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

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F20%3APU136558" target="_blank" >RIV/00216305:26510/20:PU136558 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

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

2020

Kód důvěrnosti údajů

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

Název statě ve sborníku

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

ISBN

978-1-950492-26-8

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

99-104

Název nakladatele

International Institute of Informatics and Systemics, IIIS

Místo vydání

Orlando, Florida

Místo konání akce

Orlando, Florida

Datum konání akce

10. 3. 2020

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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