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1

VYUŽITÍ MODELU ZALOŽENÉHO NA PŘÍSTUPU RESIDUAL INCOME PRO MĚŘENÍ VÝKONNOSTI KLASTRU A FIREM V KLASTRECH

100%
Dehning B., Pavelková D.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 3
230-246
EN
Clusters of interrelated firms could be an important source of competitive advantage. However, measuring the performance of clusters and firms within clusters is difficult. In this paper the authors show how the residual income model can be used to measure the performance of clusters and firms within clusters. This is accomplished by separating the performance due to cluster membership from the performance due to firm-specific factors. The developed model should be of particular interest to managers of firms within clusters and the public sector in determining appropriate interventions for forming and supporting clusters.
2

CAPITAL STRUCTURE AND FIRM PERFORMANCE: THE CASE OF CENTRAL AND EASTERN EUROPEAN ECONOMIES

75%
Brendea G., Pop F., Mihalca L.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 5
430 – 449
EN
The current study examines the relationship between capital structure and firm performance for a sample of non-financial firms from eight Central and Eastern European countries in the period 2008 – 2017. Based on the agency costs hypothesis, we investigate whether debt ratio as a proxy for capital structure has a positive relationship with firm performance for the countries included in the sample. The results indicate a negative relationship between these variables and, thus, they did not support the agency costs hypothesis. In addition, we test the reverse causality from performance to capital structure based on two opposite hypotheses, that is, the efficiency-risk and the franchise-value hypo-thesis. The results support the franchise-value hypothesis, indicating a negative relationship between debt ratio and firm performance.
3

FIRM-LEVEL OUTPUT AND COMPETITIVENESS IN THE GREAT RECESSION: THE ROLE OF FIRM CHARACTERISTICS AND QUALITATIVE FACTORS

75%
Lalinský T.
Ekonomický časopis (Journal of Economics)
|
2016
|
vol. 64
|
issue 2
118 – 133
EN
We investigate the developments of output volatility and competitiveness during the recent global recession using a unique firm-level database. The database combines Slovak balance sheet and trade data with results of a qualitative questionnaire survey on the firm competitiveness. The results of our quantitative analysis show that younger, less export oriented and more productive firms with comparative advantage weathered the crisis better. In addition, we find that highly efficient leadership, professional management and strong orientation on cost reduction helped firms to recover from the crisis and reach higher than the pre-crisis level of competitiveness within a short time period since the outset of the crisis.
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