Browsing by Author "Gavurová, Beáta"
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- ItemAlter Ego Only Four Times? The Case Study of Business Profits in the Visegrad Group(Technická Univerzita v Liberci, ) Valášková, Katarína; Gavurová, Beáta; Ďurana, Pavol; Kováčová, Mária; Ekonomická fakultaThe paper studies a new point of view and the approach to profit as an inherent part of business finance as well as a symbol of every healthy economy. The fundamental function of the profit is a stimulus; it means initial motivator of the business activity. The profit provides core resources for survival at the business start and after the stabilization, it is the synonym for progress. The aim of this paper is to detect significant change-points in times series of EBITDA during the analysed period in every country of the Visegrad Group to recognize the progress years in the monotonic development. We use a method of homogeneity test of time series that delivers significant robust results. We observe the variable EBITDA to eliminate different tax, interest and depreciation policies of these emerging countries. The original research of this article is based on empirical results of business profits of the sample of 3,853 enterprises covered by the broad theoretical review. Firstly, we identify missing values; and detect the outliers by Z-score and Grubbs test. EBITDA of 1,058 Slovak enterprises, 688 Czech enterprises, 1,376 Polish enterprises and 731 Hungarian enterprises is analysed during the period from 2010 to 2018. We eliminate the inconsistent observations and construct average values of EBITDA. Secondly, we prove normality by Jarque-Bera test, and support it by Shapiro-Wilk test, Anderson-Darling test, Lilliefors test to deliver reliable results. Thirdly, we find an independency of distribution that confirm randomness by the Box-Pierce test. And finally, we identify the years that affect heterogeneity of EBITDA in the countries of the Visegrad Four. We uncover some really surprising results. For all countries in the Visegrad Four, the year 2013 is detected as a change-point at a significance level of 0.05. This significant year shifts EBITDA between two homogeneous series with corresponding central lines and recognizes the similar annual development within the groups. In addition, we discuss the results to the areas and factors affecting the business risk. The adjustable area represented by the business dynamism has no significant impact on the development of EBITDA. The uncontrollable macroeconomic factors such as a GDP, unemployment rate, inflation rate, average monthly gross wage, and Ease of doing business index demonstrate the same development of Slovak, Czech, Polish and Hungarian enterprises. We connect our gained results to the undisputed influence of these factors and its derived components on monotonic development of EBITDA. Despite the fact, that the countries are not economically interconnected as they used to be in the past, in has to be underlined that their mutual relations are still very narrow and close and that might be the reason, why identical results are achieved in the countries with divergent development.
- ItemThe functionality comparison of the health care systems by the analytical hierarchy process method(Technická Univerzita v Liberci, ) Šoltés, Vincent; Gavurová, Beáta; Ekonomická fakultaDay surgery is one of the areas that are still not implemented in Slovakia in the intentions of finding significant economic savings in the health care system. The primary objective to use day surgery was to separate the patients with lighter chirurgical procedure, to less traumatize the patients with hospitalization, to protect the patient from nosocomial infections and to make recovery easier in greater comfort of the own home. The primary impulse for dealing with the effectiveness of health care systems, with an emphasis on day surgery, were conflicting responses regarding the efficiency and effectiveness of deployment and use of day surgery performance. On the one hand, we find the direct and indirect evidence of functional application of day surgery performance in health facilities in Slovakia and its potential benefits in achieving the aims of health policy of the SR. On the other hand there are critical responses on lack of the effects of the day surgery use, which are associated with low valuation of stated procedures which are inadequate to the real costs. It hinders its development in comparison with the development abroad. The main aim of this article is to compare the functionality of day surgery care in comparison with the system orientated on traditional hospitalization, using the opinion of the experts who represent the system of health care in Slovakia. For orientation in criteria characterizing the functionality of health care systems in Slovakia, we started from the premise that the functionality of health care system is a basis of its effectiveness. Given the considerable heterogeneity of compared criteria of health care systems we have chosen the method of Analytical Hierarchy Process as the optimal method, supported by the expert group method.
- ItemTHE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300(Technická Univerzita v Liberci, ) Hossain, Saddam; Gavurová, Beáta; Yuan, Xianghui; Hasan, Morshadul; Oláh, Judit; Ekonomická fakultaThis paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.
- ItemSystem of day surgery in Slovakia: analysis of pediatric day surgery discrepancies in the regions and their importance in strategy of its development(Technická Univerzita v Liberci, ) Gavurová, Beáta; Soltes, Marek; Ekonomická fakultaIn the recent years in Slovakia occurred some negative changes in settings of the health system which deflected steady relationships in the system and significantly changed the motivation of their participants. It deepened the inefficiency use of healthcare resources. In the foreground of urgent problems is the unresolved issue of ensuring health policy objectives, the availability and quality of health care and the financial sustainability of the system. The indebtedness of Slovak hospitals disproportionately increases and in international comparison of results of healthcare is Slovakia gradually moving away from developed countries. One form of increasing the efficiency of the health system is to support the development of day surgery, which in Slovakia in during its 15 years of existence stagnating and reached only a level of 7%. The aim of the study is to analyze the level of implementation of pediatric day surgery in Slovakia, with special focus on possible regional discrepancies, based on the data available from the National Health Information Centre. This topic was chosen due to specificity of pediatric population compared to the adult one. Analysis revealed uneven trends in the number of completed pediatric day surgery procedures and specified regional disparities. Extreme fluctuations in the proportions of day surgery and traditional in-hospital surgical care suggest deliberate misuse of reporting methodology by some healthcare providers (reporting day surgery procedures as in-hospital care) in various regions during the analyzed period. This observation may be caused by the instability of reimbursement system. With respect to the financial issues, the importance of health insurance companies is obvious, as they have the right to set their own payment strategies and are responsible for the contractual relations with the health care providers. To achieve positive progress in the pediatric day surgery in Slovakia, it is necessary to adjust the active health policy in the country in a way that the balance among the quality of health care, costs, efficiency and equality is achieved.
- ItemTwin deficits threat in the European Union(Technická Univerzita v Liberci, 2017-03-15) Siničáková, Marianna; Sulikova, Veronika; Gavurová, Beáta; Ekonomická fakultaThe aim of the contribution was to identify presence and contagion threat of twin deficits, i.e. simultaneous budget and current account deficit in the EU countries. Using correlations and Granger causality testing we recorded existence of twin deficits in most of EU countries. In several countries we confirmed traditional causality that budget deficit implies current account deficit. In several other countries the opposite, known as current account targeting, was true. In two counties (Spain and Hungary) bi-causality was detected. We consider existence of bi-causality as the most complicated situation in practice. Then it is a real vicious cycle. Policy makers must target both imbalances at the same time, to solve this problem, which can be very difficult. Persistent macroeconomic problems in these two countries confirm our assumption.Our paper extends existing literature by determination of two thresholds for public debt-to-GDP which modify occurrence and risk of twin deficits in the EU countries. These break points were identified via threshold panel data model. Twin deficits problems are not probable for countries with public debt-to-GDP lower than 30.668%. However, risk of this phenomenon is much higher if public debt is from 30.688% to 98.126%. Countries with public debt over 98.126% suffer from high and persistent twin imbalances. Therefore we suggest reconsideration of Maastricht criterion on public debt and its reduction to 30%. Finally we observe contagion effect of twin deficits throughout EU countries regardless their economic performance or the euro area membership which is indirectly triggered also in the case of non-euro area members.