lucia Michalkova, Marek Durica, and Elvira Nica. "Business Failure Prediction for Slovak Small and Medium-Sized Companies." Sustainability 12, no. 11 (June 3, 2020): 4572. http://dx.doi.org/10.3390/su12114572.
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Prediction of the financial difficulties of companies has been dealt with over the last years by scientists and economists worldwide. Several prediction models mostly focused on a particular sector of the national economy, have been created also in Slovakia. The main purpose of this paper is to create new prediction models for small and medium-sized companies in Slovakia, based on real data from the Amadeus database from the years 2016–2018. We created prediction models of financial difficulties of companies for 1 year in advance and also a model for 2 years prediction. These models are based on the combination of two methods, discriminant analysis and logistic regression that belong, among others, to the group of the most commonly used methods to derive prediction models of financial difficulties of the companies. The overall prediction powers of the combined model are 90.6%, 93.8% and 90.4%. The results of this analysis can be used for early prediction of the financial difficulties of the company, that could be very useful for all the stakeholders.
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Barbua-Misu, Nicoleta, and Fitim Deari. "DETERMINANTS OF TRADE CREDIT IN EUROPEAN CONSTRUCTION FIRMS: A PRELIMINARY STUDY." Ekonomika 95, no. 2 (October 3, 2016): 139–57. http://dx.doi.org/10.15388/ekon.2016.2.10129.
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The aim of this paper is to present a comparative study of trade credit indicators and the possible determinants of trade credit for firms acting in the construction sector, using a sample of 958 medium and large firms for the period 2004-2013. The objective of the study is to identify and examine selected variables that may determine trade credit used and provided by selected firms. The sample is derived from the Amadeus database. The examined firms were ones that have sold and bought on credit. The data was organised as panel-data and quantitative analyses were performed. This study demonstrates results that firms with higher trade receivables are less profitable; a positive correlation was found between trade receivables and liquidity, whereas a negative correlation was detected between trade receivables and gearing; larger firms provide and obtain more trade credit than medium firms; more profitable firms use less gearing; firms with higher profit margin are more liquid and more liquid firms use less gearing; based on an average and overall terms, there is not such a clear distinction between Western and Eastern European countries from viewpoint of net trade credit and net trade period.
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Lukason, Oliver, and Erkki K. Laitinen. "Failure of exporting and non-exporting firms: do the financial predictors vary?" Review of International Business and Strategy 28, no. 3/4 (October 19, 2018): 317–30. http://dx.doi.org/10.1108/ribs-02-2018-0015.
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Purpose The purpose of this paper is to find out whether the financial predictors of failure differ for exporting and non-exporting firms. Design The study is based on two samples of French manufacturing micro firms from Amadeus database. Samples of 468 exporting and 1,148 non-exporting firms were divided equally to survived and bankrupted firms. Logistic regression method was used with five financial ratios portraying liquidity, solidity, cash flow sufficiency, profitability and productivity. Findings The findings suggest that cash flow sufficiency and solidity were important predictors in both firm groups, although the latter was more important in case of exporters. Liquidity was important in case of non-exporters, while profitability in case of exporters. Productivity was not a significant predictor. With these variables, failure of exporters was predicted with a higher accuracy. Originality This paper contributes to an under-researched area in the failure prediction and international business literature, namely, it outlines whether failure predictors are the same for similar exporting and non-exporting firms. The results indicate that some predictors differ and similar ones can have different importance for exporters and non-exporters.
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Sági, Judit, Nick Chandler, and Csaba Lentner. "Family businesses and predictability of financial strength: a Hungarian study." Problems and Perspectives in Management 18, no. 2 (July 6, 2020): 476–89. http://dx.doi.org/10.21511/ppm.18(2).2020.39.
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The aim of this study is to examine how bankruptcy prediction models forecast financial strength for family businesses. Three predictive tests are used to study financial strength for three consecutive years (2016, 2017 and 2018) for a sample of 462,200 active Hungarian companies using the Amadeus database and expert data. Complex statistical model tests for credit assessment (bankruptcy predictions) are performed by size and ownership of the companies. It is found that the revised Altman model is impeded by a superfluous high weighting on net working capital; therefore, IN05 Quick Test predicted better chances for businesses in generating cash flows in a small emerging economy. By re-formulating the Bankruptcy Index of Karas and Režňáková and refining its coefficients, the modified Bankruptcy Index is more robust for predicting the financial health of family businesses on a cash flow basis. The test results of this modified Bankruptcy Index confirm the relative advance of family businesses in creating added value for owners. Practical implications arise from a management perspective: family businesses work better with predictability of survival in accordance with the model; therefore, their ability to adapt to financial constraints caused by crises is also more promising.
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Sirohi, J., G. Kukalová, and L. Moravec. "Analysis of Regional Disparities in Agriculture Focusing on Economically Weak Regions of the Czech Republic." Scientia Agriculturae Bohemica 50, no. 2 (June 1, 2019): 141–53. http://dx.doi.org/10.2478/sab-2019-0020.
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Abstract The objective of this study is to identify the regions of the Czech Republic with the economically non-effective agriculture industry. The methodology is based on an orginal approach as the economically weak regions are identified on the LAU 1 level, comparing to the existing studies using only NUTS III level. The input data describe the economic results of 6,031 agricultural entities from 75 different regions LAU 1. The data covering the period between 2006 and 2014 were gained from the database Amadeus. The study deploys the methods of Principal Component Analysis, Kaiser-Meier-Olkin test, Bartlett’s test and hierarchical cluster analysis. The study determinates two key components: the Company Size and the Company Profit. These key components are used as the input variables for the cluster analysis. The cluster analysis identifies four clusters of regions from the agricultural entities economical results point of view. Subsequently the Standardized Variable Method is used to determinate the mutual order of the regions. The results of LAU 1 regions analyses show that the agrucultural entities, located in the border regions, reach economical results below average of the Czech Republic regions.
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Otavová, Milena, and Jana Gláserová. "The Impact of Changes in Accounting Regulations on Agricultural Entities and Their Business Accounts Since 2016." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 65, no. 2 (2017): 689–97. http://dx.doi.org/10.11118/actaun201765020689.
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Financial accounting in the European Union is harmonized through directives. In 2013 Directive 2013/34/EU of the European Parliament and the Council was issued. It aims to improve the performance of micro and small entities by reducing their administrative burden. The primary requirement of the Directive is to introduce entity size classification. The paper identifies the impact of the transposition of the Directive on the size distribution of agricultural enterprises in the V4 countries and some other countries of the European Union using data from the Amadeus database. In the Czech Republic obligations which are part of financial reporting are determined for agricultural enterprises and their impact on fundamental accounting principles is detected. The implementation of the Directive in the Czech Republic significantly influenced valuation, accounting for and specially reporting of inventories of a company’s own activity and capitalization, which are typical for agricultural enterprises. A comparison of the regulation effective until the end of 2015 with the new regulation showed the impact on the amount of profit and turnover, which are also quantified. The degree of harmonization with IAS/IFRS is also examined.
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Hornungová, Jana, and František Milichovský. "Agricultural Sector Performance Evaluation in Terms of Financial Indicators: A Comparison of Czech Republic, Slovakia and Western Balkan States." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, no. 2 (2018): 497–507. http://dx.doi.org/10.11118/actaun201866020497.
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Agriculture and food industry have become part of strategic areas for each country and each region of Europe. Important condition on companies in group A (according NACE classification) is fulfilling requirements of management in performance of financial area. Traditional financial indicators (calculated from accounting data) are still used to evaluate performance level, what have been considered to be the most appropriate approach over a long period of time in spite of different accounting and financial indicators. The main objective is to find crucial factors in the field of financial performance for agriculture companies in chosen region. Data from 10438 agricultural companies have been get from Amadeus database and analysed. For purpose of the paper there were used factor analysis, Pearson chi-square test for independence, and correspondence analysis. By application of factor analysis has reduced the basic set, originally formed by seven key financial indicators, into seven indexes according analysed countries. All observed factors were put into Pearson’s chi-square test to indicate the dependency between indexes and (1) company size and (2) NACE classification. Finally, there was applied correspondence analysis, by which were found out clusters of countries, industries and size.
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Heryán, Tomáš. "What Drives Liquidity of Tourism Companies? Microeconomic Evidence from Bulgaria, Czech Republic and Poland." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, no. 6 (2018): 1477–84. http://dx.doi.org/10.11118/actaun201866061477.
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Current paper focuses on business economics of tourism industry. Liquidity of a company has the key role within financial management among all industries, including the tourism as well. However, the question still remains: What drives the liquidity among hotels and travel agencies? The aim of the paper is to investigate whether or not is the liquidity among tourism companies in Bulgaria, Czech Republic and Poland affected by other selected microeconomic variables. It is obtained financial data from annual reports of 1,892 tourism companies collected within Amadeus, the international statistical database. Estimated period is from 2006 till 2015. In particular it has been explored three variables (i) return on assets, (ii) share of stockholders’ funds, and (iii) average length of loans from creditors. As the main estimation method is employed the Generalized Method of Moments (GMM) with panel data. A comparison is made between both, large as well as medium sized hotels and travel agencies in selected countries. Except of a few, it was proven that reinvestments of the decreasing profit supported liquidity among tourism companies during a period affected by the global financial crisis.
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Vavřina, Jan, David Hampel, and Jitka Janová. "New approaches for the financial distress classification in agribusiness." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 4 (2013): 1177–82. http://dx.doi.org/10.11118/actaun201361041177.
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After the recent financial crisis the need for unchallenged tools evaluating the financial health of enterprises has even arisen. Apart from well-known techniques such as Z-score and logit models, a new approaches were suggested, namely the data envelopment analysis (DEA) reformulation for bankruptcy prediction and production function-based economic performance evaluation (PFEP). Being recently suggested, these techniques have not yet been validated for common use in financial sector, although as for DEA approach some introductory studies are available for manufacturing and IT industry. In this contribution we focus on the thorough validation calculations that evaluate these techniques for the specific agribusiness industry. To keep the data as homogeneous as possible we limit the choice of agribusiness companies onto the area of the countries of Visegrad Group. The extensive data set covering several hundreds of enterprises were collected employing the database Amadeus of Bureau van Dijk. We present the validation results for each of the four mentioned methods, outline the strengths and weaknesses of each approach and discuss the valid suggestions for the effective detection of financial problems in the specific branch of agribusiness.
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Cândido, Carlos J. F., Luís M. S. Coelho, and Rúben M. T. Peixinho. "The financial impact of a withdrawn ISO 9001 certificate." International Journal of Operations & Production Management 36, no. 1 (January 4, 2016): 23–41. http://dx.doi.org/10.1108/ijopm-11-2014-0540.
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Purpose – The purpose of this paper is to assess to what extent the loss of the ISO 9001 certification affects the decertified firms’ financial performance. Design/methodology/approach – Using standard event study methods, this paper matches a sample of 143 Portuguese companies that lost their ISO 9001 certification with similar non-event counterpart firms (according to return-on-assets (ROA) and size) and compares the performance of these two groups of firms using financial data collected from the AMADEUS database. Findings – Results show no statistical significant differences in the financial performance (as measured by ROA, return-on-sales (ROS) and sales growth) between companies that lost their ISO 9001 certification and their matched firms. Although the literature suggests that certification improves firms’ performance and that the benefits of certification may last over long periods of time, this paper’s results suggest that, after decertification, companies do not exhibit over or underperformance in their operations vis-à-vis comparable firms that do not undergo the same event. Originality/value – As far as the authors are aware, this is the first study assessing the impact of ISO 9001 certificate withdrawal on the decertified firms’ financial performance.
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Chalmers, David K., Emily W. Mannetta, and Luca Sensini. "R & D and Internationalization: Effect on the Performance of SMEs." International Journal of Advances in Management and Economics 9, no. 3 (April 30, 2020): 39–48. http://dx.doi.org/10.31270/ijame/v09/i03/2020/5.
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The purpose of this research is to study the impact of research and development activities on the performance of SMEs operating in non-high-tech sectors. At the same time, this study also investigates the impact produced by internationalization on research and development activities and performance. This choice is driven by the fact that there are several studies focusing on large companies and high-tech companies, while only a few scholars have addressed this topic for non-high-tech SMEs. A sample of Italian companies was chosen to develop the survey. The companies interviewed were obtained from the Amadeus database, in accordance with the definition of SMEs of the European Commission. From all the population, we extracted a probabilistic sample based on stratified random sampling design. Data collection and information was carried out through a questionnaire. The use of this tool has made it possible to collect updated information on research and development, innovation, internationalization and other general aspects useful for research purposes. The results show that non-high-tech SMEs that invest in research and development get performance benefits up to an optimal level of investment. In addition, the results suggest that internationalization can increase performance. Keywords: Innovation, R&D, Internationalization, Performance, SMEs.
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Chlebovský, Vít. "Comparison of Czech, Slovak and Swiss Product Innovation Oriented Firms’ Communication in Social Media." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 5 (2015): 1653–59. http://dx.doi.org/10.11118/actaun201563051653.
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Objective of the research described in this article is to analyze and compare the use of social media communication channels in Czech, Slovak and Swiss product innovation oriented companies, where Swiss set of the companies is used as a benchmark. Primary research was made through manual activity scanning of the selected companies within social media. European company database Amadeus provided by Bureau van Dijk was used for the company selection in all three countries under the same search criteria. There were made two research sets of the companies in each country. One set covers top turnover product innovation oriented companies, second set avoided product innovation orientation search criteria and covers top companies by turnover in the respective country. Each particular sample set covered 74 to 100 companies.Activities of the selected companies on Facebook, YouTube, Twitter, Google+ and LinkedIn were manually scanned and particular metrics were scaled. Microsoft Excel was used for storing, statistical processing and graphic outputs of the research. Evaluated results show significant gaps in use of social media communication tools in Czech and Slovak companies comparing to Swiss benchmark. It has been also confirmed that social media communication activity in product innovation oriented companies is equal to other companies. The hypotheses were statistically tested and results confirmed.
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Rowland, Zuzana, Alla Kasych, and Petr Suler. "PREDICTION OF FINANCIAL DISTRESS: CASE OF MINING ENTERPRISES IN CZECH REPUBLIC." Ekonomicko-manazerske spektrum 15, no. 1 (June 30, 2020): 1–14. http://dx.doi.org/10.26552/ems.2021.1.1-14.
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The ability to predict a company's financial health is a challenge for many researchers and scientists. It is also a distracting topic, as many other new approaches to financial health predictions have emerged in recent years. In this paper, we focused on identifying the financial health of mining companies in the Czech Republic. We chose the neural network method because, based on various instances of related research, neural networks represent a more reliable financial forecast than mathematical-statistical methods such as discriminant analysis and logistic regression. The concept of a neural network emerged with the first artificial neural networks, inspired by biological systems. The existence of prediction and classification problems directly predetermines artificial neural networks with respect to a given issue. We used the Amadeus database for processing, including financial indicators, SPSS, and Visual Gene Developer software. In total, we analyzed sixty-four mining companies. Complete data on financial stability were available for fifty-three companies, which we explored, and based on these results, identified financial situations for the other thirteen. Based on the available information, we processed a neural network and regression analysis. We managed to classify thirteen companies as solvent, insolvent, and in the grey zone, with the help of prediction.
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Durica, Marek, Jaroslav Frnda, and Lucia Svabova. "Decision tree based model of business failure prediction for Polish companies." Oeconomia Copernicana 10, no. 3 (September 30, 2019): 453–69. http://dx.doi.org/10.24136/oc.2019.022.
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Research background: The issue of predicting the financial situation of companies is a relatively young field of economic research. Its origin dates back to the 30's of the 20th century, but constant research in this area proves the currentness of this topic even today. The issue of predicting the financial situation of a company is up to date not only for the company itself, but also for all stakeholders.
Purpose of the article: The main purpose of this study is to create new prediction models by using the method of decision trees, in achieving sufficient prediction power of the generated model with a large database of real data on Polish companies obtained from the Amadeus database.
Methods: As a result of the development of artificial intelligence, new methods for predicting financial failure of the company have been introduced into financial prediction analysis. One of the most widely used data mining techniques in this field is the method of decision trees. In the paper, we applied the CART and CHAID approach to create a model of predicting the financial difficulties of Polish companies.
Findings & Value added: For the creation of the prediction model, a total of 37 financial and economic indicators of Polish companies were used. The resulting decision trees based prediction models for Polish companies reach a prediction power of more than 98%. The success of the classification for non-prosperous companies is more than 83%. The created decision tree-based prediction models are useful mainly for predicting the financial difficulties of Polish companies, but can also be used for companies in another country.
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Urionabarrenetxea, Sara, Leire San-Jose, and Jose-Luis Retolaza. "Negative equity companies in Europe: theory and evidence." Verslas: teorija ir praktika 17, no. 4 (November 30, 2016): 307–16. http://dx.doi.org/10.3846/btp.17.11125.
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Businesses in technical bankruptcy are part of the European context, many of them in such financial distress that they have lost all their equity and a very high percentage of them have even incurred negative equity. There is a very little literature analysing these companies; moreover, they are considered as out of the ordinary because they do not fit into conventional theories of business, and are removed from most samples. They are largely neglected. The research questions posed here are a step towards remedying this: “What are the scale and the economic impact of negative equity companies in terms of risk transference?”, “Does this problem differ from one European country to another?”, “Is it an effect of the crisis?”. Using the Bureau Van Dijk’s Amadeus database, we find that nearly 20% of companies have negative equity. Such companies handle more than one billion Euros, i.e. nearly 10% of European GDP. So the results suggest that negative equity companies have a high weight in Europe and, based on the country cluster studied, it seems that neither culture nor geographical area is determinant in explaining their distribution across countries. Nor is the crisis a determinant in explaining their existence, so the problem is not cyclical but structural. These findings have potentially important implications in encouraging European decision makers to factor such companies into their policies and to include them in economic models.
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Bărbuță-Mișu, Nicoleta, and Mara Madaleno. "Assessment of Bankruptcy Risk of Large Companies: European Countries Evolution Analysis." Journal of Risk and Financial Management 13, no. 3 (March 18, 2020): 58. http://dx.doi.org/10.3390/jrfm13030058.
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Assessment and estimation of bankruptcy risk is important for managers in decision making for improving a firm’s financial performance, but also important for investors that consider it prior to making investment decision in equity or bonds, creditors and company itself. The aim of this paper is to improve the knowledge of bankruptcy prediction of companies and to analyse the predictive capacity of factor analysis using as basis the discriminant analysis and the following five models for assessing bankruptcy risk: Altman, Conan and Holder, Tafler, Springate and Zmijewski. Stata software was used for studying the effect of performance over risk and bankruptcy scores were obtained by year of analysis and country. Data used for non-financial large companies from European Union were provided by Amadeus database for the period 2006–2015. In order to analyse the effects of risk score over firm performance, we have applied a dynamic panel-data estimation model, with Generalized Method of Moments (GMM) estimators to regress firm performance indicator over risk by year and we have used Tobit models to infer about the influence of company performance measures over general bankruptcy risk scores. The results show that the Principal Component Analysis (PCA) used to build a bankruptcy risk scored based on discriminant analysis indices is effective for determining the influence of corporate performance over risk.
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Kundelis, Egidijus, Renata Legenzova, and Julijonas Kartanas. "Assessing Profit Shifting in Lithuanian Firms." SHS Web of Conferences 92 (2021): 02037. http://dx.doi.org/10.1051/shsconf/20219202037.
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Research background: Multinational enterprises (MNEs) employ tax avoidance by ability to use differences in tax systems of various countries to successfully incur effective tax rate that is lower than the statutory one. Literature analysis revealed that previous research rarely concentrated on profit shifting practices in small economies. It mostly covered large countries (USA, Germany) or regions (e.g. Europe). Research on Lithuania, as a small open economy characterized by lower corporate income tax rates, is a relevant case for the analysis. Purpose of the article: The purpose of the article is to assess profit shifting via transfer mispricing in Lithuanian companies. Methods: Regression analysis with fixed effects was applied to a sample of 3,563 Lithuanian companies for the period of 2010–2018. The data was retrieved from Amadeus database. Findings & Value added: The results of testing profit shifting channel – transfer mispricing – showed that tax incentives significantly affect earnings of MNEs in the sample while results of domestic firms are puzzling. Earnings of multinationals in the sample are strongly affected by statutory tax rate difference between the subsidiary operating in Lithuania and the parent company in a foreign country. Such results may imply that in small economies like Lithuania (characterized by lower tax rates and lower tax avoidance costs) profit shifting via transfer mispricing is used by MNEs as a channel of corporate tax avoidance.
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Durica, Marek, and Lucia Svabova. "Cluster analysis of the economic activity of Slovak companies regarding potential indicators of earnings management." SHS Web of Conferences 92 (2021): 07018. http://dx.doi.org/10.1051/shsconf/20219207018.
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Research background:All over the world, any information about the earnings manipulation is very important for all the stakeholders of the companies. Therefore, it is necessary to detect this situation in a certain way. The global practice has shown that it is appropriate to create detection models and it would be very useful to specify individual sectors or the groups of sectors of economic activities of companies.Purpose of the article:The article aims to the financial ratios of Slovak companies that are globally used in the detection of earnings management. Based on hierarchical cluster analysis we identify groups of economic activities (according to the international NACE classification) with similar financial characteristics.Methods:For efficient earnings manipulation detection, high-quality and up-to-date financial data is required. We used financial data of real Slovak companies from the year 2018 obtained from international database Amadeus. After a precise pre-preparation of the dataset, we use the standard clustering procedures. Using the analysis of the dendrogram, the groups of the companies with their economic activities are identified.Findings & Value added:The results of the analysis show that there exist logical groups of NACE categories of economic activity of companies with similar characteristics. Regarding potential earnings manipulation, companies in these groups are as similar as possible. Therefore, financial characteristics can be analyzed together, and more accurate detection models could be created for them.
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Wasiluk, Dorota, and Anna Białek-Jaworska. "Determinants of corporate R&D expenditures: the role of taxes." Central European Economic Journal 7, no. 54 (October 23, 2020): 110–26. http://dx.doi.org/10.2478/ceej-2020-0007.
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AbstractThe paper aims to find the relationship between corporate expenditures on R&D and tax burdens comparing German with French R&D incentives. We use the OLS method for the financial and patent cross-sectional data retrieved from the Amadeus database. The results confirm that firms with higher tax spread (the difference between the nominal and effective tax rates) spend less on R&D. These are in line with findings of a positive relationship between corporate R&D investment and tax burdens. Thus, firms that invest in R&D more pay higher taxes. However, they are less profitable as the return on R&D investment is visible only in the long run. German corporate expenditures on R&D are significantly sensitive to internal funds (proxied by cash flow) and depend on debt, contrary to French. The results indicate that the French firm's age (a phase of life cycle) has a significant impact on spending on R&D compared to German. Whereas in both countries, corporate expenditures on R&D are sensitive to the number of obtained patents. The capability of reducing the level of tax burdens below the nominal tax rate in the case of older German firms stimulates them to increase their R&D expenditures. However, German firms can decrease tax due to the use of R&D grants (revenues without taxation) in the absence of other tax incentives related to R&D.
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Lukason, Oliver, and Tiia Vissak. "Failure processes of exporting firms: evidence from France." Review of International Business and Strategy 27, no. 3 (September 4, 2017): 322–34. http://dx.doi.org/10.1108/ribs-03-2017-0020.
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Purpose This paper aims to detect failure processes of French exporting firms and study their contingency with export processes. Design/methodology/approach The sample consisted of 131 bankrupted exporting firms from Bureau van Dijk’s Amadeus database. Factor and cluster analyses of six financial variables from Laitinen’s (1991) model were used to detect failure processes. Export processes were detected with cluster analysis of export share in total turnover. Contingency between failure and export processes was studied with a statistical test. Findings Three different failure processes existed for exporting firms. Two of these processes, which accounted for 79 per cent of firms, were classified as gradual failure: a step-by-step worsening of financial performance before the bankruptcy was declared. One was a symbiotic process reflecting varying pre-bankruptcy behaviours of different financial variables. Two different types of exporters existed. Most firms (77 per cent) were occasional exporters, while 23 per cent were constantly and more strongly involved in international markets before their bankruptcy was declared. There was no contingency between failure and export processes. Originality/value This study is the first one to detect failure processes specifically for exporting firms based on financial variables. In line with previous literature about non-exporting firms, gradual failure processes were most characteristic to exporting firms. The study shows that different types of exporters were not characterized by any unique behaviour of financial variables before their bankruptcy was declared.
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Sardo, Filipe, and Zelia Serrasqueiro. "Does dynamic trade-off theory explain Portuguese SME capital structure decisions?" Journal of Small Business and Enterprise Development 24, no. 3 (August 21, 2017): 485–502. http://dx.doi.org/10.1108/jsbed-12-2016-0193.
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Purpose The purpose of this paper is to analyse if capital structure decisions of small- and medium-sized Portuguese firms are in accordance with the predictions of dynamic trade-off theory, more precisely, the speed of adjustment of short-term debt (STD) and long-term debt (LTD) towards the respective target debt ratios. Design/methodology/approach Based on two samples of Portuguese firms, 1,377 small-sized firms and 811 medium-sized firms, dynamic estimators were used for the treatment of data obtained from the Amadeus database for the period 2007-2011. Findings The results indicate that small- and medium-sized firms adjust their STD and LTD ratios towards the respective target ratios. Small- and medium-sized firms present a high-speed adjustment towards the target STD ratio, suggesting that both types of firm face costs of deviating from the target capital structure, which are, probably, greater than the costs of adjustment associated with STD. However, considering the distance from the target ratio as a determinant of the adjustment speed, the results show the predominance of the negative effect of the costs of adjustment on capital structure adjustment speeds. Originality/value The results obtained for the speed of adjustment of STD and LTD, in a recession context, show that for small firms and medium-sized firms, mainly for the former, the costs of external market transactions are prohibitively high, slowing the speed of adjustment towards the target capital structure.
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Lavić, Vernesa, and Azra Hadžiahmetović. "Corporate income tax burden for SMEs: The case of Bosnia and Herzegovina." BH Ekonomski forum 13, no. 2 (2021): 151–65. http://dx.doi.org/10.5937/bhekofor2102151l.
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Small and medium enterprises (SMEs) play a significant role in the economic development of both advanced and developing countries. Some earlier research showed that taxation and compliance costs have a significant effect on economic growth, development and performance of the business sector. For this reason, our research focuses on tax compliance costs imposed on the SMEs in Bosnia and Herzegovina (B&H), which is a transition and post-conflict country with a complex tax system structure. This complexity is particularly highlighted in the direct taxation system, hence the focus of this research is on corporate income tax (CIT) compliance costs. Our methodology is based on simulation of tax compliance costs between different entities in B&H - Federation of B&H (FB&H) and the Republika Srpska (RS), as well as measuring the effective tax burden for SMEs in B&H and the region. Our simulation of the CIT return of a company "X "in line with the entity law suggests that the effective tax burden is higher in RS than in FB&H entity. This is further confirmed with the effective tax rate formula applied in the second part of the research using data from the AMADEUS database. This result has an important policy implication for the fiscal authorities in B&H, as very often public discourse goes in the opposite direction to our finding.
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Ferri, Salvatore, Alberto Tron, Raffaele Fiume, and Gaetano Della Corte. "The relation between cash flows and economic performance in the digital age: An empirical analysis." Corporate Ownership and Control 17, no. 3 (2020): 84–91. http://dx.doi.org/10.22495/cocv17i3art6.
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Cash flows analysis plays an increasingly important role in the study of business dynamics since cash flows play a key role in the company's economic performance, not only from a standpoint but also in predictive terms. The literature on the subject is poor in number and depth of research, the samples analyzed so far are limited and the statistical tools are weak. Retracing the steps of past research, we studied the relationships between cash flows of several management areas and economic performance, using a complete sample of Italian listed companies in the 2008-2017 period with more solid statistical tools compared to previous studies. The database used to collect all the balance sheet data necessary to conduct our research is Amadeus of the Bureau Van Dijk platform, which already shows reclassified and easily comparable financial statements. Correlation and multiple regression analysis were used to assess if our cash flow proxies could be strong predictors of future cash flow and, consequently, of business performance. The flows for investments and the ability to generate cash, where the latter is positively correlated with future profitability, manage to explain, together with the net cash generation of the company, a large part of the variability of the operating income produced in subsequent periods. The flows from investments seem to be the most suitable for correctly classifying the most profitable companies in the medium-long term, while cash generation, deriving from the characteristic activity, contributes to providing answers, about corporate profitability, on shorter time horizons.
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Mokhova, Natalia, and Marek Zinecker. "Corporate Negative Equity: The Evidence from the European Union." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64, no. 3 (2016): 1021–36. http://dx.doi.org/10.11118/actaun201664031021.
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After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the financial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine non-financial manufactured companies from selected countries of the European Union within the period 2005–2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany). By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy) might lead to negative equities in the balance sheet.
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Murinova, Anastasia, and Vojtech Koráb. "Success of Family Company: Critical Evidence from the Portugal." Global Journal of Business, Economics and Management: Current Issues 8, no. 3 (November 27, 2018): 100–108. http://dx.doi.org/10.18844/gjbem.v8i3.3526.
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Abstract
During the last time, the attention to a phenomenon of family business steadily grows. Today this form of business is considered to be a vital and needful for economic development. Despite this, the basic theory of family business is heterogeneous, limited and insufficient. The purpose of this paper is to define the sense of family company’s success. The object of research is family business as an economic phenomenon. There is a double subject of this study: firstly, to find out the main indicators and information resources about successful companies can be detected and, secondly, to analyze one representative family company managed by several generations as a case study for identifying its key success factors. This qualitative research was prepared on the basis of general theoretical scientific methods, in particular, analysis, synthesis, analogy, comparison, generalizations and methods of expert estimates. In the first phase, secondary research of scientific literature and electronic resources about the paper topic was conducted. On the base of that results, the primary research was conduct, which is based on analysis of family wine company Quinta de Santa Eufemia in Portugal. That research part has the form of a case study. Based on the received information, the key success factors were identified. The sources of that research are internet web-pages of the company, articles about the company in magazines and scientific journals form Emerald database, reports of the company and financial data from Amadeus database, in-depth interview with a family member of a family company representative. The scientific acquisition of this research is improving understanding of a family company’s success from the perspective of difficulties faced by a family company and the way of overcoming obstacles. The results of this study allowed to find a main point for the family company’s success based on literature review. In addition, the activity of Quinta de Santa Eufemia was analyzed as the case study for critical evidence of that phenomenon. This study has contributed to the theoretical part of family business research providing a significant step to providing insight the family company’s success and its main factors which influence an effective functioning of a family company.
Keywords: family company, success, winery, family business
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Wolski, Rafał, and Magdalena Załęczna. "Changing activity in the construction sector in selected states 2003-2012." e-Finanse 13, no. 4 (December 1, 2017): 14–26. http://dx.doi.org/10.1515/fiqf-2016-0032.
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AbstractConstruction companies are important economic actors in every country. Their activity translates into employment levels, tax revenues, and the provision of new spaces that require further expenditure on equipment, thus stimulating consumer spending. The activity of construction companies depends on the demand for space, the state of the economy and the financial market. Undoubtedly economic disturbances in the form of a recession have a significant impact on construction activity. The authors were interested in whether the boom and recession in the selected countries were similarly reflected in the activity of construction companies. In particular, they were interested in residential construction activity, although it was not possible to select companies that would only deal with residential construction. The authors selected four post-socialist countries and two countries which are called winners of the integration process due to their enormous economic growth. The authors outline the residential construction and construction sector results and activity in the Czech Republic, Poland, Slovakia, Hungary, Spain and Ireland, and draw a wider picture for analyses of construction companies’ financial results for the years 2003-2012. This period was chosen because it covered periods of both boom and bust. All enterprises were part of the sector denoted in the Amadeus database as primary code: Eurostat NACE Rev. 2 with codes: 41 - Construction of buildings: 4110 - Development of building projects, 4120 - Construction of residential and non-residential buildings. Due to the specificity of the construction sector the authors divided the surveyed enterprises into two groups – all companies; and only large and very large companies. It was not possible to separate data specifically with respect to residential construction companies.
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Pavlicko, Michal, Marek Durica, and Jaroslav Mazanec. "Ensemble Model of the Financial Distress Prediction in Visegrad Group Countries." Mathematics 9, no. 16 (August 8, 2021): 1886. http://dx.doi.org/10.3390/math9161886.
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The issue of prediction of financial state, or especially the threat of the financial distress of companies, is very topical not only for the management of the companies to take the appropriate actions but also for all the stakeholders to know the financial health of the company and its possible future development. Therefore, the main aim of the paper is ensemble model creation for financial distress prediction. This model is created using the real data on more than 550,000 companies from Central Europe, which were collected from the Amadeus database. The model was trained and validated using 27 selected financial variables from 2016 to predict the financial distress statement in 2017. Five variables were selected as significant predictors in the model: current ratio, return on equity, return on assets, debt ratio, and net working capital. Then, the proposed model performance was evaluated using the values of the variables and the state of the companies in 2017 to predict financial status in 2018. The results demonstrate that the proposed hybrid model created by combining methods, namely RobustBoost, CART, and k-NN with optimised structure, achieves better prediction results than using one of the methods alone. Moreover, the ensemble model is a new technique in the Visegrad Group (V4) compared with other prediction models. The proposed model serves as a one-year-ahead prediction model and can be directly used in the practice of the companies as the universal tool for estimation of the threat of financial distress not only in Central Europe but also in other countries. The value-added of the prediction model is its interpretability and high-performance accuracy.
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Svabova, Lucia, Katarina Valaskova, Pavol Durana, and Tomas Kliestik. "Dependency Analysis Between Various Profit Measures and Corporate Total Assets for Visegrad Group’s Business Entities." Organizacija 53, no. 1 (February 1, 2020): 80–90. http://dx.doi.org/10.2478/orga-2020-0006.
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AbstractBackground and Purpose: Models of identifying and predicting earnings management in companies by using accruals are in general based on the dependence between total assets of companies and various profit measures. In this paper, we focused on an initial dependency analysis between these business indicators in the Visegrad group’s business entities. We explore the mentioned relationships, verify, and quantify the strength of the dependencies between earnings levels of companies (in terms of economic evaluation of the return on business capital in absolute terms) and the value of their total assets (i.e. business capital tied in the assets without its further classification and analysis).Methodology: We use descriptive statistics as well as a correlation analysis based on the real business data on almost 300 thousand companies in the V4 countries from the Amadeus database, covering the period from 2013 to 2017. Finally, we use a comparative analysis to identify disproportion among the results that were found out for each of the analysed countries.Results: The analysis showed that Slovak companies have the average values of profit measures and total assets comparable to Hungarian companies. Czech and Polish companies have several times higher average values of profit measures and also of total assets than Slovak and Hungarian companies. The analysis of the development of the profit measures and the total assets of the companies over the years showed significant differences across the four countries during the period covered by this study.Conclusion: The analysis of relationships between total assets of the companies and their profit measures showed that the strength of these dependencies among countries is very similar, and over the years, these results did not change. The results of this study can be further used in the creation of the earnings management model in enterprises, both in Slovakia and in other V4 countries.
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Neves, Maria, and João Branco. "Determinants of R&D on European high technology industry: panel data evidence." Management Research: Journal of the Iberoamerican Academy of Management 18, no. 3 (May 29, 2020): 285–305. http://dx.doi.org/10.1108/mrjiam-11-2019-0969.
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Purpose As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D investment in this type of industry. Design/methodology/approach The analysis is based on a sample of European high-tech industries represented both by countries of civil law origin and common law origin. The authors used data from 155 high-tech firms in the period between 2011 and 2016. The sample was collected from Amadeus database. The panel data methodology was used to test the dependence of R&D expenses ratio according to different variables. Specifically, the authors have used the generalized method of moments (GMM) estimation method. Findings The results point out that there are differences in the explanation of the R&D ratio depending on whether the authors are dealing with countries of civil legal origin or common legal origin. The evidence also suggests that the intangible assets, contrary to the expect result, have a negative influence on R&D. Probably in this recovery time, as de global financial crisis and the sovereign debt crisis for Eurozone countries, the high-tech firms are using their intangible assets to create value and not for more investments in R&D. Companies are not renewing their asset stocks. Originality/value As high-tech companies are traditionally rich in R&D, this research can contribute with additional pieces to the knowledge of the factors that contribute to this. Thereby, this study may be interesting for managers, investors and civil society. This study adds value as it is unique in addressing this topic on this new dimension, with respect to the sample and indicators presented.
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Chlebovský, Vít. "Repeat Research and Comparison of Czech, Slovak and Swiss Product Innovation Oriented Firms’ Communication in Social Media." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 67, no. 2 (2019): 485–92. http://dx.doi.org/10.11118/actaun201967020485.
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The objective of the research described in this article is a repeat analysis and comparison of social media communication channels used in Czech, Slovak and Swiss product innovation‑oriented companies, where the Swiss set of companies is used as a benchmark. The research is conducted using the same methodology as previous research described in Chlebovský (2015). The use of the same methodology allows comparison of the both research results and discussion on the development of social media use in marketing communication of production innovation‑oriented companies in selected countries. The primary research was carried out by scanning the social media use of the selected companies. European company database Amadeus, provided by Bureau van Dijk, was used for company selection in all three countries under the same search criteria. The set of companies researched covers the highest turnover product innovation‑oriented companies. Each particular sample set covered 100 companies from each country. The activity of the selected companies on Facebook, YouTube, Twitter, Instagram and LinkedIn were observed and particular metrics were scaled. Microsoft Excel was used for storing, statistical processing and graphic outputs of the research. The hypotheses formulated were statistically tested and the results confirmed. In order to confirm or reject normal data distribution, the Anderson‑Darling Normality Test was performed through all three sample sets. This test rejected normal data distribution for all three data sets. The non‑parametric Mann‑Whitney U test was then used to test the hypothesis. Evaluation of the results in comparison with previous research shows an increase in use of social media in communication of Czech and Slovak companies. Hypothesis tests show that Czech product innovation‑oriented companies are statistically equal in activity and success in communication through social media compared to the Swiss benchmark. Slovak companies are still behind the Swiss benchmark.
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Kliestik, Tomas, Jaromir Vrbka, and Zuzana Rowland. "Bankruptcy prediction in Visegrad group countries using multiple discriminant analysis." Equilibrium 13, no. 3 (September 30, 2018): 569–93. http://dx.doi.org/10.24136/eq.2018.028.
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Research background: The problem of bankruptcy prediction models has been a current issue for decades, especially in the era of strong competition in markets and a constantly growing number of crises. If a company wants to prosper and compete successfully in a market environment, it should carry out a regular financial analysis of its activities, evaluate successes and failures, and use the results to make strategic decisions about the future development of the business.
Purpose of the article: The main aim of the paper is to develop a model to reveal the un-healthy development of the enterprises in V4 countries, which is done by the multiple discriminant analysis.
Methods: To conduct the research, we use the Amadeus database providing necessary financial and statistical data of almost 450,000 enterprises, covering the year 2015 and 2016, operating in the countries of the Visegrad group. Realizing the multiple discriminant analysis, the most significant predictor and the best discriminants of the corporate prosperity are identified, as well as the prediction models for both individual V4 countries and complex Visegrad model.
Findings & Value added: The results of the research reveal that the prediction models use the combination of same financial ratios to predict the future financial development of a company. However, the most significant predictors are current assets to current liabilities ratio, net income to total assets ratio, ratio of non-current liabilities and current liabilities to total assets, cash and cash equivalents to total assets ratio and return of equity. All developed models have more than 80 % classification ability, which indicates that models are formed in accordance with the economic and financial situation of the V4 countries. The research results are important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the un-healthy or unfavorable financial situation of the company.
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Kundelis, Egidijus, and Renata Legenzova. "Assessing impact of base erosion and profit shifting on performance of subsidiaries of multinational corporations in Baltic countries." Equilibrium 14, no. 2 (June 30, 2019): 277–93. http://dx.doi.org/10.24136/eq.2019.013.
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Research background: The problem of base erosion and profit shifting by multi-national corporations has been debated from different perspectives because of its multiple impact on the key actors in the economy. Studies refer to its positive impact on companies via corporate taxes saved, but its negative impact on governments via reduced tax collection. A number of empirical studies conducted in different countries support the substantial BEPS impact on company performance, but report differences in its magnitude. Other authors claim that, despite a wide range of tax avoidance opportunities available, tax avoidance is limited due to institutional measures imposed (tax audits, penalties for non-compliance) and high implementation costs. A majority of the previous empirical research covered large countries (USA, Germany) or regions (e.g. Europe), but there is a gap in the re-search assessing the BEPS impact on multinational corporations’ subsidiaries’ performance in countries with lower corporate income tax rates such as the Baltic countries.
Purpose of the article: To assess the impact of base erosion and profit shifting on multinational corporations’ subsidiaries’ performance in the Baltic countries.
Methods: Empirical research is conducted based on the framework employed by Hines and Rice (1994) to measure BEPS impact on company performance. Regression analysis with fixed effects was applied to a sample of 3,422 Latvian, Lithuanian and Estonian subsidiaries of multinational corporations, which are characterized by low corporate tax rates. The data for the period of 2007–2015 was retrieved from the Amadeus database.
Findings & Value added: The research revealed that Baltic countries’ tax differentials between multinational corporations’ parent and subsidiary countries might have a significant impact on the subsidiary’s financial performance. When the tax rate differences between Baltic and the foreign countries decrease by 1%, reported profits in Baltic countries increase by 2.3%, indicating profit-shifting behaviour. This is in line with the empirical literature and practices applied by multinational corporations. It is also in favour of anti-tax avoidance measures introduced by the EC to be adopted by Baltic and other EU countries.
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Bresciani, Stefano, Elisa Giacosa, Laura Broccardo, and Francesca Culasso. "The family variable in the French and Italian wine sector." EuroMed Journal of Business 11, no. 1 (May 3, 2016): 101–18. http://dx.doi.org/10.1108/emjb-03-2015-0012.
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Purpose – The purpose of this paper is to highlight the differences in terms of economic and financial performance, between family firms (FFs) and non-family firms (NFFs) in the wine sector in Italy and France, where this sector is one of the most representative national economic activities. Design/methodology/approach – This study is based on a sample of Italian and France companies operating in the wine sector. The sample, including medium and large firms, includes 288 FFs and 302 NFFs, for a total of 590 firms. Amadeus database represents the data source. According to Astrachan and Kolenko (1994), a firm is classified as a FF if family had to own over 50 per cent of the business in a private company or more than 10 per cent of a public company. Findings – This study confirms that the family variable is relevant to achieve good economic and financial performance, and endow firms with different features. In terms of economic performance, FFs both in Italy and France outperform in. terms of return on equity and return on assets, though only Italian NFFs outperform in earnings before interest and taxes. In terms of financial performance, both in Italy and France NFFs outperform FFs in current ratio and liquidity ratio, while FFs outperform in solvency ratio. Research limitations/implications – Limitations of the study concern the method adopted, as it could be integrated with some econometrical models. The implications of the paper are relevant for families and regulatory bodies because it helps them to better understand the effects of governance on economic and financial performance. Moreover, the findings of the study can influence the decision-making process of investors in order to identify the long-term outperformers listed on a stock exchange. Originality/value – This study contributes to the literature on family businesses phenomenon on wine sector, which represents one of the most representative of the economy of several countries and in which family businesses are widespread.
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Podhorska, Ivana, Jaromir Vrbka, George Lazaroiu, and Maria Kovacova. "Innovations in Financial Management: Recursive Prediction Model Based on Decision Trees." Marketing and Management of Innovations, no. 3 (2020): 276–92. http://dx.doi.org/10.21272/mmi.2020.3-20.
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The issue of enterprise financial distress represents the actual and interdisciplinary topic for the economic community. The bankrupt is thus one of the major externalities of today’s modern economies, which cannot be avoided even with every effort. Where there are investment opportunities, there are individuals and businesses that are willing to assume their financial obligations and the resulting risks to maintain and develop their standard of living or their economic activities. The decision tree algorithm is one of the most intuitive methods of data mining that can be used for financial distress prediction. Systematization literary sources and approaches prove that decision trees represent the part of the innovations in financial management. The main propose of the research is a possibility of application of a decision tree algorithm for the creation of the prediction model, which can be used in economy practice. The Paper's main aim is to create a comprehensive prediction model of enterprise financial distress based on decision trees, under the conditions of emerging markets. Paper methods are based on the decision tree, with emphasis on algorithm CART. Emerging markets included 17 countries: Slovak Republic, Czech Republic, Poland, Hungary, Romania, Bulgaria, Lithuania, Latvia, Estonia, Slovenia, Croatia, Serbia, Russia, Ukraine, Belarus, Montenegro, and Macedonia. Paper research is focused on the possibilities of implementation of a decision tree algorithm for the creation of a prediction model in the condition of emerging markets. Used data contained 2,359,731 enterprises from emerging markets (30% of total amount); divided into prosperous enterprises (1,802,027) and non-prosperous enterprises (557,704); obtained from Amadeus database. Input variables for the model represented 24 financial indicators, 3 dummy variables, and the countries' GDP data, in the years 2015 and 2016. The 80% of enterprises represented the training sample and 20% test sample, for model creation. The model correctly classified 93.2% of enterprises from both the training and test sample. Correctly classification of non-prosperous enterprises was 83.5% in both samples. The result of the research brings a new model for the identification of bankrupt enterprises. The created prediction model can be considered sufficiently suitable for classifying enterprises in emerging markets. Keywords prediction model, decision tree, emerging markets.
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Lacina, Lubor, and Jan Vavřina. "The impact of financial and economic crisis on SME’s in Greece and Ireland." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 4 (2013): 1005–16. http://dx.doi.org/10.11118/actaun201361041005.
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The impact of financial and economic crisis influencing economic development in EU countries is analysed predominately on macroeconomic level. Major part of economic studies analyse the effect of crisis on both real and potential economic growth, unemployment, inflation and debt dynamic. However the effects of the crisis are visible also at microeconomic level. The economic results of businesses are significantly influenced by the negative macroeconomic development at both national and international level. Both decrease in potential growth and purchasing power due to economic recession and more restrictive fiscal policy have a direct impact on aggregate demand and thus the microeconomic sector as whole. Additional source of problems is connected with banking sector crisis and the access to financing mainly for small and medium-sized enterprises (SME’s). The aim of the paper is to fill the gap in economic research and to analyse the impact of the ongoing crisis on business entities in selected eurozone member countries. Authors selected two eurozone member countries from EU periphery (Greece and Ireland). Both countries are severely hit by economic crisis and authors suppose that also their business sector will be significantly influenced. However author believes that the structural differences will lead over the time in faster recovery of Irish businesses in contrast to the Greek one.We create dataset using Amadeus database which contains the harmonized data about statistically significant set of business in selected countries. Authors then sorting the data according selected variables such as size of the company, NACE categorization and comparative indicators of individual business economic performance, namely representatives of indicators groups profitability, solvency, liquidity and indebtedness/financial structure of business entities. For the purpose of analysis authors analyse the data series three years before the crisis (2005, 2006 and 2007) and the three years of crisis (2008, 2009 and 2010). The dataset consists of 3,567 business entities in both observed countries. In the study we use the cluster analysis to detect some basic patterns and trends in business sector in terms of homogeneity within dataset. Based on the results of microeconomic environment analysis (impact of crisis and national economic policies) authors assess the optimal reaction of economic policy (both national and EU) to improve the condition of businesses which authors believe are the source of future economic recovery.
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de Brevern, Alexandre G., Jean-Philippe Meyniel, Cécile Fairhead, Cécile Neuvéglise, and Alain Malpertuy. "Trends in IT Innovation to Build a Next Generation Bioinformatics Solution to Manage and Analyse Biological Big Data Produced by NGS Technologies." BioMed Research International 2015 (2015): 1–15. http://dx.doi.org/10.1155/2015/904541.
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Sequencing the human genome began in 1994, and 10 years of work were necessary in order to provide a nearly complete sequence. Nowadays, NGS technologies allow sequencing of a whole human genome in a few days. This deluge of data challenges scientists in many ways, as they are faced with data management issues and analysis and visualization drawbacks due to the limitations of current bioinformatics tools. In this paper, we describe how the NGS Big Data revolution changes the way of managing and analysing data. We present how biologists are confronted with abundance of methods, tools, and data formats. To overcome these problems, focus on Big Data Information Technology innovations from web and business intelligence. We underline the interest of NoSQL databases, which are much more efficient than relational databases. Since Big Data leads to the loss of interactivity with data during analysis due to high processing time, we describe solutions from the Business Intelligence that allow one to regain interactivity whatever the volume of data is. We illustrate this point with a focus on the Amadea platform. Finally, we discuss visualization challenges posed by Big Data and present the latest innovations with JavaScript graphic libraries.
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Bresciani, Stefano, and Alberto Ferraris. "Innovation-receiving subsidiaries and dual embeddedness: impact on business performance." Baltic Journal of Management 11, no. 1 (January 4, 2016): 108–30. http://dx.doi.org/10.1108/bjm-11-2014-0200.
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Purpose – The purpose of this paper is to investigate the relationship between the degree of subsidiary’s external and internal embeddedness and the contribution on subsidiary’s business performance of a received innovation. In particular it focusses on dual embeddedness of the subsidiary that receives an innovation from the rest of the MNC’s network. Design/methodology/approach – Using Amadeus databases were selected 93 CEE subsidiaries located in six countries. Data were collected through a standardized questionnaire and three hypothesis were tested through an OLS regression model. Findings – The results indicate that the two types of embeddedness positively affect the received innovation’s contribution on business performance. Moreover, the inclusion of the interaction term shows how a simultaneously high level of embeddedness in both external and internal business networks lead to a multiplicative and positive effect on subsidiary’s business performance. This means that external and internal embeddedness are not mutually exclusive suggesting, at the same time, the presence of interdependencies between the two networks that leads the “dual embedded” subsidiary to better received innovation performance. Research limitations/implications – The results are limited due to the sample characteristics and the conceptual focus of network theory. Regarding the first point, the results are derived from MNC coming from developed European countries that are geographically proximate. Regarding the second point, this approach neglects the limitations of networks. Practical implications – These results, therefore, propose to management the need to force the subsidiary toward a dual embeddedness in order to achieve better performance when an innovation has been received. Social implications – This study puts in evidence how Eastern European policy makers should increase the knowledge sharing and accumulation in the local clusters between all the stakeholders with the aim at increasing the “appeal” of this area. Originality/value – The specific contest in which the embedddedness component is analyzed is the main contribution of the paper because most of the previous research have been focussed on subsidiaries that develop and transfer the innovation. Moreover, the specific area where subsidiaries are located (Central and East Europe) may be another important contribution.
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Li, Long, Wenchao Yao, Sen Yan, Xianghui Dong, Zhenyi Lv, Qingxu Jing, Qiang Wang, et al. "Pan-Cancer Analysis of Prognostic and Immune Infiltrates for CXCs." Cancers 13, no. 16 (August 18, 2021): 4153. http://dx.doi.org/10.3390/cancers13164153.
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Background: CXCs are important genes that regulate inflammation and tumor metastasis. However, the expression level, prognosis value, and immune infiltration of CXCs in cancers are not clear. Methods: Multiple online datasets were used to analyze the expression, prognosis, and immune regulation of CXCs in this study. Network analysis of the Amadis database and GEO dataset was used to analyze the regulation of intestinal flora on the expression of CXCs. A mouse model was used to verify the fact that intestinal bacterial dysregulation can affect the expression of CXCs. Results: In the three cancers, multiple datasets verified the fact that the mRNA expression of this family was significantly different; the mRNA levels of CXCL3, 8, 9, 10, 14, and 17 were significantly correlated with the prognosis of three cancers. CXCs were correlated with six types of immuno-infiltrating cells in three cancers. Immunohistochemistry of clinical samples confirmed that the expression of CXCL8 and 10 was higher in three cancer tissues. Animal experiments have shown that intestinal flora dysregulation can affect CXCL8 and 10 expressions. Conclusion: Our results further elucidate the function of CXCs in cancers and provide new insights into the prognosis and immune infiltration of breast, colon, and pancreatic cancers, and they suggest that intestinal flora may influence disease progression through CXCs.
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Agostino, Mariarosaria, Domenico Scalera, Marianna Succurro, and Francesco Trivieri. "Research, innovation, and bankruptcy: evidence from European manufacturing firms." Industrial and Corporate Change, September 8, 2021. http://dx.doi.org/10.1093/icc/dtab057.
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Abstract This paper investigates the effects of R&D and innovation activities of firms on the risk of bankruptcy. The analysis is carried out on data drawn from the EU-EFIGE Survey and Amadeus Database (Bureau Van Dijk) on European manufacturing firms over the years 2009–2014. The empirical evidence shows that default probability is increasing in R&D investments and decreasing in innovation and productivity of research, measured by the ratio of innovation revenues to R&D outlays. In addition, to disentangle the influence of different innovation strategies (product, process, and patenting), 16 different firm profiles are compared. Firms carrying out R&D, adopting process innovation, and filing for patents are found to show the lowest probability of default. Sensitivity checks indicate that research and innovation do not affect the risk of financial distress events short of default (such as reorganization or application for insolvency procedure). Our findings are robust to potential endogeneity and hence allow for causal inference about the relationship between research and innovation and corporate bankruptcy.