Detail publikace

Value Creation in Private Family Businesses: Case of the Czech Republic

SRBOVÁ, P. KARAS, M. REŽŇÁKOVÁ, M.

Originální název

Value Creation in Private Family Businesses: Case of the Czech Republic

Typ

konferenční sborník (ne článek)

Jazyk

angličtina

Originální abstrakt

A business creates new value when its operating revenues exceed all the costs associated with achieving results; this ability is measured by EVA. The crucial problem behind estimating EVA in privately held families lies in estimating cost of equity. We used the modified CAPM approach and calculate cost of equity based on companies’ accounting data for each industry branch. For this purpose, we used the dataset of 34,602 SMEs operating in the Czech Republic from 2012-2020. We used the results to analyze the difference between ROE and cost of equity (value creation factor) of 7,955 SMEs. A linear mixed effect model was employed to analyze the influence of business age, size, leverage, and family ownership on the value creation factor. The results show that the value creation factor does not seem to be dependent on the size of the business, however, the age of the business plays a significant role.

Klíčová slova

private family business, value creation, cost of equity, Czech Republic

Autoři

SRBOVÁ, P.; KARAS, M.; REŽŇÁKOVÁ, M.

Vydáno

1. 7. 2022

Nakladatel

IFERA Inc.

ISBN

979-12-210-1420-4

Kniha

The Gears of Legacies

Strany od

104

Strany do

104

Strany počet

1

BibTex

@proceedings{BUT178696,
  editor="Pavla {Srbová} and Michal {Karas} and Mária {Režňáková}",
  title="Value Creation in Private Family Businesses: Case of the Czech Republic",
  year="2022",
  pages="104--104",
  publisher="IFERA Inc.",
  isbn="979-12-210-1420-4"
}