Factors affecting business performance in the open economy

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F17%3APU125405" target="_blank" >RIV/00216305:26510/17:PU125405 - isvavai.cz</a>

Výsledek na webu

<a href="http://ke.uniza.sk/sites/default/files/content_files/part_i_final_3.pdf" target="_blank" >http://ke.uniza.sk/sites/default/files/content_files/part_i_final_3.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Factors affecting business performance in the open economy

Popis výsledku v původním jazyce

The international trade and the cross-border movement of capital, which are main factors of globalisation, puts pressure on strengthening the competitiveness and growth of business performance, as well as eliminating inefficient processes. In particular, this pressure affects enterprises operating in an open economy, such as the Czech Republic. It is the export of machinery and transport equipment that has the highest share in total export. For the firms operating in this sector it is vital to identify the value drivers, i.e. key performance indicators contributing to value creation. Based on the undertaken literature research, a value driver is each factor affecting the value of the business. Quantitative value drivers are mostly financial indicators; qualitative value drivers represent quality of company management. Effective performance management requires eliminating processes, which may jeopardise the business value growth. According the previous research, factors reducing the business value include the lack of capital, lack of strategic management systems and poor quality of production. In order to gain further insight into the topic, the paper presents the results of the research identifying factors adversely affecting the performance of mechanical engineering enterprises in the Czech Republic. The collection data took place through a questionnaire survey among company senior managers. The research results show that the factors representing the highest risk for the performance and value of businesses include the incompetence of management staff and the failure to respect customer requirements.

Název v anglickém jazyce

Factors affecting business performance in the open economy

Popis výsledku anglicky

The international trade and the cross-border movement of capital, which are main factors of globalisation, puts pressure on strengthening the competitiveness and growth of business performance, as well as eliminating inefficient processes. In particular, this pressure affects enterprises operating in an open economy, such as the Czech Republic. It is the export of machinery and transport equipment that has the highest share in total export. For the firms operating in this sector it is vital to identify the value drivers, i.e. key performance indicators contributing to value creation. Based on the undertaken literature research, a value driver is each factor affecting the value of the business. Quantitative value drivers are mostly financial indicators; qualitative value drivers represent quality of company management. Effective performance management requires eliminating processes, which may jeopardise the business value growth. According the previous research, factors reducing the business value include the lack of capital, lack of strategic management systems and poor quality of production. In order to gain further insight into the topic, the paper presents the results of the research identifying factors adversely affecting the performance of mechanical engineering enterprises in the Czech Republic. The collection data took place through a questionnaire survey among company senior managers. The research results show that the factors representing the highest risk for the performance and value of businesses include the incompetence of management staff and the failure to respect customer requirements.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50204 - Business and management

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

GLOBALIZATION AND ITS SOCIO-ECONOMIC CONSEQUENCES

ISBN

978-80-8154-212-1

ISSN

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e-ISSN

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Počet stran výsledku

8

Strana od-do

2167-2174

Název nakladatele

University of Zilina, The Faculty of Operation and Economics of Transport and Communications

Místo vydání

Rajecke Teplice

Místo konání akce

Rajecké Teplice

Datum konání akce

4. 10. 2017

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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