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Performance of Family Businesses in the Specific Conditions of CEE Countries: The Case of the Czech Republic
(SAV SR, 2024-08-23) Režňáková, Mária; Karas, Michal; Srbová, Pavla; Pěta, Jan; Michalíková, Eva
Many authors point out that family businesses in the CEE region due to a dif-ferent historical development might exhibit specific features and because of that deserve specific attention. The presented paper aims to contribute to this effort by exploring factors driving the performance of family businesses in the Czech Republic, in course of the research a panel of 7,995 businesses was analyzed by using the linear mixed effects model. The common problem of missing data, especially on micro-enterprises, was addressed by using CHAID methodology. We found that the factors driving family business performance differs between micro and SMEs segments of businesses, while the effect of families is most significant in terms of the model’s slope rather than constant.
Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market
(Kaunas University of Technology, 2014-08-01) Meluzín, Tomáš; Zinecker, Marek
This paper examines determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. The intent of this research required to collect primary data. The sample has been divided into two groups. The first group consisted of the entities that have previously executed an initial public offering (IPO), the second one included the entities that considered doing so in the past or are IPO candidates. The survey results can be summarized as follows. First, raising external capital as a reason for IPO received a strong support from the respondents of both groups of companies. Next, more than 50 % of respondents in each group believe that IPO will have a positive effect on its image and publicity. Most of the respondents also believe that IPO will improve the company valuation, strengthen the management's bargaining position in negotiations with providers of external capital, and increase the attractiveness of the company as an employer. Thirdly, the respondents do not see debt reduction as a reason to go public. Low level of support was given to other reasons, which include withdrawal from the venture capital fund, diversification of the existing shareholders' portfolios, and solution to the succession problem. The results of this survey made it possible to formulate new insights as contributions towards a better understanding of corporate financing strategies under the specific conditions of the CEE region.
Using the Boston Matrix at Identification of the Corporate Life Cycle Stage
(Mendel University in Brno, 2015-03-02) Konečný, Zdeněk; Zinecker, Marek
The main aim of this article is to develop a new model supporting the identification of the particular corporate life stage within the corporate life cycle. This model will be derived from the Boston matrix. The main reason for using this approach as the base for making new model of the corporate life cycle is the fact, that every quadrant of the Boston matrix can be assigned to one phase of the product life cycle and there is supposed, that the phase, in which are most products, determines the phase of the corporate life cycle. For application the Boston matrix by identification phases of the corporate life cycle is necessary to define low and high values of both its variables using some quantities from the model of corporate- and market life cycle by Reiners (2004). So the interval of low and high sales growth is determined by comparing sales of the company and sales of the market and furthermore, there is considered the rate of inflation to eliminate the impact of price changes. And for determination low and high market shares, there are compared the shares of sales and shares of total assets. After that, there will be possible to identify all the quadrants and thus all the individual phases unequivocally, which is the basic advantage compared to most existing models of the corporate life cycle. The following aim of this article is to compare the occurrence of individual phases, identified by this modified model, depending on the sector sensitivity to the economic cycle, measured by the coefficient of correlation between sales on the market and GDP. There are selected two sectors of the Czech economy, namely one cyclical and one neutral sector. Subsequently there is selected a sample of companies from both these sectors. The data are collected from financial statements of companies and from analytical materials by the Czech Ministry of Industry and Trade and by the Czech Statistical Office. On the basis of this research, there were recorded differences especially in the number of companies in the phases of stabilisation and decline, depending on the sector sensitivity to the economic cycle.
Measuring Risk Structure Using the Capital Asset Pricing Model
(Mendel University in Brno, 2015-03-03) Konečný, Zdeněk; Zinecker, Marek
This article is aimed at proposing of an inovative method for calculating the shares of operational and financial risks. This methodological tool will support managers while monitoring the risk structure. The method is based on the capital asset pricing model (CAPM) for calculation of equity cost, namely on determination of the beta coefficient, which is the only variable, that is dependent on entrepreneurial risk. There are combined both alternative approaches for calculation betas, which means, that there are accounting data used and there is distinguished unlevered beta and levered beta. The novelty of the proposed method is based on including of quantities for measuring operational and financial risks in beta calculation. The volatility of cash flow, as a quantity for measuring of operational risk, is included in the unlevered beta. Return on equity based on the cash flow and the indebtedness are variables used in calculation of the levered beta. This modification makes it possible to calculate the share of operational risk as the proportion of the unlevered/levered beta and the share of financial risk, which is the remainder of levered beta. The modified method is applied on companies from two sectors of the Czech economy. In the data set there are companies from one cyclical sector and from one neutral sector to find out potential differences in the risk structure. The findings show, that in both sectors the share of operational risk is over 50 %, however, in the neutral sector is this more dominant.
The Role of Innovation in Small and Medium-Sized Family Firms: A Literature Review
(Services for Science and Education, 2021-06-03) Žižlavský, Ondřej; Janíčková, Nikola
This article builds on existing family business research conducted worldwide and embeds the research results in the Czech context to portray the Czech Republic as a critically important context for extending our knowledge on important family firms’ topics. In this article, we present a systematic review and integration of 69 articles published in peer-reviewed journals by Elsevier, Emerald, Wiley and others from 2015 to 2021 in order to answer two research questions: what is the role of innovation in SME family firms and what drives the innovation in family firms? Specifically, the content of the article discusses the new definition of family firm in the Czech Republic; the relationship between innovation and family firm growth; and some contextual factors that might affect the innovations in the Czech SME family firms: ability and willingness paradox, socioemotional wealth, and familiness. The insights of this review are used to develop suggestions for future research in setting the value of family firm where innovation can play an essential role as one of the core value drivers.

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