PREDICTING THE VALUE OF CZECH FAMILY BUSINESSES: WHAT FACTORS INFLUENCE VALUE CREATION?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F22%3APU147670" target="_blank" >RIV/00216305:26510/22:PU147670 - isvavai.cz</a>

Výsledek na webu

<a href="https://drive.google.com/drive/folders/1YiIEeOEM17gb7_igFpaJ7200YxY8_WQe" target="_blank" >https://drive.google.com/drive/folders/1YiIEeOEM17gb7_igFpaJ7200YxY8_WQe</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

PREDICTING THE VALUE OF CZECH FAMILY BUSINESSES: WHAT FACTORS INFLUENCE VALUE CREATION?

Popis výsledku v původním jazyce

Our research is concerned with the valuation of family businesses, for which reason we investigated whether standard valuation procedures can be used for family businesses or whether their modification is necessary. To determine the value of a business, it is necessary to identify the factors that affect its ability to create value; one of these is the cost of equity. Estimating the cost of equity for unquoted companies is still an issue that has yet to be satisfactorily resolved. The combination of these issues leads to a gap in the research that we are seeking to fill with our research. The cost of equity was estimated using the modified CAPM approach, with the accounting beta as an approximation of market beta. The accounting beta was estimated on data on 34,602 SMEs operating in the Czech Republic from 2012 to 2020. We measured the ability of family businesses to create value as the difference between the ROE and the cost of equity (i.e. the value spread). The analysis of value spread was conducte

Název v anglickém jazyce

PREDICTING THE VALUE OF CZECH FAMILY BUSINESSES: WHAT FACTORS INFLUENCE VALUE CREATION?

Popis výsledku anglicky

Our research is concerned with the valuation of family businesses, for which reason we investigated whether standard valuation procedures can be used for family businesses or whether their modification is necessary. To determine the value of a business, it is necessary to identify the factors that affect its ability to create value; one of these is the cost of equity. Estimating the cost of equity for unquoted companies is still an issue that has yet to be satisfactorily resolved. The combination of these issues leads to a gap in the research that we are seeking to fill with our research. The cost of equity was estimated using the modified CAPM approach, with the accounting beta as an approximation of market beta. The accounting beta was estimated on data on 34,602 SMEs operating in the Czech Republic from 2012 to 2020. We measured the ability of family businesses to create value as the difference between the ROE and the cost of equity (i.e. the value spread). The analysis of value spread was conducte

Druh

O - Ostatní výsledky

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

<a href="/cs/project/TL02000434" target="_blank" >TL02000434: Rodinné podniky: generátory hodnoty a určování hodnoty v procesu nástupnictví</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2022

Kód důvěrnosti údajů

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