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Does Book Values and Earnings Affect Equity Values of Corporate Entities in Nigeria?
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-12) Jeroh, Edirin
In this study, we appraised the effect which book values and earnings would have on equity values of quoted corporate entities in Nigeria. In view of this, we obtained secondary data from the published reports of 105 firms selected for this study. The study period was 10 years (2005 – 2014). The regression technique was employed to analyse the data sourced from the annual accounts of sampled entities. Additionally, the Breusch-Pagan/ Cook-Weisberg Test was employed along with the VIF Test to verify whether the sourced data were normally distributed or whether there was presence of multicollinearity among the explanatory variables. Results from our analysis revealed inter alia, that book value per share and earnings jointly had significant and positive effect on equity values of Nigerian quoted firms. Given the level of significance of earnings in attempting to ascertain equity values of Nigerian firms, it was thus recommend that regulatory bodies like the Financial Reporting Council of Nigeria among others should develop enforceable strategies and sanctions that would discourage and eliminate any form of earnings manipulation that may distort the information reported in the financial statements of quoted corporate entities in Nigeria.
Maintenance Management Systems in the Czech Enterprises of Chemical and Food Industries
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-12) Branska, Lenka; Pecinova, Zuzana; Patak, Michal; Stankova, Monika; Kholova, Pavla
The aim of this article is to use the results of the qualitative research to describe the current form of maintenance systems used in enterprises of chemical and food industries, and then to discuss and generalize the results. The main objective of the research in individual companies was to determine how they perform the strategic and tactical operational planning of maintenance, implementation of these plans and their control. Qualitative primary research has shown that production equipment maintenance systems are irreplaceable in chemical and food industry enterprises, but there is great potential for improvement. Improvement should be focused on the area of strategic as well as tactical and operational planning of production equipment maintenance. In terms of strategy, the biggest opportunity for a dramatic improvement is the implementation of modern maintenance methods. In the context of the existing systems, improvement can be achieved especially in setting strategic objectives, the system of indicators to measure the performance of maintenance and in implementing an information system. In the tactical and operational level, it would be useful to develop a maintenance planning system linked with suppliers and customers and utilize mathematical methods and models to optimize plans for this business activity.
The Research of Stakeholder Power Impact on Project Implementation
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-12) Biskupek, Artur
Purpose of the article: The article show summarized information about stakeholders and their role in project implementation based on literature review. The second part of the article is dedicated for the research about stakeholder influence on project implementation. The only condition to participate in the survey was managing projects, no matter if the company position name was project manager, manager of projects, project coordinator, project specialist, etc. Although the respondents are employed in the area of south Poland, they implement projects all over Poland. The research tool was a questionnaire which was sent by e-mail to the respondents, after earlier information contact which was executed by a phone call or via e-mail. The whole research began with a pilot study. The aim of this stage was checking the structure of the questionnaire and excluding incomprehensible questions. 90 project managers from the above mentioned research area were invited to join the project. From the 90 invited people 62 sent back a completed questionnaire (the success rating was 68,8%) by e-mail. The questionnaire was made by cafeteria questions and right questions. Methodology/methods: The research was done by a questionnaire with twenty two question, which was divided into three parts. The first part was the imprint, which consisted of three questions. The second part consisted of two questions, which concerned the way of defining the word ‘stakeholder’. The third part concerned the topic of the research and consisted of seventeen questions. The survey has been made among project managers who are working in companies located on the territory of south Poland. Scientific aim: The aim of the article is presenting the results of the research which was done, to show the research results of project stakeholder influence on the project (without dividing stakeholders into groups) implementation. Findings: The results received from the survey in the process of analysis and interpretation allow to put forward a thesis that stakeholders as a whole group (without using any division) are significant for the implementation of the whole project. Their impact is so important that it is possible to tell that they decide also about the project success or failure, and it is necessary to manage them not only in the planning phase by doing recognition of them, but also in the realisation phase (by estimating their impact and business which they have in project implementation) and project closing phase. Conclusions: The respondents show that stakeholders affect every area in large extent or very big extent. The fact has been proved in table 1 which shows the most frequently chosen answers by responders. However, by conducted analysis by the standard deviation it is possible to see a large dispersion of the results. It should result in deepening the research. Keywords: project management, stakeholder, project stakeholder, research, respondends, servey JEL Classification: M15, M19
Status of a Quality Management System in the Czech Republic as a Condition for Business Competitiveness
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-12) Kovářová, Kateřina
Purpose of the article: Quality management systems are frequently used instruments for strategic management in business. Corporate management understands the importance of proving the quality of their products as well as other aspects, particularly environmental and safety issues in business connections and their possible negative impact on the company’s competitiveness and image. Methodology/methods: A data analysis was carried out based on a questionnaire research conducted in a selection group of Czech businesses with the objective to identify the reasons for introducing and using a management system, or to identify difficulties and problems in introducing it. The questionnaire research was statistically processed using analytic classification, hypotheses testing as well as a correlation analysis. The objective of the research was to validate or invalidate the hypotheses concerning the measures taken by a business in implementing and maintaining a quality management system (QMS), problems in its implementation, and to analyse competitive advantages and influence on the image. Findings: The research results confirmed that internal reasons for QMS implementation prevail in national businesses. Nevertheless, the main problem is the complexity of QMS/ understanding of the QMS by employees. An implemented QMS motivates the personnel, however, only a small number of enterprises use it to motivate their employees. The main benefits quoted by the respondents were improved company process management and relations between the processes, increased customer satisfaction as well as improved corporate image. Conclusions: A quality management system helps organisations to introduce system and order. Corporate processes are systematically managed, which significantly contributes to meeting the business objectives of a company. Having integrated the implemented QMS in their organisation, the respondents demonstrated they can effectively work with it and flexibly react to the changes faced in the present market environment.
Do they Compete Differently? Strategies of MNEs and Domestic Companies in the Environment of the Czech Republic
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-12) Žáková Talpová, Sylva
Purpose of the article: The Czech Republic is still considered an emerging economy and MNEs are important players in most of its markets. Hence, knowledge of their strategies is essential and valuable not only for companies already present on the Czech market, but also for those who intend to enter the Czech market. Methodology/methods: The analysis has centred on a sample of 155 foreign multinational and 118 Czech companies. Using the empirical data, a logistic regression model was subsequently employed to determine whether the strategies chosen by the firms are related to any of the environmental variables. I employed ANOVA and linear regression model to determine whether certain strategy choices are related to higher company performance for MNEs and DCs. Scientific aim: This study aims to examine the strategy-environment configuration of multinational and domestic companies in the Czech Republic and to ascertain which strategy is the most advantageous. Findings: When the environment is complex, MNEs tend to use prospector strategy to deal with such environment in the Czech Republic. For DCs, it is analyzer strategy. The findings also imply that in an emerging economy, an analyzer strategy for DCs and a prospector strategy for MNEs fit with dynamic and hostile environment, if the aim of these companies is to increase performance. In addition, a prospector strategy is related to higher performance for DCs. Conclusions: The results imply that the adoption of a heterogeneous strategy-environment configuration by MNE and domestic companies in smaller transition economy leads to better performance for both of them. This study offers a different insight into the strategic behaviour of companies and extends the existing knowledge by adding the ownership variable into the strategy-environment relationship. Output of this study can serve as the basis for decision-making in companies already active in the Czech marketplace and, particularly, as important entry information for companies considering entering the market.

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