Portfolio risk of international diversification of Kosovo Pension fund: A historical perspective

Finance do not stand on static variables like exact sciences, they are changeable and influenced from human actions. The question where to invest funds, is a crucial task for financial managers. The study aimed at assessing the portfolio risk of different asset managers of the Kosovo Pension and Saving Trust. In general, the assessment has been categorized in two historical perspectives. The first phase is an assessment of the portfolio risk of the fund from 2003 to 2009 and the second phase is from 2003 to 2013. In general, portfolio risk in the second stage has shown a reduction as compared to the first stage. However, the return side shows also a reduction in the second phase than the first one. The overall risk of Kosovo Pension and Saving Trust has been in accepted range. Majority of money have been invested in stocks which automatically exposes huge risk on KPST portfolio, since it is proven that financial markets are not stable and they are prone to asset bubbles

The impact of total risk management on company's performance

Traditionally risk management used to be considered as a means to alleviate perhaps eliminate negative outcomes of exposures. However, the result of this and other empirical studies shows the ability of risk management to go beyond this and respond to market factors which are out of management control in order to control volatilities in earning which ultimately improve corporate performance. The empirical study investigates the relationship between total risk management and company's performance. The result reviled that there is a positive relationship between total risk management and company's performance in companies which have invested higher level of intellectual capital. The result of the empirical study is consistent with other studies in different economic phenomenon. (C) 2016 Published by Elsevier Ltd

Využití moderních konceptů řízení výkonnosti pro měření vlivu vyspělých výrobních technologií na výkonnost podniku

Cílem článku je návrh takového konceptu řízení, který umožňuje komplexně měřit vliv vyspělých výrobních technologií na výkonnost podniku. V úvodní části je definován pojem „vyspělé výrobní technologie“ a navrženy možné moderní koncepty řízení výkonnosti. Následuje diskuse o vhodnosti vybraných konceptů řízení pro měření vlivu vyspělých technologií. Jako vhodný koncept je doporučen koncept BSC s propojením EVA ve finanční perspektivě. V článku byla využita kritická literární rešerše a empirické zkušenosti autorů vyplývající ze spolupráce s podniky

Modeling the equilibrium price of the companies listed in the Prague stock exchange

Valuation provides proper evidence on the financial situation of the firms. Incorrect valuation delivers wrong signals for the market participants and stands on the concepts of markets with information asymmetry. The study measures the estimated intrinsic value of the selected companies listed in the Prague Stock Exchange. Moreover, the results of the work observe influencing factors that deviate stock prices of the companies listed in the Prague Stock Exchange (PSE) from their estimated intrinsic value. Valuation techniques and Monte Carlo Simulation were employed to detain the estimated intrinsic of the selected companies from the Prague Stock Exchange. The estimated results indicate that Czech listed companies deviate from the intrinsic value in the range of 58% while international companies in the range of 301%. However, the average deviation within market prices and intrinsic value of the companies listed in the PSE was 179%. © 2020 Mendel University of Agriculture and Forestry Brno. All rights reserved

EVA and key performance indicators: The case of automotive sector in pre-crisis, crisis and post-crisis periods

The choice of a suitable measure for company's performance and identification of key performance indicators are among the most frequently discussed topics in the field of corporate management strategizing. This paper shows how the value-based measure represented by Economic Value Added (EVA) and its pyramidal breakdown could act as facilitators in revealing value drivers. The univariate sensitivity analysis and the Stochastic Frontier Analysis are employed to identify the key performance indicators. The analysis is based on the samples of original equipment manufacturers and suppliers in Czech automotive sector. The automotive industry, in general, is sensitive to the business cycle. Therefore, KPIs of the multiple EVA/Sales distinguished for the samples in the Pre-crisis, Crisis and Post-crisis periods are identified. The detailed sensitivity analysis reveals several differences in these periods in both samples and across companies of different sizes. Some of the results are further confirmed by the Stochastic Frontier Analysis. Besides other indicators, value added is demonstrated as the key driver with the highest positive impact and personnel cost with the highest negative impact on EVA in all periods although the magnitude of these effects is changing. Analysis of the technical efficiency scores reveals that companies in the crisis periods are more similar to each other and are closer to the best-performing companies than in other periods. © 2018, Centre of Sociological Research. All rights reserved.16-25536S, GACR, Grantová Agentura České Republiky; GA CR, GACR, Grantová Agentura České RepublikyCzech Science Foundation (GA CR) [16-25536S

Do clustered firms outperform the non-clustered? Evidence of financial performance in traditional industries

Previous research presented in numbers of studies strongly suggests that locating in a cluster generates valuable benefits to clustered firms. These include better access to suppliers and other scarce inputs, superior knowledge and innovation, a better position from which to build a social network as well as proximate to successful competitors. Yet when the positive impact of agglomeration and clustering has been questioned on the strictly financial performance of clustered firms, the results of these studies are not so convincing and question the enthusiasm for cluster theory shown by scholars, practitioners, and policymakers. The aim of our research is to enrich existing knowledge concerning the benefits of clustering, as well as to test if localisation in a natural cluster, and membership in a cluster organisation has a positive impact on financial performance. We propose to measure that by selected financial indicators such as ROA, ROS, labour productivity and Economic Value Added, focussing our research on traditional industrial sectors–plastics and textiles seated in the Czech Republic. The results of analysing firm-level data in the period of 2009–2016 fail to confirm any significant influence of firm localisation in natural cluster or membership in the cluster organisation on financial performance for firms in studied sectors. We achieved the same results by investigation of potential differences for young firms, SMEs or underperforming firms. © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.project OP Research, Development and Education [CZ.02.2.69/0.0/0.0/16_027/0008464]; Czech Science FoundationGrant Agency of the Czech Republic [GA1801144S

The relationship between corporate governance and underpricing: A case study in Ho Chi Minh stock exchange

Underpricing signifies that IPO share prices do not reflect the fundamental value of the listed company. Corporate governance plays an essential role in IPOs where the board of directors, the independent board of directors, and the board of supervisors are significant elements of accurate share pricing. "The study investigates the underpricing phenomena and short-term performance of the IPO companies during the listing process in the Ho Chi Minh Stock Exchange (HOSE). The work outcomes illustrate the role of the corporate organizational structure in the period of the IPO process that may attract potential investors. The hypothesis testing is conducted with a multiple regression model including 100 observations from enterprises doing IPO listed on HOSE. The study results generate signals for the investors and regulators that the board of directors holds a strong negative influence on the underpricing process. Secondly, the level of the independent board of directors and stock exchange in itself has no significant impact on the underpricing process. Underpricing is one of the many anomalies of the stock exchanges that provide wrong signals for the market participants. Identifying stock prices that reflect their intrinsic value is an ongoing debate among scholars, investors, and other market participants.Faculty of Management and Economics, Tomas Bata University in Zlin (Czech Republic) [IGA/FaME/2020/011

Empirical Evidence of Development of Plastic Clusters

The development of clusters and cluster policies is one of the sources of attaining competitive advantages of companies and regions. This contribution analyzes a sample of clusters in the plastics industry from different countries of USA, West and Central Europe and Asia, including cluster policies that generate the framework for their growth. Critical factors of cluster performance management based on results obtained from surveys and structured interviews of managers of selected plastics clusters are identified. Although these clusters exist in different parts of the world and operate in different economic and cultural conditions, there are many ideas and opinions shared by their managers introduced in this contribution.

The use of the finacial ratios and economic value added for benchmarking

Tento příspěvek se zabývá využitím benchmarkingu ve finančním řízení podniků. Benchmarking není jen myšlenka, je to především velice důležitý nástroj managementu, který by měl být aplikován na podnikové úrovni. Je to proces, který nám napomáhá v identifikaci cest k lepší výkonnosti a který motivuje management k provádění těchto změn. Na konkrétním příkladu jsou definovány silné a slabé stránky finančního řízení v porovnání s konkurenčními podniky v odvětví. K identifikaci silných a slabých stránek byly využity poměrové ukazatele (ziskovosti, likvidity, aktivity, zadluženosti) a rovněž tak Ekonomická přidaná hodnota (EVA).This article deals with using Benchmarking in the Financial Management procedures of an enterprise. Benchmarking is not only an idea, but especially an important management tool which should be used and applied on the company level. It is a process that identifies ways of achieving better performance and which motivates managements to initiate the required changes. Basing on a concrete company, the strong and weak aspects of the financial management of this selected company in comparison with the standard results in its branch are identified. For the identification the strengths and weaknesses of the financial management are used the financial ratios (profitability ratios, liquidity ratios, asset utilization ratios, debt utilization ratios) and an Economic Value Added (EVA)