Detail publikace

The Effect of Selected Macroeconomic Factors on the Sustainability and the Market Value of Czech Joint-Stock Companies

KOCMANOVÁ, A. PAVLÁKOVÁ DOČEKALOVÁ, M. ŠIMBEROVÁ, I.

Originální název

The Effect of Selected Macroeconomic Factors on the Sustainability and the Market Value of Czech Joint-Stock Companies

Typ

článek ve sborníku ve WoS nebo Scopus

Jazyk

angličtina

Originální abstrakt

The paper analyzes relations between macroeconomic indicators and the Firm Market Value as related to corporate sustainability. Empirical research was verified in 128 unlisted manufacturing companies in the Czech Republic with more than 250 staff according to the EU criteria. The data were obtained by empirical research in the Czech Republic in 2014-2018. The aim of the paper is to propose a suitable sustainability model for unlisted Czech joint-stock companies in the Czech Republic and to investigate the macroeconomic impacts on the Firm Market Value and sustainability. The research methodology is based on multidimensional statistical methods EFA and CFA, and on structural equation modelling of mutual relationships. Empirical research has shown that factors such as inflation, unemployment and government debt do not directly affect corporate sustainability determined by ESG factors, nor do they positively affect the growth of the Firm Market Value. The only research hypothesis confirmed was the hypothesis that if government debt increases, inflation and unemployment will negatively affect the firm risk of a company. Although the research failed to reveal any interrelationships, investors are recommended to monitor these fundamental factors, especially their rapid or long-term fairly rapid growth, as this would lead to a decline in the Firm Market Value.

Klíčová slova

Macroeconomic Factors, Sustainability model, Firm Market Value, Firm Risk, Confirmative Factor Analysis, Structural Equations Modeling.

Autoři

KOCMANOVÁ, A.; PAVLÁKOVÁ DOČEKALOVÁ, M.; ŠIMBEROVÁ, I.

Vydáno

13. 3. 2020

Nakladatel

International Institute of Informatics and Systemics, IIIS

Místo

Orlando, Florida

ISBN

978-1-950492-26-8

Kniha

Proceedings of the 11th International Multi-Conferences on Complexity, Informatics and Cybernetics: IMCIC 2020

Edice

IMCIC 2020201

Číslo edice

Volume II

Strany od

99

Strany do

104

Strany počet

6

BibTex

@inproceedings{BUT164103,
  author="Alena {Kocmanová} and Marie {Pavláková Dočekalová} and Iveta {Šimberová}",
  title="The Effect of Selected Macroeconomic Factors on the Sustainability and the Market Value of Czech Joint-Stock Companies",
  booktitle="Proceedings of the 11th International Multi-Conferences on
Complexity, Informatics and Cybernetics: IMCIC 2020

",
  year="2020",
  series="IMCIC 2020201",
  number="Volume II",
  pages="99--104",
  publisher="International Institute of Informatics and Systemics, IIIS",
  address="Orlando, Florida",
  isbn="978-1-950492-26-8"
}