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The use of neural networks to determine value based drivers for SMEs operating in the rural areas of the Czech Republic

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Vrbka J.

Oeconomia Copernicana

2020

vol. 11

issue 2

325-346

Research background: In the past, the main objective of a company was to generate sufficient profit. Nowadays, a company must seek to achieve much broader objectives. To be successful in this pursuit, it must not only measure financial performance, but also monitor internal and external developments, increase shareholders' wealth and protect the interests of other stakeholders, i.e. to analyze and act on those factors that affect company value. Purpose of the article: The objective of the contribution is to determine through the use of artificial neural networks the relationship between business value drivers, or value based drivers (VBD), and EVA Equity, which is economic value added (EVA), of small and medium-sized enterprises operating in the rural areas of the Czech Republic. Methods: The data was obtained from the Bisnode´s Albertina database. The data set consists of the profit and loss accounts for 2013 to 2017 of small and medium-sized enterprises operating in rural areas of the Czech Republic. Two scenarios are analyzed. In the first, the independent variables are only the value drivers, whereas in the second, company location (region) is included. The objective is to find the dependence of EVA Equity on individual VBD and company location. A sensitivity analysis is conducted, on the basis of which the importance of individual value drivers and company location is determined. Findings & Value added: The output is a set of value drivers, which could be used by company managers to regulate the growth of EVA Equity, i.e. value for shareholders. The findings reveal that the difference between successful and unsuccessful companies is determined by the level of involvement of human capital; companies use a large number of substitutes for factors of production, whereby the involvement of borrowed capital is likely to cause a positive financial leverage effect.

„Wszystkie Boże przykazania są prawdą”

84%

Drożdż A.

Studia Pastoralne

2018

vol. 14

303-320

We are living in a multi-standard culture. These are usually legal provisions. The number of bureaucratic regulations is also great. Each institution is created by numerous legislation processes. There are also, known for centuries, moral norms. Each type of morality has its own structure of norms and behaviour principles. Since the end of the 19th century situational ethics and moral relativism have been spreading in the western culture. It questions the existence of universal and commonly applicable moral norms. The God’s commandments (Decalogue) are particularly negated. It is often said about selective obeying the Ten Commandments. That is why it is urgently needed to remind the binding power of The Commandments. Of course, the Ten Commandments should be interpreted in the context of the New Testament. Today, at the core of this interpretation, there lies a christological criterion. It means that all of the Ten Commandments (lex naturalis, Decalogue, lex evangelica) are being fulfilled in the two Great Commandments of the love of God and neighbour. A visible example of not complying with the Commandments is the culture of death that exists nowadays. It is a sign of not only atheism but also the destruction of humanity.

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1 Oeconomia Copernicana

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1 Drożdż A.

1 Vrbka J.

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The use of neural networks to determine value based drivers for SMEs operating in the rural areas of the Czech Republic

„Wszystkie Boże przykazania są prawdą”