Browsing by Author "Heryán, Tomáš"

Now showing 1 - 2 of 2
  • Thumbnail Image
    Item
    Impacts of selected NACE industries´ foreign ownership on the czech economy
    (Technická Univerzita v Liberci, 2014-12-02) Roubíčková, Michaela; Heryán, Tomáš; Ekonomická fakulta
    The aim of the current paper was to estimate whether the Czech companies’ equity increasing and returns on equity’s development have an impact on GDP’s development in selected Czech business sectors. Contribution of our study to foreign direct investment and firm performance the matters is using quarterly frequency data to examine relationship between foreign ownership and quarterly economic growth in selected NACE business sectors. Hanoušek et al. [9] argue that Foreign Direct Investments (FDI) have some several impacts at the Czech microeconomic level. We argue then, it could be interesting to compare domestic and foreign ownership with weighted GDP growth rate in the Czech Republic. If foreign equity in the country and rentability of foreign owned companies affect GDP more than rentability of domestic companies, foreign ownership is more efficient for the Czech economy. From our point of view, microeconomic data in pooled sample could influence macroeconomy of the country. It motivates recent study. We are estimating panel regression models with cross section weights. Our endogenous variable is weighted GDP growth rate in pooled data of all our selected business industries. Our exogenous variables are average equity growth rate and growth rate of return on equity (ROE), both in pooled sample of selected Czech industries. This study proved positive impacts of foreign ownership on GDP in the Czech Republic. Foreign-owned companies have a positive impact on GDP growth rate through both increase in equity and increase of ROE of Czech firms. In the case of domestic-owned firms the positive impact of ROE change was not demonstrated.
  • Thumbnail Image
    Item
    Managers of tourism companies can no longer expect any financial support from company owners: Different working capital management due to the global financial crisis
    (Technická Univerzita v Liberci, ) Heryán, Tomáš; Ekonomická fakulta
    Tourism evidence is more and more often among the research literature because of its importance for the economy. Nonetheless, there is still a huge gap in recent literature related to its financial issues, the microeconomics of tourism in other words. This particular paper focuses neither on economic growth, nor the number of arrivals, which is both the most common fields in literature. It focuses on the financial management of middle-sized hotels and travel agencies. The aim of the study is to estimate the relationship between profitability and both, working capital management and reinvestments of companies’ owners of medium-sized hotels and travel agencies in the period affected by the global financial crisis. Annual data from two international databases, Amadeus and Orbis, are used to compare differences caused by the global financial crisis and later on, the Euro crisis. Both of these economic events affected even tourism without any doubts. According to a character of variables the General Method of Moments (GMM) with panel data is deployed as the main estimation method. There is an effort made to explain this particular regression method and all reasons for its usage, more importantly, to explain that a reader in a clear way. The results of this study have proven that managers cannot expect any financial support from owners of tourism companies. Even though the owners were obviously distributing the earnings during the crisis period, managers were able to increase the net working capital apparently. Therefore, on the contrary, owners would put the pressure on managers to employ a riskier payment policy of middle-sized hotels and travel agencies after the crisis.